# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001104659-25-097054
**Filing Date:** 2025-10
**Character Count:** 1582423
**Document Hash:** be7a69fa51defbf6eff5ffcf224c4d4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-097054.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001104659-25-097054

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**EFFECTIVENESS DATE**: 20251006

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 251376626

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-821-3000

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08764

PACE Select Advisors Trust

(Exact name of registrant as specified in charter)

787 Seventh Avenue, New York, New York 10019

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Copy to:

Stephen H. Bier, Esq.

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036-6796

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

Date of fiscal year end: July 31

Date of reporting period: July 31, 2025

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

(a) Copy
 of the report transmitted to shareholders:

**TABLE OF CONTENTS**

---

| |
|:---|
|  [UBS Government Money Market Investments Fund](#classnamebf69e8be-c36b-486a-9ddc-0b371959f62a)<br> **[Class P - PCEXX](#classnamebf69e8be-c36b-486a-9ddc-0b371959f62a)**  |
|  [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#classnamefa979317-b779-4db4-b411-c517572ce4c5)<br> **[Class A - PFXAX](#classnamefa979317-b779-4db4-b411-c517572ce4c5)**  |
|  [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#classname57dfb38d-f845-43df-9994-93592a40ffd9)<br> **[Class P - PCGTX](#classname57dfb38d-f845-43df-9994-93592a40ffd9)**  |
|  [PACE<sup>®</sup> Intermediate Fixed Income Investments](#classname9bc8bf72-3858-44f1-89a6-d6f00aff6a97)<br> **[Class A - PIFAX](#classname9bc8bf72-3858-44f1-89a6-d6f00aff6a97)**  |
|  [PACE<sup>®</sup> Intermediate Fixed Income Investments](#classname48df562d-f74a-4c3d-8150-4ff3f92379f1)<br> **[Class P - PCIFX](#classname48df562d-f74a-4c3d-8150-4ff3f92379f1)**  |
|  [PACE<sup>®</sup> Strategic Fixed Income Investments](#classname933480cc-e52c-4c17-850a-9798b180f3c1)<br> **[Class A - PBNAX](#classname933480cc-e52c-4c17-850a-9798b180f3c1)**  |
|  [PACE<sup>®</sup> Strategic Fixed Income Investments](#classname7853474a-f2ec-4718-be2a-c771bf9ca8b8)<br> **[Class P - PCSIX](#classname7853474a-f2ec-4718-be2a-c771bf9ca8b8)**  |
|  [PACE<sup>®</sup> Municipal Fixed Income Investments](#classname4f52d01c-91f3-449b-839c-51766861beba)<br> **[Class A - PMUAX](#classname4f52d01c-91f3-449b-839c-51766861beba)**  |
|  [PACE<sup>®</sup> Municipal Fixed Income Investments](#classnamefe8de4b9-b644-4f71-b074-67c673344b78)<br> **[Class P - PCMNX](#classnamefe8de4b9-b644-4f71-b074-67c673344b78)**  |
|  [PACE<sup>®</sup> Global Fixed Income Investments](#classnameaf15a57c-6f4b-442d-bd94-dc1385b8f75f)<br> **[Class A - PWFAX](#classnameaf15a57c-6f4b-442d-bd94-dc1385b8f75f)**  |
|  [PACE<sup>®</sup> Global Fixed Income Investments](#classname0a7fc75d-403b-4bdb-84e9-c986b4ce35a7)<br> **[Class P - PCGLX](#classname0a7fc75d-403b-4bdb-84e9-c986b4ce35a7)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classname06fafcea-0c67-48ca-bae5-4e6d17935df6)<br> **[Class A - PHIAX](#classname06fafcea-0c67-48ca-bae5-4e6d17935df6)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classname8014e18f-42c6-4971-9c80-0fde775b11ab)<br> **[Class P - PHYPX](#classname8014e18f-42c6-4971-9c80-0fde775b11ab)**  |
|  [PACE<sup>®</sup> High Yield Investments](#classnamef75f7204-50cf-4c77-bb77-0a2f5db97f84)<br> **[Class P2 - PHDTX](#classnamef75f7204-50cf-4c77-bb77-0a2f5db97f84)**  |
|  [PACE<sup>®</sup> Large Co Value Equity Investments](#classname4f17e453-ffc0-4b4a-acab-e149cbf96c0a)<br> **[Class A - PCPAX](#classname4f17e453-ffc0-4b4a-acab-e149cbf96c0a)**  |
|  [PACE<sup>®</sup> Large Co Value Equity Investments](#classname654c8b21-351a-437f-b8f8-a85a807646da)<br> **[Class P - PCLVX](#classname654c8b21-351a-437f-b8f8-a85a807646da)**  |
|  [PACE<sup>®</sup> Large Co Growth Equity Investments](#classname5ec6066f-0673-4a4f-90f9-2229a1b0163b)<br> **[Class A - PLAAX](#classname5ec6066f-0673-4a4f-90f9-2229a1b0163b)**  |
|  [PACE<sup>®</sup> Large Co Growth Equity Investments](#classname16e6e09d-c1b2-45ac-b11c-b95c144ed815)<br> **[Class P - PCLCX](#classname16e6e09d-c1b2-45ac-b11c-b95c144ed815)**  |
|  [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#classnamebafdbaf3-01ea-4381-9eb4-945ee32ca524)<br> **[Class A - PEVAX](#classnamebafdbaf3-01ea-4381-9eb4-945ee32ca524)**  |
|  [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#classnamecf72f07c-8a3d-4818-8a02-8ea53a32caac)<br> **[Class P - PCSVX](#classnamecf72f07c-8a3d-4818-8a02-8ea53a32caac)**  |
|  [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#classname92d416b8-96b6-4f84-90f0-8eeb8b443f3a)<br> **[Class A - PQUAX](#classname92d416b8-96b6-4f84-90f0-8eeb8b443f3a)**  |
|  [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#classnamed55bb680-a14f-4218-9511-8e132152a9f6)<br> **[Class P - PCSGX](#classnamed55bb680-a14f-4218-9511-8e132152a9f6)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classnameaac81a0a-a15f-44b6-8891-a6272ce7f1a2)<br> **[Class A - PWGAX](#classnameaac81a0a-a15f-44b6-8891-a6272ce7f1a2)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classnamedf35c583-3227-4033-99a9-7d8fab41ca92)<br> **[Class P - PCIEX](#classnamedf35c583-3227-4033-99a9-7d8fab41ca92)**  |
|  [PACE<sup>®</sup> International Equity Investments](#classnamef5166f83-5681-4098-a886-e2e48af990da)<br> **[Class P2 - PWITX](#classnamef5166f83-5681-4098-a886-e2e48af990da)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classnamede4be0d7-9818-4ae2-b022-7888b760dade)<br> **[Class A - PWEAX](#classnamede4be0d7-9818-4ae2-b022-7888b760dade)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classname72a6880f-d743-45ad-a78e-9952f7c0e2e1)<br> **[Class P - PCEMX](#classname72a6880f-d743-45ad-a78e-9952f7c0e2e1)**  |
|  [PACE<sup>®</sup> International Emerging Markets Equity Investments](#classnamed1e19f23-2d22-4c57-9fb0-dad97369cba2)<br> **[Class P2 - PWETX](#classnamed1e19f23-2d22-4c57-9fb0-dad97369cba2)**  |
|  [PACE<sup>®</sup> Global Real Estate Securities Investments](#classname6eaa8fe1-7ce7-4796-b1ff-e0bffaaa4c87)<br> **[Class A - PREAX](#classname6eaa8fe1-7ce7-4796-b1ff-e0bffaaa4c87)**  |
|  [PACE<sup>®</sup> Global Real Estate Securities Investments](#classname8ee41b2e-8cab-4aa3-8e89-8e0942f7e1a6)<br> **[Class P - PREQX](#classname8ee41b2e-8cab-4aa3-8e89-8e0942f7e1a6)**  |
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classnamee2cabc80-b88f-4bf6-9000-d0e4db710729)<br> **[Class A - PASIX](#classnamee2cabc80-b88f-4bf6-9000-d0e4db710729)**  |
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classname2340875c-63fa-4019-af2d-3dd9bb8b505d)<br> **[Class P - PASPX](#classname2340875c-63fa-4019-af2d-3dd9bb8b505d)**  |
|  [PACE<sup>®</sup> Alternative Strategies Investments](#classnamee92c72a1-1673-42c6-b038-923dba68ab71)<br> **[Class P2 - PAPTX](#classnamee92c72a1-1673-42c6-b038-923dba68ab71)**  |

---

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

# UBS Government Money Market Investments Fund

# Class P

# PCEXX

## Fund Overview
This annual shareholder report contains important information about UBS Government Money Market Investments Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.usmoneymarketfunds.com/all-funds.html. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $16 | 0.16% |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $2938929335 |
| # of Portfolio Holdings | 66 |
| Total Advisory Fees Paid (includes Administration Fees) | $3490445 |

---

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

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

---

| | |
|:---|:---|
| Fixed Income Clearing Corp. (State Street Bank and Trust Co.) Repurchase Agreement, 4.360%, due 08/01/25 | 50.1% |
| U.S. Treasury Floating Rate Notes, 4.531%, due 08/01/25 | 3.2 |
| U.S. Treasury Floating Rate Notes, 4.491%, due 08/01/25 | 3.0 |
| U.S. Treasury Floating Rate Notes, 4.436%, due 08/01/25 | 2.7 |
| Goldman Sachs and Co. Repurchase Agreement, 4.370%, due 08/01/25 | 1.7 |

---

UBS Government Money Market Investments Fund

Class P

## Portfolio Composition (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg002.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. government agency obligations | 16.1% |
| U.S. Treasury obligations | 33.1% |
| Repurchase agreements | 51.8% |

---

## Additional Information
If you wish to view additional information about the Fund, including but not limited to its prospectus, financial statements, holdings and proxy voting information, please visit www.usmoneymarketfunds.com/all-funds.html.

![QR Code](tm2519774d1_tsrimg051.jpg)

Phone: 1-800-647 1568

UBS Government Money Market Investments Fund

S1832

Class P

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PFXAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $98 | 0.97% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Exposure to securitized credit, including non-Agency mortgage-backed securities (MBS), collateralized loan obligations (CLOs), and asset-backed securities (ABS), contributed to performance.

**What didn't work:**

• Relative value strategies within 30-year Fannie Mae and Ginnie Mae securities and positioning within US rates, particularly an underweight to the 3-month portion of the yield curve detracted from performance.

The strategy utilizes derivatives primarily for risk management purposes. The Fund will manage duration exposure as well as convexity risk with futures, swaps, and swaptions. Overall, derivative usage contributed to performance during the reporting period. However, given the use of derivatives is primarily for risk mitigation, derivative attribution should be viewed in the broader context of strategy management and exposures. The use of interest rate swaps to manage U.S. interest rate exposure and yield curve positioning contributed to performance, while the use of US Treasury options and futures detracted from returns. The use of money market futures contributed to performance.

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg052.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg US Mortgage-Backed Securities Index** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $9629 | $10000 | $10000 |
| **8/31/15** | $9624 | $10008 | $9986 |
| **9/30/15** | $9684 | $10067 | $10053 |
| **10/31/15** | $9680 | $10074 | $10055 |
| **11/30/15** | $9652 | $10060 | $10028 |
| **12/31/15** | $9640 | $10057 | $9996 |
| **1/31/16** | $9756 | $10187 | $10133 |
| **2/29/16** | $9762 | $10225 | $10205 |
| **3/31/16** | $9815 | $10255 | $10299 |
| **4/30/16** | $9860 | $10272 | $10338 |
| **5/31/16** | $9886 | $10285 | $10341 |
| **6/30/16** | $9977 | $10369 | $10527 |
| **7/31/16** | $9991 | $10390 | $10594 |
| **8/31/16** | $9993 | $10402 | $10581 |
| **9/30/16** | $10037 | $10431 | $10575 |
| **10/31/16** | $10015 | $10403 | $10494 |
| **11/30/16** | $9809 | $10225 | $10246 |
| **12/31/16** | $9822 | $10225 | $10261 |
| **1/31/17** | $9827 | $10221 | $10281 |
| **2/28/17** | $9887 | $10270 | $10350 |
| **3/31/17** | $9884 | $10273 | $10344 |
| **4/30/17** | $9942 | $10340 | $10424 |
| **5/31/17** | $9997 | $10404 | $10504 |
| **6/30/17** | $9966 | $10363 | $10494 |
| **7/31/17** | $10021 | $10410 | $10539 |
| **8/31/17** | $10098 | $10486 | $10634 |
| **9/30/17** | $10082 | $10462 | $10583 |
| **10/31/17** | $10074 | $10459 | $10589 |
| **11/30/17** | $10050 | $10444 | $10575 |
| **12/31/17** | $10083 | $10478 | $10624 |
| **1/31/18** | $9939 | $10355 | $10502 |
| **2/28/18** | $9862 | $10287 | $10402 |
| **3/31/18** | $9894 | $10353 | $10469 |
| **4/30/18** | $9846 | $10301 | $10391 |
| **5/31/18** | $9903 | $10373 | $10465 |
| **6/30/18** | $9914 | $10378 | $10452 |
| **7/31/18** | $9908 | $10367 | $10455 |
| **8/31/18** | $9958 | $10430 | $10522 |
| **9/30/18** | $9903 | $10366 | $10454 |
| **10/31/18** | $9834 | $10300 | $10372 |
| **11/30/18** | $9916 | $10393 | $10433 |
| **12/31/18** | $10074 | $10582 | $10625 |
| **1/31/19** | $10166 | $10665 | $10738 |
| **2/28/19** | $10161 | $10656 | $10732 |
| **3/31/19** | $10314 | $10811 | $10938 |
| **4/30/19** | $10301 | $10804 | $10941 |
| **5/31/19** | $10413 | $10944 | $11135 |
| **6/30/19** | $10491 | $11023 | $11275 |
| **7/31/19** | $10529 | $11067 | $11299 |
| **8/31/19** | $10583 | $11166 | $11592 |
| **9/30/19** | $10616 | $11174 | $11531 |
| **10/31/19** | $10660 | $11214 | $11565 |
| **11/30/19** | $10671 | $11223 | $11559 |
| **12/31/19** | $10699 | $11254 | $11551 |
| **1/31/20** | $10760 | $11332 | $11774 |
| **2/29/20** | $10849 | $11450 | $11986 |
| **3/31/20** | $10828 | $11571 | $11915 |
| **4/30/20** | $11008 | $11644 | $12127 |
| **5/31/20** | $11071 | $11659 | $12183 |
| **6/30/20** | $11103 | $11648 | $12260 |
| **7/31/20** | $11163 | $11669 | $12443 |
| **8/31/20** | $11196 | $11673 | $12343 |
| **9/30/20** | $11192 | $11661 | $12336 |
| **10/31/20** | $11203 | $11656 | $12281 |
| **11/30/20** | $11232 | $11664 | $12401 |
| **12/31/20** | $11287 | $11689 | $12418 |
| **1/31/21** | $11340 | $11698 | $12329 |
| **2/28/21** | $11278 | $11620 | $12151 |
| **3/31/21** | $11211 | $11561 | $12000 |
| **4/30/21** | $11252 | $11625 | $12094 |
| **5/31/21** | $11230 | $11604 | $12134 |
| **6/30/21** | $11236 | $11599 | $12219 |
| **7/31/21** | $11297 | $11672 | $12356 |
| **8/31/21** | $11293 | $11653 | $12332 |
| **9/30/21** | $11271 | $11611 | $12225 |
| **10/31/21** | $11232 | $11589 | $12222 |
| **11/30/21** | $11192 | $11578 | $12258 |
| **12/31/21** | $11189 | $11568 | $12227 |
| **1/31/22** | $11014 | $11396 | $11964 |
| **2/28/22** | $10874 | $11286 | $11830 |
| **3/31/22** | $10532 | $10992 | $11501 |
| **4/30/22** | $10131 | $10606 | $11065 |
| **5/31/22** | $10260 | $10724 | $11136 |
| **6/30/22** | $10017 | $10552 | $10962 |
| **7/31/22** | $10366 | $10891 | $11229 |
| **8/31/22** | $10000 | $10519 | $10912 |
| **9/30/22** | $9430 | $9988 | $10441 |
| **10/31/22** | $9301 | $9845 | $10305 |
| **11/30/22** | $9684 | $10247 | $10684 |
| **12/31/22** | $9656 | $10201 | $10636 |
| **1/31/23** | $9980 | $10537 | $10963 |
| **2/28/23** | $9720 | $10259 | $10680 |
| **3/31/23** | $9894 | $10459 | $10951 |
| **4/30/23** | $9956 | $10513 | $11018 |
| **5/31/23** | $9869 | $10436 | $10898 |
| **6/30/23** | $9844 | $10392 | $10859 |
| **7/31/23** | $9843 | $10384 | $10851 |
| **8/31/23** | $9758 | $10298 | $10782 |
| **9/30/23** | $9440 | $9970 | $10508 |
| **10/31/23** | $9214 | $9764 | $10342 |
| **11/30/23** | $9720 | $10273 | $10810 |
| **12/31/23** | $10134 | $10716 | $11224 |
| **1/31/24** | $10085 | $10667 | $11193 |
| **2/29/24** | $9943 | $10493 | $11035 |
| **3/31/24** | $10050 | $10604 | $11137 |
| **4/30/24** | $9749 | $10283 | $10856 |
| **5/31/24** | $9956 | $10489 | $11040 |
| **6/30/24** | $10057 | $10611 | $11144 |
| **7/31/24** | $10324 | $10891 | $11405 |
| **8/31/24** | $10480 | $11067 | $11569 |
| **9/30/24** | $10571 | $11198 | $11724 |
| **10/31/24** | $10239 | $10881 | $11433 |
| **11/30/24** | $10395 | $11026 | $11554 |
| **12/31/24** | $10208 | $10845 | $11365 |
| **1/31/25** | $10267 | $10900 | $11425 |
| **2/28/25** | $10540 | $11178 | $11676 |
| **3/31/25** | $10539 | $11176 | $11681 |
| **4/30/25** | $10566 | $11208 | $11727 |
| **5/31/25** | $10458 | $11106 | $11643 |
| **6/30/25** | $10656 | $11303 | $11822 |
| **7/31/25** | $10590 | $11257 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 2.58% | (1.05%) | 0.96% |
| Class A with Load | (1.31%) | (1.80%) | 0.58% |
| Bloomberg US Mortgage-Backed Securities Index | 3.36% | (0.72%) | 1.19% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $168670779 |
| # of Portfolio Holdings | 1085 |
| Portfolio Turnover Rate | 945% |
| Total Advisory Fees Paid (includes Administration Fees) | $501856 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 6.000% | 20.1% |
| Uniform Mortgage-Backed Security, TBA, 2.000% | 15.1 |
| Government National Mortgage Association, TBA, 3.000% | 10.4 |
| Government National Mortgage Association, TBA, 4.500% | 6.4 |
| Government National Mortgage Association, TBA, 2.000% | 4.8 |

---

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

# Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg044.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term U.S. Treasury obligations | 0.3% |
| Investment companies | 0.8% |
| Asset-backed securities | 7.8% |
| Mortgage-backed securities | 17.5% |
| U.S. government agency obligations | 177.8% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments
S1790

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCGTX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $73 | 0.72% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Exposure to securitized credit, including non-Agency mortgage-backed securities (MBS), collateralized loan obligations (CLOs), and asset-backed securities (ABS), contributed to performance.

**What didn't work:**

• Relative value strategies within 30-year Fannie Mae and Ginnie Mae securities and positioning within US rates, particularly an underweight to the 3-month portion of the yield curve detracted from performance.

The strategy utilizes derivatives primarily for risk management purposes. The Fund will manage duration exposure as well as convexity risk with futures, swaps, and swaptions. Overall, derivative usage contributed to performance during the reporting period. However, given the use of derivatives is primarily for risk mitigation, derivative attribution should be viewed in the broader context of strategy management and exposures. The use of interest rate swaps to manage U.S. interest rate exposure and yield curve positioning contributed to performance, while the use of US Treasury options and futures detracted from returns. The use of money market futures contributed to performance.

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg US Mortgage-Backed Securities Index** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $10005 | $10008 | $9986 |
| **9/30/15** | $10069 | $10067 | $10053 |
| **10/31/15** | $10060 | $10074 | $10055 |
| **11/30/15** | $10040 | $10060 | $10028 |
| **12/31/15** | $10030 | $10057 | $9996 |
| **1/31/16** | $10153 | $10187 | $10133 |
| **2/29/16** | $10161 | $10225 | $10205 |
| **3/31/16** | $10210 | $10255 | $10299 |
| **4/30/16** | $10259 | $10272 | $10338 |
| **5/31/16** | $10288 | $10285 | $10341 |
| **6/30/16** | $10386 | $10369 | $10527 |
| **7/31/16** | $10410 | $10390 | $10594 |
| **8/31/16** | $10414 | $10402 | $10581 |
| **9/30/16** | $10463 | $10431 | $10575 |
| **10/31/16** | $10442 | $10403 | $10494 |
| **11/30/16** | $10221 | $10225 | $10246 |
| **12/31/16** | $10245 | $10225 | $10261 |
| **1/31/17** | $10253 | $10221 | $10281 |
| **2/28/17** | $10309 | $10270 | $10350 |
| **3/31/17** | $10308 | $10273 | $10344 |
| **4/30/17** | $10379 | $10340 | $10424 |
| **5/31/17** | $10439 | $10404 | $10504 |
| **6/30/17** | $10408 | $10363 | $10494 |
| **7/31/17** | $10467 | $10410 | $10539 |
| **8/31/17** | $10550 | $10486 | $10634 |
| **9/30/17** | $10535 | $10462 | $10583 |
| **10/31/17** | $10522 | $10459 | $10589 |
| **11/30/17** | $10506 | $10444 | $10575 |
| **12/31/17** | $10535 | $10478 | $10624 |
| **1/31/18** | $10387 | $10355 | $10502 |
| **2/28/18** | $10309 | $10287 | $10402 |
| **3/31/18** | $10352 | $10353 | $10469 |
| **4/30/18** | $10304 | $10301 | $10391 |
| **5/31/18** | $10358 | $10373 | $10465 |
| **6/30/18** | $10371 | $10378 | $10452 |
| **7/31/18** | $10376 | $10367 | $10455 |
| **8/31/18** | $10431 | $10430 | $10522 |
| **9/30/18** | $10367 | $10366 | $10454 |
| **10/31/18** | $10305 | $10300 | $10372 |
| **11/30/18** | $10384 | $10393 | $10433 |
| **12/31/18** | $10552 | $10582 | $10625 |
| **1/31/19** | $10659 | $10665 | $10738 |
| **2/28/19** | $10656 | $10656 | $10732 |
| **3/31/19** | $10818 | $10811 | $10938 |
| **4/30/19** | $10807 | $10804 | $10941 |
| **5/31/19** | $10926 | $10944 | $11135 |
| **6/30/19** | $11011 | $11023 | $11275 |
| **7/31/19** | $11053 | $11067 | $11299 |
| **8/31/19** | $11104 | $11166 | $11592 |
| **9/30/19** | $11140 | $11174 | $11531 |
| **10/31/19** | $11189 | $11214 | $11565 |
| **11/30/19** | $11203 | $11223 | $11559 |
| **12/31/19** | $11243 | $11254 | $11551 |
| **1/31/20** | $11310 | $11332 | $11774 |
| **2/29/20** | $11397 | $11450 | $11986 |
| **3/31/20** | $11377 | $11571 | $11915 |
| **4/30/20** | $11568 | $11644 | $12127 |
| **5/31/20** | $11646 | $11659 | $12183 |
| **6/30/20** | $11682 | $11648 | $12260 |
| **7/31/20** | $11739 | $11669 | $12443 |
| **8/31/20** | $11775 | $11673 | $12343 |
| **9/30/20** | $11783 | $11661 | $12336 |
| **10/31/20** | $11797 | $11656 | $12281 |
| **11/30/20** | $11830 | $11664 | $12401 |
| **12/31/20** | $11890 | $11689 | $12418 |
| **1/31/21** | $11949 | $11698 | $12329 |
| **2/28/21** | $11886 | $11620 | $12151 |
| **3/31/21** | $11808 | $11561 | $12000 |
| **4/30/21** | $11863 | $11625 | $12094 |
| **5/31/21** | $11842 | $11604 | $12134 |
| **6/30/21** | $11852 | $11599 | $12219 |
| **7/31/21** | $11919 | $11672 | $12356 |
| **8/31/21** | $11907 | $11653 | $12332 |
| **9/30/21** | $11886 | $11611 | $12225 |
| **10/31/21** | $11848 | $11589 | $12222 |
| **11/30/21** | $11818 | $11578 | $12258 |
| **12/31/21** | $11817 | $11568 | $12227 |
| **1/31/22** | $11635 | $11396 | $11964 |
| **2/28/22** | $11480 | $11286 | $11830 |
| **3/31/22** | $11130 | $10992 | $11501 |
| **4/30/22** | $10709 | $10606 | $11065 |
| **5/31/22** | $10838 | $10724 | $11136 |
| **6/30/22** | $10594 | $10552 | $10962 |
| **7/31/22** | $10955 | $10891 | $11229 |
| **8/31/22** | $10580 | $10519 | $10912 |
| **9/30/22** | $9970 | $9988 | $10441 |
| **10/31/22** | $9836 | $9845 | $10305 |
| **11/30/22** | $10252 | $10247 | $10684 |
| **12/31/22** | $10225 | $10201 | $10636 |
| **1/31/23** | $10571 | $10537 | $10963 |
| **2/28/23** | $10288 | $10259 | $10680 |
| **3/31/23** | $10474 | $10459 | $10951 |
| **4/30/23** | $10542 | $10513 | $11018 |
| **5/31/23** | $10452 | $10436 | $10898 |
| **6/30/23** | $10428 | $10392 | $10859 |
| **7/31/23** | $10429 | $10384 | $10851 |
| **8/31/23** | $10341 | $10298 | $10782 |
| **9/30/23** | $10006 | $9970 | $10508 |
| **10/31/23** | $9768 | $9764 | $10342 |
| **11/30/23** | $10308 | $10273 | $10810 |
| **12/31/23** | $10748 | $10716 | $11224 |
| **1/31/24** | $10709 | $10667 | $11193 |
| **2/29/24** | $10550 | $10493 | $11035 |
| **3/31/24** | $10677 | $10604 | $11137 |
| **4/30/24** | $10359 | $10283 | $10856 |
| **5/31/24** | $10570 | $10489 | $11040 |
| **6/30/24** | $10691 | $10611 | $11144 |
| **7/31/24** | $10966 | $10891 | $11405 |
| **8/31/24** | $11134 | $11067 | $11569 |
| **9/30/24** | $11243 | $11198 | $11724 |
| **10/31/24** | $10893 | $10881 | $11433 |
| **11/30/24** | $11051 | $11026 | $11554 |
| **12/31/24** | $10854 | $10845 | $11365 |
| **1/31/25** | $10919 | $10900 | $11425 |
| **2/28/25** | $11223 | $11178 | $11676 |
| **3/31/25** | $11212 | $11176 | $11681 |
| **4/30/25** | $11244 | $11208 | $11727 |
| **5/31/25** | $11132 | $11106 | $11643 |
| **6/30/25** | $11355 | $11303 | $11822 |
| **7/31/25** | $11288 | $11257 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 2.93% | (0.78%) | 1.22% |
| Bloomberg US Mortgage-Backed Securities Index | 3.36% | (0.72%) | 1.19% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $168670779 |
| # of Portfolio Holdings | 1085 |
| Portfolio Turnover Rate | 945% |
| Total Advisory Fees Paid (includes Administration Fees) | $501856 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 6.000% | 20.1% |
| Uniform Mortgage-Backed Security, TBA, 2.000% | 15.1 |
| Government National Mortgage Association, TBA, 3.000% | 10.4 |
| Government National Mortgage Association, TBA, 4.500% | 6.4 |
| Government National Mortgage Association, TBA, 2.000% | 4.8 |

---

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

# Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-term U.S. Treasury obligations | 0.3% |
| Investment companies | 0.8% |
| Asset-backed securities | 7.8% |
| Mortgage-backed securities | 17.5% |
| U.S. government agency obligations | 177.8% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments
S1791

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PIFAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Intermediate Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $88 | 0.86% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• The portfolio benefited from exposure to asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), loans, investment grade and high yield corporate debt; positions in venture debt ABS and recurring revenue debt ABS had a positive contribution to performance.

• Holdings of investment grade bonds issued by property and casualty companies, specialty real estate investment trusts (REITs), consumer cyclical companies, healthcare companies, and electric utilities contributed positively to performance.

• Holdings of high yield bonds issued by cable satellite companies positively impacted performance during the year.

• Loans to technology companies also had a positive impact on performance.

**What didn't work:**

• Positions in loans to chemical companies had a negative impact on performance.

• Positions in triple net lease ABS, and consumer loan ABS contributed negatively.

• Positions in business development companies (BDCs) had a negative impact on performance during the fiscal year.

• Holdings of investment grade corporate bonds issued by banks, airlines, and construction machinery companies also had a negative impact on performance.

The only use of derivatives comes from employing treasury futures to manage the duration of the portfolio to align with the benchmark. There is no active use of derivatives to make investment bets. The utilization of Treasury futures is designed to align the portfolio's duration exposure to be as close to neutral versus the benchmark such that exposure to credit is the driver of performance.

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg022.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $9626 | $10000 |
| **8/31/15** | $9599 | $9986 |
| **9/30/15** | $9635 | $10053 |
| **10/31/15** | $9646 | $10055 |
| **11/30/15** | $9603 | $10028 |
| **12/31/15** | $9564 | $9996 |
| **1/31/16** | $9646 | $10133 |
| **2/29/16** | $9658 | $10205 |
| **3/31/16** | $9732 | $10299 |
| **4/30/16** | $9766 | $10338 |
| **5/31/16** | $9761 | $10341 |
| **6/30/16** | $9867 | $10527 |
| **7/31/16** | $9900 | $10594 |
| **8/31/16** | $9878 | $10581 |
| **9/30/16** | $9896 | $10575 |
| **10/31/16** | $9874 | $10494 |
| **11/30/16** | $9733 | $10246 |
| **12/31/16** | $9741 | $10261 |
| **1/31/17** | $9759 | $10281 |
| **2/28/17** | $9802 | $10350 |
| **3/31/17** | $9813 | $10344 |
| **4/30/17** | $9880 | $10424 |
| **5/31/17** | $9951 | $10504 |
| **6/30/17** | $9942 | $10494 |
| **7/31/17** | $9983 | $10539 |
| **8/31/17** | $10064 | $10634 |
| **9/30/17** | $10015 | $10583 |
| **10/31/17** | $10009 | $10589 |
| **11/30/17** | $9993 | $10575 |
| **12/31/17** | $10034 | $10624 |
| **1/31/18** | $9910 | $10502 |
| **2/28/18** | $9805 | $10402 |
| **3/31/18** | $9848 | $10469 |
| **4/30/18** | $9776 | $10391 |
| **5/31/18** | $9837 | $10465 |
| **6/30/18** | $9818 | $10452 |
| **7/31/18** | $9840 | $10455 |
| **8/31/18** | $9877 | $10522 |
| **9/30/18** | $9823 | $10454 |
| **10/31/18** | $9737 | $10372 |
| **11/30/18** | $9776 | $10433 |
| **12/31/18** | $9925 | $10625 |
| **1/31/19** | $10065 | $10738 |
| **2/28/19** | $10070 | $10732 |
| **3/31/19** | $10261 | $10938 |
| **4/30/19** | $10249 | $10941 |
| **5/31/19** | $10407 | $11135 |
| **6/30/19** | $10531 | $11275 |
| **7/31/19** | $10561 | $11299 |
| **8/31/19** | $10793 | $11592 |
| **9/30/19** | $10745 | $11531 |
| **10/31/19** | $10773 | $11565 |
| **11/30/19** | $10774 | $11559 |
| **12/31/19** | $10750 | $11551 |
| **1/31/20** | $10957 | $11774 |
| **2/29/20** | $11105 | $11986 |
| **3/31/20** | $10913 | $11915 |
| **4/30/20** | $11173 | $12127 |
| **5/31/20** | $11277 | $12183 |
| **6/30/20** | $11388 | $12260 |
| **7/31/20** | $11576 | $12443 |
| **8/31/20** | $11492 | $12343 |
| **9/30/20** | $11486 | $12336 |
| **10/31/20** | $11441 | $12281 |
| **11/30/20** | $11560 | $12401 |
| **12/31/20** | $11585 | $12418 |
| **1/31/21** | $11509 | $12329 |
| **2/28/21** | $11336 | $12151 |
| **3/31/21** | $11175 | $12000 |
| **4/30/21** | $11276 | $12094 |
| **5/31/21** | $11285 | $12134 |
| **6/30/21** | $11376 | $12219 |
| **7/31/21** | $11493 | $12356 |
| **8/31/21** | $11475 | $12332 |
| **9/30/21** | $11385 | $12225 |
| **10/31/21** | $11367 | $12222 |
| **11/30/21** | $11367 | $12258 |
| **12/31/21** | $11343 | $12227 |
| **1/31/22** | $11105 | $11964 |
| **2/28/22** | $10951 | $11830 |
| **3/31/22** | $10652 | $11501 |
| **4/30/22** | $10213 | $11065 |
| **5/31/22** | $10275 | $11136 |
| **6/30/22** | $10071 | $10962 |
| **7/31/22** | $10334 | $11229 |
| **8/31/22** | $10030 | $10912 |
| **9/30/22** | $9628 | $10441 |
| **10/31/22** | $9507 | $10305 |
| **11/30/22** | $9848 | $10684 |
| **12/31/22** | $9800 | $10636 |
| **1/31/23** | $10167 | $10963 |
| **2/28/23** | $9919 | $10680 |
| **3/31/23** | $10088 | $10951 |
| **4/30/23** | $10179 | $11018 |
| **5/31/23** | $10053 | $10898 |
| **6/30/23** | $10058 | $10859 |
| **7/31/23** | $10098 | $10851 |
| **8/31/23** | $10060 | $10782 |
| **9/30/23** | $9831 | $10508 |
| **10/31/23** | $9676 | $10342 |
| **11/30/23** | $10125 | $10810 |
| **12/31/23** | $10550 | $11224 |
| **1/31/24** | $10562 | $11193 |
| **2/29/24** | $10470 | $11035 |
| **3/31/24** | $10591 | $11137 |
| **4/30/24** | $10360 | $10856 |
| **5/31/24** | $10541 | $11040 |
| **6/30/24** | $10659 | $11144 |
| **7/31/24** | $10867 | $11405 |
| **8/31/24** | $11049 | $11569 |
| **9/30/24** | $11192 | $11724 |
| **10/31/24** | $10962 | $11433 |
| **11/30/24** | $11090 | $11554 |
| **12/31/24** | $10928 | $11365 |
| **1/31/25** | $10977 | $11425 |
| **2/28/25** | $11222 | $11676 |
| **3/31/25** | $11199 | $11681 |
| **4/30/25** | $11221 | $11727 |
| **5/31/25** | $11183 | $11643 |
| **6/30/25** | $11388 | $11822 |
| **7/31/25** | $11365 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.58% | (0.37%) | 1.67% |
| Class A with Load | 0.69% | (1.12%) | 1.29% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $197865525 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (includes Administration Fees) | $573270 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.6% |
| Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 | 1.3 |
| SBA Tower Trust, 6.599%, due 01/15/28 | 1.2 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 8.425%, due 11/15/27 | 1.2 |
| Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.450%, due 02/15/33 | 1.2 |

---

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

# Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg008.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 4.5% |
| Mortgage-backed securities | 11.4% |
| Loan assignments | 13.8% |
| Asset-backed securities | 18.9% |
| Corporate bonds | 44.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Intermediate Fixed Income Investments
S1793

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCIFX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Intermediate Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $62 | 0.61% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• The portfolio benefited from exposure to asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), loans, investment grade and high yield corporate debt; positions in venture debt ABS and recurring revenue debt ABS had a positive contribution to performance.

• Holdings of investment grade bonds issued by property and casualty companies, specialty real estate investment trusts (REITs), consumer cyclical companies, healthcare companies, and electric utilities contributed positively to performance.

• Holdings of high yield bonds issued by cable satellite companies positively impacted performance during the year.

• Loans to technology companies also had a positive impact on performance.

**What didn't work:**

• Positions in loans to chemical companies had a negative impact on performance.

• Positions in triple net lease ABS, and consumer loan ABS contributed negatively.

• Positions in business development companies (BDCs) had a negative impact on performance during the fiscal year.

• Holdings of investment grade corporate bonds issued by banks, airlines, and construction machinery companies also had a negative impact on performance.

The only use of derivatives comes from employing treasury futures to manage the duration of the portfolio to align with the benchmark. There is no active use of derivatives to make investment bets. The utilization of Treasury futures is designed to align the portfolio's duration exposure to be as close to neutral versus the benchmark such that exposure to credit is the driver of performance.

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg039.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 |
| **8/31/15** | $9974 | $9986 |
| **9/30/15** | $10014 | $10053 |
| **10/31/15** | $10027 | $10055 |
| **11/30/15** | $9984 | $10028 |
| **12/31/15** | $9946 | $9996 |
| **1/31/16** | $10034 | $10133 |
| **2/29/16** | $10048 | $10205 |
| **3/31/16** | $10136 | $10299 |
| **4/30/16** | $10165 | $10338 |
| **5/31/16** | $10153 | $10341 |
| **6/30/16** | $10282 | $10527 |
| **7/31/16** | $10311 | $10594 |
| **8/31/16** | $10290 | $10581 |
| **9/30/16** | $10319 | $10575 |
| **10/31/16** | $10290 | $10494 |
| **11/30/16** | $10145 | $10246 |
| **12/31/16** | $10156 | $10261 |
| **1/31/17** | $10186 | $10281 |
| **2/28/17** | $10224 | $10350 |
| **3/31/17** | $10237 | $10344 |
| **4/30/17** | $10309 | $10424 |
| **5/31/17** | $10385 | $10504 |
| **6/30/17** | $10378 | $10494 |
| **7/31/17** | $10423 | $10539 |
| **8/31/17** | $10510 | $10634 |
| **9/30/17** | $10461 | $10583 |
| **10/31/17** | $10457 | $10589 |
| **11/30/17** | $10442 | $10575 |
| **12/31/17** | $10488 | $10624 |
| **1/31/18** | $10360 | $10502 |
| **2/28/18** | $10252 | $10402 |
| **3/31/18** | $10308 | $10469 |
| **4/30/18** | $10235 | $10391 |
| **5/31/18** | $10293 | $10465 |
| **6/30/18** | $10281 | $10452 |
| **7/31/18** | $10297 | $10455 |
| **8/31/18** | $10347 | $10522 |
| **9/30/18** | $10293 | $10454 |
| **10/31/18** | $10196 | $10372 |
| **11/30/18** | $10239 | $10433 |
| **12/31/18** | $10398 | $10625 |
| **1/31/19** | $10546 | $10738 |
| **2/28/19** | $10553 | $10732 |
| **3/31/19** | $10765 | $10938 |
| **4/30/19** | $10755 | $10941 |
| **5/31/19** | $10923 | $11135 |
| **6/30/19** | $11055 | $11275 |
| **7/31/19** | $11080 | $11299 |
| **8/31/19** | $11325 | $11592 |
| **9/30/19** | $11277 | $11531 |
| **10/31/19** | $11318 | $11565 |
| **11/30/19** | $11321 | $11559 |
| **12/31/19** | $11298 | $11551 |
| **1/31/20** | $11518 | $11774 |
| **2/29/20** | $11676 | $11986 |
| **3/31/20** | $11468 | $11915 |
| **4/30/20** | $11753 | $12127 |
| **5/31/20** | $11865 | $12183 |
| **6/30/20** | $11975 | $12260 |
| **7/31/20** | $12175 | $12443 |
| **8/31/20** | $12099 | $12343 |
| **9/30/20** | $12085 | $12336 |
| **10/31/20** | $12040 | $12281 |
| **11/30/20** | $12178 | $12401 |
| **12/31/20** | $12206 | $12418 |
| **1/31/21** | $12120 | $12329 |
| **2/28/21** | $11950 | $12151 |
| **3/31/21** | $11782 | $12000 |
| **4/30/21** | $11891 | $12094 |
| **5/31/21** | $11903 | $12134 |
| **6/30/21** | $11992 | $12219 |
| **7/31/21** | $12128 | $12356 |
| **8/31/21** | $12111 | $12332 |
| **9/30/21** | $12009 | $12225 |
| **10/31/21** | $11993 | $12222 |
| **11/30/21** | $12005 | $12258 |
| **12/31/21** | $11982 | $12227 |
| **1/31/22** | $11724 | $11964 |
| **2/28/22** | $11563 | $11830 |
| **3/31/22** | $11250 | $11501 |
| **4/30/22** | $10799 | $11065 |
| **5/31/22** | $10856 | $11136 |
| **6/30/22** | $10643 | $10962 |
| **7/31/22** | $10924 | $11229 |
| **8/31/22** | $10615 | $10912 |
| **9/30/22** | $10182 | $10441 |
| **10/31/22** | $10056 | $10305 |
| **11/30/22** | $10419 | $10684 |
| **12/31/22** | $10380 | $10636 |
| **1/31/23** | $10771 | $10963 |
| **2/28/23** | $10501 | $10680 |
| **3/31/23** | $10681 | $10951 |
| **4/30/23** | $10790 | $11018 |
| **5/31/23** | $10650 | $10898 |
| **6/30/23** | $10657 | $10859 |
| **7/31/23** | $10702 | $10851 |
| **8/31/23** | $10663 | $10782 |
| **9/30/23** | $10434 | $10508 |
| **10/31/23** | $10271 | $10342 |
| **11/30/23** | $10749 | $10810 |
| **12/31/23** | $11192 | $11224 |
| **1/31/24** | $11207 | $11193 |
| **2/29/24** | $11112 | $11035 |
| **3/31/24** | $11253 | $11137 |
| **4/30/24** | $11000 | $10856 |
| **5/31/24** | $11194 | $11040 |
| **6/30/24** | $11322 | $11144 |
| **7/31/24** | $11546 | $11405 |
| **8/31/24** | $11741 | $11569 |
| **9/30/24** | $11895 | $11724 |
| **10/31/24** | $11664 | $11433 |
| **11/30/24** | $11803 | $11554 |
| **12/31/24** | $11623 | $11365 |
| **1/31/25** | $11676 | $11425 |
| **2/28/25** | $11940 | $11676 |
| **3/31/25** | $11917 | $11681 |
| **4/30/25** | $11943 | $11727 |
| **5/31/25** | $11905 | $11643 |
| **6/30/25** | $12127 | $11822 |
| **7/31/25** | $12105 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 4.84% | (0.12%) | 1.93% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $197865525 |
| # of Portfolio Holdings | 253 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (includes Administration Fees) | $573270 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.6% |
| Swiss Re Finance Luxembourg SA, 5.000%, due 04/02/49 | 1.3 |
| SBA Tower Trust, 6.599%, due 01/15/28 | 1.2 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 8.425%, due 11/15/27 | 1.2 |
| Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.450%, due 02/15/33 | 1.2 |

---

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

# Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg024.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. treasury obligations | 4.5% |
| Mortgage-backed securities | 11.4% |
| Loan assignments | 13.8% |
| Asset-backed securities | 18.9% |
| Corporate bonds | 44.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Intermediate Fixed Income Investments
S1794

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PBNAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Strategic Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.90% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Duration and tactical interest rate positioning were meaningful positive contributors to relative performance for the portfolio.

• Broad sector allocation: Exposure to securitized credit (asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations), corporate credit (investment grade and high yield), and loans provided diversified sources of positive performance across managers.

• Security selection in credit: Effective selection within investment grade and high yield corporate bonds, especially in sectors like property & casualty, specialty real estate investment trusts (REITs), healthcare, industrials, cable satellite, and senior financial names added value.

• Selection in asset-backed securities (ABS) and loan holdings: Positions in venture debt ABS, recurring revenue debt ABS, and loans to technology companies contributed positively, reflecting successful targeting of niche credit opportunities.

**What didn't work:** 

• Loan and ABS selection: Specific holdings in loans to chemical companies and ABS tied to triple net leases and consumer loans detracted from performance.

• Investment grade corporate credit selection: Underperformance in investment grade bonds issued by banks and brokerage firms weighed on results. Positioning in US investment grade credit detracted, as did non-US developed market investment grade credit and US Treasuries.

• Developed market investment grade credit and currency positions: Broader exposures to developed market investment grade credit and short positions in select currencies (e.g., Swiss franc, Malaysian ringgit) modestly detracted across managers.

During the reporting period, the Fund utilized derivatives, including futures, options, and swaps. These instruments were used to manage interest rate and duration exposure, gain access to markets without physical securities, hedge unwanted risks, and implement customized investment strategies.

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg053.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Government/Credit Index** |
| **7/31/15** | $9627 | $10000 | $10000 |
| **8/31/15** | $9549 | $9986 | $9977 |
| **9/30/15** | $9512 | $10053 | $10047 |
| **10/31/15** | $9589 | $10055 | $10047 |
| **11/30/15** | $9559 | $10028 | $10015 |
| **12/31/15** | $9501 | $9996 | $9972 |
| **1/31/16** | $9558 | $10133 | $10112 |
| **2/29/16** | $9568 | $10205 | $10198 |
| **3/31/16** | $9759 | $10299 | $10318 |
| **4/30/16** | $9830 | $10338 | $10367 |
| **5/31/16** | $9840 | $10341 | $10365 |
| **6/30/16** | $10009 | $10527 | $10593 |
| **7/31/16** | $10150 | $10594 | $10678 |
| **8/31/16** | $10159 | $10581 | $10656 |
| **9/30/16** | $10166 | $10575 | $10636 |
| **10/31/16** | $10098 | $10494 | $10533 |
| **11/30/16** | $9822 | $10246 | $10254 |
| **12/31/16** | $9880 | $10261 | $10276 |
| **1/31/17** | $9962 | $10281 | $10304 |
| **2/28/17** | $10056 | $10350 | $10383 |
| **3/31/17** | $10062 | $10344 | $10374 |
| **4/30/17** | $10142 | $10424 | $10459 |
| **5/31/17** | $10236 | $10504 | $10546 |
| **6/30/17** | $10250 | $10494 | $10549 |
| **7/31/17** | $10314 | $10539 | $10593 |
| **8/31/17** | $10425 | $10634 | $10695 |
| **9/30/17** | $10393 | $10583 | $10635 |
| **10/31/17** | $10386 | $10589 | $10644 |
| **11/30/17** | $10348 | $10575 | $10631 |
| **12/31/17** | $10401 | $10624 | $10686 |
| **1/31/18** | $10302 | $10502 | $10563 |
| **2/28/18** | $10204 | $10402 | $10449 |
| **3/31/18** | $10241 | $10469 | $10517 |
| **4/30/18** | $10151 | $10391 | $10428 |
| **5/31/18** | $10183 | $10465 | $10503 |
| **6/30/18** | $10173 | $10452 | $10483 |
| **7/31/18** | $10223 | $10455 | $10491 |
| **8/31/18** | $10271 | $10522 | $10559 |
| **9/30/18** | $10227 | $10454 | $10489 |
| **10/31/18** | $10171 | $10372 | $10398 |
| **11/30/18** | $10166 | $10433 | $10447 |
| **12/31/18** | $10253 | $10625 | $10642 |
| **1/31/19** | $10430 | $10738 | $10767 |
| **2/28/19** | $10471 | $10732 | $10761 |
| **3/31/19** | $10649 | $10938 | $10989 |
| **4/30/19** | $10685 | $10941 | $10995 |
| **5/31/19** | $10848 | $11135 | $11211 |
| **6/30/19** | $11013 | $11275 | $11376 |
| **7/31/19** | $11009 | $11299 | $11394 |
| **8/31/19** | $11361 | $11592 | $11765 |
| **9/30/19** | $11283 | $11531 | $11676 |
| **10/31/19** | $11326 | $11565 | $11709 |
| **11/30/19** | $11304 | $11559 | $11698 |
| **12/31/19** | $11288 | $11551 | $11675 |
| **1/31/20** | $11567 | $11774 | $11954 |
| **2/29/20** | $11712 | $11986 | $12203 |
| **3/31/20** | $11297 | $11915 | $12068 |
| **4/30/20** | $11581 | $12127 | $12337 |
| **5/31/20** | $11735 | $12183 | $12408 |
| **6/30/20** | $11905 | $12260 | $12516 |
| **7/31/20** | $12171 | $12443 | $12768 |
| **8/31/20** | $12111 | $12343 | $12620 |
| **9/30/20** | $12097 | $12336 | $12614 |
| **10/31/20** | $12045 | $12281 | $12538 |
| **11/30/20** | $12273 | $12401 | $12706 |
| **12/31/20** | $12315 | $12418 | $12717 |
| **1/31/21** | $12235 | $12329 | $12584 |
| **2/28/21** | $12053 | $12151 | $12364 |
| **3/31/21** | $11897 | $12000 | $12173 |
| **4/30/21** | $12015 | $12094 | $12280 |
| **5/31/21** | $12064 | $12134 | $12343 |
| **6/30/21** | $12198 | $12219 | $12467 |
| **7/31/21** | $12324 | $12356 | $12632 |
| **8/31/21** | $12319 | $12332 | $12607 |
| **9/30/21** | $12202 | $12225 | $12472 |
| **10/31/21** | $12206 | $12222 | $12478 |
| **11/30/21** | $12200 | $12258 | $12535 |
| **12/31/21** | $12196 | $12227 | $12495 |
| **1/31/22** | $11936 | $11964 | $12190 |
| **2/28/22** | $11763 | $11830 | $12047 |
| **3/31/22** | $11426 | $11501 | $11704 |
| **4/30/22** | $10972 | $11065 | $11240 |
| **5/31/22** | $10983 | $11136 | $11293 |
| **6/30/22** | $10705 | $10962 | $11115 |
| **7/31/22** | $10974 | $11229 | $11355 |
| **8/31/22** | $10711 | $10912 | $11059 |
| **9/30/22** | $10268 | $10441 | $10608 |
| **10/31/22** | $10158 | $10305 | $10476 |
| **11/30/22** | $10528 | $10684 | $10850 |
| **12/31/22** | $10474 | $10636 | $10798 |
| **1/31/23** | $10884 | $10963 | $11124 |
| **2/28/23** | $10622 | $10680 | $10835 |
| **3/31/23** | $10816 | $10951 | $11140 |
| **4/30/23** | $10902 | $11018 | $11211 |
| **5/31/23** | $10777 | $10898 | $11072 |
| **6/30/23** | $10794 | $10859 | $11037 |
| **7/31/23** | $10831 | $10851 | $11028 |
| **8/31/23** | $10784 | $10782 | $10963 |
| **9/30/23** | $10538 | $10508 | $10706 |
| **10/31/23** | $10370 | $10342 | $10554 |
| **11/30/23** | $10859 | $10810 | $11011 |
| **12/31/23** | $11296 | $11224 | $11416 |
| **1/31/24** | $11310 | $11193 | $11390 |
| **2/29/24** | $11194 | $11035 | $11235 |
| **3/31/24** | $11327 | $11137 | $11334 |
| **4/30/24** | $11074 | $10856 | $11065 |
| **5/31/24** | $11270 | $11040 | $11241 |
| **6/30/24** | $11376 | $11144 | $11339 |
| **7/31/24** | $11626 | $11405 | $11593 |
| **8/31/24** | $11809 | $11569 | $11753 |
| **9/30/24** | $11959 | $11724 | $11917 |
| **10/31/24** | $11718 | $11433 | $11634 |
| **11/30/24** | $11856 | $11554 | $11746 |
| **12/31/24** | $11686 | $11365 | $11551 |
| **1/31/25** | $11752 | $11425 | $11612 |
| **2/28/25** | $12009 | $11676 | $11856 |
| **3/31/25** | $11984 | $11681 | $11862 |
| **4/30/25** | $11996 | $11727 | $11912 |
| **5/31/25** | $11981 | $11643 | $11833 |
| **6/30/25** | $12182 | $11822 | $12007 |
| **7/31/25** | $12162 | $11790 | $11980 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 4.61% | (0.02%) | 2.36% |
| Class A with Load | 0.70% | (0.78%) | 1.98% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |
| Bloomberg US Government/Credit Index | 3.34% | (1.27%) | 1.82% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $418705154 |
| # of Portfolio Holdings | 1577 |
| Portfolio Turnover Rate | 219% |
| Total Advisory Fees Paid (includes Administration Fees) | $1732773 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.500% | 1.8% |
| U.S. Treasury Bonds, 3.625%, due 02/15/53 | 1.8 |
| U.S. Treasury Bonds, 3.250%, due 05/15/42 | 1.6 |
| U.S. Treasury Notes, 0.500%, due 08/31/27 | 1.3 |
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.3 |

---

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

# Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg012.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Loan assignments | 8.5% |
| U.S. treasury obligations | 10.3% |
| Mortgage-backed securities | 11.7% |
| Asset-backed securities | 14.2% |
| Corporate bonds | 46.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Strategic Fixed Income Investments
S1819

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCSIX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Strategic Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $67 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Duration and tactical interest rate positioning were meaningful positive contributors to relative performance for the portfolio.

• Broad sector allocation: Exposure to securitized credit (asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations), corporate credit (investment grade and high yield), and loans provided diversified sources of positive performance across managers.

• Security selection in credit: Effective selection within investment grade and high yield corporate bonds, especially in sectors like property & casualty, specialty real estate investment trusts (REITs), healthcare, industrials, cable satellite, and senior financial names added value.

• Selection in asset-backed securities (ABS) and loan holdings: Positions in venture debt ABS, recurring revenue debt ABS, and loans to technology companies contributed positively, reflecting successful targeting of niche credit opportunities.

**What didn't work:** 

• Loan and ABS selection: Specific holdings in loans to chemical companies and ABS tied to triple net leases and consumer loans detracted from performance.

• Investment grade corporate credit selection: Underperformance in investment grade bonds issued by banks and brokerage firms weighed on results. Positioning in US investment grade credit detracted, as did non-US developed market investment grade credit and US Treasuries.

• Developed market investment grade credit and currency positions: Broader exposures to developed market investment grade credit and short positions in select currencies (e.g., Swiss franc, Malaysian ringgit) modestly detracted across managers.

During the reporting period, the Fund utilized derivatives, including futures, options, and swaps. These instruments were used to manage interest rate and duration exposure, gain access to markets without physical securities, hedge unwanted risks, and implement customized investment strategies.

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg US Aggregate Bond Index** | **Bloomberg US Government/Credit Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9921 | $9986 | $9977 |
| **9/30/15** | $9885 | $10053 | $10047 |
| **10/31/15** | $9967 | $10055 | $10047 |
| **11/30/15** | $9938 | $10028 | $10015 |
| **12/31/15** | $9880 | $9996 | $9972 |
| **1/31/16** | $9942 | $10133 | $10112 |
| **2/29/16** | $9953 | $10205 | $10198 |
| **3/31/16** | $10161 | $10299 | $10318 |
| **4/30/16** | $10229 | $10338 | $10367 |
| **5/31/16** | $10242 | $10341 | $10365 |
| **6/30/16** | $10419 | $10527 | $10593 |
| **7/31/16** | $10568 | $10594 | $10678 |
| **8/31/16** | $10586 | $10581 | $10656 |
| **9/30/16** | $10588 | $10575 | $10636 |
| **10/31/16** | $10520 | $10494 | $10533 |
| **11/30/16** | $10234 | $10246 | $10254 |
| **12/31/16** | $10305 | $10261 | $10276 |
| **1/31/17** | $10384 | $10281 | $10304 |
| **2/28/17** | $10485 | $10350 | $10383 |
| **3/31/17** | $10493 | $10344 | $10374 |
| **4/30/17** | $10579 | $10424 | $10459 |
| **5/31/17** | $10679 | $10504 | $10546 |
| **6/30/17** | $10704 | $10494 | $10549 |
| **7/31/17** | $10773 | $10539 | $10593 |
| **8/31/17** | $10883 | $10634 | $10695 |
| **9/30/17** | $10852 | $10583 | $10635 |
| **10/31/17** | $10846 | $10589 | $10644 |
| **11/30/17** | $10810 | $10575 | $10631 |
| **12/31/17** | $10867 | $10624 | $10686 |
| **1/31/18** | $10766 | $10502 | $10563 |
| **2/28/18** | $10665 | $10402 | $10449 |
| **3/31/18** | $10707 | $10469 | $10517 |
| **4/30/18** | $10615 | $10391 | $10428 |
| **5/31/18** | $10658 | $10465 | $10503 |
| **6/30/18** | $10650 | $10452 | $10483 |
| **7/31/18** | $10696 | $10455 | $10491 |
| **8/31/18** | $10749 | $10522 | $10559 |
| **9/30/18** | $10713 | $10454 | $10489 |
| **10/31/18** | $10648 | $10372 | $10398 |
| **11/30/18** | $10645 | $10433 | $10447 |
| **12/31/18** | $10739 | $10625 | $10642 |
| **1/31/19** | $10927 | $10738 | $10767 |
| **2/28/19** | $10971 | $10732 | $10761 |
| **3/31/19** | $11160 | $10938 | $10989 |
| **4/30/19** | $11201 | $10941 | $10995 |
| **5/31/19** | $11383 | $11135 | $11211 |
| **6/30/19** | $11549 | $11275 | $11376 |
| **7/31/19** | $11556 | $11299 | $11394 |
| **8/31/19** | $11919 | $11592 | $11765 |
| **9/30/19** | $11841 | $11531 | $11676 |
| **10/31/19** | $11888 | $11565 | $11709 |
| **11/30/19** | $11867 | $11559 | $11698 |
| **12/31/19** | $11853 | $11551 | $11675 |
| **1/31/20** | $12149 | $11774 | $11954 |
| **2/29/20** | $12303 | $11986 | $12203 |
| **3/31/20** | $11878 | $11915 | $12068 |
| **4/30/20** | $12171 | $12127 | $12337 |
| **5/31/20** | $12335 | $12183 | $12408 |
| **6/30/20** | $12516 | $12260 | $12516 |
| **7/31/20** | $12800 | $12443 | $12768 |
| **8/31/20** | $12738 | $12343 | $12620 |
| **9/30/20** | $12727 | $12336 | $12614 |
| **10/31/20** | $12675 | $12281 | $12538 |
| **11/30/20** | $12918 | $12401 | $12706 |
| **12/31/20** | $12964 | $12418 | $12717 |
| **1/31/21** | $12883 | $12329 | $12584 |
| **2/28/21** | $12693 | $12151 | $12364 |
| **3/31/21** | $12532 | $12000 | $12173 |
| **4/30/21** | $12659 | $12094 | $12280 |
| **5/31/21** | $12714 | $12134 | $12343 |
| **6/30/21** | $12857 | $12219 | $12467 |
| **7/31/21** | $12993 | $12356 | $12632 |
| **8/31/21** | $12990 | $12332 | $12607 |
| **9/30/21** | $12869 | $12225 | $12472 |
| **10/31/21** | $12877 | $12222 | $12478 |
| **11/30/21** | $12873 | $12258 | $12535 |
| **12/31/21** | $12871 | $12227 | $12495 |
| **1/31/22** | $12599 | $11964 | $12190 |
| **2/28/22** | $12419 | $11830 | $12047 |
| **3/31/22** | $12066 | $11501 | $11704 |
| **4/30/22** | $11588 | $11065 | $11240 |
| **5/31/22** | $11603 | $11136 | $11293 |
| **6/30/22** | $11311 | $10962 | $11115 |
| **7/31/22** | $11597 | $11229 | $11355 |
| **8/31/22** | $11322 | $10912 | $11059 |
| **9/30/22** | $10856 | $10441 | $10608 |
| **10/31/22** | $10751 | $10305 | $10476 |
| **11/30/22** | $11135 | $10684 | $10850 |
| **12/31/22** | $11090 | $10636 | $10798 |
| **1/31/23** | $11517 | $10963 | $11124 |
| **2/28/23** | $11242 | $10680 | $10835 |
| **3/31/23** | $11450 | $10951 | $11140 |
| **4/30/23** | $11544 | $11018 | $11211 |
| **5/31/23** | $11414 | $10898 | $11072 |
| **6/30/23** | $11434 | $10859 | $11037 |
| **7/31/23** | $11485 | $10851 | $11028 |
| **8/31/23** | $11429 | $10782 | $10963 |
| **9/30/23** | $11170 | $10508 | $10706 |
| **10/31/23** | $10994 | $10342 | $10554 |
| **11/30/23** | $11515 | $10810 | $11011 |
| **12/31/23** | $11981 | $11224 | $11416 |
| **1/31/24** | $11998 | $11193 | $11390 |
| **2/29/24** | $11878 | $11035 | $11235 |
| **3/31/24** | $12021 | $11137 | $11334 |
| **4/30/24** | $11755 | $10856 | $11065 |
| **5/31/24** | $11966 | $11040 | $11241 |
| **6/30/24** | $12081 | $11144 | $11339 |
| **7/31/24** | $12349 | $11405 | $11593 |
| **8/31/24** | $12547 | $11569 | $11753 |
| **9/30/24** | $12709 | $11724 | $11917 |
| **10/31/24** | $12455 | $11433 | $11634 |
| **11/30/24** | $12604 | $11554 | $11746 |
| **12/31/24** | $12415 | $11365 | $11551 |
| **1/31/25** | $12499 | $11425 | $11612 |
| **2/28/25** | $12776 | $11676 | $11856 |
| **3/31/25** | $12751 | $11681 | $11862 |
| **4/30/25** | $12767 | $11727 | $11912 |
| **5/31/25** | $12753 | $11643 | $11833 |
| **6/30/25** | $12970 | $11822 | $12007 |
| **7/31/25** | $12952 | $11790 | $11980 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 4.88% | 0.24% | 2.62% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |
| Bloomberg US Government/Credit Index | 3.34% | (1.27%) | 1.82% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $418705154 |
| # of Portfolio Holdings | 1577 |
| Portfolio Turnover Rate | 219% |
| Total Advisory Fees Paid (includes Administration Fees) | $1732773 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Uniform Mortgage-Backed Security, TBA, 5.500% | 1.8% |
| U.S. Treasury Bonds, 3.625%, due 02/15/53 | 1.8 |
| U.S. Treasury Bonds, 3.250%, due 05/15/42 | 1.6 |
| U.S. Treasury Notes, 0.500%, due 08/31/27 | 1.3 |
| U.S. Treasury Bonds, 1.375%, due 08/15/50 | 1.3 |

---

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

# Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg023.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Loan assignments | 8.5% |
| U.S. treasury obligations | 10.3% |
| Mortgage-backed securities | 11.7% |
| Asset-backed securities | 14.2% |
| Corporate bonds | 46.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Strategic Fixed Income Investments
S1820

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PMUAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Municipal Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $82 | 0.82% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• An overweight to revenue airport and housing bonds contributed to performance.

• An underweight to the local general obligation sector contributed relative to the benchmark due to lagging performance in that sector.

• Strong performance among Illinois Municipal Electric and Richmond Indianan healthcare (Reid Hospital) contributed to performance.

**What didn't work:**

• Modestly long duration posture was a detractor as 10-yr AAA yields increased; an overweight to the 15-20yr maturity segment of the yield curve detracted.

• Being overweight hospital and water/sewer were detractors; an underweight to state general obligations, which outperformed, also detracted.

• An overweight to BBB rated, which lagged higher quality segments, detracted from performance.

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

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg US Municipal 3-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **7/31/15** | $9777 | $10000 | $10000 |
| **8/31/15** | $9805 | $10019 | $10020 |
| **9/30/15** | $9871 | $10096 | $10092 |
| **10/31/15** | $9907 | $10138 | $10132 |
| **11/30/15** | $9943 | $10162 | $10173 |
| **12/31/15** | $10015 | $10221 | $10244 |
| **1/31/16** | $10157 | $10352 | $10366 |
| **2/29/16** | $10163 | $10371 | $10383 |
| **3/31/16** | $10176 | $10383 | $10416 |
| **4/30/16** | $10243 | $10451 | $10492 |
| **5/31/16** | $10248 | $10456 | $10520 |
| **6/30/16** | $10399 | $10597 | $10688 |
| **7/31/16** | $10388 | $10611 | $10694 |
| **8/31/16** | $10393 | $10617 | $10709 |
| **9/30/16** | $10345 | $10577 | $10655 |
| **10/31/16** | $10257 | $10481 | $10544 |
| **11/30/16** | $9862 | $10108 | $10150 |
| **12/31/16** | $9966 | $10216 | $10270 |
| **1/31/17** | $10018 | $10292 | $10337 |
| **2/28/17** | $10079 | $10365 | $10409 |
| **3/31/17** | $10108 | $10385 | $10432 |
| **4/30/17** | $10184 | $10466 | $10507 |
| **5/31/17** | $10331 | $10618 | $10674 |
| **6/30/17** | $10289 | $10573 | $10636 |
| **7/31/17** | $10358 | $10657 | $10722 |
| **8/31/17** | $10435 | $10733 | $10803 |
| **9/30/17** | $10385 | $10679 | $10748 |
| **10/31/17** | $10391 | $10696 | $10775 |
| **11/30/17** | $10310 | $10604 | $10717 |
| **12/31/17** | $10401 | $10702 | $10829 |
| **1/31/18** | $10295 | $10594 | $10702 |
| **2/28/18** | $10246 | $10561 | $10670 |
| **3/31/18** | $10260 | $10588 | $10709 |
| **4/30/18** | $10227 | $10558 | $10671 |
| **5/31/18** | $10330 | $10664 | $10793 |
| **6/30/18** | $10338 | $10681 | $10802 |
| **7/31/18** | $10361 | $10716 | $10828 |
| **8/31/18** | $10375 | $10738 | $10856 |
| **9/30/18** | $10308 | $10674 | $10786 |
| **10/31/18** | $10241 | $10625 | $10719 |
| **11/30/18** | $10347 | $10740 | $10838 |
| **12/31/18** | $10466 | $10867 | $10968 |
| **1/31/19** | $10563 | $10965 | $11051 |
| **2/28/19** | $10627 | $11021 | $11110 |
| **3/31/19** | $10759 | $11158 | $11286 |
| **4/30/19** | $10791 | $11182 | $11328 |
| **5/31/19** | $10939 | $11327 | $11484 |
| **6/30/19** | $10988 | $11375 | $11527 |
| **7/31/19** | $11077 | $11469 | $11619 |
| **8/31/19** | $11217 | $11614 | $11803 |
| **9/30/19** | $11131 | $11513 | $11708 |
| **10/31/19** | $11128 | $11543 | $11729 |
| **11/30/19** | $11143 | $11570 | $11758 |
| **12/31/19** | $11178 | $11609 | $11794 |
| **1/31/20** | $11352 | $11800 | $12006 |
| **2/29/20** | $11478 | $11920 | $12161 |
| **3/31/20** | $11031 | $11545 | $11720 |
| **4/30/20** | $10879 | $11451 | $11573 |
| **5/31/20** | $11205 | $11797 | $11941 |
| **6/30/20** | $11310 | $11872 | $12039 |
| **7/31/20** | $11483 | $12053 | $12242 |
| **8/31/20** | $11466 | $12008 | $12185 |
| **9/30/20** | $11475 | $12018 | $12187 |
| **10/31/20** | $11450 | $11985 | $12151 |
| **11/30/20** | $11598 | $12131 | $12334 |
| **12/31/20** | $11667 | $12194 | $12409 |
| **1/31/21** | $11727 | $12256 | $12488 |
| **2/28/21** | $11553 | $12085 | $12290 |
| **3/31/21** | $11605 | $12148 | $12366 |
| **4/30/21** | $11692 | $12231 | $12469 |
| **5/31/21** | $11718 | $12250 | $12506 |
| **6/30/21** | $11726 | $12268 | $12541 |
| **7/31/21** | $11805 | $12365 | $12645 |
| **8/31/21** | $11770 | $12338 | $12598 |
| **9/30/21** | $11689 | $12256 | $12507 |
| **10/31/21** | $11648 | $12217 | $12471 |
| **11/30/21** | $11722 | $12288 | $12577 |
| **12/31/21** | $11719 | $12307 | $12597 |
| **1/31/22** | $11416 | $11984 | $12253 |
| **2/28/22** | $11352 | $11945 | $12209 |
| **3/31/22** | $11041 | $11604 | $11813 |
| **4/30/22** | $10782 | $11341 | $11486 |
| **5/31/22** | $10898 | $11508 | $11657 |
| **6/30/22** | $10781 | $11401 | $11466 |
| **7/31/22** | $11017 | $11676 | $11769 |
| **8/31/22** | $10812 | $11463 | $11511 |
| **9/30/22** | $10479 | $11090 | $11069 |
| **10/31/22** | $10426 | $11042 | $10977 |
| **11/30/22** | $10815 | $11457 | $11490 |
| **12/31/22** | $10844 | $11517 | $11523 |
| **1/31/23** | $11107 | $11794 | $11854 |
| **2/28/23** | $10898 | $11558 | $11586 |
| **3/31/23** | $11083 | $11794 | $11843 |
| **4/30/23** | $11074 | $11761 | $11816 |
| **5/31/23** | $10967 | $11648 | $11714 |
| **6/30/23** | $11049 | $11739 | $11831 |
| **7/31/23** | $11070 | $11788 | $11878 |
| **8/31/23** | $10981 | $11656 | $11707 |
| **9/30/23** | $10734 | $11372 | $11364 |
| **10/31/23** | $10645 | $11317 | $11267 |
| **11/30/23** | $11163 | $11903 | $11983 |
| **12/31/23** | $11407 | $12144 | $12261 |
| **1/31/24** | $11381 | $12093 | $12198 |
| **2/29/24** | $11392 | $12104 | $12214 |
| **3/31/24** | $11377 | $12103 | $12214 |
| **4/30/24** | $11267 | $11968 | $12062 |
| **5/31/24** | $11206 | $11887 | $12027 |
| **6/30/24** | $11339 | $12049 | $12211 |
| **7/31/24** | $11428 | $12158 | $12323 |
| **8/31/24** | $11507 | $12268 | $12420 |
| **9/30/24** | $11604 | $12374 | $12543 |
| **10/31/24** | $11439 | $12206 | $12360 |
| **11/30/24** | $11593 | $12365 | $12573 |
| **12/31/24** | $11474 | $12230 | $12390 |
| **1/31/25** | $11526 | $12315 | $12452 |
| **2/28/25** | $11643 | $12442 | $12576 |
| **3/31/25** | $11451 | $12271 | $12363 |
| **4/30/25** | $11407 | $12191 | $12263 |
| **5/31/25** | $11422 | $12260 | $12271 |
| **6/30/25** | $11504 | $12356 | $12347 |
| **7/31/25** | $11491 | $12384 | $12322 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 0.55% | 0.01% | 1.63% |
| Class A with Load | (1.71%) | (0.44%) | 1.40% |
| Bloomberg US Municipal 3-15 Year Blend Index | 1.88% | 0.55% | 2.16% |
| Bloomberg Municipal Bond Index | (0.00%) | 0.13% | 2.11% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $152208054 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (includes Administration Fees) | $580064 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34 | 4.0% |
| Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29 | 2.2 |
| Central Texas Turnpike System, 5.000%, due 08/15/37 | 1.8 |
| New York State Dormitory Authority, 4.000%, due 03/15/42 | 1.7 |
| County of Cook Sales Tax (Illinois), 5.000%, due 11/15/35 | 1.7 |

---

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

# Class A

## Top 5 States (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg050.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wisconsin | 5.3% |
| Illinois | 8.2% |
| New York | 8.4% |
| Pennsylvania | 9.3% |
| Texas | 12.9% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Municipal Fixed Income Investments
S1810

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCMNX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Municipal Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $57 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• An overweight to revenue airport and housing bonds contributed to performance.

• An underweight to the local general obligation sector contributed relative to the benchmark due to lagging performance in that sector.

• Strong performance among Illinois Municipal Electric and Richmond Indianan healthcare (Reid Hospital) contributed to performance.

**What didn't work:**

• Modestly long duration posture was a detractor as 10-yr AAA yields increased; an overweight to the 15-20yr maturity segment of the yield curve detracted.

• Being overweight hospital and water/sewer were detractors; an underweight to state general obligations, which outperformed, also detracted.

• An overweight to BBB rated, which lagged higher quality segments, detracted from performance.

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

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg US Municipal 3-15 Year Blend Index** | **Bloomberg Municipal Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $10023 | $10019 | $10020 |
| **9/30/15** | $10093 | $10096 | $10092 |
| **10/31/15** | $10139 | $10138 | $10132 |
| **11/30/15** | $10171 | $10162 | $10173 |
| **12/31/15** | $10246 | $10221 | $10244 |
| **1/31/16** | $10401 | $10352 | $10366 |
| **2/29/16** | $10402 | $10371 | $10383 |
| **3/31/16** | $10425 | $10383 | $10416 |
| **4/30/16** | $10496 | $10451 | $10492 |
| **5/31/16** | $10495 | $10456 | $10520 |
| **6/30/16** | $10652 | $10597 | $10688 |
| **7/31/16** | $10651 | $10611 | $10694 |
| **8/31/16** | $10659 | $10617 | $10709 |
| **9/30/16** | $10611 | $10577 | $10655 |
| **10/31/16** | $10516 | $10481 | $10544 |
| **11/30/16** | $10112 | $10108 | $10150 |
| **12/31/16** | $10221 | $10216 | $10270 |
| **1/31/17** | $10276 | $10292 | $10337 |
| **2/28/17** | $10341 | $10365 | $10409 |
| **3/31/17** | $10373 | $10385 | $10432 |
| **4/30/17** | $10453 | $10466 | $10507 |
| **5/31/17** | $10614 | $10618 | $10674 |
| **6/30/17** | $10565 | $10573 | $10636 |
| **7/31/17** | $10638 | $10657 | $10722 |
| **8/31/17** | $10727 | $10733 | $10803 |
| **9/30/17** | $10679 | $10679 | $10748 |
| **10/31/17** | $10679 | $10696 | $10775 |
| **11/30/17** | $10605 | $10604 | $10717 |
| **12/31/17** | $10702 | $10702 | $10829 |
| **1/31/18** | $10587 | $10594 | $10702 |
| **2/28/18** | $10547 | $10561 | $10670 |
| **3/31/18** | $10563 | $10588 | $10709 |
| **4/30/18** | $10523 | $10558 | $10671 |
| **5/31/18** | $10640 | $10664 | $10793 |
| **6/30/18** | $10648 | $10681 | $10802 |
| **7/31/18** | $10674 | $10716 | $10828 |
| **8/31/18** | $10682 | $10738 | $10856 |
| **9/30/18** | $10625 | $10674 | $10786 |
| **10/31/18** | $10549 | $10625 | $10719 |
| **11/30/18** | $10668 | $10740 | $10838 |
| **12/31/18** | $10793 | $10867 | $10968 |
| **1/31/19** | $10887 | $10965 | $11051 |
| **2/28/19** | $10964 | $11021 | $11110 |
| **3/31/19** | $11102 | $11158 | $11286 |
| **4/30/19** | $11137 | $11182 | $11328 |
| **5/31/19** | $11292 | $11327 | $11484 |
| **6/30/19** | $11336 | $11375 | $11527 |
| **7/31/19** | $11440 | $11469 | $11619 |
| **8/31/19** | $11586 | $11614 | $11803 |
| **9/30/19** | $11500 | $11513 | $11708 |
| **10/31/19** | $11500 | $11543 | $11729 |
| **11/30/19** | $11517 | $11570 | $11758 |
| **12/31/19** | $11556 | $11609 | $11794 |
| **1/31/20** | $11738 | $11800 | $12006 |
| **2/29/20** | $11870 | $11920 | $12161 |
| **3/31/20** | $11411 | $11545 | $11720 |
| **4/30/20** | $11256 | $11451 | $11573 |
| **5/31/20** | $11596 | $11797 | $11941 |
| **6/30/20** | $11707 | $11872 | $12039 |
| **7/31/20** | $11888 | $12053 | $12242 |
| **8/31/20** | $11873 | $12008 | $12185 |
| **9/30/20** | $11885 | $12018 | $12187 |
| **10/31/20** | $11862 | $11985 | $12151 |
| **11/30/20** | $12009 | $12131 | $12334 |
| **12/31/20** | $12091 | $12194 | $12409 |
| **1/31/21** | $12156 | $12256 | $12488 |
| **2/28/21** | $11978 | $12085 | $12290 |
| **3/31/21** | $12035 | $12148 | $12366 |
| **4/30/21** | $12128 | $12231 | $12469 |
| **5/31/21** | $12157 | $12250 | $12506 |
| **6/30/21** | $12168 | $12268 | $12541 |
| **7/31/21** | $12252 | $12365 | $12645 |
| **8/31/21** | $12219 | $12338 | $12598 |
| **9/30/21** | $12128 | $12256 | $12507 |
| **10/31/21** | $12097 | $12217 | $12471 |
| **11/30/21** | $12177 | $12288 | $12577 |
| **12/31/21** | $12176 | $12307 | $12597 |
| **1/31/22** | $11864 | $11984 | $12253 |
| **2/28/22** | $11799 | $11945 | $12209 |
| **3/31/22** | $11480 | $11604 | $11813 |
| **4/30/22** | $11203 | $11341 | $11486 |
| **5/31/22** | $11336 | $11508 | $11657 |
| **6/30/22** | $11217 | $11401 | $11466 |
| **7/31/22** | $11464 | $11676 | $11769 |
| **8/31/22** | $11253 | $11463 | $11511 |
| **9/30/22** | $10909 | $11090 | $11069 |
| **10/31/22** | $10848 | $11042 | $10977 |
| **11/30/22** | $11264 | $11457 | $11490 |
| **12/31/22** | $11287 | $11517 | $11523 |
| **1/31/23** | $11573 | $11794 | $11854 |
| **2/28/23** | $11357 | $11558 | $11586 |
| **3/31/23** | $11553 | $11794 | $11843 |
| **4/30/23** | $11546 | $11761 | $11816 |
| **5/31/23** | $11436 | $11648 | $11714 |
| **6/30/23** | $11515 | $11739 | $11831 |
| **7/31/23** | $11549 | $11788 | $11878 |
| **8/31/23** | $11449 | $11656 | $11707 |
| **9/30/23** | $11194 | $11372 | $11364 |
| **10/31/23** | $11113 | $11317 | $11267 |
| **11/30/23** | $11646 | $11903 | $11983 |
| **12/31/23** | $11912 | $12144 | $12261 |
| **1/31/24** | $11888 | $12093 | $12198 |
| **2/29/24** | $11892 | $12104 | $12214 |
| **3/31/24** | $11889 | $12103 | $12214 |
| **4/30/24** | $11776 | $11968 | $12062 |
| **5/31/24** | $11715 | $11887 | $12027 |
| **6/30/24** | $11856 | $12049 | $12211 |
| **7/31/24** | $11951 | $12158 | $12323 |
| **8/31/24** | $12037 | $12268 | $12420 |
| **9/30/24** | $12140 | $12374 | $12543 |
| **10/31/24** | $11961 | $12206 | $12360 |
| **11/30/24** | $12134 | $12365 | $12573 |
| **12/31/24** | $12013 | $12230 | $12390 |
| **1/31/25** | $12059 | $12315 | $12452 |
| **2/28/25** | $12194 | $12442 | $12576 |
| **3/31/25** | $11996 | $12271 | $12363 |
| **4/30/25** | $11953 | $12191 | $12263 |
| **5/31/25** | $11970 | $12260 | $12271 |
| **6/30/25** | $12059 | $12356 | $12347 |
| **7/31/25** | $12048 | $12384 | $12322 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 0.81% | 0.27% | 1.88% |
| Bloomberg US Municipal 3-15 Year Blend Index | 1.88% | 0.55% | 2.16% |
| Bloomberg Municipal Bond Index | (0.00%) | 0.13% | 2.11% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $152208054 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (includes Administration Fees) | $580064 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Tobacco Settlement Financing Corp. (New Jersey), 5.000%, due 06/01/34 | 4.0% |
| Allegheny County Hospital Development Authority (Pennsylvania), 5.000%, due 04/01/29 | 2.2 |
| Central Texas Turnpike System, 5.000%, due 08/15/37 | 1.8 |
| New York State Dormitory Authority, 4.000%, due 03/15/42 | 1.7 |
| County of Cook Sales Tax (Illinois), 5.000%, due 11/15/35 | 1.7 |

---

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

# Class P

## Top 5 States (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg016.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Wisconsin | 5.3% |
| Illinois | 8.2% |
| New York | 8.4% |
| Pennsylvania | 9.3% |
| Texas | 12.9% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Municipal Fixed Income Investments
S1811

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PWFAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Global Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $105 | 1.03% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Sector allocation was a key contributor, driven by overweights in investment grade credit, agency mortgage-backed securities (MBS) and emerging market hard currency.

• Currency overlay was a contributor over the reporting period, particularly overweights in Japanese yen (JPY) and Swiss franc (CHF). Currency positioning was a contributor, particularly an underweight stance in the US dollar.

**What didn't work:**

• Duration detracted from performance, with yield curve steepeners in the US – held as a risk hedge – hurting performance.

• The Fund switched from overweight to underweight Eurozone duration over the first quarter of 2025 which detracted from performance.

The Fund used derivatives for hedging and efficient portfolio management, mainly futures and foreign currency forwards. This was beneficial for the portfolio as futures were used for implementation of yield curve management and foreign currency forwards were used to implement an underweight US dollar view.

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Bloomberg Global Aggregate ex USD 50% Hedged Index** | **Bloomberg Global Aggregate Index** |
| **7/31/15** | $9622 | $10000 | $10000 |
| **8/31/15** | $9668 | $10035 | $10012 |
| **9/30/15** | $9694 | $10078 | $10063 |
| **10/31/15** | $9740 | $10111 | $10084 |
| **11/30/15** | $9521 | $9830 | $9917 |
| **12/31/15** | $9607 | $9951 | $9970 |
| **1/31/16** | $9603 | $10001 | $10056 |
| **2/29/16** | $9904 | $10350 | $10280 |
| **3/31/16** | $10294 | $10773 | $10558 |
| **4/30/16** | $10539 | $10993 | $10698 |
| **5/31/16** | $10256 | $10731 | $10555 |
| **6/30/16** | $10619 | $11140 | $10863 |
| **7/31/16** | $10755 | $11232 | $10945 |
| **8/31/16** | $10680 | $11141 | $10892 |
| **9/30/16** | $10736 | $11254 | $10952 |
| **10/31/16** | $10293 | $10765 | $10648 |
| **11/30/16** | $9717 | $10197 | $10225 |
| **12/31/16** | $9697 | $10099 | $10178 |
| **1/31/17** | $9788 | $10289 | $10292 |
| **2/28/17** | $9828 | $10319 | $10341 |
| **3/31/17** | $9840 | $10350 | $10357 |
| **4/30/17** | $9944 | $10497 | $10474 |
| **5/31/17** | $10079 | $10727 | $10636 |
| **6/30/17** | $10079 | $10717 | $10626 |
| **7/31/17** | $10262 | $11005 | $10805 |
| **8/31/17** | $10324 | $11122 | $10912 |
| **9/30/17** | $10253 | $10982 | $10814 |
| **10/31/17** | $10223 | $10900 | $10773 |
| **11/30/17** | $10316 | $11131 | $10892 |
| **12/31/17** | $10337 | $11161 | $10930 |
| **1/31/18** | $10452 | $11500 | $11060 |
| **2/28/18** | $10342 | $11403 | $10962 |
| **3/31/18** | $10434 | $11567 | $11079 |
| **4/30/18** | $10293 | $11303 | $10902 |
| **5/31/18** | $10141 | $11092 | $10819 |
| **6/30/18** | $10083 | $11015 | $10771 |
| **7/31/18** | $10085 | $10975 | $10753 |
| **8/31/18** | $10058 | $10940 | $10764 |
| **9/30/18** | $10008 | $10823 | $10671 |
| **10/31/18** | $9876 | $10673 | $10552 |
| **11/30/18** | $9858 | $10685 | $10585 |
| **12/31/18** | $9996 | $10922 | $10799 |
| **1/31/19** | $10187 | $11125 | $10963 |
| **2/28/19** | $10136 | $11009 | $10900 |
| **3/31/19** | $10265 | $11088 | $11037 |
| **4/30/19** | $10247 | $11020 | $11004 |
| **5/31/19** | $10366 | $11135 | $11153 |
| **6/30/19** | $10599 | $11467 | $11400 |
| **7/31/19** | $10537 | $11385 | $11369 |
| **8/31/19** | $10771 | $11565 | $11600 |
| **9/30/19** | $10656 | $11401 | $11482 |
| **10/31/19** | $10721 | $11510 | $11558 |
| **11/30/19** | $10628 | $11354 | $11471 |
| **12/31/19** | $10672 | $11477 | $11538 |
| **1/31/20** | $10792 | $11564 | $11685 |
| **2/29/20** | $10806 | $11541 | $11764 |
| **3/31/20** | $10554 | $11170 | $11500 |
| **4/30/20** | $10733 | $11398 | $11726 |
| **5/31/20** | $10785 | $11432 | $11777 |
| **6/30/20** | $10874 | $11548 | $11882 |
| **7/31/20** | $11314 | $12061 | $12261 |
| **8/31/20** | $11326 | $12095 | $12242 |
| **9/30/20** | $11254 | $12025 | $12198 |
| **10/31/20** | $11257 | $12081 | $12210 |
| **11/30/20** | $11538 | $12368 | $12432 |
| **12/31/20** | $11732 | $12637 | $12599 |
| **1/31/21** | $11622 | $12508 | $12488 |
| **2/28/21** | $11454 | $12265 | $12273 |
| **3/31/21** | $11273 | $11969 | $12037 |
| **4/30/21** | $11413 | $12162 | $12189 |
| **5/31/21** | $11508 | $12328 | $12303 |
| **6/30/21** | $11416 | $12079 | $12195 |
| **7/31/21** | $11545 | $12261 | $12357 |
| **8/31/21** | $11486 | $12186 | $12306 |
| **9/30/21** | $11295 | $11887 | $12087 |
| **10/31/21** | $11284 | $11840 | $12058 |
| **11/30/21** | $11255 | $11755 | $12022 |
| **12/31/21** | $11236 | $11746 | $12006 |
| **1/31/22** | $11049 | $11517 | $11760 |
| **2/28/22** | $10941 | $11389 | $11620 |
| **3/31/22** | $10653 | $11024 | $11266 |
| **4/30/22** | $10067 | $10271 | $10649 |
| **5/31/22** | $10067 | $10272 | $10678 |
| **6/30/22** | $9721 | $9810 | $10335 |
| **7/31/22** | $9892 | $9998 | $10555 |
| **8/31/22** | $9512 | $9499 | $10138 |
| **9/30/22** | $9051 | $8942 | $9618 |
| **10/31/22** | $8938 | $8929 | $9551 |
| **11/30/22** | $9428 | $9427 | $10001 |
| **12/31/22** | $9477 | $9550 | $10055 |
| **1/31/23** | $9814 | $9883 | $10385 |
| **2/28/23** | $9454 | $9488 | $10040 |
| **3/31/23** | $9678 | $9843 | $10357 |
| **4/30/23** | $9701 | $9871 | $10403 |
| **5/31/23** | $9489 | $9605 | $10200 |
| **6/30/23** | $9489 | $9630 | $10199 |
| **7/31/23** | $9539 | $9753 | $10269 |
| **8/31/23** | $9377 | $9561 | $10129 |
| **9/30/23** | $9081 | $9245 | $9833 |
| **10/31/23** | $8976 | $9160 | $9716 |
| **11/30/23** | $9418 | $9666 | $10205 |
| **12/31/23** | $9863 | $10097 | $10630 |
| **1/31/24** | $9708 | $9866 | $10483 |
| **2/29/24** | $9600 | $9749 | $10351 |
| **3/31/24** | $9663 | $9772 | $10408 |
| **4/30/24** | $9413 | $9519 | $10146 |
| **5/31/24** | $9539 | $9615 | $10278 |
| **6/30/24** | $9517 | $9566 | $10293 |
| **7/31/24** | $9803 | $9868 | $10577 |
| **8/31/24** | $10026 | $10177 | $10828 |
| **9/30/24** | $10200 | $10381 | $11012 |
| **10/31/24** | $9848 | $9953 | $10643 |
| **11/30/24** | $9887 | $9930 | $10679 |
| **12/31/24** | $9656 | $9670 | $10450 |
| **1/31/25** | $9710 | $9728 | $10510 |
| **2/28/25** | $9847 | $9806 | $10660 |
| **3/31/25** | $9876 | $9915 | $10725 |
| **4/30/25** | $10155 | $10422 | $11041 |
| **5/31/25** | $10108 | $10410 | $11001 |
| **6/30/25** | $10325 | $10638 | $11210 |
| **7/31/25** | $10126 | $10371 | $11043 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 3.30% | (2.19%) | 0.51% |
| Class A with Load | (0.55%) | (2.93%) | 0.13% |
| Bloomberg Global Aggregate ex USD 50% Hedged Index | 5.10% | (2.97%) | 0.36% |
| Bloomberg Global Aggregate Index | 4.41% | (2.07%) | 1.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $167614202 |
| # of Portfolio Holdings | 417 |
| Portfolio Turnover Rate | 136% |
| Total Advisory Fees Paid (includes Administration Fees) | $615948 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Italy Buoni Poliennali Del Tesoro, 2.950%, due 07/01/30 | 8.8% |
| U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 | 3.0 |
| French Republic Government Bonds OAT, 2.700%, due 02/25/31 | 3.0 |
| China Government Bonds, 2.670%, due 05/25/33 | 2.8 |
| U.K. Gilts, 4.375%, due 07/31/54 | 2.6 |

---

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

# Class A

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg021.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-backed securities | 3.0% |
| U.S. treasury obligations | 4.4% |
| U.S. government agency obligations | 15.8% |
| Corporate bonds | 31.5% |
| Non-U.S. government agency obligations | 41.4% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Global Fixed Income Investments
S1787

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCGLX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Global Fixed Income Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $85 | 0.84% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Sector allocation was a key contributor, driven by overweights in investment grade credit, agency mortgage-backed securities (MBS) and emerging market hard currency.

• Currency overlay was a contributor over the reporting period, particularly overweights in Japanese yen (JPY) and Swiss franc (CHF). Currency positioning was a contributor, particularly an underweight stance in the US dollar.

**What didn't work:**

• Duration detracted from performance, with yield curve steepeners in the US – held as a risk hedge – hurting performance.

• The Fund switched from overweight to underweight Eurozone duration over the first quarter of 2025 which detracted from performance.

The Fund used derivatives for hedging and efficient portfolio management, mainly futures and foreign currency forwards. This was beneficial for the portfolio as futures were used for implementation of yield curve management and foreign currency forwards were used to implement an underweight US dollar view.

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg042.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate ex USD 50% Hedged Index** | **Bloomberg Global Aggregate Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $10049 | $10035 | $10012 |
| **9/30/15** | $10078 | $10078 | $10063 |
| **10/31/15** | $10117 | $10111 | $10084 |
| **11/30/15** | $9891 | $9830 | $9917 |
| **12/31/15** | $9991 | $9951 | $9970 |
| **1/31/16** | $9989 | $10001 | $10056 |
| **2/29/16** | $10304 | $10350 | $10280 |
| **3/31/16** | $10712 | $10773 | $10558 |
| **4/30/16** | $10968 | $10993 | $10698 |
| **5/31/16** | $10665 | $10731 | $10555 |
| **6/30/16** | $11055 | $11140 | $10863 |
| **7/31/16** | $11198 | $11232 | $10945 |
| **8/31/16** | $11112 | $11141 | $10892 |
| **9/30/16** | $11182 | $11254 | $10952 |
| **10/31/16** | $10723 | $10765 | $10648 |
| **11/30/16** | $10124 | $10197 | $10225 |
| **12/31/16** | $10105 | $10099 | $10178 |
| **1/31/17** | $10202 | $10289 | $10292 |
| **2/28/17** | $10245 | $10319 | $10341 |
| **3/31/17** | $10259 | $10350 | $10357 |
| **4/30/17** | $10358 | $10497 | $10474 |
| **5/31/17** | $10511 | $10727 | $10636 |
| **6/30/17** | $10512 | $10717 | $10626 |
| **7/31/17** | $10694 | $11005 | $10805 |
| **8/31/17** | $10771 | $11122 | $10912 |
| **9/30/17** | $10698 | $10982 | $10814 |
| **10/31/17** | $10668 | $10900 | $10773 |
| **11/30/17** | $10767 | $11131 | $10892 |
| **12/31/17** | $10792 | $11161 | $10930 |
| **1/31/18** | $10914 | $11500 | $11060 |
| **2/28/18** | $10801 | $11403 | $10962 |
| **3/31/18** | $10899 | $11567 | $11079 |
| **4/30/18** | $10755 | $11303 | $10902 |
| **5/31/18** | $10598 | $11092 | $10819 |
| **6/30/18** | $10539 | $11015 | $10771 |
| **7/31/18** | $10533 | $10975 | $10753 |
| **8/31/18** | $10518 | $10940 | $10764 |
| **9/30/18** | $10457 | $10823 | $10671 |
| **10/31/18** | $10320 | $10673 | $10552 |
| **11/30/18** | $10304 | $10685 | $10585 |
| **12/31/18** | $10450 | $10922 | $10799 |
| **1/31/19** | $10653 | $11125 | $10963 |
| **2/28/19** | $10602 | $11009 | $10900 |
| **3/31/19** | $10739 | $11088 | $11037 |
| **4/30/19** | $10733 | $11020 | $11004 |
| **5/31/19** | $10849 | $11135 | $11153 |
| **6/30/19** | $11095 | $11467 | $11400 |
| **7/31/19** | $11033 | $11385 | $11369 |
| **8/31/19** | $11269 | $11565 | $11600 |
| **9/30/19** | $11162 | $11401 | $11482 |
| **10/31/19** | $11233 | $11510 | $11558 |
| **11/30/19** | $11137 | $11354 | $11471 |
| **12/31/19** | $11174 | $11477 | $11538 |
| **1/31/20** | $11303 | $11564 | $11685 |
| **2/29/20** | $11320 | $11541 | $11764 |
| **3/31/20** | $11058 | $11170 | $11500 |
| **4/30/20** | $11248 | $11398 | $11726 |
| **5/31/20** | $11305 | $11432 | $11777 |
| **6/30/20** | $11401 | $11548 | $11882 |
| **7/31/20** | $11865 | $12061 | $12261 |
| **8/31/20** | $11881 | $12095 | $12242 |
| **9/30/20** | $11807 | $12025 | $12198 |
| **10/31/20** | $11813 | $12081 | $12210 |
| **11/30/20** | $12111 | $12368 | $12432 |
| **12/31/20** | $12318 | $12637 | $12599 |
| **1/31/21** | $12205 | $12508 | $12488 |
| **2/28/21** | $12030 | $12265 | $12273 |
| **3/31/21** | $11842 | $11969 | $12037 |
| **4/30/21** | $11992 | $12162 | $12189 |
| **5/31/21** | $12094 | $12328 | $12303 |
| **6/30/21** | $12000 | $12079 | $12195 |
| **7/31/21** | $12126 | $12261 | $12357 |
| **8/31/21** | $12067 | $12186 | $12306 |
| **9/30/21** | $11868 | $11887 | $12087 |
| **10/31/21** | $11870 | $11840 | $12058 |
| **11/30/21** | $11842 | $11755 | $12022 |
| **12/31/21** | $11826 | $11746 | $12006 |
| **1/31/22** | $11619 | $11517 | $11760 |
| **2/28/22** | $11507 | $11389 | $11620 |
| **3/31/22** | $11206 | $11024 | $11266 |
| **4/30/22** | $10602 | $10271 | $10649 |
| **5/31/22** | $10591 | $10272 | $10678 |
| **6/30/22** | $10229 | $9810 | $10335 |
| **7/31/22** | $10424 | $9998 | $10555 |
| **8/31/22** | $10012 | $9499 | $10138 |
| **9/30/22** | $9527 | $8942 | $9618 |
| **10/31/22** | $9410 | $8929 | $9551 |
| **11/30/22** | $9930 | $9427 | $10001 |
| **12/31/22** | $9984 | $9550 | $10055 |
| **1/31/23** | $10343 | $9883 | $10385 |
| **2/28/23** | $9963 | $9488 | $10040 |
| **3/31/23** | $10203 | $9843 | $10357 |
| **4/30/23** | $10229 | $9871 | $10403 |
| **5/31/23** | $10008 | $9605 | $10200 |
| **6/30/23** | $10009 | $9630 | $10199 |
| **7/31/23** | $10064 | $9753 | $10269 |
| **8/31/23** | $9895 | $9561 | $10129 |
| **9/30/23** | $9583 | $9245 | $9833 |
| **10/31/23** | $9475 | $9160 | $9716 |
| **11/30/23** | $9944 | $9666 | $10205 |
| **12/31/23** | $10418 | $10097 | $10630 |
| **1/31/24** | $10257 | $9866 | $10483 |
| **2/29/24** | $10131 | $9749 | $10351 |
| **3/31/24** | $10201 | $9772 | $10408 |
| **4/30/24** | $9949 | $9519 | $10146 |
| **5/31/24** | $10072 | $9615 | $10278 |
| **6/30/24** | $10065 | $9566 | $10293 |
| **7/31/24** | $10370 | $9868 | $10577 |
| **8/31/24** | $10597 | $10177 | $10828 |
| **9/30/24** | $10783 | $10381 | $11012 |
| **10/31/24** | $10411 | $9953 | $10643 |
| **11/30/24** | $10455 | $9930 | $10679 |
| **12/31/24** | $10212 | $9670 | $10450 |
| **1/31/25** | $10271 | $9728 | $10510 |
| **2/28/25** | $10420 | $9806 | $10660 |
| **3/31/25** | $10452 | $9915 | $10725 |
| **4/30/25** | $10751 | $10422 | $11041 |
| **5/31/25** | $10703 | $10410 | $11001 |
| **6/30/25** | $10923 | $10638 | $11210 |
| **7/31/25** | $10714 | $10371 | $11043 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 3.31% | (2.02%) | 0.69% |
| Bloomberg Global Aggregate ex USD 50% Hedged Index | 5.10% | (2.97%) | 0.36% |
| Bloomberg Global Aggregate Index | 4.41% | (2.07%) | 1.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $167614202 |
| # of Portfolio Holdings | 417 |
| Portfolio Turnover Rate | 136% |
| Total Advisory Fees Paid (includes Administration Fees) | $615948 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Italy Buoni Poliennali Del Tesoro, 2.950%, due 07/01/30 | 8.8% |
| U.S. Treasury Inflation-Indexed Notes, 1.625%, due 10/15/29 | 3.0 |
| French Republic Government Bonds OAT, 2.700%, due 02/25/31 | 3.0 |
| China Government Bonds, 2.670%, due 05/25/33 | 2.8 |
| U.K. Gilts, 4.375%, due 07/31/54 | 2.6 |

---

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

# Class P

## Top 5 Asset Classes (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg048.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Asset-backed securities | 3.0% |
| U.S. treasury obligations | 4.4% |
| U.S. government agency obligations | 15.8% |
| Corporate bonds | 31.5% |
| Non-U.S. government agency obligations | 41.4% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Global Fixed Income Investments
S1788

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PHIAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $110 | 1.06% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Within Air Transportation, being underweight Azul (AZUBBZ) contributed to relative performance as a tough operating environment required the company to restructure.

• In Investment & Miscellaneous Financial Services, an overweight to Lycra (LINXCA) contributed to performance. Lycra entered into a letter of agreement (LOA) to be purchased by a Chinese state enterprise. If the pending acquisition closes, we expect the bonds to be paid down at par.

• In Electric-Generation, an overweight position in ContourGlobal (CONGLO) was a performance contributor. An underweight to Sunnova (NOVA) also contributed relative to the benchmark as the company restructured in 2025.

**What didn't work:**

• In Support Services, an overweight to Selectra (SELNSW) detracted as the company required greater than expected liquidity to restructure the balance sheet.

• Within Banking, a term loan from Wizink Bank (MULCEN) is owned from past restructuring. The security is illiquid but was marked down as the company's refinancing path remains uncertain.

• In Packaging, a position in Ardagh Finance (ARDFIN) detracted from performance as it's currently expected that the bonds will only receive a small portion of the restructured equity in the deal between the owner and bondholders.

• The Fund continued to hold all three of these positions subsequent to the fiscal year ended July 31, 2025.

The Fund used foreign currency forwards for currency hedging, with no other use of derivatives. The hedge reduced performance during the fiscal year ended July 31, 2025.

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg038.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **ICE BofA Global High Yield Index (Hedged in USD)** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $9623 | $10000 | $10000 |
| **8/31/15** | $9457 | $9829 | $9986 |
| **9/30/15** | $9201 | $9574 | $10053 |
| **10/31/15** | $9446 | $9870 | $10055 |
| **11/30/15** | $9302 | $9753 | $10028 |
| **12/31/15** | $9114 | $9511 | $9996 |
| **1/31/16** | $8988 | $9375 | $10133 |
| **2/29/16** | $9035 | $9409 | $10205 |
| **3/31/16** | $9400 | $9819 | $10299 |
| **4/30/16** | $9718 | $10159 | $10338 |
| **5/31/16** | $9777 | $10217 | $10341 |
| **6/30/16** | $9835 | $10329 | $10527 |
| **7/31/16** | $10093 | $10586 | $10594 |
| **8/31/16** | $10331 | $10808 | $10581 |
| **9/30/16** | $10380 | $10868 | $10575 |
| **10/31/16** | $10440 | $10914 | $10494 |
| **11/30/16** | $10414 | $10848 | $10246 |
| **12/31/16** | $10615 | $11053 | $10261 |
| **1/31/17** | $10752 | $11211 | $10281 |
| **2/28/17** | $10919 | $11380 | $10350 |
| **3/31/17** | $10903 | $11371 | $10344 |
| **4/30/17** | $11015 | $11509 | $10424 |
| **5/31/17** | $11087 | $11597 | $10504 |
| **6/30/17** | $11048 | $11607 | $10494 |
| **7/31/17** | $11197 | $11734 | $10539 |
| **8/31/17** | $11203 | $11770 | $10634 |
| **9/30/17** | $11319 | $11869 | $10583 |
| **10/31/17** | $11400 | $11942 | $10589 |
| **11/30/17** | $11364 | $11906 | $10575 |
| **12/31/17** | $11409 | $11939 | $10624 |
| **1/31/18** | $11480 | $12017 | $10502 |
| **2/28/18** | $11392 | $11918 | $10402 |
| **3/31/18** | $11326 | $11868 | $10469 |
| **4/30/18** | $11409 | $11917 | $10391 |
| **5/31/18** | $11378 | $11857 | $10465 |
| **6/30/18** | $11372 | $11851 | $10452 |
| **7/31/18** | $11505 | $12017 | $10455 |
| **8/31/18** | $11511 | $12015 | $10522 |
| **9/30/18** | $11609 | $12119 | $10454 |
| **10/31/18** | $11399 | $11967 | $10372 |
| **11/30/18** | $11236 | $11853 | $10433 |
| **12/31/18** | $11054 | $11711 | $10625 |
| **1/31/19** | $11477 | $12182 | $10738 |
| **2/28/19** | $11649 | $12388 | $10732 |
| **3/31/19** | $11729 | $12518 | $10938 |
| **4/30/19** | $11880 | $12685 | $10941 |
| **5/31/19** | $11750 | $12562 | $11135 |
| **6/30/19** | $11987 | $12873 | $11275 |
| **7/31/19** | $12042 | $12965 | $11299 |
| **8/31/19** | $12032 | $12971 | $11592 |
| **9/30/19** | $12098 | $13036 | $11531 |
| **10/31/19** | $12111 | $13107 | $11565 |
| **11/30/19** | $12164 | $13174 | $11559 |
| **12/31/19** | $12405 | $13414 | $11551 |
| **1/31/20** | $12443 | $13467 | $11774 |
| **2/29/20** | $12243 | $13282 | $11986 |
| **3/31/20** | $10501 | $11598 | $11915 |
| **4/30/20** | $10945 | $12126 | $12127 |
| **5/31/20** | $11492 | $12670 | $12183 |
| **6/30/20** | $11736 | $12887 | $12260 |
| **7/31/20** | $12192 | $13377 | $12443 |
| **8/31/20** | $12421 | $13552 | $12343 |
| **9/30/20** | $12288 | $13416 | $12336 |
| **10/31/20** | $12347 | $13472 | $12281 |
| **11/30/20** | $12988 | $14034 | $12401 |
| **12/31/20** | $13296 | $14300 | $12418 |
| **1/31/21** | $13352 | $14329 | $12329 |
| **2/28/21** | $13446 | $14394 | $12151 |
| **3/31/21** | $13491 | $14402 | $12000 |
| **4/30/21** | $13669 | $14554 | $12094 |
| **5/31/21** | $13726 | $14615 | $12134 |
| **6/30/21** | $13874 | $14750 | $12219 |
| **7/31/21** | $13836 | $14745 | $12356 |
| **8/31/21** | $13934 | $14846 | $12332 |
| **9/30/21** | $13853 | $14781 | $12225 |
| **10/31/21** | $13715 | $14678 | $12222 |
| **11/30/21** | $13537 | $14522 | $12258 |
| **12/31/21** | $13746 | $14735 | $12227 |
| **1/31/22** | $13425 | $14380 | $11964 |
| **2/28/22** | $13186 | $14080 | $11830 |
| **3/31/22** | $13084 | $13925 | $11501 |
| **4/30/22** | $12673 | $13481 | $11065 |
| **5/31/22** | $12584 | $13434 | $11136 |
| **6/30/22** | $11677 | $12539 | $10962 |
| **7/31/22** | $12260 | $13162 | $11229 |
| **8/31/22** | $12098 | $12961 | $10912 |
| **9/30/22** | $11579 | $12416 | $10441 |
| **10/31/22** | $11789 | $12651 | $10305 |
| **11/30/22** | $12203 | $13074 | $10684 |
| **12/31/22** | $12171 | $13069 | $10636 |
| **1/31/23** | $12667 | $13576 | $10963 |
| **2/28/23** | $12514 | $13419 | $10680 |
| **3/31/23** | $12601 | $13503 | $10951 |
| **4/30/23** | $12691 | $13597 | $11018 |
| **5/31/23** | $12590 | $13520 | $10898 |
| **6/30/23** | $12805 | $13721 | $10859 |
| **7/31/23** | $12967 | $13916 | $10851 |
| **8/31/23** | $12975 | $13936 | $10782 |
| **9/30/23** | $12881 | $13848 | $10508 |
| **10/31/23** | $12730 | $13714 | $10342 |
| **11/30/23** | $13252 | $14282 | $10810 |
| **12/31/23** | $13704 | $14782 | $11224 |
| **1/31/24** | $13741 | $14848 | $11193 |
| **2/29/24** | $13810 | $14919 | $11035 |
| **3/31/24** | $13946 | $15089 | $11137 |
| **4/30/24** | $13824 | $14983 | $10856 |
| **5/31/24** | $13995 | $15174 | $11040 |
| **6/30/24** | $14130 | $15314 | $11144 |
| **7/31/24** | $14330 | $15589 | $11405 |
| **8/31/24** | $14539 | $15828 | $11569 |
| **9/30/24** | $14741 | $16080 | $11724 |
| **10/31/24** | $14687 | $16044 | $11433 |
| **11/30/24** | $14825 | $16197 | $11554 |
| **12/31/24** | $14768 | $16168 | $11365 |
| **1/31/25** | $14947 | $16365 | $11425 |
| **2/28/25** | $15087 | $16511 | $11676 |
| **3/31/25** | $14928 | $16370 | $11681 |
| **4/30/25** | $14900 | $16356 | $11727 |
| **5/31/25** | $15133 | $16615 | $11643 |
| **6/30/25** | $15386 | $16885 | $11822 |
| **7/31/25** | $15499 | $17021 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 8.15% | 4.92% | 4.88% |
| Class A with Load | 4.08% | 4.12% | 4.48% |
| ICE BofA Global High Yield Index (Hedged in USD) | 9.19% | 4.94% | 5.46% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $171918900 |
| # of Portfolio Holdings | 1426 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (includes Administration Fees) | $871060 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.6% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.4 |
| Petroleos Mexicanos, 5.350%, due 02/12/28 | 0.4 |
| First Quantum Minerals Ltd., 8.000%, due 03/01/33 | 0.4 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg034.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 9.1% |
| Communications | 13.0% |
| Financial | 13.3% |
| Energy | 14.0% |
| Consumer Staples | 25.9% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> High Yield Investments
S1826

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PHYPX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $92 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Within Air Transportation, being underweight Azul (AZUBBZ) contributed to relative performance as a tough operating environment required the company to restructure.

• In Investment & Miscellaneous Financial Services, an overweight to Lycra (LINXCA) contributed to performance. Lycra entered into a letter of agreement (LOA) to be purchased by a Chinese state enterprise. If the pending acquisition closes, we expect the bonds to be paid down at par.

• In Electric-Generation, an overweight position in ContourGlobal (CONGLO) was a performance contributor. An underweight to Sunnova (NOVA) also contributed relative to the benchmark as the company restructured in 2025.

**What didn't work:**

• In Support Services, an overweight to Selectra (SELNSW) detracted as the company required greater than expected liquidity to restructure the balance sheet.

• Within Banking, a term loan from Wizink Bank (MULCEN) is owned from past restructuring. The security is illiquid but was marked down as the company's refinancing path remains uncertain.

• In Packaging, a position in Ardagh Finance (ARDFIN) detracted from performance as it's currently expected that the bonds will only receive a small portion of the restructured equity in the deal between the owner and bondholders.

• The Fund continued to hold all three of these positions subsequent to the fiscal year ended July 31, 2025.

The Fund used foreign currency forwards for currency hedging, with no other use of derivatives. The hedge reduced performance during the fiscal year ended July 31, 2025.

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg046.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofA Global High Yield Index (Hedged in USD)** | **Bloomberg US Aggregate Bond Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9830 | $9829 | $9986 |
| **9/30/15** | $9565 | $9574 | $10053 |
| **10/31/15** | $9820 | $9870 | $10055 |
| **11/30/15** | $9672 | $9753 | $10028 |
| **12/31/15** | $9468 | $9511 | $9996 |
| **1/31/16** | $9349 | $9375 | $10133 |
| **2/29/16** | $9399 | $9409 | $10205 |
| **3/31/16** | $9780 | $9819 | $10299 |
| **4/30/16** | $10111 | $10159 | $10338 |
| **5/31/16** | $10173 | $10217 | $10341 |
| **6/30/16** | $10234 | $10329 | $10527 |
| **7/31/16** | $10503 | $10586 | $10594 |
| **8/31/16** | $10752 | $10808 | $10581 |
| **9/30/16** | $10815 | $10868 | $10575 |
| **10/31/16** | $10867 | $10914 | $10494 |
| **11/30/16** | $10853 | $10848 | $10246 |
| **12/31/16** | $11052 | $11053 | $10261 |
| **1/31/17** | $11207 | $11211 | $10281 |
| **2/28/17** | $11371 | $11380 | $10350 |
| **3/31/17** | $11356 | $11371 | $10344 |
| **4/30/17** | $11484 | $11509 | $10424 |
| **5/31/17** | $11549 | $11597 | $10504 |
| **6/30/17** | $11521 | $11607 | $10494 |
| **7/31/17** | $11666 | $11734 | $10539 |
| **8/31/17** | $11673 | $11770 | $10634 |
| **9/30/17** | $11807 | $11869 | $10583 |
| **10/31/17** | $11881 | $11942 | $10589 |
| **11/30/17** | $11845 | $11906 | $10575 |
| **12/31/17** | $11894 | $11939 | $10624 |
| **1/31/18** | $11983 | $12017 | $10502 |
| **2/28/18** | $11882 | $11918 | $10402 |
| **3/31/18** | $11815 | $11868 | $10469 |
| **4/30/18** | $11904 | $11917 | $10391 |
| **5/31/18** | $11874 | $11857 | $10465 |
| **6/30/18** | $11871 | $11851 | $10452 |
| **7/31/18** | $12012 | $12017 | $10455 |
| **8/31/18** | $12020 | $12015 | $10522 |
| **9/30/18** | $12124 | $12119 | $10454 |
| **10/31/18** | $11908 | $11967 | $10372 |
| **11/30/18** | $11740 | $11853 | $10433 |
| **12/31/18** | $11553 | $11711 | $10625 |
| **1/31/19** | $11997 | $12182 | $10738 |
| **2/28/19** | $12179 | $12388 | $10732 |
| **3/31/19** | $12252 | $12518 | $10938 |
| **4/30/19** | $12424 | $12685 | $10941 |
| **5/31/19** | $12278 | $12562 | $11135 |
| **6/30/19** | $12528 | $12873 | $11275 |
| **7/31/19** | $12589 | $12965 | $11299 |
| **8/31/19** | $12581 | $12971 | $11592 |
| **9/30/19** | $12653 | $13036 | $11531 |
| **10/31/19** | $12669 | $13107 | $11565 |
| **11/30/19** | $12727 | $13174 | $11559 |
| **12/31/19** | $12982 | $13414 | $11551 |
| **1/31/20** | $13024 | $13467 | $11774 |
| **2/29/20** | $12817 | $13282 | $11986 |
| **3/31/20** | $10985 | $11598 | $11915 |
| **4/30/20** | $11465 | $12126 | $12127 |
| **5/31/20** | $12027 | $12670 | $12183 |
| **6/30/20** | $12285 | $12887 | $12260 |
| **7/31/20** | $12764 | $13377 | $12443 |
| **8/31/20** | $13007 | $13552 | $12343 |
| **9/30/20** | $12884 | $13416 | $12336 |
| **10/31/20** | $12935 | $13472 | $12281 |
| **11/30/20** | $13609 | $14034 | $12401 |
| **12/31/20** | $13921 | $14300 | $12418 |
| **1/31/21** | $13996 | $14329 | $12329 |
| **2/28/21** | $14098 | $14394 | $12151 |
| **3/31/21** | $14150 | $14402 | $12000 |
| **4/30/21** | $14340 | $14554 | $12094 |
| **5/31/21** | $14402 | $14615 | $12134 |
| **6/30/21** | $14547 | $14750 | $12219 |
| **7/31/21** | $14524 | $14745 | $12356 |
| **8/31/21** | $14615 | $14846 | $12332 |
| **9/30/21** | $14533 | $14781 | $12225 |
| **10/31/21** | $14392 | $14678 | $12222 |
| **11/30/21** | $14207 | $14522 | $12258 |
| **12/31/21** | $14430 | $14735 | $12227 |
| **1/31/22** | $14096 | $14380 | $11964 |
| **2/28/22** | $13848 | $14080 | $11830 |
| **3/31/22** | $13743 | $13925 | $11501 |
| **4/30/22** | $13314 | $13481 | $11065 |
| **5/31/22** | $13208 | $13434 | $11136 |
| **6/30/22** | $12257 | $12539 | $10962 |
| **7/31/22** | $12887 | $13162 | $11229 |
| **8/31/22** | $12703 | $12961 | $10912 |
| **9/30/22** | $12159 | $12416 | $10441 |
| **10/31/22** | $12398 | $12651 | $10305 |
| **11/30/22** | $12820 | $13074 | $10684 |
| **12/31/22** | $12790 | $13069 | $10636 |
| **1/31/23** | $13314 | $13576 | $10963 |
| **2/28/23** | $13154 | $13419 | $10680 |
| **3/31/23** | $13249 | $13503 | $10951 |
| **4/30/23** | $13347 | $13597 | $11018 |
| **5/31/23** | $13243 | $13520 | $10898 |
| **6/30/23** | $13456 | $13721 | $10859 |
| **7/31/23** | $13646 | $13916 | $10851 |
| **8/31/23** | $13657 | $13936 | $10782 |
| **9/30/23** | $13545 | $13848 | $10508 |
| **10/31/23** | $13389 | $13714 | $10342 |
| **11/30/23** | $13942 | $14282 | $10810 |
| **12/31/23** | $14422 | $14782 | $11224 |
| **1/31/24** | $14481 | $14848 | $11193 |
| **2/29/24** | $14541 | $14919 | $11035 |
| **3/31/24** | $14687 | $15089 | $11137 |
| **4/30/24** | $14561 | $14983 | $10856 |
| **5/31/24** | $14745 | $15174 | $11040 |
| **6/30/24** | $14873 | $15314 | $11144 |
| **7/31/24** | $15106 | $15589 | $11405 |
| **8/31/24** | $15329 | $15828 | $11569 |
| **9/30/24** | $15547 | $16080 | $11724 |
| **10/31/24** | $15494 | $16044 | $11433 |
| **11/30/24** | $15643 | $16197 | $11554 |
| **12/31/24** | $15587 | $16168 | $11365 |
| **1/31/25** | $15761 | $16365 | $11425 |
| **2/28/25** | $15913 | $16511 | $11676 |
| **3/31/25** | $15766 | $16370 | $11681 |
| **4/30/25** | $15721 | $16356 | $11727 |
| **5/31/25** | $15971 | $16615 | $11643 |
| **6/30/25** | $16243 | $16885 | $11822 |
| **7/31/25** | $16365 | $17021 | $11790 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 8.34% | 5.10% | 5.05% |
| ICE BofA Global High Yield Index (Hedged in USD) | 9.19% | 4.94% | 5.46% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.07%) | 1.66% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $171918900 |
| # of Portfolio Holdings | 1426 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (includes Administration Fees) | $871060 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.6% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.4 |
| Petroleos Mexicanos, 5.350%, due 02/12/28 | 0.4 |
| First Quantum Minerals Ltd., 8.000%, due 03/01/33 | 0.4 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg040.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 9.1% |
| Communications | 13.0% |
| Financial | 13.3% |
| Energy | 14.0% |
| Consumer Staples | 25.9% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> High Yield Investments
S1827

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P2

# PHDTX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> High Yield Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $59 | 0.57% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Within Air Transportation, being underweight Azul (AZUBBZ) contributed to relative performance as a tough operating environment required the company to restructure.

• In Investment & Miscellaneous Financial Services, an overweight to Lycra (LINXCA) contributed to performance. Lycra entered into a letter of agreement (LOA) to be purchased by a Chinese state enterprise. If the pending acquisition closes, we expect the bonds to be paid down at par.

• In Electric-Generation, an overweight position in ContourGlobal (CONGLO) was a performance contributor. An underweight to Sunnova (NOVA) also contributed relative to the benchmark as the company restructured in 2025.

**What didn't work:**

• In Support Services, an overweight to Selectra (SELNSW) detracted as the company required greater than expected liquidity to restructure the balance sheet.

• Within Banking, a term loan from Wizink Bank (MULCEN) is owned from past restructuring. The security is illiquid but was marked down as the company's refinancing path remains uncertain.

• In Packaging, a position in Ardagh Finance (ARDFIN) detracted from performance as it's currently expected that the bonds will only receive a small portion of the restructured equity in the deal between the owner and bondholders.

• The Fund continued to hold all three of these positions subsequent to the fiscal year ended July 31, 2025.

The Fund used foreign currency forwards for currency hedging, with no other use of derivatives. The hedge reduced performance during the fiscal year ended July 31, 2025.

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

# Class P2

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P2** | **ICE BofA Global High Yield Index (Hedged in USD)** | **Bloomberg US Aggregate Bond Index** |
| **9/16/21** | $10000 | $10000 | $10000 |
| **9/30/21** | $9921 | $9931 | $9906 |
| **10/31/21** | $9809 | $9862 | $9904 |
| **11/30/21** | $9678 | $9757 | $9933 |
| **12/31/21** | $9830 | $9900 | $9908 |
| **1/31/22** | $9601 | $9662 | $9694 |
| **2/28/22** | $9443 | $9460 | $9586 |
| **3/31/22** | $9378 | $9356 | $9320 |
| **4/30/22** | $9084 | $9058 | $8966 |
| **5/31/22** | $9018 | $9026 | $9024 |
| **6/30/22** | $8378 | $8425 | $8882 |
| **7/31/22** | $8804 | $8844 | $9099 |
| **8/31/22** | $8690 | $8708 | $8842 |
| **9/30/22** | $8321 | $8342 | $8460 |
| **10/31/22** | $8483 | $8500 | $8351 |
| **11/30/22** | $8780 | $8784 | $8658 |
| **12/31/22** | $8771 | $8781 | $8619 |
| **1/31/23** | $9127 | $9122 | $8884 |
| **2/28/23** | $9018 | $9016 | $8654 |
| **3/31/23** | $9076 | $9072 | $8874 |
| **4/30/23** | $9140 | $9136 | $8928 |
| **5/31/23** | $9078 | $9084 | $8830 |
| **6/30/23** | $9231 | $9219 | $8799 |
| **7/31/23** | $9357 | $9350 | $8793 |
| **8/31/23** | $9374 | $9363 | $8737 |
| **9/30/23** | $9307 | $9304 | $8515 |
| **10/31/23** | $9198 | $9214 | $8380 |
| **11/30/23** | $9570 | $9596 | $8760 |
| **12/31/23** | $9903 | $9932 | $9095 |
| **1/31/24** | $9940 | $9976 | $9070 |
| **2/29/24** | $10000 | $10024 | $8942 |
| **3/31/24** | $10097 | $10138 | $9025 |
| **4/30/24** | $10021 | $10067 | $8797 |
| **5/31/24** | $10142 | $10195 | $8946 |
| **6/30/24** | $10237 | $10289 | $9030 |
| **7/31/24** | $10391 | $10474 | $9241 |
| **8/31/24** | $10550 | $10635 | $9374 |
| **9/30/24** | $10706 | $10804 | $9500 |
| **10/31/24** | $10667 | $10779 | $9264 |
| **11/30/24** | $10776 | $10882 | $9362 |
| **12/31/24** | $10736 | $10863 | $9209 |
| **1/31/25** | $10862 | $10995 | $9258 |
| **2/28/25** | $10974 | $11093 | $9461 |
| **3/31/25** | $10859 | $10999 | $9465 |
| **4/30/25** | $10839 | $10989 | $9502 |
| **5/31/25** | $11016 | $11164 | $9434 |
| **6/30/25** | $11195 | $11345 | $9579 |
| **7/31/25** | $11287 | $11436 | $9554 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception 9/16/21** |
| Class P2 | 8.62% | 3.18% |
| ICE BofA Global High Yield Index (Hedged in USD) | 9.19% | 3.53% |
| Bloomberg US Aggregate Bond Index | 3.38% | (1.17%) |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $171918900 |
| # of Portfolio Holdings | 1426 |
| Portfolio Turnover Rate | 62% |
| Total Advisory Fees Paid (includes Administration Fees) | $871060 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Petroleos Mexicanos, 6.500%, due 06/02/41 | 0.6% |
| Samarco Mineracao SA, 9.500%, due 06/30/31 | 0.4 |
| Petroleos Mexicanos, 5.350%, due 02/12/28 | 0.4 |
| First Quantum Minerals Ltd., 8.000%, due 03/01/33 | 0.4 |
| Petroleos Mexicanos, 7.690%, due 01/23/50 | 0.4 |

---

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

# Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg061.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial | 9.1% |
| Communications | 13.0% |
| Financial | 13.3% |
| Energy | 14.0% |
| Consumer Staples | 25.9% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> High Yield Investments
S1829

# Class P2
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PCPAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Large Co Value Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $120 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Security selection within information technology, financials, consumer discretionary, and materials contributed to performance.

• On a sector level, being overweight financials contributed to performance.

• Top individual contributors included Heidelberg Materials, Meta, and Bank of New York Mellon Corp.

**What didn't work:**

• From a sector perspective, an underweight to the industrials and consumer discretionary sectors and an overweight to materials detracted from performance.

• Security selection in health care and real estate detracted from performance.

• Top individual detractors included Elevance Health, Merck & Co. and Celanese Corp. The Fund sold Celanese but continued to hold Elevance Health and Merck & Co. subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 1000 Value Index** | **Russell 1000 Index** |
| **7/31/15** | $9450 | $10000 | $10000 |
| **8/31/15** | $8904 | $9404 | $9398 |
| **9/30/15** | $8606 | $9121 | $9141 |
| **10/31/15** | $9247 | $9809 | $9880 |
| **11/30/15** | $9259 | $9846 | $9913 |
| **12/31/15** | $9052 | $9634 | $9735 |
| **1/31/16** | $8606 | $9137 | $9211 |
| **2/29/16** | $8638 | $9134 | $9208 |
| **3/31/16** | $9271 | $9792 | $9849 |
| **4/30/16** | $9394 | $9998 | $9903 |
| **5/31/16** | $9471 | $10153 | $10076 |
| **6/30/16** | $9416 | $10241 | $10099 |
| **7/31/16** | $9721 | $10538 | $10484 |
| **8/31/16** | $9867 | $10620 | $10497 |
| **9/30/16** | $9853 | $10598 | $10506 |
| **10/31/16** | $9694 | $10434 | $10301 |
| **11/30/16** | $10477 | $11029 | $10707 |
| **12/31/16** | $10668 | $11305 | $10908 |
| **1/31/17** | $10739 | $11386 | $11128 |
| **2/28/17** | $11100 | $11795 | $11558 |
| **3/31/17** | $10981 | $11675 | $11566 |
| **4/30/17** | $10929 | $11653 | $11688 |
| **5/31/17** | $10938 | $11641 | $11837 |
| **6/30/17** | $11104 | $11832 | $11920 |
| **7/31/17** | $11252 | $11989 | $12156 |
| **8/31/17** | $11138 | $11849 | $12194 |
| **9/30/17** | $11479 | $12200 | $12453 |
| **10/31/17** | $11636 | $12289 | $12739 |
| **11/30/17** | $11949 | $12665 | $13127 |
| **12/31/17** | $12141 | $12850 | $13274 |
| **1/31/18** | $12672 | $13347 | $14002 |
| **2/28/18** | $12038 | $12709 | $13488 |
| **3/31/18** | $11739 | $12486 | $13182 |
| **4/30/18** | $11837 | $12527 | $13227 |
| **5/31/18** | $11817 | $12601 | $13565 |
| **6/30/18** | $11796 | $12633 | $13652 |
| **7/31/18** | $12245 | $13133 | $14124 |
| **8/31/18** | $12425 | $13327 | $14610 |
| **9/30/18** | $12425 | $13353 | $14666 |
| **10/31/18** | $11760 | $12662 | $13628 |
| **11/30/18** | $12002 | $13040 | $13905 |
| **12/31/18** | $10825 | $11788 | $12639 |
| **1/31/19** | $11749 | $12705 | $13698 |
| **2/28/19** | $11961 | $13111 | $14162 |
| **3/31/19** | $11904 | $13194 | $14408 |
| **4/30/19** | $12351 | $13662 | $14990 |
| **5/31/19** | $11439 | $12784 | $14035 |
| **6/30/19** | $12248 | $13702 | $15020 |
| **7/31/19** | $12374 | $13815 | $15254 |
| **8/31/19** | $12013 | $13409 | $14974 |
| **9/30/19** | $12454 | $13887 | $15234 |
| **10/31/19** | $12558 | $14081 | $15557 |
| **11/30/19** | $12948 | $14517 | $16144 |
| **12/31/19** | $13294 | $14916 | $16611 |
| **1/31/20** | $12730 | $14595 | $16629 |
| **2/29/20** | $11420 | $13182 | $15270 |
| **3/31/20** | $9030 | $10929 | $13252 |
| **4/30/20** | $10037 | $12158 | $15003 |
| **5/31/20** | $10407 | $12574 | $15795 |
| **6/30/20** | $10486 | $12491 | $16144 |
| **7/31/20** | $10838 | $12985 | $17089 |
| **8/31/20** | $11196 | $13522 | $18343 |
| **9/30/20** | $10844 | $13190 | $17673 |
| **10/31/20** | $10807 | $13016 | $17247 |
| **11/30/20** | $12366 | $14767 | $19278 |
| **12/31/20** | $12943 | $15333 | $20093 |
| **1/31/21** | $12864 | $15193 | $19927 |
| **2/28/21** | $13704 | $16111 | $20505 |
| **3/31/21** | $14545 | $17059 | $21281 |
| **4/30/21** | $15171 | $17741 | $22426 |
| **5/31/21** | $15668 | $18155 | $22533 |
| **6/30/21** | $15417 | $17947 | $23097 |
| **7/31/21** | $15552 | $18091 | $23577 |
| **8/31/21** | $15871 | $18450 | $24260 |
| **9/30/21** | $15288 | $17807 | $23145 |
| **10/31/21** | $16043 | $18712 | $24751 |
| **11/30/21** | $15294 | $18052 | $24419 |
| **12/31/21** | $16268 | $19191 | $25408 |
| **1/31/22** | $16246 | $18744 | $23976 |
| **2/28/22** | $16084 | $18527 | $23318 |
| **3/31/22** | $16231 | $19050 | $24105 |
| **4/30/22** | $15480 | $17975 | $21956 |
| **5/31/22** | $15907 | $18324 | $21923 |
| **6/30/22** | $14419 | $16723 | $20087 |
| **7/31/22** | $15259 | $17832 | $21958 |
| **8/31/22** | $14949 | $17301 | $21114 |
| **9/30/22** | $13616 | $15784 | $19161 |
| **10/31/22** | $14971 | $17402 | $20697 |
| **11/30/22** | $16091 | $18490 | $21817 |
| **12/31/22** | $15418 | $17744 | $20549 |
| **1/31/23** | $16547 | $18664 | $21926 |
| **2/28/23** | $16004 | $18006 | $21404 |
| **3/31/23** | $15892 | $17923 | $22082 |
| **4/30/23** | $16099 | $18193 | $22355 |
| **5/31/23** | $15547 | $17491 | $22459 |
| **6/30/23** | $16573 | $18653 | $23976 |
| **7/31/23** | $17280 | $19309 | $24801 |
| **8/31/23** | $16711 | $18788 | $24367 |
| **9/30/23** | $16228 | $18063 | $23222 |
| **10/31/23** | $15849 | $17426 | $22660 |
| **11/30/23** | $16918 | $18740 | $24777 |
| **12/31/23** | $17743 | $19778 | $26000 |
| **1/31/24** | $17635 | $19799 | $26362 |
| **2/29/24** | $18151 | $20529 | $27786 |
| **3/31/24** | $19076 | $21556 | $28677 |
| **4/30/24** | $18496 | $20635 | $27457 |
| **5/31/24** | $19094 | $21289 | $28750 |
| **6/30/24** | $18977 | $21089 | $29701 |
| **7/31/24** | $19756 | $22167 | $30133 |
| **8/31/24** | $20137 | $22762 | $30848 |
| **9/30/24** | $20418 | $23077 | $31507 |
| **10/31/24** | $20291 | $22823 | $31287 |
| **11/30/24** | $21325 | $24281 | $33301 |
| **12/31/24** | $20153 | $22620 | $32373 |
| **1/31/25** | $21136 | $23667 | $33403 |
| **2/28/25** | $21295 | $23763 | $32819 |
| **3/31/25** | $21066 | $23103 | $30920 |
| **4/30/25** | $20481 | $22399 | $30736 |
| **5/31/25** | $21265 | $23186 | $32698 |
| **6/30/25** | $22029 | $23978 | $34354 |
| **7/31/25** | $22059 | $24116 | $35117 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 11.66% | 15.27% | 8.85% |
| Class A with Load | 5.51% | 13.98% | 8.23% |
| Russell 1000 Value Index | 8.79% | 13.18% | 9.20% |
| Russell 1000 Index | 16.54% | 15.49% | 13.38% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $753536443 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 55% |
| Total Advisory Fees Paid (includes Administration Fees) | $5871979 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Elevance Health, Inc. | 2.8% |
| Citigroup, Inc. | 2.4 |
| Alphabet, Inc., Class A | 2.4 |
| PACCAR, Inc. | 2.3 |
| American International Group, Inc. | 2.2 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 8.8% |
| Information Technology | 9.4% |
| Industrials | 10.6% |
| Health Care | 13.4% |
| Financials | 26.1% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Large Co Value Equity Investments
S1807

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCLVX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Large Co Value Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $94 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Security selection within information technology, financials, consumer discretionary, and materials contributed to performance.

• On a sector level, being overweight financials contributed to performance.

• Top individual contributors included Heidelberg Materials, Meta, and Bank of New York Mellon Corp.

**What didn't work:**

• From a sector perspective, an underweight to the industrials and consumer discretionary sectors and an overweight to materials detracted from performance.

• Security selection in health care and real estate detracted from performance.

• Top individual detractors included Elevance Health, Merck & Co. and Celanese Corp. The Fund sold Celanese but continued to hold Elevance Health and Merck & Co. subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000 Value Index** | **Russell 1000 Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9430 | $9404 | $9398 |
| **9/30/15** | $9113 | $9121 | $9141 |
| **10/31/15** | $9797 | $9809 | $9880 |
| **11/30/15** | $9810 | $9846 | $9913 |
| **12/31/15** | $9591 | $9634 | $9735 |
| **1/31/16** | $9116 | $9137 | $9211 |
| **2/29/16** | $9155 | $9134 | $9208 |
| **3/31/16** | $9828 | $9792 | $9849 |
| **4/30/16** | $9964 | $9998 | $9903 |
| **5/31/16** | $10046 | $10153 | $10076 |
| **6/30/16** | $9988 | $10241 | $10099 |
| **7/31/16** | $10317 | $10538 | $10484 |
| **8/31/16** | $10472 | $10620 | $10497 |
| **9/30/16** | $10457 | $10598 | $10506 |
| **10/31/16** | $10293 | $10434 | $10301 |
| **11/30/16** | $11125 | $11029 | $10707 |
| **12/31/16** | $11333 | $11305 | $10908 |
| **1/31/17** | $11409 | $11386 | $11128 |
| **2/28/17** | $11793 | $11795 | $11558 |
| **3/31/17** | $11672 | $11675 | $11566 |
| **4/30/17** | $11616 | $11653 | $11688 |
| **5/31/17** | $11631 | $11641 | $11837 |
| **6/30/17** | $11809 | $11832 | $11920 |
| **7/31/17** | $11970 | $11989 | $12156 |
| **8/31/17** | $11849 | $11849 | $12194 |
| **9/30/17** | $12213 | $12200 | $12453 |
| **10/31/17** | $12380 | $12289 | $12739 |
| **11/30/17** | $12719 | $12665 | $13127 |
| **12/31/17** | $12923 | $12850 | $13274 |
| **1/31/18** | $13495 | $13347 | $14002 |
| **2/28/18** | $12823 | $12709 | $13488 |
| **3/31/18** | $12504 | $12486 | $13182 |
| **4/30/18** | $12614 | $12527 | $13227 |
| **5/31/18** | $12592 | $12601 | $13565 |
| **6/30/18** | $12576 | $12633 | $13652 |
| **7/31/18** | $13055 | $13133 | $14124 |
| **8/31/18** | $13247 | $13327 | $14610 |
| **9/30/18** | $13253 | $13353 | $14666 |
| **10/31/18** | $12543 | $12662 | $13628 |
| **11/30/18** | $12807 | $13040 | $13905 |
| **12/31/18** | $11550 | $11788 | $12639 |
| **1/31/19** | $12540 | $12705 | $13698 |
| **2/28/19** | $12767 | $13111 | $14162 |
| **3/31/19** | $12712 | $13194 | $14408 |
| **4/30/19** | $13185 | $13662 | $14990 |
| **5/31/19** | $12220 | $12784 | $14035 |
| **6/30/19** | $13081 | $13702 | $15020 |
| **7/31/19** | $13222 | $13815 | $15254 |
| **8/31/19** | $12841 | $13409 | $14974 |
| **9/30/19** | $13314 | $13887 | $15234 |
| **10/31/19** | $13425 | $14081 | $15557 |
| **11/30/19** | $13849 | $14517 | $16144 |
| **12/31/19** | $14216 | $14916 | $16611 |
| **1/31/20** | $13617 | $14595 | $16629 |
| **2/29/20** | $12216 | $13182 | $15270 |
| **3/31/20** | $9669 | $10929 | $13252 |
| **4/30/20** | $10744 | $12158 | $15003 |
| **5/31/20** | $11141 | $12574 | $15795 |
| **6/30/20** | $11226 | $12491 | $16144 |
| **7/31/20** | $11604 | $12985 | $17089 |
| **8/31/20** | $11995 | $13522 | $18343 |
| **9/30/20** | $11617 | $13190 | $17673 |
| **10/31/20** | $11584 | $13016 | $17247 |
| **11/30/20** | $13252 | $14767 | $19278 |
| **12/31/20** | $13878 | $15333 | $20093 |
| **1/31/21** | $13798 | $15193 | $19927 |
| **2/28/21** | $14704 | $16111 | $20505 |
| **3/31/21** | $15609 | $17059 | $21281 |
| **4/30/21** | $16283 | $17741 | $22426 |
| **5/31/21** | $16819 | $18155 | $22533 |
| **6/30/21** | $16548 | $17947 | $23097 |
| **7/31/21** | $16700 | $18091 | $23577 |
| **8/31/21** | $17043 | $18450 | $24260 |
| **9/30/21** | $16422 | $17807 | $23145 |
| **10/31/21** | $17235 | $18712 | $24751 |
| **11/30/21** | $16435 | $18052 | $24419 |
| **12/31/21** | $17480 | $19191 | $25408 |
| **1/31/22** | $17464 | $18744 | $23976 |
| **2/28/22** | $17289 | $18527 | $23318 |
| **3/31/22** | $17456 | $19050 | $24105 |
| **4/30/22** | $16653 | $17975 | $21956 |
| **5/31/22** | $17114 | $18324 | $21923 |
| **6/30/22** | $15515 | $16723 | $20087 |
| **7/31/22** | $16422 | $17832 | $21958 |
| **8/31/22** | $16096 | $17301 | $21114 |
| **9/30/22** | $14664 | $15784 | $19161 |
| **10/31/22** | $16120 | $17402 | $20697 |
| **11/30/22** | $17329 | $18490 | $21817 |
| **12/31/22** | $16611 | $17744 | $20549 |
| **1/31/23** | $17835 | $18664 | $21926 |
| **2/28/23** | $17246 | $18006 | $21404 |
| **3/31/23** | $17134 | $17923 | $22082 |
| **4/30/23** | $17359 | $18193 | $22355 |
| **5/31/23** | $16770 | $17491 | $22459 |
| **6/30/23** | $17882 | $18653 | $23976 |
| **7/31/23** | $18649 | $19309 | $24801 |
| **8/31/23** | $18032 | $18788 | $24367 |
| **9/30/23** | $17517 | $18063 | $23222 |
| **10/31/23** | $17116 | $17426 | $22660 |
| **11/30/23** | $18265 | $18740 | $24777 |
| **12/31/23** | $19169 | $19778 | $26000 |
| **1/31/24** | $19051 | $19799 | $26362 |
| **2/29/24** | $19612 | $20529 | $27786 |
| **3/31/24** | $20618 | $21556 | $28677 |
| **4/30/24** | $19987 | $20635 | $27457 |
| **5/31/24** | $20637 | $21289 | $28750 |
| **6/30/24** | $20519 | $21089 | $29701 |
| **7/31/24** | $21367 | $22167 | $30133 |
| **8/31/24** | $21790 | $22762 | $30848 |
| **9/30/24** | $22086 | $23077 | $31507 |
| **10/31/24** | $21958 | $22823 | $31287 |
| **11/30/24** | $23081 | $24281 | $33301 |
| **12/31/24** | $21822 | $22620 | $32373 |
| **1/31/25** | $22883 | $23667 | $33403 |
| **2/28/25** | $23067 | $23763 | $32819 |
| **3/31/25** | $22829 | $23103 | $30920 |
| **4/30/25** | $22190 | $22399 | $30736 |
| **5/31/25** | $23045 | $23186 | $32698 |
| **6/30/25** | $23879 | $23978 | $34354 |
| **7/31/25** | $23911 | $24116 | $35117 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 11.91% | 15.56% | 9.11% |
| Russell 1000 Value Index | 8.79% | 13.18% | 9.20% |
| Russell 1000 Index | 16.54% | 15.49% | 13.38% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $753536443 |
| # of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 55% |
| Total Advisory Fees Paid (includes Administration Fees) | $5871979 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Elevance Health, Inc. | 2.8% |
| Citigroup, Inc. | 2.4 |
| Alphabet, Inc., Class A | 2.4 |
| PACCAR, Inc. | 2.3 |
| American International Group, Inc. | 2.2 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg028.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 8.8% |
| Information Technology | 9.4% |
| Industrials | 10.6% |
| Health Care | 13.4% |
| Financials | 26.1% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Large Co Value Equity Investments
S1808

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PLAAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Large Co Growth Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $122 | 1.13% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• On a sector level, an overweight to utilities contributed to performance.

• Security selection within communication services and consumer staples contributed to performance.

• The top contributing holdings were Apple, Netflix, and Shopify.

**What didn't work:**

• Security selection within utilities detracted the most, followed by security selection in financials and consumer discretionary.

• On a sector level, being overweight healthcare and underweight information technology detracted from performance.

• The most significant individual detractors were being underweight NVIDIA, Broadcom and Palantir. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg049.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 1000 Growth Index** | **Russell 1000 Index** |
| **7/31/15** | $9449 | $10000 | $10000 |
| **8/31/15** | $8866 | $9393 | $9398 |
| **9/30/15** | $8563 | $9160 | $9141 |
| **10/31/15** | $9309 | $9949 | $9880 |
| **11/30/15** | $9352 | $9977 | $9913 |
| **12/31/15** | $9221 | $9831 | $9735 |
| **1/31/16** | $8701 | $9282 | $9211 |
| **2/29/16** | $8591 | $9278 | $9208 |
| **3/31/16** | $8974 | $9904 | $9849 |
| **4/30/16** | $8910 | $9813 | $9903 |
| **5/31/16** | $9174 | $10004 | $10076 |
| **6/30/16** | $9059 | $9964 | $10099 |
| **7/31/16** | $9518 | $10435 | $10484 |
| **8/31/16** | $9480 | $10383 | $10497 |
| **9/30/16** | $9518 | $10421 | $10506 |
| **10/31/16** | $9280 | $10176 | $10301 |
| **11/30/16** | $9259 | $10398 | $10707 |
| **12/31/16** | $9288 | $10526 | $10908 |
| **1/31/17** | $9530 | $10881 | $11128 |
| **2/28/17** | $9935 | $11333 | $11558 |
| **3/31/17** | $10058 | $11464 | $11566 |
| **4/30/17** | $10353 | $11726 | $11688 |
| **5/31/17** | $10675 | $12031 | $11837 |
| **6/30/17** | $10723 | $11999 | $11920 |
| **7/31/17** | $11089 | $12318 | $12156 |
| **8/31/17** | $11252 | $12544 | $12194 |
| **9/30/17** | $11379 | $12707 | $12453 |
| **10/31/17** | $11740 | $13200 | $12739 |
| **11/30/17** | $11983 | $13601 | $13127 |
| **12/31/17** | $12031 | $13707 | $13274 |
| **1/31/18** | $12970 | $14677 | $14002 |
| **2/28/18** | $12585 | $14292 | $13488 |
| **3/31/18** | $12327 | $13901 | $13182 |
| **4/30/18** | $12293 | $13949 | $13227 |
| **5/31/18** | $12697 | $14561 | $13565 |
| **6/30/18** | $12760 | $14701 | $13652 |
| **7/31/18** | $13164 | $15132 | $14124 |
| **8/31/18** | $13670 | $15960 | $14610 |
| **9/30/18** | $13728 | $16049 | $14666 |
| **10/31/18** | $12541 | $14614 | $13628 |
| **11/30/18** | $12785 | $14769 | $13905 |
| **12/31/18** | $11613 | $13499 | $12639 |
| **1/31/19** | $12622 | $14712 | $13698 |
| **2/28/19** | $13004 | $15239 | $14162 |
| **3/31/19** | $13321 | $15673 | $14408 |
| **4/30/19** | $14061 | $16381 | $14990 |
| **5/31/19** | $13333 | $15346 | $14035 |
| **6/30/19** | $14252 | $16400 | $15020 |
| **7/31/19** | $14491 | $16770 | $15254 |
| **8/31/19** | $14431 | $16642 | $14974 |
| **9/30/19** | $14270 | $16644 | $15234 |
| **10/31/19** | $14401 | $17113 | $15557 |
| **11/30/19** | $14933 | $17872 | $16144 |
| **12/31/19** | $15295 | $18411 | $16611 |
| **1/31/20** | $15737 | $18823 | $16629 |
| **2/29/20** | $14797 | $17541 | $15270 |
| **3/31/20** | $13135 | $15815 | $13252 |
| **4/30/20** | $14959 | $18156 | $15003 |
| **5/31/20** | $16144 | $19375 | $15795 |
| **6/30/20** | $16908 | $20218 | $16144 |
| **7/31/20** | $18311 | $21774 | $17089 |
| **8/31/20** | $20162 | $24021 | $18343 |
| **9/30/20** | $19201 | $22890 | $17673 |
| **10/31/20** | $18479 | $22113 | $17247 |
| **11/30/20** | $20464 | $24377 | $19278 |
| **12/31/20** | $21262 | $25498 | $20093 |
| **1/31/21** | $20944 | $25310 | $19927 |
| **2/28/21** | $21330 | $25304 | $20505 |
| **3/31/21** | $21405 | $25739 | $21281 |
| **4/30/21** | $22781 | $27490 | $22426 |
| **5/31/21** | $22622 | $27110 | $22533 |
| **6/30/21** | $23629 | $28810 | $23097 |
| **7/31/21** | $24283 | $29760 | $23577 |
| **8/31/21** | $25097 | $30873 | $24260 |
| **9/30/21** | $23654 | $29144 | $23145 |
| **10/31/21** | $25340 | $31668 | $24751 |
| **11/30/21** | $25198 | $31861 | $24419 |
| **12/31/21** | $25545 | $32535 | $25408 |
| **1/31/22** | $23291 | $29743 | $23976 |
| **2/28/22** | $22354 | $28479 | $23318 |
| **3/31/22** | $23028 | $29594 | $24105 |
| **4/30/22** | $20522 | $26020 | $21956 |
| **5/31/22** | $20364 | $25415 | $21923 |
| **6/30/22** | $18616 | $23402 | $20087 |
| **7/31/22** | $20533 | $26210 | $21958 |
| **8/31/22** | $19606 | $24989 | $21114 |
| **9/30/22** | $17837 | $22560 | $19161 |
| **10/31/22** | $19006 | $23879 | $20697 |
| **11/30/22** | $19680 | $24967 | $21817 |
| **12/31/22** | $18393 | $23055 | $20549 |
| **1/31/23** | $19758 | $24977 | $21926 |
| **2/28/23** | $19102 | $24680 | $21404 |
| **3/31/23** | $20183 | $26367 | $22082 |
| **4/30/23** | $20289 | $26628 | $22355 |
| **5/31/23** | $21282 | $27841 | $22459 |
| **6/30/23** | $22593 | $29745 | $23976 |
| **7/31/23** | $23461 | $30747 | $24801 |
| **8/31/23** | $23319 | $30471 | $24367 |
| **9/30/23** | $21866 | $28814 | $23222 |
| **10/31/23** | $21459 | $28404 | $22660 |
| **11/30/23** | $23869 | $31500 | $24777 |
| **12/31/23** | $24814 | $32895 | $26000 |
| **1/31/24** | $25867 | $33715 | $26362 |
| **2/29/24** | $27990 | $36016 | $27786 |
| **3/31/24** | $28390 | $36650 | $28677 |
| **4/30/24** | $26938 | $35095 | $27457 |
| **5/31/24** | $27990 | $37196 | $28750 |
| **6/30/24** | $29642 | $39704 | $29701 |
| **7/31/24** | $28989 | $39029 | $30133 |
| **8/31/24** | $29787 | $39842 | $30848 |
| **9/30/24** | $30296 | $40971 | $31507 |
| **10/31/24** | $30078 | $40835 | $31287 |
| **11/30/24** | $32093 | $43484 | $33301 |
| **12/31/24** | $31636 | $43868 | $32373 |
| **1/31/25** | $32872 | $44735 | $33403 |
| **2/28/25** | $31945 | $43128 | $32819 |
| **3/31/25** | $29494 | $39481 | $30920 |
| **4/30/25** | $29597 | $40153 | $30736 |
| **5/31/25** | $31471 | $43747 | $32698 |
| **6/30/25** | $33036 | $46580 | $34354 |
| **7/31/25** | $33551 | $48339 | $35117 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 15.74% | 12.88% | 13.51% |
| Class A with Load | 9.37% | 11.61% | 12.87% |
| Russell 1000 Growth Index | 23.85% | 17.29% | 17.07% |
| Russell 1000 Index | 16.54% | 15.49% | 13.38% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $768924031 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid (includes Administration Fees) | $5963803 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.4% |
| NVIDIA Corp. | 7.0 |
| Amazon.com, Inc. | 5.9 |
| Alphabet, Inc., Class C | 3.8 |
| Meta Platforms, Inc., Class A | 3.7 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg005.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 9.1% |
| Financials | 11.2% |
| Communication Services | 12.1% |
| Consumer Discretionary | 13.4% |
| Information Technology | 39.1% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Large Co Growth Equity Investments
S1804

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCLCX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Large Co Growth Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $95 | 0.88% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• On a sector level, an overweight to utilities contributed to performance.

• Security selection within communication services and consumer staples contributed to performance.

• The top contributing holdings were Apple, Netflix, and Shopify.

**What didn't work:**

• Security selection within utilities detracted the most, followed by security selection in financials and consumer discretionary.

• On a sector level, being overweight healthcare and underweight information technology detracted from performance.

• The most significant individual detractors were being underweight NVIDIA, Broadcom and Palantir. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000 Growth Index** | **Russell 1000 Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9381 | $9393 | $9398 |
| **9/30/15** | $9064 | $9160 | $9141 |
| **10/31/15** | $9858 | $9949 | $9880 |
| **11/30/15** | $9907 | $9977 | $9913 |
| **12/31/15** | $9768 | $9831 | $9735 |
| **1/31/16** | $9219 | $9282 | $9211 |
| **2/29/16** | $9105 | $9278 | $9208 |
| **3/31/16** | $9513 | $9904 | $9849 |
| **4/30/16** | $9448 | $9813 | $9903 |
| **5/31/16** | $9728 | $10004 | $10076 |
| **6/30/16** | $9610 | $9964 | $10099 |
| **7/31/16** | $10101 | $10435 | $10484 |
| **8/31/16** | $10057 | $10383 | $10497 |
| **9/30/16** | $10101 | $10421 | $10506 |
| **10/31/16** | $9851 | $10176 | $10301 |
| **11/30/16** | $9834 | $10398 | $10707 |
| **12/31/16** | $9865 | $10526 | $10908 |
| **1/31/17** | $10120 | $10881 | $11128 |
| **2/28/17** | $10556 | $11333 | $11558 |
| **3/31/17** | $10688 | $11464 | $11566 |
| **4/30/17** | $11006 | $11726 | $11688 |
| **5/31/17** | $11347 | $12031 | $11837 |
| **6/30/17** | $11406 | $11999 | $11920 |
| **7/31/17** | $11792 | $12318 | $12156 |
| **8/31/17** | $11970 | $12544 | $12194 |
| **9/30/17** | $12111 | $12707 | $12453 |
| **10/31/17** | $12493 | $13200 | $12739 |
| **11/30/17** | $12752 | $13601 | $13127 |
| **12/31/17** | $12809 | $13707 | $13274 |
| **1/31/18** | $13811 | $14677 | $14002 |
| **2/28/18** | $13400 | $14292 | $13488 |
| **3/31/18** | $13135 | $13901 | $13182 |
| **4/30/18** | $13095 | $13949 | $13227 |
| **5/31/18** | $13531 | $14561 | $13565 |
| **6/30/18** | $13601 | $14701 | $13652 |
| **7/31/18** | $14037 | $15132 | $14124 |
| **8/31/18** | $14578 | $15960 | $14610 |
| **9/30/18** | $14643 | $16049 | $14666 |
| **10/31/18** | $13380 | $14614 | $13628 |
| **11/30/18** | $13641 | $14769 | $13905 |
| **12/31/18** | $12393 | $13499 | $12639 |
| **1/31/19** | $13473 | $14712 | $13698 |
| **2/28/19** | $13889 | $15239 | $14162 |
| **3/31/19** | $14224 | $15673 | $14408 |
| **4/30/19** | $15018 | $16381 | $14990 |
| **5/31/19** | $14243 | $15346 | $14035 |
| **6/30/19** | $15232 | $16400 | $15020 |
| **7/31/19** | $15488 | $16770 | $15254 |
| **8/31/19** | $15427 | $16642 | $14974 |
| **9/30/19** | $15256 | $16644 | $15234 |
| **10/31/19** | $15403 | $17113 | $15557 |
| **11/30/19** | $15970 | $17872 | $16144 |
| **12/31/19** | $16362 | $18411 | $16611 |
| **1/31/20** | $16839 | $18823 | $16629 |
| **2/29/20** | $15841 | $17541 | $15270 |
| **3/31/20** | $14059 | $15815 | $13252 |
| **4/30/20** | $16019 | $18156 | $15003 |
| **5/31/20** | $17288 | $19375 | $15795 |
| **6/30/20** | $18115 | $20218 | $16144 |
| **7/31/20** | $19627 | $21774 | $17089 |
| **8/31/20** | $21609 | $24021 | $18343 |
| **9/30/20** | $20582 | $22890 | $17673 |
| **10/31/20** | $19812 | $22113 | $17247 |
| **11/30/20** | $21951 | $24377 | $19278 |
| **12/31/20** | $22815 | $25498 | $20093 |
| **1/31/21** | $22469 | $25310 | $19927 |
| **2/28/21** | $22891 | $25304 | $20505 |
| **3/31/21** | $22975 | $25739 | $21281 |
| **4/30/21** | $24453 | $27490 | $22426 |
| **5/31/21** | $24293 | $27110 | $22533 |
| **6/30/21** | $25373 | $28810 | $23097 |
| **7/31/21** | $26083 | $29760 | $23577 |
| **8/31/21** | $26961 | $30873 | $24260 |
| **9/30/21** | $25424 | $29144 | $23145 |
| **10/31/21** | $27240 | $31668 | $24751 |
| **11/30/21** | $27088 | $31861 | $24419 |
| **12/31/21** | $27462 | $32535 | $25408 |
| **1/31/22** | $25054 | $29743 | $23976 |
| **2/28/22** | $24053 | $28479 | $23318 |
| **3/31/22** | $24772 | $29594 | $24105 |
| **4/30/22** | $22082 | $26020 | $21956 |
| **5/31/22** | $21915 | $25415 | $21923 |
| **6/30/22** | $20049 | $23402 | $20087 |
| **7/31/22** | $22113 | $26210 | $21958 |
| **8/31/22** | $21123 | $24989 | $21114 |
| **9/30/22** | $19215 | $22560 | $19161 |
| **10/31/22** | $20477 | $23879 | $20697 |
| **11/30/22** | $21206 | $24967 | $21817 |
| **12/31/22** | $19834 | $23055 | $20549 |
| **1/31/23** | $21301 | $24977 | $21926 |
| **2/28/23** | $20584 | $24680 | $21404 |
| **3/31/23** | $21768 | $26367 | $22082 |
| **4/30/23** | $21884 | $26628 | $22355 |
| **5/31/23** | $22968 | $27841 | $22459 |
| **6/30/23** | $24401 | $29745 | $23976 |
| **7/31/23** | $25318 | $30747 | $24801 |
| **8/31/23** | $25184 | $30471 | $24367 |
| **9/30/23** | $23618 | $28814 | $23222 |
| **10/31/23** | $23184 | $28404 | $22660 |
| **11/30/23** | $25784 | $31500 | $24777 |
| **12/31/23** | $26807 | $32895 | $26000 |
| **1/31/24** | $27964 | $33715 | $26362 |
| **2/29/24** | $30262 | $36016 | $27786 |
| **3/31/24** | $30704 | $36650 | $28677 |
| **4/30/24** | $29138 | $35095 | $27457 |
| **5/31/24** | $30279 | $37196 | $28750 |
| **6/30/24** | $32083 | $39704 | $29701 |
| **7/31/24** | $31368 | $39029 | $30133 |
| **8/31/24** | $32236 | $39842 | $30848 |
| **9/30/24** | $32815 | $40971 | $31507 |
| **10/31/24** | $32576 | $40835 | $31287 |
| **11/30/24** | $34755 | $43484 | $33301 |
| **12/31/24** | $34294 | $43868 | $32373 |
| **1/31/25** | $35622 | $44735 | $33403 |
| **2/28/25** | $34617 | $43128 | $32819 |
| **3/31/25** | $31980 | $39481 | $30920 |
| **4/30/25** | $32094 | $40153 | $30736 |
| **5/31/25** | $34123 | $43747 | $32698 |
| **6/30/25** | $35849 | $46580 | $34354 |
| **7/31/25** | $36400 | $48339 | $35117 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 16.04% | 13.15% | 13.79% |
| Russell 1000 Growth Index | 23.85% | 17.29% | 17.07% |
| Russell 1000 Index | 16.54% | 15.49% | 13.38% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $768924031 |
| # of Portfolio Holdings | 118 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid (includes Administration Fees) | $5963803 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.4% |
| NVIDIA Corp. | 7.0 |
| Amazon.com, Inc. | 5.9 |
| Alphabet, Inc., Class C | 3.8 |
| Meta Platforms, Inc., Class A | 3.7 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg007.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 9.1% |
| Financials | 11.2% |
| Communication Services | 12.1% |
| Consumer Discretionary | 13.4% |
| Information Technology | 39.1% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Large Co Growth Equity Investments
S1805

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PEVAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Value Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $126 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• On a sector level, being underweight health care and real estate contributed to performance relative to the benchmark.

• Security selection within health care had the most positive impact on performance, followed by security selection in utilities.

• Holdings in UGI Corporation, LPL Financial Holdings, and Wynn Resorts contributed to performance.

**What didn't work:**

• Being underweight financials and overweight industrials and consumer discretionary detracted from performance.

• Security selection within consumer discretionary detracted the most, followed by energy and materials.

• Not owning Robinhood detracted from performance; holdings in ManpowerGroup and Capri detracted as well. The Fund continued to hold ManpowerGroup and Capri subsequent to the fiscal year ended at July 31, 2025.

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

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

# Class A

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg068.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2500 Value Index** | **Russell 3000 Index TR (USD)** |
| **7/31/15** | $9451 | $10000 | $10000 |
| **8/31/15** | $8960 | $9514 | $9396 |
| **9/30/15** | $8579 | $9178 | $9122 |
| **10/31/15** | $9210 | $9722 | $9843 |
| **11/30/15** | $9414 | $9885 | $9898 |
| **12/31/15** | $8909 | $9433 | $9694 |
| **1/31/16** | $8298 | $8855 | $9147 |
| **2/29/16** | $8354 | $8950 | $9144 |
| **3/31/16** | $9128 | $9747 | $9788 |
| **4/30/16** | $9230 | $9936 | $9849 |
| **5/31/16** | $9408 | $10112 | $10025 |
| **6/30/16** | $9260 | $10173 | $10046 |
| **7/31/16** | $9601 | $10636 | $10444 |
| **8/31/16** | $9820 | $10731 | $10471 |
| **9/30/16** | $9795 | $10801 | $10488 |
| **10/31/16** | $9566 | $10478 | $10261 |
| **11/30/16** | $10604 | $11482 | $10720 |
| **12/31/16** | $10928 | $11810 | $10929 |
| **1/31/17** | $10981 | $11875 | $11135 |
| **2/28/17** | $11225 | $12096 | $11549 |
| **3/31/17** | $11145 | $12002 | $11557 |
| **4/30/17** | $11093 | $11989 | $11679 |
| **5/31/17** | $10807 | $11729 | $11799 |
| **6/30/17** | $11034 | $12040 | $11905 |
| **7/31/17** | $11066 | $12134 | $12130 |
| **8/31/17** | $10918 | $11924 | $12153 |
| **9/30/17** | $11431 | $12502 | $12449 |
| **10/31/17** | $11468 | $12570 | $12721 |
| **11/30/17** | $11786 | $12982 | $13107 |
| **12/31/17** | $11933 | $13033 | $13238 |
| **1/31/18** | $12206 | $13197 | $13936 |
| **2/28/18** | $11618 | $12550 | $13423 |
| **3/31/18** | $11612 | $12688 | $13153 |
| **4/30/18** | $11654 | $12826 | $13203 |
| **5/31/18** | $12141 | $13353 | $13576 |
| **6/30/18** | $12224 | $13424 | $13665 |
| **7/31/18** | $12497 | $13690 | $14118 |
| **8/31/18** | $12823 | $14002 | $14614 |
| **9/30/18** | $12610 | $13783 | $14638 |
| **10/31/18** | $11321 | $12604 | $13560 |
| **11/30/18** | $11434 | $12842 | $13832 |
| **12/31/18** | $9928 | $11423 | $12544 |
| **1/31/19** | $10996 | $12699 | $13621 |
| **2/28/19** | $11537 | $13096 | $14100 |
| **3/31/19** | $11416 | $12921 | $14306 |
| **4/30/19** | $12007 | $13374 | $14877 |
| **5/31/19** | $10945 | $12365 | $13915 |
| **6/30/19** | $11638 | $13165 | $14892 |
| **7/31/19** | $11912 | $13251 | $15113 |
| **8/31/19** | $11346 | $12606 | $14805 |
| **9/30/19** | $11797 | $13183 | $15065 |
| **10/31/19** | $11848 | $13373 | $15389 |
| **11/30/19** | $12064 | $13701 | $15974 |
| **12/31/19** | $12472 | $14114 | $16436 |
| **1/31/20** | $12062 | $13600 | $16418 |
| **2/29/20** | $10930 | $12289 | $15074 |
| **3/31/20** | $8185 | $9225 | $13001 |
| **4/30/20** | $9445 | $10445 | $14722 |
| **5/31/20** | $10047 | $10922 | $15510 |
| **6/30/20** | $10341 | $11125 | $15864 |
| **7/31/20** | $10802 | $11460 | $16765 |
| **8/31/20** | $11186 | $11980 | $17980 |
| **9/30/20** | $10546 | $11519 | $17325 |
| **10/31/20** | $11045 | $11779 | $16951 |
| **11/30/20** | $13074 | $13840 | $19013 |
| **12/31/20** | $13952 | $14803 | $19869 |
| **1/31/21** | $14337 | $15130 | $19780 |
| **2/28/21** | $15604 | $16476 | $20399 |
| **3/31/21** | $16395 | $17294 | $21130 |
| **4/30/21** | $17160 | $18036 | $22219 |
| **5/31/21** | $17475 | $18403 | $22320 |
| **6/30/21** | $17308 | $18159 | $22871 |
| **7/31/21** | $16928 | $17893 | $23258 |
| **8/31/21** | $17160 | $18271 | $23921 |
| **9/30/21** | $16633 | $17784 | $22848 |
| **10/31/21** | $16986 | $18628 | $24393 |
| **11/30/21** | $16498 | $17980 | $24021 |
| **12/31/21** | $17511 | $18915 | $24967 |
| **1/31/22** | $16696 | $17954 | $23498 |
| **2/28/22** | $16855 | $18246 | $22906 |
| **3/31/22** | $16930 | $18631 | $23649 |
| **4/30/22** | $15851 | $17368 | $21527 |
| **5/31/22** | $16153 | $17701 | $21498 |
| **6/30/22** | $14652 | $15764 | $19700 |
| **7/31/22** | $15927 | $17289 | $21548 |
| **8/31/22** | $15602 | $16747 | $20744 |
| **9/30/22** | $14124 | $15054 | $18820 |
| **10/31/22** | $15753 | $16643 | $20364 |
| **11/30/22** | $16168 | $17479 | $21426 |
| **12/31/22** | $15159 | $16440 | $20172 |
| **1/31/23** | $16557 | $18083 | $21561 |
| **2/28/23** | $16222 | $17571 | $21057 |
| **3/31/23** | $15187 | $16669 | $21620 |
| **4/30/23** | $14982 | $16447 | $21851 |
| **5/31/23** | $14405 | $15978 | $21936 |
| **6/30/23** | $15523 | $17398 | $23433 |
| **7/31/23** | $16389 | $18418 | $24273 |
| **8/31/23** | $15989 | $17709 | $23805 |
| **9/30/23** | $15234 | $16761 | $22671 |
| **10/31/23** | $14461 | $15821 | $22070 |
| **11/30/23** | $15653 | $17257 | $24128 |
| **12/31/23** | $17026 | $19067 | $25408 |
| **1/31/24** | $16596 | $18532 | $25689 |
| **2/29/24** | $17373 | $19275 | $27080 |
| **3/31/24** | $18029 | $20225 | $27953 |
| **4/30/24** | $16905 | $18953 | $26723 |
| **5/31/24** | $17626 | $19752 | $27986 |
| **6/30/24** | $17148 | $19354 | $28852 |
| **7/31/24** | $18338 | $20921 | $29389 |
| **8/31/24** | $18029 | $20921 | $30029 |
| **9/30/24** | $18384 | $21217 | $30650 |
| **10/31/24** | $18094 | $20950 | $30425 |
| **11/30/24** | $19696 | $22798 | $32449 |
| **12/31/24** | $18055 | $21162 | $31457 |
| **1/31/25** | $18620 | $21882 | $32450 |
| **2/28/25** | $17811 | $21073 | $31828 |
| **3/31/25** | $16737 | $19928 | $29971 |
| **4/30/25** | $15906 | $19351 | $29770 |
| **5/31/25** | $16682 | $20455 | $31657 |
| **6/30/25** | $17247 | $21380 | $33266 |
| **7/31/25** | $17656 | $21751 | $33998 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (3.71%) | 10.33% | 6.45% |
| Class A with Load | (9.01%) | 9.09% | 5.85% |
| Russell 2500 Value Index | 3.97% | 13.67% | 8.08% |
| Russell 3000 Index TR (USD) | 15.68% | 15.19% | 13.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $251451684 |
| # of Portfolio Holdings | 174 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (includes Administration Fees) | $2024289 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Mohawk Industries, Inc. | 1.6% |
| WESCO International, Inc. | 1.5 |
| First American Financial Corp. | 1.3 |
| CACI International, Inc., Class A | 1.3 |
| BJ's Wholesale Club Holdings, Inc. | 1.2 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg032.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 5.9% |
| Information Technology | 10.4% |
| Consumer Discretionary | 15.4% |
| Financials | 19.2% |
| Industrials | 23.3% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Small/Medium Co Value Equity Investments
S1816

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCSVX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Value Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $102 | 1.04% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• On a sector level, being underweight health care and real estate contributed to performance relative to the benchmark.

• Security selection within health care had the most positive impact on performance, followed by security selection in utilities.

• Holdings in UGI Corporation, LPL Financial Holdings, and Wynn Resorts contributed to performance.

**What didn't work:**

• Being underweight financials and overweight industrials and consumer discretionary detracted from performance.

• Security selection within consumer discretionary detracted the most, followed by energy and materials.

• Not owning Robinhood detracted from performance; holdings in ManpowerGroup and Capri detracted as well. The Fund continued to hold ManpowerGroup and Capri subsequent to the fiscal year ended at July 31, 2025.

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

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

# Class P

## Fund Overview

### Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg058.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2500 Value Index** | **Russell 3000 Index TR (USD)** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9488 | $9514 | $9396 |
| **9/30/15** | $9084 | $9178 | $9122 |
| **10/31/15** | $9751 | $9722 | $9843 |
| **11/30/15** | $9967 | $9885 | $9898 |
| **12/31/15** | $9435 | $9433 | $9694 |
| **1/31/16** | $8788 | $8855 | $9147 |
| **2/29/16** | $8851 | $8950 | $9144 |
| **3/31/16** | $9672 | $9747 | $9788 |
| **4/30/16** | $9777 | $9936 | $9849 |
| **5/31/16** | $9966 | $10112 | $10025 |
| **6/30/16** | $9814 | $10173 | $10046 |
| **7/31/16** | $10177 | $10636 | $10444 |
| **8/31/16** | $10408 | $10731 | $10471 |
| **9/30/16** | $10382 | $10801 | $10488 |
| **10/31/16** | $10140 | $10478 | $10261 |
| **11/30/16** | $11244 | $11482 | $10720 |
| **12/31/16** | $11591 | $11810 | $10929 |
| **1/31/17** | $11646 | $11875 | $11135 |
| **2/28/17** | $11903 | $12096 | $11549 |
| **3/31/17** | $11821 | $12002 | $11557 |
| **4/30/17** | $11772 | $11989 | $11679 |
| **5/31/17** | $11466 | $11729 | $11799 |
| **6/30/17** | $11712 | $12040 | $11905 |
| **7/31/17** | $11745 | $12134 | $12130 |
| **8/31/17** | $11586 | $11924 | $12153 |
| **9/30/17** | $12133 | $12502 | $12449 |
| **10/31/17** | $12171 | $12570 | $12721 |
| **11/30/17** | $12516 | $12982 | $13107 |
| **12/31/17** | $12674 | $13033 | $13238 |
| **1/31/18** | $12968 | $13197 | $13936 |
| **2/28/18** | $12343 | $12550 | $13423 |
| **3/31/18** | $12337 | $12688 | $13153 |
| **4/30/18** | $12386 | $12826 | $13203 |
| **5/31/18** | $12900 | $13353 | $13576 |
| **6/30/18** | $12992 | $13424 | $13665 |
| **7/31/18** | $13280 | $13690 | $14118 |
| **8/31/18** | $13635 | $14002 | $14614 |
| **9/30/18** | $13409 | $13783 | $14638 |
| **10/31/18** | $12043 | $12604 | $13560 |
| **11/30/18** | $12160 | $12842 | $13832 |
| **12/31/18** | $10561 | $11423 | $12544 |
| **1/31/19** | $11701 | $12699 | $13621 |
| **2/28/19** | $12271 | $13096 | $14100 |
| **3/31/19** | $12153 | $12921 | $14306 |
| **4/30/19** | $12775 | $13374 | $14877 |
| **5/31/19** | $11649 | $12365 | $13915 |
| **6/30/19** | $12389 | $13165 | $14892 |
| **7/31/19** | $12684 | $13251 | $15113 |
| **8/31/19** | $12087 | $12606 | $14805 |
| **9/30/19** | $12566 | $13183 | $15065 |
| **10/31/19** | $12625 | $13373 | $15389 |
| **11/30/19** | $12854 | $13701 | $15974 |
| **12/31/19** | $13285 | $14114 | $16436 |
| **1/31/20** | $12862 | $13600 | $16418 |
| **2/29/20** | $11653 | $12289 | $15074 |
| **3/31/20** | $8727 | $9225 | $13001 |
| **4/30/20** | $10068 | $10445 | $14722 |
| **5/31/20** | $10715 | $10922 | $15510 |
| **6/30/20** | $11032 | $11125 | $15864 |
| **7/31/20** | $11528 | $11460 | $16765 |
| **8/31/20** | $11937 | $11980 | $17980 |
| **9/30/20** | $11257 | $11519 | $17325 |
| **10/31/20** | $11792 | $11779 | $16951 |
| **11/30/20** | $13959 | $13840 | $19013 |
| **12/31/20** | $14895 | $14803 | $19869 |
| **1/31/21** | $15314 | $15130 | $19780 |
| **2/28/21** | $16663 | $16476 | $20399 |
| **3/31/21** | $17514 | $17294 | $21130 |
| **4/30/21** | $18331 | $18036 | $22219 |
| **5/31/21** | $18670 | $18403 | $22320 |
| **6/30/21** | $18497 | $18159 | $22871 |
| **7/31/21** | $18092 | $17893 | $23258 |
| **8/31/21** | $18345 | $18271 | $23921 |
| **9/30/21** | $17780 | $17784 | $22848 |
| **10/31/21** | $18165 | $18628 | $24393 |
| **11/30/21** | $17647 | $17980 | $24021 |
| **12/31/21** | $18724 | $18915 | $24967 |
| **1/31/22** | $17862 | $17954 | $23498 |
| **2/28/22** | $18033 | $18246 | $22906 |
| **3/31/22** | $18111 | $18631 | $23649 |
| **4/30/22** | $16961 | $17368 | $21527 |
| **5/31/22** | $17287 | $17701 | $21498 |
| **6/30/22** | $15679 | $15764 | $19700 |
| **7/31/22** | $17046 | $17289 | $21548 |
| **8/31/22** | $16704 | $16747 | $20744 |
| **9/30/22** | $15127 | $15054 | $18820 |
| **10/31/22** | $16867 | $16643 | $20364 |
| **11/30/22** | $17318 | $17479 | $21426 |
| **12/31/22** | $16234 | $16440 | $20172 |
| **1/31/23** | $17740 | $18083 | $21561 |
| **2/28/23** | $17387 | $17571 | $21057 |
| **3/31/23** | $16282 | $16669 | $21620 |
| **4/30/23** | $16063 | $16447 | $21851 |
| **5/31/23** | $15453 | $15978 | $21936 |
| **6/30/23** | $16654 | $17398 | $23433 |
| **7/31/23** | $17578 | $18418 | $24273 |
| **8/31/23** | $17159 | $17709 | $23805 |
| **9/30/23** | $16349 | $16761 | $22671 |
| **10/31/23** | $15520 | $15821 | $22070 |
| **11/30/23** | $16797 | $17257 | $24128 |
| **12/31/23** | $18276 | $19067 | $25408 |
| **1/31/24** | $17825 | $18532 | $25689 |
| **2/29/24** | $18660 | $19275 | $27080 |
| **3/31/24** | $19370 | $20225 | $27953 |
| **4/30/24** | $18161 | $18953 | $26723 |
| **5/31/24** | $18948 | $19752 | $27986 |
| **6/30/24** | $18439 | $19354 | $28852 |
| **7/31/24** | $19715 | $20921 | $29389 |
| **8/31/24** | $19389 | $20921 | $30029 |
| **9/30/24** | $19782 | $21217 | $30650 |
| **10/31/24** | $19466 | $20950 | $30425 |
| **11/30/24** | $21202 | $22798 | $32449 |
| **12/31/24** | $19434 | $21162 | $31457 |
| **1/31/25** | $20054 | $21882 | $32450 |
| **2/28/25** | $19186 | $21073 | $31828 |
| **3/31/25** | $18024 | $19928 | $29971 |
| **4/30/25** | $17144 | $19351 | $29770 |
| **5/31/25** | $17979 | $20455 | $31657 |
| **6/30/25** | $18599 | $21380 | $33266 |
| **7/31/25** | $19028 | $21751 | $33998 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | (3.49%) | 10.54% | 6.64% |
| Russell 2500 Value Index | 3.97% | 13.67% | 8.08% |
| Russell 3000 Index TR (USD) | 15.68% | 15.19% | 13.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $251451684 |
| # of Portfolio Holdings | 174 |
| Portfolio Turnover Rate | 42% |
| Total Advisory Fees Paid (includes Administration Fees) | $2024289 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Mohawk Industries, Inc. | 1.6% |
| WESCO International, Inc. | 1.5 |
| First American Financial Corp. | 1.3 |
| CACI International, Inc., Class A | 1.3 |
| BJ's Wholesale Club Holdings, Inc. | 1.2 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg047.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 5.9% |
| Information Technology | 10.4% |
| Consumer Discretionary | 15.4% |
| Financials | 19.2% |
| Industrials | 23.3% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Small/Medium Co Value Equity Investments
S1817

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PQUAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Growth Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $129 | 1.28% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Security selection in health care contributed the most, followed by security selection in consumer discretionary.

• Being overweight information technology and underweight energy and materials contributed to relative performance.

• The biggest contributors from a stock selection perspective were Doximity, Paycor HCM, and Five Below.

**What didn't work:**

• Security selection in industrials, information technology, and consumer staples detracted.

• Being overweight health care and underweight utilities and financials were not rewarded.

• The biggest detractors from a stock selection perspective were SPS Commerce, Globant SA, and Freshpet. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 2500 Growth Index** | **Russell 3000 Index TR (USD)** |
| **7/31/15** | $9450 | $10000 | $10000 |
| **8/31/15** | $8822 | $9299 | $9396 |
| **9/30/15** | $8249 | $8791 | $9122 |
| **10/31/15** | $8591 | $9250 | $9843 |
| **11/30/15** | $8766 | $9460 | $9898 |
| **12/31/15** | $8310 | $9126 | $9694 |
| **1/31/16** | $7379 | $8223 | $9147 |
| **2/29/16** | $7157 | $8248 | $9144 |
| **3/31/16** | $7713 | $8883 | $9788 |
| **4/30/16** | $7795 | $8968 | $9849 |
| **5/31/16** | $8035 | $9191 | $10025 |
| **6/30/16** | $8005 | $9123 | $10046 |
| **7/31/16** | $8391 | $9665 | $10444 |
| **8/31/16** | $8432 | $9732 | $10471 |
| **9/30/16** | $8526 | $9760 | $10488 |
| **10/31/16** | $7988 | $9250 | $10261 |
| **11/30/16** | $8602 | $9925 | $10720 |
| **12/31/16** | $8567 | $10013 | $10929 |
| **1/31/17** | $8807 | $10251 | $11135 |
| **2/28/17** | $9053 | $10562 | $11549 |
| **3/31/17** | $9252 | $10639 | $11557 |
| **4/30/17** | $9457 | $10826 | $11679 |
| **5/31/17** | $9632 | $10831 | $11799 |
| **6/30/17** | $9784 | $11078 | $11905 |
| **7/31/17** | $9825 | $11226 | $12130 |
| **8/31/17** | $9679 | $11248 | $12153 |
| **9/30/17** | $10007 | $11718 | $12449 |
| **10/31/17** | $10223 | $12032 | $12721 |
| **11/30/17** | $10580 | $12429 | $13107 |
| **12/31/17** | $10540 | $12462 | $13238 |
| **1/31/18** | $11135 | $13084 | $13936 |
| **2/28/18** | $11029 | $12655 | $13423 |
| **3/31/18** | $11153 | $12759 | $13153 |
| **4/30/18** | $11110 | $12678 | $13203 |
| **5/31/18** | $11835 | $13352 | $13576 |
| **6/30/18** | $12101 | $13464 | $13665 |
| **7/31/18** | $12114 | $13716 | $14118 |
| **8/31/18** | $13433 | $14643 | $14614 |
| **9/30/18** | $13161 | $14429 | $14638 |
| **10/31/18** | $11643 | $12696 | $13560 |
| **11/30/18** | $11878 | $12936 | $13832 |
| **12/31/18** | $10553 | $11532 | $12544 |
| **1/31/19** | $11737 | $12905 | $13621 |
| **2/28/19** | $12475 | $13755 | $14100 |
| **3/31/19** | $12264 | $13721 | $14306 |
| **4/30/19** | $12649 | $14202 | $14877 |
| **5/31/19** | $11767 | $13258 | $13915 |
| **6/30/19** | $12536 | $14290 | $14892 |
| **7/31/19** | $12679 | $14513 | $15113 |
| **8/31/19** | $12272 | $14100 | $14805 |
| **9/30/19** | $12068 | $13835 | $15065 |
| **10/31/19** | $12242 | $14190 | $15389 |
| **11/30/19** | $12928 | $15157 | $15974 |
| **12/31/19** | $13072 | $15297 | $16436 |
| **1/31/20** | $12992 | $15314 | $16418 |
| **2/29/20** | $12160 | $14275 | $15074 |
| **3/31/20** | $9912 | $11746 | $13001 |
| **4/30/20** | $11497 | $13629 | $14722 |
| **5/31/20** | $12709 | $15052 | $15510 |
| **6/30/20** | $13258 | $15606 | $15864 |
| **7/31/20** | $14001 | $16460 | $16765 |
| **8/31/20** | $14523 | $17201 | $17980 |
| **9/30/20** | $14054 | $17069 | $17325 |
| **10/31/20** | $14346 | $17271 | $16951 |
| **11/30/20** | $16471 | $19786 | $19013 |
| **12/31/20** | $18105 | $21488 | $19869 |
| **1/31/21** | $18675 | $22089 | $19780 |
| **2/28/21** | $19852 | $22783 | $20399 |
| **3/31/21** | $19653 | $22023 | $21130 |
| **4/30/21** | $20403 | $22796 | $22219 |
| **5/31/21** | $19966 | $22163 | $22320 |
| **6/30/21** | $20840 | $23352 | $22871 |
| **7/31/21** | $20631 | $22847 | $23258 |
| **8/31/21** | $21258 | $23418 | $23921 |
| **9/30/21** | $20574 | $22527 | $22848 |
| **10/31/21** | $21619 | $23682 | $24393 |
| **11/30/21** | $20308 | $22462 | $24021 |
| **12/31/21** | $20643 | $22572 | $24967 |
| **1/31/22** | $18062 | $19594 | $23498 |
| **2/28/22** | $17810 | $19653 | $22906 |
| **3/31/22** | $18018 | $19795 | $23649 |
| **4/30/22** | $16194 | $17534 | $21527 |
| **5/31/22** | $15734 | $17109 | $21498 |
| **6/30/22** | $14607 | $15925 | $19700 |
| **7/31/22** | $15971 | $17742 | $21548 |
| **8/31/22** | $15779 | $17404 | $20744 |
| **9/30/22** | $14577 | $15905 | $18820 |
| **10/31/22** | $15734 | $17198 | $20364 |
| **11/30/22** | $15897 | $17710 | $21426 |
| **12/31/22** | $15141 | $16656 | $20172 |
| **1/31/23** | $16461 | $18323 | $21561 |
| **2/28/23** | $16342 | $18033 | $21057 |
| **3/31/23** | $16194 | $17746 | $21620 |
| **4/30/23** | $15838 | $17522 | $21851 |
| **5/31/23** | $15704 | $17502 | $21936 |
| **6/30/23** | $16980 | $18884 | $23433 |
| **7/31/23** | $17632 | $19515 | $24273 |
| **8/31/23** | $16891 | $18720 | $23805 |
| **9/30/23** | $15853 | $17593 | $22671 |
| **10/31/23** | $14563 | $16372 | $22070 |
| **11/30/23** | $15971 | $17823 | $24128 |
| **12/31/23** | $17514 | $19809 | $25408 |
| **1/31/24** | $17187 | $19361 | $25689 |
| **2/29/24** | $18403 | $20929 | $27080 |
| **3/31/24** | $18774 | $21494 | $27953 |
| **4/30/24** | $17262 | $19892 | $26723 |
| **5/31/24** | $17781 | $20699 | $27986 |
| **6/30/24** | $17543 | $20588 | $28852 |
| **7/31/24** | $18418 | $21842 | $29389 |
| **8/31/24** | $18567 | $21673 | $30029 |
| **9/30/24** | $18848 | $22027 | $30650 |
| **10/31/24** | $18626 | $21972 | $30425 |
| **11/30/24** | $21058 | $24586 | $32449 |
| **12/31/24** | $19600 | $22562 | $31457 |
| **1/31/25** | $20336 | $23424 | $32450 |
| **2/28/25** | $18756 | $21865 | $31828 |
| **3/31/25** | $17376 | $20125 | $29971 |
| **4/30/25** | $17161 | $20060 | $29770 |
| **5/31/25** | $18235 | $21374 | $31657 |
| **6/30/25** | $18802 | $22401 | $33266 |
| **7/31/25** | $18725 | $22927 | $33998 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 1.67% | 5.99% | 7.08% |
| Class A with Load | (3.90%) | 4.80% | 6.47% |
| Russell 2500 Growth Index | 4.97% | 6.85% | 8.65% |
| Russell 3000 Index TR (USD) | 15.68% | 15.19% | 13.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $243382183 |
| # of Portfolio Holdings | 340 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (includes Administration Fees) | $1987299 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Medpace Holdings, Inc. | 2.4% |
| Doximity, Inc., Class A | 1.9 |
| Five Below, Inc. | 1.9 |
| Kinsale Capital Group, Inc. | 1.8 |
| Grand Canyon Education, Inc. | 1.6 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg030.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 9.4% |
| Consumer Discretionary | 13.4% |
| Information Technology | 21.8% |
| Industrials | 21.9% |
| Health Care | 23.5% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Small/Medium Co Growth Equity Investments
S1813

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCSGX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Small/Medium Co Growth Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $109 | 1.08% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Security selection in health care contributed the most, followed by security selection in consumer discretionary.

• Being overweight information technology and underweight energy and materials contributed to relative performance.

• The biggest contributors from a stock selection perspective were Doximity, Paycor HCM, and Five Below.

**What didn't work:**

• Security selection in industrials, information technology, and consumer staples detracted.

• Being overweight health care and underweight utilities and financials were not rewarded.

• The biggest detractors from a stock selection perspective were SPS Commerce, Globant SA, and Freshpet. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2500 Growth Index** | **Russell 3000 Index TR (USD)** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9336 | $9299 | $9396 |
| **9/30/15** | $8729 | $8791 | $9122 |
| **10/31/15** | $9093 | $9250 | $9843 |
| **11/30/15** | $9280 | $9460 | $9898 |
| **12/31/15** | $8800 | $9126 | $9694 |
| **1/31/16** | $7818 | $8223 | $9147 |
| **2/29/16** | $7578 | $8248 | $9144 |
| **3/31/16** | $8168 | $8883 | $9788 |
| **4/30/16** | $8250 | $8968 | $9849 |
| **5/31/16** | $8508 | $9191 | $10025 |
| **6/30/16** | $8484 | $9123 | $10046 |
| **7/31/16** | $8894 | $9665 | $10444 |
| **8/31/16** | $8934 | $9732 | $10471 |
| **9/30/16** | $9034 | $9760 | $10488 |
| **10/31/16** | $8467 | $9250 | $10261 |
| **11/30/16** | $9122 | $9925 | $10720 |
| **12/31/16** | $9081 | $10013 | $10929 |
| **1/31/17** | $9338 | $10251 | $11135 |
| **2/28/17** | $9595 | $10562 | $11549 |
| **3/31/17** | $9812 | $10639 | $11557 |
| **4/30/17** | $10034 | $10826 | $11679 |
| **5/31/17** | $10215 | $10831 | $11799 |
| **6/30/17** | $10379 | $11078 | $11905 |
| **7/31/17** | $10420 | $11226 | $12130 |
| **8/31/17** | $10268 | $11248 | $12153 |
| **9/30/17** | $10618 | $11718 | $12449 |
| **10/31/17** | $10852 | $12032 | $12721 |
| **11/30/17** | $11227 | $12429 | $13107 |
| **12/31/17** | $11186 | $12462 | $13238 |
| **1/31/18** | $11816 | $13084 | $13936 |
| **2/28/18** | $11711 | $12655 | $13423 |
| **3/31/18** | $11840 | $12759 | $13153 |
| **4/30/18** | $11803 | $12678 | $13203 |
| **5/31/18** | $12568 | $13352 | $13576 |
| **6/30/18** | $12852 | $13464 | $13665 |
| **7/31/18** | $12864 | $13716 | $14118 |
| **8/31/18** | $14271 | $14643 | $14614 |
| **9/30/18** | $13987 | $14429 | $14638 |
| **10/31/18** | $12377 | $12696 | $13560 |
| **11/30/18** | $12624 | $12936 | $13832 |
| **12/31/18** | $11219 | $11532 | $12544 |
| **1/31/19** | $12478 | $12905 | $13621 |
| **2/28/19** | $13263 | $13755 | $14100 |
| **3/31/19** | $13041 | $13721 | $14306 |
| **4/30/19** | $13448 | $14202 | $14877 |
| **5/31/19** | $12515 | $13258 | $13915 |
| **6/30/19** | $13337 | $14290 | $14892 |
| **7/31/19** | $13485 | $14513 | $15113 |
| **8/31/19** | $13056 | $14100 | $14805 |
| **9/30/19** | $12841 | $13835 | $15065 |
| **10/31/19** | $13026 | $14190 | $15389 |
| **11/30/19** | $13767 | $15157 | $15974 |
| **12/31/19** | $13916 | $15297 | $16436 |
| **1/31/20** | $13839 | $15314 | $16418 |
| **2/29/20** | $12947 | $14275 | $15074 |
| **3/31/20** | $10553 | $11746 | $13001 |
| **4/30/20** | $12252 | $13629 | $14722 |
| **5/31/20** | $13539 | $15052 | $15510 |
| **6/30/20** | $14122 | $15606 | $15864 |
| **7/31/20** | $14920 | $16460 | $16765 |
| **8/31/20** | $15478 | $17201 | $17980 |
| **9/30/20** | $14980 | $17069 | $17325 |
| **10/31/20** | $15289 | $17271 | $16951 |
| **11/30/20** | $17563 | $19786 | $19013 |
| **12/31/20** | $19301 | $21488 | $19869 |
| **1/31/21** | $19914 | $22089 | $19780 |
| **2/28/21** | $21167 | $22783 | $20399 |
| **3/31/21** | $20957 | $22023 | $21130 |
| **4/30/21** | $21771 | $22796 | $22219 |
| **5/31/21** | $21304 | $22163 | $22320 |
| **6/30/21** | $22228 | $23352 | $22871 |
| **7/31/21** | $22018 | $22847 | $23258 |
| **8/31/21** | $22686 | $23418 | $23921 |
| **9/30/21** | $21972 | $22527 | $22848 |
| **10/31/21** | $23088 | $23682 | $24393 |
| **11/30/21** | $21689 | $22462 | $24021 |
| **12/31/21** | $22052 | $22572 | $24967 |
| **1/31/22** | $19290 | $19594 | $23498 |
| **2/28/22** | $19019 | $19653 | $22906 |
| **3/31/22** | $19249 | $19795 | $23649 |
| **4/30/22** | $17300 | $17534 | $21527 |
| **5/31/22** | $16813 | $17109 | $21498 |
| **6/30/22** | $15622 | $15925 | $19700 |
| **7/31/22** | $17070 | $17742 | $21548 |
| **8/31/22** | $16867 | $17404 | $20744 |
| **9/30/22** | $15581 | $15905 | $18820 |
| **10/31/22** | $16826 | $17198 | $20364 |
| **11/30/22** | $17002 | $17710 | $21426 |
| **12/31/22** | $16190 | $16656 | $20172 |
| **1/31/23** | $17611 | $18323 | $21561 |
| **2/28/23** | $17476 | $18033 | $21057 |
| **3/31/23** | $17327 | $17746 | $21620 |
| **4/30/23** | $16962 | $17522 | $21851 |
| **5/31/23** | $16813 | $17502 | $21936 |
| **6/30/23** | $18166 | $18884 | $23433 |
| **7/31/23** | $18884 | $19515 | $24273 |
| **8/31/23** | $18099 | $18720 | $23805 |
| **9/30/23** | $16989 | $17593 | $22671 |
| **10/31/23** | $15594 | $16372 | $22070 |
| **11/30/23** | $17111 | $17823 | $24128 |
| **12/31/23** | $18762 | $19809 | $25408 |
| **1/31/24** | $18410 | $19361 | $25689 |
| **2/29/24** | $19737 | $20929 | $27080 |
| **3/31/24** | $20129 | $21494 | $27953 |
| **4/30/24** | $18518 | $19892 | $26723 |
| **5/31/24** | $19073 | $20699 | $27986 |
| **6/30/24** | $18816 | $20588 | $28852 |
| **7/31/24** | $19764 | $21842 | $29389 |
| **8/31/24** | $19926 | $21673 | $30029 |
| **9/30/24** | $20224 | $22027 | $30650 |
| **10/31/24** | $19994 | $21972 | $30425 |
| **11/30/24** | $22607 | $24586 | $32449 |
| **12/31/24** | $21045 | $22562 | $31457 |
| **1/31/25** | $21839 | $23424 | $32450 |
| **2/28/25** | $20140 | $21865 | $31828 |
| **3/31/25** | $18678 | $20125 | $29971 |
| **4/30/25** | $18427 | $20060 | $29770 |
| **5/31/25** | $19597 | $21374 | $31657 |
| **6/30/25** | $20210 | $22401 | $33266 |
| **7/31/25** | $20140 | $22927 | $33998 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 1.90% | 6.18% | 7.25% |
| Russell 2500 Growth Index | 4.97% | 6.85% | 8.65% |
| Russell 3000 Index TR (USD) | 15.68% | 15.19% | 13.02% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $243382183 |
| # of Portfolio Holdings | 340 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (includes Administration Fees) | $1987299 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Medpace Holdings, Inc. | 2.4% |
| Doximity, Inc., Class A | 1.9 |
| Five Below, Inc. | 1.9 |
| Kinsale Capital Group, Inc. | 1.8 |
| Grand Canyon Education, Inc. | 1.6 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg035.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 9.4% |
| Consumer Discretionary | 13.4% |
| Information Technology | 21.8% |
| Industrials | 21.9% |
| Health Care | 23.5% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Small/Medium Co Growth Equity Investments
S1814

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PWGAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $135 | 1.25% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being overweight industrials and communication services and underweight materials contributed to relative performance; being overweight Singapore and China contributed from a country perspective.

• Security selection in financials had the most positive impact on performance, followed by security selection in consumer discretionary and consumer staples; security selection in Israel, Canada and the Netherlands contributed.

• Sea Limited ADR (American Depositary Receipt), ASML, and Banco Santander were the top contributing holdings from a security selection perspective.

**What didn't work:**

• Being overweight information technology detracted from performance; being overweight Canada, Denmark and underweight Germany detracted from performance from a country perspective.

• Security selection in communication services detracted from performance, followed by real estate; security selection in Japan and Germany detracted.

• From a security selection perspective, holding Genmab A/S, Tata Consultancy, and WPP Plc detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg067.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **MSCI EAFE Index (net)** |
| **7/31/15** | $9447 | $10000 |
| **8/31/15** | $8813 | $9264 |
| **9/30/15** | $8367 | $8794 |
| **10/31/15** | $9026 | $9481 |
| **11/30/15** | $8945 | $9334 |
| **12/31/15** | $8869 | $9208 |
| **1/31/16** | $8448 | $8542 |
| **2/29/16** | $8200 | $8386 |
| **3/31/16** | $8786 | $8931 |
| **4/30/16** | $8945 | $9190 |
| **5/31/16** | $8920 | $9106 |
| **6/30/16** | $8742 | $8801 |
| **7/31/16** | $9041 | $9247 |
| **8/31/16** | $9105 | $9253 |
| **9/30/16** | $9156 | $9367 |
| **10/31/16** | $8952 | $9175 |
| **11/30/16** | $8761 | $8993 |
| **12/31/16** | $9037 | $9300 |
| **1/31/17** | $9291 | $9570 |
| **2/28/17** | $9434 | $9707 |
| **3/31/17** | $9720 | $9974 |
| **4/30/17** | $9947 | $10228 |
| **5/31/17** | $10305 | $10603 |
| **6/30/17** | $10207 | $10584 |
| **7/31/17** | $10552 | $10890 |
| **8/31/17** | $10552 | $10886 |
| **9/30/17** | $10831 | $11157 |
| **10/31/17** | $11085 | $11326 |
| **11/30/17** | $11156 | $11445 |
| **12/31/17** | $11311 | $11628 |
| **1/31/18** | $11933 | $12212 |
| **2/28/18** | $11317 | $11661 |
| **3/31/18** | $11211 | $11450 |
| **4/30/18** | $11383 | $11712 |
| **5/31/18** | $11198 | $11449 |
| **6/30/18** | $11019 | $11309 |
| **7/31/18** | $11277 | $11587 |
| **8/31/18** | $11158 | $11363 |
| **9/30/18** | $11152 | $11462 |
| **10/31/18** | $10258 | $10550 |
| **11/30/18** | $10231 | $10536 |
| **12/31/18** | $9744 | $10025 |
| **1/31/19** | $10354 | $10684 |
| **2/28/19** | $10641 | $10956 |
| **3/31/19** | $10713 | $11025 |
| **4/30/19** | $11100 | $11335 |
| **5/31/19** | $10332 | $10791 |
| **6/30/19** | $11000 | $11431 |
| **7/31/19** | $10763 | $11286 |
| **8/31/19** | $10426 | $10993 |
| **9/30/19** | $10734 | $11308 |
| **10/31/19** | $11129 | $11715 |
| **11/30/19** | $11222 | $11847 |
| **12/31/19** | $11579 | $12232 |
| **1/31/20** | $11344 | $11976 |
| **2/29/20** | $10491 | $10894 |
| **3/31/20** | $8925 | $9440 |
| **4/30/20** | $9572 | $10050 |
| **5/31/20** | $10101 | $10487 |
| **6/30/20** | $10447 | $10844 |
| **7/31/20** | $10763 | $11097 |
| **8/31/20** | $11219 | $11668 |
| **9/30/20** | $11035 | $11364 |
| **10/31/20** | $10741 | $10911 |
| **11/30/20** | $12285 | $12602 |
| **12/31/20** | $12836 | $13188 |
| **1/31/21** | $12739 | $13047 |
| **2/28/21** | $12977 | $13340 |
| **3/31/21** | $13341 | $13647 |
| **4/30/21** | $13668 | $14057 |
| **5/31/21** | $14330 | $14516 |
| **6/30/21** | $14114 | $14352 |
| **7/31/21** | $14144 | $14460 |
| **8/31/21** | $14411 | $14715 |
| **9/30/21** | $13965 | $14288 |
| **10/31/21** | $14426 | $14640 |
| **11/30/21** | $13765 | $13958 |
| **12/31/21** | $14395 | $14673 |
| **1/31/22** | $14163 | $13964 |
| **2/28/22** | $13665 | $13717 |
| **3/31/22** | $13521 | $13805 |
| **4/30/22** | $12742 | $12912 |
| **5/31/22** | $12959 | $13009 |
| **6/30/22** | $11908 | $11802 |
| **7/31/22** | $12438 | $12390 |
| **8/31/22** | $11691 | $11802 |
| **9/30/22** | $10592 | $10698 |
| **10/31/22** | $11210 | $11273 |
| **11/30/22** | $12646 | $12543 |
| **12/31/22** | $12330 | $12553 |
| **1/31/23** | $13338 | $13569 |
| **2/28/23** | $13016 | $13286 |
| **3/31/23** | $13479 | $13615 |
| **4/30/23** | $13776 | $14000 |
| **5/31/23** | $13421 | $13407 |
| **6/30/23** | $14008 | $14017 |
| **7/31/23** | $14388 | $14471 |
| **8/31/23** | $13842 | $13917 |
| **9/30/23** | $13413 | $13441 |
| **10/31/23** | $12999 | $12896 |
| **11/30/23** | $14115 | $14093 |
| **12/31/23** | $14810 | $14842 |
| **1/31/24** | $14741 | $14927 |
| **2/29/24** | $15093 | $15201 |
| **3/31/24** | $15557 | $15701 |
| **4/30/24** | $15196 | $15299 |
| **5/31/24** | $15979 | $15891 |
| **6/30/24** | $15686 | $15635 |
| **7/31/24** | $16211 | $16093 |
| **8/31/24** | $16769 | $16617 |
| **9/30/24** | $16933 | $16770 |
| **10/31/24** | $16125 | $15858 |
| **11/30/24** | $16125 | $15768 |
| **12/31/24** | $15674 | $15409 |
| **1/31/25** | $16324 | $16219 |
| **2/28/25** | $16973 | $16534 |
| **3/31/25** | $17099 | $16467 |
| **4/30/25** | $17846 | $17221 |
| **5/31/25** | $18660 | $18009 |
| **6/30/25** | $19028 | $18406 |
| **7/31/25** | $18757 | $18148 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 15.71% | 11.75% | 7.10% |
| Class A with Load | 9.33% | 10.50% | 6.49% |
| MSCI EAFE Index (net) | 12.77% | 10.34% | 6.14% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $716523449 |
| # of Portfolio Holdings | 394 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (includes Administration Fees) | $5681401 |

---

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

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

---

| | |
|:---|:---|
| Banco Santander SA | 1.7% |
| DBS Group Holdings Ltd. | 1.5 |
| United Overseas Bank Ltd. | 1.5 |
| Safran SA | 1.4 |
| Lloyds Banking Group PLC | 1.3 |

---

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

---

| | |
|:---|:---|
| Investor AB, Class B | (0.5%) |
| Kyocera Corp. | (0.4) |
| Pearson PLC | (0.4) |
| Oriental Land Co. Ltd. | (0.4) |
| JFE Holdings, Inc. | (0.3) |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.3% |
| Information Technology | 10.8% |
| Health Care | 12.3% |
| Financials | 24.0% |
| Industrials | 26.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> International Equity Investments
S1800

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCIEX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $108 | 1.00% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being overweight industrials and communication services and underweight materials contributed to relative performance; being overweight Singapore and China contributed from a country perspective.

• Security selection in financials had the most positive impact on performance, followed by security selection in consumer discretionary and consumer staples; security selection in Israel, Canada and the Netherlands contributed.

• Sea Limited ADR (American Depositary Receipt), ASML, and Banco Santander were the top contributing holdings from a security selection perspective.

**What didn't work:**

• Being overweight information technology detracted from performance; being overweight Canada, Denmark and underweight Germany detracted from performance from a country perspective.

• Security selection in communication services detracted from performance, followed by real estate; security selection in Japan and Germany detracted.

• From a security selection perspective, holding Genmab A/S, Tata Consultancy, and WPP Plc detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (net)** |
| **7/31/15** | $10000 | $10000 |
| **8/31/15** | $9325 | $9264 |
| **9/30/15** | $8858 | $8794 |
| **10/31/15** | $9559 | $9481 |
| **11/30/15** | $9472 | $9334 |
| **12/31/15** | $9394 | $9208 |
| **1/31/16** | $8952 | $8542 |
| **2/29/16** | $8694 | $8386 |
| **3/31/16** | $9312 | $8931 |
| **4/30/16** | $9482 | $9190 |
| **5/31/16** | $9462 | $9106 |
| **6/30/16** | $9272 | $8801 |
| **7/31/16** | $9591 | $9247 |
| **8/31/16** | $9666 | $9253 |
| **9/30/16** | $9720 | $9367 |
| **10/31/16** | $9503 | $9175 |
| **11/30/16** | $9306 | $8993 |
| **12/31/16** | $9601 | $9300 |
| **1/31/17** | $9872 | $9570 |
| **2/28/17** | $10025 | $9707 |
| **3/31/17** | $10338 | $9974 |
| **4/30/17** | $10575 | $10228 |
| **5/31/17** | $10957 | $10603 |
| **6/30/17** | $10860 | $10584 |
| **7/31/17** | $11229 | $10890 |
| **8/31/17** | $11229 | $10886 |
| **9/30/17** | $11528 | $11157 |
| **10/31/17** | $11799 | $11326 |
| **11/30/17** | $11883 | $11445 |
| **12/31/17** | $12045 | $11628 |
| **1/31/18** | $12720 | $12212 |
| **2/28/18** | $12059 | $11661 |
| **3/31/18** | $11952 | $11450 |
| **4/30/18** | $12137 | $11712 |
| **5/31/18** | $11945 | $11449 |
| **6/30/18** | $11753 | $11309 |
| **7/31/18** | $12030 | $11587 |
| **8/31/18** | $11910 | $11363 |
| **9/30/18** | $11903 | $11462 |
| **10/31/18** | $10950 | $10550 |
| **11/30/18** | $10929 | $10536 |
| **12/31/18** | $10411 | $10025 |
| **1/31/19** | $11060 | $10684 |
| **2/28/19** | $11369 | $10956 |
| **3/31/19** | $11454 | $11025 |
| **4/30/19** | $11864 | $11335 |
| **5/31/19** | $11052 | $10791 |
| **6/30/19** | $11763 | $11431 |
| **7/31/19** | $11516 | $11286 |
| **8/31/19** | $11161 | $10993 |
| **9/30/19** | $11493 | $11308 |
| **10/31/19** | $11910 | $11715 |
| **11/30/19** | $12019 | $11847 |
| **12/31/19** | $12400 | $12232 |
| **1/31/20** | $12154 | $11976 |
| **2/29/20** | $11240 | $10894 |
| **3/31/20** | $9564 | $9440 |
| **4/30/20** | $10263 | $10050 |
| **5/31/20** | $10835 | $10487 |
| **6/30/20** | $11201 | $10844 |
| **7/31/20** | $11550 | $11097 |
| **8/31/20** | $12043 | $11668 |
| **9/30/20** | $11844 | $11364 |
| **10/31/20** | $11526 | $10911 |
| **11/30/20** | $13195 | $12602 |
| **12/31/20** | $13784 | $13188 |
| **1/31/21** | $13687 | $13047 |
| **2/28/21** | $13945 | $13340 |
| **3/31/21** | $14339 | $13647 |
| **4/30/21** | $14693 | $14057 |
| **5/31/21** | $15402 | $14516 |
| **6/30/21** | $15177 | $14352 |
| **7/31/21** | $15217 | $14460 |
| **8/31/21** | $15507 | $14715 |
| **9/30/21** | $15032 | $14288 |
| **10/31/21** | $15531 | $14640 |
| **11/30/21** | $14814 | $13958 |
| **12/31/21** | $15499 | $14673 |
| **1/31/22** | $15255 | $13964 |
| **2/28/22** | $14723 | $13717 |
| **3/31/22** | $14566 | $13805 |
| **4/30/22** | $13737 | $12912 |
| **5/31/22** | $13973 | $13009 |
| **6/30/22** | $12839 | $11802 |
| **7/31/22** | $13414 | $12390 |
| **8/31/22** | $12612 | $11802 |
| **9/30/22** | $11426 | $10698 |
| **10/31/22** | $12097 | $11273 |
| **11/30/22** | $13650 | $12543 |
| **12/31/22** | $13308 | $12553 |
| **1/31/23** | $14407 | $13569 |
| **2/28/23** | $14065 | $13286 |
| **3/31/23** | $14569 | $13615 |
| **4/30/23** | $14885 | $14000 |
| **5/31/23** | $14497 | $13407 |
| **6/30/23** | $15137 | $14017 |
| **7/31/23** | $15552 | $14471 |
| **8/31/23** | $14966 | $13917 |
| **9/30/23** | $14506 | $13441 |
| **10/31/23** | $14065 | $12896 |
| **11/30/23** | $15272 | $14093 |
| **12/31/23** | $16025 | $14842 |
| **1/31/24** | $15959 | $14927 |
| **2/29/24** | $16344 | $15201 |
| **3/31/24** | $16852 | $15701 |
| **4/30/24** | $16466 | $15299 |
| **5/31/24** | $17312 | $15891 |
| **6/30/24** | $17002 | $15635 |
| **7/31/24** | $17566 | $16093 |
| **8/31/24** | $18186 | $16617 |
| **9/30/24** | $18365 | $16770 |
| **10/31/24** | $17481 | $15858 |
| **11/30/24** | $17491 | $15768 |
| **12/31/24** | $17006 | $15409 |
| **1/31/25** | $17708 | $16219 |
| **2/28/25** | $18421 | $16534 |
| **3/31/25** | $18570 | $16467 |
| **4/30/25** | $19379 | $17221 |
| **5/31/25** | $20273 | $18009 |
| **6/30/25** | $20677 | $18406 |
| **7/31/25** | $20379 | $18148 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 16.02% | 12.03% | 7.38% |
| MSCI EAFE Index (net) | 12.77% | 10.34% | 6.14% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $716523449 |
| # of Portfolio Holdings | 394 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (includes Administration Fees) | $5681401 |

---

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

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

---

| | |
|:---|:---|
| Banco Santander SA | 1.7% |
| DBS Group Holdings Ltd. | 1.5 |
| United Overseas Bank Ltd. | 1.5 |
| Safran SA | 1.4 |
| Lloyds Banking Group PLC | 1.3 |

---

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

---

| | |
|:---|:---|
| Investor AB, Class B | (0.5%) |
| Kyocera Corp. | (0.4) |
| Pearson PLC | (0.4) |
| Oriental Land Co. Ltd. | (0.4) |
| JFE Holdings, Inc. | (0.3) |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg066.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.3% |
| Information Technology | 10.8% |
| Health Care | 12.3% |
| Financials | 24.0% |
| Industrials | 26.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> International Equity Investments
S1801

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P2

# PWITX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $46 | 0.42% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being overweight industrials and communication services and underweight materials contributed to relative performance; being overweight Singapore and China contributed from a country perspective.

• Security selection in financials had the most positive impact on performance, followed by security selection in consumer discretionary and consumer staples; security selection in Israel, Canada and the Netherlands contributed.

• Sea Limited ADR (American Depositary Receipt), ASML, and Banco Santander were the top contributing holdings from a security selection perspective.

**What didn't work:**

• Being overweight information technology detracted from performance; being overweight Canada, Denmark and underweight Germany detracted from performance from a country perspective.

• Security selection in communication services detracted from performance, followed by real estate; security selection in Japan and Germany detracted.

• From a security selection perspective, holding Genmab A/S, Tata Consultancy, and WPP Plc detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P2

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg037.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P2** | **MSCI EAFE Index (net)** |
| **3/31/23** | $10254 | $10265 |
| **4/30/23** | $10470 | $10554 |
| **5/31/23** | $10203 | $10108 |
| **6/30/23** | $10654 | $10568 |
| **7/31/23** | $10958 | $10910 |
| **8/31/23** | $10546 | $10492 |
| **9/30/23** | $10228 | $10133 |
| **10/31/23** | $9918 | $9722 |
| **11/30/23** | $10780 | $10625 |
| **12/31/23** | $11317 | $11189 |
| **1/31/24** | $11270 | $11254 |
| **2/29/24** | $11554 | $11460 |
| **3/31/24** | $11911 | $11837 |
| **4/30/24** | $11647 | $11534 |
| **5/31/24** | $12254 | $11980 |
| **6/30/24** | $12036 | $11787 |
| **7/31/24** | $12446 | $12133 |
| **8/31/24** | $12888 | $12527 |
| **9/30/24** | $13027 | $12643 |
| **10/31/24** | $12406 | $11955 |
| **11/30/24** | $12413 | $11887 |
| **12/31/24** | $12083 | $11617 |
| **1/31/25** | $12589 | $12228 |
| **2/28/25** | $13095 | $12465 |
| **3/31/25** | $13206 | $12414 |
| **4/30/25** | $13787 | $12983 |
| **5/31/25** | $14434 | $13577 |
| **6/30/25** | $14724 | $13876 |
| **7/31/25** | $14523 | $13681 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception 3/28/23** |
| Class P2 | 16.69% | 17.27% |
| MSCI EAFE Index (net) | 12.77% | 14.32% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $716523449 |
| # of Portfolio Holdings | 394 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (includes Administration Fees) | $5681401 |

---

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

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

---

| | |
|:---|:---|
| Banco Santander SA | 1.7% |
| DBS Group Holdings Ltd. | 1.5 |
| United Overseas Bank Ltd. | 1.5 |
| Safran SA | 1.4 |
| Lloyds Banking Group PLC | 1.3 |

---

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

---

| | |
|:---|:---|
| Investor AB, Class B | (0.5%) |
| Kyocera Corp. | (0.4) |
| Pearson PLC | (0.4) |
| Oriental Land Co. Ltd. | (0.4) |
| JFE Holdings, Inc. | (0.3) |

---

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

# Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg056.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.3% |
| Information Technology | 10.8% |
| Health Care | 12.3% |
| Financials | 24.0% |
| Industrials | 26.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> International Equity Investments
S1803

# Class P2
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PWEAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $158 | 1.45% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being underweight utilities and energy contributed to relative performance; from a country perspective, being underweight India and Saudi Arabia and overweight China contributed on a relative basis.

• Security selection in communication services had the most positive impact on performance, followed by selection in consumer discretionary and financials; from a country perspective, security selection in India and South Africa contributed to performance.

• Stock selection in MTN Group, Kuaishou Technology and Sea Limited contributed to performance.

**What didn't work:**

• Being overweight information technology detracted most from performance; from a country perspective, Taiwan and Brazil detracted from performance.

• From a security selection perspective, industrials detracted from performance the most. From a country perspective, China, South Korea and Poland detracted from performance.

• Stock selection in Xiaomi, Ivanhoe Mines, and Raia Drogasil detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg019.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **MSCI Emerging Markets Index (net)** |
| **7/31/15** | $9448 | $10000 |
| **8/31/15** | $8624 | $9096 |
| **9/30/15** | $8384 | $8822 |
| **10/31/15** | $8888 | $9451 |
| **11/30/15** | $8600 | $9083 |
| **12/31/15** | $8379 | $8880 |
| **1/31/16** | $7921 | $8304 |
| **2/29/16** | $7801 | $8290 |
| **3/31/16** | $8708 | $9387 |
| **4/30/16** | $8724 | $9438 |
| **5/31/16** | $8459 | $9086 |
| **6/30/16** | $8812 | $9450 |
| **7/31/16** | $9157 | $9925 |
| **8/31/16** | $9278 | $10172 |
| **9/30/16** | $9358 | $10303 |
| **10/31/16** | $9358 | $10327 |
| **11/30/16** | $8868 | $9852 |
| **12/31/16** | $8863 | $9873 |
| **1/31/17** | $9292 | $10414 |
| **2/28/17** | $9575 | $10733 |
| **3/31/17** | $9843 | $11003 |
| **4/30/17** | $10053 | $11244 |
| **5/31/17** | $10336 | $11577 |
| **6/30/17** | $10458 | $11693 |
| **7/31/17** | $10984 | $12390 |
| **8/31/17** | $11178 | $12667 |
| **9/30/17** | $11146 | $12616 |
| **10/31/17** | $11380 | $13059 |
| **11/30/17** | $11397 | $13085 |
| **12/31/17** | $11857 | $13555 |
| **1/31/18** | $12699 | $14684 |
| **2/28/18** | $12127 | $14007 |
| **3/31/18** | $11988 | $13747 |
| **4/30/18** | $11841 | $13686 |
| **5/31/18** | $11465 | $13201 |
| **6/30/18** | $10967 | $12652 |
| **7/31/18** | $11122 | $12930 |
| **8/31/18** | $10844 | $12581 |
| **9/30/18** | $10705 | $12514 |
| **10/31/18** | $9798 | $11424 |
| **11/30/18** | $10199 | $11895 |
| **12/31/18** | $9885 | $11580 |
| **1/31/19** | $10724 | $12594 |
| **2/28/19** | $10766 | $12622 |
| **3/31/19** | $10899 | $12728 |
| **4/30/19** | $11106 | $12996 |
| **5/31/19** | $10408 | $12053 |
| **6/30/19** | $10990 | $12805 |
| **7/31/19** | $10799 | $12649 |
| **8/31/19** | $10433 | $12032 |
| **9/30/19** | $10566 | $12262 |
| **10/31/19** | $11031 | $12779 |
| **11/30/19** | $11031 | $12761 |
| **12/31/19** | $11736 | $13713 |
| **1/31/20** | $11175 | $13074 |
| **2/29/20** | $10647 | $12384 |
| **3/31/20** | $8670 | $10477 |
| **4/30/20** | $9600 | $11436 |
| **5/31/20** | $9776 | $11524 |
| **6/30/20** | $10530 | $12371 |
| **7/31/20** | $11552 | $13477 |
| **8/31/20** | $11845 | $13775 |
| **9/30/20** | $11594 | $13554 |
| **10/31/20** | $11870 | $13833 |
| **11/30/20** | $12993 | $15113 |
| **12/31/20** | $14058 | $16223 |
| **1/31/21** | $14269 | $16721 |
| **2/28/21** | $14709 | $16849 |
| **3/31/21** | $14506 | $16594 |
| **4/30/21** | $14836 | $17007 |
| **5/31/21** | $15157 | $17402 |
| **6/30/21** | $15216 | $17432 |
| **7/31/21** | $14261 | $16259 |
| **8/31/21** | $14726 | $16684 |
| **9/30/21** | $14016 | $16021 |
| **10/31/21** | $14227 | $16179 |
| **11/30/21** | $13492 | $15520 |
| **12/31/21** | $13784 | $15811 |
| **1/31/22** | $13680 | $15512 |
| **2/28/22** | $13085 | $15048 |
| **3/31/22** | $12821 | $14708 |
| **4/30/22** | $11820 | $13890 |
| **5/31/22** | $11961 | $13951 |
| **6/30/22** | $11357 | $13024 |
| **7/31/22** | $11338 | $12992 |
| **8/31/22** | $11291 | $13046 |
| **9/30/22** | $10139 | $11517 |
| **10/31/22** | $9847 | $11159 |
| **11/30/22** | $11433 | $12815 |
| **12/31/22** | $11135 | $12634 |
| **1/31/23** | $12293 | $13632 |
| **2/28/23** | $11424 | $12748 |
| **3/31/23** | $11781 | $13134 |
| **4/30/23** | $11511 | $12985 |
| **5/31/23** | $11366 | $12767 |
| **6/30/23** | $11974 | $13252 |
| **7/31/23** | $12601 | $14077 |
| **8/31/23** | $11887 | $13210 |
| **9/30/23** | $11444 | $12864 |
| **10/31/23** | $10923 | $12365 |
| **11/30/23** | $11868 | $13354 |
| **12/31/23** | $12254 | $13876 |
| **1/31/24** | $11649 | $13232 |
| **2/29/24** | $12147 | $13861 |
| **3/31/24** | $12333 | $14205 |
| **4/30/24** | $12323 | $14268 |
| **5/31/24** | $12577 | $14349 |
| **6/30/24** | $12733 | $14915 |
| **7/31/24** | $12645 | $14959 |
| **8/31/24** | $12879 | $15201 |
| **9/30/24** | $13934 | $16216 |
| **10/31/24** | $13319 | $15495 |
| **11/30/24** | $12889 | $14938 |
| **12/31/24** | $12743 | $14917 |
| **1/31/25** | $12969 | $15184 |
| **2/28/25** | $12979 | $15258 |
| **3/31/25** | $13206 | $15354 |
| **4/30/25** | $13275 | $15556 |
| **5/31/25** | $13984 | $16220 |
| **6/30/25** | $14743 | $17195 |
| **7/31/25** | $14940 | $17530 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 18.15% | 5.28% | 4.69% |
| Class A with Load | 11.68% | 4.10% | 4.10% |
| MSCI Emerging Markets Index (net) | 17.18% | 5.40% | 5.77% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $460170773 |
| # of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid (includes Administration Fees) | $2951271 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Tencent Holdings Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 3.1 |
| Alibaba Group Holding Ltd. | 2.6 |
| MediaTek, Inc. | 2.5 |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg054.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 8.6% |
| Communication Services | 10.7% |
| Consumer Discretionary | 16.3% |
| Information Technology | 20.6% |
| Financials | 23.8% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> International Emerging Markets Equity Investments
S1796

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PCEMX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $131 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being underweight utilities and energy contributed to relative performance; from a country perspective, being underweight India and Saudi Arabia and overweight China contributed on a relative basis.

• Security selection in communication services had the most positive impact on performance, followed by selection in consumer discretionary and financials; from a country perspective, security selection in India and South Africa contributed to performance.

• Stock selection in MTN Group, Kuaishou Technology and Sea Limited contributed to performance.

**What didn't work:**

• Being overweight information technology detracted most from performance; from a country perspective, Taiwan and Brazil detracted from performance.

• From a security selection perspective, industrials detracted from performance the most. From a country perspective, China, South Korea and Poland detracted from performance.

• Stock selection in Xiaomi, Ivanhoe Mines, and Raia Drogasil detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI Emerging Markets Index (net)** |
| **7/31/15** | $10000 | $10000 |
| **8/31/15** | $9135 | $9096 |
| **9/30/15** | $8883 | $8822 |
| **10/31/15** | $9421 | $9451 |
| **11/30/15** | $9110 | $9083 |
| **12/31/15** | $8878 | $8880 |
| **1/31/16** | $8402 | $8304 |
| **2/29/16** | $8275 | $8290 |
| **3/31/16** | $9234 | $9387 |
| **4/30/16** | $9259 | $9438 |
| **5/31/16** | $8971 | $9086 |
| **6/30/16** | $9344 | $9450 |
| **7/31/16** | $9718 | $9925 |
| **8/31/16** | $9845 | $10172 |
| **9/30/16** | $9930 | $10303 |
| **10/31/16** | $9930 | $10327 |
| **11/30/16** | $9421 | $9852 |
| **12/31/16** | $9413 | $9873 |
| **1/31/17** | $9868 | $10414 |
| **2/28/17** | $10177 | $10733 |
| **3/31/17** | $10460 | $11003 |
| **4/30/17** | $10684 | $11244 |
| **5/31/17** | $10984 | $11577 |
| **6/30/17** | $11121 | $11693 |
| **7/31/17** | $11679 | $12390 |
| **8/31/17** | $11893 | $12667 |
| **9/30/17** | $11859 | $12616 |
| **10/31/17** | $12117 | $13059 |
| **11/30/17** | $12134 | $13085 |
| **12/31/17** | $12626 | $13555 |
| **1/31/18** | $13520 | $14684 |
| **2/28/18** | $12913 | $14007 |
| **3/31/18** | $12774 | $13747 |
| **4/30/18** | $12617 | $13686 |
| **5/31/18** | $12227 | $13201 |
| **6/30/18** | $11688 | $12652 |
| **7/31/18** | $11862 | $12930 |
| **8/31/18** | $11558 | $12581 |
| **9/30/18** | $11419 | $12514 |
| **10/31/18** | $10446 | $11424 |
| **11/30/18** | $10881 | $11895 |
| **12/31/18** | $10551 | $11580 |
| **1/31/19** | $11453 | $12594 |
| **2/28/19** | $11489 | $12622 |
| **3/31/19** | $11639 | $12728 |
| **4/30/19** | $11860 | $12996 |
| **5/31/19** | $11126 | $12053 |
| **6/30/19** | $11745 | $12805 |
| **7/31/19** | $11542 | $12649 |
| **8/31/19** | $11153 | $12032 |
| **9/30/19** | $11294 | $12262 |
| **10/31/19** | $11798 | $12779 |
| **11/30/19** | $11798 | $12761 |
| **12/31/19** | $12557 | $13713 |
| **1/31/20** | $11958 | $13074 |
| **2/29/20** | $11395 | $12384 |
| **3/31/20** | $9277 | $10477 |
| **4/30/20** | $10278 | $11436 |
| **5/31/20** | $10466 | $11524 |
| **6/30/20** | $11279 | $12371 |
| **7/31/20** | $12378 | $13477 |
| **8/31/20** | $12691 | $13775 |
| **9/30/20** | $12432 | $13554 |
| **10/31/20** | $12727 | $13833 |
| **11/30/20** | $13933 | $15113 |
| **12/31/20** | $15084 | $16223 |
| **1/31/21** | $15310 | $16721 |
| **2/28/21** | $15789 | $16849 |
| **3/31/21** | $15563 | $16594 |
| **4/30/21** | $15933 | $17007 |
| **5/31/21** | $16268 | $17402 |
| **6/30/21** | $16340 | $17432 |
| **7/31/21** | $15319 | $16259 |
| **8/31/21** | $15816 | $16684 |
| **9/30/21** | $15066 | $16021 |
| **10/31/21** | $15300 | $16179 |
| **11/30/21** | $14505 | $15520 |
| **12/31/21** | $14822 | $15811 |
| **1/31/22** | $14721 | $15512 |
| **2/28/22** | $14073 | $15048 |
| **3/31/22** | $13790 | $14708 |
| **4/30/22** | $12718 | $13890 |
| **5/31/22** | $12880 | $13951 |
| **6/30/22** | $12222 | $13024 |
| **7/31/22** | $12212 | $12992 |
| **8/31/22** | $12161 | $13046 |
| **9/30/22** | $10927 | $11517 |
| **10/31/22** | $10613 | $11159 |
| **11/30/22** | $12323 | $12815 |
| **12/31/22** | $12010 | $12634 |
| **1/31/23** | $13255 | $13632 |
| **2/28/23** | $12321 | $12748 |
| **3/31/23** | $12705 | $13134 |
| **4/30/23** | $12415 | $12985 |
| **5/31/23** | $12270 | $12767 |
| **6/30/23** | $12923 | $13252 |
| **7/31/23** | $13608 | $14077 |
| **8/31/23** | $12840 | $13210 |
| **9/30/23** | $12363 | $12864 |
| **10/31/23** | $11793 | $12365 |
| **11/30/23** | $12830 | $13354 |
| **12/31/23** | $13249 | $13876 |
| **1/31/24** | $12586 | $13232 |
| **2/29/24** | $13134 | $13861 |
| **3/31/24** | $13334 | $14205 |
| **4/30/24** | $13334 | $14268 |
| **5/31/24** | $13607 | $14349 |
| **6/30/24** | $13776 | $14915 |
| **7/31/24** | $13681 | $14959 |
| **8/31/24** | $13944 | $15201 |
| **9/30/24** | $15091 | $16216 |
| **10/31/24** | $14428 | $15495 |
| **11/30/24** | $13965 | $14938 |
| **12/31/24** | $13801 | $14917 |
| **1/31/25** | $14057 | $15184 |
| **2/28/25** | $14067 | $15258 |
| **3/31/25** | $14323 | $15354 |
| **4/30/25** | $14397 | $15556 |
| **5/31/25** | $15164 | $16220 |
| **6/30/25** | $15995 | $17195 |
| **7/31/25** | $16218 | $17530 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 18.55% | 5.55% | 4.95% |
| MSCI Emerging Markets Index (net) | 17.18% | 5.40% | 5.77% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $460170773 |
| # of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid (includes Administration Fees) | $2951271 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Tencent Holdings Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 3.1 |
| Alibaba Group Holding Ltd. | 2.6 |
| MediaTek, Inc. | 2.5 |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg065.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 8.6% |
| Communication Services | 10.7% |
| Consumer Discretionary | 16.3% |
| Information Technology | 20.6% |
| Financials | 23.8% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> International Emerging Markets Equity Investments
S1797

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P2

# PWETX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> International Emerging Markets Equity Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. **This report describes notable changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $97 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Being underweight utilities and energy contributed to relative performance; from a country perspective, being underweight India and Saudi Arabia and overweight China contributed on a relative basis.

• Security selection in communication services had the most positive impact on performance, followed by selection in consumer discretionary and financials; from a country perspective, security selection in India and South Africa contributed to performance.

• Stock selection in MTN Group, Kuaishou Technology and Sea Limited contributed to performance.

**What didn't work:**

• Being overweight information technology detracted most from performance; from a country perspective, Taiwan and Brazil detracted from performance.

• From a security selection perspective, industrials detracted from performance the most. From a country perspective, China, South Korea and Poland detracted from performance.

• Stock selection in Xiaomi, Ivanhoe Mines, and Raia Drogasil detracted from performance. The Fund continued to hold these positions subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P2

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg027.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P2** | **MSCI Emerging Markets Index (net)** |
| **3/17/23** | $10000 | $10000 |
| **3/31/23** | $10506 | $10422 |
| **4/30/23** | $10283 | $10304 |
| **5/31/23** | $10154 | $10130 |
| **6/30/23** | $10703 | $10515 |
| **7/31/23** | $11269 | $11170 |
| **8/31/23** | $10635 | $10482 |
| **9/30/23** | $10249 | $10208 |
| **10/31/23** | $9777 | $9811 |
| **11/30/23** | $10635 | $10596 |
| **12/31/23** | $10987 | $11010 |
| **1/31/24** | $10449 | $10499 |
| **2/29/24** | $10892 | $10999 |
| **3/31/24** | $11066 | $11271 |
| **4/30/24** | $11066 | $11322 |
| **5/31/24** | $11291 | $11385 |
| **6/30/24** | $11439 | $11835 |
| **7/31/24** | $11370 | $11870 |
| **8/31/24** | $11587 | $12061 |
| **9/30/24** | $12542 | $12867 |
| **10/31/24** | $11995 | $12295 |
| **11/30/24** | $11604 | $11853 |
| **12/31/24** | $11483 | $11837 |
| **1/31/25** | $11693 | $12048 |
| **2/28/25** | $11710 | $12106 |
| **3/31/25** | $11920 | $12183 |
| **4/30/25** | $11990 | $12343 |
| **5/31/25** | $12628 | $12870 |
| **6/30/25** | $13327 | $13644 |
| **7/31/25** | $13510 | $13910 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception 3/17/23** |
| Class P2 | 18.83% | 13.52% |
| MSCI Emerging Markets Index (net) | 17.18% | 14.92% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $460170773 |
| # of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid (includes Administration Fees) | $2951271 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| Tencent Holdings Ltd. | 4.7 |
| Samsung Electronics Co. Ltd. | 3.1 |
| Alibaba Group Holding Ltd. | 2.6 |
| MediaTek, Inc. | 2.5 |

---

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

# Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg010.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 8.6% |
| Communication Services | 10.7% |
| Consumer Discretionary | 16.3% |
| Information Technology | 20.6% |
| Financials | 23.8% |

---

## Notable Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2024.

The annual operating expenses for Class P2 of the Fund declined from 0.93% for the fiscal year ended July 31, 2024 to 0.89 % for the fiscal year ended July 31, 2025. The notable increase in the net assets of Class P2 from the fiscal year ended July 31, 2024 to the fiscal year ended July 31, 2025 diluted the impact of fixed costs incurred by the Fund. There is no expense cap agreement with Class P2 so the annual operating expense ratio may fluctuate.

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> International Emerging Markets Equity Investments
S1799

# Class P2
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PREAX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Global Real Estate Securities Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $142 | 1.45% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Stock selection within residential real estate investment trusts (REITs) contributed the most to performance.

• An overweight to ex-ante beta from the Barra Risk Model was beneficial during the period.

• Individually, overweighting Charter Hall Group and Ventas Inc. and not owning Public Storage contributed to relative performance.

**What didn't work:**

• Stock selection in real estate management & development detracted the most from performance, followed by industrial REITs and retail REITs.

• An underweight allocation to real estate management & development and health care REITS detracted from performance.

• On an individual security basis, not owning Welltower Inc., being underweight Simon Property Group Inc., and being overweight Rexford Industrial Realty detracted. The Fund continued to hold Simon Property Group Inc. and Rexford Industrial Realty subsequent to the fiscal year ended July 31, 2025.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg043.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **FTSE EPRA/NAREIT Developed Index** | **MSCI World Index (net)** |
| **7/31/15** | $9447 | $10000 | $10000 |
| **8/31/15** | $8881 | $9411 | $9338 |
| **9/30/15** | $8868 | $9527 | $8994 |
| **10/31/15** | $9421 | $10073 | $9707 |
| **11/30/15** | $9107 | $9855 | $9658 |
| **12/31/15** | $9150 | $9947 | $9488 |
| **1/31/16** | $8594 | $9523 | $8921 |
| **2/29/16** | $8569 | $9570 | $8854 |
| **3/31/16** | $9460 | $10487 | $9455 |
| **4/30/16** | $9525 | $10483 | $9605 |
| **5/31/16** | $9473 | $10486 | $9659 |
| **6/30/16** | $9835 | $10880 | $9551 |
| **7/31/16** | $10378 | $11430 | $9954 |
| **8/31/16** | $10313 | $11138 | $9962 |
| **9/30/16** | $10184 | $11038 | $10015 |
| **10/31/16** | $9615 | $10414 | $9821 |
| **11/30/16** | $9447 | $10133 | $9963 |
| **12/31/16** | $9702 | $10442 | $10201 |
| **1/31/17** | $9823 | $10502 | $10447 |
| **2/28/17** | $10052 | $10836 | $10737 |
| **3/31/17** | $9971 | $10682 | $10852 |
| **4/30/17** | $10173 | $10805 | $11012 |
| **5/31/17** | $10146 | $10907 | $11245 |
| **6/30/17** | $10227 | $11003 | $11288 |
| **7/31/17** | $10362 | $11209 | $11559 |
| **8/31/17** | $10335 | $11231 | $11575 |
| **9/30/17** | $10321 | $11206 | $11835 |
| **10/31/17** | $10294 | $11156 | $12058 |
| **11/30/17** | $10483 | $11472 | $12320 |
| **12/31/17** | $10711 | $11635 | $12486 |
| **1/31/18** | $10697 | $11638 | $13145 |
| **2/28/18** | $9856 | $10865 | $12601 |
| **3/31/18** | $10206 | $11134 | $12326 |
| **4/30/18** | $10445 | $11360 | $12468 |
| **5/31/18** | $10515 | $11559 | $12546 |
| **6/30/18** | $10711 | $11741 | $12540 |
| **7/31/18** | $10725 | $11845 | $12932 |
| **8/31/18** | $10739 | $11966 | $13092 |
| **9/30/18** | $10487 | $11723 | $13165 |
| **10/31/18** | $10080 | $11293 | $12198 |
| **11/30/18** | $10431 | $11719 | $12336 |
| **12/31/18** | $9806 | $11083 | $11398 |
| **1/31/19** | $10878 | $12292 | $12285 |
| **2/28/19** | $10921 | $12281 | $12655 |
| **3/31/19** | $11298 | $12730 | $12821 |
| **4/30/19** | $11139 | $12568 | $13276 |
| **5/31/19** | $11095 | $12542 | $12510 |
| **6/30/19** | $11269 | $12756 | $13334 |
| **7/31/19** | $11211 | $12807 | $13400 |
| **8/31/19** | $11443 | $13055 | $13126 |
| **9/30/19** | $11674 | $13377 | $13405 |
| **10/31/19** | $11950 | $13715 | $13746 |
| **11/30/19** | $11761 | $13555 | $14129 |
| **12/31/19** | $11810 | $13639 | $14552 |
| **1/31/20** | $11764 | $13759 | $14464 |
| **2/29/20** | $10762 | $12631 | $13241 |
| **3/31/20** | $8425 | $9775 | $11489 |
| **4/30/20** | $8911 | $10471 | $12744 |
| **5/31/20** | $8986 | $10501 | $13360 |
| **6/30/20** | $9123 | $10784 | $13713 |
| **7/31/20** | $9305 | $11092 | $14369 |
| **8/31/20** | $9563 | $11378 | $15329 |
| **9/30/20** | $9199 | $11035 | $14800 |
| **10/31/20** | $8880 | $10672 | $14346 |
| **11/30/20** | $10140 | $12084 | $16181 |
| **12/31/20** | $10483 | $12523 | $16867 |
| **1/31/21** | $10358 | $12426 | $16699 |
| **2/28/21** | $11136 | $12905 | $17127 |
| **3/31/21** | $11509 | $13289 | $17697 |
| **4/30/21** | $12256 | $14151 | $18520 |
| **5/31/21** | $12520 | $14411 | $18787 |
| **6/30/21** | $12598 | $14541 | $19067 |
| **7/31/21** | $13095 | $15104 | $19409 |
| **8/31/21** | $13158 | $15308 | $19892 |
| **9/30/21** | $12411 | $14435 | $19066 |
| **10/31/21** | $13080 | $15301 | $20146 |
| **11/30/21** | $12955 | $14967 | $19704 |
| **12/31/21** | $13906 | $15932 | $20546 |
| **1/31/22** | $12817 | $15020 | $19459 |
| **2/28/22** | $12449 | $14655 | $18967 |
| **3/31/22** | $12865 | $15331 | $19488 |
| **4/30/22** | $12353 | $14497 | $17869 |
| **5/31/22** | $11809 | $13877 | $17882 |
| **6/30/22** | $10753 | $12689 | $16333 |
| **7/31/22** | $11617 | $13703 | $17630 |
| **8/31/22** | $10785 | $12821 | $16893 |
| **9/30/22** | $9361 | $11244 | $15323 |
| **10/31/22** | $9649 | $11584 | $16423 |
| **11/30/22** | $10433 | $12369 | $17565 |
| **12/31/22** | $10035 | $12043 | $16819 |
| **1/31/23** | $11001 | $13129 | $18009 |
| **2/28/23** | $10437 | $12555 | $17576 |
| **3/31/23** | $10260 | $12168 | $18119 |
| **4/30/23** | $10437 | $12404 | $18437 |
| **5/31/23** | $9954 | $11857 | $18253 |
| **6/30/23** | $10308 | $12234 | $19357 |
| **7/31/23** | $10614 | $12701 | $20007 |
| **8/31/23** | $10276 | $12282 | $19529 |
| **9/30/23** | $9568 | $11550 | $18687 |
| **10/31/23** | $9100 | $11001 | $18144 |
| **11/30/23** | $10196 | $12176 | $19845 |
| **12/31/23** | $11133 | $13350 | $20820 |
| **1/31/24** | $10644 | $12818 | $21070 |
| **2/29/24** | $10726 | $12748 | $21963 |
| **3/31/24** | $11084 | $13210 | $22669 |
| **4/30/24** | $10220 | $12428 | $21827 |
| **5/31/24** | $10644 | $12860 | $22801 |
| **6/30/24** | $10644 | $12927 | $23265 |
| **7/31/24** | $11247 | $13713 | $23675 |
| **8/31/24** | $11752 | $14579 | $24301 |
| **9/30/24** | $12078 | $15038 | $24746 |
| **10/31/24** | $11443 | $14283 | $24255 |
| **11/30/24** | $11671 | $14630 | $25368 |
| **12/31/24** | $10782 | $13617 | $24707 |
| **1/31/25** | $10848 | $13859 | $25579 |
| **2/28/25** | $11014 | $14174 | $25395 |
| **3/31/25** | $10682 | $13869 | $24264 |
| **4/30/25** | $10732 | $14008 | $24480 |
| **5/31/25** | $11030 | $14373 | $25929 |
| **6/30/25** | $11097 | $14524 | $27048 |
| **7/31/25** | $10815 | $14360 | $27396 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | (3.84%) | 3.05% | 1.36% |
| Class A with Load | (9.11%) | 1.88% | 0.79% |
| FTSE EPRA/NAREIT Developed Index | 4.72% | 5.30% | 3.68% |
| MSCI World Index (net) | 15.72% | 13.78% | 10.60% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $53004486 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (includes Administration Fees) | $89181 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 6.7% |
| Equinix, Inc. | 5.0 |
| Goodman Group | 4.4 |
| Digital Realty Trust, Inc. | 4.2 |
| Ventas, Inc. | 3.4 |

---

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

# Class A

## Top 5 Countries (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg060.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.7% |
| United Kingdom | 7.5% |
| Japan | 7.6% |
| Australia | 8.8% |
| United States | 70.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Global Real Estate Securities Investments
S1830

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PREQX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Global Real Estate Securities Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $118 | 1.20% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Stock selection within residential real estate investment trusts (REITs) contributed the most to performance.

• An overweight to ex-ante beta from the Barra Risk Model was beneficial during the period.

• Individually, overweighting Charter Hall Group and Ventas Inc. and not owning Public Storage contributed to relative performance.

**What didn't work:**

• Stock selection in real estate management & development detracted the most from performance, followed by industrial REITs and retail REITs.

• An underweight allocation to real estate management & development and health care REITS detracted from performance.

• On an individual security basis, not owning Welltower Inc., being underweight Simon Property Group Inc., and being overweight Rexford Industrial Realty detracted. The Fund continued to hold Simon Property Group Inc. and Rexford Industrial Realty subsequent to the fiscal year ended July 31, 2025.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg064.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **FTSE EPRA/NAREIT Developed Index** | **MSCI World Index (net)** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **8/31/15** | $9409 | $9411 | $9338 |
| **9/30/15** | $9396 | $9527 | $8994 |
| **10/31/15** | $9986 | $10073 | $9707 |
| **11/30/15** | $9657 | $9855 | $9658 |
| **12/31/15** | $9693 | $9947 | $9488 |
| **1/31/16** | $9112 | $9523 | $8921 |
| **2/29/16** | $9083 | $9570 | $8854 |
| **3/31/16** | $10034 | $10487 | $9455 |
| **4/30/16** | $10105 | $10483 | $9605 |
| **5/31/16** | $10048 | $10486 | $9659 |
| **6/30/16** | $10446 | $10880 | $9551 |
| **7/31/16** | $11013 | $11430 | $9954 |
| **8/31/16** | $10942 | $11138 | $9962 |
| **9/30/16** | $10800 | $11038 | $10015 |
| **10/31/16** | $10219 | $10414 | $9821 |
| **11/30/16** | $10034 | $10133 | $9963 |
| **12/31/16** | $10306 | $10442 | $10201 |
| **1/31/17** | $10440 | $10502 | $10447 |
| **2/28/17** | $10692 | $10836 | $10737 |
| **3/31/17** | $10603 | $10682 | $10852 |
| **4/30/17** | $10826 | $10805 | $11012 |
| **5/31/17** | $10781 | $10907 | $11245 |
| **6/30/17** | $10885 | $11003 | $11288 |
| **7/31/17** | $11034 | $11209 | $11559 |
| **8/31/17** | $11004 | $11231 | $11575 |
| **9/30/17** | $10974 | $11206 | $11835 |
| **10/31/17** | $10960 | $11156 | $12058 |
| **11/30/17** | $11153 | $11472 | $12320 |
| **12/31/17** | $11409 | $11635 | $12486 |
| **1/31/18** | $11393 | $11638 | $13145 |
| **2/28/18** | $10509 | $10865 | $12601 |
| **3/31/18** | $10881 | $11134 | $12326 |
| **4/30/18** | $11130 | $11360 | $12468 |
| **5/31/18** | $11223 | $11559 | $12546 |
| **6/30/18** | $11425 | $11741 | $12540 |
| **7/31/18** | $11440 | $11845 | $12932 |
| **8/31/18** | $11456 | $11966 | $13092 |
| **9/30/18** | $11176 | $11723 | $13165 |
| **10/31/18** | $10757 | $11293 | $12198 |
| **11/30/18** | $11130 | $11719 | $12336 |
| **12/31/18** | $10474 | $11083 | $11398 |
| **1/31/19** | $11616 | $12292 | $12285 |
| **2/28/19** | $11665 | $12281 | $12655 |
| **3/31/19** | $12067 | $12730 | $12821 |
| **4/30/19** | $11906 | $12568 | $13276 |
| **5/31/19** | $11858 | $12542 | $12510 |
| **6/30/19** | $12051 | $12756 | $13334 |
| **7/31/19** | $12003 | $12807 | $13400 |
| **8/31/19** | $12244 | $13055 | $13126 |
| **9/30/19** | $12485 | $13377 | $13405 |
| **10/31/19** | $12791 | $13715 | $13746 |
| **11/30/19** | $12582 | $13555 | $14129 |
| **12/31/19** | $12640 | $13639 | $14552 |
| **1/31/20** | $12589 | $13759 | $14464 |
| **2/29/20** | $11539 | $12631 | $13241 |
| **3/31/20** | $9014 | $9775 | $11489 |
| **4/30/20** | $9539 | $10471 | $12744 |
| **5/31/20** | $9641 | $10501 | $13360 |
| **6/30/20** | $9777 | $10784 | $13713 |
| **7/31/20** | $9980 | $11092 | $14369 |
| **8/31/20** | $10268 | $11378 | $15329 |
| **9/30/20** | $9861 | $11035 | $14800 |
| **10/31/20** | $9539 | $10672 | $14346 |
| **11/30/20** | $10878 | $12084 | $16181 |
| **12/31/20** | $11255 | $12523 | $16867 |
| **1/31/21** | $11133 | $12426 | $16699 |
| **2/28/21** | $11951 | $12905 | $17127 |
| **3/31/21** | $12370 | $13289 | $17697 |
| **4/30/21** | $13171 | $14151 | $18520 |
| **5/31/21** | $13467 | $14411 | $18787 |
| **6/30/21** | $13537 | $14541 | $19067 |
| **7/31/21** | $14077 | $15104 | $19409 |
| **8/31/21** | $14147 | $15308 | $19892 |
| **9/30/21** | $13345 | $14435 | $19066 |
| **10/31/21** | $14077 | $15301 | $20146 |
| **11/30/21** | $13937 | $14967 | $19704 |
| **12/31/21** | $14969 | $15932 | $20546 |
| **1/31/22** | $13800 | $15020 | $19459 |
| **2/28/22** | $13404 | $14655 | $18967 |
| **3/31/22** | $13854 | $15331 | $19488 |
| **4/30/22** | $13296 | $14497 | $17869 |
| **5/31/22** | $12720 | $13877 | $17882 |
| **6/30/22** | $11587 | $12689 | $16333 |
| **7/31/22** | $12523 | $13703 | $17630 |
| **8/31/22** | $11623 | $12821 | $16893 |
| **9/30/22** | $10094 | $11244 | $15323 |
| **10/31/22** | $10399 | $11584 | $16423 |
| **11/30/22** | $11245 | $12369 | $17565 |
| **12/31/22** | $10846 | $12043 | $16819 |
| **1/31/23** | $11884 | $13129 | $18009 |
| **2/28/23** | $11283 | $12555 | $17576 |
| **3/31/23** | $11065 | $12168 | $18119 |
| **4/30/23** | $11265 | $12404 | $18437 |
| **5/31/23** | $10737 | $11857 | $18253 |
| **6/30/23** | $11119 | $12234 | $19357 |
| **7/31/23** | $11465 | $12701 | $20007 |
| **8/31/23** | $11083 | $12282 | $19529 |
| **9/30/23** | $10337 | $11550 | $18687 |
| **10/31/23** | $9827 | $11001 | $18144 |
| **11/30/23** | $11010 | $12176 | $19845 |
| **12/31/23** | $12032 | $13350 | $20820 |
| **1/31/24** | $11515 | $12818 | $21070 |
| **2/29/24** | $11589 | $12748 | $21963 |
| **3/31/24** | $11977 | $13210 | $22669 |
| **4/30/24** | $11053 | $12428 | $21827 |
| **5/31/24** | $11515 | $12860 | $22801 |
| **6/30/24** | $11515 | $12927 | $23265 |
| **7/31/24** | $12180 | $13713 | $23675 |
| **8/31/24** | $12735 | $14579 | $24301 |
| **9/30/24** | $13086 | $15038 | $24746 |
| **10/31/24** | $12384 | $14283 | $24255 |
| **11/30/24** | $12642 | $14630 | $25368 |
| **12/31/24** | $11684 | $13617 | $24707 |
| **1/31/25** | $11759 | $13859 | $25579 |
| **2/28/25** | $11948 | $14174 | $25395 |
| **3/31/25** | $11571 | $13869 | $24264 |
| **4/30/25** | $11627 | $14008 | $24480 |
| **5/31/25** | $11966 | $14373 | $25929 |
| **6/30/25** | $12042 | $14524 | $27048 |
| **7/31/25** | $11740 | $14360 | $27396 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | (3.61%) | 3.30% | 1.62% |
| FTSE EPRA/NAREIT Developed Index | 4.72% | 5.30% | 3.68% |
| MSCI World Index (net) | 15.72% | 13.78% | 10.60% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $53004486 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (includes Administration Fees) | $89181 |

---

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

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Prologis, Inc. | 6.7% |
| Equinix, Inc. | 5.0 |
| Goodman Group | 4.4 |
| Digital Realty Trust, Inc. | 4.2 |
| Ventas, Inc. | 3.4 |

---

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

# Class P

## Top 5 Countries (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg025.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Hong Kong | 2.7% |
| United Kingdom | 7.5% |
| Japan | 7.6% |
| Australia | 8.8% |
| United States | 70.6% |

---

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

Phone: 1-800-647 1568

![QR Code](tm2519774d1_tsrimg063.jpg)

# PACE<sup>®</sup> Global Real Estate Securities Investments
S1831

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class A

# PASIX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. **This report describes notable changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $189 | 1.83% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Long-short equity managers contributed most to performance, followed by macro trading and relative value.

• Long-short equity managers like Allspring Global Investments, LLC; Kettle Hill Capital Management, LLC; and Electron Capital Partners, LLC benefited from strong equity market performance over the reporting period.

**What didn't work:**

• A position in a trend following manager was the largest detractor during the reporting period as the volatility across markets resulted in near term reversals which had a negative impact on the Fund's managed futures strategy.

• DLD Asset Management LP's (a former sub-advisor of the Fund) convertible arbitrage strategy produced modest results and that sub-advisor was subsequently replaced with Lazard Asset Management LLC and its convertible arbitrage strategy which produced more favorable performance during the reporting period.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period. Derivative use is relied upon for risk management and efficient implementation purposes.

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

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

# Class A

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg045.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A with Load** | **MSCI World Index (net)** | **FTSE Three-Month US Treasury Bill Index** | **HFRI Fund of Funds Composite Index** | **Bloomberg Global Aggregate Index** |
| **7/31/15** | $9447 | $10000 | $10000 | $10000 | $10000 |
| **8/31/15** | $9302 | $9338 | $10000 | $9800 | $10012 |
| **9/30/15** | $9243 | $8994 | $10001 | $9622 | $10063 |
| **10/31/15** | $9328 | $9707 | $10001 | $9704 | $10084 |
| **11/30/15** | $9336 | $9658 | $10001 | $9733 | $9917 |
| **12/31/15** | $9232 | $9488 | $10002 | $9692 | $9970 |
| **1/31/16** | $9127 | $8921 | $10003 | $9434 | $10056 |
| **2/29/16** | $9093 | $8854 | $10005 | $9321 | $10280 |
| **3/31/16** | $9119 | $9455 | $10007 | $9389 | $10558 |
| **4/30/16** | $9075 | $9605 | $10010 | $9438 | $10698 |
| **5/31/16** | $9093 | $9659 | $10012 | $9486 | $10555 |
| **6/30/16** | $9032 | $9551 | $10014 | $9442 | $10863 |
| **7/31/16** | $9119 | $9954 | $10016 | $9584 | $10945 |
| **8/31/16** | $9093 | $9962 | $10018 | $9626 | $10892 |
| **9/30/16** | $9066 | $10015 | $10021 | $9658 | $10952 |
| **10/31/16** | $9040 | $9821 | $10023 | $9631 | $10648 |
| **11/30/16** | $9032 | $9963 | $10026 | $9655 | $10225 |
| **12/31/16** | $9145 | $10201 | $10029 | $9741 | $10178 |
| **1/31/17** | $9171 | $10447 | $10033 | $9840 | $10292 |
| **2/28/17** | $9301 | $10737 | $10037 | $9929 | $10341 |
| **3/31/17** | $9292 | $10852 | $10041 | $9974 | $10357 |
| **4/30/17** | $9319 | $11012 | $10046 | $10024 | $10474 |
| **5/31/17** | $9319 | $11245 | $10052 | $10057 | $10636 |
| **6/30/17** | $9284 | $11288 | $10059 | $10054 | $10626 |
| **7/31/17** | $9319 | $11559 | $10067 | $10157 | $10805 |
| **8/31/17** | $9292 | $11575 | $10076 | $10241 | $10912 |
| **9/30/17** | $9353 | $11835 | $10085 | $10286 | $10814 |
| **10/31/17** | $9440 | $12058 | $10094 | $10405 | $10773 |
| **11/30/17** | $9501 | $12320 | $10103 | $10403 | $10892 |
| **12/31/17** | $9484 | $12486 | $10113 | $10499 | $10930 |
| **1/31/18** | $9684 | $13145 | $10124 | $10744 | $11060 |
| **2/28/18** | $9518 | $12601 | $10135 | $10579 | $10962 |
| **3/31/18** | $9423 | $12326 | $10148 | $10527 | $11079 |
| **4/30/18** | $9458 | $12468 | $10162 | $10548 | $10902 |
| **5/31/18** | $9371 | $12546 | $10177 | $10624 | $10819 |
| **6/30/18** | $9319 | $12540 | $10193 | $10575 | $10771 |
| **7/31/18** | $9432 | $12932 | $10209 | $10597 | $10753 |
| **8/31/18** | $9432 | $13092 | $10226 | $10621 | $10764 |
| **9/30/18** | $9414 | $13165 | $10244 | $10600 | $10671 |
| **10/31/18** | $9197 | $12198 | $10262 | $10291 | $10552 |
| **11/30/18** | $9232 | $12336 | $10281 | $10245 | $10585 |
| **12/31/18** | $8970 | $11398 | $10302 | $10077 | $10799 |
| **1/31/19** | $9248 | $12285 | $10323 | $10335 | $10963 |
| **2/28/19** | $9283 | $12655 | $10342 | $10445 | $10900 |
| **3/31/19** | $9310 | $12821 | $10363 | $10540 | $11037 |
| **4/30/19** | $9400 | $13276 | $10384 | $10635 | $11004 |
| **5/31/19** | $9283 | $12510 | $10406 | $10533 | $11153 |
| **6/30/19** | $9427 | $13334 | $10427 | $10697 | $11400 |
| **7/31/19** | $9480 | $13400 | $10448 | $10726 | $11369 |
| **8/31/19** | $9489 | $13126 | $10467 | $10643 | $11600 |
| **9/30/19** | $9489 | $13405 | $10485 | $10595 | $11482 |
| **10/31/19** | $9507 | $13746 | $10503 | $10649 | $11558 |
| **11/30/19** | $9480 | $14129 | $10519 | $10747 | $11471 |
| **12/31/19** | $9516 | $14552 | $10534 | $10922 | $11538 |
| **1/31/20** | $9596 | $14464 | $10548 | $10953 | $11685 |
| **2/29/20** | $9427 | $13241 | $10561 | $10785 | $11764 |
| **3/31/20** | $9122 | $11489 | $10575 | $9962 | $11500 |
| **4/30/20** | $9382 | $12744 | $10583 | $10301 | $11726 |
| **5/31/20** | $9534 | $13360 | $10588 | $10537 | $11777 |
| **6/30/20** | $9588 | $13713 | $10589 | $10744 | $11882 |
| **7/31/20** | $9883 | $14369 | $10590 | $10986 | $12261 |
| **8/31/20** | $9999 | $15329 | $10591 | $11221 | $12242 |
| **9/30/20** | $9954 | $14800 | $10592 | $11202 | $12198 |
| **10/31/20** | $9945 | $14346 | $10593 | $11237 | $12210 |
| **11/30/20** | $10249 | $16181 | $10594 | $11677 | $12432 |
| **12/31/20** | $10417 | $16867 | $10595 | $12110 | $12599 |
| **1/31/21** | $10323 | $16699 | $10596 | $12030 | $12488 |
| **2/28/21** | $10483 | $17127 | $10596 | $12370 | $12273 |
| **3/31/21** | $10520 | $17697 | $10597 | $12355 | $12037 |
| **4/30/21** | $10708 | $18520 | $10597 | $12619 | $12189 |
| **5/31/21** | $10736 | $18787 | $10597 | $12640 | $12303 |
| **6/30/21** | $10642 | $19067 | $10598 | $12710 | $12195 |
| **7/31/21** | $10595 | $19409 | $10598 | $12629 | $12357 |
| **8/31/21** | $10642 | $19892 | $10598 | $12786 | $12306 |
| **9/30/21** | $10548 | $19066 | $10598 | $12804 | $12087 |
| **10/31/21** | $10586 | $20146 | $10599 | $13005 | $12058 |
| **11/30/21** | $10445 | $19704 | $10599 | $12814 | $12022 |
| **12/31/21** | $10691 | $20546 | $10600 | $12858 | $12006 |
| **1/31/22** | $10541 | $19459 | $10600 | $12530 | $11760 |
| **2/28/22** | $10441 | $18967 | $10601 | $12456 | $11620 |
| **3/31/22** | $10521 | $19488 | $10603 | $12504 | $11266 |
| **4/30/22** | $10551 | $17869 | $10606 | $12353 | $10649 |
| **5/31/22** | $10591 | $17882 | $10611 | $12172 | $10678 |
| **6/30/22** | $10371 | $16333 | $10618 | $12011 | $10335 |
| **7/31/22** | $10471 | $17630 | $10629 | $12102 | $10555 |
| **8/31/22** | $10471 | $16893 | $10645 | $12168 | $10138 |
| **9/30/22** | $10321 | $15323 | $10666 | $11969 | $9618 |
| **10/31/22** | $10561 | $16423 | $10692 | $12020 | $9551 |
| **11/30/22** | $10681 | $17565 | $10723 | $12133 | $10001 |
| **12/31/22** | $10715 | $16819 | $10759 | $12175 | $10055 |
| **1/31/23** | $10807 | $18009 | $10799 | $12420 | $10385 |
| **2/28/23** | $10766 | $17576 | $10836 | $12352 | $10040 |
| **3/31/23** | $10653 | $18119 | $10880 | $12267 | $10357 |
| **4/30/23** | $10653 | $18437 | $10923 | $12301 | $10403 |
| **5/31/23** | $10551 | $18253 | $10969 | $12309 | $10200 |
| **6/30/23** | $10694 | $19357 | $11016 | $12454 | $10199 |
| **7/31/23** | $10786 | $20007 | $11066 | $12592 | $10269 |
| **8/31/23** | $10786 | $19529 | $11117 | $12574 | $10129 |
| **9/30/23** | $10786 | $18687 | $11168 | $12521 | $9833 |
| **10/31/23** | $10705 | $18144 | $11220 | $12385 | $9716 |
| **11/30/23** | $10960 | $19845 | $11272 | $12648 | $10205 |
| **12/31/23** | $11248 | $20820 | $11325 | $12915 | $10630 |
| **1/31/24** | $11248 | $21070 | $11377 | $13009 | $10483 |
| **2/29/24** | $11470 | $21963 | $11427 | $13236 | $10351 |
| **3/31/24** | $11703 | $22669 | $11480 | $13455 | $10408 |
| **4/30/24** | $11566 | $21827 | $11531 | $13395 | $10146 |
| **5/31/24** | $11703 | $22801 | $11585 | $13502 | $10278 |
| **6/30/24** | $11650 | $23265 | $11637 | $13542 | $10293 |
| **7/31/24** | $11778 | $23675 | $11691 | $13608 | $10577 |
| **8/31/24** | $11852 | $24301 | $11745 | $13667 | $10828 |
| **9/30/24** | $11979 | $24746 | $11797 | $13811 | $11012 |
| **10/31/24** | $11894 | $24255 | $11848 | $13835 | $10643 |
| **11/30/24** | $12159 | $25368 | $11895 | $14087 | $10679 |
| **12/31/24** | $11987 | $24707 | $11941 | $14097 | $10450 |
| **1/31/25** | $12102 | $25579 | $11987 | $14286 | $10510 |
| **2/28/25** | $12182 | $25395 | $12028 | $14210 | $10660 |
| **3/31/25** | $12090 | $24264 | $12073 | $14044 | $10725 |
| **4/30/25** | $12170 | $24480 | $12116 | $14067 | $11041 |
| **5/31/25** | $12296 | $25929 | $12161 | $14259 | $11001 |
| **6/30/25** | $12422 | $27048 | $12205 | $14493 | $11210 |
| **7/31/25** | $12491 | $27396 | $12250 | $14605 | $11043 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 6.05% | 4.80% | 2.83% |
| Class A with Load | 0.19% | 3.62% | 2.25% |
| MSCI World Index (net) | 15.72% | 13.78% | 10.60% |
| FTSE Three-Month US Treasury Bill Index | 4.78% | 2.96% | 2.05% |
| HFRI Fund of Funds Composite Index | 7.33% | 5.86% | 3.86% |
| Bloomberg Global Aggregate Index | 4.41% | (2.07%) | 1.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $277843211 |
| # of Portfolio Holdings | 2369 |
| Portfolio Turnover Rate | 497% |
| Total Advisory Fees Paid (includes Administration Fees) | $2128101 |

---

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

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

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.1% |
| AQR Style Premia Alternative Fund, Class R6 | 1.8 |
| Western Digital Corp., 3.000%, due 11/15/28 | 0.9 |
| Sea Ltd., 2.375%, due 12/01/25 | 0.8 |
| European Residential Real Estate Investment Trust | 0.8 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.323%, due 08/05/25 | (3.9%) |
| SPDR S&P 500 ETF Trust | (1.4) |
| iShares Russell 2000 ETF | (1.1) |
| iShares Core S&P/TSX Capped Composite Index ETF | (0.9) |
| Western Digital Corp. | (0.9) |

---

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

# Class A

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg055.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 5.7% |
| Industrials | 6.5% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 8.6% |
| Technology | 10.3% |

---

## Notable Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2024.

At the recommendation of UBS Asset Management (Americas) LLC ("UBS AM"), the Board has appointed Lazard Asset Management LLC ("Lazard"), to serve as a new subadvisor to the Fund. Lazard assumed investment advisory responsibility with respect to a separate portion of the Fund's portfolio on November 29, 2024. In addition, at the recommendation of UBS AM, the Board terminated DLD Asset Management, LP as subadvisor to the Fund, effective as of the close of business on November 29, 2024.

The Board also approved a new subadvisory agreement with Aviva Investors Canada Inc. ("AIC") and terminated Aviva Investors Americas LLC ("AIA") as subadvisor to the Fund, effective as of January 24, 2025. The terms of the new subadvisory agreement with AIC (the "AIC Subadvisory Agreement") are substantially similar to those of the prior subadvisory agreement with AIA. The AIC Subadvisory Agreement has not resulted in any material changes to the management of the relevant portion of the Fund's assets, including to the relevant investment strategies or portfolio management team.

Additionally, at the recommendation of UBS AM, the Board terminated Magnetar Asset Management LLC ("Magnetar") as subadvisor to the Fund, effective as of the close of business on June 12, 2025. Lastly, UBS AM accepted the resignation of Allspring Global Investments, LLC ("Allspring") as a subadvisor to the Fund, effective as of June 13, 2025. Allspring resigned as a subadvisor to the Fund due to its decision to discontinue its Alternative Equity strategies and to close its Alternative Equity team, resulting in the termination of the long/short global equity strategy Allspring utilized for the Fund. The portions that Magnetar and Allspring had been managing were redistributed to other existing subadvisors within the Fund.

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Alternative Strategies Investments
S1822

# Class A
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P

# PASPX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. **This report describes notable changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $163 | 1.58% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Long-short equity managers contributed most to performance, followed by macro trading and relative value.

• Long-short equity managers like Allspring Global Investments, LLC; Kettle Hill Capital Management, LLC; and Electron Capital Partners, LLC benefited from strong equity market performance over the reporting period.

**What didn't work:**

• A position in a trend following manager was the largest detractor during the reporting period as the volatility across markets resulted in near term reversals which had a negative impact on the Fund's managed futures strategy.

• DLD Asset Management LP's (a former sub-advisor of the Fund) convertible arbitrage strategy produced modest results and that sub-advisor was subsequently replaced with Lazard Asset Management LLC and its convertible arbitrage strategy which produced more favorable performance during the reporting period.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period. Derivative use is relied upon for risk management and efficient implementation purposes.

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

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

# Class P

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg062.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P** | **MSCI World Index (net)** | **FTSE Three-Month US Treasury Bill Index** | **HFRI Fund of Funds Composite Index** | **Bloomberg Global Aggregate Index** |
| **7/31/15** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **8/31/15** | $9847 | $9338 | $10000 | $9800 | $10012 |
| **9/30/15** | $9793 | $8994 | $10001 | $9622 | $10063 |
| **10/31/15** | $9883 | $9707 | $10001 | $9704 | $10084 |
| **11/30/15** | $9892 | $9658 | $10001 | $9733 | $9917 |
| **12/31/15** | $9790 | $9488 | $10002 | $9692 | $9970 |
| **1/31/16** | $9678 | $8921 | $10003 | $9434 | $10056 |
| **2/29/16** | $9640 | $8854 | $10005 | $9321 | $10280 |
| **3/31/16** | $9678 | $9455 | $10007 | $9389 | $10558 |
| **4/30/16** | $9631 | $9605 | $10010 | $9438 | $10698 |
| **5/31/16** | $9650 | $9659 | $10012 | $9486 | $10555 |
| **6/30/16** | $9584 | $9551 | $10014 | $9442 | $10863 |
| **7/31/16** | $9687 | $9954 | $10016 | $9584 | $10945 |
| **8/31/16** | $9659 | $9962 | $10018 | $9626 | $10892 |
| **9/30/16** | $9631 | $10015 | $10021 | $9658 | $10952 |
| **10/31/16** | $9603 | $9821 | $10023 | $9631 | $10648 |
| **11/30/16** | $9594 | $9963 | $10026 | $9655 | $10225 |
| **12/31/16** | $9715 | $10201 | $10029 | $9741 | $10178 |
| **1/31/17** | $9752 | $10447 | $10033 | $9840 | $10292 |
| **2/28/17** | $9883 | $10737 | $10037 | $9929 | $10341 |
| **3/31/17** | $9874 | $10852 | $10041 | $9974 | $10357 |
| **4/30/17** | $9911 | $11012 | $10046 | $10024 | $10474 |
| **5/31/17** | $9911 | $11245 | $10052 | $10057 | $10636 |
| **6/30/17** | $9874 | $11288 | $10059 | $10054 | $10626 |
| **7/31/17** | $9920 | $11559 | $10067 | $10157 | $10805 |
| **8/31/17** | $9892 | $11575 | $10076 | $10241 | $10912 |
| **9/30/17** | $9958 | $11835 | $10085 | $10286 | $10814 |
| **10/31/17** | $10051 | $12058 | $10094 | $10405 | $10773 |
| **11/30/17** | $10116 | $12320 | $10103 | $10403 | $10892 |
| **12/31/17** | $10107 | $12486 | $10113 | $10499 | $10930 |
| **1/31/18** | $10321 | $13145 | $10124 | $10744 | $11060 |
| **2/28/18** | $10144 | $12601 | $10135 | $10579 | $10962 |
| **3/31/18** | $10042 | $12326 | $10148 | $10527 | $11079 |
| **4/30/18** | $10079 | $12468 | $10162 | $10548 | $10902 |
| **5/31/18** | $9995 | $12546 | $10177 | $10624 | $10819 |
| **6/30/18** | $9939 | $12540 | $10193 | $10575 | $10771 |
| **7/31/18** | $10051 | $12932 | $10209 | $10597 | $10753 |
| **8/31/18** | $10060 | $13092 | $10226 | $10621 | $10764 |
| **9/30/18** | $10042 | $13165 | $10244 | $10600 | $10671 |
| **10/31/18** | $9818 | $12198 | $10262 | $10291 | $10552 |
| **11/30/18** | $9855 | $12336 | $10281 | $10245 | $10585 |
| **12/31/18** | $9574 | $11398 | $10302 | $10077 | $10799 |
| **1/31/19** | $9882 | $12285 | $10323 | $10335 | $10963 |
| **2/28/19** | $9911 | $12655 | $10342 | $10445 | $10900 |
| **3/31/19** | $9949 | $12821 | $10363 | $10540 | $11037 |
| **4/30/19** | $10045 | $13276 | $10384 | $10635 | $11004 |
| **5/31/19** | $9920 | $12510 | $10406 | $10533 | $11153 |
| **6/30/19** | $10074 | $13334 | $10427 | $10697 | $11400 |
| **7/31/19** | $10141 | $13400 | $10448 | $10726 | $11369 |
| **8/31/19** | $10151 | $13126 | $10467 | $10643 | $11600 |
| **9/30/19** | $10151 | $13405 | $10485 | $10595 | $11482 |
| **10/31/19** | $10170 | $13746 | $10503 | $10649 | $11558 |
| **11/30/19** | $10141 | $14129 | $10519 | $10747 | $11471 |
| **12/31/19** | $10189 | $14552 | $10534 | $10922 | $11538 |
| **1/31/20** | $10276 | $14464 | $10548 | $10953 | $11685 |
| **2/29/20** | $10093 | $13241 | $10561 | $10785 | $11764 |
| **3/31/20** | $9775 | $11489 | $10575 | $9962 | $11500 |
| **4/30/20** | $10045 | $12744 | $10583 | $10301 | $11726 |
| **5/31/20** | $10218 | $13360 | $10588 | $10537 | $11777 |
| **6/30/20** | $10276 | $13713 | $10589 | $10744 | $11882 |
| **7/31/20** | $10593 | $14369 | $10590 | $10986 | $12261 |
| **8/31/20** | $10718 | $15329 | $10591 | $11221 | $12242 |
| **9/30/20** | $10680 | $14800 | $10592 | $11202 | $12198 |
| **10/31/20** | $10670 | $14346 | $10593 | $11237 | $12210 |
| **11/30/20** | $10997 | $16181 | $10594 | $11677 | $12432 |
| **12/31/20** | $11178 | $16867 | $10595 | $12110 | $12599 |
| **1/31/21** | $11077 | $16699 | $10596 | $12030 | $12488 |
| **2/28/21** | $11249 | $17127 | $10596 | $12370 | $12273 |
| **3/31/21** | $11299 | $17697 | $10597 | $12355 | $12037 |
| **4/30/21** | $11501 | $18520 | $10597 | $12619 | $12189 |
| **5/31/21** | $11532 | $18787 | $10597 | $12640 | $12303 |
| **6/30/21** | $11431 | $19067 | $10598 | $12710 | $12195 |
| **7/31/21** | $11390 | $19409 | $10598 | $12629 | $12357 |
| **8/31/21** | $11431 | $19892 | $10598 | $12786 | $12306 |
| **9/30/21** | $11340 | $19066 | $10598 | $12804 | $12087 |
| **10/31/21** | $11390 | $20146 | $10599 | $13005 | $12058 |
| **11/30/21** | $11228 | $19704 | $10599 | $12814 | $12022 |
| **12/31/21** | $11504 | $20546 | $10600 | $12858 | $12006 |
| **1/31/22** | $11342 | $19459 | $10600 | $12530 | $11760 |
| **2/28/22** | $11245 | $18967 | $10601 | $12456 | $11620 |
| **3/31/22** | $11321 | $19488 | $10603 | $12504 | $11266 |
| **4/30/22** | $11353 | $17869 | $10606 | $12353 | $10649 |
| **5/31/22** | $11407 | $17882 | $10611 | $12172 | $10678 |
| **6/30/22** | $11170 | $16333 | $10618 | $12011 | $10335 |
| **7/31/22** | $11288 | $17630 | $10629 | $12102 | $10555 |
| **8/31/22** | $11288 | $16893 | $10645 | $12168 | $10138 |
| **9/30/22** | $11116 | $15323 | $10666 | $11969 | $9618 |
| **10/31/22** | $11385 | $16423 | $10692 | $12020 | $9551 |
| **11/30/22** | $11515 | $17565 | $10723 | $12133 | $10001 |
| **12/31/22** | $11562 | $16819 | $10759 | $12175 | $10055 |
| **1/31/23** | $11651 | $18009 | $10799 | $12420 | $10385 |
| **2/28/23** | $11617 | $17576 | $10836 | $12352 | $10040 |
| **3/31/23** | $11496 | $18119 | $10880 | $12267 | $10357 |
| **4/30/23** | $11496 | $18437 | $10923 | $12301 | $10403 |
| **5/31/23** | $11397 | $18253 | $10969 | $12309 | $10200 |
| **6/30/23** | $11551 | $19357 | $11016 | $12454 | $10199 |
| **7/31/23** | $11651 | $20007 | $11066 | $12592 | $10269 |
| **8/31/23** | $11651 | $19529 | $11117 | $12574 | $10129 |
| **9/30/23** | $11662 | $18687 | $11168 | $12521 | $9833 |
| **10/31/23** | $11562 | $18144 | $11220 | $12385 | $9716 |
| **11/30/23** | $11849 | $19845 | $11272 | $12648 | $10205 |
| **12/31/23** | $12158 | $20820 | $11325 | $12915 | $10630 |
| **1/31/24** | $12158 | $21070 | $11377 | $13009 | $10483 |
| **2/29/24** | $12410 | $21963 | $11427 | $13236 | $10351 |
| **3/31/24** | $12662 | $22669 | $11480 | $13455 | $10408 |
| **4/30/24** | $12513 | $21827 | $11531 | $13395 | $10146 |
| **5/31/24** | $12674 | $22801 | $11585 | $13502 | $10278 |
| **6/30/24** | $12605 | $23265 | $11637 | $13542 | $10293 |
| **7/31/24** | $12743 | $23675 | $11691 | $13608 | $10577 |
| **8/31/24** | $12846 | $24301 | $11745 | $13667 | $10828 |
| **9/30/24** | $12972 | $24746 | $11797 | $13811 | $11012 |
| **10/31/24** | $12892 | $24255 | $11848 | $13835 | $10643 |
| **11/30/24** | $13178 | $25368 | $11895 | $14087 | $10679 |
| **12/31/24** | $12990 | $24707 | $11941 | $14097 | $10450 |
| **1/31/25** | $13127 | $25579 | $11987 | $14286 | $10510 |
| **2/28/25** | $13201 | $25395 | $12028 | $14210 | $10660 |
| **3/31/25** | $13114 | $24264 | $12073 | $14044 | $10725 |
| **4/30/25** | $13213 | $24480 | $12116 | $14067 | $11041 |
| **5/31/25** | $13337 | $25929 | $12161 | $14259 | $11001 |
| **6/30/25** | $13486 | $27048 | $12205 | $14493 | $11210 |
| **7/31/25** | $13561 | $27396 | $12250 | $14605 | $11043 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 6.42% | 5.06% | 3.09% |
| MSCI World Index (net) | 15.72% | 13.78% | 10.60% |
| FTSE Three-Month US Treasury Bill Index | 4.78% | 2.96% | 2.05% |
| HFRI Fund of Funds Composite Index | 7.33% | 5.86% | 3.86% |
| Bloomberg Global Aggregate Index | 4.41% | (2.07%) | 1.00% |

---

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $277843211 |
| # of Portfolio Holdings | 2369 |
| Portfolio Turnover Rate | 497% |
| Total Advisory Fees Paid (includes Administration Fees) | $2128101 |

---

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

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

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.1% |
| AQR Style Premia Alternative Fund, Class R6 | 1.8 |
| Western Digital Corp., 3.000%, due 11/15/28 | 0.9 |
| Sea Ltd., 2.375%, due 12/01/25 | 0.8 |
| European Residential Real Estate Investment Trust | 0.8 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.323%, due 08/05/25 | (3.9%) |
| SPDR S&P 500 ETF Trust | (1.4) |
| iShares Russell 2000 ETF | (1.1) |
| iShares Core S&P/TSX Capped Composite Index ETF | (0.9) |
| Western Digital Corp. | (0.9) |

---

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

# Class P

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg057.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 5.7% |
| Industrials | 6.5% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 8.6% |
| Technology | 10.3% |

---

## Notable Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2024.

At the recommendation of UBS Asset Management (Americas) LLC ("UBS AM"), the Board has appointed Lazard Asset Management LLC ("Lazard"), to serve as a new subadvisor to the Fund. Lazard assumed investment advisory responsibility with respect to a separate portion of the Fund's portfolio on November 29, 2024. In addition, at the recommendation of UBS AM, the Board terminated DLD Asset Management, LP as subadvisor to the Fund, effective as of the close of business on November 29, 2024.

The Board also approved a new subadvisory agreement with Aviva Investors Canada Inc. ("AIC") and terminated Aviva Investors Americas LLC ("AIA") as subadvisor to the Fund, effective as of January 24, 2025. The terms of the new subadvisory agreement with AIC (the "AIC Subadvisory Agreement") are substantially similar to those of the prior subadvisory agreement with AIA. The AIC Subadvisory Agreement has not resulted in any material changes to the management of the relevant portion of the Fund's assets, including to the relevant investment strategies or portfolio management team.

Additionally, at the recommendation of UBS AM, the Board terminated Magnetar Asset Management LLC ("Magnetar") as subadvisor to the Fund, effective as of the close of business on June 12, 2025. Lastly, UBS AM accepted the resignation of Allspring Global Investments, LLC ("Allspring") as a subadvisor to the Fund, effective as of June 13, 2025. Allspring resigned as a subadvisor to the Fund due to its decision to discontinue its Alternative Equity strategies and to close its Alternative Equity team, resulting in the termination of the long/short global equity strategy Allspring utilized for the Fund. The portions that Magnetar and Allspring had been managing were redistributed to other existing subadvisors within the Fund.

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Alternative Strategies Investments
S1823

# Class P
This page intentionally left blank.

![Image](tm2519774d1_tsrimg031.jpg)

Annual Shareholder Report

July 31, 2025

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

# Class P2

# PAPTX

## Fund Overview
This annual shareholder report contains important information about PACE<sup>®</sup> Alternative Strategies Investments for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at www.ubs.com/sec-port-info-pace. You can also request this information by contacting us at 1-800-647 1568. **This report describes notable changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P2 | $145 | 1.41% |

---

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• Long-short equity managers contributed most to performance, followed by macro trading and relative value.

• Long-short equity managers like Allspring Global Investments, LLC; Kettle Hill Capital Management, LLC; and Electron Capital Partners, LLC benefited from strong equity market performance over the reporting period.

**What didn't work:**

• A position in a trend following manager was the largest detractor during the reporting period as the volatility across markets resulted in near term reversals which had a negative impact on the Fund's managed futures strategy.

• DLD Asset Management LP's (a former sub-advisor of the Fund) convertible arbitrage strategy produced modest results and that sub-advisor was subsequently replaced with Lazard Asset Management LLC and its convertible arbitrage strategy which produced more favorable performance during the reporting period.

The Fund invested in derivatives such as options, futures, currency forward and futures agreements and swap agreements (specifically, interest rate swaps and swaps on futures or indices) during the reporting period. Derivative use is relied upon for risk management and efficient implementation purposes.

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

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

# Class P2

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm2519774d1_tsrimg018.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class P2** | **MSCI World Index (net)** | **FTSE Three-Month US Treasury Bill Index** | **HFRI Fund of Funds Composite Index** | **Bloomberg Global Aggregate Index** |
| **11/14/22** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **11/30/22** | $10095 | $10261 | $10015 | $10000 | $10129 |
| **12/31/22** | $10117 | $9825 | $10049 | $10035 | $10184 |
| **1/31/23** | $10185 | $10520 | $10086 | $10237 | $10518 |
| **2/28/23** | $10156 | $10267 | $10121 | $10181 | $10168 |
| **3/31/23** | $10030 | $10585 | $10162 | $10110 | $10490 |
| **4/30/23** | $10030 | $10770 | $10202 | $10139 | $10536 |
| **5/31/23** | $9923 | $10663 | $10245 | $10145 | $10330 |
| **6/30/23** | $10049 | $11307 | $10289 | $10265 | $10330 |
| **7/31/23** | $10146 | $11687 | $10336 | $10378 | $10401 |
| **8/31/23** | $10146 | $11408 | $10384 | $10364 | $10259 |
| **9/30/23** | $10156 | $10916 | $10431 | $10320 | $9959 |
| **10/31/23** | $10078 | $10599 | $10480 | $10208 | $9840 |
| **11/30/23** | $10330 | $11593 | $10528 | $10424 | $10336 |
| **12/31/23** | $10595 | $12162 | $10577 | $10645 | $10766 |
| **1/31/24** | $10605 | $12308 | $10627 | $10722 | $10617 |
| **2/29/24** | $10825 | $12830 | $10673 | $10909 | $10484 |
| **3/31/24** | $11056 | $13242 | $10722 | $11089 | $10542 |
| **4/30/24** | $10936 | $12750 | $10771 | $11041 | $10276 |
| **5/31/24** | $11066 | $13320 | $10821 | $11128 | $10410 |
| **6/30/24** | $11026 | $13591 | $10869 | $11161 | $10425 |
| **7/31/24** | $11146 | $13830 | $10920 | $11216 | $10713 |
| **8/31/24** | $11236 | $14196 | $10970 | $11265 | $10966 |
| **9/30/24** | $11356 | $14456 | $11018 | $11383 | $11153 |
| **10/31/24** | $11286 | $14169 | $11066 | $11403 | $10779 |
| **11/30/24** | $11546 | $14819 | $11110 | $11610 | $10816 |
| **12/31/24** | $11380 | $14433 | $11154 | $11619 | $10584 |
| **1/31/25** | $11498 | $14942 | $11197 | $11774 | $10644 |
| **2/28/25** | $11573 | $14835 | $11235 | $11712 | $10796 |
| **3/31/25** | $11498 | $14174 | $11276 | $11575 | $10863 |
| **4/30/25** | $11573 | $14300 | $11317 | $11594 | $11182 |
| **5/31/25** | $11681 | $15147 | $11359 | $11753 | $11142 |
| **6/30/25** | $11799 | $15800 | $11400 | $11943 | $11354 |
| **7/31/25** | $11852 | $16004 | $11442 | $12053 | $11184 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception 11/14/22** |
| Class P2 | 6.34% | 6.47% |
| MSCI World Index (net) | 15.72% | 18.95% |
| FTSE Three-Month US Treasury Bill Index | 4.78% | 5.10% |
| HFRI Fund of Funds Composite Index | 7.33% | 7.35% |
| Bloomberg Global Aggregate Index | 4.41% | 4.22% |

---

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

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

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

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $277843211 |
| # of Portfolio Holdings | 2369 |
| Portfolio Turnover Rate | 497% |
| Total Advisory Fees Paid (includes Administration Fees) | $2128101 |

---

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

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

---

| | |
|:---|:---|
| Carillon Reams Unconstrained Bond Fund, Class I | 5.1% |
| AQR Style Premia Alternative Fund, Class R6 | 1.8 |
| Western Digital Corp., 3.000%, due 11/15/28 | 0.9 |
| Sea Ltd., 2.375%, due 12/01/25 | 0.8 |
| European Residential Real Estate Investment Trust | 0.8 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.323%, due 08/05/25 | (3.9%) |
| SPDR S&P 500 ETF Trust | (1.4) |
| iShares Russell 2000 ETF | (1.1) |
| iShares Core S&P/TSX Capped Composite Index ETF | (0.9) |
| Western Digital Corp. | (0.9) |

---

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

# Class P2

## Top 5 Sectors (% of Net Assets)
![Group By Sector Chart](tm2519774d1_tsrimg059.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communications | 5.7% |
| Industrials | 6.5% |
| Consumer Discretionary | 8.0% |
| Consumer Staples | 8.6% |
| Technology | 10.3% |

---

## Notable Fund Changes
The below is a summary of certain changes that occurred since the Fund's prior fiscal year ended July 31, 2024.

The annual operating expenses for Class P2 of the Fund increased from 1.12% for the fiscal year ended July 31, 2024 to 1.41 % for the fiscal year ended July 31, 2025. The notable decrease in the net assets of Class P2 from the fiscal year ended July 31, 2024 to the fiscal year ended July 31, 2025 increased the impact of fixed costs incurred by the Fund. There is no expense cap agreement with Class P2 so the annual operating expense ratio may fluctuate.

At the recommendation of UBS Asset Management (Americas) LLC ("UBS AM"), the Board has appointed Lazard Asset Management LLC ("Lazard"), to serve as a new subadvisor to the Fund. Lazard assumed investment advisory responsibility with respect to a separate portion of the Fund's portfolio on November 29, 2024. In addition, at the recommendation of UBS AM, the Board terminated DLD Asset Management, LP as subadvisor to the Fund, effective as of the close of business on November 29, 2024.

The Board also approved a new subadvisory agreement with Aviva Investors Canada Inc. ("AIC") and terminated Aviva Investors Americas LLC ("AIA") as subadvisor to the Fund, effective as of January 24, 2025. The terms of the new subadvisory agreement with AIC (the "AIC Subadvisory Agreement") are substantially similar to those of the prior subadvisory agreement with AIA. The AIC Subadvisory Agreement has not resulted in any material changes to the management of the relevant portion of the Fund's assets, including to the relevant investment strategies or portfolio management team.

Additionally, at the recommendation of UBS AM, the Board terminated Magnetar Asset Management LLC ("Magnetar") as subadvisor to the Fund, effective as of the close of business on June 12, 2025. Lastly, UBS AM accepted the resignation of Allspring Global Investments, LLC ("Allspring") as a subadvisor to the Fund, effective as of June 13, 2025. Allspring resigned as a subadvisor to the Fund due to its decision to discontinue its Alternative Equity strategies and to close its Alternative Equity team, resulting in the termination of the long/short global equity strategy Allspring utilized for the Fund. The portions that Magnetar and Allspring had been managing were redistributed to other existing subadvisors within the Fund.

## Additional Information
If you wish to view the Fund's financial statements and holdings, please visit www.ubs.com/sec-port-info-pace. If you wish to view additional information about the Fund including, but not limited to, its prospectus and proxy voting information, please visit www.ubs.com/us/en/assetmanagement/funds/products/ii-pace.html and select the Resources tab.

![QR Code](tm2519774d1_tsrimg063.jpg)

Phone: 1-800-647 1568

# PACE<sup>®</sup> Alternative Strategies Investments
S1825

# Class P2
This page intentionally left blank.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>:

For the fiscal years ended July 31, 2025 and July 31, 2024, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $1,085,365 and $1,013,104, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>:

In each of the fiscal years ended July 31, 2025 and July 31, 2024, the aggregate audit-related fees billed by E&Y for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $45,651 and $44,974 respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2025 and 2024 semiannual financial statements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>:

In each of the fiscal years ended July 31, 2025 and July 31, 2024, the aggregate tax fees billed by E&Y for professional services rendered to the registrant were approximately $267,570 and $418,967, respectively.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>:

In each of the fiscal years ended July 31, 2025 and July 31, 2024, there were no fees billed by E&Y for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) <u>Audit Committee Pre-Approval Policies and Procedures</u>:

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

The [audit] Committee shall:

…

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-approve (a) all audit and permissible non-audit services<sup>1</sup> to be provided to the Fund and (b) all permissible non-audit
services to be provided by the Fund's independent auditors to UBS AM and any Covered Service Providers, if the engagement relates
directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek periodically
from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected to be rendered
to the Fund, UBS AM or any Covered Service Providers by the Fund's independent auditors, and an estimate of the fees sought to be
paid in connection with such services. The Committee has delegated its responsibility to pre-approve any such audit and permissible non-audit
services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such pre-approvals
will be reported to the full Committee on a quarterly basis at the Committee's next regularly scheduled meeting after the pre-approval.
The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent auditor. Requests
or applications to provide services that require specific pre-approval by the Committee or the Chairperson will be submitted by both the
Fund's independent auditors and the Fund's Treasurer or other designated Fund officer and must include a joint statement as to whether,
in their view, the request or application is consistent with SEC rules on auditor independence. From year to year, the Committee shall
report to the Board whether this system of pre-approval has been effective and efficient or whether this Charter should be amended to
allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including the delegation of some or all
of the Committee's pre-approval responsibilities to other persons (other than UBS AM or the Fund's officers).

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

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

<u>Audit-Related Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

<u>Tax Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

<u>All Other Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended July 31, 2025 and July 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the fiscal year ended July 31, 2025, if greater than 50%, specify the percentage of hours spent on the
audit of the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons
who are not full-time, permanent employees of E&Y. According to E&Y, such amount was below 50%, therefore disclosure item not
applicable to this filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For
the fiscal years ended July 31, 2025 and July 31, 2024, the aggregate fees billed by E&Y of $2,473,129 and $2,401,818, respectively,
for non-audit services rendered on behalf of the registrant ("covered"), its investment adviser (not including any sub-adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling,
controlled by, or under common control with the adviser ("non-covered") that provides ongoing services (or provided during
the relevant fiscal period) to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Covered Services | $313221 | $463941 |
| Non-Covered Services | $2159908 | $1937877 |

---

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

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

Not applicable to the registrant.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

(a) Copy of the most recent financial statements:

------

![](j25197742_ab001.jpg)

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

Annual Financial Statements \| July 31, 2025

------

---

| | |
|:---|:---|
| **Table of contents** | **Page** |
| [UBS Government Money Market Investments Fund](#UBSGoverMnyMrktInvesFund-2) | 2 |
| [PACE<sup>®</sup> Mortgage-Backed Securities Fixed Income Investments](#PACEMortSecurFixedIncomeInvest-2) | 4 |
| [PACE<sup>®</sup> Intermediate Fixed Income Investments](#PACEInterFixeIncoInvest-2) | 23 |
| [PACE<sup>®</sup> Strategic Fixed Income Investments](#PACEStrategicFixeIncoInvest2) | 32 |
| [PACE<sup>®</sup> Municipal Fixed Income Investments](#PACEMunicipalFixeIncoInvest-2) | 71 |
| [PACE<sup>®</sup> Global Fixed Income Investments](#PACEGlobalFixeIncoInvest-2) | 76 |
| [PACE<sup>®</sup> High Yield Investments](#PACEHighYieldInvestments-2) | 87 |
| [PACE<sup>®</sup> Large Co Value Equity Investments](#PACELargeCoValEquInvest-2) | 115 |
| [PACE<sup>®</sup> Large Co Growth Equity Investments](#PACELargeCoGroEquInvest-2) | 119 |
| [PACE<sup>®</sup> Small/Medium Co Value Equity Investments](#PACESmallMediumCoValEquInvest-2) | 122 |
| [PACE<sup>®</sup> Small/Medium Co Growth Equity Investments](#PACESmallMediumCoGroEquInvest-2) | 126 |
| [PACE<sup>®</sup> International Equity Investments](#PACEInterEquInvestments-2) | 132 |
| [PACE<sup>®</sup> International Emerging Markets Equity Investments](#PACEInterEmergMrktEquInvest-2) | 139 |
| [PACE<sup>®</sup> Global Real Estate Securities Investments](#PACEGlobalRealEstateSecurInvest-2) | 143 |
| [PACE<sup>®</sup> Alternative Strategies Investments](#PACEAlterStrategInvest-2) | 145 |
| [**Glossary of Terms used in the Portfolio of investments**](#GlossaryofTermsPortofinvest-2) | **187** |
| [**Statement of assets and liabilities**](#StatementofAssetsandLiabilities-2) | **188** |
| [**Statement of operations**](#StatementofOperations-2) | **198** |
| [**Statement of changes in net assets**](#StatementofChangesinNetAssets-2) | **203** |
| [**Statement of cash flows**](#StatementofCashFlows-2) | **211** |
| [**Financial highlights**](#FinancialHighlights-2) | **212** |
| [**Notes to financial statements**](#NotestoFinancialStatements-2) | **232** |

---

------

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—16.1%** | **U.S. government agency obligations—16.1%** | **U.S. government agency obligations—16.1%** |
| Federal Farm Credit Banks Funding Corp.<br>1 day USD SOFR + 0.060%, <br>4.380%, due 08/01/25<sup>1</sup> | $9000000 | $9000000 |
| 1 day USD SOFR + 0.090%, <br>4.410%, due 08/01/25<sup>1</sup> | 3000000 | 3000000 |
| 1 day USD SOFR + 0.105%, <br>4.425%, due 08/01/25<sup>1</sup> | 8000000 | 8000000 |
| 1 day USD SOFR + 0.115%,<br>4.435%, due 08/01/25<sup>1</sup> | 11000000 | 11000000 |
| 1 day USD SOFR + 0.120%,<br>4.440%, due 08/01/25<sup>1</sup> | 12000000 | 12003261 |
| 1 day USD SOFR + 0.125%,<br>4.445%, due 08/01/25<sup>1</sup> | 7000000 | 7000000 |
| 1 day USD SOFR + 0.130%,<br>4.450%, due 08/01/25<sup>1</sup> | 8000000 | 8000000 |
| 1 day USD SOFR + 0.155%,<br>4.475%, due 08/01/25<sup>1</sup> | 12000000 | 12000000 |
| 1 day USD SOFR + 0.160%,<br>4.480%, due 08/01/25<sup>1</sup> | 14000000 | 14000000 |
| Federal Home Loan Bank Discount Notes<br>3.985%, due 12/26/25<sup>2</sup> | 15000000 | 14755919 |
| 4.015%, due 10/17/25<sup>2</sup> | 11000000 | 10905536 |
| 4.020%, due 10/17/25<sup>2</sup> | 7000000 | 6939812 |
| 4.020%, due 01/22/26<sup>2</sup> | 15000000 | 14708550 |
| 4.030%, due 10/27/25<sup>2</sup> | 13000000 | 12873391 |
| 4.050%, due 10/20/25<sup>2</sup> | 15000000 | 14865000 |
| 4.060%, due 10/22/25<sup>2</sup> | 15000000 | 14861283 |
| 4.070%, due 12/19/25<sup>2</sup> | 15000000 | 14762583 |
| 4.100%, due 10/10/25<sup>2</sup> | 15000000 | 14880417 |
| 4.100%, due 12/05/25<sup>2</sup> | 15000000 | 14784750 |
| 4.100%, due 01/02/26<sup>2</sup> | 30000000 | 29473833 |
| 4.110%, due 10/06/25<sup>2</sup> | 30000000 | 29773950 |
| 4.140%, due 11/03/25<sup>2</sup> | 15000000 | 14837850 |
| 4.255%, due 10/09/25<sup>2</sup> | 15000000 | 14877669 |
| 4.260%, due 10/15/25<sup>2</sup> | 20000000 | 19822500 |
| Federal Home Loan Banks<br>1 day USD SOFR + 0.030%,<br>4.350%, due 08/01/25<sup>1</sup> | 17000000 | 16996914 |
| 1 day USD SOFR + 0.035%,<br>4.355%, due 08/01/25<sup>1</sup> | 16000000 | 16000000 |
| 1 day USD SOFR + 0.085%,<br>4.405%, due 08/01/25<sup>1</sup> | 8000000 | 8000000 |
| 1 day USD SOFR + 0.100%,<br>4.420%, due 08/01/25<sup>1</sup> | 44000000 | 44000000 |
| 1 day USD SOFR + 0.115%,<br>4.435%, due 08/01/25<sup>1</sup> | 20000000 | 20000000 |
| 1 day USD SOFR + 0.120%,<br>4.440%, due 08/01/25<sup>1</sup> | 7000000 | 7000000 |
| 1 day USD SOFR + 0.155%,<br>4.475%, due 08/01/25<sup>1</sup> | 12000000 | 12000000 |
| 1 day USD SOFR + 0.160%,<br>4.480%, due 08/01/25<sup>1</sup> | 10000000 | 10000000 |
| 1 day USD SOFR + 0.170%,<br>4.490%, due 08/01/25<sup>1</sup> | 12000000 | 12000000 |
| **Total U.S. government agency<br>obligations**<br> (cost—$473,123,218) | **Total U.S. government agency<br>obligations**<br> (cost—$473,123,218) | **473123218** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. Treasury obligations—33.1%** | **U.S. Treasury obligations—33.1%** | **U.S. Treasury obligations—33.1%** |
| U.S. Treasury Bills<br>4.256% due 01/02/26<sup>3</sup> | $30000000 | $29472550 |
| 4.261% due 01/22/26<sup>3</sup> | 30000000 | 29403325 |
| 4.266% due 01/29/26<sup>3</sup> | 30000000 | 29378567 |
| 4.271% due 01/15/26<sup>3</sup> | 30000000 | 29425938 |
| 4.293% due 01/08/26<sup>3</sup> | 30000000 | 29447333 |
| 4.329% due 12/02/25<sup>3</sup> | 30000000 | 29582508 |
| 4.340% due 10/30/25<sup>3</sup> | 30000000 | 29682375 |
| 4.344% due 11/25/25<sup>3</sup> | 30000000 | 29591583 |
| 4.346% due 10/23/25<sup>3</sup> | 30000000 | 29706733 |
| 4.350% due 11/18/25<sup>3</sup> | 45000000 | 44423663 |
| 4.351% due 10/16/25<sup>3</sup> | 45000000 | 44596725 |
| 4.355% due 11/12/25<sup>3</sup> | 45000000 | 44455387 |
| 4.361% due 10/09/25<sup>3</sup> | 45000000 | 44633006 |
| U.S. Treasury Floating Rate Notes<br>3 mo. Treasury money market yield + <br>0.098%, 4.384% due 08/01/25<sup>1</sup> | 41000000 | 40992324 |
| 3 mo. Treasury money market yield + <br>0.150%, 4.436% due 08/01/25<sup>1</sup> | 79000000 | 79000656 |
| 3 mo. Treasury money market yield + <br>0.160%, 4.446% due 08/01/25<sup>1</sup> | 30000000 | 30003996 |
| 3 mo. Treasury money market yield + <br>0.182%, 4.468% due 08/01/25<sup>1</sup> | 42000000 | 41985245 |
| 3 mo. Treasury money market yield + <br>0.205%, 4.491% due 08/01/25<sup>1</sup> | 87000000 | 87042523 |
| 3 mo. Treasury money market yield + <br>0.245%, 4.531% due 08/01/25<sup>1</sup> | 95000000 | 95011539 |
| U.S. Treasury Notes<br>3.625% due 05/15/26 | 15000000 | 14948488 |
| 3.750% due 04/15/26 | 15000000 | 14960466 |
| 3.875% due 01/15/26 | 14000000 | 13989854 |
| 4.250% due 01/31/26 | 37000000 | 37024104 |
| 4.500% due 03/31/26 | 30000000 | 30069631 |
| 4.625% due 03/15/26 | 14000000 | 14043181 |
| 4.875% due 04/30/26 | 30000000 | 30155157 |
| **Total U.S. Treasury obligations**<br> (cost—$973,026,857) | **Total U.S. Treasury obligations**<br> (cost—$973,026,857) | **973026857** |
| **Repurchase agreements—51.8%** | **Repurchase agreements—51.8%** | **Repurchase agreements—51.8%** |
| Repurchase agreement dated 07/31/25 <br>with Goldman Sachs & Co., 4.370% <br>due 08/01/25, collateralized by <br>$51,096,000 U.S. Treasury Notes, 4.000% <br>due 02/15/34, $700 U.S. Treasury Bonds, <br>2.875% due 05/15/49, $10,000 Federal <br>Home Loan Bank obligations, 2.740% <br>due 05/06/41, $2,000 Federal National <br>Mortgage Association obligations, 1.875% <br>due 09/24/26; (value—$51,000,021); <br>proceeds: $50,006,069 | 50000000 | 50000000 |

---

------

UBS Government Money Market Investments Fund

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** | **Repurchase agreements—(concluded)** |
| Repurchase agreement dated 07/31/25 <br>with Fixed Income Clearing Corp., 4.360% <br>due 08/01/25, collateralized by <br>$1,503,944,900 U.S. Treasury Notes, <br>3.875% to 4.625% due 06/15/27 to<br>07/31/27; (value—$1,502,582,580); <br>proceeds: $1,473,298,411 | $| 1473120000 | $1473120000 |
| **Total repurchase agreements**<br> (cost—$1,523,120,000) | **Total repurchase agreements**<br> (cost—$1,523,120,000) | **Total repurchase agreements**<br> (cost—$1,523,120,000) | **1523120000** |
| **Total investments**<br> (cost—$2,969,270,075 which <br>approximates cost for federal <br>income tax purposes)—101.0% | **Total investments**<br> (cost—$2,969,270,075 which <br>approximates cost for federal <br>income tax purposes)—101.0% | **Total investments**<br> (cost—$2,969,270,075 which <br>approximates cost for federal <br>income tax purposes)—101.0% | **2969270075** |
| Liabilities in excess of other assets—(1.0)% |  |  | (30340740) |
| **Net assets—100.0%** | **Net assets—100.0%** | **Net assets—100.0%** | $**2938929335** |

---

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable <br>inputs<br>(Level 3)** | **Total** |
| U.S. government agency obligations | $— | $473123218 | $— | $473123218 |
| U.S. Treasury obligations |  | 973026857 |  | 973026857 |
| Repurchase agreements |  | 1523120000 |  | 1523120000 |
| **Total** | $**—** | $**2969270075** | $**—** | $**2969270075** |

---

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

**Portfolio footnotes**

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

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

<sup>3</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—7.8%** | **Asset-backed securities—7.8%** | **Asset-backed securities—7.8%** |
| Ameriquest Mortgage Securities, Inc.<br>Asset-Backed Pass-Through Certificates,<br>Series 2005-R1, Class M4,<br>1 mo. USD Term SOFR + 1.224%,<br>5.577%, due 03/25/35<sup>1</sup> | $110576 | $109620 |
| Amortizing Residential Collateral Trust,<br>Series 2004-1, Class A5,<br>1 mo. USD Term SOFR + 1.114%,<br>5.467%, due 10/25/34<sup>1</sup> | 64950 | 64965 |
| Anchorage Capital CLO 28 Ltd.,<br>Series 2024-28A, Class A,<br>3 mo. USD Term SOFR + 1.700%,<br>6.026%, due 04/20/37<sup>1,2</sup> | 500000 | 501879 |
| Apex Credit CLO Ltd.,<br>Series 2024-1A, Class A1,<br>3 mo. USD Term SOFR + 1.800%,<br>6.126%, due 04/20/36<sup>1,2</sup> | 500000 | 503947 |
| Bear Stearns Asset-Backed Securities Trust,<br>Series 2004-2, Class M1,<br>1 mo. USD Term SOFR + 1.314%,<br>5.667%, due 08/25/34<sup>1</sup> | 895107 | 899025 |
| Chase Funding Trust,<br>Series 2002-3, Class 2A1,<br>1 mo. USD Term SOFR + 0.754%,<br>5.107%, due 08/25/32<sup>1</sup> | 106795 | 105300 |
| Series 2002-4, Class 2A1,<br>1 mo. USD Term SOFR + 0.854%,<br>5.207%, due 10/25/32<sup>1</sup> | 3759 | 3727 |
| Countrywide Asset-Backed Certificates,<br>Series 2004-2, Class 3A4,<br>1 mo. USD Term SOFR + 0.614%,<br>4.967%, due 07/25/34<sup>1</sup> | 51385 | 50423 |
| Countrywide Asset-Backed Certificates Trust,<br>Series 2004-4, Class M1,<br>1 mo. USD Term SOFR + 0.834%,<br>5.187%, due 07/25/34<sup>1</sup> | 9179 | 9563 |
| Series 2004-6, Class M1,<br>1 mo. USD Term SOFR + 1.014%,<br>5.367%, due 10/25/34<sup>1</sup> | 36516 | 36159 |
| Diameter Capital CLO 6 Ltd.,<br>Series 2024-6A, Class A1,<br>3 mo. USD Term SOFR + 1.610%,<br>5.928%, due 04/15/37<sup>1,2</sup> | 700000 | 702806 |
| EMC Mortgage Loan Trust,<br>Series 2003-A, Class A2,<br>1 mo. USD Term SOFR + 1.614%,<br>5.967%, due 08/25/40<sup>1,2</sup> | 45190 | 45658 |
| EquiFirst Loan Securitization Trust,<br>Series 2007-1, Class A1,<br>1 mo. USD Term SOFR + 0.284%,<br>4.637%, due 04/25/37<sup>1,2</sup> | 953536 | 877257 |
| Gallatin CLO VIII Ltd.,<br>Series 2017-1A, Class A1R,<br>3 mo. USD Term SOFR + 1.352%,<br>5.669%, due 07/15/31<sup>1,2</sup> | 942921 | 943227 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Generate CLO 3 Ltd.,<br>Series 3A, Class A2R,<br>3 mo. USD Term SOFR + 1.830%,<br>6.156%, due 10/20/36<sup>1,2</sup> | $700000 | $702372 |
| KGS-Alpha SBA COOF Trust,<br>Series 2012-5, Class A,<br>IO,<br>1.134%, due 04/25/38<sup>1,2,3,4</sup> | 4059925 | 81198 |
| KKR CLO 28 Ltd., <br>Series 28A, Class AR,<br>3 mo. USD Term SOFR + 1.440%,<br>5.758%, due 02/09/35<sup>1,2</sup> | 500000 | 500608 |
| Option One Mortgage Loan Trust,<br>Series 2007-4, Class 2A2,<br>1 mo. USD Term SOFR + 0.294%,<br>4.647%, due 04/25/37<sup>1</sup> | 42817 | 23999 |
| Palmer Square CLO Ltd.,<br>Series 2022-1A, Class A,<br>3 mo. USD Term SOFR + 1.320%,<br>5.646%, due 04/20/35<sup>1,2</sup> | 150000 | 150354 |
| PRET LLC,<br>Series 2021-RN2, Class A1,<br>4.744%, due 07/25/51<sup>1,2</sup> | 2555764 | 2544771 |
| Series 2022-RN1,<br>Class A1, 6.721%, due 07/25/51<sup>1,2</sup> | 1066445 | 1066743 |
| Renaissance Home Equity Loan Trust,<br>Series 2003-2, Class A,<br>1 mo. USD Term SOFR + 0.994%,<br>3.587%, due 08/25/33<sup>1</sup> | 86253 | 78189 |
| Saxon Asset Securities Trust,<br>Series 2005-3, Class M3,<br>1 mo. USD Term SOFR + 0.864%,<br>0.821%, due 11/25/35<sup>1</sup> | 134657 | 133428 |
| Soundview Home Loan Trust,<br>Series 2007-OPT1, Class 1A1,<br>1 mo. USD Term SOFR + 0.314%,<br>4.667%, due 06/25/37<sup>1</sup> | 499275 | 337012 |
| Structured Asset Securities Corp. Trust,<br>Series 2005-AR1, Class M2,<br>1 mo. USD Term SOFR + 0.804%,<br>5.157%, due 09/25/35<sup>1</sup> | 636851 | 608009 |
| Sycamore Tree CLO Ltd.,<br>Series 2023-2A, Class AR,<br>3 mo. USD Term SOFR + 1.680%,<br>6.006%, due 01/20/37<sup>1,2</sup> | 400000 | 400988 |
| TCW CLO Ltd.,<br>Series 2024-1A, Class A1,<br>3 mo. USD Term SOFR + 1.600%,<br>5.918%, due 01/16/37<sup>1,2</sup> | 500000 | 501107 |
| Trinitas CLO XII Ltd.,<br>Series 2020-12A, Class A1R,<br>3 mo. USD Term SOFR + 1.370%,<br>5.689%, due 04/25/33<sup>1,2</sup> | 487040 | 487933 |
| Venture 33 CLO Ltd.,<br>Series 2018-33A, Class A1LR,<br>3 mo. USD Term SOFR + 1.322%,<br>5.639%, due 07/15/31<sup>1,2</sup> | 167328 | 167415 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| Venture 36 CLO Ltd.,<br>Series 2019-36A, Class A1AR,<br>3 mo. USD Term SOFR + 1.392%,<br>5.717%, due 04/20/32<sup>1,2</sup> | $| 479959 | $ | 480275 |
| **Total asset-backed securities** <br> (cost—$13,037,229) | **Total asset-backed securities** <br> (cost—$13,037,229) | **Total asset-backed securities** <br> (cost—$13,037,229) |  | **13117957** |
| **Mortgage-backed securities—17.5%** | **Mortgage-backed securities—17.5%** | **Mortgage-backed securities—17.5%** | **Mortgage-backed securities—17.5%** | **Mortgage-backed securities—17.5%** |
| Adjustable Rate Mortgage Trust,<br>Series 2005-8, Class 3A21,<br>4.826%, due 11/25/35<sup>1</sup> |  | 224282 |  | 156217 |
| BCAP LLC Trust, <br>Series 2010-RR1, Class 1A4,<br>4.768%, due 03/26/37<sup>1,2</sup> |  | 47654 |  | 38997 |
| Series 2013-RR1, Class 3A4,<br>6.000%, due 10/26/37<sup>1,2</sup> |  | 122111 |  | 82030 |
| Bear Stearns ARM Trust,<br>Series 2004-2, Class 12A2,<br>4.355%, due 05/25/34<sup>1</sup> |  | 17770 |  | 16484 |
| Bear Stearns Asset-Backed Securities I Trust,<br>Series 2004-AC3, Class A2,<br>5.500%, due 06/25/34<sup>1</sup> |  | 274064 |  | 264119 |
| Bear Stearns Asset-Backed Securities Trust,<br>Series 2003-AC5, Class A1,<br>5.750%, due 10/25/33<sup>1</sup> |  | 74192 |  | 83921 |
| Chevy Chase Funding LLC Mortgage-Backed<br>Certificates,<br>Series 2004-1A, Class A1,<br>1 mo. USD Term SOFR + 0.394%,<br>4.747%, due 01/25/35<sup>1,2</sup> |  | 5620 |  | 5484 |
| CHL Mortgage Pass-Through Trust,<br>Series 2003-HYB1, Class 1A1,<br>4.401%, due 05/19/33<sup>1</sup> |  | 2220 |  | 2047 |
| Series 2007-15, Class 2A2,<br>6.500%, due 09/25/37 |  | 23859 |  | 8455 |
| Federal Home Loan Mortgage Corp. Multifamily<br>Structured Pass-Through Certificates,<br>Series KJ45, Class A2,<br>4.660%, due 01/25/31 |  | 600000 |  | 603007 |
| Federal Home Loan Mortgage Corp. REMICS,<br>Series 4265, Class ES,<br>(3.200)\* 30 day USD SOFR Average + 13.394%,<br>0.000%, due 11/15/43<sup>1</sup> |  | 828981 |  | 735635 |
| Series 2614, Class WO, <br>PO,<br>0.000%, due 05/15/33<sup>5</sup> |  | 262152 |  | 227651 |
| Series 4839, Class UO, <br>PO,<br>0.000%, due 08/15/56<sup>5</sup> |  | 368350 |  | 226990 |
| Series 4836,<br>PO,<br>0.000%, due 10/15/58<sup>5</sup> |  | 656510 |  | 394162 |
| Series 4263, Class SD,<br>(2.667)\* 30 day USD SOFR Average + 11.961%,<br>0.389%, due 11/15/43<sup>1</sup> |  | 280545 |  | 241931 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 4255, Class SN, <br>(2.667)\* 30 day USD SOFR Average + 11.961%,<br>0.458%, due 05/15/35<sup>1</sup> | $255091 | $247920 |
| Series 4076, Class SW,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 5.936%,<br>1.596%, due 07/15/42<sup>1</sup> | 788392 | 76856 |
| Series 3635, Class IB,<br>IO,<br>1.682%, due 10/15/37<sup>1</sup> | 27732 | 1376 |
| Series 4156, Class SA,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.086%,<br>1.746%, due 01/15/33<sup>1</sup> | 403517 | 31976 |
| Series 3621, Class WI,<br>IO,<br>1.810%, due 05/15/37<sup>1</sup> | 17643 | 972 |
| Series 3598, Class JI,<br>IO,<br>1.880%, due 10/15/37<sup>1</sup> | 10934 | 476 |
| Series 4367, Class GS,<br>IO,<br>1.907%, due 03/15/37<sup>1</sup> | 27402 | 1465 |
| Series 5034, Class MI,<br>IO,<br>2.000%, due 11/25/50 | 615389 | 82437 |
| Series 3339, Class LI,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.366%,<br>2.026%, due 07/15/37<sup>1</sup> | 365323 | 31719 |
| Series 3684, Class JI,<br>IO,<br>2.111%, due 11/15/36<sup>1</sup> | 85282 | 4897 |
| Series 4463,<br>IO,<br>2.158%, due 02/15/38<sup>1</sup> | 46617 | 2557 |
| Series 4394, Class WI,<br>IO,<br>2.167%, due 08/15/41<sup>1</sup> | 24325 | 1316 |
| Series 3962, Class KS,<br>IO,<br>2.179%, due 06/15/38<sup>1</sup> | 70759 | 4186 |
| Series 4438, Class WI,<br>IO,<br>2.188%, due 11/15/38<sup>1</sup> | 78200 | 4304 |
| Series 4338, Class SB,<br>IO,<br>2.295%, due 10/15/41<sup>1</sup> | 45849 | 2667 |
| Series 4182, Class YI,<br>IO,<br>2.500%, due 03/15/28 | 451408 | 10493 |
| Series 4324,<br>IO,<br>2.524%, due 08/15/36<sup>1</sup> | 30302 | 1923 |
| Series 4100, Class HI,<br>IO,<br>3.000%, due 08/15/27 | 32111 | 630 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 4182, Class QI,<br>IO,<br>3.000%, due 02/15/33 | $30069 | $1464 |
| Series 4165, Class TI,<br>IO,<br>3.000%, due 12/15/42 | 385670 | 19962 |
| Series 2513, Class AS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 7.886%,<br>3.546%, due 02/15/32<sup>1</sup> | 82404 | 8396 |
| Series 4544, Class IP,<br>IO,<br>4.000%, due 01/15/46 | 817579 | 142305 |
| Series 3442, Class MT,<br>30 day USD SOFR Average + 0.114%,<br>4.454%, due 07/15/34<sup>1</sup> | 21538 | 20068 |
| Series 4832, Class FW,<br>30 day USD SOFR Average + 0.464%,<br>4.777%, due 04/15/38<sup>1</sup> | 530229 | 523282 |
| Series 2411, Class FJ,<br>30 day USD SOFR Average + 0.464%,<br>4.804%, due 12/15/29<sup>1</sup> | 3456 | 3446 |
| Series 3096, Class FL,<br>30 day USD SOFR Average + 0.514%,<br>4.854%, due 01/15/36<sup>1</sup> | 44062 | 43653 |
| Series 3114, Class PF,<br>30 day USD SOFR Average + 0.514%,<br>4.854%, due 02/15/36<sup>1</sup> | 257157 | 255348 |
| Series 3153, Class UF,<br>30 day USD SOFR Average + 0.544%,<br>4.884%, due 05/15/36<sup>1</sup> | 62335 | 61981 |
| Series 4945, Class F,<br>30 day USD SOFR Average + 0.614%,<br>4.927%, due 12/15/46<sup>1</sup> | 82344 | 81528 |
| Series 2400, Class FQ,<br>30 day USD SOFR Average + 0.614%,<br>4.954%, due 01/15/32<sup>1</sup> | 5689 | 5686 |
| Series 4068, Class UF,<br>30 day USD SOFR Average + 0.614%,<br>4.954%, due 06/15/42<sup>1</sup> | 335853 | 332402 |
| Series 3667, Class FW,<br>30 day USD SOFR Average + 0.664%,<br>5.004%, due 02/15/38<sup>1</sup> | 3900 | 3889 |
| Series 4940, Class FE,<br>30 day USD SOFR Average + 0.664%,<br>5.015%, due 01/25/50<sup>1</sup> | 215519 | 209443 |
| Series 3671, Class FQ,<br>30 day USD SOFR Average + 0.964%,<br>5.304%, due 12/15/36<sup>1</sup> | 379424 | 382309 |
| Series 3864, Class NT,<br>(9.167)\* 30 day USD SOFR Average + 59.451%,<br>5.500%, due 03/15/39<sup>1</sup> | 157337 | 157856 |
| Series 2136, Class GD,<br>IO,<br>7.000%, due 03/15/29 | 209 | 13 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2178, Class PI,<br>IO,<br>7.500%, due 08/15/29 | $1942 | $187 |
| Federal Home Loan Mortgage Corp. STRIPS,<br>Series 389, Class C40,<br>IO,<br>2.500%, due 10/15/52 | 4175611 | 655014 |
| Series 303, Class C19,<br>IO,<br>3.500%, due 01/15/43 | 345813 | 56765 |
| Series 345, Class C13,<br>IO,<br>3.500%, due 08/15/45 | 509557 | 76639 |
| Series 330, Class F4,<br>30 day USD SOFR Average + 0.464%,<br>4.777%, due 10/15/37<sup>1</sup> | 119642 | 118205 |
| Series 326, Class F2,<br>30 day USD SOFR Average + 0.664%,<br>5.004%, due 03/15/44<sup>1</sup> | 202737 | 201556 |
| Federal Home Loan Mortgage Corp. Whole <br>Loan Securities Trust,<br>Series 2015-SC02, Class 1A,<br>3.000%, due 09/25/45 | 170505 | 148380 |
| Series 2017-SC01, Class 1A,<br>3.000%, due 12/25/46 | 316831 | 271682 |
| Series 2017-SC01, Class 2A,<br>3.500%, due 12/25/46 | 362050 | 317111 |
| Federal National Mortgage Association <br>Interest STRIPS,<br>Series 419, Class C3,<br>IO,<br>3.000%, due 11/25/43 | 73581 | 9893 |
| Series 413, Class 111,<br>IO,<br>4.000%, due 07/25/42<sup>1</sup> | 364677 | 51492 |
| Series 431, Class C57,<br>IO,<br>4.376%, due 04/25/53<sup>1</sup> | 911017 | 173583 |
| Series 386, Class 14,<br>IO,<br>6.500%, due 04/25/38 | 25421 | 5775 |
| Federal National Mortgage Association REMICS,<br>Series 2012-111, Class HS, <br>(0.833)\* 30 day USD SOFR Average + 3.571%,<br>0.000%, due 10/25/42<sup>1</sup> | 36376 | 23737 |
| Series 2015-73, Class ES,<br>(2.333)\* 30 day USD SOFR Average + 9.066%,<br>0.000%, due 10/25/45<sup>1</sup> | 176805 | 107492 |
| Series 2022-3, Class SD,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 2.550%,<br>0.000%, due 02/25/52<sup>1</sup> | 3529640 | 14707 |
| Series 2014-84, Class AI,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>0.200%, due 02/25/43<sup>1</sup> | 209867 | 1325 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2012-134, Class BH,<br>1.250%, due 12/25/27 | $1385490 | $1341867 |
| Series 2019-62, Class SN,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 5.886%,<br>1.536%, due 11/25/49<sup>1</sup> | 175523 | 22002 |
| Series 2014-42, Class SA,<br>IO,<br>1.592%, due 07/25/44<sup>1</sup> | 76160 | 3008 |
| Series 2016-76, Class CS,<br>IO,<br>1.650%, due 10/25/46<sup>1</sup> | 30416 | 1296 |
| Series 2012-77,<br>IO,<br>1.653%, due 07/25/52<sup>1</sup> | 79475 | 3843 |
| Series 2013-28, Class YS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>1.686%, due 07/25/42<sup>1</sup> | 278415 | 31795 |
| Series 2013-34, Class PS,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.036%,<br>1.686%, due 08/25/42<sup>1</sup> | 227066 | 18284 |
| Series 2015-64, Class KS,<br>IO,<br>1.803%, due 09/25/45<sup>1</sup> | 72493 | 2857 |
| Series 2014-43, Class BS,<br>IO,<br>1.850%, due 07/25/44<sup>1</sup> | 137956 | 7898 |
| Series 2016-17, Class CS,<br>IO,<br>1.856%, due 04/25/46<sup>1</sup> | 52841 | 2491 |
| Series 2015-10, Class SA,<br>IO,<br>1.924%, due 03/25/45<sup>1</sup> | 168331 | 9053 |
| Series 2015-50, Class SB,<br>IO,<br>1.932%, due 07/25/45<sup>1</sup> | 426826 | 24322 |
| Series 2015-19, Class AI,<br>IO,<br>1.966%, due 04/25/55<sup>1</sup> | 126315 | 5989 |
| Series 2014-92, Class SB,<br>IO,<br>2.002%, due 01/25/45<sup>1</sup> | 68657 | 3675 |
| Series 2014-45, Class SA,<br>IO,<br>2.009%, due 08/25/44<sup>1</sup> | 68484 | 4477 |
| Series 2014-47, Class BI,<br>IO,<br>2.028%, due 08/25/54<sup>1</sup> | 133728 | 6883 |
| Series 2010-76, Class SA,<br>IO, <br>(1.000)\* 30 day USD SOFR Average + 6.386%,<br>2.036%, due 07/25/40<sup>1</sup> | 272183 | 20698 |
| Series 2015-58, Class AI,<br>IO,<br>2.214%, due 08/25/55<sup>1</sup> | 79957 | 4317 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2020-70,<br>IO,<br>2.224%, due 10/25/50<sup>1</sup> | $7296061 | $348415 |
| Series 2021-3, Class TI,<br>IO,<br>2.500%, due 02/25/51 | 785282 | 144243 |
| Series 2018-28, Class CA,<br>3.000%, due 05/25/48 | 188776 | 167140 |
| Series 2013-30, Class GI,<br>IO,<br>3.000%, due 01/25/43 | 542310 | 39423 |
| Series 2013-45, Class IK,<br>IO,<br>3.000%, due 02/25/43 | 377728 | 34618 |
| Series 2013-30, Class JI,<br>IO,<br>3.000%, due 04/25/43 | 199239 | 22840 |
| Series 2013-116, Class IY,<br>IO,<br>3.000%, due 09/25/43 | 163324 | 9865 |
| Series 2016-14,<br>IO,<br>3.000%, due 03/25/46 | 304719 | 37668 |
| Series 2016-20, Class EI,<br>IO,<br>3.000%, due 04/25/46 | 97769 | 9717 |
| Series 2016-52, Class PI,<br>IO,<br>3.000%, due 04/25/46 | 244773 | 26456 |
| Series 2016-64, Class IA,<br>IO,<br>3.000%, due 05/25/46 | 230463 | 26234 |
| Series 2016-63, Class YI,<br>IO,<br>3.500%, due 04/25/46 | 33443 | 2647 |
| Series 2015-47, Class GI,<br>IO,<br>4.000%, due 06/25/44 | 22048 | 1265 |
| Series 2020-54, Class WF,<br>30 day USD SOFR Average + 0.564%,<br>4.254%, due 08/25/50<sup>1</sup> | 320357 | 304549 |
| Series 2012-122, Class LI,<br>IO,<br>4.500%, due 07/25/41 | 121878 | 6601 |
| Series 2018-85, Class FE,<br>30 day USD SOFR Average + 0.414%,<br>4.765%, due 12/25/48<sup>1</sup> | 1176029 | 1160319 |
| Series 2007-67, Class FB,<br>30 day USD SOFR Average + 0.434%,<br>4.785%, due 07/25/37<sup>1</sup> | 23302 | 23006 |
| Series 2012-128, Class FK,<br>30 day USD SOFR Average + 0.464%,<br>4.815%, due 11/25/42<sup>1</sup> | 100408 | 98307 |
| Series 2002-60, Class F1,<br>30 day USD SOFR Average + 0.514%,<br>4.865%, due 06/25/32<sup>1</sup> | 24199 | 24142 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2019-10, Class FA,<br>30 day USD SOFR Average + 0.514%,<br>4.865%, due 03/25/49<sup>1</sup> | $1843547 | $1824749 |
| Series 2012-90, Class FB,<br>30 day USD SOFR Average + 0.554%,<br>4.905%, due 08/25/42<sup>1</sup> | 35228 | 34821 |
| Series 2010-141, Class FA,<br>30 day USD SOFR Average + 0.614%,<br>4.965%, due 12/25/40<sup>1</sup> | 95131 | 94306 |
| Series 2024-38, Class FA,<br>30 day USD SOFR Average + 0.800%,<br>5.113%, due 01/25/51<sup>1</sup> | 1496699 | 1496650 |
| Series 2024-10, Class AF,<br>30 day USD SOFR Average + 0.900%,<br>5.213%, due 12/25/50<sup>1</sup> | 643166 | 641871 |
| Series 2009-33, Class FB,<br>30 day USD SOFR Average + 0.934%,<br>5.285%, due 03/25/37<sup>1</sup> | 206458 | 207739 |
| Federal National Mortgage Association-ACES,<br>Series 2020-M33, Class X2,<br>IO,<br>2.242%, due 01/25/31<sup>1</sup> | 582609 | 34473 |
| Series 2016-M11, Class AL,<br>2.944%, due 07/25/39 | 368136 | 333610 |
| Fremont Home Loan Trust,<br>Series 2004-A, Class M1,<br>1 mo. USD Term SOFR + 0.939%,<br>5.292%, due 01/25/34<sup>1</sup> | 237002 | 225735 |
| Government National Mortgage Association <br>REMICS,<br>Series 2015-126, Class GS,<br>(2.333)\* 1 mo. USD Term SOFR + 9.066%,<br>0.000%, due 09/20/45<sup>1</sup> | 323052 | 197518 |
| Series 2007-18, Class CO,<br>PO,<br>0.000%, due 03/20/35<sup>5</sup> | 8558 | 8108 |
| Series 2015-180, Class SA,<br>IO,<br>0.086%, due 06/20/42<sup>1</sup> | 119886 | 7151 |
| Series 2017-15, Class WI,<br>IO,<br>0.092%, due 11/20/45<sup>1</sup> | 116413 | 5321 |
| Series 2015-166, Class SA,<br>IO,<br>0.136%, due 06/20/42<sup>1</sup> | 110267 | 5258 |
| Series 2016-180, Class WI,<br>IO,<br>0.137%, due 09/20/45<sup>1</sup> | 195020 | 7987 |
| Series 2017-57, Class WI,<br>IO,<br>0.143%, due 12/20/45<sup>1</sup> | 49140 | 2214 |
| Series 2015-127, Class AS,<br>IO,<br>0.207%, due 06/20/43<sup>1</sup> | 114673 | 5447 |
| Series 2016-138, Class WI,<br>IO,<br>0.213%, due 08/20/45<sup>1</sup> | 101417 | 3860 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2017-H23, Class MA,<br>3.000%, due 11/20/67 | $494653 | $478985 |
| Series 2013-77, Class GI,<br>IO,<br>3.000%, due 02/20/43 | 614756 | 51805 |
| Series 2014-158, Class IA,<br>IO,<br>3.500%, due 10/20/29 | 125239 | 5061 |
| Series 2013-23, Class IP,<br>IO,<br>3.500%, due 08/20/42 | 485619 | 50959 |
| Series 2015-165, Class IB,<br>IO,<br>3.500%, due 11/20/42 | 117278 | 10774 |
| Series 2016-118, Class IE,<br>IO,<br>3.500%, due 09/20/46 | 26307 | 3812 |
| Series 2024-H07, Class FC,<br>30 day USD SOFR Average + 0.650%,<br>4.998%, due 02/20/74<sup>1</sup> | 700857 | 699580 |
| Series 2013-H19, Class DF,<br>1 mo. USD Term SOFR + 0.764%,<br>5.087%, due 05/20/63<sup>1</sup> | 110266 | 110523 |
| Series 2015-H30, Class FA,<br>1 mo. USD Term SOFR + 0.794%,<br>5.117%, due 08/20/61<sup>1</sup> | 3182 | 3176 |
| Series 2015-H29, Class FJ,<br>1 mo. USD Term SOFR + 0.794%,<br>5.117%, due 11/20/65<sup>1</sup> | 540649 | 540987 |
| Series 2015-H29, Class FA,<br>1 mo. USD Term SOFR + 0.814%,<br>5.137%, due 10/20/65<sup>1</sup> | 443 | 443 |
| Series 2024-H07, Class JF,<br>30 day USD SOFR Average + 0.790%,<br>5.138%, due 04/20/74<sup>1</sup> | 479893 | 479237 |
| Series 2013-H23, Class TA,<br>1 mo. USD Term SOFR + 0.834%,<br>5.157%, due 09/20/63<sup>1</sup> | 35267 | 35382 |
| Series 2015-H27, Class FA,<br>1 mo. USD Term SOFR + 0.864%,<br>5.187%, due 09/20/65<sup>1</sup> | 605586 | 606393 |
| Series 2016-H14, Class FA,<br>1 mo. USD Term SOFR + 0.914%,<br>5.237%, due 06/20/66<sup>1</sup> | 105010 | 105225 |
| Series 2024-H01, Class FB,<br>30 day USD SOFR Average + 0.900%,<br>5.248%, due 01/20/74<sup>1</sup> | 960593 | 963061 |
| Series 2010-H01, Class FA,<br>1 mo. USD Term SOFR + 0.934%,<br>5.256%, due 01/20/60<sup>1</sup> | 168159 | 169299 |
| Series 2024-H02, Class FH,<br>30 day USD SOFR Average + 0.930%,<br>5.278%, due 01/20/74<sup>1</sup> | 1850598 | 1858955 |
| Series 2024-H02, Class FJ,<br>30 day USD SOFR Average + 1.000%,<br>5.348%, due 12/20/73<sup>1</sup> | 1436945 | 1440696 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2013-H20, Class FB,<br>1 mo. USD Term SOFR + 1.114%,<br>5.437%, due 08/20/63<sup>1</sup> | $57859 | $58555 |
| GS Mortgage-Backed Securities Trust,<br>Series 2022-MM1, Class A2,<br>2.500%, due 07/25/52<sup>1,2</sup> | 1392668 | 1118363 |
| GSR Mortgage Loan Trust,<br>Series 2004-14, Class 2A1,<br>1 mo. USD Term SOFR + 0.444%,<br>4.797%, due 12/25/34<sup>1</sup> | 878 | 841 |
| IndyMac INDX Mortgage Loan Trust,<br>Series 2005-AR2, Class 2A1A,<br>1 mo. USD Term SOFR + 0.754%,<br>5.107%, due 02/25/35<sup>1</sup> | 134454 | 123510 |
| JP Morgan Alternative Loan Trust,<br>Series 2008-R4, Class 2A1,<br>1 mo. USD Term SOFR + 0.614%,<br>4.936%, due 06/27/37<sup>1,2</sup> | 387155 | 230398 |
| JP Morgan Mortgage Trust,<br>Series 2019-6, Class A11,<br>1 mo. USD Term SOFR + 1.014%,<br>5.367%, due 12/25/49<sup>1,2</sup> | 250498 | 238906 |
| Series 2019-INV2, Class A11,<br>1 mo. USD Term SOFR + 1.014%,<br>5.367%, due 02/25/50<sup>1,2</sup> | 411966 | 392616 |
| Merrill Lynch Mortgage Investors Trust,<br>Series 2004-A, Class A1,<br>1 mo. USD Term SOFR + 0.574%,<br>4.927%, due 04/25/29<sup>1</sup> | 7854 | 7234 |
| Series 2004-1, Class 2A2,<br>5.350%, due 12/25/34<sup>1</sup> | 43505 | 41066 |
| Morgan Stanley Mortgage Loan Trust,<br>Series 2004-11AR, Class 1A1,<br>1 mo. USD Term SOFR + 0.434%,<br>4.787%, due 01/25/35<sup>1</sup> | 11639 | 10987 |
| Morgan Stanley Re-REMICS Trust,<br>Series 2010-R4, Class 4B,<br>1 mo. USD Term SOFR + 0.344%,<br>3.117%, due 02/26/37<sup>1,2</sup> | 79913 | 68550 |
| Mortgage Equity Conversion Asset Trust,<br>Series 2007-FF3, Class A,<br>1 yr. CMT + 0.500%,<br>4.580%, due 05/25/42<sup>1,2</sup> | 653214 | 596624 |
| Multifamily Housing Mortgage Loan Trust,<br>Series Q034, Class APT2,<br>2.862%, due 07/25/54<sup>1</sup> | 1094483 | 1024573 |
| OBX Trust,<br>Series 2022-INV2, Class A1,<br>3.000%, due 01/25/52<sup>1,2</sup> | 490464 | 412928 |
| Residential Asset Securitization Trust,<br>Series 2006-A7CB, Class 1A1,<br>1 mo. USD Term SOFR + 0.614%,<br>4.967%, due 07/25/36<sup>1</sup> | 184387 | 115675 |
| Sequoia Mortgage Trust 11,<br>Series 11, Class A, <br>1 mo. USD Term SOFR + 1.014%,<br>5.365%, due 12/20/32<sup>1</sup> | 59437 | 51480 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| Sequoia Mortgage Trust 5,<br>Series 5, Class A,<br>1 mo. USD Term SOFR + 0.814%,<br>5.165%, due 10/19/26<sup>1</sup> | $| 14368 | $| 14135 |
| Structured Adjustable Rate Mortgage Loan Trust,<br>Series 2007-4, Class 1A2,<br>1 mo. USD Term SOFR + 0.554%,<br>4.907%, due 05/25/37<sup>1</sup> |  | 72861 |  | 66222 |
| Structured Asset Mortgage Investments II Trust,<br>Series 2006-AR3, Class 11A1,<br>1 mo. USD Term SOFR + 0.534%,<br>4.887%, due 04/25/36<sup>1</sup> |  | 118683 |  | 107197 |
| Thornburg Mortgage Securities Trust,<br>Series 2005-1, Class A3,<br>5.754%, due 04/25/45<sup>1</sup> |  | 13895 |  | 13571 |
| WaMu Mortgage Pass-Through Certificates Trust,<br>Series 2003-AR9, Class 2A,<br>6.630%, due 09/25/33<sup>1</sup> |  | 20907 |  | 20349 |
| **Total mortgage-backed securities** <br> (cost—$33,932,165) | **Total mortgage-backed securities** <br> (cost—$33,932,165) | **Total mortgage-backed securities** <br> (cost—$33,932,165) |  | **29549035** |
| **U.S. government agency obligations—177.8%** | **U.S. government agency obligations—177.8%** | **U.S. government agency obligations—177.8%** | **U.S. government agency obligations—177.8%** | **U.S. government agency obligations—177.8%** |
| Federal Home Loan Mortgage Corp.<br>2.000%, due 04/01/36 |  | 563405 |  | 514748 |
| 2.500%, due 01/01/31 |  | 46783 |  | 45051 |
| 2.500%, due 11/01/31 |  | 19204 |  | 18405 |
| 2.500%, due 07/01/32 |  | 31275 |  | 29806 |
| 2.500%, due 08/01/32 |  | 147132 |  | 139976 |
| 2.500%, due 09/01/32 |  | 197405 |  | 187691 |
| 2.500%, due 11/01/32 |  | 6263 |  | 5956 |
| 2.500%, due 12/01/32 |  | 181686 |  | 172492 |
| 2.500%, due 01/01/33 |  | 45604 |  | 43278 |
| 2.500%, due 12/01/50 |  | 973375 |  | 799161 |
| 2.500%, due 08/01/51 |  | 4288655 |  | 3577391 |
| 2.500%, due 09/01/51 |  | 742452 |  | 617459 |
| 2.500%, due 03/01/52 |  | 1165164 |  | 962276 |
| 2.500%, due 04/01/52 |  | 85951 |  | 70923 |
| 3.000%, due 10/01/26 |  | 3292 |  | 3256 |
| 3.000%, due 11/01/26 |  | 17418 |  | 17222 |
| 3.000%, due 01/01/27 |  | 99211 |  | 98058 |
| 3.000%, due 02/01/32 |  | 65322 |  | 63200 |
| 3.000%, due 04/01/32 |  | 336360 |  | 325075 |
| 3.000%, due 05/01/32 |  | 227882 |  | 220121 |
| 3.000%, due 07/01/32 |  | 123937 |  | 119649 |
| 3.000%, due 10/01/32 |  | 129518 |  | 124910 |
| 3.000%, due 11/01/32 |  | 229069 |  | 220860 |
| 3.000%, due 01/01/33 |  | 509014 |  | 489733 |
| 3.000%, due 02/01/40 |  | 893716 |  | 828469 |
| 3.000%, due 06/01/42 |  | 1320450 |  | 1188150 |
| 3.000%, due 07/01/42 |  | 152193 |  | 136944 |
| 3.000%, due 08/01/42 |  | 53914 |  | 48512 |
| 3.000%, due 04/01/43 |  | 104322 |  | 93892 |
| 3.000%, due 05/01/43 |  | 63305 |  | 57029 |
| 3.000%, due 12/01/44 |  | 124474 |  | 111188 |
| 3.000%, due 08/01/46 |  | 128695 |  | 111989 |
| 3.000%, due 12/01/46 |  | 569537 |  | 502457 |
| 3.000%, due 06/01/50 |  | 456968 |  | 399329 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.000%, due 04/01/51 | $1421034 | $1217177 |
| 3.000%, due 06/01/51 | 691763 | 592525 |
| 3.000%, due 07/01/51 | 4708485 | 4088283 |
| 3.000%, due 10/01/51 | 128304 | 111486 |
| 3.000%, due 12/01/51 | 1143987 | 979874 |
| 3.000%, due 03/01/52 | 921802 | 794031 |
| 3.000%, due 04/01/52 | 1625474 | 1399711 |
| 3.050%, due 03/01/32 | 221351 | 201004 |
| 3.500%, due 09/01/32 | 134059 | 131050 |
| 3.500%, due 12/01/33 | 80573 | 78341 |
| 3.500%, due 06/01/34 | 49766 | 48278 |
| 3.500%, due 07/01/34 | 20702 | 20081 |
| 3.500%, due 03/01/35 | 318031 | 307612 |
| 3.500%, due 04/01/35 | 162631 | 157352 |
| 3.500%, due 03/01/42 | 526 | 490 |
| 3.500%, due 07/01/43 | 560 | 520 |
| 3.500%, due 05/01/48 | 552708 | 502694 |
| 3.500%, due 02/01/50 | 228845 | 205295 |
| 4.000%, due 01/01/37 | 120784 | 117752 |
| 4.000%, due 03/01/43 | 451874 | 430096 |
| 4.000%, due 07/01/43 | 69506 | 66157 |
| 4.000%, due 08/01/44 | 980906 | 936473 |
| 4.000%, due 11/01/47 | 109201 | 102625 |
| 4.000%, due 01/01/48 | 303116 | 284861 |
| 4.000%, due 02/01/48 | 16101 | 15132 |
| 4.000%, due 03/01/48 | 8631 | 8096 |
| 4.000%, due 04/01/48 | 24649 | 23122 |
| 4.000%, due 06/01/48 | 94531 | 88003 |
| 4.000%, due 10/01/48 | 1369066 | 1284491 |
| 4.000%, due 12/01/48 | 117403 | 109294 |
| 4.000%, due 04/01/49 | 457348 | 428270 |
| 4.500%, due 09/01/34 | 287615 | 286970 |
| 4.500%, due 01/01/36 | 8939 | 8906 |
| 4.500%, due 05/01/37 | 1008 | 1001 |
| 4.500%, due 05/01/38 | 23783 | 23543 |
| 4.500%, due 12/01/42 | 109195 | 106983 |
| 4.500%, due 01/01/43 | 136715 | 133946 |
| 4.500%, due 02/01/43 | 209811 | 205561 |
| 4.500%, due 06/01/43 | 338941 | 330073 |
| 4.500%, due 02/01/49 | 35989 | 34773 |
| 4.500%, due 06/01/50 | 247365 | 237871 |
| 4.500%, due 12/01/52 | 414019 | 394586 |
| 4.500%, due 03/01/53 | 466473 | 444137 |
| 4.500%, due 06/01/53 | 170722 | 162377 |
| 5.000%, due 10/01/25 | 270 | 270 |
| 5.000%, due 11/01/27 | 868 | 869 |
| 5.000%, due 09/01/33 | 41470 | 41843 |
| 5.000%, due 06/01/34 | 2462 | 2489 |
| 5.000%, due 04/01/35 | 15538 | 15734 |
| 5.000%, due 05/01/35 | 24686 | 24998 |
| 5.000%, due 07/01/35 | 39103 | 39595 |
| 5.000%, due 08/01/35 | 6835 | 6921 |
| 5.000%, due 10/01/35 | 6472 | 6553 |
| 5.000%, due 12/01/35 | 184 | 186 |
| 5.000%, due 07/01/38 | 105891 | 106968 |
| 5.000%, due 11/01/38 | 64800 | 65451 |
| 5.000%, due 06/01/39 | 14738 | 14860 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 5.000%, due 03/01/40 | $1584 | $1595 |
| 5.000%, due 07/01/40 | 75733 | 76264 |
| 5.000%, due 09/01/40 | 67605 | 68176 |
| 5.000%, due 11/01/40 | 10796 | 10871 |
| 5.000%, due 02/01/41 | 81551 | 82045 |
| 5.000%, due 03/01/41 | 15670 | 15765 |
| 5.000%, due 04/01/41 | 32017 | 32210 |
| 5.000%, due 05/01/41 | 25289 | 25443 |
| 5.000%, due 07/01/41 | 15718 | 15813 |
| 5.000%, due 08/01/44 | 14412 | 14557 |
| 5.000%, due 03/01/49 | 513203 | 511415 |
| 5.000%, due 02/01/53 | 509095 | 498213 |
| 5.000%, due 03/01/53 | 262124 | 256192 |
| 5.000%, due 05/01/53 | 545079 | 531549 |
| 5.000%, due 06/01/53 | 1238775 | 1215184 |
| 5.000%, due 08/01/53 | 385429 | 377505 |
| 5.500%, due 02/01/32 | 394 | 401 |
| 5.500%, due 12/01/32 | 836 | 854 |
| 5.500%, due 02/01/33 | 17915 | 18343 |
| 5.500%, due 05/01/33 | 197 | 202 |
| 5.500%, due 06/01/33 | 77916 | 79786 |
| 5.500%, due 12/01/33 | 13697 | 14025 |
| 5.500%, due 12/01/34 | 11478 | 11836 |
| 5.500%, due 06/01/35 | 189704 | 194914 |
| 5.500%, due 07/01/35 | 1497 | 1533 |
| 5.500%, due 10/01/35 | 61633 | 63519 |
| 5.500%, due 12/01/35 | 21139 | 21787 |
| 5.500%, due 06/01/36 | 109955 | 113379 |
| 5.500%, due 12/01/36 | 174245 | 179452 |
| 5.500%, due 03/01/37 | 17583 | 18081 |
| 5.500%, due 07/01/37 | 29520 | 30355 |
| 5.500%, due 10/01/37 | 845 | 869 |
| 5.500%, due 04/01/38 | 34062 | 35080 |
| 5.500%, due 05/01/38 | 3928 | 4041 |
| 5.500%, due 12/01/38 | 510 | 525 |
| 5.500%, due 01/01/39 | 16200 | 16659 |
| 5.500%, due 09/01/39 | 53410 | 54923 |
| 5.500%, due 02/01/40 | 1993 | 2050 |
| 5.500%, due 03/01/40 | 2112 | 2173 |
| 5.500%, due 05/01/40 | 30125 | 30993 |
| 5.500%, due 03/01/41 | 32360 | 33293 |
| 6.000%, due 11/01/37 | 331829 | 347667 |
| 6.000%, due 04/01/55 | 2967963 | 3054057 |
| 6.000%, due 05/01/55 | 6104354 | 6274049 |
| 1 yr. CMT + 2.137%,<br>6.262%, due 01/01/28<sup>1</sup> | 1316 | 1317 |
| 1 yr. CMT + 2.220%,<br>6.352%, due 11/01/29<sup>1</sup> | 14826 | 14850 |
| 1 yr. CMT + 2.150%,<br>6.402%, due 11/01/27<sup>1</sup> | 11179 | 11169 |
| 1 yr. CMT + 2.282%,<br>6.532%, due 06/01/28<sup>1</sup> | 4611 | 4611 |
| 1 yr. CMT + 2.282%,<br>6.534%, due 07/01/28<sup>1</sup> | 10470 | 10500 |
| 1 yr. CMT + 2.525%,<br>6.650%, due 12/01/29<sup>1</sup> | 710 | 718 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 1 yr. CMT + 2.415%,<br>6.665%, due 11/01/25<sup>1</sup> | $904 | $900 |
| 1 yr. USD RFUCCT + 1.767%,<br>6.691%, due 10/01/39<sup>1</sup> | 347099 | 352120 |
| 1 yr. CMT + 2.415%,<br>6.733%, due 01/01/29<sup>1</sup> | 4627 | 4626 |
| 1 yr. USD RFUCCT + 1.856%,<br>6.993%, due 11/01/41<sup>1</sup> | 341203 | 349363 |
| 1 yr. CMT + 2.625%,<br>7.125%, due 01/01/30<sup>1</sup> | 10671 | 10818 |
| 1 yr. CMT + 2.432%,<br>7.142%, due 10/01/27<sup>1</sup> | 6352 | 6356 |
| 1 yr. USD RFUCCT + 1.765%,<br>7.212%, due 11/01/36<sup>1</sup> | 145126 | 147725 |
| 1 yr. CMT + 2.250%,<br>7.288%, due 09/01/34<sup>1</sup> | 156559 | 160510 |
| 1 yr. CMT + 2.665%,<br>7.790%, due 10/01/27<sup>1</sup> | 1212 | 1217 |
| Federal National Mortgage Association<br>1.500%, due 08/01/51 | 459814 | 341978 |
| 2.000%, due 05/01/28 | 42374 | 41054 |
| 2.000%, due 09/01/31 | 47884 | 45235 |
| 2.000%, due 11/01/31 | 156463 | 147879 |
| 2.000%, due 01/01/32 | 27285 | 25794 |
| 2.500%, due 06/01/28 | 23386 | 22882 |
| 2.500%, due 07/01/28 | 243051 | 237181 |
| 2.500%, due 08/01/28 | 82702 | 80690 |
| 2.500%, due 09/01/30 | 8255 | 7962 |
| 2.500%, due 11/01/30 | 11707 | 11280 |
| 2.500%, due 01/01/33 | 145396 | 137768 |
| 2.500%, due 11/01/50 | 373833 | 306939 |
| 2.500%, due 01/01/51 | 1025598 | 841998 |
| 2.500%, due 02/01/51 | 459343 | 379604 |
| 2.500%, due 04/01/51 | 1323773 | 1093121 |
| 2.500%, due 09/01/51 | 1484000 | 1230561 |
| 2.500%, due 01/01/52 | 1478520 | 1221363 |
| 2.500%, due 03/01/52 | 661613 | 546425 |
| 2.500%, due 04/01/52 | 1208397 | 997989 |
| 3.000%, due 10/01/26 | 4577 | 4523 |
| 3.000%, due 11/01/26 | 90387 | 89315 |
| 3.000%, due 12/01/26 | 8671 | 8563 |
| 3.000%, due 01/01/27 | 93305 | 92103 |
| 3.000%, due 02/01/27 | 20274 | 20003 |
| 3.000%, due 05/01/28 | 27345 | 26866 |
| 3.000%, due 02/01/30 | 33431 | 32639 |
| 3.000%, due 04/01/30 | 16584 | 16144 |
| 3.000%, due 05/01/30 | 21505 | 20931 |
| 3.000%, due 10/01/30 | 6880 | 6681 |
| 3.000%, due 04/01/31 | 450152 | 438390 |
| 3.000%, due 02/01/32 | 64012 | 61885 |
| 3.000%, due 03/01/32 | 62993 | 60831 |
| 3.000%, due 04/01/32 | 307439 | 296813 |
| 3.000%, due 05/01/32 | 92533 | 89306 |
| 3.000%, due 07/01/32 | 185355 | 178743 |
| 3.000%, due 08/01/32 | 80604 | 77696 |
| 3.000%, due 11/01/32 | 162421 | 156425 |
| 3.000%, due 01/01/38 | 226354 | 211089 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.000%, due 04/01/38 | $211887 | $197548 |
| 3.000%, due 05/01/42 | 155146 | 139601 |
| 3.000%, due 06/01/42 | 155389 | 139820 |
| 3.000%, due 07/01/42 | 310217 | 279135 |
| 3.000%, due 01/01/43 | 808330 | 729659 |
| 3.000%, due 04/01/43 | 252651 | 227116 |
| 3.000%, due 05/01/43 | 265447 | 238617 |
| 3.000%, due 06/01/43 | 35256 | 31693 |
| 3.000%, due 09/01/43 | 23914 | 21497 |
| 3.000%, due 11/01/46 | 985216 | 885232 |
| 3.000%, due 12/01/46 | 2336977 | 2063665 |
| 3.000%, due 02/01/47 | 187067 | 168160 |
| 3.000%, due 09/01/49 | 726469 | 623358 |
| 3.000%, due 11/01/49 | 195593 | 171460 |
| 3.000%, due 02/01/50 | 1433178 | 1229760 |
| 3.000%, due 03/01/50 | 3114432 | 2713268 |
| 3.000%, due 07/01/50 | 526036 | 452287 |
| 3.000%, due 12/01/50 | 410648 | 352838 |
| 3.000%, due 02/01/51 | 1786030 | 1529812 |
| 3.000%, due 04/01/51 | 3000455 | 2570857 |
| 3.000%, due 05/01/51 | 3140923 | 2690335 |
| 3.000%, due 08/01/51 | 378244 | 323987 |
| 3.000%, due 10/01/51 | 154508 | 132343 |
| 3.000%, due 12/01/51 | 380771 | 326146 |
| 3.000%, due 02/01/52 | 114644 | 99305 |
| 3.000%, due 04/01/52 | 1578073 | 1352593 |
| 3.000%, due 07/01/52 | 419533 | 361065 |
| 3.000%, due 02/01/57 | 498361 | 422797 |
| 3.000%, due 05/01/58 | 524432 | 443119 |
| 3.500%, due 11/01/25 | 2542 | 2530 |
| 3.500%, due 08/01/26 | 26514 | 26326 |
| 3.500%, due 06/01/28 | 40647 | 40122 |
| 3.500%, due 08/01/29 | 7896 | 7772 |
| 3.500%, due 09/01/32 | 93902 | 93042 |
| 3.500%, due 11/01/33 | 35160 | 34163 |
| 3.500%, due 02/01/34 | 50242 | 48839 |
| 3.500%, due 01/01/35 | 99915 | 96683 |
| 3.500%, due 02/01/35 | 96439 | 93349 |
| 3.500%, due 04/01/35 | 89264 | 86366 |
| 3.500%, due 05/01/35 | 517077 | 502854 |
| 3.500%, due 03/01/42 | 143663 | 133820 |
| 3.500%, due 04/01/42 | 10221 | 9504 |
| 3.500%, due 07/01/42 | 265 | 247 |
| 3.500%, due 09/01/42 | 52273 | 48691 |
| 3.500%, due 12/01/42 | 572884 | 533862 |
| 3.500%, due 03/01/43 | 375830 | 349158 |
| 3.500%, due 05/01/43 | 1594 | 1481 |
| 3.500%, due 07/01/43 | 2129355 | 1979537 |
| 3.500%, due 08/01/43 | 5021993 | 4669571 |
| 3.500%, due 01/01/44 | 69266 | 64520 |
| 3.500%, due 06/01/45 | 1138702 | 1045817 |
| 3.500%, due 08/01/45 | 19067 | 17512 |
| 3.500%, due 10/01/45 | 6621 | 6101 |
| 3.500%, due 09/01/46 | 472029 | 433803 |
| 3.500%, due 02/01/47 | 1309004 | 1215395 |
| 3.500%, due 08/01/47 | 130150 | 119005 |
| 3.500%, due 09/01/47 | 175961 | 161347 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.500%, due 11/01/47 | $236940 | $216571 |
| 3.500%, due 12/01/47 | 218210 | 199525 |
| 3.500%, due 02/01/48 | 190040 | 171620 |
| 3.500%, due 03/01/48 | 759771 | 686784 |
| 3.500%, due 02/01/50 | 85805 | 76975 |
| 3.500%, due 03/01/50 | 3460955 | 3110265 |
| 3.500%, due 04/01/50 | 310933 | 279397 |
| 3.500%, due 06/01/56 | 626179 | 561566 |
| 3.500%, due 01/01/57 | 598085 | 535410 |
| 3.500%, due 01/01/59 | 855303 | 757635 |
| 3.575%, due 02/01/26 | 500000 | 496455 |
| 4.000%, due 09/01/25 | 8 | 8 |
| 4.000%, due 10/01/25 | 50 | 50 |
| 4.000%, due 11/01/25 | 112 | 111 |
| 4.000%, due 01/01/26 | 4546 | 4523 |
| 4.000%, due 02/01/26 | 9003 | 8956 |
| 4.000%, due 03/01/26 | 1091 | 1086 |
| 4.000%, due 04/01/26 | 23785 | 23658 |
| 4.000%, due 08/01/32 | 629 | 621 |
| 4.000%, due 06/01/33 | 27775 | 27280 |
| 4.000%, due 07/01/33 | 102093 | 99834 |
| 4.000%, due 08/01/33 | 563254 | 555998 |
| 4.000%, due 07/01/34 | 305338 | 298695 |
| 4.000%, due 07/01/35 | 538290 | 527576 |
| 4.000%, due 04/01/37 | 483658 | 472191 |
| 4.000%, due 03/01/38 | 329047 | 321508 |
| 4.000%, due 07/01/38 | 407283 | 395953 |
| 4.000%, due 08/01/38 | 182609 | 177669 |
| 4.000%, due 09/01/38 | 224184 | 217932 |
| 4.000%, due 05/01/39 | 38667 | 37237 |
| 4.000%, due 09/01/39 | 106448 | 102552 |
| 4.000%, due 09/01/40 | 763201 | 734620 |
| 4.000%, due 12/01/40 | 605820 | 583157 |
| 4.000%, due 11/01/41 | 230829 | 221852 |
| 4.000%, due 12/01/41 | 286820 | 275666 |
| 4.000%, due 07/01/42 | 1354112 | 1298023 |
| 4.000%, due 09/01/42 | 1885550 | 1803527 |
| 4.000%, due 10/01/42 | 1645430 | 1573853 |
| 4.000%, due 04/01/43 | 493193 | 471729 |
| 4.000%, due 08/01/44 | 78199 | 75165 |
| 4.000%, due 12/01/44 | 2497 | 2371 |
| 4.000%, due 06/01/45 | 9183 | 8693 |
| 4.000%, due 08/01/45 | 566355 | 536130 |
| 4.000%, due 02/01/47 | 64174 | 60518 |
| 4.000%, due 03/01/47 | 25349 | 23796 |
| 4.000%, due 04/01/47 | 98362 | 92338 |
| 4.000%, due 05/01/47 | 169813 | 159396 |
| 4.000%, due 06/01/47 | 4501 | 4231 |
| 4.000%, due 11/01/47 | 20802 | 19524 |
| 4.000%, due 01/01/48 | 79467 | 74587 |
| 4.000%, due 02/01/48 | 178882 | 166584 |
| 4.000%, due 03/01/48 | 83378 | 77788 |
| 4.000%, due 12/01/48 | 194281 | 180700 |
| 4.000%, due 06/01/49 | 628108 | 588863 |
| 4.000%, due 08/01/51 | 594253 | 568392 |
| 4.490%, due 04/01/33 | 300000 | 298098 |
| 4.500%, due 06/01/29 | 5202 | 5184 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.500%, due 06/01/35 | $11473 | $11416 |
| 4.500%, due 12/01/38 | 110344 | 109508 |
| 4.500%, due 01/01/39 | 469 | 464 |
| 4.500%, due 02/01/39 | 43551 | 43181 |
| 4.500%, due 03/01/39 | 2640 | 2609 |
| 4.500%, due 06/01/39 | 19013 | 18794 |
| 4.500%, due 07/01/39 | 1427 | 1411 |
| 4.500%, due 08/01/39 | 49121 | 48460 |
| 4.500%, due 10/01/39 | 1455 | 1438 |
| 4.500%, due 12/01/39 | 108920 | 107671 |
| 4.500%, due 01/01/40 | 1139 | 1126 |
| 4.500%, due 02/01/40 | 1137 | 1124 |
| 4.500%, due 03/01/40 | 25274 | 25012 |
| 4.500%, due 08/01/40 | 19450 | 19249 |
| 4.500%, due 11/01/40 | 212871 | 210666 |
| 4.500%, due 07/01/41 | 140600 | 138447 |
| 4.500%, due 08/01/41 | 241066 | 237383 |
| 4.500%, due 01/01/42 | 676189 | 669181 |
| 4.500%, due 08/01/42 | 1828 | 1800 |
| 4.500%, due 09/01/42 | 80423 | 78525 |
| 4.500%, due 05/01/43 | 432951 | 421798 |
| 4.500%, due 06/01/43 | 919863 | 893901 |
| 4.500%, due 07/01/43 | 1637957 | 1591727 |
| 4.500%, due 09/01/43 | 107290 | 105092 |
| 4.500%, due 11/01/43 | 25946 | 25415 |
| 4.500%, due 07/01/44 | 98737 | 96404 |
| 4.500%, due 12/01/44 | 686 | 670 |
| 4.500%, due 09/01/48 | 131964 | 127505 |
| 4.500%, due 01/01/49 | 113297 | 109363 |
| 4.500%, due 05/01/53 | 113311 | 107711 |
| 4.500%, due 07/01/53 | 172731 | 164386 |
| 4.500%, due 08/01/53 | 3994071 | 3830998 |
| 4.500%, due 04/01/59 | 581095 | 556956 |
| 4.700%, due 04/01/33 | 313000 | 314177 |
| 5.000%, due 05/01/37 | 3122 | 3149 |
| 5.000%, due 09/01/37 | 5580 | 5629 |
| 5.000%, due 06/01/38 | 30098 | 30366 |
| 5.000%, due 06/01/48 | 83125 | 82566 |
| 5.000%, due 07/01/48 | 18902 | 18819 |
| 5.000%, due 03/01/49 | 27308 | 27113 |
| 5.000%, due 06/01/53 | 729639 | 715282 |
| 5.000%, due 08/01/53 | 82615 | 80815 |
| 5.500%, due 11/01/32 | 17017 | 17366 |
| 5.500%, due 12/01/33 | 405 | 414 |
| 5.500%, due 04/01/34 | 8879 | 9145 |
| 5.500%, due 01/01/35 | 53322 | 54915 |
| 5.500%, due 05/01/37 | 53242 | 54678 |
| 5.500%, due 07/01/37 | 28262 | 29025 |
| 5.500%, due 06/01/38 | 44895 | 46131 |
| 5.500%, due 11/01/39 | 111661 | 114732 |
| 5.500%, due 07/01/40 | 126502 | 129984 |
| 5.500%, due 02/01/42 | 72240 | 74193 |
| 5.500%, due 08/01/53 | 376883 | 376139 |
| 1 yr. USD MTA + 1.200%,<br>5.598%, due 03/01/44<sup>1</sup> | 50783 | 50652 |
| 5.610%, due 10/01/28 | 883000 | 906185 |
| 5.810%, due 06/01/31 | 1700000 | 1784831 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 1 yr. CMT + 2.104%,<br>5.821%, due 05/01/30<sup>1</sup> | $8255 | $8301 |
| 6.000%, due 12/01/32 | 2842 | 2929 |
| 6.000%, due 02/01/33 | 5268 | 5429 |
| 6.000%, due 09/01/34 | 37384 | 38782 |
| 6.000%, due 05/01/35 | 8232 | 8570 |
| 6.000%, due 06/01/35 | 4385 | 4566 |
| 6.000%, due 07/01/35 | 13722 | 14290 |
| 6.000%, due 09/01/35 | 455 | 474 |
| 6.000%, due 01/01/36 | 7454 | 7761 |
| 6.000%, due 06/01/36 | 172 | 180 |
| 6.000%, due 09/01/36 | 12619 | 13173 |
| 6.000%, due 12/01/36 | 44097 | 46032 |
| 6.000%, due 03/01/37 | 2765 | 2893 |
| 6.000%, due 10/01/37 | 15113 | 15814 |
| 6.000%, due 11/01/38 | 112366 | 117572 |
| 6.000%, due 05/01/39 | 14074 | 14726 |
| 6.000%, due 11/01/40 | 150169 | 157131 |
| 6.000%, due 05/01/49 | 280252 | 290660 |
| 6.000%, due 01/01/53 | 414097 | 421567 |
| 6.000%, due 12/01/54 | 989273 | 1003337 |
| 1 yr. CMT + 2.104%,<br>6.343%, due 09/01/41<sup>1</sup> | 58680 | 59594 |
| 6.500%, due 10/01/36 | 171677 | 183181 |
| 6.500%, due 02/01/37 | 2334 | 2489 |
| 6.500%, due 07/01/37 | 23768 | 25444 |
| 6.500%, due 08/01/37 | 11128 | 11908 |
| 6.500%, due 09/01/37 | 11796 | 12627 |
| 6.500%, due 12/01/37 | 29968 | 32080 |
| 6.500%, due 05/01/40 | 328434 | 353317 |
| 1 yr. CMT + 2.243%,<br>6.534%, due 01/01/36<sup>1</sup> | 104350 | 107046 |
| 1 yr. USD RFUCCT + 1.790%,<br>6.665%, due 02/01/42<sup>1</sup> | 36046 | 36583 |
| 1 yr. CMT + 2.285%,<br>6.736%, due 05/01/35<sup>1</sup> | 50374 | 51421 |
| 1 yr. CMT + 2.238%,<br>6.745%, due 10/01/37<sup>1</sup> | 521248 | 535695 |
| 1 yr. USD RFUCCT + 1.728%,<br>6.845%, due 05/01/38<sup>1</sup> | 307425 | 312539 |
| 1 yr. CMT + 2.598%,<br>6.848%, due 12/01/27<sup>1</sup> | 3796 | 3827 |
| 1 yr. CMT + 2.095%,<br>7.220%, due 09/01/26<sup>1</sup> | 2 | 2 |
| Government National Mortgage Association<br>2.500%, due 09/20/51 | 4783904 | 4025777 |
| 3.000%, due 11/15/42 | 25039 | 22565 |
| 3.000%, due 01/20/43 | 367507 | 331979 |
| 3.000%, due 02/15/43 | 342891 | 303982 |
| 3.000%, due 02/20/43 | 372226 | 336242 |
| 3.000%, due 05/15/43 | 315761 | 282966 |
| 3.000%, due 06/15/43 | 95947 | 86098 |
| 3.000%, due 07/15/43 | 19303 | 17322 |
| 3.000%, due 11/20/43 | 78452 | 70694 |
| 3.000%, due 01/15/45 | 240482 | 210168 |
| 3.000%, due 02/15/45 | 17293 | 15119 |
| 3.000%, due 07/15/45 | 336689 | 294359 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 3.000%, due 10/15/45 | $611842 | $538091 |
| 3.000%, due 09/20/47 | 386712 | 342351 |
| 3.000%, due 02/20/48 | 237795 | 210516 |
| 3.000%, due 04/20/50 | 1413353 | 1239668 |
| 3.000%, due 10/20/51 | 136292 | 119276 |
| 3.000%, due 05/20/52 | 1850567 | 1618342 |
| 3.000%, due 02/20/53 | 788122 | 691075 |
| 3.500%, due 11/15/42 | 166284 | 153498 |
| 3.500%, due 03/15/45 | 96896 | 87094 |
| 3.500%, due 04/15/45 | 38324 | 35127 |
| 3.500%, due 04/20/45 | 2982 | 2735 |
| 3.500%, due 11/20/45 | 465635 | 426967 |
| 3.500%, due 12/20/45 | 180609 | 165614 |
| 3.500%, due 04/20/46 | 272630 | 249463 |
| 3.500%, due 05/20/46 | 337205 | 305411 |
| 3.500%, due 04/20/47 | 280470 | 256670 |
| 3.500%, due 07/20/47 | 1884339 | 1724268 |
| 3.500%, due 08/20/47 | 199876 | 182916 |
| 3.500%, due 09/20/47 | 75997 | 69548 |
| 3.500%, due 10/20/47 | 2607609 | 2391110 |
| 3.500%, due 11/20/47 | 248181 | 227121 |
| 3.500%, due 12/20/47 | 68841 | 63000 |
| 3.500%, due 01/20/48 | 1205255 | 1102982 |
| 3.500%, due 02/20/48 | 981795 | 898484 |
| 3.500%, due 03/20/48 | 1475836 | 1350604 |
| 3.500%, due 09/20/48 | 416467 | 381127 |
| 3.500%, due 06/20/49 | 1693318 | 1533661 |
| 3.500%, due 02/20/53 | 323494 | 293681 |
| 3.750%, due 05/20/30 | 197121 | 194660 |
| 4.000%, due 12/20/40 | 101734 | 95504 |
| 4.000%, due 07/20/41 | 40460 | 38368 |
| 4.000%, due 12/15/41 | 577991 | 547740 |
| 4.000%, due 01/15/47 | 29880 | 28179 |
| 4.000%, due 02/15/47 | 153994 | 145230 |
| 4.000%, due 04/15/47 | 301000 | 282137 |
| 4.000%, due 05/15/47 | 50041 | 46944 |
| 4.000%, due 06/15/47 | 19473 | 18267 |
| 4.000%, due 07/15/47 | 39120 | 36699 |
| 4.000%, due 08/15/47 | 83897 | 78705 |
| 4.000%, due 12/15/47 | 13917 | 13055 |
| 4.000%, due 12/20/47 | 52750 | 48762 |
| 4.000%, due 01/20/48 | 136425 | 126111 |
| 4.000%, due 03/20/48 | 168913 | 157872 |
| 4.000%, due 04/20/48 | 356009 | 333344 |
| 4.000%, due 05/20/48 | 101696 | 95229 |
| 4.000%, due 06/20/48 | 130735 | 121434 |
| 4.000%, due 07/20/48 | 38835 | 35967 |
| 4.000%, due 07/15/49 | 15567 | 14437 |
| 4.500%, due 09/15/39 | 172453 | 170200 |
| 4.500%, due 06/15/40 | 83450 | 81976 |
| 4.500%, due 07/20/40 | 14669 | 14384 |
| 4.500%, due 08/20/40 | 10603 | 10397 |
| 4.500%, due 09/20/40 | 44273 | 43413 |
| 4.500%, due 10/20/40 | 11933 | 11701 |
| 4.500%, due 01/20/41 | 56979 | 55872 |
| 4.500%, due 02/20/41 | 13910 | 13705 |
| 4.500%, due 03/20/41 | 85030 | 83716 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.500%, due 04/20/41 | $11177 | $11013 |
| 4.500%, due 06/20/41 | 98008 | 96567 |
| 4.500%, due 07/20/41 | 25126 | 24757 |
| 4.500%, due 09/20/41 | 2514 | 2477 |
| 4.500%, due 12/20/41 | 22609 | 22277 |
| 4.500%, due 05/20/43 | 5162 | 5061 |
| 4.500%, due 07/20/43 | 3571 | 3518 |
| 4.500%, due 10/20/44 | 51734 | 50068 |
| 4.500%, due 08/20/45 | 60193 | 58682 |
| 4.500%, due 12/15/45 | 6483 | 6312 |
| 4.500%, due 08/15/46 | 7557 | 7322 |
| 4.500%, due 09/15/46 | 132237 | 128131 |
| 4.500%, due 10/15/46 | 85547 | 82883 |
| 4.500%, due 01/15/47 | 194760 | 188713 |
| 4.500%, due 04/20/48 | 17001 | 16486 |
| 4.500%, due 05/20/48 | 48245 | 46781 |
| 4.500%, due 06/20/48 | 117967 | 114180 |
| 4.500%, due 10/20/48 | 161452 | 154777 |
| 4.500%, due 01/20/49 | 114318 | 110826 |
| 4.500%, due 02/20/49 | 199145 | 192752 |
| 1 yr. CMT + 1.500%,<br>4.625%, due 08/20/25<sup>1</sup> | 12 | 12 |
| 1 yr. CMT + 1.500%,<br>4.625%, due 09/20/25<sup>1</sup> | 21 | 21 |
| 1 yr. CMT + 1.500%,<br>4.625%, due 08/20/26<sup>1</sup> | 1229 | 1225 |
| 1 yr. CMT + 1.500%,<br>4.625%, due 07/20/27<sup>1</sup> | 695 | 695 |
| 1 yr. CMT + 1.500%,<br>4.625%, due 07/20/30<sup>1</sup> | 6892 | 6924 |
| 1 yr. CMT + 1.500%,<br>4.875%, due 04/20/26<sup>1</sup> | 3947 | 3938 |
| 1 yr. CMT + 1.500%,<br>4.875%, due 06/20/26<sup>1</sup> | 1522 | 1519 |
| 1 yr. CMT + 1.500%,<br>4.875%, due 04/20/27<sup>1</sup> | 1835 | 1834 |
| 1 yr. CMT + 1.500%,<br>4.875%, due 04/20/30<sup>1</sup> | 1238 | 1243 |
| 1 yr. CMT + 1.500%,<br>4.875%, due 05/20/30<sup>1</sup> | 13352 | 13424 |
| 5.000%, due 12/20/33 | 49955 | 50479 |
| 5.000%, due 01/20/34 | 26912 | 27194 |
| 5.000%, due 12/15/34 | 1964 | 1960 |
| 5.000%, due 02/20/38 | 39276 | 39742 |
| 5.000%, due 04/15/38 | 44173 | 44553 |
| 5.000%, due 04/20/38 | 45001 | 45540 |
| 5.000%, due 12/15/39 | 2652 | 2683 |
| 5.000%, due 05/15/40 | 68120 | 68913 |
| 5.000%, due 05/15/41 | 29175 | 29516 |
| 5.000%, due 08/20/41 | 6204 | 6278 |
| 5.000%, due 12/20/42 | 8000 | 8096 |
| 5.000%, due 08/20/43 | 688525 | 696790 |
| 5.000%, due 09/20/48 | 64887 | 64328 |
| 5.000%, due 10/20/48 | 126048 | 125030 |
| 5.000%, due 11/20/48 | 160965 | 159360 |
| 5.000%, due 12/20/48 | 147097 | 145631 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 09/20/26<sup>1</sup> | 167 | 167 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 1 yr. CMT + 1.500%,<br>5.000%, due 04/20/27<sup>1</sup> | $369 | $369 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 08/20/27<sup>1</sup> | 2910 | 2907 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 04/20/30<sup>1</sup> | 1293 | 1296 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 05/20/30<sup>1</sup> | 50334 | 50581 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 07/20/30<sup>1</sup> | 2847 | 2866 |
| 1 yr. CMT + 1.500%,<br>5.000%, due 08/20/30<sup>1</sup> | 9571 | 9590 |
| 5.500%, due 08/15/35 | 8344 | 8602 |
| 5.500%, due 02/15/38 | 680 | 704 |
| 5.500%, due 04/15/38 | 63885 | 66184 |
| 5.500%, due 05/15/38 | 71706 | 74305 |
| 5.500%, due 06/15/38 | 42127 | 43649 |
| 5.500%, due 10/15/38 | 184743 | 191276 |
| 5.500%, due 11/15/38 | 9481 | 9817 |
| 5.500%, due 12/15/38 | 2144 | 2221 |
| 5.500%, due 03/15/39 | 25434 | 25768 |
| 5.500%, due 05/15/39 | 16964 | 17576 |
| 5.500%, due 09/15/39 | 88508 | 91707 |
| 5.500%, due 01/15/40 | 3343 | 3437 |
| 5.500%, due 03/15/40 | 112654 | 116708 |
| 5.500%, due 09/20/48 | 11426 | 11543 |
| 1 yr. CMT + 1.500%,<br>5.500%, due 07/20/30<sup>1</sup> | 2749 | 2756 |
| 1 yr. CMT + 1.500%,<br>5.500%, due 08/20/30<sup>1</sup> | 781 | 782 |
| 1 yr. CMT + 1.500%,<br>5.500%, due 10/20/30<sup>1</sup> | 2473 | 2478 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 03/20/26<sup>1</sup> | 292 | 292 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 01/20/27<sup>1</sup> | 9244 | 9233 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 02/20/27<sup>1</sup> | 809 | 808 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 01/20/28<sup>1</sup> | 1353 | 1353 |
| 1 yr. CMT + 1.500%,<br>5.625%, due 02/20/28<sup>1</sup> | 318 | 318 |
| 6.000%, due 10/20/38 | 871 | 913 |
| 6.500%, due 02/15/29 | 48 | 48 |
| 6.500%, due 09/20/32 | 503 | 525 |
| 6.500%, due 01/15/36 | 6676 | 6808 |
| 6.500%, due 09/15/36 | 65406 | 68577 |
| 6.500%, due 02/15/37 | 1014 | 1047 |
| 6.500%, due 04/15/37 | 4079 | 4343 |
| 6.500%, due 01/15/38 | 4480 | 4725 |
| 6.500%, due 06/15/38 | 5919 | 6190 |
| 6.500%, due 11/15/38 | 1564 | 1697 |
| 6.500%, due 12/20/38 | 2138 | 2277 |
| 6.500%, due 08/20/54 | 744049 | 764032 |
| 9.000%, due 01/20/27 | 2045 | 2051 |
| 9.000%, due 09/20/30 | 588 | 598 |
| 9.000%, due 10/20/30 | 1735 | 1798 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **U.S. government agency obligations—(concluded)** | | |
| Government National Mortgage Association, TBA<br>2.000% | $10000000 | $8073460 |
| 2.500% | 3400000 | 2857979 |
| 3.000% | 20000000 | 17474380 |
| 3.500% | 100000 | 89585 |
| 4.000% | 3550000 | 3271813 |
| 4.500% | 11360000 | 10776653 |
| 5.000% | 6000000 | 5853000 |
| 5.500% | 2500000 | 2491117 |
| 6.500% | 3500000 | 3578750 |
| Uniform Mortgage-Backed Security, TBA<br>1.500% | 3824000 | 2954196 |
| 2.000% | 32350000 | 25492891 |
| 2.500% | 8450000 | 6923288 |
| 3.000% | 1345000 | 1274007 |
| 3.500% | 1500000 | 1437267 |
| 4.500% | 2700000 | 2560583 |
| 5.000% | 3400000 | 3372531 |
| 5.500% | 1000000 | 1015420 |
| 6.000% | 33400000 | 33829524 |
| 6.500% | 6900000 | 7109622 |
| 7.000% | 2800000 | 2937901 |
| **Total U.S. government agency obligations**<br> (cost—$314,607,199) | **Total U.S. government agency obligations**<br> (cost—$314,607,199) | **299851020** |
| **Short-term investments—1.1%** |  |  |
| **Short-term U.S. Treasury obligations—0.3%** |  |  |
| U.S. Treasury Bills<br>4.301% due 10/21/25<sup>6</sup> | 1000 | 991 |
| 4.330% due 10/16/25<sup>6,7</sup> | 179000 | 177402 |
| 4.338% due 10/02/25<sup>6,7</sup> | 21000 | 20847 |
| 4.340% due 09/04/25<sup>6,7</sup> | 2000 | 1992 |
| 4.343% due 11/04/25<sup>6,7</sup> | 211000 | 208646 |
| 4.355% due 09/11/25<sup>6,7</sup> | 22000 | 21894 |
| 4.355% due 11/12/25<sup>6</sup> | 1000 | 987 |
| **Total short-term U.S. treasury obligations** <br> (cost—$432,759) | **Total short-term U.S. treasury obligations** <br> (cost—$432,759) | **432759** |
|  | **Number of<br>shares** |  |
| **Investment companies—0.8%** |  |  |
| State Street Institutional U.S. Government<br>Money Market Fund, 4.250%<sup>6</sup>(cost—$1,429,950) | 1429950 | 1429950 |
| **Total short-term investments** <br> (cost—$1,862,709) | **Total short-term investments** <br> (cost—$1,862,709) | **1862709** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | |
| **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** |
| **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** |
| Uniform Mortgage-Backed <br>Security, TBA<br>strike @ 96.738,<br>expires 09/08/25<br>(Counterparty: GS) | 2500000 | USD | 241845703 | 712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Uniform Mortgage-Backed <br>Security, TBA<br>strike @ 98.719,<br>expires 09/08/25<br>(Counterparty: BOA) | 1500000 | USD | 148078125 | $111 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 99.141,<br>expires 09/08/25<br>(Counterparty: GS) | 2500000 | USD | 247851562 | 329 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 99.156,<br>expires 09/08/25<br>(Counterparty: GS) | 2500000 | USD | 247890625 | 336 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 99.367,<br>expires 09/08/25<br>(Counterparty: GS) | 1700000 | USD | 168924219 | 307 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 97.477,<br>expires 09/08/25<br>(Counterparty: GS) | 1600000 | USD | 155962500 | 956 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 97.172,<br>expires 09/08/25<br>(Counterparty: GS) | 1500000 | USD | 145757813 | 658 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 96.981,<br>expires 10/07/25<br>(Counterparty: GS) | 1500000 | USD | 145470703 | 1868 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 98.891,<br>expires 10/07/25<br>(Counterparty: GS) | 1500000 | USD | 148335938 | 749 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 97.094,<br>expires 10/07/25<br>(Counterparty: GS) | 1500000 | USD | 145640625 | 2015 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 98.875,<br>expires 10/07/25<br>(Counterparty: GS) | 2500000 | USD | 247187500 | 1231 |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 99.164,<br>expires 10/07/25<br>(Counterparty: GS) | 4500000 | USD | 446238281 | 2874 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Options purchased—(concluded)** | **Options purchased—(concluded)** | **Options purchased—(concluded)** | **Options purchased—(concluded)** | **Options purchased—(concluded)** | **Options purchased—(concluded)** |
| **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** |
| Uniform Mortgage-Backed<br>Security, TBA<br>strike @ 98.961,<br>expires 10/07/25<br>(Counterparty: GS) | 3500000 | USD | 346363281 | $ | 1862 |
| **Total put options** |  |  |  |  | 14008 |
| **Total options purchased** <br> (cost—$56,406) |  |  |  |  | **14008** |
| **Swaptions purchased—0.4%** | **Swaptions purchased—0.4%** | **Swaptions purchased—0.4%** | **Swaptions purchased—0.4%** | **Swaptions purchased—0.4%** | **Swaptions purchased—0.4%** |
| **Call swaptions—0.3%** | **Call swaptions—0.3%** | **Call swaptions—0.3%** | **Call swaptions—0.3%** | **Call swaptions—0.3%** | **Call swaptions—0.3%** |
| 7 Year Interest Rate <br>Swap strike @ 3.313, <br>expires 06/08/26<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 06/10/33 | 2000000 | USD | 2000000 |  | 22715 |
| 7 Year Interest Rate <br>Swap strike @ 3.081, <br>expires 12/08/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 12/10/32 | 2000000 | USD | 2000000 |  | 5382 |
| 7 Year Interest Rate <br>Swap strike @ 2.750, <br>expires 02/05/26<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 02/09/33 | 2500000 | USD | 2500000 |  | 4967 |
| 10 Year Interest Rate <br>Swap strike @ 4.098, <br>expires 02/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 02/08/45 | 400000 | USD | 400000 |  | 22893 |
| 10 Year Interest Rate <br>Swap strike @ 4.400, <br>expires 06/25/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 06/27/45 | 2000000 | USD | 2000000 |  | 132391 |
| 10 Year Interest Rate <br>Swap strike @ 4.559, <br>expires 07/09/35<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 07/11/45 | 1800000 | USD | 1800000 |  | 128111 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** |
| **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** |
| 10 Year Interest Rate <br>Swap strike @ 4.640, <br>expires 07/23/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 07/25/45 | 1800000 | USD | 1800000 | $ | 132868 |
| **Total call swaptions** |  |  |  |  | 449327 |
| **Put swaptions—0.1%** | **Put swaptions—0.1%** | **Put swaptions—0.1%** | **Put swaptions—0.1%** | **Put swaptions—0.1%** | **Put swaptions—0.1%** |
| 1 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/25/25<br>(Counterparty: CITI; <br>pay floating rate);<br>underlying swap<br>terminates 09/29/26 | 14300000 | USD | 14300000 |  | 6 |
| 10 Year Interest Rate <br>Swap strike @ 6.000, <br>expires 10/17/25<br>(Counterparty: GS; pay floating rate);<br>underlying swap<br>terminates 10/21/35 | 5500000 | USD | 5500000 |  | 2 |
| 1 Year Interest Rate <br>Swap strike @ 5.500, <br>expires 10/17/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 10/21/26 | 5500000 | USD | 5500000 |  | 1 |
| 10 Year Interest Rate <br>Swap strike @ 6.000, <br>expires 10/17/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 10/21/35 | 2500000 | USD | 2500000 |  | 1 |
| 1 Year Interest Rate <br>Swap strike @ 5.500, <br>expires 11/03/25<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 11/05/26 | 2700000 | USD | 2700000 |  | 1 |
| 7 Year Interest Rate <br>Swap strike @ 4.313, <br>expires 06/08/26<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 06/10/33 | 2000000 | USD | 2000000 |  | 13930 |
| 10 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/10/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 09/12/35 | 7100000 | USD | 7100000 |  | 21 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** |
| **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** | **Swaptions purchased—(continued)** |
| **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** | **Put swaptions—(continued)** |
| 10 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/11/25<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 09/15/35 | 3800000 | USD | 3800000 | $14 |
| 1 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/12/25<br>(Counterparty: BB; <br>pay floating rate);<br>underlying swap<br>terminates 09/16/26 | 11200000 | USD | 11200000 | 1 |
| 10 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/12/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 09/16/35 | 3300000 | USD | 3300000 | 15 |
| 10 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/16/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 09/18/35 | 3300000 | USD | 3300000 | 23 |
| 10 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/26/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 09/30/35 | 4300000 | USD | 4300000 | 96 |
| 1 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 10/24/25<br>(Counterparty: BB; <br>pay floating rate);<br>underlying swap<br>terminates 10/28/26 | 7500000 | USD | 7500000 | 13 |
| 1 Year Interest Rate <br>Swap strike @ 4.750, <br>expires 10/31/25<br>(Counterparty: CITI; <br>pay floating rate);<br>underlying swap<br>terminates 11/04/26 | 4000000 | USD | 4000000 | 38 |
| 10 Year Interest Rate <br>Swap strike @ 4.250, <br>expires 11/28/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 12/02/35 | 4200000 | USD | 4200000 | 19457 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** |
| **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** |
| **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** | **Put swaptions—(concluded)** |
| 10 Year Interest Rate <br>Swap strike @ 4.098, <br>expires 02/06/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 02/08/45 | 400000 | USD | 400000 | $32241 |
| 7 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 10/08/25<br>(Counterparty: CITI; <br>pay floating rate);<br>underlying swap<br>terminates 10/10/32 | 20000000 | USD | 20000000 | 306 |
| 7 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 08/29/25<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 09/03/32 | 38700000 | USD | 38700000 | 4 |
| 7 Year Interest Rate <br>Swap strike @ 5.000, <br>expires 09/30/25<br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap<br>terminates 10/02/32 | 23300000 | USD | 23300000 | 186 |
| 10 Year Interest Rate <br>Swap strike @ 4.400, <br>expires 06/25/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 06/27/45 | 1000000 | USD | 1000000 | 72584 |
| 10 Year Interest Rate <br>Swap strike @ 4.559, <br>expires 07/09/35<br>(Counterparty: DB; <br>pay floating rate);<br>underlying swap<br>terminates 07/11/45 | 900000 | USD | 900000 | 61985 |
| 10 Year Interest Rate <br>Swap strike @ 4.640, <br>expires 07/23/35<br>(Counterparty: BOA; <br>pay floating rate);<br>underlying swap<br>terminates 07/25/45 | 900000 | USD | 900000 | 60367 |
| **Total put swaptions** |  |  |  | 261292 |
| **Total swaptions purchased** <br> (cost—$1,235,975) |  |  |  | **710619** |
| **Total investments before <br>investments sold short** <br> (cost—$364,731,683)—204.6% |  |  |  | **345105348** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(47.6)%** | | |
| **U.S. government agency obligations—(47.6)%** | | |
| Uniform Mortgage-Backed Security, TBA<br>3.000% | (42750000) | $(36596907) |
| 3.500% | (15250000) | (13608337) |
| 4.000% | (500000) | (460238) |
| 4.000% | (18125000) | (16702622) |
| 4.500% | (5700000) | (5402010) |
| 4.500% | (800000) | (790529) |
| 5.000% | (200000) | (194559) |
| 5.500% | (6500000) | (6460506) |
| **Total U.S. government agency obligations**<br> (proceeds—$(80335142)) | **Total U.S. government agency obligations**<br> (proceeds—$(80335142)) | **(80215708)** |
| **Total investments sold short** <br> (Proceeds—$(80335142)) | **Total investments sold short** <br> (Proceeds—$(80335142)) | **(80215708)** |
| **Total investments** <br> (cost—$284,396,541)—157.0% | **Total investments** <br> (cost—$284,396,541)—157.0% | **264889640** |
| Liabilities in excess of other assets—(57.0)% |  | (96218861) |
| **Net assets—100.0%** |  | $**168670779** |

---

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

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Reverse repurchase agreement—(21.6)%** | **Reverse repurchase agreement—(21.6)%** | **Reverse repurchase agreement—(21.6)%** |
| Reverse repurchase agreement dated<br>07/14/25 with Wells Fargo, 4.470% to <br>be repurchased 08/13/25 for $(24292903),<br>collateralized by $4,783,904 Government <br>Mortgage Association Obligation, <br>2.500% due 09/20/51 and $23,128,412 <br>Federal National Mortgage Association <br>Obligations, 3.000% to 4.500% due <br>09/01/42 to 08/01/53: <br>(value—$27,912,316); <br>(proceeds—$(24202748)) | $(24202748) | $(24202748) |
| Reverse repurchase agreement dated <br>07/14/25 with Citigroup, Inc., 4.470% to <br>be repurchased 08/13/25 for $(2866187), <br>collateralized by $1,475,836 Government <br>Mortgage Association Obligation, 3.500% <br>due 03/20/48 and $1,637,957 Federal <br>National Mortgage Association Obligation, <br>4.500% due 07/01/43: <br>(value—$(3113793)); <br>(proceeds—$(2855550)) | (2855550) | (2855550) |
| Reverse repurchase agreement dated <br>07/14/25 with Credit Agricole, Inc., 4.480% to <br>be repurchased 08/13/25 for $(9485544), <br>collateralized by $10,249,272 Federal National <br>Mortgage Association Obligation, 2.500% to <br>6.000% due 08/01/51 to 05/01/55: <br>(value—$10,249,272); <br>(proceeds—$(9450263)) | (9450262) | (9450262) |
| **Total reverse repurchase agreement** <br>(proceeds—$(36508560)) | **Total reverse repurchase agreement** <br>(proceeds—$(36508560)) | $**(36508560)** |

---

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount** | **<br>Notional<br>amount** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 193437000 | 2000000 | Uniform Mortgage-Backed <br>Security, TBA, strike @ 96.719 | BOA | 09/08/25 | $(7500) | $(1379) | $6121 |
| USD | 186969000 | 2000000 | Uniform Mortgage-Backed <br>Security, TBA, strike @ 93.484 | JPMCB | 10/07/25 | (7500) | (7956) | (456) |
| USD | 187875000 | 2000000 | Uniform Mortgage-Backed <br>Security, TBA, strike @ 93.938 | CITI | 10/07/25 | (6875) | (5799) | 1076 |
| **Total** | **Total** |  |  |  |  | $**(21875)** | $**(15134)** | $**6741** |
|  |  |  | **Put options** |  |  |  |  |  |
| USD | 366281000 | 4000000 | Uniform Mortgage-Backed <br>Security, TBA, strike @ 91.570 | MSCI | 08/06/25 | $(10937) | $(1715) | $9222 |
| USD | 182774000 | 2000000 | Uniform Mortgage-Backed <br>Security, TBA, strike @ 91.387 | GS | 08/06/25 | (6719) | (497) | 6222 |
| **Total** | **Total** |  |  |  |  | $**(17656)** | $**(2212)** | $**15444** |
| **Total options written** | **Total options written** |  |  |  |  | $**(39531)** | $**(17346)** | $**22185** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Call swaptions** | **Counterparty** | **Pay/<br>receive<br>floating<br>rate** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1700 | 1700000 | 10 Year Interest Rate Swap <br>strike @ 3.670 terminating 09/03/35 | BOA | Pay | 08/29/25 | $(15111) | $(4527) | $10584 |
| USD | 1700 | 1700000 | 7 Year Interest Rate Swap <br>strike @ 3.453 terminating 10/02/32 | MSCI | Pay | 09/30/25 | (12908) | (6184) | 6724 |
| **Total** | **Total** |  |  |  |  |  | $**(28019)** | $**(10711)** | $**17308** |
|  |  |  | **Put swaptions** |  |  |  |  |  |  |
| USD | 1300 | 1300000 | 7 Year Interest Rate Swap <br>strike @ 4.215 terminating 08/08/32 | BNP | Pay | 08/06/25 | $(4907) | $— | $4907 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.368 terminating 08/08/32 | BOA | Pay | 08/06/25 | (3080) |  | 3080 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.287 terminating 08/08/32 | GS | Pay | 08/06/25 | (3008) |  | 3008 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.236 terminating 08/08/32 | BOA | Pay | 08/06/25 | (1980) |  | 1980 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.270 terminating 08/08/32 | GS | Pay | 08/06/25 | (1980) |  | 1980 |
| USD | 1800 | 1800000 | 10 Year Interest Rate Swap <br>strike @ 4.317 terminating 09/10/35 | MSCI | Pay | 09/08/25 | (7920) | (663) | 7257 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.257 terminating 09/10/32 | GS | Pay | 09/08/25 | (2695) | (149) | 2546 |
| USD | 1600 | 1600000 | 7 Year Interest Rate Swap <br>strike @ 4.096 terminating 09/10/32 | JPMCB | Pay | 09/08/25 | (2960) | (694) | 2266 |
| USD | 1700 | 1700000 | 7 Year Interest Rate Swap <br>strike @ 4.106 terminating 09/10/32 | JPMCB | Pay | 09/08/25 | (2890) | (687) | 2203 |
| USD | 1100 | 1100000 | 7 Year Interest Rate Swap <br>strike @ 4.085 terminating 09/10/32 | MSCI | Pay | 09/08/25 | (1458) | (516) | 942 |
| USD | 1300 | 1300000 | 7 Year Interest Rate Swap <br>strike @ 4.046 terminating 09/10/32 | GS | Pay | 09/08/25 | (2249) | (800) | 1449 |
| USD | 900 | 900000 | 10 Year Interest Rate Swap <br>strike @ 4.263 terminating 09/10/35 | JPMCB | Pay | 09/08/25 | (1890) | (485) | 1405 |
| USD | 900 | 900000 | 10 Year Interest Rate Swap <br>strike @ 4.274 terminating 10/09/35 | DB | Pay | 10/07/25 | (3420) | (1572) | 1848 |
| USD | 1000 | 1000000 | 7 Year Interest Rate Swap <br>strike @ 4.200 terminating 10/09/32 | MSCI | Pay | 10/07/25 | (1911) | (863) | 1048 |
| USD | 1000 | 1000000 | 10 Year Interest Rate Swap <br>strike @ 4.248 terminating 10/09/35 | BNP | Pay | 10/07/25 | (3350) | (1973) | 1377 |
| USD | 1900 | 1900000 | 7 Year Interest Rate Swap <br>strike @ 4.221 terminating 10/09/32 | GS | Pay | 10/07/25 | (3183) | (1479) | 1704 |
| USD | 3000 | 3000000 | 7 Year Interest Rate Swap <br>strike @ 4.115 terminating 10/09/32 | DB | Pay | 10/07/25 | (4575) | (3899) | 676 |
| USD | 2300 | 2300000 | 7 Year Interest Rate Swap <br>strike @ 4.200 terminating 10/09/32 | GS | Pay | 10/07/25 | (3163) | (1984) | 1179 |
| **Total** | **Total** |  |  |  |  |  | $**(56619)** | $**(15764)** | $**40855** |
| **Total swaptions written** | **Total swaptions written** |  |  |  |  |  | $**(84638)** | $**(26475)** | $**58163** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **U.S. Treasury futures buy contracts:** | | | | | | |
| 165 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | $18127395 | $18325313 | $197918 |
| 1 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | 107830 | 108172 | 342 |
| **Total** |  |  |  | $**18235225** | $**18433485** | $**198260** |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 15 | USD | U.S. Treasury Note 2 Year Futures | September 2025 | $(3108028) | $(3104766) | $3262 |
| **Total** |  |  |  | $**(3108028)** | $**(3104766)** | $**3262** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**201522** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the portfolio<sup>8</sup>** | **Payments<br>received by<br>the portfolio<sup>8</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1700 | 06/21/26 | Annual | 3.500% | 1 day USD SOFR | $11108 | $11188 |
| USD | 5000 | 12/18/26 | Annual | 1 day USD SOFR | 3.750% | (30557) | (50185) |
| USD | 3000 | 12/21/27 | Annual | 2.000 | 1 day USD SOFR | 156508 | 55896 |
| USD | 4400 | 03/20/29 | Annual | 4.250 | 1 day USD SOFR | (97450) | 1084 |
| USD | 4200 | 04/10/29 | Annual | 1 day USD SOFR | 3.940 | 47225 | 47225 |
| USD | 17500 | 06/15/29 | Annual | 1 day USD SOFR | 1.750 | (1210524) | (481497) |
| USD | 2300 | 11/09/29 | Annual | 3.205 | 1 day USD SOFR | 53582 | 53582 |
| USD | 2300 | 11/09/29 | Annual | 3.218 | 1 day USD SOFR | 52237 | 52237 |
| USD | 2400 | 11/09/29 | Annual | 3.217 | 1 day USD SOFR | 54564 | 54564 |
| USD | 4200 | 12/18/29 | Annual | 1 day USD SOFR | 3.750 | 13418 | (35236) |
| USD | 1300 | 12/21/29 | Annual | 2.000 | 1 day USD SOFR | 102064 | 30513 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 8732 | 8732 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 8765 | 8765 |
| USD | 500 | 03/08/30 | Annual | 3.635 | 1 day USD SOFR | 299 | 299 |
| USD | 2900 | 04/10/30 | Annual | 1 day USD SOFR | 3.560 | (9961) | (9961) |
| USD | 2900 | 05/08/30 | Annual | 1 day USD SOFR | 3.560 | (8385) | (8385) |
| USD | 400 | 05/08/30 | Annual | 1 day USD SOFR | 3.546 | (1409) | (1409) |
| USD | 6400 | 06/21/30 | Annual | 3.000 | 1 day USD SOFR | 179767 | 120111 |
| USD | 350 | 07/10/30 | Annual | 1 day USD SOFR | 3.740 | 2273 | 2273 |
| USD | 2200 | 10/06/30 | Annual | 1 day USD SOFR | 4.123 | 48692 | 48692 |
| USD | 4900 | 10/10/30 | Annual | 4.185 | 1 day USD SOFR | (125767) | (125767) |
| USD | 1300 | 10/10/30 | Annual | 1 day USD SOFR | 4.145 | 30490 | 30490 |
| USD | 3000 | 10/10/30 | Annual | 1 day USD SOFR | 4.135 | 68703 | 68703 |
| USD | 3200 | 10/10/30 | Annual | 1 day USD SOFR | 4.118 | 70185 | 70185 |
| USD | 3900 | 10/10/30 | Annual | 1 day USD SOFR | 4.155 | 93628 | 93628 |
| USD | 500 | 10/10/30 | Annual | 1 day USD SOFR | 4.320 | 16567 | 16567 |
| USD | 3700 | 11/08/30 | Annual | 1 day USD SOFR | 4.012 | 62339 | 62339 |
| USD | 4000 | 11/08/30 | Annual | 1 day USD SOFR | 4.180 | 104459 | 104459 |
| USD | 1000 | 11/08/30 | Annual | 1 day USD SOFR | 4.192 | 26777 | 26777 |
| USD | 7000 | 12/20/30 | Annual | 3.500 | 1 day USD SOFR | 75908 | 70175 |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by<br>the portfolio<sup>8</sup>** | **Payments<br>received by<br>the portfolio<sup>8</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 2200 | 12/22/30 | Annual | 3.550% | 1 day USD SOFR | $16782 | $16782 |
| USD | 4300 | 01/10/31 | Annual | 1 day USD SOFR | 3.705% | 4998 | 4998 |
| USD | 1100 | 03/12/31 | Annual | 3.710 | 1 day USD SOFR | (2506) | (2506) |
| USD | 1200 | 04/08/31 | Annual | 1 day USD SOFR | 3.990 | 21445 | 21445 |
| USD | 1800 | 04/08/31 | Annual | 1 day USD SOFR | 3.959 | 29136 | 29136 |
| USD | 2200 | 04/09/31 | Annual | 3.013 | 1 day USD SOFR | 77507 | 77507 |
| USD | 2300 | 04/15/31 | Annual | 3.170 | 1 day USD SOFR | 61102 | 61102 |
| USD | 1600 | 04/26/31 | Annual | 3.232 | 1 day USD SOFR | 36778 | 36778 |
| USD | 5100 | 06/10/31 | Annual | 1 day USD SOFR | 3.916 | 74692 | 74692 |
| USD | 7600 | 06/20/31 | Annual | 3.750 | 1 day USD SOFR | (40743) | (121676) |
| USD | 3300 | 02/07/32 | Annual | 3.480 | 1 day USD SOFR | 47901 | 47902 |
| USD | 1400 | 06/08/32 | Annual | 2.451 | 1 day USD SOFR | 107410 | 107410 |
| USD | 7100 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 855277 | 178368 |
| USD | 500 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 59986 | 34523 |
| USD | 4000 | 06/15/32 | Annual | 2.553 | 1 day USD SOFR | 281253 | 281253 |
| USD | 3000 | 06/18/32 | Annual | 1 day USD SOFR | 3.250 | (83015) | (6347) |
| USD | 2300 | 09/16/32 | Annual | 2.998 | 1 day USD SOFR | 128997 | 128997 |
| USD | 5500 | 10/06/32 | Annual | 3.275 | 1 day USD SOFR | 196888 | 196888 |
| USD | 2800 | 11/28/32 | Annual | 3.368 | 1 day USD SOFR | 78571 | 78571 |
| USD | 600 | 12/21/32 | Annual | 2.000 | 1 day USD SOFR | 74898 | 20483 |
| USD | 1400 | 03/08/33 | Annual | 3.453 | 1 day USD SOFR | 29139 | 29139 |
| USD | 3100 | 03/08/33 | Annual | 3.505 | 1 day USD SOFR | 53105 | 53105 |
| USD | 1000 | 03/08/33 | Annual | 1 day USD SOFR | 3.510 | (16780) | (16780) |
| USD | 700 | 06/08/33 | Annual | 3.260 | 1 day USD SOFR | 23229 | 23229 |
| USD | 5600 | 12/20/33 | Annual | 1 day USD SOFR | 3.500 | (134617) | 11089 |
| USD | 8500 | 06/20/34 | Annual | 3.750 | 1 day USD SOFR | 28329 | (203050) |
| USD | 1200 | 12/18/34 | Annual | 3.750 | 1 day USD SOFR | 10171 | 49882 |
| USD | 2200 | 03/19/35 | Annual | 3.250 | 1 day USD SOFR | 110384 | (27039) |
| USD | 2400 | 06/18/35 | Annual | 3.250 | 1 day USD SOFR | 118356 | 20248 |
| USD | 2000 | 12/20/53 | Annual | 3.250 | 1 day USD SOFR | 288941 | 173479 |
| USD | 600 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 57899 | 24626 |
| USD | 1000 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 100085 | 111517 |
| **Total** | **Total** |  |  |  |  | $**2499835** | $**1841795** |

---

------

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $13036759 | $81198 | $13117957 |
| Mortgage-backed securities |  | 29549035 |  | 29549035 |
| U.S. government agency obligations |  | 299851020 |  | 299851020 |
| Short-term U.S. Treasury obligations |  | 432759 |  | 432759 |
| Investment companies | 1429950 |  |  | 1429950 |
| Options purchased |  | 14008 |  | 14008 |
| Swaptions Purchased |  | 710619 |  | 710619 |
| Futures contracts | 201522 |  |  | 201522 |
| Swap agreements |  | 4261549 |  | 4261549 |
| **Total** | $**1631472** | $**347855749** | $**81198** | $**349568419** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Investments sold short | Investments sold short | Investments sold short | Investments sold short | Investments sold short |
| U.S. government agency obligations | $— | $(80215708) | $— | $(80215708) |
| Reverse Repurchase Agreement |  | (36508560) |  | (36508560) |
| Options written |  | (17346) |  | (17346) |
| Swaptions written |  | (26475) |  | (26475) |
| Swap agreements |  | (1761714) |  | (1761714) |
| **Total** | $**—** | $**(118529803)** | $**—** | $**(118529803)** |

---

At July 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**

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

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

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $13,843,434, represented 8.2% of the Portfolio's net assets at period end.

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

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

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

<sup>6</sup> Rate shown reflects yield at July 31, 2025.

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

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

See accompanying notes to financial statements

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—18.9%** | **Asset-backed securities—18.9%** | **Asset-backed securities—18.9%** |
| Adams Outdoor Advertising LP, <br>Series 2023-1, Class A2, <br>6.967%, due 07/15/53<sup>1</sup> | $760000 | $776329 |
| Aligned Data Centers Issuer LLC, <br>Series 2022-1A, Class A2, <br>6.350%, due 10/15/47<sup>1</sup> | 2300000 | 2303221 |
| Antares CLO Ltd., <br>Series 2019-1A, Class BR,<br>3 mo. USD Term SOFR + 3.350%, <br>7.676%, due 01/20/36<sup>1,2</sup> | 1730000 | 1741768 |
| Avis Budget Rental Car Funding AESOP LLC, <br>Series 2023-4A, Class A, <br>5.490%, due 06/20/29<sup>1</sup> | 1620000 | 1656693 |
| BHG Securitization Trust, <br>Series 2022-C, Class B, <br>5.930%, due 10/17/35<sup>1</sup> | 1019496 | 1022360 |
| Business Jet Securities LLC, <br>Series 2024-2A, Class A, <br>5.364%, due 09/15/39<sup>1</sup> | 1026459 | 1022777 |
| Capital Automotive REIT, <br>Series 2024-2A, Class A2, <br>5.250%, due 05/15/54<sup>1</sup> | 1113521 | 1101380 |
| CARS-DB7 LP, <br>Series 2023-1A, Class A2, <br>6.500%, due 09/15/53<sup>1</sup> | 881625 | 888614 |
| Cogent Ipv4 LLC, <br>Series 2024-1A, Class A2, <br>7.924%, due 05/25/54<sup>1</sup> | 1830000 | 1915103 |
| College Avenue Student Loans LLC, <br>Series 2021-A, Class A1,<br>1 mo. USD Term SOFR + 1.214%, <br>5.567%, due 07/25/51<sup>1,2</sup> | 37404 | 37162 |
| Series 2021-B, Class A2, <br>1.760%, due 06/25/52<sup>1</sup> | 50433 | 45192 |
| Series 2021-C, Class A1,<br>1 mo. USD Term SOFR + 1.014%, <br>5.367%, due 07/26/55<sup>1,2</sup> | 158616 | 157040 |
| Series 2021-C, Class B, <br>2.720%, due 07/26/55<sup>1</sup> | 70246 | 63664 |
| Series 2021-C, Class A2, <br>2.320%, due 07/26/55<sup>1</sup> | 79900 | 72144 |
| Credit Acceptance Auto Loan Trust, <br>Series 2022-3A, Class C, <br>8.450%, due 02/15/33<sup>1</sup> | 2300000 | 2330063 |
| DataBank Issuer LLC, <br>Series 2023-1A, Class A2, <br>5.116%, due 02/25/53<sup>1</sup> | 995000 | 987872 |
| Edgeconnex Data Centers Issuer LLC, <br>Series 2024-1, Class A2, <br>6.000%, due 07/27/54<sup>1,3</sup> | 823900 | 825979 |
| EDvestinU Private Education Loan Issue No. 3 LLC, <br>Series 2021-A, Class A, <br>1.800%, due 11/25/45<sup>1</sup> | 41390 | 37886 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| GoodLeap Sustainable Home Solutions Trust, <br>Series 2021-4GS, Class A, <br>1.930%, due 07/20/48<sup>1</sup> | $148739 | $118407 |
| Series 2021-5CS, Class A, <br>2.310%, due 10/20/48<sup>1</sup> | 83011 | 67996 |
| Lendmark Funding Trust, <br>Series 2021-1A, Class A, <br>1.900%, due 11/20/31<sup>1</sup> | 210000 | 201253 |
| Series 2024-2A, Class A, <br>4.470%, due 02/21/34<sup>1</sup> | 1280000 | 1270580 |
| Mariner Finance Issuance Trust, <br>Series 2021-AA, Class A, <br>1.860%, due 03/20/36<sup>1</sup> | 180000 | 174443 |
| Mosaic Solar Loan Trust, <br>Series 2022-1A, Class A, <br>2.640%, due 01/20/53<sup>1</sup> | 134386 | 115032 |
| Navient Private Education Refi Loan Trust, <br>Series 2019-D, Class A2B, <br>1 mo. USD Term SOFR + 1.164%, <br>5.506%, due 12/15/59<sup>1,2</sup> | 83600 | 83220 |
| Series 2020-IA, Class B, <br>2.950%, due 04/15/69<sup>1</sup> | 100000 | 85018 |
| Series 2021-A, Class A, <br>0.840%, due 05/15/69<sup>1</sup> | 35934 | 32694 |
| Series 2021-DA, Class A, <br>U.S. (Fed) Prime Rate + -1.990%, <br>5.510%, due 04/15/60<sup>1,2</sup> | 185437 | 182984 |
| Navient Student Loan Trust, <br>Series 2018-EA, Class A2, <br>4.000%, due 12/15/59<sup>1</sup> | 4841 | 4827 |
| Nelnet Student Loan Trust, <br>Series 2021-A, Class APT2, <br>1.360%, due 04/20/62<sup>1</sup> | 246047 | 231171 |
| Series 2021-BA, Class AFL, <br>1 mo. USD Term SOFR + 0.894%, <br>5.245%, due 04/20/62<sup>1,2</sup> | 347977 | 346187 |
| Series 2021-CA, Class AFL, <br>1 mo. USD Term SOFR + 0.854%, <br>5.205%, due 04/20/62<sup>1,2</sup> | 223448 | 222285 |
| New Economy Assets—Phase 1 Sponsor LLC, <br>Series 2021-1, Class A1, <br>1.910%, due 10/20/61<sup>1</sup> | 1150000 | 943289 |
| NextGear Floorplan Master Owner Trust, <br>Series 2023-1A, Class A2, <br>5.740%, due 03/15/28<sup>1</sup> | 1740000 | 1751025 |
| NMEF Funding LLC, <br>Series 2022-B, Class A2, <br>6.070%, due 06/15/29<sup>1</sup> | 242057 | 242440 |
| OnDeck Asset Securitization Trust IV LLC,<br>Series 2024-1A, Class A, <br>6.270%, due 06/17/31<sup>1</sup> | 1090000 | 1098131 |
| OneMain Financial Issuance Trust, <br>Series 2022-3A, Class A, <br>5.940%, due 05/15/34<sup>1</sup> | 861792 | 865878 |
| Oxford Finance Funding Trust, <br>Series 2023-1A, Class B, <br>7.879%, due 02/15/31<sup>1</sup> | 1723200 | 1738622 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Prodigy Finance DAC, <br>Series 2021-1A, Class A, <br>1 mo. USD Term SOFR + 1.364%, <br>5.717%, due 07/25/51<sup>1,2</sup> | $63937 | $63877 |
| Regional Management Issuance Trust, <br>Series 2021-2, Class A, <br>1.900%, due 08/15/33<sup>1</sup> | 245000 | 233286 |
| Republic Finance Issuance Trust, <br>Series 2024-A, Class A, <br>5.910%, due 08/20/32<sup>1</sup> | 1490000 | 1506931 |
| Retained Vantage Data Centers Issuer LLC, <br>Series 2023-1A, Class A2A, <br>5.000%, due 09/15/48<sup>1</sup> | 1370000 | 1351069 |
| Santander Drive Auto Receivables Trust, <br>Series 2022-7, Class C, <br>6.690%, due 03/17/31 | 2200000 | 2243247 |
| SLM Private Education Loan Trust, <br>Series 2010-C, Class A5, <br>1 mo. USD Term SOFR + 4.864%, <br>9.206%, due 10/15/41<sup>1,2</sup> | 262790 | 275110 |
| SMB Private Education Loan Trust, <br>Series 2017-B, Class A2B, <br>1 mo. USD Term SOFR + 0.864%, <br>5.206%, due 10/15/35<sup>1,2</sup> | 13867 | 13845 |
| Series 2018-A, Class A2B, <br>1 mo. USD Term SOFR + 0.914%, <br>5.256%, due 02/15/36<sup>1,2</sup> | 81185 | 81139 |
| Series 2018-C, Class A2B, <br>1 mo. USD Term SOFR + 0.864%, <br>5.206%, due 11/15/35<sup>1,2</sup> | 120260 | 120009 |
| Series 2021-A, Class A2A1, <br>1 mo. USD Term SOFR + 0.844%, <br>5.186%, due 01/15/53<sup>1,2</sup> | 321663 | 317937 |
| Series 2021-A, Class B, <br>2.310%, due 01/15/53<sup>1</sup> | 60398 | 58698 |
| Series 2021-C, Class APT1, <br>1.390%, due 01/15/53<sup>1</sup> | 102194 | 92859 |
| SoFi Professional Loan Program LLC, <br>Series 2018-A, Class A2B, <br>2.950%, due 02/25/42<sup>1</sup> | 3347 | 3338 |
| Series 2020-C, Class AFX, <br>1.950%, due 02/15/46<sup>1</sup> | 54022 | 50351 |
| Stack Infrastructure Issuer LLC, <br>Series 2023-1A, Class A2, <br>5.900%, due 03/25/48<sup>1</sup> | 740000 | 742177 |
| Store Master Funding I-VII XIV XIX XX, <br>Series 2021-1A, Class A1, <br>2.120%, due 06/20/51<sup>1</sup> | 999175 | 922637 |
| TierPoint Issuer LLC, <br>Series 2023-1A, Class A2, <br>6.000%, due 06/25/53<sup>1</sup> | 131667 | 131592 |
| Vantage Data Centers Issuer LLC, <br>Series 2023-1A, Class A2, <br>6.316%, due 03/16/48<sup>1</sup> | 1070000 | 1074059 |
| Willis Engine Structured Trust VII, <br>Series 2023-A, Class A, <br>8.000%, due 10/15/48<sup>1</sup> | 456231 | 469460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| Zayo Issuer LLC, <br>Series 2025-1A, Class A2, <br>5.648%, due 03/20/55<sup>1</sup> | $| 790000 | $ | 797781 |
| **Total asset-backed securities**<br> (cost—$36,808,084) | **Total asset-backed securities**<br> (cost—$36,808,084) | **Total asset-backed securities**<br> (cost—$36,808,084) |  | **37310131** |
| **Corporate bonds—44.6%** | **Corporate bonds—44.6%** | **Corporate bonds—44.6%** | **Corporate bonds—44.6%** | **Corporate bonds—44.6%** |
| **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** |
| Cargill, Inc.<br>5.125%, due 10/11/32<sup>1</sup> |  | 810000 |  | 829298 |
| **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** | **Airlines—0.2%** |
| Air Canada Pass-Through Trust<br>Series 2017-1, Class AA, <br>3.300%, due 01/15/30<sup>1</sup> |  | 35930 |  | 33534 |
| American Airlines Pass-Through Trust<br>Series 2016-3, Class AA, <br>3.000%, due 10/15/28 |  | 77179 |  | 73362 |
| Series 2016-1, Class AA, <br>3.575%, due 01/15/28 |  | 40035 |  | 38873 |
| Series 2017-1, Class AA, <br>3.650%, due 02/15/29 |  | 25215 |  | 24261 |
| Delta Air Lines Pass-Through Trust<br>Series 2020-1, Class AA, <br>2.000%, due 06/10/28 |  | 45567 |  | 42954 |
| United Airlines Pass-Through Trust<br>Series 2019-2, Class AA, <br>2.700%, due 05/01/32 |  | 37844 |  | 33848 |
| Series 2015-1, Class AA, <br>3.450%, due 12/01/27 |  | 26547 |  | 25691 |
| Series 2018-1, Class AA, <br>3.500%, due 03/01/30 |  | 13606 |  | 12824 |
| Series 2019-1, Class AA, <br>4.150%, due 08/25/31 |  | 49319 |  | 47035 |
|  |  |  |  | 332382 |
| **Banks—13.8%** | **Banks—13.8%** | **Banks—13.8%** | **Banks—13.8%** | **Banks—13.8%** |
| ASB Bank Ltd.<br>(fixed, converts to FRN on 06/17/27), <br>5.284%, due 06/17/32<sup>1,2</sup> |  | 1500000 |  | 1505880 |
| 5.398%, due 11/29/27<sup>1</sup> |  | 1260000 |  | 1287332 |
| Bank of America Corp.<br>(fixed, converts to FRN on 01/20/27), <br>3.824%, due 01/20/28<sup>2</sup> |  | 840000 |  | 830977 |
| Bank of New York Mellon Corp.<br>(fixed, converts to FRN on 02/07/27), <br>3.442%, due 02/07/28<sup>2</sup> |  | 1400000 |  | 1381980 |
| Bank of New Zealand<br>4.846%, due 02/07/28<sup>1</sup> |  | 1075000 |  | 1087310 |
| BNP Paribas SA<br>(fixed, converts to FRN on 05/09/30), <br>5.085%, due 05/09/31<sup>1,2</sup> |  | 600000 |  | 605796 |
| Comerica Bank<br>(fixed, converts to FRN on 08/25/32), <br>5.332%, due 08/25/33<sup>2</sup> |  | 1280000 |  | 1246115 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** |
| Fifth Third Bancorp<br>(fixed, converts to FRN on 07/28/29), <br>4.772%, due 07/28/30<sup>2</sup> | $25000 | $25102 |
| (fixed, converts to FRN on 10/27/27), <br>6.361%, due 10/27/28<sup>2</sup> | 1885000 | 1960751 |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 06/04/30), <br>2.848%, due 06/04/31<sup>2</sup> | 1800000 | 1648125 |
| (fixed, converts to FRN on 11/03/27), <br>7.390%, due 11/03/28<sup>2</sup> | 905000 | 957420 |
| Huntington Bancshares, Inc.<br>(fixed, converts to FRN on 08/04/27), <br>4.443%, due 08/04/28<sup>2</sup> | 647000 | 645205 |
| Huntington National Bank<br>5.650%, due 01/10/30 | 206000 | 213377 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 02/01/27), <br>3.782%, due 02/01/28<sup>2</sup> | 793000 | 784472 |
| KeyBank NA<br>5.850%, due 11/15/27 | 1080000 | 1110060 |
| Lloyds Banking Group PLC<br>(fixed, converts to FRN on 03/18/27), <br>3.750%, due 03/18/28<sup>2</sup> | 1420000 | 1400577 |
| (fixed, converts to FRN on 11/15/32), <br>7.953%, due 11/15/33<sup>2</sup> | 610000 | 698839 |
| Morgan Stanley<br>(fixed, converts to FRN on 10/18/32), <br>6.342%, due 10/18/33<sup>2</sup> | 885000 | 959021 |
| NatWest Group PLC<br>1 day USD SOFR + 1.300%, <br>5.639%, due 11/15/28<sup>2</sup> | 940000 | 948026 |
| (fixed, converts to FRN on 11/10/25), <br>7.472%, due 11/10/26<sup>2</sup> | 1030000 | 1037332 |
| PNC Financial Services Group, Inc.<br>Series T,<br>(fixed, converts to FRN on 09/15/26), <br>3.400%, due 09/15/26<sup>2,4</sup> | 775000 | 746768 |
| Santander Holdings USA, Inc.<br>(fixed, converts to FRN on 09/09/25), <br>5.807%, due 09/09/26<sup>2</sup> | 855000 | 855674 |
| (fixed, converts to FRN on 03/09/28), <br>6.499%, due 03/09/29<sup>2</sup> | 755000 | 786042 |
| Skandinaviska Enskilda Banken AB<br>5.375%, due 03/05/29<sup>1</sup> | 680000 | 698841 |
| State Street Corp.<br>(fixed, converts to FRN on 11/04/27), <br>5.820%, due 11/04/28<sup>2</sup> | 555000 | 572273 |
| Truist Financial Corp.<br>(fixed, converts to FRN on 06/06/27), <br>4.123%, due 06/06/28<sup>2</sup> | 1370000 | 1363090 |
| (fixed, converts to FRN on 10/28/32), <br>6.123%, due 10/28/33<sup>2</sup> | 580000 | 615896 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 03/02/32), <br>3.350%, due 03/02/33<sup>2</sup> | 1525000 | 1396032 |
|  |  | 27368313 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| Olin Corp.<br>6.625%, due 04/01/33<sup>1</sup> | $885000 | $861195 |
| **Commercial services—1.1%** | **Commercial services—1.1%** | **Commercial services—1.1%** |
| Ashtead Capital, Inc.<br>5.500%, due 08/11/32<sup>1</sup> | 1500000 | 1519551 |
| Avis Budget Car Rental LLC/Avis Budget<br>Finance, Inc.<br>8.250%, due 01/15/30<sup>1,5</sup> | 625000 | 643147 |
|  |  | 2162698 |
| **Diversified financial services—3.0%** | **Diversified financial services—3.0%** | **Diversified financial services—3.0%** |
| Acadian Asset Management, Inc.<br>4.800%, due 07/27/26 | 585000 | 578750 |
| Ally Financial, Inc.<br>(fixed, converts to FRN on 01/03/29), <br>6.848%, due 01/03/30<sup>2</sup> | 1005000 | 1059541 |
| Bread Financial Holdings, Inc.<br>9.750%, due 03/15/29<sup>1</sup> | 1410000 | 1512603 |
| Capital One Financial Corp.<br>(fixed, converts to FRN on 05/10/27), <br>4.927%, due 05/10/28<sup>2</sup> | 1400000 | 1407800 |
| (fixed, converts to FRN on 05/10/32), <br>5.268%, due 05/10/33<sup>2</sup> | 164000 | 165257 |
| Oxford Finance LLC/<br>Oxford Finance Co-Issuer II, Inc.<br>6.375%, due 02/01/27<sup>1</sup> | 1250000 | 1246952 |
|  |  | 5970903 |
| **Electric—2.8%** | **Electric—2.8%** | **Electric—2.8%** |
| Alexander Funding Trust II<br>7.467%, due 07/31/28<sup>1</sup> | 1145000 | 1216451 |
| Atlantica Sustainable Infrastructure Ltd.<br>4.125%, due 06/15/28<sup>1</sup> | 1110000 | 1071911 |
| Edison International<br>Series A,<br>(fixed, converts to FRN on 03/15/26), <br>5.375%, due 03/09/26<sup>2,4</sup> | 1360000 | 1293199 |
| MidAmerican Energy Co.<br>3.650%, due 04/15/29 | 204000 | 199441 |
| Southern California Edison Co.<br>5.950%, due 11/01/32 | 585000 | 605789 |
| XPLR Infrastructure Operating Partners LP<br>8.625%, due 03/15/33<sup>1,5</sup> | 1020000 | 1080358 |
|  |  | 5467149 |
| **Energy-alternate sources—1.0%** | **Energy-alternate sources—1.0%** | **Energy-alternate sources—1.0%** |
| XPLR Infrastructure LP<br>0.000%, due 11/15/25<sup>1,6</sup> | 615000 | 602605 |
| 2.500%, due 06/15/26<sup>1,5</sup> | 1490000 | 1430175 |
|  |  | 2032780 |
| **Food—0.4%** | **Food—0.4%** | **Food—0.4%** |
| Mars, Inc.<br>5.000%, due 03/01/32<sup>1</sup> | 795000 | 802320 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Gas—0.7%** | **Gas—0.7%** | **Gas—0.7%** |
| Southern California Gas Co.<br>5.050%, due 09/01/34 | $850000 | $850371 |
| 5.450%, due 06/15/35 | 530000 | 540230 |
|  |  | 1390601 |
| **Healthcare-services—0.3%** | **Healthcare-services—0.3%** | **Healthcare-services—0.3%** |
| Sutter Health<br>Series 2025, <br>5.213%, due 08/15/32 | 580000 | 592984 |
| **Insurance—10.7%** | **Insurance—10.7%** | **Insurance—10.7%** |
| Aegon Ltd.<br>(fixed, converts to FRN on 04/11/28), <br>5.500%, due 04/11/48<sup>2</sup> | 870000 | 871304 |
| American National Global Funding<br>5.250%, due 06/03/30<sup>1</sup> | 685000 | 688805 |
| 5.550%, due 01/28/30<sup>1</sup> | 565000 | 574911 |
| Ascot Group Ltd.<br>(fixed, converts to FRN on 06/15/30), <br>6.349%, due 06/15/35<sup>1,2</sup> | 465000 | 474540 |
| Athene Global Funding<br>4.721%, due 10/08/29<sup>1</sup> | 675000 | 671066 |
| 5.033%, due 07/17/30<sup>1</sup> | 1025000 | 1030612 |
| Corebridge Financial, Inc.<br>(fixed, converts to FRN on 12/15/27), <br>6.875%, due 12/15/52<sup>2</sup> | 1280000 | 1314651 |
| DaVinciRe Holdings Ltd.<br>5.950%, due 04/15/35<sup>1</sup> | 425000 | 427161 |
| Enstar Finance LLC<br>(fixed, converts to FRN on 01/15/27), <br>5.500%, due 01/15/42<sup>2</sup> | 1655000 | 1626898 |
| Enstar Group Ltd.<br>4.950%, due 06/01/29 | 695000 | 696119 |
| (fixed, converts to FRN on 04/01/35), <br>7.500%, due 04/01/45<sup>1,2</sup> | 600000 | 619628 |
| F&G Annuities & Life, Inc.<br>7.400%, due 01/13/28 | 2110000 | 2208154 |
| Fidelis Insurance Holdings Ltd.<br>(fixed, converts to FRN on 06/15/35), <br>7.750%, due 06/15/55<sup>2,5</sup> | 645000 | 677253 |
| Global Atlantic Fin Co.<br>7.950%, due 06/15/33<sup>1</sup> | 1065000 | 1204925 |
| (fixed, converts to FRN on 10/15/29), <br>7.950%, due 10/15/54<sup>1,2</sup> | 395000 | 412777 |
| Metropolitan Life Global Funding I<br>4.300%, due 08/25/29<sup>1</sup> | 845000 | 838744 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen<br>(fixed, converts to FRN on 05/23/32), <br>5.875%, due 05/23/42<sup>1,2</sup> | 800000 | 818000 |
| RenaissanceRe Holdings Ltd.<br>5.750%, due 06/05/33 | 1645000 | 1694125 |
| SiriusPoint Ltd.<br>7.000%, due 04/05/29 | 795000 | 833908 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** |
| Stewart Information Services Corp.<br>3.600%, due 11/15/31 | $| 1030000 | $| 916077 |
| Swiss Re Finance Luxembourg SA<br>(fixed, converts to FRN on 04/02/29), <br>5.000%, due 04/02/49<sup>1,2</sup> |  | 2600000 |  | 2595357 |
|  |  |  |  | 21195015 |
| **Investment companies—4.3%** | **Investment companies—4.3%** | **Investment companies—4.3%** | **Investment companies—4.3%** | **Investment companies—4.3%** |
| BlackRock TCP Capital Corp.<br>6.950%, due 05/30/29<sup>5</sup> |  | 440000 |  | 454296 |
| Blackstone Private Credit Fund<br>3.250%, due 03/15/27 |  | 209000 |  | 203379 |
| 7.300%, due 11/27/28 |  | 1525000 |  | 1618888 |
| Blue Owl Credit Income Corp.<br>7.750%, due 09/16/27 |  | 710000 |  | 741632 |
| Blue Owl Technology Finance Corp.<br>6.100%, due 03/15/28<sup>1</sup> |  | 395000 |  | 397282 |
| FS KKR Capital Corp.<br>7.875%, due 01/15/29 |  | 1830000 |  | 1938295 |
| HA Sustainable Infrastructure Capital, Inc.<br>6.375%, due 07/01/34 |  | 1085000 |  | 1075072 |
| 6.750%, due 07/15/35 |  | 990000 |  | 997675 |
| Oaktree Strategic Credit Fund<br>6.500%, due 07/23/29<sup>5</sup> |  | 1060000 |  | 1087586 |
|  |  |  |  | 8514105 |
| **Oil & gas—0.5%** | **Oil & gas—0.5%** | **Oil & gas—0.5%** | **Oil & gas—0.5%** | **Oil & gas—0.5%** |
| Sunoco LP<br>7.000%, due 05/01/29<sup>1</sup> |  | 915000 |  | 947087 |
| **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** | **Real estate investment trusts—2.9%** |
| Arbor Realty SR, Inc.<br>Series QIB, <br>8.500%, due 10/15/27<sup>1</sup> |  | 1790000 |  | 1771919 |
| HAT Holdings I LLC/HAT Holdings II LLC<br>3.375%, due 06/15/26<sup>1</sup> |  | 1515000 |  | 1486109 |
| SBA Tower Trust<br>6.599%, due 01/15/28<sup>1</sup> |  | 2300000 |  | 2358191 |
|  |  |  |  | 5616219 |
| **Retail—0.4%** | **Retail—0.4%** | **Retail—0.4%** | **Retail—0.4%** | **Retail—0.4%** |
| Macy's Retail Holdings LLC<br>5.875%, due 03/15/30<sup>1,5</sup> |  | 277000 |  | 273486 |
| 7.375%, due 08/01/33<sup>1</sup> |  | 495000 |  | 496886 |
|  |  |  |  | 770372 |
| **Semiconductors—0.8%** | **Semiconductors—0.8%** | **Semiconductors—0.8%** | **Semiconductors—0.8%** | **Semiconductors—0.8%** |
| ams-OSRAM AG<br>12.250%, due 03/30/29<sup>1</sup> |  | 1400000 |  | 1503594 |
| **Software—0.4%** | **Software—0.4%** | **Software—0.4%** | **Software—0.4%** | **Software—0.4%** |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>1</sup> |  | 430000 |  | 428166 |
| 9.250%, due 06/01/30<sup>1</sup> |  | 330000 |  | 331667 |
|  |  |  |  | 759833 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Telecommunications—0.5%** | **Telecommunications—0.5%** | **Telecommunications—0.5%** |
| Connect Finco SARL/Connect U.S. Finco LLC<br>9.000%, due 09/15/29<sup>1</sup> | $1050000 | $1060302 |
| **Total corporate bonds**<br> (cost—$85,619,934) | **Total corporate bonds**<br> (cost—$85,619,934) | **88177150** |
| **Loan assignments—13.8%** | **Loan assignments—13.8%** | **Loan assignments—13.8%** |
| **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** |
| A-AG U.S. GSI Bidco, Inc.<br>3 mo. USD Term SOFR + 5.000%, <br>9.296%, due 10/31/31<sup>2</sup> | 523688 | 521724 |
| **Airlines—0.8%** | **Airlines—0.8%** | **Airlines—0.8%** |
| American Airlines, Inc.<br>3 mo. USD Term SOFR + 3.250%, <br>7.575%, due 05/28/32<sup>2</sup> | 533662 | 536998 |
| United Airlines, Inc.<br>1 mo. USD Term SOFR + 2.000%, <br>6.351%, due 02/22/31<sup>2</sup> | 973730 | 976164 |
|  |  | 1513162 |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| GEON Performance Solutions LLC<br>3 mo. USD Term SOFR + 4.250%, <br>8.807%, due 08/18/28<sup>2</sup> | 1010144 | 912160 |
| **Commercial services—1.4%** | **Commercial services—1.4%** | **Commercial services—1.4%** |
| Priority Holdings LLC<br>1 mo. USD Term SOFR + 4.750%, <br>9.106%, due 05/16/31<sup>2</sup> | 1043545 | 1043546 |
| System One Holdings LLC<br>3 mo. USD Term SOFR + 3.750%, <br>8.046%, due 03/02/28<sup>2</sup> | 1708052 | 1714457 |
|  |  | 2758003 |
| **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** |
| Gloves Buyer, Inc.<br>1 mo. USD Term SOFR + 4.000%, <br>8.356%, due 01/17/32<sup>2</sup> | 530000 | 518472 |
| **Electric—0.8%** | **Electric—0.8%** | **Electric—0.8%** |
| Eastern Power LLC<br>1 mo. USD Term SOFR + 5.250%, <br>9.606%, due 04/03/28<sup>2</sup> | 1513530 | 1518267 |
| **Environmental control—0.9%** | **Environmental control—0.9%** | **Environmental control—0.9%** |
| MIP V Waste Holdings LLC<br>6 mo. USD Term SOFR + 3.000%, <br>7.197%, due 12/08/28<sup>2</sup> | 1106403 | 1109169 |
| Tidal Waste & Recycling Holdings LLC<br>3 mo. USD Term SOFR + 3.000%, <br>7.296%, due 10/24/31<sup>2</sup> | 620445 | 623938 |
|  |  | 1733107 |
| **Health care products—0.9%** | **Health care products—0.9%** | **Health care products—0.9%** |
| Medline Borrower LP<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 10/23/28<sup>2</sup> | 1098601 | 1099293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Health care products—(concluded)** | **Health care products—(concluded)** | **Health care products—(concluded)** | **Health care products—(concluded)** | **Health care products—(concluded)** |
| Sotera Health Holdings LLC<br>3 mo. USD Term SOFR + 3.250%, <br>7.546%, due 05/30/31<sup>2</sup> | $| 615350 | $ | 616507 |
|  |  |  |  | 1715800 |
| **Healthcare-services—1.1%** | **Healthcare-services—1.1%** | **Healthcare-services—1.1%** | **Healthcare-services—1.1%** | **Healthcare-services—1.1%** |
| IQVIA, Inc.<br>3 mo. USD Term SOFR + 1.750%, <br>6.046%, due 01/02/31<sup>2</sup> |  | 985050 |  | 989975 |
| MPH Acquisition Holdings LLC<br>3 mo. USD Term SOFR + 4.600%, <br>9.170%, due 12/31/30<sup>2</sup> |  | 1130856 |  | 1009527 |
| 3 mo. USD Term SOFR + 3.750%, <br>8.058%, due 12/31/30<sup>2</sup> |  | 136422 |  | 135604 |
|  |  |  |  | 2135106 |
| **Home Furnishings—0.2%** | **Home Furnishings—0.2%** | **Home Furnishings—0.2%** | **Home Furnishings—0.2%** | **Home Furnishings—0.2%** |
| Whirlpool Corp.<br>1 mo. USD Term SOFR + 1.250%, <br>5.706%, due 09/23/25<sup>2,3,7</sup> |  | 371000 |  | 371000 |
| **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** | **Internet—0.9%** |
| Eagle Broadband Investments LLC<br>3 mo. USD Term SOFR + 3.000%, <br>7.557%, due 11/12/27<sup>2</sup> |  | 522266 |  | 518187 |
| LendingTree, Inc.<br>1 mo. USD Term SOFR + 4.000%, <br>8.470%, due 09/15/28<sup>2</sup> |  | 1213718 |  | 1213718 |
|  |  |  |  | 1731905 |
| **Media—0.8%** | **Media—0.8%** | **Media—0.8%** | **Media—0.8%** | **Media—0.8%** |
| Midcontinent Communications<br>1 mo. USD Term SOFR + 2.500%, <br>6.851%, due 08/16/31<sup>2</sup> |  | 1061975 |  | 1061093 |
| Nexstar Broadcasting, Inc.<br>1 mo. USD Term SOFR + 2.500%, <br>6.856%, due 06/28/32<sup>2</sup> |  | 545000 |  | 545545 |
|  |  |  |  | 1606638 |
| **Oil & gas—0.2%** | **Oil & gas—0.2%** | **Oil & gas—0.2%** | **Oil & gas—0.2%** | **Oil & gas—0.2%** |
| Hilcorp Energy I LP<br>1 mo. USD Term SOFR + 2.000%, <br>6.343%, due 02/11/30<sup>2</sup> |  | 374063 |  | 374414 |
| **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** | **Pharmaceuticals—0.4%** |
| Jazz Financing Lux SARL<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 05/05/28<sup>2</sup> |  | 830037 |  | 832760 |
| **Pipelines—2.4%** | **Pipelines—2.4%** | **Pipelines—2.4%** | **Pipelines—2.4%** | **Pipelines—2.4%** |
| AL NGPL Holdings LLC<br>3 mo. USD Term SOFR + 2.500%, <br>6.779%, due 12/09/30<sup>2</sup> |  | 1088291 |  | 1090467 |
| BCP Renaissance Parent LLC<br>3 mo. USD Term SOFR + 2.500%, <br>7.296%, due 10/31/28<sup>2</sup> |  | 978199 |  | 979597 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| Rockpoint Gas Storage Partners LP<br>3 mo. USD Term SOFR + 3.000%, <br>7.296%, due 09/18/31<sup>2</sup> | $| 1592000 | $| 1595391 |
| UGI Energy Services LLC<br>1 mo. USD Term SOFR + 2.500%, <br>6.856%, due 02/22/30<sup>2</sup> |  | 1152389 |  | 1155893 |
|  |  |  |  | 4821348 |
| **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** | **Real estate investment trusts—0.4%** |
| Starwood Property Trust, Inc.<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 11/18/27<sup>2</sup> |  | 745975 |  | 745043 |
| **Software—0.5%** | **Software—0.5%** | **Software—0.5%** | **Software—0.5%** | **Software—0.5%** |
| Central Parent, Inc.<br>3 mo. USD Term SOFR + 3.250%, <br>7.546%, due 07/06/29<sup>2</sup> |  | 1132815 |  | 920412 |
| **Telecommunications—0.8%** | **Telecommunications—0.8%** | **Telecommunications—0.8%** | **Telecommunications—0.8%** | **Telecommunications—0.8%** |
| Connect Finco SARL<br>1 mo. USD Term SOFR + 3.500%, <br>7.856%, due 12/11/26<sup>2</sup> |  | 299007 |  | 298149 |
| Iridium Satellite LLC<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 09/20/30<sup>2</sup> |  | 1061321 |  | 1055070 |
| Lumen Technologies, Inc.<br>1 mo. USD Term SOFR + 6.000%, <br>10.356%, due 06/01/28<sup>2</sup> |  | 310272 |  | 316735 |
|  |  |  |  | 1669954 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| Stonepeak Nile Parent LLC<br>3 mo. USD Term SOFR + 2.750%, <br>7.079%, due 04/09/32<sup>2</sup> |  | 985000 |  | 986724 |
| **Total loan assignments**<br> (cost—$27,673,201) | **Total loan assignments**<br> (cost—$27,673,201) | **Total loan assignments**<br> (cost—$27,673,201) |  | **27385999** |
| **Mortgage-backed securities—11.4%** | **Mortgage-backed securities—11.4%** | **Mortgage-backed securities—11.4%** | **Mortgage-backed securities—11.4%** | **Mortgage-backed securities—11.4%** |
| Arbor Multifamily Mortgage Securities Trust, <br>Series 2020-MF1, Class A5, <br>2.756%, due 05/15/53<sup>1</sup> |  | 465000 |  | 427489 |
| BAHA Trust, <br>Series 2024-MAR, Class B, <br>6.841%, due 12/10/41<sup>1,2</sup> |  | 1090000 |  | 1124836 |
| Bank, <br>Series 2022-BNK42, Class A5, <br>4.493%, due 06/15/55<sup>2</sup> |  | 220000 |  | 212944 |
| BBCMS Mortgage Trust, <br>Series 2019-C3, Class B, <br>4.096%, due 05/15/52 |  | 90000 |  | 84507 |
| Benchmark Mortgage Trust, <br>Series 2019-B15, Class B, <br>3.564%, due 12/15/72 |  | 210000 |  | 181074 |
| Series 2019-B15, Class C, <br>3.714%, due 12/15/72<sup>2</sup> |  | 111000 |  | 88316 |
| Series 2022-B35, Class A5, <br>4.443%, due 05/15/55<sup>2</sup> |  | 270000 |  | 259297 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| BX Commercial Mortgage Trust, <br>Series 2021-XL2, Class A,<br>1 mo. USD Term SOFR + 0.803%, <br>5.145%, due 10/15/38<sup>1,2</sup> | $93709 | $93738 |
| Series 2021-CIP, Class A, <br>1 mo. USD Term SOFR + 1.035%, <br>5.378%, due 12/15/38<sup>1,2</sup> | 189124 | 189183 |
| BX Trust, <br>Series 2022-CLS, Class B, <br>6.300%, due 10/13/27<sup>1</sup> | 2020000 | 2027847 |
| Cantor Commercial Real Estate Lending, <br>Series 2019-CF3, Class B, <br>3.500%, due 01/15/53<sup>2</sup> | 101000 | 87700 |
| CD Mortgage Trust, <br>Series 2017-CD3, Class A4, <br>3.631%, due 02/10/50 | 300000 | 288603 |
| Citigroup Commercial Mortgage Trust, <br>Series 2023-PRM3, Class B, <br>6.360%, due 07/10/28<sup>1,2</sup> | 880000 | 905250 |
| COMM Mortgage Trust, <br>Series 2025-SBX, Class A, <br>5.432%, due 08/10/41<sup>1,2,8</sup> | 780000 | 779139 |
| CRSO Trust<br>7.913%, due 07/10/28<sup>2</sup> | 880000 | 912582 |
| DC Commercial Mortgage Trust, <br>Series 2023-DC, Class B, <br>6.804%, due 09/12/40<sup>1</sup> | 660000 | 691331 |
| Extended Stay America Trust, <br>Series 2021-ESH, Class A, <br>1 mo. USD Term SOFR + 1.194%, <br>5.537%, due 07/15/38<sup>1,2</sup> | 351669 | 351888 |
| Federal Home Loan Mortgage Corp. Multifamily <br>Structured Pass-Through Certificates, <br>Series K121, Class X1,<br>IO, <br>1.016%, due 10/25/30<sup>2</sup> | 1167022 | 48848 |
| Series KL06, Class XFX, <br>IO, <br>1.360%, due 12/25/29<sup>2</sup> | 712159 | 34772 |
| Series K142, Class A2, <br>2.400%, due 03/25/32 | 385000 | 339849 |
| Series K144, Class A2, <br>2.450%, due 04/25/32 | 270000 | 238490 |
| Series K145, Class A2, <br>2.580%, due 05/25/32 | 605000 | 537859 |
| Federal Home Loan Mortgage Corp. <br>Multifamily WI Certificates, <br>Series K146, Class A2, <br>2.920%, due 07/25/32 | 170000 | 154301 |
| Federal National Mortgage Association-ACES, <br>Series 2022-M5, Class A3, <br>2.346%, due 01/01/34<sup>2</sup> | 325000 | 272882 |
| FRESB Mortgage Trust, <br>Series 2019-SB60, Class A10H, <br>3.500%, due 01/25/39<sup>2</sup> | 152016 | 147453 |
| INTOWN Mortgage Trust, <br>Series 2025-STAY, Class A, <br>1 mo. USD Term SOFR + 1.350%, <br>5.692%, due 03/15/42<sup>1,2</sup> | 1310000 | 1310000 |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| JP Morgan Chase Commercial Mortgage <br>Securities Trust, <br>Series 2021-MHC, Class A, <br>1 mo. USD Term SOFR + 1.164%, <br>5.507%, due 04/15/38<sup>1,2</sup> | $| 77935 | $| 77935 |
| Series 2022-ACB, Class A, <br>30 day USD SOFR Average + 1.400%, <br>5.740%, due 03/15/39<sup>1,2</sup> |  | 360000 |  | 360225 |
| MF1 Trust, <br>Series 2021-W10, Class A, <br>1 mo. USD Term SOFR + 1.070%, <br>5.412%, due 12/15/34<sup>1,2</sup> |  | 100000 |  | 99732 |
| Series 2021-W10, Class B, <br>1 mo. USD Term SOFR + 1.370%, <br>5.712%, due 12/15/34<sup>1,2</sup> |  | 370000 |  | 368514 |
| MTN Commercial Mortgage Trust, <br>Series 2022-LPFL, Class A, <br>1 mo. USD Term SOFR + 1.397%, <br>5.747%, due 03/15/39<sup>1,2</sup> |  | 2000000 |  | 2000625 |
| OAKST Commercial Mortgage Trust, <br>Series 2023-NLP, Class A, <br>6.095%, due 03/15/40<sup>1,2</sup> |  | 2050000 |  | 2049701 |
| One Bryant Park Trust, <br>Series 2019-OBP, Class A, <br>2.516%, due 09/15/54<sup>1</sup> |  | 2300000 |  | 2083292 |
| SCOTT Trust, <br>Series 2023-SFS, Class A, <br>5.910%, due 03/10/40<sup>1</sup> |  | 870000 |  | 889477 |
| Wells Fargo Commercial Mortgage Trust, <br>Series 2018-C46, Class A4, <br>4.152%, due 08/15/51 |  | 135000 |  | 132611 |
| Series 2018-C44, Class A5, <br>4.212%, due 05/15/51 |  | 445000 |  | 438089 |
| WMRK Commercial Mortgage Trust, <br>Series 2022-WMRK, Class C, <br>1 mo. USD Term SOFR + 4.083%, <br>8.425%, due 11/15/27<sup>1,2</sup> |  | 2330000 |  | 2335825 |
| **Total mortgage-backed securities**<br> (cost—$22,595,958) | **Total mortgage-backed securities**<br> (cost—$22,595,958) | **Total mortgage-backed securities**<br> (cost—$22,595,958) |  | **22626204** |
| **Municipal bonds—0.4%** | **Municipal bonds—0.4%** | **Municipal bonds—0.4%** | **Municipal bonds—0.4%** | **Municipal bonds—0.4%** |
| **California—0.1%** | **California—0.1%** | **California—0.1%** | **California—0.1%** | **California—0.1%** |
| Los Angeles Department of Water & Power <br>Power System Revenue, Build America Bonds, <br>Revenue Bonds, 6.574%, due 07/01/45 |  | 145000 |  | 151370 |
| State of California, Build America Bonds, GO Bonds,<br>7.550%, due 04/01/39 |  | 70000 |  | 83682 |
|  |  |  |  | 235052 |
| **Michigan—0.0%<sup>†</sup>** | **Michigan—0.0%<sup>†</sup>** | **Michigan—0.0%<sup>†</sup>** | **Michigan—0.0%<sup>†</sup>** | **Michigan—0.0%<sup>†</sup>** |
| University of Michigan, Revenue Bonds, <br>Series B,<br>3.504%, due 04/01/52 |  | 93000 |  | 67774 |
| **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** | **Minnesota—0.0%<sup>†</sup>** |
| University of Minnesota, Revenue Bonds, <br>4.048%, due 04/01/52 |  | 78000 |  | 62310 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **New Jersey—0.1%** | **New Jersey—0.1%** | **New Jersey—0.1%** |
| New Jersey Transportation Trust Fund Authority, <br>Build America Bonds, Revenue Bonds, <br>Series B, <br>6.561%, due 12/15/40 | $105000 | $114592 |
| **New York—0.1%** | **New York—0.1%** | **New York—0.1%** |
| New York State Dormitory Authority, <br>Personal Income Tax, Revenue Bonds, <br>Series C, <br>2.052%, due 03/15/30 | 120000 | 108394 |
| Series C, <br>2.152%, due 03/15/31 | 165000 | 146087 |
|  |  | 254481 |
| **Texas—0.1%** | **Texas—0.1%** | **Texas—0.1%** |
| City of Houston TX, GO Bonds, <br>3.961%, due 03/01/47 | 85000 | 70185 |
| State of Texas, Public Finance Authority, <br>Taxable Refunding, GO Bonds, <br>Series B, <br>2.754%, due 10/01/41 | 50000 | 36997 |
|  |  | 107182 |
| **Total municipal bonds**<br> (cost—$1,014,429) | **Total municipal bonds**<br> (cost—$1,014,429) | **841391** |
| **U.S. Treasury obligations—4.5%** | **U.S. Treasury obligations—4.5%** | **U.S. Treasury obligations—4.5%** |
| U.S. Treasury Bonds<br>1.375% due 08/15/50 | 6450000 | 3135305 |
| 3.625% due 02/15/53 | 1775000 | 1428251 |
| 3.875% due 02/15/43 | 2125000 | 1881704 |
| 4.750% due 02/15/37 | 1750000 | 1803457 |
| U.S. Treasury Notes, <br>4.125%, due 07/31/31 | 725000 | 727520 |
| **Total U.S. Treasury obligations**<br> (cost—$9,839,323) | **Total U.S. Treasury obligations**<br> (cost—$9,839,323) | **8976237** |
|  | **Number of<br>shares** |  |
| **Preferred stocks—2.6%** | **Preferred stocks—2.6%** | **Preferred stocks—2.6%** |
| **Capital markets—1.4%** | **Capital markets—1.4%** | **Capital markets—1.4%** |
| CION Investment Corp. | 36000 | 894600 |
| OFS Capital Corp.\* | 21000 | 527100 |
| Trinity Capital, Inc. | 50000 | 1264500 |
|  |  | 2686200 |
| **Mortgage real estate investment—1.2%** | **Mortgage real estate investment—1.2%** | **Mortgage real estate investment—1.2%** |
| Ellington Financial, Inc.<sup>2,4</sup> Series C | 93400 | 2343406 |
| **Total preferred stocks**<br> (cost—$5,010,000) | **Total preferred stocks**<br> (cost—$5,010,000) | **5029606** |
|  | **Face<br>amount** |  |
| **Short-term investments—2.8%** | **Short-term investments—2.8%** | **Short-term investments—2.8%** |
| **Short-term U.S. Treasury obligations—1.2%** | **Short-term U.S. Treasury obligations—1.2%** | **Short-term U.S. Treasury obligations—1.2%** |
| U.S. Treasury Bills<br>4.139% due 10/09/25<sup>9</sup> | $1200000 | 1190219 |
| 4.279% due 01/08/26<sup>9</sup> | 1100000 | 1079748 |
| **Total short-term U.S. treasury obligations**<br> (cost—$2,270,583) | **Total short-term U.S. treasury obligations**<br> (cost—$2,270,583) | **2269967** |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investment companies—1.6%** | **Investment companies—1.6%** | **Investment companies—1.6%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>9</sup>(cost—$3,241,274) | 3241274 | $3241274 |
| **Total Short-term investments**<br> (cost—$5,511,857) | **Total Short-term investments**<br> (cost—$5,511,857) | **5511241** |
| **Investment of cash collateral from securities loaned—2.4%** | **Investment of cash collateral from securities loaned—2.4%** | **Investment of cash collateral from securities loaned—2.4%** |
| **Money market funds—2.4%** | **Money market funds—2.4%** | **Money market funds—2.4%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>9</sup>(cost—$4,750,353) | 4750353 | 4750353 |
| **Total investments**<br> (cost—$198,823,139)—101.4% | **Total investments**<br> (cost—$198,823,139)—101.4% | **200608312** |
| Liabilities in excess of other assets—(1.4)% |  | (2742787) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**197865525** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **U.S. Treasury futures buy contracts:** | | | | | | |
| 105 | USD | U.S. Long Bond Futures | September 2025 | $11728610 | $11989688 | $261078 |
| 131 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | 14347905 | 14549187 | 201282 |
| 132 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | 14947281 | 15485250 | 537969 |
| 247 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | 27407865 | 27930297 | 522432 |
| **Total** |  |  |  | $**68431661** | $**69954422** | $**1522761** |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 111 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | $(11965180) | $(12007078) | $(41898) |
| **Total** |  |  |  | $**(11965180)** | $**(12007078)** | $**(41898)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**1480863** |

---

------

PACE Intermediate Fixed Income Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $37310131 | $— | $37310131 |
| Corporate bonds |  | 88177150 |  | 88177150 |
| Loan assignments |  | 27014999 | 371000 | 27385999 |
| Mortgage-backed securities |  | 22626204 |  | 22626204 |
| Municipal bonds |  | 841391 |  | 841391 |
| U.S. Treasury obligations |  | 8976237 |  | 8976237 |
| Preferred stocks | 5029606 |  |  | 5029606 |
| Investment companies | 3241274 |  |  | 3241274 |
| Short-term U.S. Treasury obligations |  | 2269967 |  | 2269967 |
| Investment of cash collateral from securities loaned | 4750353 |  |  | 4750353 |
| Futures contracts | 1522761 |  |  | 1522761 |
| **Total** | $**14543994** | $**187216079** | $**371000** | $**202131073** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Futures contracts | $(41898) | $— | $— | $(41898) |
| **Total** | $**(41898)** | $**—** | $**—** | $**(41898)** |

---

At July 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**

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

\* Non-income producing security.

<sup>1</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $92,679,385, represented 46.8% of the Portfolio's net assets at period end.

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

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

<sup>4</sup> Perpetual investment. Date shown reflects the next call date.

<sup>5</sup> Security, or portion thereof, was on loan at the period end.

<sup>6</sup> Zero coupon bond.

<sup>7</sup> Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

<sup>8</sup> Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

<sup>9</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—14.2%** | **Asset-backed securities—14.2%** | **Asset-backed securities—14.2%** |
| Accredited Mortgage Loan Trust, <br>Series 2004-2, Class A1,<br>1 mo. USD Term SOFR + 0.404%, <br>5.047%, due 07/25/34<sup>2</sup> | 208098 | $205639 |
| Adams Outdoor Advertising LP, <br>Series 2023-1, Class A2, <br>6.967%, due 07/15/53<sup>3</sup> | 980000 | 1001055 |
| Aligned Data Centers Issuer LLC, <br>Series 2022-1A, Class A2, <br>6.350%, due 10/15/47<sup>3</sup> | 3000000 | 3004201 |
| Ally Bank Auto Credit-Linked Notes, <br>Series 2024-A, Class D, <br>6.315%, due 05/17/32<sup>3</sup> | 147670 | 149248 |
| Series 2024-B, Class E, <br>6.678%, due 09/15/32<sup>3</sup> | 178913 | 179993 |
| Antares CLO Ltd., <br>Series 2019-1A, Class BR,<br>3 mo. USD Term SOFR + 3.350%, <br>7.676%, due 01/20/36<sup>2,3</sup> | 2270000 | 2285441 |
| Avis Budget Rental Car Funding AESOP LLC, <br>Series 2023-2A, Class C, <br>6.180%, due 10/20/27<sup>3</sup> | 135000 | 135572 |
| Series 2023-4A, Class A, <br>5.490%, due 06/20/29<sup>3</sup> | 2100000 | 2147565 |
| Series 2025-2A, Class B, <br>5.510%, due 08/20/31<sup>3</sup> | 100000 | 100832 |
| Bain Capital Credit CLO Ltd., <br>Series 2022-2A, Class A1R, <br>3 mo. USD Term SOFR + 1.150%, <br>5.482%, due 04/22/35<sup>2,3</sup> | 250000 | 250175 |
| Series 2022-3A, Class A1R, <br>3 mo. USD Term SOFR + 1.160%, <br>5.482%, due 07/17/35<sup>2,3</sup> | 250000 | 249996 |
| Bayview Opportunity Master Fund VII LLC, <br>Series 2024-EDU1, Class D, <br>30 day USD SOFR Average + 2.750%,<br>7.100%, due 06/25/47<sup>2,3</sup> | 15022 | 15308 |
| Series 2024-EDU1, Class C, <br>30 day USD SOFR Average + 1.800%, <br>6.150%, due 06/25/47<sup>2,3</sup> | 34788 | 34670 |
| BHG Securitization Trust, <br>Series 2022-C, Class B, <br>5.930%, due 10/17/35<sup>3</sup> | 1363211 | 1367042 |
| Blue Stream Issuer LLC, <br>Series 2024-1A, Class A2, <br>5.408%, due 11/20/54<sup>3</sup> | 104000 | 104314 |
| Business Jet Securities LLC, <br>Series 2024-1A, Class B, <br>6.924%, due 05/15/39<sup>3</sup> | 81013 | 82619 |
| Series 2024-1A, Class A, <br>6.197%, due 05/15/39<sup>3</sup> | 94786 | 96513 |
| Series 2024-2A, Class A, <br>5.364%, due 09/15/39<sup>3</sup> | 1330917 | 1326142 |
| Capital Automotive REIT, <br>Series 2024-2A, Class A2, <br>5.250%, due 05/15/54<sup>3</sup> | 1438708 | 1423022 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| CARS-DB7 LP, <br>Series 2023-1A, Class A2, <br>6.500%, due 09/15/53<sup>3</sup> | 1155908 | $1165072 |
| Castlelake Aircraft Structured Trust, <br>Series 2025-1A, Class B, <br>6.504%, due 02/15/50<sup>3</sup> | 241821 | 242953 |
| Series 2025-2A, Class A, <br>5.465%, due 08/15/50<sup>3,4</sup> | 250000 | 249995 |
| CCG Receivables Trust, <br>Series 2024-1, Class C, <br>5.220%, due 03/15/32<sup>3</sup> | 100000 | 101018 |
| Series 2025-1, Class C, <br>4.890%, due 10/14/32<sup>3</sup> | 100000 | 100437 |
| CHEC Loan Trust, <br>Series 2004-2, Class M1,<br>1 mo. USD Term SOFR + 1.074%, <br>5.427%, due 06/25/34<sup>2</sup> | 172588 | 176601 |
| Cloud Capital Holdco LP, <br>Series 2024-1A, Class A2, <br>5.781%, due 11/22/49<sup>3</sup> | 121000 | 122350 |
| Series 2024-2A, Class A2, <br>5.923%, due 11/22/49<sup>3</sup> | 78000 | 79305 |
| Cogent Ipv4 LLC, <br>Series 2024-1A, Class A2, <br>7.924%, due 05/25/54<sup>3</sup> | 2360000 | 2469750 |
| Compass Datacenters Issuer II LLC, <br>Series 2024-1A, Class B, <br>7.000%, due 02/25/49<sup>3</sup> | 102000 | 104606 |
| Series 2024-2A, Class A1, <br>5.022%, due 08/25/49<sup>3</sup> | 77000 | 76857 |
| Credit Acceptance Auto Loan Trust, <br>Series 2022-3A, Class C, <br>8.450%, due 02/15/33<sup>3</sup> | 3050000 | 3089866 |
| Crockett Partners Equipment Co. IIA LLC, <br>Series 2024-1C, Class B, <br>6.780%, due 01/20/31<sup>3</sup> | 81721 | 82856 |
| Series 2024-1C, Class A, <br>6.050%, due 01/20/31<sup>3</sup> | 81720 | 82181 |
| CyrusOne Data Centers Issuer I LLC, <br>Series 2023-1A, Class A2, <br>4.300%, due 04/20/48<sup>3</sup> | 58000 | 56395 |
| DataBank Issuer LLC, <br>Series 2023-1A, Class A2, <br>5.116%, due 02/25/53<sup>3</sup> | 1285000 | 1275794 |
| Dell Equipment Finance Trust, <br>Series 2024-1, Class C, <br>5.730%, due 03/22/30<sup>3</sup> | 100000 | 101359 |
| Delta Funding Home Equity Loan Trust, <br>Series 1999-3, Class A1A,<br>1 mo. USD Term SOFR + 0.934%, <br>5.276%, due 09/15/29<sup>2</sup> | 21871 | 20913 |
| Edgeconnex Data Centers Issuer LLC, <br>Series 2024-1, Class A2, <br>6.000%, due 07/27/54<sup>3</sup> | 1069108 | 1071806 |
| ELFI Graduate Loan Program LLC, <br>Series 2024-A, Class A, <br>5.560%, due 08/25/49<sup>3</sup> | 79741 | 80419 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Exeter Automobile Receivables Trust, <br>Series 2025-1A, Class D, <br>5.490%, due 05/15/31 | 54000 | $54622 |
| Exeter Select Automobile Receivables Trust, <br>Series 2025-2, Class C, <br>4.910%, due 12/15/31 | 61000 | 60785 |
| First Franklin Mortgage Loan Trust, <br>Series 2006-FF13, Class A2D,<br>1 mo. USD Term SOFR + 0.594%,<br>4.947%, due 10/25/36<sup>2</sup> | 923054 | 598635 |
| Foundation Finance Trust, <br>Series 2024-2A, Class D, <br>6.590%, due 03/15/50<sup>3</sup> | 94991 | 95383 |
| Series 2025-1A, Class A, <br>4.950%, due 04/15/50<sup>3</sup> | 89547 | 89941 |
| Frontier Issuer LLC, <br>Series 2023-1, Class A2, <br>6.600%, due 08/20/53<sup>3</sup> | 139000 | 140748 |
| Series 2024-1, Class B, <br>7.020%, due 06/20/54<sup>3</sup> | 140000 | 145364 |
| FS Rialto Issuer LLC, <br>Series 2022-FL4, Class A,<br>30 day USD SOFR Average + 1.900%, <br>6.248%, due 01/19/39<sup>2,3</sup> | 268834 | 269046 |
| GLS Auto Receivables Issuer Trust, <br>Series 2024-1A, Class D, <br>5.950%, due 12/17/29<sup>3</sup> | 61000 | 61957 |
| GLS Auto Select Receivables Trust, <br>Series 2024-4A, Class D, <br>5.280%, due 10/15/31<sup>3</sup> | 34000 | 34353 |
| Series 2024-4A, Class C, <br>4.750%, due 11/15/30<sup>3</sup> | 33000 | 32998 |
| Series 2025-1A, Class C, <br>5.260%, due 03/15/31<sup>3</sup> | 38000 | 38366 |
| Series 2025-1A, Class B, <br>5.040%, due 02/15/31<sup>3</sup> | 32000 | 32321 |
| Gracie Point International Funding LLC, <br>Series 2024-1A, Class A,<br>90 day USD SOFR Average + 1.700%, <br>6.122%, due 03/01/28<sup>2,3</sup> | 108000 | 108174 |
| GreenSky Home Improvement Issuer Trust, <br>Series 2025-1A, Class C, <br>5.690%, due 03/25/60<sup>3</sup> | 100000 | 101222 |
| Series 2025-2A, Class D, <br>5.560%, due 06/25/60<sup>3</sup> | 100000 | 100242 |
| GSAMP Trust, <br>Series 2006-HE4, Class A1,<br>1 mo. USD Term SOFR + 0.394%, <br>4.747%, due 06/25/36<sup>2</sup> | 325314 | 318912 |
| HGI CRE CLO Ltd., <br>Series 2022-FL3, Class A,<br>30 day USD SOFR Average + 1.700%, <br>6.043%, due 04/20/37<sup>2,3</sup> | 578370 | 578343 |
| Hilton Grand Vacations Trust, <br>Series 2022-1D, Class D, <br>6.790%, due 06/20/34<sup>3</sup> | 33920 | 33554 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Series 2022-2A, Class B, <br>4.740%, due 01/25/37<sup>3</sup> | 37669 | $37292 |
| Series 2024-1B, Class C, <br>6.620%, due 09/15/39<sup>3</sup> | 30908 | 31224 |
| Series 2024-1B, Class B, <br>5.990%, due 09/15/39<sup>3</sup> | 13246 | 13370 |
| Series 2024-2A, Class C, <br>5.990%, due 03/25/38<sup>3</sup> | 86321 | 86922 |
| HPEFS Equipment Trust, <br>Series 2024-2A, Class D, <br>5.820%, due 04/20/32<sup>3</sup> | 114000 | 115645 |
| Huntington Bank Auto Credit-Linked Notes, <br>Series 2024-1, Class B1, <br>6.153%, due 05/20/32<sup>3</sup> | 144132 | 145948 |
| Island Finance Trust, <br>Series 2025-1A, Class A, <br>6.540%, due 03/19/35<sup>3</sup> | 100000 | 101190 |
| JP Morgan Mortgage Trust, <br>Series 2023-HE3, Class M1,<br>30 day USD SOFR Average + 2.100%, <br>6.448%, due 05/20/54<sup>2,3</sup> | 95000 | 95694 |
| Series 2024-HE1, Class M2,<br>30 day USD SOFR Average + 2.400%, <br>6.748%, due 08/25/54<sup>2,3</sup> | 36000 | 36328 |
| Series 2024-HE1, Class M1,<br>30 day USD SOFR Average + 2.000%, <br>6.348%, due 08/25/54<sup>2,3</sup> | 47000 | 47335 |
| KREF Ltd., <br>Series 2022-FL3, Class A,<br>1 mo. USD Term SOFR + 1.450%, <br>5.801%, due 02/17/39<sup>2,3</sup> | 457810 | 457524 |
| Lendmark Funding Trust, <br>Series 2024-2A, Class A, <br>4.470%, due 02/21/34<sup>3</sup> | 1640000 | 1627931 |
| LoanCore Issuer Ltd., <br>Series 2021-CRE6, Class A,<br>1 mo. USD Term SOFR + 1.414%, <br>5.756%, due 11/15/38<sup>2,3</sup> | 294129 | 293765 |
| Lyra Music Assets Delaware LP, <br>Series 2025-1A, Class A2, <br>5.604%, due 09/20/65<sup>3,4</sup> | 194000 | 193998 |
| M360 Ltd., <br>Series 2021-CRE3, Class A,<br>1 mo. USD Term SOFR + 1.614%, <br>5.969%, due 11/22/38<sup>2,3</sup> | 41112 | 41084 |
| Marble Point CLO XXII Ltd., <br>Series 2021-2A, Class AR,<br>3 mo. USD Term SOFR + 1.220%, <br>5.539%, due 07/25/34<sup>2,3</sup> | 250000 | 250178 |
| MetroNet Infrastructure Issuer LLC, <br>Series 2025-2A, Class C, <br>7.830%, due 08/20/55<sup>3,4</sup> | 105000 | 104982 |
| Series 2025-2A, Class A2, <br>5.400%, due 08/20/55<sup>3,4</sup> | 174000 | 173986 |

---

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PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| MF1 Ltd., <br>Series 2022-FL8, Class A,<br>1 mo. USD Term SOFR + 1.350%, <br>5.701%, due 02/19/37<sup>2,3</sup> | 436888 | $436898 |
| Morgan Stanley ABS Capital I, Inc. Trust, <br>Series 2005-HE1, Class M2,<br>1 mo. USD Term SOFR + 0.819%, <br>5.172%, due 12/25/34<sup>2</sup> | 114585 | 112182 |
| MVW LLC, <br>Series 2022-1A, Class B, <br>4.400%, due 11/21/39<sup>3</sup> | 66161 | 65174 |
| Series 2023-2A, Class C, <br>7.060%, due 11/20/40<sup>3</sup> | 57829 | 59105 |
| Series 2024-2A, Class C, <br>4.920%, due 03/20/42<sup>3</sup> | 80500 | 78307 |
| Series 2024-2A, Class B, <br>4.580%, due 03/20/42<sup>3</sup> | 100625 | 98821 |
| Series 2025-1A, Class B, <br>5.210%, due 09/22/42<sup>3</sup> | 113238 | 112955 |
| Navient Private Education Refi Loan Trust, <br>Series 2021-A, Class A, <br>0.840%, due 05/15/69<sup>3</sup> | 90606 | 82436 |
| Series 2021-EA, Class A, <br>0.970%, due 12/16/69<sup>3</sup> | 178246 | 159110 |
| Series 2021-FA, Class A, <br>1.110%, due 02/18/70<sup>3</sup> | 130768 | 115341 |
| Series 2021-GA, Class A, <br>1.580%, due 04/15/70<sup>3</sup> | 144666 | 129564 |
| Series 2024-A, Class A, <br>5.660%, due 10/15/72<sup>3</sup> | 174518 | 177929 |
| New Economy Assets—Phase 1 Sponsor LLC, <br>Series 2021-1, Class A1, <br>1.910%, due 10/20/61<sup>3</sup> | 1500000 | 1230377 |
| NextGear Floorplan Master Owner Trust, <br>Series 2023-1A, Class A2, <br>5.740%, due 03/15/28<sup>3</sup> | 2250000 | 2264256 |
| NMEF Funding LLC, <br>Series 2022-B, Class A2, <br>6.070%, due 06/15/29<sup>3</sup> | 323421 | 323933 |
| NRM FNT1 Excess LLC, <br>Series 2024-FNT1, Class A, <br>7.398%, due 11/25/31<sup>2,3</sup> | 111798 | 112962 |
| OBX Trust, <br>Series 2025-HE1, Class M1,<br>30 day USD SOFR Average + 1.900%, <br>6.250%, due 02/25/55<sup>2,3</sup> | 100000 | 100355 |
| Series 2025-HE1, Class A1,<br>30 day USD SOFR Average + 1.600%, <br>5.950%, due 02/25/55<sup>2,3</sup> | 106775 | 107154 |
| OnDeck Asset Securitization Trust IV LLC, <br>Series 2024-1A, Class A, <br>6.270%, due 06/17/31<sup>3</sup> | 1410000 | 1420519 |
| OneMain Financial Issuance Trust, <br>Series 2022-3A, Class A, <br>5.940%, due 05/15/34<sup>3</sup> | 1134782 | 1140162 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| OWN Equipment Fund I LLC, <br>Series 2024-2M, Class B, <br>6.430%, due 12/20/32<sup>3</sup> | 121658 | $122534 |
| Oxford Finance Funding Trust, <br>Series 2023-1A, Class B, <br>7.879%, due 02/15/31<sup>3</sup> | 2239285 | 2259326 |
| Pagaya AI Debt Trust, <br>Series 2024-3, Class A, <br>6.258%, due 10/15/31<sup>3</sup> | 167268 | 168213 |
| PEAC Solutions Receivables LLC, <br>Series 2025-1A, Class A2, <br>4.940%, due 10/20/28<sup>3</sup> | 100000 | 100293 |
| Prestige Auto Receivables Trust, <br>Series 2021-1A, Class D, <br>2.080%, due 02/15/28<sup>3</sup> | 179000 | 175608 |
| Republic Finance Issuance Trust, <br>Series 2024-A, Class A, <br>5.910%, due 08/20/32<sup>3</sup> | 1920000 | 1941817 |
| Retained Vantage Data Centers Issuer LLC, <br>Series 2023-1A, Class A2A, <br>5.000%, due 09/15/48<sup>3</sup> | 1790000 | 1765265 |
| Santander Drive Auto Receivables Trust, <br>Series 2022-7, Class C, <br>6.690%, due 03/17/31 | 3000000 | 3058974 |
| Series 2024-1, Class C, <br>5.450%, due 03/15/30 | 50000 | 50606 |
| Saxon Asset Securities Trust, <br>Series 2004-1, Class M1,<br>1 mo. USD Term SOFR + 0.909%, <br>1.941%, due 03/25/35<sup>2</sup> | 39284 | 34699 |
| Series 2006-1, Class M1,<br>1 mo. USD Term SOFR + 0.579%, <br>4.932%, due 03/25/36<sup>2</sup> | 556511 | 543223 |
| SCCU Auto Receivables Trust, <br>Series 2025-1A, Class C, <br>5.080%, due 02/17/32<sup>3,4</sup> | 29000 | 28965 |
| Series 2025-1A, Class B, <br>4.780%, due 12/15/31<sup>3,4</sup> | 44000 | 43937 |
| Series 2025-1A, Class A4, <br>4.680%, due 09/15/31<sup>3,4</sup> | 49000 | 48978 |
| SFS Auto Receivables Securitization Trust, <br>Series 2024-1A, Class C, <br>5.510%, due 01/20/32<sup>3</sup> | 68000 | 69128 |
| Series 2024-1A, Class A2, <br>5.350%, due 06/21/27<sup>3</sup> | 7619 | 7621 |
| Sierra Timeshare Receivables Funding LLC, <br>Series 2021-2A, Class C, <br>1.950%, due 09/20/38<sup>3</sup> | 28816 | 28232 |
| Series 2021-2A, Class B, <br>1.800%, due 09/20/38<sup>3</sup> | 12210 | 11988 |
| Series 2022-2A, Class B, <br>5.040%, due 06/20/40<sup>3</sup> | 58773 | 58456 |
| Series 2023-2A, Class C, <br>7.300%, due 04/20/40<sup>3</sup> | 46554 | 47890 |
| Series 2023-3A, Class C, <br>7.120%, due 09/20/40<sup>3</sup> | 51163 | 52495 |

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PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Series 2024-1A, Class C, <br>5.940%, due 01/20/43<sup>3</sup> | 50743 | $51028 |
| Series 2024-2A, Class C, <br>5.830%, due 06/20/41<sup>3</sup> | 63689 | 63988 |
| Series 2024-3A, Class C, <br>5.320%, due 08/20/41<sup>3</sup> | 130606 | 130214 |
| Series 2025-2A, Class C, <br>5.320%, due 04/20/44<sup>3</sup> | 100000 | 100247 |
| Series 2025-2A, Class B, <br>4.930%, due 04/20/44<sup>3</sup> | 100000 | 100000 |
| SoFi Professional Loan Program LLC, <br>Series 2019-C, Class BFX, <br>3.050%, due 11/16/48<sup>3</sup> | 158000 | 140498 |
| Sotheby's Artfi Master Trust, <br>Series 2024-1A, Class A1, <br>6.430%, due 12/22/31<sup>3</sup> | 171000 | 172070 |
| Stack Infrastructure Issuer LLC, <br>Series 2023-1A, Class A2, <br>5.900%, due 03/25/48<sup>3</sup> | 950000 | 952795 |
| Series 2023-3A, Class A2, <br>5.900%, due 10/25/48<sup>3</sup> | 124000 | 124706 |
| Series 2025-1A, Class A2, <br>5.000%, due 05/25/50<sup>3</sup> | 73000 | 71939 |
| Store Master Funding I-VII XIV XIX XX, <br>Series 2021-1A, Class A1, <br>2.120%, due 06/20/51<sup>3</sup> | 1342029 | 1239228 |
| Structured Asset Securities Corp.<br>Mortgage Pass-Through Certificates, <br>Series 2001-SB1, Class A2, <br>3.375%, due 08/25/31 | 2851 | 2840 |
| Subway Funding LLC, <br>Series 2024-1A, Class A2I, <br>6.028%, due 07/30/54<sup>3</sup> | 99250 | 100493 |
| Symphony CLO XXXII Ltd., <br>Series 2022-32A, Class AR,<br>3 mo. USD Term SOFR + 1.150%, <br>5.468%, due 10/23/35<sup>2,3,4</sup> | 300000 | 300033 |
| THL Credit Wind River CLO Ltd., <br>Series 2017-3A, Class AR2,<br>3 mo. USD Term SOFR + 1.200%, <br>0.000%, due 04/15/35<sup>2,3,4</sup> | 250000 | 250028 |
| TierPoint Issuer LLC, <br>Series 2023-1A, Class A2, <br>6.000%, due 06/25/53<sup>3</sup> | 170000 | 169903 |
| Towd Point Mortgage Trust, <br>Series 2024-CES1, Class A1B, <br>6.049%, due 01/25/64<sup>2,3</sup> | 67238 | 67348 |
| Series 2024-CES1, Class A1A, <br>5.848%, due 01/25/64<sup>2,3</sup> | 97495 | 97664 |
| Series 2024-CES2, Class A1A, <br>6.125%, due 02/25/64<sup>2,3</sup> | 149540 | 150384 |
| Trafigura Securitisation Finance PLC, <br>Series 2024-1A, Class B, <br>7.290%, due 11/15/27<sup>3</sup> | 200000 | 199726 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** | **Asset-backed securities—(concluded)** |
| TRTX Issuer Ltd., <br>Series 2025-FL6, Class A,<br>1 mo. USD Term SOFR + 1.537%, <br>5.887%, due 09/18/42<sup>2,3</sup> | 130000 | $129811 |
| U.S. Bank NA, <br>Series 2023-1, Class B, <br>6.789%, due 08/25/32<sup>3</sup> | 82693 | 83572 |
| Series 2025-SUP1, Class C, <br>30 day USD SOFR Average + 1.900%, <br>6.250%, due 02/25/32<sup>2,3</sup> | 209208 | 207897 |
| U.S. Small Business Administration, <br>Series 2005-20H, Class 1, <br>5.110%, due 08/01/25 | 5072 | 5072 |
| Series 2007-20D, Class 1, <br>5.320%, due 04/01/27 | 61694 | 61650 |
| Uniti Fiber ABS Issuer LLC, <br>Series 2025-1A, Class B, <br>6.369%, due 04/20/55<sup>3</sup> | 115000 | 117047 |
| Vantage Data Centers Issuer LLC, <br>Series 2023-1A, Class A2, <br>6.316%, due 03/16/48<sup>3</sup> | 1370000 | 1375197 |
| Volofin Finance DAC, <br>Series 2024-1A, Class A, <br>5.935%, due 06/15/37<sup>3</sup> | 192419 | 194005 |
| Westlake Automobile Receivables Trust, <br>Series 2025-1A, Class D, <br>5.540%, due 11/15/30<sup>3</sup> | 116000 | 117411 |
| Series 2025-2A, Class D, <br>5.080%, due 05/15/31<sup>3</sup> | 127000 | 127028 |
| Series 2025-2A, Class C, <br>4.850%, due 01/15/31<sup>3</sup> | 85000 | 85131 |
| Willis Engine Structured Trust VII, <br>Series 2023-A, Class A, <br>8.000%, due 10/15/48<sup>3</sup> | 598335 | 615685 |
| Wireless PropCo Funding LLC, <br>Series 2025-1A, Class B, <br>4.300%, due 06/25/55<sup>3</sup> | 100000 | 93235 |
| Zayo Issuer LLC, <br>Series 2025-1A, Class A2, <br>5.648%, due 03/20/55<sup>3</sup> | 1010000 | 1019948 |
| Ziply Fiber Issuer LLC, <br>Series 2024-1A, Class B, <br>7.810%, due 04/20/54<sup>3</sup> | 155000 | 159978 |
| Series 2024-1A, Class A2, <br>6.640%, due 04/20/54<sup>3</sup> | 34000 | 34766 |
| **Total asset-backed securities**<br> (cost—$58,524,167) | **Total asset-backed securities**<br> (cost—$58,524,167) | **59517595** |
| **Corporate bonds—46.6%** | **Corporate bonds—46.6%** | **Corporate bonds—46.6%** |
| **Aerospace & defense—0.5%** | **Aerospace & defense—0.5%** | **Aerospace & defense—0.5%** |
| AAR Escrow Issuer LLC<br>6.750%, due 03/15/29<sup>3</sup> | 20000 | 20521 |
| Boeing Co.<br>2.196%, due 02/04/26 | 100000 | 98673 |
| 2.700%, due 02/01/27 | 100000 | 97145 |
| 2.750%, due 02/01/26 | 300000 | 297066 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** | **Aerospace & defense—(concluded)** |
| 3.450%, due 11/01/28 |  | 200000 | $| 192649 |
| 5.805%, due 05/01/50 |  | 275000 |  | 265399 |
| Bombardier, Inc.<br>6.750%, due 06/15/33<sup>3</sup> |  | 120000 |  | 123339 |
| Goat Holdco LLC<br>6.750%, due 02/01/32<sup>3</sup> |  | 105000 |  | 105847 |
| Rolls-Royce PLC<br>5.750%, due 10/15/27<sup>3</sup> |  | 200000 |  | 204513 |
| RTX Corp.<br>5.750%, due 11/08/26 |  | 100000 |  | 101478 |
| TransDigm, Inc.<br>4.625%, due 01/15/29 |  | 10000 |  | 9777 |
| 6.375%, due 03/01/29<sup>3</sup> |  | 70000 |  | 71642 |
| 6.625%, due 03/01/32<sup>3</sup> |  | 35000 |  | 35989 |
| 6.875%, due 12/15/30<sup>3</sup> |  | 415000 |  | 430094 |
| 7.125%, due 12/01/31<sup>3</sup> |  | 10000 |  | 10413 |
|  |  |  |  | 2064545 |
| **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** | **Agriculture—0.4%** |
| BAT Capital Corp.<br>6.343%, due 08/02/30 |  | 200000 |  | 214409 |
| Cargill, Inc.<br>5.125%, due 10/11/32<sup>3</sup> |  | 1085000 |  | 1110850 |
| Imperial Brands Finance PLC<br>3.500%, due 07/26/26<sup>3</sup> |  | 200000 |  | 197920 |
| 5.875%, due 07/01/34<sup>3</sup> |  | 200000 |  | 204342 |
| JBS USA LUX SARL/JBS USA Food Co./JBS <br>USA Foods Group<br>5.950%, due 04/20/35<sup>3</sup> |  | 30000 |  | 30955 |
|  |  |  |  | 1758476 |
| **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** | **Airlines—0.1%** |
| American Airlines Pass-Through Trust<br>Series 2016-2, Class AA, <br>3.200%, due 06/15/28 |  | 182100 |  | 174150 |
| Series 2015-2, Class AA, <br>3.600%, due 09/22/27 |  | 172084 |  | 167405 |
| JetBlue Pass-Through Trust<br>Series 2019-1, Class A, <br>2.950%, due 05/15/28 |  | 223185 |  | 203661 |
| Spirit Airlines Pass-Through Trust<br>Series 2015-1A, <br>4.100%, due 04/01/28 |  | 49081 |  | 44660 |
|  |  |  |  | 589876 |
| **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** | **Apparel—0.0%<sup>†</sup>** |
| Birkenstock Financing SARL<br>5.250%, due 04/30/29<sup>5</sup> | EUR | 100000 |  | 115609 |
| **Auto manufacturers—0.6%** | **Auto manufacturers—0.6%** | **Auto manufacturers—0.6%** | **Auto manufacturers—0.6%** | **Auto manufacturers—0.6%** |
| BMW U.S. Capital LLC<br>5.050%, due 03/21/30<sup>3</sup> |  | 200000 |  | 203810 |
| Daimler Truck Finance North America LLC<br>2.000%, due 12/14/26<sup>3</sup> |  | 200000 |  | 193305 |
| Ford Motor Credit Co. LLC<br>3.375%, due 11/13/25 |  | 200000 |  | 199005 |
| 5.800%, due 03/05/27 |  | 200000 |  | 201125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** |
| Hyundai Capital America<br>5.150%, due 03/27/30<sup>3</sup> |  | 100000 | $| 101137 |
| 5.250%, due 01/08/27<sup>3</sup> |  | 200000 |  | 201707 |
| 5.950%, due 09/21/26<sup>3</sup> |  | 100000 |  | 101373 |
| Mercedes-Benz<br>Finance North America LLC<br>4.750%, due 03/31/28<sup>3</sup> |  | 200000 |  | 201620 |
| Nissan Motor Acceptance Co. LLC<br>2.000%, due 03/09/26<sup>3</sup> |  | 100000 |  | 98047 |
| 2.750%, due 03/09/28<sup>3</sup> |  | 200000 |  | 185398 |
| Nissan Motor Co. Ltd.<br>3.522%, due 09/17/25<sup>3</sup> |  | 200000 |  | 199456 |
| 4.810%, due 09/17/30<sup>3</sup> |  | 200000 |  | 183808 |
| Volkswagen Bank GmbH<br>2.500%, due 07/31/26<sup>5</sup> | EUR | 500000 |  | 570864 |
|  |  |  |  | 2640655 |
| **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%** |
| Adient Global Holdings Ltd.<br>8.250%, due 04/15/31<sup>3,6</sup> |  | 10000 |  | 10453 |
| Schaeffler AG<br>4.500%, due 03/28/30<sup>5</sup> | EUR | 100000 |  | 116036 |
| ZF Europe Finance BV<br>3.000%, due 10/23/29<sup>5</sup> | EUR | 100000 |  | 100915 |
| ZF North America Capital, Inc.<br>6.875%, due 04/23/32<sup>3</sup> |  | 50000 |  | 46656 |
|  |  |  |  | 274060 |
| **Banks—12.4%** | **Banks—12.4%** | **Banks—12.4%** | **Banks—12.4%** | **Banks—12.4%** |
| ABN AMRO Bank NV <br>(fixed, converts to FRN on 12/03/34), <br>5.515%, due 12/03/35<sup>2,3</sup> |  | 200000 |  | 202764 |
| (fixed, converts to FRN on 10/13/25), <br>6.575%, due 10/13/26<sup>2,3</sup> |  | 200000 |  | 205318 |
| ASB Bank Ltd.<br>(fixed, converts to FRN on 06/17/27), <br>5.284%, due 06/17/32<sup>2,3</sup> |  | 1700000 |  | 1706664 |
| 5.398%, due 11/29/27<sup>3</sup> |  | 1680000 |  | 1716443 |
| Banco Bilbao Vizcaya Argentaria SA<br>(fixed, converts to FRN on 01/14/32), <br>7.750%, due 01/14/32<sup>2,6,7</sup> |  | 200000 |  | 207257 |
| Banco Mercantil del Norte SA<br>(fixed, converts to FRN on 05/20/35), <br>8.750%, due 05/20/35<sup>2,3,7</sup> |  | 15000 |  | 15337 |
| Banco Santander Mexico SA<br>Institucion de Banca Multiple Grupo <br>Financiero Santand<br>5.621%, due 12/10/29<sup>3</sup> |  | 10000 |  | 10241 |
| Banco Santander SA<br>4.379%, due 04/12/28 |  | 200000 |  | 199207 |
| (fixed, converts to FRN on 05/12/27), <br>4.750%, due 11/12/26<sup>2,7</sup> |  | 200000 |  | 195605 |
| Bangkok Bank PCL<br>5.650%, due 07/05/34<sup>3</sup> |  | 25000 |  | 25907 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Bank of America Corp.<br>(fixed, converts to FRN on 04/29/30), <br>2.592%, due 04/29/31<sup>2</sup> | 200000 | $182825 |
| (fixed, converts to FRN on 04/24/27), <br>3.705%, due 04/24/28<sup>2</sup> | 100000 | 98657 |
| (fixed, converts to FRN on 01/20/27), <br>3.824%, due 01/20/28<sup>2</sup> | 200000 | 197852 |
| (fixed, converts to FRN on 04/27/27), <br>4.376%, due 04/27/28<sup>2</sup> | 250000 | 249474 |
| (fixed, converts to FRN on 01/20/26), <br>5.080%, due 01/20/27<sup>2</sup> | 200000 | 200595 |
| (fixed, converts to FRN on 09/15/28), <br>5.819%, due 09/15/29<sup>2</sup> | 200000 | 207779 |
| Series OO,<br>(fixed, converts to FRN on 05/01/30), <br>6.625%, due 05/01/30<sup>2,7</sup> | 80000 | 81924 |
| Bank of New York Mellon Corp.<br>(fixed, converts to FRN on 02/07/27), <br>3.442%, due 02/07/28<sup>2</sup> | 1760000 | 1737347 |
| Series I,<br>(fixed, converts to FRN on 12/20/26), <br>3.750%, due 12/20/26<sup>2,7</sup> | 170000 | 164111 |
| (fixed, converts to FRN on 03/14/29), <br>4.975%, due 03/14/30<sup>2</sup> | 200000 | 204191 |
| Bank of New Zealand<br>4.846%, due 02/07/28<sup>3</sup> | 1390000 | 1405918 |
| Barclays PLC<br>(fixed, converts to FRN on 05/16/28), <br>4.972%, due 05/16/29<sup>2</sup> | 200000 | 201862 |
| (fixed, converts to FRN on 11/02/32), <br>7.437%, due 11/02/33<sup>2</sup> | 400000 | 454585 |
| (fixed, converts to FRN on 09/15/29), <br>8.000%, due 03/15/29<sup>2,7</sup> | 200000 | 211968 |
| BNP Paribas SA<br>(fixed, converts to FRN on 01/12/27), <br>4.625%, due 01/12/27<sup>2,3,7</sup> | 200000 | 195840 |
| (fixed, converts to FRN on 05/09/30), <br>5.085%, due 05/09/31<sup>2,3</sup> | 755000 | 762293 |
| (fixed, converts to FRN on 05/20/29), <br>5.497%, due 05/20/30<sup>2,3</sup> | 200000 | 205386 |
| BPCE SA<br>(fixed, converts to FRN on 10/19/28), <br>6.714%, due 10/19/29<sup>2,3</sup> | 250000 | 264450 |
| CaixaBank SA<br>(fixed, converts to FRN on 03/15/29), <br>5.673%, due 03/15/30<sup>2,3</sup> | 200000 | 206475 |
| Citibank NA<br>5.864%, due 09/29/25 | 100000 | 100098 |
| Citigroup, Inc.<br>Series X, <br>(fixed, converts to FRN on 02/18/26), <br>3.875%, due 02/18/26<sup>2,7</sup> | 128000 | 126495 |
| Citizens Financial Group, Inc.<br>Series B,<br>3 mo. USD Term SOFR + 3.265%, <br>7.550%, due 10/06/25<sup>2,7</sup> | 60000 | 60009 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Series C,<br>3 mo. USD Term SOFR + 3.419%, <br>7.704%, due 10/06/25<sup>2,7</sup> | 80000 | $80010 |
| Comerica Bank<br>(fixed, converts to FRN on 08/25/32), <br>5.332%, due 08/25/33<sup>2</sup> | 1690000 | 1645261 |
| Danske Bank AS<br>(fixed, converts to FRN on 03/01/29), <br>5.705%, due 03/01/30<sup>2,3</sup> | 200000 | 206976 |
| Deutsche Bank AG<br>(fixed, converts to FRN on 02/08/27), <br>5.706%, due 02/08/28<sup>2</sup> | 200000 | 202964 |
| (fixed, converts to FRN on 11/20/28), <br>6.819%, due 11/20/29<sup>2</sup> | 200000 | 212876 |
| Fifth Third Bancorp<br>(fixed, converts to FRN on 07/28/29), <br>4.772%, due 07/28/30<sup>2</sup> | 35000 | 35143 |
| (fixed, converts to FRN on 10/27/27), <br>6.361%, due 10/27/28<sup>2</sup> | 2430000 | 2527652 |
| Series H,<br>3 mo. USD Term SOFR + 3.295%, <br>7.590%, due 08/30/25<sup>2,7</sup> | 115000 | 114840 |
| Goldman Sachs Bank USA<br>1 day USD SOFR + 0.750%, <br>5.092%, due 05/21/27<sup>2</sup> | 250000 | 250637 |
| 1 day USD SOFR + 0.770%, <br>5.120%, due 03/18/27<sup>2</sup> | 200000 | 200405 |
| Goldman Sachs Group, Inc.<br>(fixed, converts to FRN on 10/21/26), <br>1.948%, due 10/21/27<sup>2</sup> | 100000 | 96839 |
| Series U,<br>(fixed, converts to FRN on 08/10/26), <br>3.650%, due 08/10/26<sup>2,7</sup> | 45000 | 44028 |
| Series T,<br>(fixed, converts to FRN on 05/10/26), <br>3.800%, due 05/10/26<sup>2,7</sup> | 20000 | 19610 |
| Series V,<br>(fixed, converts to FRN on 11/10/26),<br>4.125%, due 11/10/26<sup>2,7</sup> | 50000 | 48940 |
| Series Y,<br>(fixed, converts to FRN on 11/10/34), <br>6.125%, due 11/10/34<sup>2,6,7</sup> | 70000 | 69220 |
| 3 mo. USD Term SOFR + 2.012%, <br>6.325%, due 10/28/27<sup>2</sup> | 200000 | 203601 |
| Series X,<br>(fixed, converts to FRN on 05/10/29), <br>7.500%, due 05/10/29<sup>2,7</sup> | 95000 | 99259 |
| Grupo Aval Ltd.<br>4.375%, due 02/04/30<sup>3</sup> | 70000 | 64190 |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 06/04/30), <br>2.848%, due 06/04/31<sup>2</sup> | 2000000 | 1831250 |
| (fixed, converts to FRN on 08/11/32), <br>5.402%, due 08/11/33<sup>2</sup> | 200000 | 205092 |
| (fixed, converts to FRN on 03/09/33), <br>6.254%, due 03/09/34<sup>2</sup> | 600000 | 642482 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 11/03/27), <br>7.390%, due 11/03/28<sup>2</sup> | 1205000 | $1274796 |
| Huntington Bancshares, Inc.<br>(fixed, converts to FRN on 08/04/27), <br>4.443%, due 08/04/28<sup>2</sup> | 830000 | 827698 |
| Series G,<br>(fixed, converts to FRN on 10/15/27), <br>4.450%, due 10/15/27<sup>2,6,7</sup> | 50000 | 49115 |
| Series F,<br>(fixed, converts to FRN on 07/15/30), <br>5.625%, due 07/15/30<sup>2,6,7</sup> | 19000 | 19463 |
| Huntington National Bank<br>5.650%, due 01/10/30 | 273000 | 282776 |
| ING Groep NV<br>(fixed, converts to FRN on 11/16/27), <br>3.875%, due 05/16/27<sup>2,7</sup> | 227000 | 215901 |
| Series NC10,<br>(fixed, converts to FRN on 11/16/31), <br>4.250%, due 05/16/31<sup>2,7</sup> | 200000 | 172722 |
| (fixed, converts to FRN on 03/25/30), <br>5.066%, due 03/25/31<sup>2</sup> | 200000 | 202921 |
| (fixed, converts to FRN on 03/19/29), <br>5.335%, due 03/19/30<sup>2</sup> | 200000 | 204926 |
| (fixed, converts to FRN on 11/16/26), <br>5.750%, due 11/16/26<sup>2,6,7</sup> | 200000 | 199365 |
| 1 day USD SOFR Index + 1.560%, <br>5.907%, due 09/11/27<sup>2</sup> | 200000 | 201979 |
| Intesa Sanpaolo SpA<br>Series XR,<br>4.000%, due 09/23/29<sup>3</sup> | 200000 | 194458 |
| 7.200%, due 11/28/33<sup>3</sup> | 200000 | 224974 |
| JPMorgan Chase & Co.<br>(fixed, converts to FRN on 09/22/26), <br>1.470%, due 09/22/27<sup>2</sup> | 200000 | 193168 |
| (fixed, converts to FRN on 02/24/27), <br>2.947%, due 02/24/28<sup>2</sup> | 200000 | 195310 |
| (fixed, converts to FRN on 01/23/28), <br>3.509%, due 01/23/29<sup>2</sup> | 200000 | 195640 |
| (fixed, converts to FRN on 01/29/26), <br>3.960%, due 01/29/27<sup>2</sup> | 100000 | 99740 |
| (fixed, converts to FRN on 07/24/28), <br>5.299%, due 07/24/29<sup>2</sup> | 200000 | 204787 |
| (fixed, converts to FRN on 10/22/26), <br>6.070%, due 10/22/27<sup>2</sup> | 200000 | 203624 |
| Series CC,<br>3 mo. USD Term SOFR + 2.842%, <br>7.118%, due 11/01/25<sup>2,6,7</sup> | 45000 | 45577 |
| KeyBank NA<br>5.850%, due 11/15/27 | 1435000 | 1474941 |
| Lloyds Bank PLC<br>7.500%, due 04/02/32<sup>2,5</sup> | 800000 | 578683 |
| Lloyds Banking Group PLC<br>(fixed, converts to FRN on 03/18/27), <br>3.750%, due 03/18/28<sup>2</sup> | 1785000 | 1760585 |
| (fixed, converts to FRN on 06/13/35), <br>6.068%, due 06/13/36<sup>2</sup> | 200000 | 204644 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| (fixed, converts to FRN on 11/15/32), <br>7.953%, due 11/15/33<sup>2</sup> |  | 810000 | $927966 |
| (fixed, converts to FRN on 03/27/30), <br>8.000%, due 09/27/29<sup>2,6,7</sup> |  | 200000 | 213605 |
| M&T Bank Corp.<br>Series I,<br>(fixed, converts to FRN on 09/01/26), <br>3.500%, due 09/01/26<sup>2,7</sup> |  | 190000 | 182602 |
| Series G,<br>(fixed, converts to FRN on 08/01/29), <br>7.304%, due 02/01/26<sup>2,7</sup> |  | 56000 | 56366 |
| Mizuho Financial Group, Inc.<br>(fixed, converts to FRN on 05/22/29), <br>3.261%, due 05/22/30<sup>2</sup> |  | 200000 | 190809 |
| (fixed, converts to FRN on 07/10/29), <br>5.382%, due 07/10/30<sup>2</sup> |  | 200000 | 205310 |
| Morgan Stanley<br>(fixed, converts to FRN on 03/21/29), <br>3.790%, due 03/21/30<sup>2</sup> | EUR | 100000 | 117538 |
| (fixed, converts to FRN on 02/01/28), <br>5.123%, due 02/01/29<sup>2</sup> |  | 200000 | 202940 |
| (fixed, converts to FRN on 07/19/34), <br>5.320%, due 07/19/35<sup>2</sup> |  | 85000 | 86070 |
| (fixed, converts to FRN on 07/20/28), <br>5.449%, due 07/20/29<sup>2</sup> |  | 200000 | 205290 |
| (fixed, converts to FRN on 01/18/34), <br>5.466%, due 01/18/35<sup>2</sup> |  | 45000 | 46097 |
| (fixed, converts to FRN on 10/18/32), <br>6.342%, due 10/18/33<sup>2</sup> |  | 1380000 | 1495423 |
| Morgan Stanley Bank NA<br>1 day USD SOFR + 1.080%,<br>5.425%, due 01/14/28<sup>2</sup> |  | 250000 | 251716 |
| (fixed, converts to FRN on 05/26/27), <br>5.504%, due 05/26/28<sup>2</sup> |  | 250000 | 254479 |
| NatWest Group PLC<br>(fixed, converts to FRN on 05/22/27), <br>3.073%, due 05/22/28<sup>2</sup> |  | 200000 | 195031 |
| (fixed, converts to FRN on 12/28/31), <br>4.600%, due 06/28/31<sup>2,7</sup> |  | 200000 | 177660 |
| 1 day USD SOFR + 1.300%, <br>5.639%, due 11/15/28<sup>2</sup> |  | 1220000 | 1230417 |
| (fixed, converts to FRN on 03/02/33), <br>6.016%, due 03/02/34<sup>2</sup> |  | 200000 | 211451 |
| (fixed, converts to FRN on 11/10/25), <br>7.472%, due 11/10/26<sup>2</sup> |  | 1370000 | 1379752 |
| PNC Financial Services Group, Inc.<br>Series T,<br>(fixed, converts to FRN on 09/15/26), <br>3.400%, due 09/15/26<sup>2,7</sup> |  | 1149000 | 1107143 |
| Series S,<br>(fixed, converts to FRN on 11/01/26), <br>5.000%, due 11/01/26<sup>2,7</sup> |  | 22000 | 21882 |
| Series W,<br>(fixed, converts to FRN on 03/15/30), <br>6.250%, due 03/15/30<sup>2,7</sup> |  | 75000 | 75854 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Royal Bank of Canada<br>(fixed, converts to FRN on 08/06/28), <br>4.498%, due 08/06/29<sup>2,4</sup> | 200000 | $200131 |
| Santander Holdings USA, Inc.<br>(fixed, converts to FRN on 01/06/27), <br>2.490%, due 01/06/28<sup>2,6</sup> | 1200000 | 1162860 |
| (fixed, converts to FRN on 03/20/30), <br>5.741%, due 03/20/31<sup>2,6</sup> | 200000 | 205791 |
| (fixed, converts to FRN on 09/09/25), <br>5.807%, due 09/09/26<sup>2</sup> | 1140000 | 1140898 |
| (fixed, converts to FRN on 03/09/28), <br>6.499%, due 03/09/29<sup>2</sup> | 970000 | 1009882 |
| Santander U.K. Group Holdings PLC<br>(fixed, converts to FRN on 01/10/28), <br>6.534%, due 01/10/29<sup>2</sup> | 100000 | 104121 |
| (fixed, converts to FRN on 11/21/25), <br>6.833%, due 11/21/26<sup>2</sup> | 200000 | 201165 |
| Skandinaviska Enskilda Banken AB<br>5.375%, due 03/05/29<sup>3</sup> | 885000 | 909521 |
| Societe Generale SA<br>(fixed, converts to FRN on 01/10/33), <br>6.691%, due 01/10/34<sup>2,3</sup> | 300000 | 321480 |
| Standard Chartered Bank<br>4.853%, due 12/03/27 | 250000 | 253255 |
| Standard Chartered PLC<br>(fixed, converts to FRN on 07/06/26), <br>6.187%, due 07/06/27<sup>2,3</sup> | 100000 | 101260 |
| State Street Corp.<br>(fixed, converts to FRN on 11/04/27), <br>5.820%, due 11/04/28<sup>2</sup> | 740000 | 763031 |
| Sumitomo Mitsui Financial Group, Inc.<br>1.902%, due 09/17/28 | 200000 | 185129 |
| 5.316%, due 07/09/29 | 200000 | 205565 |
| Truist Financial Corp.<br>(fixed, converts to FRN on 06/06/27), <br>4.123%, due 06/06/28<sup>2</sup> | 1720000 | 1711324 |
| Series Q,<br>(fixed, converts to FRN on 09/01/30), <br>5.100%, due 03/01/30<sup>2,7</sup> | 15000 | 14764 |
| (fixed, converts to FRN on 01/26/33), <br>5.122%, due 01/26/34<sup>2</sup> | 200000 | 200067 |
| (fixed, converts to FRN on 10/28/32), <br>6.123%, due 10/28/33<sup>2</sup> | 770000 | 817655 |
| Series N,<br>(fixed, converts to FRN on 09/01/29), <br>6.669%, due 09/01/25<sup>2,7</sup> | 110000 | 109929 |
| U.S. Bancorp<br>Series N,<br>(fixed, converts to FRN on 01/15/27), <br>3.700%, due 01/15/27<sup>2,6,7</sup> | 445000 | 427802 |
| (fixed, converts to FRN on 02/01/33), <br>4.839%, due 02/01/34<sup>2</sup> | 200000 | 197451 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 10/30/29), <br>2.879%, due 10/30/30<sup>2</sup> | 200000 | 186829 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** |
| (fixed, converts to FRN on 06/17/26), <br>3.196%, due 06/17/27<sup>2</sup> |  | 200000 | $| 197614 |
| (fixed, converts to FRN on 03/02/32), <br>3.350%, due 03/02/33<sup>2</sup> |  | 1915000 |  | 1753050 |
| Series BB,<br>(fixed, converts to FRN on 03/15/26), <br>3.900%, due 03/15/26<sup>2,7</sup> |  | 115000 |  | 113927 |
| (fixed, converts to FRN on 07/25/28), <br>5.574%, due 07/25/29<sup>2</sup> |  | 200000 |  | 205937 |
| (fixed, converts to FRN on 10/23/33), <br>6.491%, due 10/23/34<sup>2</sup> |  | 220000 |  | 240529 |
| Wells Fargo Bank NA<br>5.450%, due 08/07/26 |  | 100000 |  | 100935 |
|  |  |  |  | 51911248 |
| **Beverages—0.1%** | **Beverages—0.1%** | **Beverages—0.1%** | **Beverages—0.1%** | **Beverages—0.1%** |
| Constellation Brands, Inc.<br>4.800%, due 01/15/29 |  | 100000 |  | 100767 |
| JDE Peet's NV<br>4.500%, due 01/23/34<sup>5</sup> | EUR | 200000 |  | 239070 |
|  |  |  |  | 339837 |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** | **Biotechnology—0.1%** |
| Amgen, Inc.<br>5.750%, due 03/02/63 |  | 240000 |  | 230256 |
| Regeneron Pharmaceuticals, Inc.<br>1.750%, due 09/15/30 |  | 300000 |  | 260488 |
|  |  |  |  | 490744 |
| **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<br>6.625%, due 12/15/30<sup>3</sup> |  | 245000 |  | 249804 |
| JELD-WEN, Inc.<br>4.875%, due 12/15/27<sup>3,6</sup> |  | 25000 |  | 23717 |
| 7.000%, due 09/01/32<sup>3,6</sup> |  | 45000 |  | 33762 |
| MIWD Holdco II LLC/MIWD Finance Corp.<br>5.500%, due 02/01/30<sup>3,6</sup> |  | 20000 |  | 19037 |
| Quikrete Holdings, Inc.<br>6.750%, due 03/01/33<sup>3</sup> |  | 105000 |  | 107690 |
| Standard Building Solutions, Inc.<br>6.250%, due 08/01/33<sup>3</sup> |  | 25000 |  | 25238 |
| Standard Industries, Inc.<br>4.375%, due 07/15/30<sup>3</sup> |  | 55000 |  | 52071 |
|  |  |  |  | 511319 |
| **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** | **Chemicals—0.4%** |
| Avient Corp.<br>7.125%, due 08/01/30<sup>3</sup> |  | 10000 |  | 10272 |
| Celanese U.S. Holdings LLC<br>6.750%, due 04/15/33<sup>6</sup> |  | 15000 |  | 15129 |
| 7.050%, due 11/15/30 |  | 30000 |  | 31243 |
| International Flavors & Fragrances, Inc.<br>2.300%, due 11/01/30<sup>3</sup> |  | 99000 |  | 87348 |
| Olin Corp.<br>6.625%, due 04/01/33<sup>3</sup> |  | 1115000 |  | 1085008 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** |
| Olympus Water U.S. Holding Corp.<br>4.250%, due 10/01/28<sup>3</sup> |  | 65000 | $| 61892 |
| 7.250%, due 06/15/31<sup>3</sup> |  | 20000 |  | 20425 |
| 9.625%, due 11/15/28<sup>5</sup> | EUR | 100000 |  | 120133 |
| 9.750%, due 11/15/28<sup>3</sup> |  | 165000 |  | 172973 |
| Sociedad Quimica y Minera de Chile SA<br>5.500%, due 09/10/34<sup>3</sup> |  | 20000 |  | 19550 |
| 6.500%, due 11/07/33<sup>3</sup> |  | 15000 |  | 15799 |
| WR Grace Holdings LLC<br>4.875%, due 06/15/27<sup>3</sup> |  | 110000 |  | 109380 |
| 7.375%, due 03/01/31<sup>3</sup> |  | 10000 |  | 10293 |
|  |  |  |  | 1759445 |
| **Commercial services—0.9%** | **Commercial services—0.9%** | **Commercial services—0.9%** | **Commercial services—0.9%** | **Commercial services—0.9%** |
| Ashtead Capital, Inc.<br>5.500%, due 08/11/32<sup>3</sup> |  | 1700000 |  | 1722158 |
| Avis Budget Car Rental LLC/Avis Budget <br>Finance, Inc.<br>8.250%, due 01/15/30<sup>3,6</sup> |  | 805000 |  | 828373 |
| Block, Inc.<br>6.500%, due 05/15/32 |  | 200000 |  | 205237 |
| Champions Financing, Inc.<br>8.750%, due 02/15/29<sup>3,6</sup> |  | 80000 |  | 74073 |
| Duke University<br>Series 2020, <br>2.682%, due 10/01/44 |  | 300000 |  | 212446 |
| Emory University<br>Series 2020, <br>2.143%, due 09/01/30 |  | 200000 |  | 179726 |
| Equifax, Inc.<br>4.800%, due 09/15/29 |  | 200000 |  | 201295 |
| Herc Holdings, Inc.<br>7.250%, due 06/15/33<sup>3</sup> |  | 95000 |  | 98374 |
| Prime Security Services Borrower LLC/Prime<br>Finance, Inc.<br>6.250%, due 01/15/28<sup>3</sup> |  | 75000 |  | 74995 |
| Shift4 Payments LLC/Shift4 Payments <br>Finance Sub, Inc.<br>6.750%, due 08/15/32<sup>3</sup> |  | 40000 |  | 41320 |
| United Rentals North America, Inc.<br>6.125%, due 03/15/34<sup>3</sup> |  | 55000 |  | 56392 |
| Verisure Midholding AB<br>5.250%, due 02/15/29<sup>5</sup> | EUR | 100000 |  | 114930 |
| Veritiv Operating Co.<br>10.500%, due 11/30/30<sup>3</sup> |  | 45000 |  | 48774 |
| VM Consolidated, Inc.<br>5.500%, due 04/15/29<sup>3</sup> |  | 20000 |  | 19633 |
| Williams Scotsman, Inc.<br>7.375%, due 10/01/31<sup>3</sup> |  | 55000 |  | 57416 |
|  |  |  |  | 3935142 |
| **Computers—0.1%** | **Computers—0.1%** | **Computers—0.1%** | **Computers—0.1%** | **Computers—0.1%** |
| Amentum Holdings, Inc.<br>7.250%, due 08/01/32<sup>3</sup> |  | 50000 |  | 51724 |
| Dell International LLC/EMC Corp.<br>5.500%, due 04/01/35 |  | 165000 |  | 166808 |
|  |  |  |  | 218532 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Cosmetics/personal care—0.0%<sup>†</sup>** | **Cosmetics/personal care—0.0%<sup>†</sup>** | **Cosmetics/personal care—0.0%<sup>†</sup>** |
| Perrigo Finance Unlimited Co.<br>6.125%, due 09/30/32 | 35000 | $35366 |
| **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** | **Distribution & wholesale—0.0%<sup>†</sup>** |
| Gates Corp.<br>6.875%, due 07/01/29<sup>3</sup> | 25000 | 25727 |
| Resideo Funding, Inc.<br>4.000%, due 09/01/29<sup>3</sup> | 20000 | 18705 |
| 6.500%, due 07/15/32<sup>3</sup> | 10000 | 10145 |
|  |  | 54577 |
| **Diversified financial services—2.5%** | **Diversified financial services—2.5%** | **Diversified financial services—2.5%** |
| Acadian Asset Management, Inc.<br>4.800%, due 07/27/26 | 755000 | 746934 |
| AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>4.450%, due 04/03/26 | 200000 | 199591 |
| 5.100%, due 01/19/29 | 50000 | 50780 |
| Ally Financial, Inc.<br>2.200%, due 11/02/28 | 200000 | 184602 |
| Series C,<br>(fixed, converts to FRN on 05/15/28), <br>4.700%, due 05/15/28<sup>2,7</sup> | 104000 | 94868 |
| (fixed, converts to FRN on 01/17/30), <br>5.543%, due 01/17/31<sup>2</sup> | 40000 | 40529 |
| (fixed, converts to FRN on 01/03/29), <br>6.848%, due 01/03/30<sup>2</sup> | 1285000 | 1354737 |
| American Express Co.<br>(fixed, converts to FRN on 04/23/26), <br>5.645%, due 04/23/27<sup>2</sup> | 200000 | 201466 |
| (fixed, converts to FRN on 10/30/25), <br>6.338%, due 10/30/26<sup>2</sup> | 200000 | 200790 |
| Aviation Capital Group LLC<br>5.375%, due 07/15/29<sup>3</sup> | 200000 | 203407 |
| 6.250%, due 04/15/28<sup>3</sup> | 200000 | 207423 |
| Avolon Holdings Funding Ltd.<br>5.750%, due 03/01/29<sup>3</sup> | 200000 | 205205 |
| Azorra Finance Ltd.<br>7.750%, due 04/15/30<sup>3</sup> | 15000 | 15619 |
| Bread Financial Holdings, Inc.<br>9.750%, due 03/15/29<sup>3</sup> | 1805000 | 1936346 |
| Capital One Financial Corp.<br>(fixed, converts to FRN on 05/10/27), <br>4.927%, due 05/10/28<sup>2</sup> | 1700000 | 1709472 |
| (fixed, converts to FRN on 02/01/29), <br>5.700%, due 02/01/30<sup>2</sup> | 100000 | 103206 |
| Charles Schwab Corp.<br>Series I,<br>(fixed, converts to FRN on 06/01/26), <br>4.000%, due 06/01/26<sup>2,7</sup> | 132000 | 130120 |
| Series K,<br>(fixed, converts to FRN on 06/01/27), <br>5.000%, due 06/01/27<sup>2,7</sup> | 55000 | 54611 |
| Jane Street Group/JSG Finance, Inc.<br>7.125%, due 04/30/31<sup>3</sup> | 20000 | 20656 |
| Lazard Group LLC<br>4.375%, due 03/11/29 | 100000 | 98986 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** |
| Lehman Brothers Holdings, Inc.<br>0.000%, due 01/24/13<sup>8</sup> |  | 4500000 | $| 2700 |
| 0.000%, due 12/30/13<sup>8</sup> |  | 1900000 |  | 1140 |
| 0.000%, due 12/30/49<sup>8</sup> |  | 900000 |  | 540 |
| Nationstar Mortgage Holdings, Inc.<br>6.500%, due 08/01/29<sup>3</sup> |  | 145000 |  | 148307 |
| Navient Corp.<br>5.500%, due 03/15/29<sup>6</sup> |  | 160000 |  | 156519 |
| Nomura Holdings, Inc.<br>1 day USD SOFR + 1.250%, <br>5.628%, due 07/02/27<sup>2</sup> |  | 200000 |  | 201845 |
| OneMain Finance Corp.<br>7.125%, due 11/15/31 |  | 125000 |  | 129041 |
| Oxford Finance LLC/Oxford Finance <br>Co-Issuer II, Inc.<br>6.375%, due 02/01/27<sup>3</sup> |  | 1660000 |  | 1655952 |
| PennyMac Financial Services, Inc.<br>7.125%, due 11/15/30<sup>3</sup> |  | 155000 |  | 159774 |
| 7.875%, due 12/15/29<sup>3</sup> |  | 20000 |  | 21108 |
| SLM Corp.<br>6.500%, due 01/31/30 |  | 10000 |  | 10387 |
| UWM Holdings LLC<br>6.625%, due 02/01/30<sup>3</sup> |  | 20000 |  | 20009 |
| XP, Inc.<br>6.750%, due 07/02/29<sup>3</sup> |  | 35000 |  | 35689 |
|  |  |  |  | 10302359 |
| **Electric—5.6%** | **Electric—5.6%** | **Electric—5.6%** | **Electric—5.6%** | **Electric—5.6%** |
| Adani Electricity Mumbai Ltd.<br>3.949%, due 02/12/30<sup>3</sup> |  | 262000 |  | 240909 |
| AES Corp.<br>2.450%, due 01/15/31 |  | 100000 |  | 88397 |
| Alexander Funding Trust II<br>7.467%, due 07/31/28<sup>3</sup> |  | 1475000 |  | 1567044 |
| Algonquin Power & Utilities Corp.<br>5.365%, due 06/15/26 |  | 200000 |  | 201060 |
| Alliant Energy Finance LLC<br>5.950%, due 03/30/29<sup>3</sup> |  | 100000 |  | 104495 |
| Alpha Generation LLC<br>6.750%, due 10/15/32<sup>3</sup> |  | 205000 |  | 209781 |
| Ameren Corp.<br>5.000%, due 01/15/29 |  | 200000 |  | 203305 |
| American Electric Power Co., Inc.<br>5.950%, due 11/01/32 |  | 195000 |  | 206501 |
| (fixed, converts to FRN on 12/15/29), <br>7.050%, due 12/15/54<sup>2</sup> |  | 135000 |  | 140906 |
| Appalachian Power Co.<br>Series AA,<br>2.700%, due 04/01/31 |  | 200000 |  | 179225 |
| Atlantica Sustainable Infrastructure Ltd.<br>4.125%, due 06/15/28<sup>3</sup> |  | 1495000 |  | 1443700 |
| AusNet Services Holdings Pty. Ltd.<br>(fixed, converts to FRN on 09/11/26), <br>1.625%, due 03/11/81<sup>2,5</sup> | EUR | 100000 |  | 112297 |
| Avangrid, Inc.<br>3.800%, due 06/01/29 |  | 200000 |  | 194908 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Black Hills Corp.<br>2.500%, due 06/15/30 |  | 200000 | $180137 |
| Calpine Corp.<br>4.625%, due 02/01/29<sup>3</sup> |  | 10000 | 9828 |
| 5.000%, due 02/01/31<sup>3</sup> |  | 20000 | 19768 |
| CenterPoint Energy Houston Electric LLC<br>5.200%, due 10/01/28 |  | 200000 | 204905 |
| CenterPoint Energy, Inc.<br>(fixed, converts to FRN on 05/15/30), <br>6.700%, due 05/15/55<sup>2</sup> |  | 170000 | 172209 |
| CMS Energy Corp.<br>(fixed, converts to FRN on 06/01/35), <br>6.500%, due 06/01/55<sup>2</sup> |  | 180000 | 181496 |
| Comision Federal de Electricidad<br>5.700%, due 01/24/30<sup>3</sup> |  | 30000 | 29862 |
| Constellation Energy Generation LLC<br>6.125%, due 01/15/34 |  | 200000 | 215119 |
| Dominion Energy, Inc.<br>Series C,<br>2.250%, due 08/15/31 |  | 200000 | 173861 |
| Series C,<br>(fixed, converts to FRN on 04/15/27), <br>4.350%, due 01/15/27<sup>2,7</sup> |  | 60000 | 58657 |
| 5.375%, due 11/15/32 |  | 270000 | 276689 |
| (fixed, converts to FRN on 05/15/35),<br>6.625%, due 05/15/55<sup>2</sup> |  | 205000 | 210059 |
| DTE Energy Co.<br>5.100%, due 03/01/29 |  | 300000 | 305238 |
| Duke Energy Progress LLC<br>2.000%, due 08/15/31<sup>6</sup> |  | 1200000 | 1039147 |
| Edison International<br>Series B,<br>(fixed, converts to FRN on 03/15/27), <br>5.000%, due 12/15/26<sup>2,7</sup> |  | 79000 | 69483 |
| Series A,<br>(fixed, converts to FRN on 03/15/26), <br>5.375%, due 03/09/26<sup>2,7</sup> |  | 1810000 | 1721096 |
| 5.450%, due 06/15/29 |  | 200000 | 198727 |
| EDP SA<br>(fixed, converts to FRN on 05/29/30), <br>4.750%, due 05/29/54<sup>2,5</sup> | EUR | 100000 | 118021 |
| Electricite de France SA<br>(fixed, converts to FRN on 09/17/35), <br>7.375%, due 06/17/35<sup>2,5,7</sup> | GBP | 100000 | 134673 |
| (fixed, converts to FRN on 12/06/28), <br>7.500%, due 09/06/28<sup>2,5,7</sup> | EUR | 200000 | 252550 |
| Elia Group SA<br>(fixed, converts to FRN on 06/15/28), <br>5.850%, due 03/15/28<sup>2,5,7</sup> |  | 100000 | 120209 |
| EPH Financing International AS<br>6.651%, due 11/13/28<sup>5</sup> |  | 200000 | 249003 |
| Eversource Energy<br>5.950%, due 02/01/29 |  | 100000 | 104184 |
| Exelon Corp.<br>2.750%, due 03/15/27 |  | 200000 | 194594 |
| 5.150%, due 03/15/29 |  | 200000 | 204547 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| FIEMEX Energia—Banco Actinver SA <br>Institucion de Banca Multiple<br>7.250%, due 01/31/41<sup>3</sup> |  | 9905 | $10128 |
| Georgia Power Co.<br>5.004%, due 02/23/27 |  | 200000 | 202034 |
| IPALCO Enterprises, Inc.<br>4.250%, due 05/01/30 |  | 200000 | 191673 |
| Lightning Power LLC<br>7.250%, due 08/15/32<sup>3</sup> |  | 150000 | 156820 |
| MidAmerican Energy Co.<br>3.650%, due 04/15/29 |  | 1400000 | 1368711 |
| Monongahela Power Co.<br>3.550%, due 05/15/27<sup>3</sup> |  | 1800000 | 1768694 |
| National Rural Utilities Cooperative<br>Finance Corp.<br>4.800%, due 03/15/28 |  | 100000 | 101233 |
| New York State Electric & Gas Corp.<br>2.150%, due 10/01/31<sup>3</sup> |  | 1400000 | 1193789 |
| NextEra Energy Capital Holdings, Inc.<br>3.550%, due 05/01/27 |  | 300000 | 295323 |
| (fixed, converts to FRN on 08/15/30), <br>6.375%, due 08/15/55<sup>2</sup> |  | 50000 | 51299 |
| Niagara Mohawk Power Corp.<br>4.278%, due 12/15/28<sup>3</sup> |  | 300000 | 296595 |
| NorthWestern Corp.<br>5.073%, due 03/21/30<sup>3</sup> |  | 200000 | 202784 |
| NRG Energy, Inc.<br>3.625%, due 02/15/31<sup>3</sup> |  | 60000 | 54925 |
| 3.875%, due 02/15/32<sup>3</sup> |  | 3000 | 2741 |
| 5.750%, due 07/15/29<sup>3</sup> |  | 75000 | 74335 |
| 6.000%, due 02/01/33<sup>3</sup> |  | 25000 | 25068 |
| (fixed, converts to FRN on 03/15/28), <br>10.250%, due 03/15/28<sup>2,3,7</sup> |  | 335000 | 368740 |
| Orsted AS<br>(fixed, converts to FRN on 12/14/29), <br>5.125%<sup>2,5,7</sup> | EUR | 100000 | 116527 |
| Pacific Gas & Electric Co.<br>3.150%, due 01/01/26 |  | 100000 | 99307 |
| 4.950%, due 07/01/50 |  | 52830 | 43660 |
| 5.550%, due 05/15/29 |  | 200000 | 203854 |
| 5.700%, due 03/01/35 |  | 45000 | 45151 |
| 6.000%, due 08/15/35 |  | 100000 | 101941 |
| 6.150%, due 03/01/55 |  | 57000 | 54588 |
| 6.400%, due 06/15/33 |  | 200000 | 211019 |
| 6.950%, due 03/15/34 |  | 100000 | 108787 |
| PacifiCorp<br>2.700%, due 09/15/30 |  | 100000 | 91111 |
| 5.100%, due 02/15/29 |  | 200000 | 203359 |
| Pinnacle West Capital Corp.<br>1 day USD SOFR + 0.820%, <br>5.167%, due 06/10/26<sup>2</sup> |  | 200000 | 200595 |
| Saavi Energia SARL<br>8.875%, due 02/10/35<sup>3,6</sup> |  | 25000 | 26075 |
| Sempra<br>(fixed, converts to FRN on 10/01/34), <br>6.400%, due 10/01/54<sup>2</sup> |  | 175000 | 169288 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** |
| Southern California Edison Co.<br>5.150%, due 06/01/29 |  | 200000 | $| 201832 |
| 5.850%, due 11/01/27 |  | 100000 |  | 102211 |
| 5.950%, due 11/01/32 |  | 775000 |  | 802541 |
| Southern Co.<br>Series A,<br>3.700%, due 04/30/30 |  | 200000 |  | 192691 |
| Series B,<br>(fixed, converts to FRN on 01/15/26), <br>4.000%, due 01/15/51<sup>2</sup> |  | 435000 |  | 432630 |
| Southwestern Electric Power Co.<br>Series M,<br>4.100%, due 09/15/28 |  | 200000 |  | 197623 |
| SSE PLC<br>(fixed, converts to FRN on 04/21/28), <br>4.000%, due 01/21/28<sup>2,5,6,7</sup> | EUR | 100000 |  | 115818 |
| System Energy Resources, Inc.<br>5.300%, due 12/15/34 |  | 200000 |  | 196740 |
| Vattenfall AB<br>(fixed, converts to FRN on 08/17/28), <br>6.875%, due 08/17/83<sup>2,5</sup> | GBP | 100000 |  | 135549 |
| Vistra Operations Co. LLC<br>6.875%, due 04/15/32<sup>3</sup> |  | 430000 |  | 446790 |
| WEC Energy Group, Inc.<br>1.800%, due 10/15/30 |  | 69000 |  | 60006 |
| XPLR Infrastructure Operating Partners LP<br>8.625%, due 03/15/33<sup>3,6</sup> |  | 1280000 |  | 1355743 |
|  |  |  |  | 23616918 |
| **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** | **Electrical components & equipment—0.0%<sup>†</sup>** |
| WESCO Distribution, Inc.<br>6.625%, due 03/15/32<sup>3</sup> |  | 55000 |  | 56750 |
| **Electronics—0.1%** | **Electronics—0.1%** | **Electronics—0.1%** | **Electronics—0.1%** | **Electronics—0.1%** |
| Arrow Electronics, Inc.<br>5.150%, due 08/21/29 |  | 200000 |  | 202771 |
| Honeywell International, Inc.<br>4.125%, due 11/02/34 | EUR | 200000 |  | 237730 |
| Imola Merger Corp.<br>4.750%, due 05/15/29<sup>3</sup> |  | 25000 |  | 24256 |
| TD SYNNEX Corp.<br>6.100%, due 04/12/34 |  | 100000 |  | 104926 |
|  |  |  |  | 569683 |
| **Energy-alternate sources—0.6%** | **Energy-alternate sources—0.6%** | **Energy-alternate sources—0.6%** | **Energy-alternate sources—0.6%** | **Energy-alternate sources—0.6%** |
| FS Luxembourg SARL<br>8.625%, due 06/25/33<sup>3</sup> |  | 20000 |  | 19937 |
| XPLR Infrastructure LP<br>0.000%, due 11/15/25<sup>3,9</sup> |  | 760000 |  | 744683 |
| 2.500%, due 06/15/26<sup>3,6</sup> |  | 1910000 |  | 1833312 |
|  |  |  |  | 2597932 |
| **Entertainment—0.4%** | **Entertainment—0.4%** | **Entertainment—0.4%** | **Entertainment—0.4%** | **Entertainment—0.4%** |
| Caesars Entertainment, Inc.<br>4.625%, due 10/15/29<sup>3,6</sup> |  | 20000 |  | 18901 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** |
| Churchill Downs, Inc.<br>5.750%, due 04/01/30<sup>3</sup> |  | 45000 | $| 44889 |
| 6.750%, due 05/01/31<sup>3</sup> |  | 270000 |  | 275677 |
| Cirsa Finance International SARL<br>7.875%, due 07/31/28<sup>5</sup> | EUR | 100000 |  | 118735 |
| Live Nation Entertainment, Inc.<br>4.750%, due 10/15/27<sup>3</sup> |  | 55000 |  | 54150 |
| Midwest Gaming Borrower LLC/Midwest <br>Gaming Finance Corp.<br>4.875%, due 05/01/29<sup>3</sup> |  | 235000 |  | 226407 |
| Penn Entertainment, Inc.<br>4.125%, due 07/01/29<sup>3,6</sup> |  | 20000 |  | 18537 |
| Six Flags Entertainment Corp./Canada's <br>Wonderland Co./Magnum Management Corp.<br>5.250%, due 07/15/29 |  | 50000 |  | 48586 |
| Six Flags Entertainment Corp./Six Flags<br>Theme Parks, Inc./Canada's Wonderland Co.<br>6.625%, due 05/01/32<sup>3</sup> |  | 20000 |  | 20366 |
| Warnermedia Holdings, Inc.<br>Series WI,<br>4.054%, due 03/15/29 |  | 300000 |  | 281682 |
| 5.050%, due 03/15/42 |  | 830000 |  | 554814 |
|  |  |  |  | 1662744 |
| **Environmental control—0.0%<sup>†</sup>** | **Environmental control—0.0%<sup>†</sup>** | **Environmental control—0.0%<sup>†</sup>** | **Environmental control—0.0%<sup>†</sup>** | **Environmental control—0.0%<sup>†</sup>** |
| Ambipar Lux SARL<br>9.875%, due 02/06/31<sup>3</sup> |  | 20000 |  | 18125 |
| **Food—0.5%** | **Food—0.5%** | **Food—0.5%** | **Food—0.5%** | **Food—0.5%** |
| JBS USA Holding Lux SARL/JBS USA<br>Food Co./JBS Lux Co. SARL<br>6.500%, due 12/01/52 |  | 45000 |  | 45992 |
| JBS USA LUX SARL/JBS USA<br>Food Co./JBS USA Foods Group<br>6.375%, due 02/25/55<sup>3,6</sup> |  | 320000 |  | 322515 |
| Kroger Co.<br>5.400%, due 01/15/49 |  | 115000 |  | 107208 |
| Mars, Inc.<br>4.800%, due 03/01/30<sup>3</sup> |  | 200000 |  | 201986 |
| 5.000%, due 03/01/32<sup>3</sup> |  | 1005000 |  | 1014253 |
| Minerva Luxembourg SA<br>8.875%, due 09/13/33<sup>3</sup> |  | 45000 |  | 48881 |
| Post Holdings, Inc.<br>6.250%, due 02/15/32<sup>3</sup> |  | 75000 |  | 76401 |
| Sysco Corp.<br>6.600%, due 04/01/50 |  | 184000 |  | 199573 |
| U.S. Foods, Inc.<br>5.750%, due 04/15/33<sup>3</sup> |  | 55000 |  | 54494 |
|  |  |  |  | 2071303 |
| **Food service—0.0%<sup>†</sup>** | **Food service—0.0%<sup>†</sup>** | **Food service—0.0%<sup>†</sup>** | **Food service—0.0%<sup>†</sup>** | **Food service—0.0%<sup>†</sup>** |
| TKC Holdings, Inc.<br>6.875%, due 05/15/28<sup>3</sup> |  | 15000 |  | 14987 |
| **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** | **Forest products & paper—0.0%<sup>†</sup>** |
| Celulosa Arauco y Constitucion SA<br>4.200%, due 01/29/30<sup>3,6</sup> |  | 40000 |  | 38075 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Gas—0.6%** | **Gas—0.6%** | **Gas—0.6%** | **Gas—0.6%** |
| APA Infrastructure Ltd.<br>(fixed, converts to FRN on 02/09/29), <br>7.125%, due 11/09/83<sup>2,5</sup> | EUR | 100000 | $125893 |
| National Fuel Gas Co.<br>2.950%, due 03/01/31 |  | 300000 | 267376 |
| NiSource, Inc.<br>3.600%, due 05/01/30 |  | 200000 | 191493 |
| Southern California Gas Co.<br>2.950%, due 04/15/27 |  | 100000 | 97681 |
| 5.050%, due 09/01/34 |  | 1100000 | 1100480 |
| 5.450%, due 06/15/35 |  | 665000 | 677836 |
| Southwest Gas Corp.<br>4.050%, due 03/15/32 |  | 200000 | 189006 |
|  |  |  | 2649765 |
| **Healthcare-products—0.1%** | **Healthcare-products—0.1%** | **Healthcare-products—0.1%** | **Healthcare-products—0.1%** |
| Bausch & Lomb Corp.<br>8.375%, due 10/01/28<sup>3</sup> |  | 130000 | 135538 |
| Medline Borrower LP<br>3.875%, due 04/01/29<sup>3</sup> |  | 245000 | 233651 |
| Zimmer Biomet Holdings, Inc.<br>5.350%, due 12/01/28<sup>6</sup> |  | 200000 | 205552 |
|  |  |  | 574741 |
| **Healthcare-services—0.5%** | **Healthcare-services—0.5%** | **Healthcare-services—0.5%** | **Healthcare-services—0.5%** |
| Acadia Healthcare Co., Inc.<br>5.000%, due 04/15/29<sup>3,6</sup> |  | 15000 | 14494 |
| Centene Corp.<br>2.625%, due 08/01/31 |  | 300000 | 250518 |
| Cigna Group<br>4.375%, due 10/15/28 |  | 200000 | 199288 |
| HCA, Inc.<br>3.125%, due 03/15/27 |  | 200000 | 195522 |
| 4.125%, due 06/15/29 |  | 49000 | 48029 |
| 5.500%, due 06/01/33 |  | 95000 | 96983 |
| Icon Investments Six DAC<br>5.809%, due 05/08/27 |  | 200000 | 203309 |
| Molina Healthcare, Inc.<br>6.250%, due 01/15/33<sup>3</sup> |  | 65000 | 64130 |
| Sutter Health<br>Series 2025,<br>5.213%, due 08/15/32 |  | 735000 | 751454 |
| Tenet Healthcare Corp.<br>6.125%, due 10/01/28 |  | 15000 | 15001 |
| UnitedHealth Group, Inc.<br>4.650%, due 01/15/31 |  | 75000 | 75052 |
| 5.300%, due 06/15/35 |  | 20000 | 20211 |
|  |  |  | 1933991 |
| **Home builders—0.0%<sup>†</sup>** | **Home builders—0.0%<sup>†</sup>** | **Home builders—0.0%<sup>†</sup>** | **Home builders—0.0%<sup>†</sup>** |
| Beazer Homes USA, Inc.<br>7.250%, due 10/15/29 |  | 30000 | 30193 |
| Mattamy Group Corp.<br>5.250%, due 12/15/27<sup>3</sup> |  | 10000 | 9928 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders—(concluded)** | **Home builders—(concluded)** | **Home builders—(concluded)** | **Home builders—(concluded)** |
| Taylor Morrison Communities, Inc.<br>5.750%, due 01/15/28<sup>3</sup> | 20000 | $ | 20166 |
|  |  |  | 60287 |
| **Insurance—7.8%** | **Insurance—7.8%** | **Insurance—7.8%** | **Insurance—7.8%** |
| Acrisure LLC/Acrisure Finance, Inc.<br>7.500%, due 11/06/30<sup>3</sup> | 15000 |  | 15496 |
| Aegon Ltd.<br>(fixed, converts to FRN on 04/11/28), <br>5.500%, due 04/11/48<sup>2</sup> | 1105000 |  | 1106656 |
| Alliant Holdings Intermediate LLC/Alliant <br>Holdings Co-Issuer<br>6.750%, due 04/15/28<sup>3</sup> | 330000 |  | 334463 |
| 7.000%, due 01/15/31<sup>3</sup> | 280000 |  | 287916 |
| American National Global Funding<br>5.250%, due 06/03/30<sup>3</sup> | 860000 |  | 864777 |
| 5.550%, due 01/28/30<sup>3</sup> | 720000 |  | 732630 |
| Ascot Group Ltd.<br>(fixed, converts to FRN on 06/15/30), <br>6.349%, due 06/15/35<sup>2,3</sup> | 585000 |  | 597002 |
| Athene Global Funding<br>4.721%, due 10/08/29<sup>3</sup> | 870000 |  | 864929 |
| 5.033%, due 07/17/30<sup>3</sup> | 1295000 |  | 1302089 |
| 1 day USD SOFR Index + 1.030%, <br>5.375%, due 08/27/26<sup>2,3</sup> | 100000 |  | 100558 |
| 5.583%, due 01/09/29<sup>3</sup> | 200000 |  | 205543 |
| 5.684%, due 02/23/26<sup>3</sup> | 200000 |  | 201184 |
| Athene Holding Ltd.<br>(fixed, converts to FRN on 06/28/35), <br>6.875%, due 06/28/55<sup>2</sup> | 75000 |  | 74042 |
| Corebridge Financial, Inc.<br>(fixed, converts to FRN on 12/15/27), <br>6.875%, due 12/15/52<sup>2</sup> | 1690000 |  | 1735750 |
| Corebridge Global Funding<br>5.750%, due 07/02/26<sup>3</sup> | 100000 |  | 101202 |
| DaVinciRe Holdings Ltd.<br>5.950%, due 04/15/35<sup>3</sup> | 540000 |  | 542745 |
| Enstar Finance LLC<br>(fixed, converts to FRN on 01/15/27), <br>5.500%, due 01/15/42<sup>2</sup> | 2165000 |  | 2128239 |
| Enstar Group Ltd.<br>4.950%, due 06/01/29 | 915000 |  | 916473 |
| (fixed, converts to FRN on 04/01/35), <br>7.500%, due 04/01/45<sup>2,3</sup> | 755000 |  | 779698 |
| Equitable Holdings, Inc.<br>4.350%, due 04/20/28 | 300000 |  | 298720 |
| (fixed, converts to FRN on 03/28/35), <br>6.700%, due 03/28/55<sup>2</sup> | 110000 |  | 112130 |
| F&G Annuities & Life, Inc.<br>7.400%, due 01/13/28 | 2715000 |  | 2841298 |
| F&G Global Funding<br>5.875%, due 06/10/27<sup>3</sup> | 100000 |  | 102112 |
| Fidelis Insurance Holdings Ltd.<br>(fixed, converts to FRN on 06/15/35), <br>7.750%, due 06/15/55<sup>2,6</sup> | 815000 |  | 855753 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** |
| Fidelity National Financial, Inc.<br>3.400%, due 06/15/30 | 67000 | $62564 |
| GA Global Funding Trust<br>5.200%, due 12/09/31<sup>3</sup> | 300000 | 299978 |
| Global Atlantic Fin Co.<br>7.950%, due 06/15/33<sup>3</sup> | 1360000 | 1538684 |
| (fixed, converts to FRN on 10/15/29), <br>7.950%, due 10/15/54<sup>2,3</sup> | 600000 | 627003 |
| HUB International Ltd.<br>7.250%, due 06/15/30<sup>3</sup> | 475000 | 495157 |
| Liberty Mutual Group, Inc.<br>(fixed, converts to FRN on 12/15/26), <br>4.125%, due 12/15/51<sup>2,3</sup> | 110000 | 107043 |
| MassMutual Global Funding II<br>1 day USD SOFR + 0.980%, <br>5.324%, due 07/10/26<sup>2,3</sup> | 200000 | 201240 |
| MetLife, Inc.<br>Series G,<br>(fixed, converts to FRN on 03/15/35), <br>6.350%, due 03/15/55<sup>2</sup> | 55000 | 56455 |
| Metropolitan Life Global Funding I<br>4.300%, due 08/25/29<sup>3</sup> | 1120000 | 1111708 |
| Muenchener Rueckversicherungs-Gesellschaft<br>AG in Muenchen<br>(fixed, converts to FRN on 05/23/32), <br>5.875%, due 05/23/42<sup>2,3</sup> | 1000000 | 1022500 |
| Mutual of Omaha Cos Global Funding<br>5.000%, due 04/01/30<sup>3</sup> | 100000 | 101277 |
| 5.350%, due 04/09/27<sup>3</sup> | 250000 | 253185 |
| Northwestern Mutual Global Funding<br>4.350%, due 09/15/27<sup>3</sup> | 985000 | 987634 |
| Pacific Life Global Funding II<br>5.500%, due 07/18/28<sup>3</sup> | 100000 | 103187 |
| Panther Escrow Issuer LLC<br>7.125%, due 06/01/31<sup>3</sup> | 130000 | 134433 |
| Protective Life Global Funding<br>5.215%, due 06/12/29<sup>3</sup> | 200000 | 204823 |
| Prudential Financial, Inc.<br>(fixed, converts to FRN on 02/28/32), <br>5.125%, due 03/01/52<sup>2</sup> | 70000 | 67811 |
| (fixed, converts to FRN on 03/15/34), <br>6.500%, due 03/15/54<sup>2,6</sup> | 50000 | 51928 |
| Reinsurance Group of America, Inc.<br>(fixed, converts to FRN on 09/15/35), <br>6.650%, due 09/15/55<sup>2</sup> | 30000 | 30015 |
| RenaissanceRe Holdings Ltd.<br>5.750%, due 06/05/33 | 2105000 | 2167862 |
| RGA Global Funding<br>6.000%, due 11/21/28<sup>3</sup> | 200000 | 208446 |
| SiriusPoint Ltd.<br>7.000%, due 04/05/29 | 1025000 | 1075165 |
| Stewart Information Services Corp.<br>3.600%, due 11/15/31 | 1215000 | 1080616 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** | **Insurance—(concluded)** |
| Swiss Re Finance Luxembourg SA<br>(fixed, converts to FRN on 04/02/29), <br>5.000%, due 04/02/49<sup>2,3</sup> |  | 3400000 | $3393928 |
|  |  |  | 32484047 |
| **Internet—0.1%** | **Internet—0.1%** | **Internet—0.1%** | **Internet—0.1%** |
| Expedia Group, Inc.<br>3.800%, due 02/15/28 |  | 100000 | 98269 |
| Gen Digital, Inc. <br>6.250%, due 04/01/33<sup>3</sup> |  | 20000 | 20390 |
| United Group BV<br>5.250%, due 02/01/30<sup>5</sup> | EUR | 100000 | 113866 |
|  |  |  | 232525 |
| **Investment companies—2.9%** | **Investment companies—2.9%** | **Investment companies—2.9%** | **Investment companies—2.9%** |
| Abu Dhabi Developmental Holding Co. PJSC<br>4.375%, due 10/02/31<sup>3</sup> |  | 200000 | 196342 |
| BlackRock TCP Capital Corp.<br>6.950%, due 05/30/29<sup>6</sup> |  | 565000 | 583358 |
| Blackstone Private Credit Fund<br>6.000%, due 01/29/32 |  | 55000 | 55707 |
| 7.300%, due 11/27/28 |  | 1975000 | 2096593 |
| Blue Owl Capital Corp.<br>2.875%, due 06/11/28 |  | 1100000 | 1025981 |
| Blue Owl Credit Income Corp.<br>7.750%, due 09/16/27 |  | 950000 | 992325 |
| Blue Owl Technology Finance Corp.<br>6.100%, due 03/15/28<sup>3</sup> |  | 505000 | 507917 |
| FS KKR Capital Corp.<br>7.875%, due 01/15/29 |  | 2390000 | 2531434 |
| Golub Capital BDC, Inc.<br>7.050%, due 12/05/28 |  | 200000 | 209723 |
| HA Sustainable Infrastructure Capital, Inc.<br>6.375%, due 07/01/34 |  | 1400000 | 1387190 |
| 6.750%, due 07/15/35 |  | 1255000 | 1264729 |
| Oaktree Strategic Credit Fund<br>6.500%, due 07/23/29<sup>6</sup> |  | 1365000 | 1400524 |
|  |  |  | 12251823 |
| **Iron & steel—0.0%<sup>†</sup>** | **Iron & steel—0.0%<sup>†</sup>** | **Iron & steel—0.0%<sup>†</sup>** | **Iron & steel—0.0%<sup>†</sup>** |
| Cleveland-Cliffs, Inc.<br>6.875%, due 11/01/29<sup>3</sup> |  | 40000 | 40019 |
| 7.000%, due 03/15/32<sup>3</sup> |  | 5000 | 4878 |
| Metinvest BV<br>7.650%, due 10/01/27<sup>3</sup> |  | 25000 | 20000 |
| 7.750%, due 10/17/29<sup>3</sup> |  | 110000 | 82500 |
|  |  |  | 147397 |
| **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** | **Leisure time—0.0%<sup>†</sup>** |
| Carnival Corp.<br>6.000%, due 05/01/29<sup>3</sup> |  | 45000 | 45399 |
| 6.125%, due 02/15/33<sup>3</sup> |  | 45000 | 45798 |
| NCL Corp. Ltd.<br>7.750%, due 02/15/29<sup>3</sup> |  | 10000 | 10608 |
| Viking Cruises Ltd.<br>7.000%, due 02/15/29<sup>3</sup> |  | 30000 | 30231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** | **Leisure time—(concluded)** |
| Viking Ocean Cruises Ship VII Ltd.<br>5.625%, due 02/15/29<sup>3</sup> |  | 10000 | $ | 9934 |
|  |  |  |  | 141970 |
| **Lodging—0.2%** | **Lodging—0.2%** | **Lodging—0.2%** | **Lodging—0.2%** | **Lodging—0.2%** |
| Las Vegas Sands Corp.<br>6.000%, due 08/15/29 |  | 200000 |  | 205581 |
| Marriott International, Inc.<br>5.550%, due 10/15/28 |  | 200000 |  | 206430 |
| Melco Resorts Finance Ltd.<br>5.625%, due 07/17/27<sup>3</sup> |  | 105000 |  | 104737 |
| MGM Resorts International<br>6.500%, due 04/15/32<sup>6</sup> |  | 50000 |  | 50786 |
| Wynn Macau Ltd.<br>5.500%, due 01/15/26<sup>3</sup> |  | 75000 |  | 74925 |
|  |  |  |  | 642459 |
| **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** | **Machinery-construction & mining—0.0%<sup>†</sup>** |
| Terex Corp.<br>6.250%, due 10/15/32<sup>3</sup> |  | 80000 |  | 80125 |
| **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** |
| TK Elevator Midco GmbH<br>4.375%, due 07/15/27<sup>5</sup> | EUR | 200000 |  | 228648 |
| **Media—0.4%** | **Media—0.4%** | **Media—0.4%** | **Media—0.4%** | **Media—0.4%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.500%, due 08/15/30<sup>3</sup> |  | 190000 |  | 177768 |
| 4.750%, due 03/01/30<sup>3</sup> |  | 65000 |  | 61763 |
| 4.750%, due 02/01/32<sup>3,6</sup> |  | 120000 |  | 110923 |
| 5.375%, due 06/01/29<sup>3</sup> |  | 20000 |  | 19644 |
| Charter Communications Operating LLC/Charter<br>Communications Operating Capital<br>2.250%, due 01/15/29 |  | 200000 |  | 183804 |
| 3.500%, due 06/01/41 |  | 200000 |  | 142492 |
| 4.800%, due 03/01/50 |  | 585000 |  | 453600 |
| 5.750%, due 04/01/48 |  | 55000 |  | 48675 |
| McGraw-Hill Education, Inc.<br>5.750%, due 08/01/28<sup>3</sup> |  | 135000 |  | 134467 |
| Midcontinent Communications<br>8.000%, due 08/15/32<sup>3,6</sup> |  | 40000 |  | 42206 |
| Sirius XM Radio LLC<br>3.875%, due 09/01/31<sup>3,6</sup> |  | 55000 |  | 48522 |
| Virgin Media O2 Vendor Financing <br>Notes V DAC<br>7.875%, due 03/15/32<sup>5</sup> | GBP | 100000 |  | 136739 |
|  |  |  |  | 1560603 |
| **Mining—0.1%** | **Mining—0.1%** | **Mining—0.1%** | **Mining—0.1%** | **Mining—0.1%** |
| Capstone Copper Corp.<br>6.750%, due 03/31/33<sup>3</sup> |  | 80000 |  | 81532 |
| Corp. Nacional del Cobre de Chile<br>3.150%, due 01/14/30<sup>3</sup> |  | 125000 |  | 116528 |
| Kaiser Aluminum Corp.<br>4.500%, due 06/01/31<sup>3</sup> |  | 40000 |  | 37303 |
| 4.625%, due 03/01/28<sup>3</sup> |  | 15000 |  | 14662 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** |
| Minera Mexico SA de CV<br>5.625%, due 02/12/32<sup>3</sup> |  | 35000 | $| 35480 |
| Novelis Corp.<br>4.750%, due 01/30/30<sup>3</sup> |  | 20000 |  | 19148 |
| Taseko Mines Ltd.<br>8.250%, due 05/01/30<sup>3</sup> |  | 15000 |  | 15662 |
|  |  |  |  | 320315 |
| **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** | **Miscellaneous manufacturers—0.0%<sup>†</sup>** |
| Amsted Industries, Inc.<br>6.375%, due 03/15/33<sup>3</sup> |  | 55000 |  | 55878 |
| **Office & business equipment—0.0%** | **Office & business equipment—0.0%** | **Office & business equipment—0.0%** | **Office & business equipment—0.0%** | **Office & business equipment—0.0%** |
| Zebra Technologies Corp.<br>6.500%, due 06/01/32<sup>3</sup> |  | 55000 |  | 56374 |
| **Oil & gas—0.9%** | **Oil & gas—0.9%** | **Oil & gas—0.9%** | **Oil & gas—0.9%** | **Oil & gas—0.9%** |
| 3R Lux SARL<br>9.750%, due 02/05/31<sup>3</sup> |  | 30000 |  | 30855 |
| Ascent Resources Utica Holdings <br>LLC/ARU Finance Corp.<br>5.875%, due 06/30/29<sup>3,6</sup> |  | 20000 |  | 19928 |
| 6.625%, due 10/15/32<sup>3</sup> |  | 35000 |  | 35602 |
| BP Capital Markets PLC<br>(fixed, converts to FRN on 06/22/26), <br>3.250%, due 03/22/26<sup>2,5,7</sup> | EUR | 200000 |  | 228536 |
| Canadian Natural Resources Ltd.<br>5.000%, due 12/15/29<sup>3</sup> |  | 100000 |  | 100661 |
| Civitas Resources, Inc.<br>8.625%, due 11/01/30<sup>3</sup> |  | 40000 |  | 40809 |
| Comstock Resources, Inc.<br>5.875%, due 01/15/30<sup>3</sup> |  | 95000 |  | 89679 |
| 6.750%, due 03/01/29<sup>3</sup> |  | 40000 |  | 39548 |
| Continental Resources, Inc.<br>5.750%, due 01/15/31<sup>3</sup> |  | 200000 |  | 201047 |
| Crescent Energy Finance LLC<br>7.375%, due 01/15/33<sup>3</sup> |  | 20000 |  | 19133 |
| 7.625%, due 04/01/32<sup>3</sup> |  | 40000 |  | 39088 |
| Diamondback Energy, Inc.<br>5.750%, due 04/18/54 |  | 65000 |  | 60371 |
| 6.250%, due 03/15/53 |  | 85000 |  | 84323 |
| Ecopetrol SA<br>4.625%, due 11/02/31 |  | 50000 |  | 43131 |
| 8.375%, due 01/19/36 |  | 20000 |  | 19740 |
| FORESEA Holding SA<br>7.500%, due 06/15/30<sup>5</sup> |  | 20272 |  | 19432 |
| Geopark Ltd.<br>8.750%, due 01/31/30<sup>3</sup> |  | 10000 |  | 8644 |
| Gran Tierra Energy, Inc.<br>9.500%, due 10/15/29<sup>3</sup> |  | 45000 |  | 37013 |
| Harbour Energy PLC<br>6.327%, due 04/01/35<sup>3</sup> |  | 200000 |  | 200097 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.750%, due 02/01/29<sup>3</sup> |  | 20000 |  | 19646 |
| 6.875%, due 05/15/34<sup>3</sup> |  | 90000 |  | 86660 |
| 7.250%, due 02/15/35<sup>3</sup> |  | 40000 |  | 38983 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** |
| KazMunayGas National Co. JSC<br>5.750%, due 04/19/47<sup>3</sup> |  | 65000 | $| 57040 |
| Kimmeridge Texas Gas LLC<br>8.500%, due 02/15/30<sup>3</sup> |  | 45000 |  | 46236 |
| Matador Resources Co.<br>6.500%, due 04/15/32<sup>3</sup> |  | 40000 |  | 40118 |
| Noble Finance II LLC<br>8.000%, due 04/15/30<sup>3</sup> |  | 40000 |  | 40799 |
| Northern Oil & Gas, Inc.<br>8.750%, due 06/15/31<sup>3</sup> |  | 40000 |  | 41095 |
| Occidental Petroleum Corp.<br>5.375%, due 01/01/32 |  | 100000 |  | 99156 |
| Permian Resources Operating LLC<br>6.250%, due 02/01/33<sup>3</sup> |  | 40000 |  | 40238 |
| 7.000%, due 01/15/32<sup>3</sup> |  | 120000 |  | 123914 |
| Pertamina Persero PT<br>6.450%, due 05/30/44<sup>3</sup> |  | 40000 |  | 41720 |
| Petroleos Mexicanos<br>6.350%, due 02/12/48 |  | 85000 |  | 63096 |
| 6.700%, due 02/16/32 |  | 20000 |  | 19000 |
| 7.690%, due 01/23/50 |  | 60000 |  | 50628 |
| Pioneer Natural Resources Co.<br>5.100%, due 03/29/26 |  | 100000 |  | 100373 |
| Raizen Fuels Finance SA<br>6.950%, due 03/05/54<sup>3</sup> |  | 30000 |  | 28020 |
| Saudi Arabian Oil Co.<br>5.750%, due 07/17/54<sup>3</sup> |  | 30000 |  | 28143 |
| SierraCol Energy Andina LLC<br>6.000%, due 06/15/28<sup>3</sup> |  | 30000 |  | 28170 |
| SM Energy Co.<br>7.000%, due 08/01/32<sup>3</sup> |  | 40000 |  | 39609 |
| Sunoco LP<br>7.000%, due 05/01/29<sup>3</sup> |  | 1185000 |  | 1226556 |
| TGNR Intermediate Holdings LLC<br>5.500%, due 10/15/29<sup>3</sup> |  | 80000 |  | 77929 |
| TotalEnergies SE <br>(fixed, converts to FRN on 11/19/34), <br>4.500%, due 08/19/34<sup>2,5,7</sup> | EUR | 200000 |  | 230891 |
|  |  |  |  | 3885657 |
| **Oil & gas services—0.1%** | **Oil & gas services—0.1%** | **Oil & gas services—0.1%** | **Oil & gas services—0.1%** | **Oil & gas services—0.1%** |
| Archrock Partners LP/Archrock Partners <br>Finance Corp.<br>6.625%, due 09/01/32<sup>3</sup> |  | 50000 |  | 50741 |
| Aris Water Holdings LLC<br>7.250%, due 04/01/30<sup>3,6</sup> |  | 115000 |  | 117947 |
| USA Compression Partners LP/USA<br>Compression Finance Corp.<br>7.125%, due 03/15/29<sup>3</sup> |  | 60000 |  | 61335 |
|  |  |  |  | 230023 |
| **Packaging & containers—0.1%** | **Packaging & containers—0.1%** | **Packaging & containers—0.1%** | **Packaging & containers—0.1%** | **Packaging & containers—0.1%** |
| Mauser Packaging Solutions Holding Co.<br>7.875%, due 04/15/27<sup>3</sup> |  | 300000 |  | 302618 |
| Sealed Air Corp.<br>6.500%, due 07/15/32<sup>3,6</sup> |  | 60000 |  | 61796 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** |
| Sealed Air Corp./Sealed Air Corp. U.S.<br>7.250%, due 02/15/31<sup>3</sup> |  | 5000 | $| 5197 |
| WRKCo, Inc.<br>4.900%, due 03/15/29 |  | 100000 |  | 101295 |
|  |  |  |  | 470906 |
| **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** |
| Bayer AG<br>(fixed, converts to FRN on 09/25/30), <br>5.375%, due 03/25/82<sup>2,5</sup> | EUR | 100000 |  | 116458 |
| Bayer U.S. Finance LLC<br>6.125%, due 11/21/26<sup>3</sup> |  | 400000 |  | 406224 |
| CVS Health Corp.<br>5.050%, due 03/25/48 |  | 95000 |  | 81741 |
| 5.625%, due 02/21/53 |  | 30000 |  | 27564 |
| CVS Pass-Through Trust<br>Series 2013,<br>4.704%, due 01/10/36<sup>3</sup> |  | 2170672 |  | 2065756 |
| Grifols SA<br>7.500%, due 05/01/30<sup>5</sup> | EUR | 100000 |  | 120392 |
| Pfizer Investment Enterprises Pte. Ltd.<br>4.750%, due 05/19/33 |  | 200000 |  | 198796 |
| Teva Pharmaceutical Finance Netherlands II BV<br>4.375%, due 05/09/30 | EUR | 200000 |  | 233638 |
|  |  |  |  | 3250569 |
| **Pipelines—1.2%** | **Pipelines—1.2%** | **Pipelines—1.2%** | **Pipelines—1.2%** | **Pipelines—1.2%** |
| Antero Midstream Partners LP/Antero <br>Midstream Finance Corp.<br>5.375%, due 06/15/29<sup>3</sup> |  | 135000 |  | 133865 |
| 6.625%, due 02/01/32<sup>3</sup> |  | 305000 |  | 313528 |
| Blue Racer Midstream LLC/Blue<br>Racer Finance Corp.<br>7.000%, due 07/15/29<sup>3</sup> |  | 15000 |  | 15555 |
| Buckeye Partners LP<br>6.750%, due 02/01/30<sup>3</sup> |  | 15000 |  | 15529 |
| Cheniere Energy Partners LP<br>3.250%, due 01/31/32 |  | 200000 |  | 179787 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<br>7.500%, due 12/15/33<sup>3</sup> |  | 180000 |  | 191694 |
| Enbridge, Inc.<br>4.900%, due 06/20/30<sup>6</sup> |  | 200000 |  | 201755 |
| 5.300%, due 04/05/29 |  | 200000 |  | 204486 |
| (fixed, converts to FRN on 06/27/34), <br>7.200%, due 06/27/54<sup>2</sup> |  | 62000 |  | 63865 |
| Series NC5,<br>(fixed, converts to FRN on 01/15/29), <br>8.250%, due 01/15/84<sup>2</sup> |  | 100000 |  | 106324 |
| Energy Transfer LP<br>5.250%, due 04/15/29 |  | 200000 |  | 204023 |
| 5.250%, due 07/01/29 |  | 200000 |  | 204523 |
| 6.100%, due 12/01/28 |  | 200000 |  | 209238 |
| 6.200%, due 04/01/55 |  | 40000 |  | 39225 |
| Genesis Energy LP/Genesis Energy Finance Corp.<br>8.000%, due 05/15/33 |  | 40000 |  | 41470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| Greensaif Pipelines Bidco SARL<br>5.853%, due 02/23/36<sup>3</sup> |  | 200000 | $| 204562 |
| Harvest Midstream I LP<br>7.500%, due 09/01/28<sup>3</sup> |  | 30000 |  | 30365 |
| 7.500%, due 05/15/32<sup>3</sup> |  | 55000 |  | 57169 |
| Howard Midstream Energy Partners LLC<br>7.375%, due 07/15/32<sup>3</sup> |  | 130000 |  | 134410 |
| Kinder Morgan, Inc.<br>5.550%, due 06/01/45 |  | 100000 |  | 93853 |
| 7.750%, due 01/15/32 |  | 200000 |  | 229586 |
| Kinetik Holdings LP<br>5.875%, due 06/15/30<sup>3</sup> |  | 60000 |  | 60049 |
| MPLX LP<br>4.700%, due 04/15/48 |  | 378000 |  | 305635 |
| 5.000%, due 03/01/33 |  | 200000 |  | 196958 |
| 5.950%, due 04/01/55 |  | 55000 |  | 52100 |
| NGL Energy Operating LLC/NGL Energy <br>Finance Corp.<br>8.125%, due 02/15/29<sup>3</sup> |  | 40000 |  | 39583 |
| ONEOK, Inc.<br>5.050%, due 11/01/34 |  | 300000 |  | 291607 |
| 5.375%, due 06/01/29 |  | 200000 |  | 204177 |
| 5.650%, due 11/01/28 |  | 200000 |  | 206318 |
| 5.850%, due 01/15/26 |  | 200000 |  | 201018 |
| Rockies Express Pipeline LLC<br>6.750%, due 03/15/33<sup>3</sup> |  | 35000 |  | 36358 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br>Finance Corp.<br>6.000%, due 09/01/31<sup>3</sup> |  | 40000 |  | 39197 |
| Venture Global Calcasieu Pass LLC<br>3.875%, due 08/15/29<sup>3</sup> |  | 100000 |  | 94393 |
| Venture Global LNG, Inc.<br>8.125%, due 06/01/28<sup>3</sup> |  | 25000 |  | 25883 |
| 8.375%, due 06/01/31<sup>3</sup> |  | 50000 |  | 51718 |
| 9.500%, due 02/01/29<sup>3</sup> |  | 25000 |  | 27264 |
| 9.875%, due 02/01/32<sup>3</sup> |  | 25000 |  | 26974 |
| Venture Global Plaquemines LNG LLC<br>6.500%, due 01/15/34<sup>3</sup> |  | 100000 |  | 102875 |
| Williams Cos., Inc.<br>4.800%, due 11/15/29 |  | 200000 |  | 201562 |
|  |  |  |  | 5038481 |
| **Private equity—0.1%** | **Private equity—0.1%** | **Private equity—0.1%** | **Private equity—0.1%** | **Private equity—0.1%** |
| Carlyle Finance Subsidiary LLC<br>3.500%, due 09/19/29<sup>3</sup> |  | 200000 |  | 191785 |
| **Real estate—0.2%** | **Real estate—0.2%** | **Real estate—0.2%** | **Real estate—0.2%** | **Real estate—0.2%** |
| CBRE Services, Inc.<br>5.500%, due 04/01/29 |  | 200000 |  | 206009 |
| CoStar Group, Inc.<br>2.800%, due 07/15/30<sup>3</sup> |  | 200000 |  | 180384 |
| CPI Property Group SA<br>(fixed, converts to FRN on 06/24/31), <br>7.500%, due 03/26/31<sup>2,5,7</sup> | EUR | 102000 |  | 111455 |
| Heimstaden Bostad AB<br>(fixed, converts to FRN on 01/29/28), <br>3.000%, due 10/29/27<sup>2,5,7</sup> |  | 100000 |  | 107576 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** |
| Newmark Group, Inc.<br>7.500%, due 01/12/29 |  | 200000 | $ | 212268 |
|  |  |  |  | 817692 |
| **Real estate investment trusts—2.0%** | **Real estate investment trusts—2.0%** | **Real estate investment trusts—2.0%** | **Real estate investment trusts—2.0%** | **Real estate investment trusts—2.0%** |
| Arbor Realty SR, Inc.<br>Series QIB, <br>8.500%, due 10/15/27<sup>3</sup> |  | 2395000 |  | 2370807 |
| Blackstone Mortgage Trust, Inc.<br>3.750%, due 01/15/27<sup>3</sup> |  | 10000 |  | 9707 |
| 7.750%, due 12/01/29<sup>3</sup> |  | 45000 |  | 47569 |
| Global Net Lease, Inc.<br>4.500%, due 09/30/28<sup>3</sup> |  | 30000 |  | 28856 |
| HAT Holdings I LLC/HAT Holdings II LLC<br>3.375%, due 06/15/26<sup>3</sup> |  | 1900000 |  | 1863767 |
| Park Intermediate Holdings LLC/PK Domestic <br>Property LLC/PK Finance Co-Issuer<br>5.875%, due 10/01/28<sup>3</sup> |  | 15000 |  | 14942 |
| 7.000%, due 02/01/30<sup>3</sup> |  | 200000 |  | 204820 |
| Pebblebrook Hotel LP/PEB Finance Corp.<br>6.375%, due 10/15/29<sup>3</sup> |  | 20000 |  | 19944 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>6.500%, due 04/01/32<sup>3</sup> |  | 230000 |  | 234866 |
| 7.250%, due 07/15/28<sup>3</sup> |  | 35000 |  | 36093 |
| RLJ Lodging Trust LP<br>4.000%, due 09/15/29<sup>3</sup> |  | 5000 |  | 4666 |
| SBA Tower Trust<br>6.599%, due 01/15/28<sup>3</sup> |  | 3100000 |  | 3178432 |
| Starwood Property Trust, Inc.<br>6.500%, due 07/01/30<sup>3</sup> |  | 95000 |  | 97715 |
| XHR LP<br>4.875%, due 06/01/29<sup>3</sup> |  | 15000 |  | 14478 |
|  |  |  |  | 8126662 |
| **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** | **Retail—0.3%** |
| 1011778 BC ULC/New Red Finance, Inc.<br>4.375%, due 01/15/28<sup>3</sup> |  | 10000 |  | 9772 |
| Ceconomy AG<br>6.250%, due 07/15/29<sup>5</sup> | EUR | 100000 |  | 120714 |
| Cougar JV Subsidiary LLC<br>8.000%, due 05/15/32<sup>3</sup> |  | 100000 |  | 105764 |
| Eroski S Coop<br>10.625%, due 04/30/29<sup>5</sup> | EUR | 100000 |  | 122327 |
| Macy's Retail Holdings LLC<br>5.875%, due 03/15/30<sup>3,6</sup> |  | 362000 |  | 357408 |
| 7.375%, due 08/01/33<sup>3</sup> |  | 625000 |  | 627381 |
|  |  |  |  | 1343366 |
| **Savings & loans—0.1%** | **Savings & loans—0.1%** | **Savings & loans—0.1%** | **Savings & loans—0.1%** | **Savings & loans—0.1%** |
| Nationwide Building Society<br>(fixed, converts to FRN on 02/16/27), <br>2.972%, due 02/16/28<sup>2,3</sup> |  | 200000 |  | 194930 |
| (fixed, converts to FRN on 10/18/26), <br>6.557%, due 10/18/27<sup>2,3</sup> |  | 250000 |  | 255344 |
|  |  |  |  | 450274 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Semiconductors—0.9%** | **Semiconductors—0.9%** | **Semiconductors—0.9%** | **Semiconductors—0.9%** |
| ams-OSRAM AG<br>12.250%, due 03/30/29<sup>3,6</sup> |  | 1800000 | $1933192 |
| Broadcom, Inc.<br>3.137%, due 11/15/35<sup>3</sup> |  | 322000 | 270278 |
| 4.926%, due 05/15/37<sup>3</sup> |  | 268000 | 258986 |
| 5.050%, due 07/12/29 |  | 200000 | 204130 |
| Foundry JV Holdco LLC<br>6.250%, due 01/25/35<sup>3</sup> |  | 200000 | 208334 |
| 6.300%, due 01/25/39<sup>3</sup> |  | 200000 | 205852 |
| Intel Corp.<br>4.900%, due 08/05/52 |  | 105000 | 84138 |
| 5.600%, due 02/21/54 |  | 105000 | 92781 |
| Marvell Technology, Inc.<br>5.950%, due 09/15/33 |  | 185000 | 195143 |
| Micron Technology, Inc.<br>6.050%, due 11/01/35 |  | 155000 | 161320 |
|  |  |  | 3614154 |
| **Shipbuilding—0.1%** | **Shipbuilding—0.1%** | **Shipbuilding—0.1%** | **Shipbuilding—0.1%** |
| Huntington Ingalls Industries, Inc.<br>2.043%, due 08/16/28 |  | 200000 | 185416 |
| **Software—0.6%** | **Software—0.6%** | **Software—0.6%** | **Software—0.6%** |
| AppLovin Corp.<br>5.500%, due 12/01/34 |  | 185000 | 187123 |
| 5.950%, due 12/01/54 |  | 29000 | 28257 |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>3</sup> |  | 550000 | 547655 |
| 9.250%, due 06/01/30<sup>3</sup> |  | 410000 | 412071 |
| Fiserv, Inc.<br>5.450%, due 03/15/34 |  | 200000 | 203017 |
| Open Text Holdings, Inc.<br>4.125%, due 02/15/30<sup>3</sup> |  | 20000 | 18746 |
| Oracle Corp.<br>2.875%, due 03/25/31 |  | 200000 | 181296 |
| 3.850%, due 04/01/60 |  | 200000 | 134829 |
| 4.200%, due 09/27/29 |  | 200000 | 197626 |
| 4.650%, due 05/06/30 |  | 100000 | 100394 |
| Paychex, Inc.<br>5.350%, due 04/15/32 |  | 200000 | 205006 |
| Synopsys, Inc.<br>5.150%, due 04/01/35 |  | 95000 | 95337 |
| UKG, Inc.<br>6.875%, due 02/01/31<sup>3</sup> |  | 315000 | 323400 |
|  |  |  | 2634757 |
| **Telecommunications—0.9%** | **Telecommunications—0.9%** | **Telecommunications—0.9%** | **Telecommunications—0.9%** |
| Altice France SA<br>5.875%, due 02/01/27<sup>3</sup> | EUR | 200000 | 209530 |
| Bell Telephone Co. of Canada or Bell Canada<br>(fixed, converts to FRN on 09/15/30), <br>6.875%, due 09/15/55<sup>2</sup> |  | 75000 | 76306 |
| British Telecommunications PLC<br>(fixed, converts to FRN on 12/20/28), <br>8.375%, due 12/20/83<sup>2,5</sup> | GBP | 230000 | 327212 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** |
| Connect Finco SARL/Connect U.S. Finco LLC<br>9.000%, due 09/15/29<sup>3,6</sup> |  | 1350000 | $| 1363245 |
| Crown Castle Towers LLC<br>4.241%, due 07/15/28<sup>3</sup> |  | 81000 |  | 79487 |
| Fibercop SpA<br>Series 2033,<br>6.375%, due 11/15/33<sup>3</sup> |  | 55000 |  | 53278 |
| 7.875%, due 07/31/28<sup>5</sup> | EUR | 100000 |  | 126952 |
| Iliad Holding SASU<br>5.625%, due 10/15/28<sup>5</sup> |  | 200000 |  | 232535 |
| Lorca Telecom Bondco SA<br>4.000%, due 09/18/27<sup>5</sup> |  | 200000 |  | 228674 |
| Motorola Solutions, Inc.<br>2.300%, due 11/15/30 |  | 200000 |  | 177668 |
| Oztel Holdings SPC Ltd.<br>6.625%, due 04/24/28<sup>3</sup> |  | 110000 |  | 114367 |
| Rogers Communications, Inc.<br>3.800%, due 03/15/32 |  | 114000 |  | 106241 |
| (fixed, converts to FRN on 04/15/30), <br>7.000%, due 04/15/55<sup>2</sup> |  | 90000 |  | 92013 |
| T-Mobile USA, Inc.<br>2.050%, due 02/15/28 |  | 100000 |  | 94385 |
| 2.550%, due 02/15/31 |  | 200000 |  | 178666 |
| Vodafone Group PLC<br>5.750%, due 06/28/54 |  | 70000 |  | 66853 |
| (fixed, converts to FRN on 08/30/29), <br>6.500%, due 08/30/84<sup>2,5</sup> | EUR | 100000 |  | 125744 |
| Windstream Services LLC/Windstream Escrow <br>Finance Corp.<br>8.250%, due 10/01/31<sup>3</sup> |  | 20000 |  | 20938 |
|  |  |  |  | 3674094 |
| **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** | **Transportation—0.0%<sup>†</sup>** |
| MV24 Capital BV<br>6.748%, due 06/01/34<sup>3</sup> |  | 29293 |  | 29014 |
| XPO, Inc.<br>7.125%, due 02/01/32<sup>3</sup> |  | 55000 |  | 57172 |
|  |  |  |  | 86186 |
| **Water—0.0%<sup>†</sup>** | **Water—0.0%<sup>†</sup>** | **Water—0.0%<sup>†</sup>** | **Water—0.0%<sup>†</sup>** | **Water—0.0%<sup>†</sup>** |
| Veolia Environnement SA<br>(fixed, converts to FRN on 02/22/29), <br>5.993%, due 11/22/28<sup>2,5,7</sup> | EUR | 100000 |  | 122646 |
| **Total corporate bonds**<br> (cost—$194,176,239) | **Total corporate bonds**<br> (cost—$194,176,239) | **Total corporate bonds**<br> (cost—$194,176,239) |  | **195191923** |
| **Loan assignments—8.5%** | **Loan assignments—8.5%** | **Loan assignments—8.5%** | **Loan assignments—8.5%** | **Loan assignments—8.5%** |
| **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** |
| A-AG U.S. GSI Bidco, Inc.<br>3 mo. USD Term SOFR + 5.000%, <br>9.296%, due 10/31/31<sup>2</sup> |  | 673313 |  | 670788 |
| **Airlines—0.5%** | **Airlines—0.5%** | **Airlines—0.5%** | **Airlines—0.5%** | **Airlines—0.5%** |
| American Airlines, Inc.<br>3 mo. USD Term SOFR + 3.250%, <br>7.575%, due 05/28/32<sup>2</sup> |  | 837900 |  | 843137 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Airlines—(concluded)** | **Airlines—(concluded)** | **Airlines—(concluded)** | **Airlines—(concluded)** |
| United Airlines, Inc.<br>1 mo. USD Term SOFR + 2.000%, <br>6.351%, due 02/22/31<sup>2</sup> | 1263777 | $ | 1266936 |
|  |  |  | 2110073 |
| **Chemicals—0.3%** | **Chemicals—0.3%** | **Chemicals—0.3%** | **Chemicals—0.3%** |
| GEON Performance Solutions LLC<br>3 mo. USD Term SOFR + 4.250%, <br>8.807%, due 08/18/28<sup>2</sup> | 1273876 |  | 1150310 |
| **Commercial services—0.9%** | **Commercial services—0.9%** | **Commercial services—0.9%** | **Commercial services—0.9%** |
| Priority Holdings LLC<br>1 mo. USD Term SOFR + 4.750%, <br>9.106%, due 05/16/31<sup>2</sup> | 1348733 |  | 1348734 |
| System One Holdings LLC<br>3 mo. USD Term SOFR + 3.750%, <br>8.046%, due 03/02/28<sup>2</sup> | 2207659 |  | 2215937 |
|  |  |  | 3564671 |
| **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** | **Distribution/wholesale—0.2%** |
| Gloves Buyer, Inc.<br>1 mo. USD Term SOFR + 4.000%, <br>8.356%, due 01/17/32<sup>2</sup> | 675000 |  | 660319 |
| **Electric—0.5%** | **Electric—0.5%** | **Electric—0.5%** | **Electric—0.5%** |
| Eastern Power LLC<br>1 mo. USD Term SOFR + 5.250%, <br>9.606%, due 04/03/28<sup>2</sup> | 1953566 |  | 1959680 |
| Lightstone Holdco LLC 2022 Extended<br>Term Loan B, <br>1 mo. USD Term SOFR + 5.750%, <br>10.106%, due 01/29/27<sup>2</sup> | 87112 |  | 86985 |
| 2022 Extended Term Loan C, <br>1 mo. USD Term SOFR + 5.750%, <br>10.106%, due 01/29/27<sup>2</sup> | 4927 |  | 4920 |
|  |  |  | 2051585 |
| **Environmental control—0.5%** | **Environmental control—0.5%** | **Environmental control—0.5%** | **Environmental control—0.5%** |
| MIP V Waste Holdings LLC<br>6 mo. USD Term SOFR + 3.000%, <br>7.197%, due 12/08/28<sup>2,10</sup> | 1423214 |  | 1426772 |
| Tidal Waste & Recycling Holdings LLC<br>3 mo. USD Term SOFR + 3.000%, <br>7.296%, due 10/24/31<sup>2</sup> | 796005 |  | 800487 |
|  |  |  | 2227259 |
| **Health care products—0.5%** | **Health care products—0.5%** | **Health care products—0.5%** | **Health care products—0.5%** |
| Medline Borrower LP<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 10/23/28<sup>2</sup> | 1444128 |  | 1445038 |
| Sotera Health Holdings LLC<br>3 mo. USD Term SOFR + 3.250%,<br>7.546%, due 05/30/31<sup>2</sup> | 794000 |  | 795493 |
|  |  |  | 2240531 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Healthcare-services—0.6%** | **Healthcare-services—0.6%** | **Healthcare-services—0.6%** |
| IQVIA, Inc.<br>3 mo. USD Term SOFR + 1.750%, <br>6.046%, due 01/02/31<sup>2</sup> | 1221462 | $1227569 |
| MPH Acquisition Holdings LLC<br>1 mo. USD Term SOFR + 3.750%, <br>8.058%, due 12/31/30<sup>2</sup> | 178399 | 177329 |
| 3 mo. USD Term SOFR + 4.600%, <br>9.170%, due 12/31/30<sup>2</sup> | 1478811 | 1320149 |
|  |  | 2725047 |
| **Home furnishings—0.1%** | **Home furnishings—0.1%** | **Home furnishings—0.1%** |
| Whirlpool Corp.<br>1 mo. USD Term SOFR + 1.250%, <br>5.706%, due 09/23/25<sup>2,11,12</sup> | 480000 | 480000 |
| **Internet—0.5%** | **Internet—0.5%** | **Internet—0.5%** |
| Eagle Broadband Investments LLC<br>3 mo. USD Term SOFR + 3.000%, <br>7.557%, due 11/12/27<sup>2</sup> | 656563 | 651435 |
| LendingTree, Inc.<br>1 mo. USD Term SOFR + 4.000%, <br>8.470%, due 09/15/28<sup>2</sup> | 1574422 | 1574422 |
|  |  | 2225857 |
| **Media—0.5%** | **Media—0.5%** | **Media—0.5%** |
| Midcontinent Communications<br>1 mo. USD Term SOFR + 2.500%, <br>9.000%, due 08/16/31<sup>2</sup> | 1369650 | 1368513 |
| Nexstar Broadcasting, Inc.<br>1 mo. USD Term SOFR + 2.500%, <br>6.856%, due 06/28/32<sup>2</sup> | 690000 | 690690 |
|  |  | 2059203 |
| **Oil & gas—0.1%** | **Oil & gas—0.1%** | **Oil & gas—0.1%** |
| Hilcorp Energy I LP<br>1 mo. USD Term SOFR + 2.000%, <br>6.343%, due 02/11/30<sup>2</sup> | 473813 | 474258 |
| **Pharmaceuticals—0.3%** | **Pharmaceuticals—0.3%** | **Pharmaceuticals—0.3%** |
| Jazz Financing Lux SARL<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 05/05/28<sup>2</sup> | 1088116 | 1091685 |
| **Pipelines—1.5%** | **Pipelines—1.5%** | **Pipelines—1.5%** |
| AL NGPL Holdings LLC<br>3 mo. USD Term SOFR + 2.500%, <br>6.779%, due 12/09/30<sup>2</sup> | 1393376 | 1396163 |
| BCP Renaissance Parent LLC<br>3 mo. USD Term SOFR + 2.500%, <br>7.296%, due 10/31/28<sup>2</sup> | 1276317 | 1278142 |
| Rockpoint Gas Storage Partners LP<br>3 mo. USD Term SOFR + 3.000%, <br>7.296%, due 09/18/31<sup>2</sup> | 2039750 | 2044095 |
| UGI Energy Services LLC<br>1 mo. USD Term SOFR + 2.500%, <br>6.856%, due 02/22/30<sup>2</sup> | 1512207 | 1516804 |
|  |  | 6235204 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Real estate investment trusts—0.2%** | **Real estate investment trusts—0.2%** | **Real estate investment trusts—0.2%** |
| Starwood Property Trust, Inc.<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 11/18/27<sup>2</sup> | 994634 | $993390 |
| **Software—0.3%** | **Software—0.3%** | **Software—0.3%** |
| Central Parent, Inc.<br>3 mo. USD Term SOFR + 3.250%, <br>7.546%, due 07/06/29<sup>2</sup> | 1477584 | 1200537 |
| **Telecommunications—0.5%** | **Telecommunications—0.5%** | **Telecommunications—0.5%** |
| Connect Finco SARL<br>1 mo. USD Term SOFR + 3.500%, <br>7.856%, due 12/11/26<sup>2</sup> | 382965 | 381866 |
| Iridium Satellite LLC<br>1 mo. USD Term SOFR + 2.250%, <br>6.606%, due 09/20/30<sup>2</sup> | 1356940 | 1348947 |
| Lumen Technologies, Inc.<br>1 mo. USD Term SOFR + 6.000%, <br>10.356%, due 06/01/28<sup>2</sup> | 400052 | 408386 |
|  |  | 2139199 |
| **Transportation—0.3%** | **Transportation—0.3%** | **Transportation—0.3%** |
| Stonepeak Nile Parent LLC<br>3 mo. USD Term SOFR + 2.750%, <br>7.079%, due 04/09/32<sup>2</sup> | 1245000 | 1247179 |
| **Total loan assignments**<br> (cost—$35,915,175) | **Total loan assignments**<br> (cost—$35,915,175) | **35547095** |
| **Mortgage-backed securities—11.7%** | **Mortgage-backed securities—11.7%** | **Mortgage-backed securities—11.7%** |
| 1211 Avenue of the Americas Trust, <br>Series 2015-1211, Class B, <br>4.092%, due 08/10/35<sup>2,3</sup> | 124000 | 117730 |
| 1301 Trust, <br>Series 2025-1301, Class D, <br>6.430%, due 08/11/30<sup>2,4</sup> | 90000 | 90000 |
| Adjustable Rate Mortgage Trust, <br>Series 2005-5, Class 2A1, <br>5.457%, due 09/25/35<sup>2</sup> | 23919 | 20985 |
| BAHA Trust, <br>Series 2024-MAR, Class B, <br>6.841%, due 12/10/41<sup>2,3</sup> | 1400000 | 1444743 |
| Banc of America Funding Trust, <br>Series 2005-D, Class A1, <br>5.435%, due 05/25/35<sup>2</sup> | 110697 | 102798 |
| Bank,<br>Series 2021-BN38, Class C, <br>3.218%, due 12/15/64<sup>2</sup> | 51000 | 41944 |
| Series 2019-BN17, Class C, <br>4.507%, due 04/15/52<sup>2</sup> | 72000 | 67108 |
| Bank of America Mortgage Trust, <br>Series 2002-G, Class 1A3, <br>5.750%, due 07/20/32<sup>2</sup> | 58 | 56 |
| Bank5,<br>Series 2024-5YR5, Class B, <br>6.539%, due 02/15/29<sup>2</sup> | 37000 | 38168 |
| Series 2023-5YR3, Class C,<br>7.315%, due 09/15/56<sup>2</sup> | 43000 | 44661 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| BBCMS Mortgage Trust, <br>Series 2022-C17, Class XA, <br>IO, <br>1.150%, due 09/15/55<sup>2</sup> | 1295595 | $83900 |
| Series 2018-TALL, Class A, <br>1 mo. USD Term SOFR + 0.919%, <br>5.261%, due 03/15/37<sup>2,3</sup> | 100000 | 95017 |
| Series 2024-5C31, Class C, <br>5.756%, due 12/15/57<sup>2</sup> | 34000 | 33908 |
| Bear Stearns ALT-A Trust, <br>Series 2006-1, Class 21A2, <br>4.508%, due 02/25/36<sup>2</sup> | 231906 | 165042 |
| Series 2004-9, Class 2A1, <br>4.708%, due 09/25/34<sup>2</sup> | 43194 | 38594 |
| Series 2005-7, Class 22A1, <br>4.933%, due 09/25/35<sup>2</sup> | 222067 | 122591 |
| Bear Stearns ARM Trust, <br>Series 2004-7, Class 1A1, <br>0.000%, due 10/25/34<sup>2</sup> | 37214 | 29968 |
| Series 2004-6, Class 2A1, <br>4.201%, due 09/25/34<sup>2</sup> | 102067 | 92503 |
| Series 2003-5, Class 2A1, <br>4.752%, due 08/25/33<sup>2</sup> | 32047 | 29494 |
| Series 2004-3, Class 1A2, <br>4.845%, due 07/25/34<sup>2</sup> | 33304 | 31431 |
| Series 2003-1, Class 6A1, <br>6.575%, due 04/25/33<sup>2</sup> | 2699 | 2717 |
| Benchmark Mortgage Trust, <br>Series 2020-B19, Class AS, <br>2.148%, due 09/15/53 | 53000 | 43172 |
| Series 2020-B19, Class B, <br>2.351%, due 09/15/53 | 47000 | 35523 |
| Series 2020-B16, Class C, <br>3.642%, due 02/15/53<sup>2</sup> | 59000 | 47853 |
| Series 2023-B40, Class C, <br>7.406%, due 12/15/56<sup>2</sup> | 41000 | 42765 |
| Bravo Residential Funding Trust, <br>Series 2025-NQM5, Class A3, <br>5.800%, due 02/25/65<sup>2,3</sup> | 143322 | 143277 |
| BX Commercial Mortgage Trust,<br>Series 2024-KING, Class C,<br>1 mo. USD Term SOFR + 1.940%, <br>6.282%, due 05/15/34<sup>2,3</sup> | 103636 | 103636 |
| Series 2024-MF, Class C,<br>1 mo. USD Term SOFR + 1.941%, <br>6.283%, due 02/15/39<sup>2,3</sup> | 143444 | 143802 |
| Series 2021-VOLT, Class E, <br>1 mo. USD Term SOFR + 2.114%, <br>6.456%, due 09/15/36<sup>2,3</sup> | 96883 | 96671 |
| Series 2024-GPA2, Class C,<br>1 mo. USD Term SOFR + 2.191%, <br>6.533%, due 11/15/41<sup>2,3</sup> | 121000 | 121378 |
| Series 2024-KING, Class D, <br>1 mo. USD Term SOFR + 2.490%, <br>6.832%, due 05/15/34<sup>2,3</sup> | 118441 | 118515 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2021-VOLT, Class F,<br>1 mo. USD Term SOFR + 2.514%, <br>6.856%, due 09/15/36<sup>2,3</sup> | 96883 | $96641 |
| Series 2024-XL5, Class D, <br>1 mo. USD Term SOFR + 2.690%, <br>7.032%, due 03/15/41<sup>2,3</sup> | 126664 | 126981 |
| Series 2023-XL3, Class D, <br>1 mo. USD Term SOFR + 3.589%, <br>7.931%, due 12/09/40<sup>2,3</sup> | 71601 | 71802 |
| BX Trust,<br>Series 2019-OC11, Class D, <br>3.944%, due 12/09/41<sup>2,3</sup> | 100000 | 93199 |
| Series 2025-LIFE, Class A, <br>5.884%, due 06/13/47<sup>2,3</sup> | 170000 | 171157 |
| Series 2022-CLS, Class B, <br>6.300%, due 10/13/27<sup>3</sup> | 2700000 | 2710488 |
| Series 2025-ROIC, Class D,<br>1 mo. USD Term SOFR + 1.993%, <br>6.335%, due 03/15/30<sup>2,3</sup> | 196235 | 194763 |
| Series 2024-BIO, Class C, <br>1 mo. USD Term SOFR + 2.640%, <br>6.982%, due 02/15/41<sup>2,3</sup> | 100000 | 99750 |
| Series 2025-GW, Class D, <br>1 mo. USD Term SOFR + 2.750%, <br>7.092%, due 07/15/42<sup>2,3</sup> | 100000 | 100250 |
| Series 2024-VLT4, Class E, <br>1 mo. USD Term SOFR + 2.889%, <br>7.231%, due 07/15/29<sup>2,3</sup> | 136000 | 135490 |
| Series 2025-VLT7, Class D, <br>1 mo. USD Term SOFR + 3.250%, <br>7.550%, due 07/15/44<sup>2,3</sup> | 128000 | 128480 |
| Chase Home Lending Mortgage Trust, <br>Series 2024-2, Class A6A, <br>6.000%, due 02/25/55<sup>2,3</sup> | 83762 | 83874 |
| Series 2024-3, Class A6, <br>6.000%, due 02/25/55<sup>2,3</sup> | 136253 | 136610 |
| Series 2024-4, Class A6, <br>6.000%, due 03/25/55<sup>2,3</sup> | 144874 | 145309 |
| Series 2024-11, Class A4, <br>6.000%, due 11/25/55<sup>2,3</sup> | 109188 | 110147 |
| Series 2024-11, Class A9A, <br>6.000%, due 11/25/55<sup>2,3</sup> | 41819 | 41915 |
| Series 2024-11, Class A9, <br>6.300%, due 11/25/55<sup>2,3</sup> | 22244 | 22718 |
| Chase Mortgage Finance Trust, <br>Series 2007-S6, Class 2A1, <br>5.500%, due 12/25/22 | 474493 | 174275 |
| Series 2005-S3, Class A10, <br>5.500%, due 11/25/35 | 682137 | 480288 |
| CHL Mortgage Pass-Through Trust, <br>Series 2005-HYB9, Class 5A1,<br>1 yr. USD Term SOFR + 2.465%, <br>6.248%, due 02/20/36<sup>2</sup> | 77335 | 71175 |
| Citigroup Commercial Mortgage Trust,<br>Series 2017-P8, Class C, <br>4.253%, due 09/15/50<sup>2</sup> | 55000 | 42223 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2023-SMRT, Class C, <br>5.852%, due 10/12/40<sup>2,3</sup> | 100000 | $100655 |
| Series 2023-PRM3, Class C, <br>6.360%, due 07/10/28<sup>2,3</sup> | 100000 | 102196 |
| Series 2023-PRM3, Class B, <br>6.360%, due 07/10/28<sup>2,3</sup> | 1120000 | 1152136 |
| Citigroup Mortgage Loan Trust, Inc.,<br>Series 2005-6, Class A3, <br>1 yr. CMT + 1.800%, <br>5.830%, due 09/25/35<sup>2</sup> | 250 | 246 |
| Series 2005-4, Class A, <br>6.151%, due 08/25/35<sup>2</sup> | 26588 | 26452 |
| Series 2005-6, Class A2, <br>1 yr. CMT + 2.150%, <br>6.180%, due 09/25/35<sup>2</sup> | 3359 | 3271 |
| Series 2005-11, Class A1A,<br>1 yr. CMT + 2.400%, <br>6.490%, due 05/25/35<sup>2</sup> | 17374 | 17453 |
| COMM Mortgage Trust, <br>Series 2014-UBS3, Class XA, <br>IO, <br>0.611%, due 06/10/47<sup>2</sup> | 76637 | 1 |
| Series 2025-SBX, Class A, <br>5.432%, due 08/10/41<sup>2,3,4</sup> | 980000 | 978918 |
| Series 2024-277P, Class B, <br>6.999%, due 08/10/44<sup>2,3</sup> | 134000 | 141919 |
| Series 2024-CBM, Class D, <br>7.926%, due 12/10/41<sup>2,3</sup> | 100000 | 102466 |
| CONE Trust,<br>Series 2024-DFW1, Class A,<br>1 mo. USD Term SOFR + 1.642%, <br>5.984%, due 08/15/41<sup>2,3</sup> | 54000 | 53966 |
| Series 2024-DFW1, Class D,<br>1 mo. USD Term SOFR + 3.040%, <br>7.382%, due 08/15/41<sup>2,3</sup> | 57000 | 56855 |
| Countrywide Alternative Loan Trust, <br>Series 2005-62, Class 2A1,<br>1 yr. USD MTA + 1.000%, <br>4.969%, due 12/25/35<sup>2</sup> | 64157 | 54785 |
| Series 2006-14CB, Class A1, <br>6.000%, due 06/25/36 | 1125038 | 599666 |
| Series 2006-41CB, Class 1A9, <br>6.000%, due 01/25/37 | 285696 | 140557 |
| Series 2003-J3, Class 2A1, <br>6.250%, due 12/25/33 | 8472 | 9113 |
| Cross Mortgage Trust,<br>Series 2024-H8, Class A1, <br>5.549%, due 12/25/69<sup>2,3</sup> | 93020 | 93109 |
| Series 2024-H8, Class M1, <br>6.315%, due 12/25/69<sup>2,3</sup> | 100000 | 100389 |
| CRSO Trust<br>7.913%, due 07/10/28<sup>2</sup> | 1130000 | 1171839 |
| DC Commercial Mortgage Trust, <br>Series 2023-DC, Class B, <br>6.804%, due 09/12/40<sup>3</sup> | 860000 | 900826 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| DSLA Mortgage Loan Trust, <br>Series 2005-AR4, Class 2A1A,<br>1 mo. USD Term SOFR + 0.634%, <br>4.952%, due 08/19/45<sup>2</sup> | 88721 | $78838 |
| EFMT,<br>Series 2024-INV2, Class A3, <br>5.441%, due 10/25/69<sup>2,3</sup> | 93475 | 92884 |
| Series 2024-INV2, Class M1, <br>5.726%, due 10/25/69<sup>2,3</sup> | 100000 | 98770 |
| Eleven Madison Trust Mortgage Trust,<br>Series 2015-11MD, Class A, <br>3.555%, due 09/10/35<sup>2,3</sup> | 155000 | 153543 |
| ELM Trust, <br>Series 2024-ELM, Class D10, <br>6.626%, due 06/10/39<sup>2,3</sup> | 100000 | 100199 |
| Series 2024-ELM, Class D15, <br>6.674%, due 06/10/39<sup>2,3</sup> | 100000 | 100215 |
| Fashion Show Mall LLC, <br>Series 2024-SHOW, Class C, <br>6.074%, due 10/10/41<sup>2,3</sup> | 100000 | 99705 |
| Federal Home Loan Mortgage Corp. <br>Multiclass Certificates, <br>Series 2020-RR04, Class X, <br>IO, <br>2.126%, due 02/27/29<sup>2</sup> | 3460000 | 189439 |
| Federal Home Loan Mortgage Corp. REMICS,<br>Series 2764, Class LZ, <br>4.500%, due 03/15/34 | 158081 | 157096 |
| Series 2400, Class FQ,<br>30 day USD SOFR Average + 0.614%, <br>4.954%, due 01/15/32<sup>2</sup> | 1894 | 1893 |
| Series 2921, Class PG, <br>5.000%, due 01/15/35 | 374854 | 372157 |
| Series 5475, Class FA,<br>30 day USD SOFR Average + 1.100%, <br>5.450%, due 11/25/54<sup>2</sup> | 194976 | 193622 |
| Series 2764, Class ZG, <br>5.500%, due 03/15/34 | 119686 | 123371 |
| Series 5471, Class FK, <br>30 day USD SOFR Average + 1.150%,<br>5.500%, due 08/25/54<sup>2</sup> | 245108 | 243267 |
| Series 5474, Class FB, <br>30 day USD SOFR Average + 1.150%, <br>5.500%, due 11/25/54<sup>2</sup> | 251702 | 249860 |
| Series 5468, Class FB,<br>30 day USD SOFR Average + 1.200%, <br>5.550%, due 11/25/54<sup>2</sup> | 238717 | 234517 |
| Series 2983, Class TZ, <br>6.000%, due 05/15/35 | 360792 | 377777 |
| Series 3149, Class CZ, <br>6.000%, due 05/15/36 | 473937 | 498364 |
| Series 5521, Class FB,<br>30 day USD SOFR Average + 1.700%, <br>6.000%, due 03/25/55<sup>2</sup> | 234518 | 234746 |
| Series 5513, Class FJ,<br>30 day USD SOFR Average + 1.800%, <br>6.000%, due 11/25/54<sup>2</sup> | 234110 | 234452 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Federal Home Loan Mortgage Corp. <br>STACR REMICS Trust, <br>Series 2021-DNA7, Class M2, <br>30 day USD SOFR Average + 1.800%, <br>6.150%, due 11/25/41<sup>2,3</sup> | 130000 | $130935 |
| Series 2024-HQA1, Class M2,<br>30 day USD SOFR Average + 2.000%, <br>6.350%, due 03/25/44<sup>2,3</sup> | 210000 | 212624 |
| Series 2022-DNA1, Class M2,<br>30 day USD SOFR Average + 2.500%, <br>6.850%, due 01/25/42<sup>2,3</sup> | 417000 | 424650 |
| Series 2022-DNA3, Class M1B,<br>30 day USD SOFR Average + 2.900%, <br>7.250%, due 04/25/42<sup>2,3</sup> | 99000 | 101990 |
| Series 2022-DNA4, Class M1B, <br>30 day USD SOFR Average + 3.350%, <br>7.700%, due 05/25/42<sup>2,3</sup> | 180000 | 187200 |
| Series 2021-DNA6, Class B1, <br>30 day USD SOFR Average + 3.400%, <br>7.750%, due 10/25/41<sup>2,3</sup> | 200000 | 205273 |
| Series 2022-DNA6, Class M1B, <br>30 day USD SOFR Average + 3.700%, <br>8.050%, due 09/25/42<sup>2,3</sup> | 178000 | 187003 |
| Series 2022-DNA2, Class M2, <br>30 day USD SOFR Average + 3.750%, <br>8.100%, due 02/25/42<sup>2,3</sup> | 439000 | 455838 |
| Series 2022-DNA3, Class M2,<br>30 day USD SOFR Average + 4.350%, <br>8.700%, due 04/25/42<sup>2,3</sup> | 111000 | 116770 |
| Series 2022-DNA5, Class M1B,<br>30 day USD SOFR Average + 4.500%, <br>8.850%, due 06/25/42<sup>2,3</sup> | 192000 | 203946 |
| Series 2022-HQA1, Class M2,<br>30 day USD SOFR Average + 5.250%, <br>9.600%, due 03/25/42<sup>2,3</sup> | 383000 | 406653 |
| Series 2022-DNA4, Class B1, <br>30 day USD SOFR Average + 6.250%, <br>10.600%, due 05/25/42<sup>2,3</sup> | 81000 | 87606 |
| Series 2022-HQA1, Class B1, <br>30 day USD SOFR Average + 7.000%, <br>11.350%, due 03/25/42<sup>2,3</sup> | 200000 | 217077 |
| Federal Home Loan Mortgage Corp. Structured <br>Pass-Through Certificates, <br>Series T-54, Class 2A, <br>6.500%, due 02/25/43 | 286322 | 284928 |
| Series T-58, Class 2A, <br>6.500%, due 09/25/43 | 118564 | 120285 |
| Federal National Mortgage Association <br>Connecticut Avenue Securities Trust, <br>Series 2025-R02, Class 1M2,<br>30 day USD SOFR Average + 1.600%, <br>5.950%, due 02/25/45<sup>2,3</sup> | 108000 | 108405 |
| Series 2025-R01, Class 1B1, <br>30 day USD SOFR Average + 1.700%, <br>6.050%, due 01/25/45<sup>2,3</sup> | 90000 | 89804 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Series 2025-R02, Class 1B1,<br>30 day USD SOFR Average + 1.950%, <br>6.300%, due 02/25/45<sup>2,3</sup> | 75000 | $75483 |
| Series 2022-R04, Class 1M2, <br>30 day USD SOFR Average + 3.100%, <br>7.450%, due 03/25/42<sup>2,3</sup> | 191000 | 196864 |
| Series 2022-R01, Class 1B1, <br>30 day USD SOFR Average + 3.150%, <br>7.500%, due 12/25/41<sup>2,3</sup> | 178000 | 182556 |
| Series 2023-R02, Class 1M2, <br>30 day USD SOFR Average + 3.350%,<br>7.700%, due 01/25/43<sup>2,3</sup> | 144000 | 150476 |
| Series 2022-R03, Class 1M2,<br>30 day USD SOFR Average + 3.500%, <br>7.850%, due 03/25/42<sup>2,3</sup> | 82000 | 84947 |
| Series 2023-R01, Class 1M2,<br>30 day USD SOFR Average + 3.750%, <br>8.100%, due 12/25/42<sup>2,3</sup> | 133000 | 140415 |
| Series 2022-R08, Class 1B1,<br>30 day USD SOFR Average + 5.600%, <br>9.950%, due 07/25/42<sup>2,3</sup> | 336000 | 362252 |
| Federal National Mortgage Association REMICS,<br>Series 2024-40, Class FA, <br>30 day USD SOFR Average + 1.150%, <br>5.500%, due 03/25/54<sup>2</sup> | 212402 | 211695 |
| Series 2024-67, Class FA, <br>30 day USD SOFR Average + 1.170%, <br>5.520%, due 09/25/54<sup>2</sup> | 230881 | 229919 |
| Series 2024-76, Class JF, <br>30 day USD SOFR Average + 1.250%, <br>5.600%, due 11/25/54<sup>2</sup> | 225023 | 224342 |
| Series 2025-6, Class FC, <br>30 day USD SOFR Average + 1.600%, <br>5.950%, due 02/25/55<sup>2</sup> | 232457 | 232053 |
| Series 2006-65, Class GD, <br>6.000%, due 07/25/26 | 3469 | 3466 |
| Series 2003-64, Class AH, <br>6.000%, due 07/25/33 | 477081 | 492028 |
| Series 2025-35, Class HF,<br>30 day USD SOFR Average + 1.700%, <br>6.000%, due 05/25/55<sup>2</sup> | 238632 | 239027 |
| Series 2025-6, Class LF, <br>30 day USD SOFR Average + 1.800%, <br>6.000%, due 02/25/55<sup>2</sup> | 231494 | 231953 |
| Federal National Mortgage Association <br>REMICS Trust, <br>Series 1999-W4, Class A9, <br>6.250%, due 02/25/29 | 28602 | 28832 |
| Federal National Mortgage Association Trust,<br>Series 2004-W8, Class 2A, <br>6.500%, due 06/25/44 | 112888 | 114729 |
| First Horizon Mortgage Pass-Through Trust,<br>Series 2005-AR3, Class 2A1, <br>6.004%, due 08/25/35<sup>2</sup> | 6662 | 4473 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Government National Mortgage <br>Association REMICS,<br>Series 2020-86, Class WK, <br>1.000%, due 06/20/50 | 205382 | $155792 |
| Series 2021-119, Class NC, <br>1.500%, due 07/20/51 | 186057 | 152364 |
| Series 2021-103, Class HE, <br>2.000%, due 06/20/51 | 180915 | 148600 |
| Series 2018-38, Class WF,<br>1 mo. USD Term SOFR + 0.414%, <br>4.743%, due 10/20/43<sup>2</sup> | 520227 | 504735 |
| Series 2017-182, Class FW, <br>1 mo. USD Term SOFR + 0.464%, <br>4.793%, due 05/20/47<sup>2</sup> | 173798 | 167855 |
| Series 2015-H20, Class FB, <br>1 mo. USD Term SOFR + 0.714%, <br>5.037%, due 08/20/65<sup>2</sup> | 319592 | 319490 |
| Series 2025-4, Class FY,<br>30 day USD SOFR Average + 1.600%, <br>5.948%, due 01/20/55<sup>2</sup> | 215588 | 217572 |
| GS Mortgage Securities Trust,<br>Series 2019-GC42, Class C, <br>3.697%, due 09/10/52<sup>2</sup> | 79000 | 66578 |
| Series 2015-GS1, Class AS, <br>4.037%, due 11/10/48<sup>2</sup> | 69000 | 66910 |
| Series 2016-GS2, Class C, <br>4.695%, due 05/10/49<sup>2</sup> | 70000 | 67769 |
| GSR Mortgage Loan Trust,<br>Series 2005-AR6, Class 2A1, <br>5.242%, due 09/25/35<sup>2</sup> | 61935 | 59557 |
| HarborView Mortgage Loan Trust, <br>Series 2005-4, Class 3A1, <br>4.811%, due 07/19/35<sup>2</sup> | 94140 | 69779 |
| Series 2004-11, Class 3A1A,<br>1 mo. USD Term SOFR + 0.814%, <br>5.165%, due 01/19/35<sup>2</sup> | 13639 | 13049 |
| Hudson Yards Mortgage Trust,<br>Series 2025-SPRL, Class D, <br>6.340%, due 01/13/40<sup>2,3</sup> | 100000 | 103088 |
| Series 2025-SPRL, Class E, <br>6.678%, due 01/13/40<sup>2,3</sup> | 100000 | 102943 |
| INTOWN Mortgage Trust, <br>Series 2025-STAY, Class A,<br>1 mo. USD Term SOFR + 1.350%, <br>5.692%, due 03/15/42<sup>2,3</sup> | 1660000 | 1660000 |
| Series 2025-STAY, Class C, <br>1 mo. USD Term SOFR + 2.250%, <br>6.592%, due 03/15/42<sup>2,3</sup> | 160000 | 159600 |
| IP Mortgage Trust,<br>Series 2025-IP, Class A, <br>5.250%, due 06/10/42<sup>2,3</sup> | 42000 | 42298 |
| Series 2025-IP, Class D, <br>6.315%, due 06/10/42<sup>2,3</sup> | 55000 | 55219 |
| Series 2025-IP, Class E, <br>6.846%, due 06/10/42<sup>2,3</sup> | 31000 | 31058 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| IRV Trust,<br>Series 2025-200P, Class C, <br>5.730%, due 03/14/47<sup>2,3</sup> | 131000 | $129314 |
| JP Morgan Chase Commercial<br>Mortgage Securities Trust,<br>Series 2016-NINE, Class B, <br>2.854%, due 09/06/38<sup>2,3</sup> | 125000 | 121183 |
| Series 2022-OPO, Class D, <br>3.450%, due 01/05/39<sup>2,3</sup> | 144000 | 119394 |
| JP Morgan Mortgage Trust, <br>Series 2005-A8, Class 1A1, <br>5.100%, due 11/25/35<sup>2</sup> | 209478 | 163153 |
| Series 2006-A4, Class 2A2, <br>5.794%, due 06/25/36<sup>2</sup> | 109663 | 74979 |
| Series 2024-4, Class A6A, <br>6.000%, due 10/25/54<sup>2,3</sup> | 51964 | 51922 |
| LHOME Mortgage Trust, <br>Series 2024-RTL4, Class A1, <br>5.921%, due 07/25/39<sup>2,3</sup> | 217000 | 217382 |
| Manhattan West Mortgage Trust,<br>Series 2020-1MW, Class D, <br>2.335%, due 09/10/39<sup>2,3</sup> | 100000 | 92564 |
| MED Commercial Mortgage Trust,<br>Series 2024-MOB, Class C,<br>1 mo. USD Term SOFR + 2.291%, <br>6.633%, due 05/15/41<sup>2,3</sup> | 100000 | 98986 |
| Morgan Stanley Bank of America <br>Merrill Lynch Trust,<br>Series 2017-C33, Class C, <br>4.558%, due 05/15/50<sup>2</sup> | 18000 | 16501 |
| Series 2025-C35, Class C, <br>6.349%, due 08/15/58<sup>4</sup> | 77000 | 78256 |
| Morgan Stanley Capital I Trust,<br>Series 2017-H1, Class B, <br>4.075%, due 06/15/50 | 19000 | 18194 |
| Series 2017-H1, Class C, <br>4.281%, due 06/15/50<sup>2</sup> | 50000 | 46314 |
| Series 2018-L1, Class AS, <br>4.637%, due 10/15/51<sup>2</sup> | 63000 | 61396 |
| Series 2018-H4, Class C, <br>5.048%, due 12/15/51<sup>2</sup> | 80000 | 73027 |
| Morgan Stanley Residential Mortgage <br>Loan Trust,<br>Series 2024-NQM3, Class M1, <br>5.609%, due 07/25/69<sup>2,3</sup> | 100000 | 98709 |
| Series 2024-3, Class A2, <br>6.000%, due 07/25/54<sup>2,3</sup> | 84173 | 84245 |
| MSWF Commercial Mortgage Trust,<br>Series 2023-1, Class C, <br>6.683%, due 05/15/56<sup>2</sup> | 42000 | 42956 |
| Series 2023-2, Class C, <br>7.018%, due 12/15/56<sup>2</sup> | 32000 | 33189 |
| MTN Commercial Mortgage Trust,<br>Series 2022-LPFL, Class A,<br>1 mo. USD Term SOFR + 1.397%, <br>5.747%, due 03/15/39<sup>2,3</sup> | 2650000 | 2650828 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| NAAC Reperforming Loan REMICS<br>Trust Certificates, <br>Series 2004-R3, Class A1, <br>6.500%, due 02/25/35<sup>3</sup> | 308458 | $265035 |
| New Residential Mortgage Loan Trust,<br>Series 2024-RTL2, Class A1, <br>5.443%, due 09/25/39<sup>2,3</sup> | 112000 | 111561 |
| Series 2025-NQM3, Class M1, <br>6.320%, due 05/25/65<sup>2,3</sup> | 100000 | 100528 |
| NRM FHT1 Excess Owner LLC,<br>Series 2025-FHT1, Class A, <br>6.545%, due 03/25/32<sup>2,3</sup> | 120630 | 120354 |
| NYC Commercial Mortgage Trust,<br>Series 2025-3BP, Class D,<br>1 mo. USD Term SOFR + 2.441%,<br>6.783%, due 02/15/42<sup>2,3</sup> | 100000 | 99423 |
| NYMT Loan Trust, <br>Series 2024-INV1, Class A3, <br>5.834%, due 06/25/69<sup>2,3</sup> | 101168 | 101224 |
| OAKST Commercial Mortgage Trust, <br>Series 2023-NLP, Class A, <br>6.095%, due 03/15/40<sup>2,3</sup> | 2640000 | 2639614 |
| OBX Trust, <br>Series 2021-NQM4, Class A1, <br>1.957%, due 10/25/61<sup>2,3</sup> | 257959 | 217188 |
| Series 2025-NQM7, Class A3, <br>5.864%, due 05/25/55<sup>2,3</sup> | 95145 | 95496 |
| One Bryant Park Trust, <br>Series 2019-OBP, Class A, <br>2.516%, due 09/15/54<sup>3</sup> | 3100000 | 2807915 |
| One Market Plaza Trust,<br>Series 2017-1MKT, Class A, <br>3.614%, due 02/10/32<sup>3</sup> | 73045 | 69916 |
| Series 2017-1MKT, Class C, <br>4.016%, due 02/10/32<sup>3</sup> | 100000 | 92972 |
| ONNI Commerical Mortgage Trust,<br>Series 2024-APT, Class C, <br>6.430%, due 07/15/39<sup>2,3</sup> | 136000 | 138675 |
| ORL Trust, <br>Series 2024-GLKS, Class D,<br>1 mo. USD Term SOFR + 2.791%,<br>7.133%, due 12/15/39<sup>2,3</sup> | 100000 | 100063 |
| PRM Trust, <br>Series 2025-PRM6, Class E, <br>6.583%, due 07/05/33<sup>2,3</sup> | 127000 | 126003 |
| Reperforming Loan Trust REMICS, <br>Series 2003-R4, Class 2A,<br>4.740%, due 01/25/34<sup>2,3</sup> | 308950 | 276428 |
| Series 2006-R1, Class AF1,<br>1 mo. USD Term SOFR + 0.454%, <br>4.807%, due 01/25/36<sup>2,3</sup> | 194060 | 183026 |
| RFMSI Trust,<br>Series 2004-S9, Class 1A23, <br>5.500%, due 12/25/34 | 130698 | 125464 |
| ROCK Trust, <br>Series 2024-CNTR, Class D,<br>7.109%, due 11/13/41<sup>3</sup> | 209000 | 216775 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| SCOTT Trust,<br>Series 2023-SFS, Class A, <br>5.910%, due 03/10/40<sup>3</sup> | 1125000 | $1150186 |
| SDAL Trust, <br>Series 2025-DAL, Class C,<br>1 mo. USD Term SOFR + 3.939%, <br>8.281%, due 04/15/42<sup>2,3</sup> | 132000 | 131783 |
| Sequoia Mortgage Trust, <br>Series 2007-3, Class 1A1,<br>1 mo. USD Term SOFR + 0.514%, <br>4.865%, due 07/20/36<sup>2</sup> | 30409 | 26203 |
| Series 2024-4, Class A10,<br>6.000%, due 05/25/54<sup>2,3</sup> | 125933 | 125952 |
| SFO Commercial Mortgage Trust, <br>Series 2021-555, Class D,<br>1 mo. USD Term SOFR + 2.514%, <br>6.857%, due 05/15/38<sup>2,3</sup> | 63000 | 62530 |
| SG Residential Mortgage Trust, <br>Series 2021-2, Class A1,<br>1.737%, due 12/25/61<sup>2,3</sup> | 293304 | 250727 |
| Structured Adjustable Rate Mortgage<br>Loan Trust, <br>Series 2004-8, Class 3A, <br>5.805%, due 07/25/34<sup>2</sup> | 101918 | 98903 |
| Structured Asset Mortgage Investments II Trust,<br>Series 2006-AR3, Class 11A1,<br>1 mo. USD Term SOFR + 0.534%, <br>4.887%, due 04/25/36<sup>2</sup> | 261103 | 235834 |
| Structured Asset Mortgage Investments Trust,<br>Series 2002-AR3, Class A1,<br>1 mo. USD Term SOFR + 0.774%, <br>5.125%, due 09/19/32<sup>2</sup> | 9773 | 9303 |
| TCO Commercial Mortgage Trust, <br>Series 2024-DPM, Class C,<br>1 mo. USD Term SOFR + 1.992%, <br>6.334%, due 12/15/39<sup>2,3</sup> | 100000 | 100250 |
| Thornburg Mortgage Securities Trust,<br>Series 2007-4, Class 2A1, <br>4.212%, due 09/25/37<sup>2</sup> | 64650 | 64121 |
| Towd Point Mortgage Trust,<br>Series 2022-4, Class A1,<br>3.750%, due 09/25/62<sup>3</sup> | 188009 | 178972 |
| Verus Securitization Trust,<br>Series 2021-6, Class A1, <br>1.630%, due 10/25/66<sup>2,3</sup> | 320935 | 278578 |
| Series 2021-6, Class A3, <br>1.887%, due 10/25/66<sup>2,3</sup> | 188765 | 164164 |
| Series 2022-4, Class A3, <br>4.740%, due 04/25/67<sup>2,3</sup> | 97255 | 93864 |
| Series 2024-7, Class A1, <br>5.095%, due 09/25/69<sup>2,3</sup> | 108654 | 107842 |
| Series 2024-7, Class A3, <br>5.400%, due 09/25/69<sup>2,3</sup> | 84888 | 84192 |
| Series 2025-4, Class A3, <br>5.753%, due 05/25/70<sup>2,3</sup> | 97114 | 96949 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| WaMu Mortgage Pass-Through Certificates Trust,<br>Series 2006-AR2, Class 2A1, <br>3.969%, due 03/25/36<sup>2</sup> | 285175 | $| 250753 |
| Series 2006-AR9, Class 1A,<br>1 yr. USD MTA + 1.000%, <br>4.969%, due 08/25/46<sup>2</sup> | 193696 |  | 176993 |
| Series 2005-AR13, Class A1A1,<br>1 mo. USD Term SOFR + 0.694%, <br>5.047%, due 10/25/45<sup>2</sup> | 140993 |  | 140997 |
| Series 2002-AR6, Class A,<br>1 yr. USD MTA + 1.400%, <br>5.369%, due 06/25/42<sup>2</sup> | 3754 |  | 3494 |
| Wells Fargo Commercial Mortgage Trust,<br>Series 2016-NXS6, Class B, <br>3.811%, due 11/15/49 | 143000 |  | 138313 |
| Series 2017-C39, Class C, <br>4.118%, due 09/15/50 | 76000 |  | 67670 |
| Series 2024-1CHI, Class C, <br>6.226%, due 07/15/35<sup>2,3</sup> | 132000 |  | 132463 |
| WFRBS Commercial Mortgage Trust,<br>Series 2014-C22, Class XA, <br>IO, 0.249%, due 09/15/57<sup>2</sup> | 630515 |  | 117 |
| WMRK Commercial Mortgage Trust,<br>Series 2022-WMRK, Class C,<br>1 mo. USD Term SOFR + 4.083%, <br>8.425%, due 11/15/27<sup>2,3</sup> | 3100000 |  | 3107750 |
| **Total mortgage-backed securities**<br> (cost—$49,339,799) | **Total mortgage-backed securities**<br> (cost—$49,339,799) |  | **48818826** |
| **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** | **Municipal bonds—0.5%** |
| **California—0.0%<sup>†</sup>** | **California—0.0%<sup>†</sup>** | **California—0.0%<sup>†</sup>** | **California—0.0%<sup>†</sup>** |
| Golden State Tobacco Securitization Corp., Taxable<br>Refunding, Revenue Bonds, <br>Series A-1,<br>3.714%, due 06/01/41 | 200000 |  | 152636 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| State Board of Administration Finance Corp., <br>Florida Hurricane Catastrophe Fund, Revenue Bonds, <br>Series A,<br>5.526%, due 07/01/34 | 200000 |  | 204927 |
| **Illinois—0.3%** | **Illinois—0.3%** | **Illinois—0.3%** | **Illinois—0.3%** |
| Sales Tax Securitization Corp. Second Lien, <br>Taxable Refunding, Revenue Bonds, <br>Series B, <br>3.057%, due 01/01/34 | 1400000 |  | 1221733 |
| **New York—0.1%** | **New York—0.1%** | **New York—0.1%** | **New York—0.1%** |
| City of New York NY, GO Bonds, <br>Series H, <br>6.291%, due 02/01/45 | 200000 |  | 208881 |
| New York City Transitional Finance Authority, <br>Future Tax, Revenue Bonds, <br>Series C-2, <br>4.375%, due 05/01/37 | 200000 |  | 189232 |
|  |  |  | 398113 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **Texas—0.0%<sup>†</sup>** | **Texas—0.0%<sup>†</sup>** | **Texas—0.0%<sup>†</sup>** |
| Texas Natural Gas Securitization Finance Corp., <br>Revenue Bonds,<br>Series 2023-1,Class A1<br>5.102%, due 04/01/35 | 88267 | $89959 |
| **Total municipal bonds**<br> (cost—$2,108,586) | **Total municipal bonds**<br> (cost—$2,108,586) | **2067368** |
| **Non-U.S. government agency obligations—1.3%** | **Non-U.S. government agency obligations—1.3%** | **Non-U.S. government agency obligations—1.3%** |
| **Angola—0.0%<sup>†</sup>** | **Angola—0.0%<sup>†</sup>** | **Angola—0.0%<sup>†</sup>** |
| Angola Government International Bonds<br>8.000%, due 11/26/29<sup>3</sup> | 10000 | 9322 |
| 8.750%, due 04/14/32<sup>3</sup> | 10000 | 9078 |
| 9.125%, due 11/26/49<sup>3</sup> | 40000 | 31662 |
| 9.375%, due 05/08/48<sup>3</sup> | 55000 | 44636 |
|  |  | 94698 |
| **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** |
| Australia Government Bonds<br>2.750%, due 06/21/35<sup>5</sup> | 300000 | 169488 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Brazil Letras do Tesouro Nacional<br>0.000%, due 10/01/25<sup>9</sup> | 2100000 | 366240 |
| **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** |
| Colombia Government International Bonds<br>3.000%, due 01/30/30 | 50000 | 43900 |
| 8.000%, due 11/14/35 | 30000 | 30780 |
| 8.375%, due 11/07/54 | 15000 | 14580 |
| 8.750%, due 11/14/53 | 20000 | 20320 |
|  |  | 109580 |
| **Costa Rica—0.0%<sup>†</sup>** | **Costa Rica—0.0%<sup>†</sup>** | **Costa Rica—0.0%<sup>†</sup>** |
| Costa Rica Government International Bonds<br>7.158%, due 03/12/45<sup>5</sup> | 30000 | 30985 |
| **Dominican Republic—0.0%<sup>†</sup>** | **Dominican Republic—0.0%<sup>†</sup>** | **Dominican Republic—0.0%<sup>†</sup>** |
| Dominican Republic International Bonds<br>6.850%, due 01/27/45<sup>3</sup> | 60000 | 60075 |
| 6.950%, due 03/15/37<sup>3</sup> | 30000 | 30698 |
| 7.150%, due 02/24/55<sup>3</sup> | 30000 | 30480 |
|  |  | 121253 |
| **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** |
| El Salvador Government International Bonds<br>9.500%, due 07/15/52<sup>3</sup> | 25000 | 25231 |
| **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** |
| Guatemala Government Bonds<br>6.875%, due 08/15/55<sup>3</sup> | 15000 | 14878 |
| **Hungary—0.0%<sup>†</sup>** | **Hungary—0.0%<sup>†</sup>** | **Hungary—0.0%<sup>†</sup>** |
| Hungary Government International Bonds<br>5.500%, due 03/26/36<sup>3</sup> | 30000 | 28983 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** |
| Indonesia Government International Bonds<br>4.625%, due 04/15/43<sup>3</sup> | 165000 | $149985 |
| **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** |
| Israel Government International Bonds<br>5.500%, due 03/12/34 | 200000 | 201687 |
| **Ivory Coast—0.0%<sup>†</sup>** | **Ivory Coast—0.0%<sup>†</sup>** | **Ivory Coast—0.0%<sup>†</sup>** |
| Ivory Coast Government International Bonds<br>8.075%, due 04/01/36<sup>3</sup> | 20000 | 19680 |
| 8.250%, due 01/30/37<sup>3</sup> | 5000 | 4929 |
|  |  | 24609 |
| **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** |
| Japan Bank for International Cooperation<br>2.875%, due 07/21/27 | 300000 | 292881 |
| Japan International Cooperation Agency<br>2.750%, due 04/27/27 | 300000 | 292281 |
|  |  | 585162 |
| **Mexico—0.1%** | **Mexico—0.1%** | **Mexico—0.1%** |
| Eagle Funding Luxco SARL<br>5.500%, due 08/17/30<sup>3,4</sup> | 300000 | 301920 |
| Mexico Government International Bonds<br>6.338%, due 05/04/53 | 45000 | 41136 |
| 6.400%, due 05/07/54 | 15000 | 13710 |
| 7.375%, due 05/13/55 | 50000 | 51489 |
|  |  | 408255 |
| **Oman—0.0%<sup>†</sup>** | **Oman—0.0%<sup>†</sup>** | **Oman—0.0%<sup>†</sup>** |
| Oman Government International Bonds<br>6.500%, due 03/08/47<sup>3</sup> | 15000 | 15810 |
| 7.000%, due 01/25/51<sup>3</sup> | 45000 | 49727 |
|  |  | 65537 |
| **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** |
| Panama Government International Bonds<br>2.252%, due 09/29/32 | 80000 | 61280 |
| 6.400%, due 02/14/35 | 90000 | 88560 |
|  |  | 149840 |
| **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** |
| Paraguay Government International Bonds<br>5.400%, due 03/30/50<sup>3</sup> | 60000 | 52215 |
| **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** |
| Peru Government International Bonds<br>6.150%, due 08/12/32<sup>3</sup> | 600000 | 173560 |
| 6.950%, due 08/12/31<sup>5</sup> | 81000 | 24760 |
|  |  | 198320 |
| **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** |
| Republic of Poland Government International Bonds<br>5.125%, due 09/18/34 | 100000 | 100430 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** | **Non-U.S. government agency obligations—(concluded)** |
| **Qatar—0.0%<sup>†</sup>** | **Qatar—0.0%<sup>†</sup>** | **Qatar—0.0%<sup>†</sup>** |
| Qatar Government International Bonds<br>4.400%, due 04/16/50<sup>3</sup> | 60000 | $51340 |
| **Romania—0.1%** | **Romania—0.1%** | **Romania—0.1%** |
| Romania Government International Bonds<br>3.000%, due 02/14/31<sup>5</sup> | 104000 | 90675 |
| 5.375%, due 03/22/31<sup>3</sup> | 250000 | 291541 |
| 5.750%, due 09/16/30<sup>3</sup> | 20000 | 20090 |
| 6.625%, due 05/16/36<sup>3</sup> | 20000 | 20000 |
|  |  | 422306 |
| **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** |
| Saudi Government International Bonds<br>3.250%, due 11/17/51<sup>3</sup> | 120000 | 77700 |
| 3.750%, due 01/21/55<sup>3</sup> | 50000 | 34391 |
| 4.875%, due 07/18/33<sup>3</sup> | 200000 | 200202 |
| 5.000%, due 01/18/53<sup>3</sup> | 200000 | 172626 |
| 5.625%, due 01/13/35<sup>3</sup> | 35000 | 36550 |
|  |  | 521469 |
| **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** |
| Serbia International Bonds<br>6.000%, due 06/12/34<sup>3</sup> | 15000 | 15267 |
| **South Africa—0.2%** | **South Africa—0.2%** | **South Africa—0.2%** |
| Republic of South Africa Government Bonds<br>8.875%, due 02/28/35 | 7400000 | 387479 |
| Republic of South Africa Government <br>International Bonds<br>5.650%, due 09/27/47 | 90000 | 67713 |
| 5.750%, due 09/30/49 | 45000 | 33661 |
| 7.100%, due 11/19/36<sup>3</sup> | 220000 | 218405 |
| 7.950%, due 11/19/54<sup>3</sup> | 80000 | 76160 |
|  |  | 783418 |
| **Supranationals—0.1%** | **Supranationals—0.1%** | **Supranationals—0.1%** |
| European Union<br>2.875%, due 10/05/29<sup>5</sup> | 400000 | 465041 |
| **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** |
| Turkiye Government International Bonds<br>5.750%, due 05/11/47 | 40000 | 30570 |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| U.K. Gilts<br>4.375%, due 07/31/54<sup>5</sup> | 295000 | 332721 |
| **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** |
| Uruguay Government International Bonds<br>5.100%, due 06/18/50 | 95000 | 87115 |
| **Total non-U.S. government agency obligations**<br> (cost—$5,707,087) | **Total non-U.S. government agency obligations**<br> (cost—$5,707,087) | **5606623** |
| **U.S. government agency obligations—7.8%** | **U.S. government agency obligations—7.8%** | **U.S. government agency obligations—7.8%** |
| Federal Home Loan Mortgage Corp.<br>3.500%, due 05/01/52 | 450787 | 403697 |
| 3.500%, due 07/01/52 | 72539 | 65160 |
| 4.000%, due 04/01/52 | 470319 | 434349 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| 4.000%, due 10/01/52 | 90689 | $83857 |
| 4.000%, due 01/01/54 | 54653 | 50525 |
| 4.500%, due 08/01/52 | 716018 | 682705 |
| 4.500%, due 10/01/52 | 211637 | 201966 |
| 5.000%, due 10/01/52 | 200226 | 195840 |
| 5.000%, due 11/01/52 | 274419 | 268577 |
| 5.000%, due 12/01/52 | 393806 | 385024 |
| 5.000%, due 02/01/53 | 202297 | 197556 |
| 5.000%, due 04/01/53 | 144539 | 141171 |
| 5.000%, due 05/01/53 | 175992 | 172035 |
| 5.000%, due 03/01/54 | 197240 | 192111 |
| 5.500%, due 04/01/53 | 474365 | 473100 |
| 5.500%, due 07/01/53 | 241984 | 241515 |
| 5.500%, due 10/01/53 | 175264 | 174793 |
| 5.500%, due 11/01/53 | 130072 | 129863 |
| 5.500%, due 12/01/53 | 401213 | 399965 |
| 5.500%, due 03/01/54 | 114128 | 114082 |
| 5.500%, due 06/01/54 | 120572 | 120479 |
| 5.500%, due 07/01/54 | 33474 | 33435 |
| 6.000%, due 06/01/53 | 187300 | 191053 |
| 6.000%, due 07/01/53 | 374252 | 380244 |
| 6.000%, due 08/01/53 | 156350 | 158756 |
| 6.000%, due 10/01/53 | 259925 | 264026 |
| 6.000%, due 12/01/53 | 49224 | 49993 |
| 6.000%, due 02/01/54 | 166171 | 168742 |
| Federal National Mortgage Association<br>3.000%, due 02/01/52 | 896863 | 773535 |
| 3.000%, due 03/01/53 | 43609 | 37393 |
| 4.000%, due 06/01/52 | 249119 | 230928 |
| 4.000%, due 10/01/52 | 78400 | 73382 |
| 4.500%, due 10/01/52 | 207969 | 197795 |
| 4.500%, due 05/01/53 | 171605 | 163648 |
| 5.000%, due 11/01/26<sup>2,11,12</sup> | 1162 | 1162 |
| 5.000%, due 10/01/52 | 240504 | 234815 |
| 5.000%, due 12/01/52 | 468868 | 458413 |
| 5.000%, due 02/01/53 | 412772 | 404130 |
| 5.000%, due 03/01/53 | 192515 | 187660 |
| 5.000%, due 04/01/53 | 387681 | 379520 |
| 5.000%, due 05/01/53 | 85954 | 84004 |
| 5.000%, due 06/01/53 | 441123 | 431010 |
| 5.000%, due 07/01/53 | 174278 | 171066 |
| 5.000%, due 11/01/53 | 46264 | 45164 |
| 5.000%, due 10/01/54 | 24267 | 23627 |
| 5.188%, due 11/01/34<sup>2</sup> | 1024234 | 1065144 |
| 5.500%, due 01/01/53 | 382450 | 382191 |
| 5.500%, due 02/01/53 | 193205 | 192855 |
| 5.500%, due 03/01/53 | 53576 | 53448 |
| 5.500%, due 06/01/53 | 127931 | 127606 |
| 5.500%, due 06/01/54 | 156324 | 155854 |
| 5.500%, due 07/01/54 | 136615 | 136353 |
| 1 yr. CMT + 2.104%, <br>5.821%, due 05/01/30<sup>2</sup> | 8255 | 8301 |
| 6.000%, due 06/01/53 | 339700 | 345156 |
| 6.000%, due 07/01/53 | 385824 | 392002 |
| 6.000%, due 08/01/53 | 38582 | 39197 |
| 6.000%, due 09/01/53 | 276439 | 281025 |
| 6.000%, due 10/01/53 | 274943 | 279281 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(concluded)** | | |
| 6.000%, due 12/01/53 | 49442 | $50218 |
| 6.000%, due 02/01/54 | 119081 | 121197 |
| 6.000%, due 03/01/55 | 99559 | 100960 |
| 6.000%, due 04/01/55 | 195095 | 197899 |
| 6.000%, due 07/01/55 | 149586 | 151845 |
| 6 mo. USD RFUCCT + 1.538%, <br>6.163%, due 01/01/36<sup>2</sup> | 2307 | 2318 |
| 1 yr. USD RFUCCT + 1.780%, <br>6.405%, due 11/01/35<sup>2</sup> | 2656 | 2683 |
| 1 yr. USD RFUCCT + 1.603%, <br>6.478%, due 12/01/35<sup>2</sup> | 11553 | 11612 |
| 1 yr. CMT + 2.229%, <br>6.479%, due 04/01/27<sup>2</sup> | 1749 | 1753 |
| 1 yr. USD RFUCCT + 1.815%, <br>6.748%, due 03/01/36<sup>2</sup> | 13787 | 13937 |
| 1 yr. USD RFUCCT + 1.826%, <br>6.826%, due 03/01/36<sup>2</sup> | 12258 | 12402 |
| 1 yr. USD RFUCCT + 1.912%, <br>6.912%, due 02/01/36<sup>2</sup> | 8091 | 8205 |
| Government National Mortgage Association<br>1 yr. CMT + 1.500%, <br>4.875%, due 05/20/26<sup>2</sup> | 358 | 357 |
| 5.000%, due 12/20/49 | 36947 | 36592 |
| 1 yr. CMT + 1.500%, <br>5.625%, due 01/20/26<sup>2</sup> | 72 | 71 |
| Government National Mortgage Association, TBA<br>3.500% | 455000 | 407612 |
| 4.000% | 500000 | 460244 |
| 4.500% | 400000 | 379460 |
| 5.000% | 400000 | 390200 |
| 6.000% | 440000 | 445944 |
| Uniform Mortgage-Backed Security, TBA<br>2.500% | 890000 | 729198 |
| 3.500% | 825000 | 736686 |
| 4.000% | 5620000 | 5179825 |
| 4.500% | 400000 | 379346 |
| 5.000% | 300000 | 291838 |
| 5.500% | 7725000 | 7678710 |
| 6.000% | 1335000 | 1353087 |
| **Total U.S. government agency obligations**<br> (cost—$32,872,352) | **Total U.S. government agency obligations**<br> (cost—$32,872,352) | **32874483** |
| **U.S. Treasury obligations—10.3%** |  |  |
| U.S. Treasury Bonds<br>1.375% due 08/15/50 | 11020000 | 5356753 |
| 1.625% due 11/15/50 | 2000000 | 1038516 |
| 2.000% due 02/15/50 | 800000 | 463656 |
| 2.250% due 08/15/49 | 500000 | 309375 |
| 2.375% due 02/15/42 | 500000 | 360078 |
| 2.375% due 11/15/49 | 100000 | 63488 |
| 2.875% due 08/15/45 | 500000 | 369434 |
| 2.875% due 05/15/49 | 700000 | 495770 |
| 2.875% due 05/15/52 | 750000 | 520078 |
| 3.000% due 11/15/44 | 500000 | 380566 |
| 3.000% due 02/15/48 | 1200000 | 881062 |
| 3.000% due 08/15/48 | 100000 | 73082 |
| 3.000% due 02/15/49 | 400000 | 291000 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** | **Value** |
| **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** | **U.S. Treasury obligations—(concluded)** |
| 3.000% due 08/15/52 | 2400000 | $| 1706156 |
| 3.250% due 05/15/42 | 8300000 |  | 6793355 |
| 3.375% due 11/15/48 | 100000 |  | 78137 |
| 3.625% due 02/15/53 | 9475000 |  | 7624044 |
| 3.875% due 02/15/43 | 300000 |  | 265652 |
| 3.875% due 05/15/43 | 400000 |  | 353266 |
| 4.250% due 08/15/54 | 300000 |  | 269812 |
| 4.500% due 11/15/54 | 100000 |  | 93813 |
| 4.625% due 05/15/44 | 100000 |  | 96977 |
| 4.625% due 05/15/54 | 200000 |  | 191414 |
| 4.625% due 02/15/55 | 100000 |  | 95797 |
| 4.750% due 02/15/37 | 1250000 |  | 1288184 |
| 4.750% due 05/15/55 | 70000 |  | 68469 |
| U.S. Treasury Inflation-Indexed Bonds<br>0.125% due 02/15/51 | 123465 |  | 66012 |
| 0.750% due 02/15/45 | 409515 |  | 296046 |
| 1.000% due 02/15/46 | 339155 |  | 254097 |
| 1.000% due 02/15/49 | 127742 |  | 91366 |
| 1.500% due 02/15/53 | 913766 |  | 710470 |
| 2.125% due 02/15/54 | 379152 |  | 340271 |
| 2.375% due 02/15/55 | 438032 |  | 415462 |
| U.S. Treasury Inflation-Indexed Notes<br>0.125% due 10/15/25 | 123885 |  | 123605 |
| 0.625% due 01/15/26 | 135281 |  | 134639 |
| 1.250% due 04/15/28 | 1500324 |  | 1497041 |
| 2.125% due 01/15/35 | 2958917 |  | 2996371 |
| U.S. Treasury Notes<br>0.500% due 08/31/27 | 5900000 |  | 5499445 |
| 2.625% due 07/31/29<sup>13</sup> | 700000 |  | 666941 |
| U.S. Treasury STRIPS Coupon<br>0.000% due 05/15/41<sup>9</sup> | 300000 |  | 137077 |
| 0.000% due 08/15/41<sup>9</sup> | 400000 |  | 179918 |
| **Total U.S. Treasury obligations**<br> (cost—$46,810,403) | **Total U.S. Treasury obligations**<br> (cost—$46,810,403) |  | **42936695** |
|  | **Number of<br>shares** |  |  |
| **Preferred stocks—1.5%** | **Preferred stocks—1.5%** | **Preferred stocks—1.5%** | **Preferred stocks—1.5%** |
| **Capital markets—0.8%** | **Capital markets—0.8%** | **Capital markets—0.8%** | **Capital markets—0.8%** |
| CION Investment Corp. | 48000 |  | 1192800 |
| OFS Capital Corp.\*<sup>,6</sup> | 27000 |  | 677700 |
| Trinity Capital, Inc.<sup>6</sup> | 50000 |  | 1264500 |
|  |  |  | 3135000 |
| **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** | **Mortgage real estate investment—0.7%** |
| Ellington Financial, Inc.<sup>2,7</sup> <br>Series C | 121000 |  | 3035890 |
| **Total preferred stocks**<br> (cost—$6,150,000) | **Total preferred stocks**<br> (cost—$6,150,000) |  | **6170890** |
| **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** | **Exchange traded funds—0.4%** |
| Invesco Senior Loan ETF<sup>6</sup>(cost—$1,876,499) | 82474 |  | 1726181 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount<sup>1</sup>** | **Value** |
| **Short-term investments—2.9%** | **Short-term investments—2.9%** | **Short-term investments—2.9%** |
| **Short-term U.S. Treasury obligations—0.6%** | **Short-term U.S. Treasury obligations—0.6%** | **Short-term U.S. Treasury obligations—0.6%** |
| U.S. Treasury Bills<br>4.279% due 01/08/26<sup>14</sup> | 1300000 | $1276065 |
| 4.352% due 10/09/25<sup>14</sup> | 1300000 | 1289404 |
| **Total short-term U.S. treasury obligations**<br> (cost—$2,566,141) | **Total short-term U.S. treasury obligations**<br> (cost—$2,566,141) | **2565469** |
|  | **Number of<br>shares** |  |
| **Investment companies—2.3%** | **Investment companies—2.3%** | **Investment companies—2.3%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 4.250%<sup>14</sup>(cost—$9,381,479) | 9381479 | 9381479 |
| **Total short-term investments**<br> (cost—$11,947,620) | **Total short-term investments**<br> (cost—$11,947,620) | **11946948** |
| **Investment of cash collateral from securities loaned—2.8%** | **Investment of cash collateral from securities loaned—2.8%** | **Investment of cash collateral from securities loaned—2.8%** |
| **Money market funds—2.8%** | **Money market funds—2.8%** | **Money market funds—2.8%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>14</sup>(cost—$11,763,235) | 11763235 | 11763235 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | |
| **Swaptions purchased—0.0%<sup>†</sup>** | **Swaptions purchased—0.0%<sup>†</sup>** | **Swaptions purchased—0.0%<sup>†</sup>** | **Swaptions purchased—0.0%<sup>†</sup>** | **Swaptions purchased—0.0%<sup>†</sup>** |
| **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** |
| 1 Year USD SOFR Interest <br>Rate Swap strike <br>@ 3.650, expires <br>08/04/25 <br>(Counterparty: MSCI; <br>pay floating rate);<br>underlying swap <br>terminates 08/06/26 | 9600000 | USD | 9600000 | 1 |
| 1 Year USD SOFR Interest <br>Rate Swap strike <br>@ 3.650, expires <br>08/12/25<br>(Counterparty: JPMCB; <br>pay floating rate);<br>underlying swap<br>terminates 08/14/26 | 8900000 | USD | 8900000 | 164 |
| **Total call swaptions** |  |  |  | **165** |
| **Total swaptions purchased**<br> (cost—$19,325) |  |  |  | **165** |
| **Total investments**<br> (cost—$457,210,487)—108.5% |  |  |  | **454168027** |
| Liabilities in excess of other assets—(8.5)% |  |  |  | (35462873) |
| **Net assets—100.0%** |  |  |  | $**418705154** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD 224,000 | 2000 | U.S. Treasury 10 Year Notes, strike @ 112.000 | GS | 08/22/25 | $(607) | $(500) | $107 |
| USD 337,500 | 3000 | U.S. Treasury 10 Year Notes, strike @ 112.500 | GS | 08/22/25 | (937) | (422) | 515 |
| **Total** |  |  |  |  | $**(1544)** | $**(922)** | $**622** |
|  |  | **Put options** |  |  |  |  |  |
| USD 547,500 | 5000 | U.S. Treasury 10 Year Notes, strike @ 109.500 | GS | 08/22/25 | $(1210) | $(469) | $741 |
| **Total options written** |  |  |  |  | $**(2754)** | $**(1391)** | $**1363** |

---

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Call swaptions** | **Counterparty** | **Pay/<br>receive<br>floating<br>rate** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1200 | 1200000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.708 terminating 08/06/35 | MSCI | Pay | 08/04/25 | $(12353) | $(101) | $12252 |
| USD | 1000 | 1000000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.739 terminating 08/14/35 | JPMCB | Pay | 08/12/25 | (7234) | (1797) | 5437 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.543 terminating 08/05/35 | GS | Pay | 08/01/25 | (356) |  | 356 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.570 terminating 08/06/35 | GS | Pay | 08/04/25 | (340) |  | 340 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.665 terminating 08/11/35 | MSCI | Pay | 08/07/25 | (320) | (27) | 293 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.683 terminating 08/12/35 | MSCI | Pay | 08/08/25 | (319) | (56) | 263 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.650 terminating 08/13/35 | MSCI | Pay | 08/11/25 | (304) | (49) | 255 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.699 terminating 08/18/35 | BOA | Pay | 08/14/25 | (335) | (157) | 178 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.695 terminating 08/18/35 | MSCI | Pay | 08/14/25 | (328) | (151) | 177 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.688 terminating 08/19/35 | MSCI | Pay | 08/15/25 | (307) | (156) | 151 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.669 terminating 08/27/35 | GS | Pay | 08/25/25 | (303) | (211) | 92 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.645 terminating 09/03/35 | GS | Pay | 08/29/25 | (275) | (225) | 50 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.680 terminating 08/29/35 | BB | Pay | 08/29/25 | (271) | (285) | (14) |
| **Total** | **Total** |  |  |  |  |  | $**(23045)** | $**(3215)** | $**19830** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

**Swaptions written—(concluded)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Put swaptions** | **Counterparty** | **Pay/<br>receive<br>floating<br>rate** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.893 terminating 08/05/35 | GS | Pay | 08/01/25 | $(356) | $(16) | $340 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.920 terminating 08/06/35 | GS | Pay | 08/04/25 | (340) | (22) | 318 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.015 terminating 08/11/35 | MSCI | Pay | 08/07/25 | (320) | (17) | 303 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.033 terminating 08/12/35 | MSCI | Pay | 08/08/25 | (319) | (21) | 298 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.000 terminating 08/13/35 | MSCI | Pay | 08/11/25 | (304) | (51) | 253 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.049 terminating 08/18/35 | BOA | Pay | 08/14/25 | (335) | (58) | 277 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.045 terminating 08/18/35 | MSCI | Pay | 08/14/25 | (328) | (60) | 268 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.038 terminating 08/19/35 | MSCI | Pay | 08/15/25 | (308) | (75) | 233 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 4.019 terminating 08/27/35 | GS | Pay | 08/25/25 | (303) | (157) | 146 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.995 terminating 09/03/35 | GS | Pay | 08/29/25 | (275) | (242) | 33 |
| USD | 100 | 100000 | 10 Year USD SOFR Interest Rate Swap <br>strike @ 3.980 terminating 08/29/35 | BB | Pay | 08/29/25 | (271) | (269) | 2 |
| **Total** | **Total** |  |  |  |  |  | $**(3459)** | $**(988)** | $**2471** |
| **Total swaptions written** | **Total swaptions written** |  |  |  |  |  | $**(26504)** | $**(4203)** | $**22301** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Interest rate futures buy contracts:** | | | | | | |
| 4 | EUR | Euro Bund 10 Year Futures | September 2025 | $597767 | $592054 | $(5713) |
| 12 | EUR | EURO Schatz 2 Year Futures | September 2025 | 1470943 | 1465985 | (4958) |
| 19 | CAD | Canadian Bond 10 Year Futures | September 2025 | 1651872 | 1652627 | 755 |
| 5 | GBP | United Kingdom Long Gilt Bond Futures | September 2025 | 603609 | 608556 | 4947 |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 100 | USD | U.S. Long Bond Futures | September 2025 | $11130730 | $11418750 | $288020 |
| 343 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | 37795866 | 38094437 | 298571 |
| 140 | USD | U.S. Treasury Note 2 Year Futures | September 2025 | 29014950 | 28977813 | (37137) |
| 192 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | 20717020 | 20769000 | 51980 |
| 214 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | 24232713 | 25104875 | 872162 |
| 177 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | 19683881 | 20014828 | 330947 |
| **Total** |  |  |  | $**146899351** | $**148698925** | $**1799574** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

**Futures contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures sell contracts:** | | | | | | |
| 4 | EUR | EURO Bobl 5 Year Index Futures | September 2025 | $(536517) | $(535314) | $1203 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 3 | USD | U.S. Long Bond Futures | September 2025 | $(339508) | $(342562) | $(3054) |
| 106 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | (11426208) | (11466219) | (40011) |
| 34 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | (3900101) | (3988625) | (88524) |
| 23 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | (2561235) | (2600797) | (39562) |
| **Total** |  |  |  | $**(18763569)** | $**(18933517)** | $**(169948)** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**1629626** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced <br>obligations** | **Implied credit<br>spread as of<br>July 31, <br>2025<sup>16</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>received <br>by the<br>Portfolio<sup>17</sup>** | **Upfront<br>payments<br>(received)<br>made** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CDX.NA.IG.S44 | N/A | USD | 100 | 06/20/30 | Quarterly | (1.000)% | $1682 | $2278 | $596 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied credit<br>spread as of<br>07/31/25<sup>16</sup>** | **Referenced <br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>Portfolio<sup>17</sup>** | **Upfront<br>payments<br>(received)<br>made** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | N/A | iTraxx Europe<br>Crossover S42 | EUR | 689 | 12/20/29 | Quarterly | 5.000% | $125345 | $143805 | $18460 |
| GSI | N/A | iTraxx Europe<br>Crossover S42 | EUR | 295 | 12/20/29 | Quarterly | 5.000 | 52688 | 61631 | 8943 |
| BNP | N/A | iTraxx Europe<br>Crossover S42 | EUR | 197 | 12/20/29 | Quarterly | 5.000 | 35915 | 41087 | 5172 |
|  |  |  |  |  |  |  |  | $**213948** | $**246523** | $**32575** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied credit<br>spread as of<br>07/31/25<sup>16</sup>** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>Portfolio<sup>17</sup>** | **Upfront<br>payments<br>(received)<br>made** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| AT&T, Inc., 3.800%, due 06/20/28 | N/A | USD | 400000 | 06/20/28 | Quarterly | 1.000% | $(909) | $6911 | $7820 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 100000 | 06/20/26 | Quarterly | 1.000 | 151 | 754 | 603 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 300000 | 06/20/30 | Quarterly | 1.000 | 759 | 4639 | 3880 |
| T-Mobile USA, Inc., 4.750%, <br>due 06/20/28 | N/A | USD | 200000 | 06/20/28 | Quarterly | 5.000 | 19890 | 27165 | 7275 |
| Verizon Communications, Inc., <br>4.125%, due 06/20/28 | N/A | USD | 400000 | 06/20/28 | Quarterly | 1.000 | (612) | 7119 | 7731 |
| Verizon Communications, Inc., <br>4.125%, due 06/20/28 | N/A | USD | 100000 | 12/20/28 | Quarterly | 1.000 | (160) | 1930 | 2090 |
| **Total** |  |  |  |  |  |  | $**19119** | $**48518** | $**29399** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>made by <br>the Portfolio<sup>17</sup>** | **Payments<br>received by<br>the Portfolio<sup>17</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| AUD | 500 | 09/20/33 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500% | $10243 | $16433 |
| AUD | 300 | 03/20/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | 5874 | 13116 |
| AUD | 500 | 09/18/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | 9335 | 7284 |
| AUD | 300 | 03/19/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.000 | (2748) | (2449) |
| BRL | 4300 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.548 | (28040) | (28040) |
| BRL | 1050 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.528 | (6943) | (6943) |
| BRL | 300 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.926 | (301) | (301) |
| BRL | 3100 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.927 | (3103) | (3129) |
| BRL | 200 | 01/04/27 | At Maturity | 1 day BRL CDI | 14.009 | (163) | (163) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.320 | (181) | (181) |
| BRL | 2100 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.291 | (2136) | (2114) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.354 | (153) | (153) |
| BRL | 2200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.400 | (772) | (719) |
| CAD | 1100 | 06/01/32 | Semi-annual | 3.500% | 1 day CAD CORRA | (27665) | (19958) |
| CAD | 300 | 12/20/33 | Semi-annual | 3.750 | 1 day CAD CORRA | (11291) | (10290) |
| EUR | 200 | 10/05/29 | Annual | 2.063 | 1 day EUR STR | 781 | 781 |
| EUR | 100 | 10/05/29 | Annual | 2.050 | 1 day EUR STR | 446 | 446 |
| EUR | 100 | 10/05/29 | Annual | 2.056 | 1 day EUR STR | 413 | 413 |
| EUR | 200 | 03/09/33 | Annual | 6 mo. EURIBOR | 2.547 | 126 | 126 |
| EUR | 100 | 11/05/34 | Annual | 6 mo. EURIBOR | 2.410 | (791) | (791) |
| EUR | 1760 | 09/17/35 | Annual | 6 mo. EURIBOR | 2.250 | (76870) | (4570) |
| EUR | 100 | 08/13/29 | Semi-annual | 2.700 | 6 mo. EURIBOR | (3338) | (3338) |
| EUR | 100 | 08/14/29 | Semi-annual | 2.650 | 6 mo. EURIBOR | (3062) | (3062) |
| EUR | 100 | 09/25/29 | Semi-annual | 2.300 | 6 mo. EURIBOR | (1108) | (1108) |
| EUR | 100 | 04/09/30 | Semi-annual | 2.400 | 6 mo. EURIBOR | (291) | (291) |
| EUR | 100 | 04/29/30 | Semi-annual | 2.350 | 6 mo. EURIBOR | (65) | (65) |
| EUR | 810 | 09/17/55 | Semi-annual | 2.250 | 6 mo. EURIBOR | 111049 | 44355 |
| GBP | 310 | 03/19/30 | Annual | 1 day GBP SONIA | 3.500 | (4997) | 2766 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment <br>frequency** | **Payments<br>made by <br>the Portfolio<sup>17</sup>** | **Payments<br>received by<br>the Portfolio<sup>17</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPY | 70000 | 06/18/32 | Annual | 1.250% | 1 day JPY TONA | $(3960) | $8480 |
| JPY | 10000 | 06/18/45 | Annual | 1 day JPY TONA | 2.000% | (613) | (2223) |
| JPY | 10000 | 06/18/55 | Annual | 1 day JPY TONA | 2.000 | (5693) | (5235) |
| USD | 400 | 05/31/28 | Annual | 3.807 | 1 day USD SOFR | (1758) | (1758) |
| USD | 200 | 06/20/29 | Annual | 3.750 | 1 day USD SOFR | (1138) | 81 |
| USD | 800 | 12/18/29 | Annual | 3.750 | 1 day USD SOFR | (2556) | 10286 |
| USD | 100 | 10/31/30 | Annual | 3.727 | 1 day USD SOFR | (90) | (90) |
| USD | 100 | 10/31/30 | Annual | 3.722 | 1 day USD SOFR | (62) | (62) |
| USD | 200 | 10/31/30 | Annual | 3.739 | 1 day USD SOFR | (315) | (315) |
| USD | 100 | 10/31/30 | Annual | 3.732 | 1 day USD SOFR | (117) | (117) |
| USD | 675 | 04/30/31 | Annual | 3.694 | 1 day USD SOFR | (1123) | (1124) |
| USD | 700 | 05/15/32 | Annual | 3.75 | 1 day USD SOFR | (3921) | (3279) |
| USD | 200 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 24092 | 2888 |
| USD | 1200 | 06/21/33 | Annual | 3.000 | 1 day USD SOFR | 61367 | 44198 |
| USD | 1690 | 08/15/33 | Annual | 3.687 | 1 day USD SOFR | 19700 | 19700 |
| USD | 700 | 08/15/33 | Annual | 3.734 | 1 day USD SOFR | 5561 | 5561 |
| USD | 300 | 08/15/33 | Annual | 3.763 | 1 day USD SOFR | 1699 | 1699 |
| USD | 200 | 08/15/33 | Annual | 3.753 | 1 day USD SOFR | 1293 | 1293 |
| USD | 700 | 08/15/33 | Annual | 3.717 | 1 day USD SOFR | 6519 | 6519 |
| USD | 300 | 08/15/33 | Annual | 3.745 | 1 day USD SOFR | 2127 | 2127 |
| USD | 300 | 08/15/33 | Annual | 3.754 | 1 day USD SOFR | 1910 | 1910 |
| USD | 100 | 11/22/33 | Annual | 4.250 | 1 day USD SOFR | (3487) | (3487) |
| USD | 30 | 12/19/33 | Annual | 3.950 | 1 day USD SOFR | (350) | (350) |
| USD | 600 | 12/20/33 | Annual | 3.500 | 1 day USD SOFR | 14074 | 11471 |
| USD | 300 | 02/15/35 | Annual | 3.9 | 1 day USD SOFR | (2402) | (1604) |
| USD | 300 | 02/18/35 | Annual | 4.095 | 1 day USD SOFR | (6487) | (6487) |
| USD | 100 | 03/11/35 | Annual | 3.899 | 1 day USD SOFR | (511) | (511) |
| USD | 100 | 03/12/35 | Annual | 3.905 | 1 day USD SOFR | (563) | (564) |
| USD | 200 | 03/24/35 | Annual | 3.930 | 1 day USD SOFR | (1551) | (1551) |
| USD | 1800 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 172429 | 128846 |
| USD | 100 | 12/17/54 | Annual | 3.765 | 1 day USD SOFR | 5305 | 5305 |
| USD | 200 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 20017 | 15406 |
| USD | 100 | 02/15/55 | Annual | 3.642 | 1 day USD SOFR | 7251 | 7251 |
| USD | 800 | 12/18/25 | At Maturity | 3.500 | 1 day USD SOFR | 6913 | 6807 |
|  | **Total** |  |  |  |  | $**277809** | $**249126** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced<br>obligations** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made <br>by the<br>Portfolio<sup>17</sup>** | **Upfront<br>payments<br>(received)<br>made** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| DB | Petroleos<br>Mexicanos | USD | 71 | 07/6/26 | Monthly | (4.750)% | $— | $1882 | $1882 |
| GSI | SoftBank<br>Group Corp. | USD | 100 | 06/20/26 | Quarterly | (1.000) | (429) | 136 | 565 |
| **Total** |  |  |  |  |  |  | $**(429)** | $**2018** | $**2447** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>Date** | **Payment<br>frequency** | **Payment<br>made by<br>the Portfolio<sup>17</sup>** | **Payments<br>received by<br>the Portfolio<sup>17</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| GSI | USD | 16 | 09/11/25 | At Maturity | 1 day USD SOFR | 0.400% | $— | $9364 | $9364 |
| GSI | USD | 13 | 10/17/25 | At Maturity | 1 day USD SOFR | (0.250) |  | 1488 | 1488 |
|  |  |  |  |  |  |  | $**—** | $**10852** | $**10852** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | CHF | 65589 | USD | 82585 | 08/04/25 | $1835 |
| BB | GBP | 234000 | USD | 318426 | 08/04/25 | 9394 |
| BB | USD | 78339 | TRY | 3231484 | 08/04/25 | 1265 |
| BB | USD | 13997 | SGD | 18016 | 08/05/25 | (120) |
| BB | USD | 13726 | TRY | 568275 | 08/05/25 | 261 |
| BB | USD | 10153 | TRY | 421309 | 08/07/25 | 198 |
| BB | USD | 4804 | PLN | 17496 | 08/11/25 | (136) |
| BB | USD | 64134 | TRY | 2671822 | 08/11/25 | 1286 |
| BB | USD | 20958 | TRY | 873642 | 08/13/25 | 394 |
| BB | USD | 13506 | TRY | 564260 | 08/14/25 | 272 |
| BB | USD | 21649 | TRY | 900734 | 08/15/25 | 324 |
| BB | MYR | 102998 | USD | 24321 | 08/20/25 | 156 |
| BB | USD | 73940 | CNH | 537000 | 08/20/25 | 627 |
| BB | USD | 10000 | THB | 322626 | 08/20/25 | (116) |
| BB | ZAR | 553646 | USD | 30923 | 08/20/25 | 564 |
| BB | USD | 10496 | TRY | 438910 | 08/26/25 | 104 |
| BB | AUD | 31000 | USD | 20019 | 09/02/25 | 86 |
| BB | SGD | 17978 | USD | 13997 | 09/02/25 | 120 |
| BB | USD | 65613 | TRY | 2759769 | 09/05/25 | 442 |
| BB | USD | 45991 | TRY | 1938968 | 09/09/25 | 264 |
| BB | USD | 34969 | TRY | 1475324 | 09/10/25 | 197 |
| BB | USD | 35084 | TRY | 1479900 | 09/12/25 | 131 |
| BB | USD | 57436 | TRY | 2430532 | 09/17/25 | 161 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BNP | BRL | 168065 | USD | 30008 | 08/04/25 | $(6) |
| BNP | CHF | 37499 | USD | 46451 | 08/04/25 | 284 |
| BNP | JPY | 18683036 | USD | 126940 | 08/04/25 | 3048 |
| BNP | USD | 30000 | BRL | 168065 | 08/04/25 | 14 |
| BNP | USD | 47792 | JPY | 6868691 | 08/04/25 | (2244) |
| BNP | AUD | 30000 | USD | 19751 | 08/05/25 | 471 |
| BNP | USD | 320132 | AUD | 491000 | 08/05/25 | (4591) |
| BNP | TWD | 549449 | USD | 18670 | 08/07/25 | 256 |
| BNP | USD | 10000 | IDR | 162020000 | 08/07/25 | (154) |
| BNP | USD | 10000 | KRW | 13536000 | 08/07/25 | (238) |
| BNP | USD | 20000 | TWD | 572804 | 08/07/25 | (804) |
| BNP | MXN | 187000 | USD | 10009 | 08/18/25 | 111 |
| BNP | CNH | 948575 | USD | 132788 | 08/20/25 | 1070 |
| BNP | THB | 478329 | USD | 14776 | 08/20/25 | 121 |
| BNP | TWD | 3856925 | USD | 118303 | 08/20/25 | (11090) |
| BNP | USD | 60706 | CNH | 433000 | 08/20/25 | (580) |
| BNP | USD | 18610 | IDR | 301729327 | 08/20/25 | (281) |
| BNP | USD | 22112 | INR | 1921979 | 08/20/25 | (189) |
| BNP | USD | 4597 | PLN | 16757 | 08/20/25 | (127) |
| BNP | USD | 10000 | THB | 323424 | 08/20/25 | (91) |
| BNP | USD | 18670 | TWD | 548553 | 08/20/25 | (267) |
| BNP | AUD | 491000 | USD | 320296 | 09/02/25 | 4594 |
| BNP | USD | 46451 | CHF | 37363 | 09/02/25 | (289) |
| BNP | USD | 76762 | JPY | 11346122 | 09/02/25 | (1280) |
| BNP | USD | 30008 | BRL | 169353 | 09/03/25 | (2) |
| BNP | BRL | 2000000 | USD | 326321 | 10/02/25 | (25661) |
| BOA | BRL | 56167 | USD | 10026 | 08/04/25 | (5) |
| BOA | JPY | 9834976 | USD | 66475 | 08/04/25 | 1256 |
| BOA | SGD | 26000 | USD | 20187 | 08/04/25 | 162 |
| BOA | USD | 10000 | BRL | 56167 | 08/04/25 | 31 |
| BOA | AUD | 47000 | USD | 30691 | 08/05/25 | 487 |
| BOA | SGD | 7473 | USD | 5850 | 08/05/25 | 94 |
| BOA | USD | 46408 | SGD | 59412 | 08/05/25 | (647) |
| BOA | USD | 10000 | IDR | 162365000 | 08/07/25 | (133) |
| BOA | USD | 10000 | KRW | 13611700 | 08/07/25 | (183) |
| BOA | USD | 20000 | TWD | 574038 | 08/07/25 | (763) |
| BOA | TWD | 19389 | USD | 595 | 08/20/25 | (56) |
| BOA | USD | 161406 | CNH | 1155000 | 08/20/25 | (1024) |
| BOA | USD | 10000 | KRW | 13780000 | 08/25/25 | (52) |
| BOA | SGD | 59282 | USD | 46408 | 09/02/25 | 648 |
| BOA | USD | 116496 | JPY | 17259065 | 09/02/25 | (1676) |
| BOA | USD | 10000 | BRL | 56143 | 09/03/25 | (53) |
| BOA | ILS | 666966 | USD | 198699 | 10/15/25 | 2209 |
| CITI | USD | 2676108 | EUR | 2296103 | 08/04/25 | (55796) |
| CITI | TWD | 597430 | USD | 20309 | 08/07/25 | 288 |
| CITI | USD | 186748 | PLN | 676004 | 08/11/25 | (6383) |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| CITI | CNH | 95000 | USD | 13216 | 08/20/25 | $24 |
| CITI | TWD | 6399919 | USD | 195961 | 08/20/25 | (18744) |
| CITI | USD | 215328 | INR | 18550755 | 08/20/25 | (3730) |
| CITI | USD | 33441 | TWD | 999886 | 08/20/25 | 103 |
| CITI | USD | 163467 | TWD | 4717593 | 08/20/25 | (5201) |
| CITI | ZAR | 1018668 | USD | 56790 | 08/20/25 | 931 |
| CITI | EUR | 2291651 | USD | 2676108 | 09/02/25 | 55844 |
| CITI | USD | 49117 | CHF | 39777 | 09/02/25 | 27 |
| CITI | USD | 42401 | EUR | 37000 | 09/02/25 | (96) |
| CITI | AUD | 4633 | USD | 3037 | 10/15/25 | 55 |
| CITI | GBP | 450000 | USD | 611630 | 10/15/25 | 16927 |
| CITI | USD | 395 | CAD | 536 | 10/15/25 | (6) |
| CITI | USD | 375362 | JPY | 54351648 | 10/15/25 | (12045) |
| CITI | ZAR | 3557899 | USD | 198906 | 10/15/25 | 4559 |
| CITI | TWD | 992194 | USD | 33441 | 10/20/25 | (4) |
| CITI | PEN | 427347 | USD | 116787 | 11/17/25 | (1806) |
| DB | EUR | 2351819 | USD | 2734339 | 08/04/25 | 50444 |
| DB | USD | 92706 | PLN | 335004 | 08/11/25 | (3323) |
| DB | CNH | 3393620 | USD | 474846 | 08/20/25 | 3610 |
| DB | KRW | 148605584 | USD | 108934 | 08/20/25 | 1685 |
| DB | USD | 98956 | INR | 8530871 | 08/20/25 | (1649) |
| DB | USD | 52388 | KRW | 72793126 | 08/20/25 | 147 |
| DB | ZAR | 645757 | USD | 36118 | 08/20/25 | 708 |
| DB | KRW | 72681540 | USD | 52388 | 09/17/25 | (149) |
| DB | USD | 127873 | MXN | 2465332 | 09/17/25 | 2195 |
| GS | BRL | 111580 | USD | 19918 | 08/04/25 | (9) |
| GS | USD | 20000 | BRL | 111580 | 08/04/25 | (73) |
| GS | CNH | 69000 | USD | 9639 | 08/20/25 | 58 |
| GS | USD | 96103 | IDR | 1562482160 | 08/20/25 | (1187) |
| GS | USD | 10000 | THB | 323478 | 08/20/25 | (90) |
| GS | USD | 20000 | IDR | 325820000 | 08/25/25 | (210) |
| GS | USD | 20000 | IDR | 327660000 | 08/29/25 | (101) |
| GS | USD | 10000 | KRW | 13872785 | 08/29/25 | 17 |
| GS | BRL | 100000 | USD | 16394 | 10/02/25 | (1205) |
| GS | USD | 627476 | BRL | 3538149 | 10/02/25 | (4794) |
| GS | MXN | 187000 | USD | 9849 | 12/17/25 | 78 |
| GS | USD | 87398 | MXN | 1692000 | 12/17/25 | 1013 |
| GSI | EUR | 3723726 | USD | 4393980 | 10/15/25 | 124225 |
| GSI | MXN | 284623 | USD | 15119 | 10/15/25 | 148 |
| GSI | USD | 1274915 | EUR | 1091000 | 10/15/25 | (23938) |
| HSBC | JPY | 7400000 | USD | 49938 | 08/04/25 | 867 |
| HSBC | SEK | 195000 | USD | 20219 | 08/04/25 | 300 |
| HSBC | USD | 80833 | CHF | 64000 | 08/04/25 | (2040) |
| HSBC | USD | 70776 | EUR | 60000 | 08/04/25 | (2304) |
| HSBC | USD | 254289 | JPY | 36533395 | 08/04/25 | (12025) |
| HSBC | AUD | 294000 | USD | 193158 | 08/05/25 | 4218 |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| HSBC | CAD | 432655 | USD | 315276 | 08/05/25 | $2965 |
| HSBC | SGD | 130490 | USD | 101137 | 08/05/25 | 629 |
| HSBC | USD | 50730 | SGD | 65442 | 08/05/25 | (324) |
| HSBC | CNH | 64635 | USD | 8946 | 08/20/25 | (29) |
| HSBC | KRW | 74398669 | USD | 54541 | 08/20/25 | 847 |
| HSBC | THB | 819665 | USD | 25351 | 08/20/25 | 239 |
| HSBC | TWD | 2299917 | USD | 70293 | 08/20/25 | (6865) |
| HSBC | USD | 74991 | KRW | 103517576 | 08/20/25 | (282) |
| HSBC | USD | 10000 | THB | 320827 | 08/20/25 | (171) |
| HSBC | USD | 83781 | TWD | 2390524 | 08/20/25 | (3584) |
| HSBC | SGD | 65300 | USD | 50730 | 09/02/25 | 324 |
| HSBC | KRW | 103361595 | USD | 74991 | 09/17/25 | 278 |
| JPMCB | USD | 49330 | CHF | 39000 | 08/04/25 | (1315) |
| JPMCB | USD | 314145 | GBP | 234000 | 08/04/25 | (5113) |
| JPMCB | AUD | 151000 | USD | 99028 | 08/05/25 | 1988 |
| JPMCB | SGD | 4893 | USD | 3830 | 08/05/25 | 62 |
| JPMCB | USD | 313723 | CAD | 432937 | 08/05/25 | (1208) |
| JPMCB | CNH | 1042280 | USD | 145669 | 08/20/25 | 938 |
| JPMCB | CNH | 84801 | USD | 11724 | 08/20/25 | (51) |
| JPMCB | INR | 2960576 | USD | 33768 | 08/20/25 | (2) |
| JPMCB | KRW | 193756960 | USD | 141854 | 08/20/25 | 2019 |
| JPMCB | TWD | 5349178 | USD | 163979 | 08/20/25 | (15475) |
| JPMCB | USD | 110784 | CNH | 792000 | 08/20/25 | (807) |
| JPMCB | USD | 34161 | IDR | 555013767 | 08/20/25 | (445) |
| JPMCB | USD | 24723 | INR | 2143608 | 08/20/25 | (272) |
| JPMCB | USD | 51679 | KRW | 71895825 | 08/20/25 | 209 |
| JPMCB | USD | 4821 | PLN | 17583 | 08/20/25 | (130) |
| JPMCB | USD | 28557 | TWD | 819557 | 08/20/25 | (1062) |
| JPMCB | ZAR | 552638 | USD | 30976 | 08/20/25 | 672 |
| JPMCB | CAD | 432338 | USD | 313723 | 09/02/25 | 1213 |
| JPMCB | GBP | 234000 | USD | 314234 | 09/02/25 | 5115 |
| JPMCB | USD | 125068 | TRY | 5260603 | 09/03/25 | 1065 |
| JPMCB | KRW | 71785232 | USD | 51679 | 09/17/25 | (210) |
| JPMCB | USD | 33768 | INR | 2964594 | 09/17/25 | 8 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**72868** |

---

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $59517595 | $— | $59517595 |
| Corporate bonds |  | 195191923 |  | 195191923 |
| Loan assignments |  | 35067095 | 480000 | 35547095 |
| Mortgage-backed securities |  | 48818826 |  | 48818826 |
| Municipal bonds |  | 2067368 |  | 2067368 |
| Non-U.S. government agency obligations |  | 5606623 |  | 5606623 |
| U.S. government agency obligations |  | 32873321 | 1162 | 32874483 |
| U.S. Treasury obligations |  | 42936695 |  | 42936695 |
| Preferred stocks | 6170890 |  |  | 6170890 |
| Exchange traded funds | 1726181 |  |  | 1726181 |
| Investment companies | 9381479 |  |  | 9381479 |
| Short-term U.S. Treasury obligations |  | 2565469 |  | 2565469 |
| Investment of cash collateral from securities loaned | 11763235 |  |  | 11763235 |
| Swaptions Purchased |  | 165 |  | 165 |
| Futures contracts | 1848585 |  |  | 1848585 |
| Swap agreements |  | 798713 |  | 798713 |
| Forward foreign currency contracts |  | 319979 |  | 319979 |
| **Total** | $**30890370** | $**425763772** | $**481162** | $**457135304** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Options written | $(1391) | $— | $— | $(1391) |
| Swaptions written |  | (4203) |  | (4203) |
| Futures contracts | (218959) |  |  | (218959) |
| Swap agreements |  | (210715) |  | (210715) |
| Forward foreign currency contracts |  | (247111) |  | (247111) |
| **Total** | $**(220350)** | $**(462029)** | $**—** | $**(682379)** |

---

At July 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**

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

\* Non-income producing security.

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

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

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $173,847,276, represented 41.5% of the Portfolio's net assets at period end.

------

PACE Strategic Fixed Income Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes—(concluded)**

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

<sup>5</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

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

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

<sup>9</sup> Zero coupon bond.

<sup>10</sup> Position is unsettled. Contract rate was not determined at July 31, 2025 and does not take effect until settlement.

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

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

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

<sup>14</sup> Rate shown reflects yield at July 31, 2025.

<sup>15</sup> If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

<sup>16</sup> Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

See accompanying notes to financial statements

------

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—99.4%** | **Municipal bonds—99.4%** | **Municipal bonds—99.4%** |
| **Alabama—3.3%** | **Alabama—3.3%** | **Alabama—3.3%** |
| Black Belt Energy Gas District, Revenue Bonds,<br>Series D,<br>5.000%, due 11/01/34 | $1000000 | $1054090 |
| County of Jefferson AL Sewer Revenue, <br>Refunding, Revenue Bonds,<br>5.000%, due 10/01/32 | 1000000 | 1097830 |
| 5.000%, due 10/01/38 | 1000000 | 1043919 |
| 5.000%, due 10/01/39 | 1000000 | 1034792 |
| 5.250%, due 10/01/40 | 750000 | 785651 |
|  |  | 5016282 |
| **Arizona—3.7%** | **Arizona—3.7%** | **Arizona—3.7%** |
| Arizona Industrial Development Authority, <br>Equitable School Revolving Fund LLC Obligated <br>Group, Revenue Bonds,<br>Series A,<br>4.000%, due 11/01/35 | 2000000 | 1933584 |
| Arizona Industrial Development Authority, <br>Revenue Bonds,<br>Series 2019-2,Class A<br>3.625%, due 05/20/33 | 790991 | 760994 |
| Chandler Industrial Development Authority, <br>Intel Corp., Revenue Bonds, AMT,<br>4.000%, due 06/01/49<sup>1</sup> | 750000 | 745822 |
| City of Phoenix Civic Improvement Corp., City of <br>Phoenix AZ Airport, Revenue Bonds, AMT,<br>Series B,<br>5.000%, due 07/01/30 | 1000000 | 1058114 |
| Salt Verde Financial Corp., Revenue Bonds,<br>5.000%, due 12/01/32 | 1000000 | 1067565 |
|  |  | 5566079 |
| **California—3.0%** | **California—3.0%** | **California—3.0%** |
| California Housing Finance Agency, Revenue Bonds,<br>Series 2021-1,Class A<br>3.500%, due 11/20/35 | 1399303 | 1305583 |
| Los Angeles Department of Water & Power, <br>Revenue Bonds,<br>Series B,<br>5.000%, due 07/01/37 | 850000 | 900133 |
| San Francisco City & County Airport Comm-San<br>Francisco International Airport, Refunding, <br>Revenue Bonds, AMT,<br>Series A- SAN FRANCIS,<br>5.000%, due 05/01/39 | 1000000 | 1026762 |
| Southern California Public Power Authority, <br>Los Angeles Department of Water & Power<br>Power System, Revenue Bonds,<br>5.000%, due 07/01/34 | 1215000 | 1350683 |
|  |  | 4583161 |
| **Colorado—0.8%** | **Colorado—0.8%** | **Colorado—0.8%** |
| Colorado Health Facilities Authority, AdventHealth<br>Obligated Group, Refunding, Revenue Bonds,<br>Series B,<br>5.000%, due 11/15/49<sup>1,2</sup> | 140000 | 144172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Colorado—(concluded)** | **Colorado—(concluded)** | **Colorado—(concluded)** | **Colorado—(concluded)** | **Colorado—(concluded)** |
| Southern Ute Indian Tribe of the Southern Ute<br>Reservation of Colorado, GO Bonds,<br>Series A,<br>5.000%, due 04/01/35<sup>3</sup> | $| 1000000 | $ | 1054752 |
|  |  |  |  | 1198924 |
| **Connecticut—1.7%** | **Connecticut—1.7%** | **Connecticut—1.7%** | **Connecticut—1.7%** | **Connecticut—1.7%** |
| State of Connecticut Special Tax, Revenue Bonds,<br>Series A,<br>4.000%, due 05/01/36 |  | 1000000 |  | 1011386 |
| Series A,<br>4.000%, due 05/01/39 |  | 1650000 |  | 1609956 |
|  |  |  |  | 2621342 |
| **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, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 07/01/41 |  | 1500000 |  | 1553980 |
| **Florida—4.0%** | **Florida—4.0%** | **Florida—4.0%** | **Florida—4.0%** | **Florida—4.0%** |
| Central Florida Expressway Authority Senior Lien, <br>Revenue Bonds, (Assured Guaranty Corp.),<br>Series D,<br>5.000%, due 07/01/35 |  | 1500000 |  | 1612175 |
| City of Jacksonville FL, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/39 |  | 750000 |  | 797240 |
| County of Miami-Dade FL Water & Sewer System, <br>Revenue Bonds,<br>Series B,<br>5.000%, due 10/01/40 |  | 1250000 |  | 1318626 |
| Miami Beach Redevelopment Agency, Tax <br>Allocation Bonds, (Assured Guaranty Corp.),<br>5.000%, due 02/01/31<sup>4</sup> |  | 720000 |  | 792881 |
| Volusia County Educational Facility Authority,<br>Embry-Riddle Aeronautical University, Inc.,<br>Revenue Bonds,<br>5.000%, due 10/15/39 |  | 1500000 |  | 1590596 |
|  |  |  |  | 6111518 |
| **Georgia—4.1%** | **Georgia—4.1%** | **Georgia—4.1%** | **Georgia—4.1%** | **Georgia—4.1%** |
| Development Authority for Fulton County, WellStar<br>Health System Obligated Group, Revenue Bonds,<br>Series A,<br>5.000%, due 04/01/36 |  | 1000000 |  | 1014956 |
| Georgia Ports Authority, Houston Methodist <br>Hospital Obligated Group, Revenue Bonds,<br>5.000%, due 07/01/41 |  | 1500000 |  | 1571271 |
| Main Street Natural Gas, Inc., Revenue Bonds,<br>Series A,<br>5.500%, due 09/15/28 |  | 1500000 |  | 1595893 |
| Series C,<br>5.000%, due 09/01/53<sup>1</sup> |  | 1000000 |  | 1056913 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** | **Georgia—(concluded)** |
| Municipal Electric Authority of Georgia, Plant<br>Vogtle Unis 3&4 Project, Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/33 | $| 1000000 | $ | 1044554 |
|  |  |  |  | 6283587 |
| **Hawaii—0.7%** | **Hawaii—0.7%** | **Hawaii—0.7%** | **Hawaii—0.7%** | **Hawaii—0.7%** |
| Hawaii Airports System, Revenue Bonds, AMT,<br>Series A,<br>5.000%, due 07/01/29 |  | 1000000 |  | 1047576 |
| **Illinois—8.2%** | **Illinois—8.2%** | **Illinois—8.2%** | **Illinois—8.2%** | **Illinois—8.2%** |
| Chicago Midway International Airport, Refunding, <br>Revenue Bonds, AMT, <br>Series C,<br>5.000%, due 01/01/34 |  | 1500000 |  | 1604851 |
| Chicago O'Hare International Airport Senior Lien, <br>Refunding, Revenue Bonds,<br>Series B,<br>5.000%, due 01/01/35 |  | 1000000 |  | 1004535 |
| City of Chicago IL Wastewater Transmission<br>Revenue, Refunding, Revenue Bonds, (Build<br>America Mutual Assurance Corp.),<br>Series A,<br>5.000%, due 01/01/38 |  | 1700000 |  | 1815079 |
| City of Chicago IL, GO Bonds,<br>Series A,<br>5.000%, due 01/01/44 |  | 500000 |  | 473538 |
| City of Chicago IL, Refunding, GO Bonds,<br>Series A,<br>4.000%, due 01/01/35 |  | 1250000 |  | 1194651 |
| County of Cook IL Sales Tax, Refunding, <br>Revenue Bonds,<br>5.000%, due 11/15/35 |  | 2500000 |  | 2562266 |
| Illinois Finance Authority, University of Chicago,<br>Refunding, Revenue Bonds,<br>Series A,<br>5.250%, due 04/01/43 |  | 900000 |  | 928349 |
| Regional Transportation Authority, Revenue Bonds, <br>(National Public Finance Guarantee Corp.),<br>6.500%, due 07/01/30 |  | 1000000 |  | 1107790 |
| Sales Tax Securitization Corp. Second Lien,<br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/36 |  | 1770000 |  | 1845522 |
|  |  |  |  | 12536581 |
| **Indiana—3.3%** | **Indiana—3.3%** | **Indiana—3.3%** | **Indiana—3.3%** | **Indiana—3.3%** |
| Indiana Finance Authority First Lien, CWA <br>Authority, Inc., Refunding, Revenue Bonds,<br>Series 1,<br>4.000%, due 10/01/36 |  | 2020000 |  | 2024971 |
| Indiana Finance Authority, Marion County Capital<br>Improvement Board, Refunding, Revenue Bonds,<br>Series A,<br>5.250%, due 02/01/35 |  | 1000000 |  | 1000000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Indiana—(concluded)** | **Indiana—(concluded)** | **Indiana—(concluded)** | **Indiana—(concluded)** | **Indiana—(concluded)** |
| Richmond Hospital Authority, Reid Hospital & <br>Health Care Services, Inc., Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/30 | $| 2055000 | $ | 2056672 |
|  |  |  |  | 5081643 |
| **Iowa—0.4%** | **Iowa—0.4%** | **Iowa—0.4%** | **Iowa—0.4%** | **Iowa—0.4%** |
| Iowa Tobacco Settlement Authority, Refunding, <br>Revenue Bonds,<br>Series A-2,Class 1<br>5.000%, due 06/01/33 |  | 500000 |  | 524328 |
| **Kentucky—1.4%** | **Kentucky—1.4%** | **Kentucky—1.4%** | **Kentucky—1.4%** | **Kentucky—1.4%** |
| Kentucky Public Energy Authority, Refunding, <br>Revenue Bonds,<br>Series A-1,<br>5.250%, due 04/01/54<sup>1</sup> |  | 2000000 |  | 2144032 |
| **Louisiana—1.9%** | **Louisiana—1.9%** | **Louisiana—1.9%** | **Louisiana—1.9%** | **Louisiana—1.9%** |
| Jefferson Sales Tax District, Revenue Bonds, <br>(Assured Guaranty Corp.), <br>Series B,<br>4.000%, due 12/01/32 |  | 1895000 |  | 1940316 |
| Parish of St John the Baptist LA, Marathon Oil Corp, <br>Refunding, Revenue Bonds,<br>Series A-3,<br>2.200%, due 06/01/37<sup>1</sup> |  | 1000000 |  | 991757 |
|  |  |  |  | 2932073 |
| **Massachusetts—1.3%** | **Massachusetts—1.3%** | **Massachusetts—1.3%** | **Massachusetts—1.3%** | **Massachusetts—1.3%** |
| Commonwealth of Massachusetts, GO Bonds,<br>Series D,<br>4.000%, due 05/01/34 |  | 2000000 |  | 2035701 |
| **Michigan—0.7%** | **Michigan—0.7%** | **Michigan—0.7%** | **Michigan—0.7%** | **Michigan—0.7%** |
| Detroit Downtown Development<br>Authority, Catalyst Development Area, Refunding, <br>Tax Allocation Bonds,<br>5.000%, due 07/01/38 |  | 1000000 |  | 1060930 |
| **Missouri—1.3%** | **Missouri—1.3%** | **Missouri—1.3%** | **Missouri—1.3%** | **Missouri—1.3%** |
| Health & Educational Facilities Authority of the <br>State of Missouri, CoxHealth Obligated Group,<br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 11/15/34 |  | 2000000 |  | 2005006 |
| **New Jersey—4.0%** | **New Jersey—4.0%** | **New Jersey—4.0%** | **New Jersey—4.0%** | **New Jersey—4.0%** |
| Tobacco Settlement Financing Corp., Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 06/01/34 |  | 6000000 |  | 6096157 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Mexico—2.3%** | **New Mexico—2.3%** | **New Mexico—2.3%** |
| New Mexico Educational Assistance Foundation,<br>Refunding, Revenue Bonds, AMT,<br>Series 1A,<br>5.000%, due 09/01/28 | $2000000 | $2084089 |
| New Mexico Hospital Equipment Loan Council,<br>Presbyterian Healthcare Services Obligated Group,<br>Refunding, Revenue Bonds,<br>4.000%, due 08/01/39 | 1585000 | 1445528 |
|  |  | 3529617 |
| **New York—8.4%** | **New York—8.4%** | **New York—8.4%** |
| City Of New York NY, GO Bonds, <br>Series B, Subseries B-1,<br>5.250%, due 10/01/41 | 1180000 | 1243255 |
| New York State Dormitory Authority, Personal <br>Income Tax, Refunding, Revenue Bonds,<br>Series E,<br>4.000%, due 03/15/42 | 2860000 | 2586692 |
| New York State Urban Development Corp., <br>Personal Income Tax, Revenue Bonds,<br>Series A,<br>4.000%, due 03/15/39 | 1890000 | 1800064 |
| New York Transportation Development Corp., JFK<br>International Air Terminal LLC, Revenue Bonds, <br>AMT,<br>5.000%, due 12/01/35 | 2000000 | 2071161 |
| 5.000%, due 12/01/36 | 1000000 | 1024943 |
| New York Transportation Development Corp., JFK <br>NTO LLC, Revenue Bonds, (Assured Guaranty<br>Corp.), AMT,<br>4.250%, due 06/30/42 | 1000000 | 923249 |
| New York Transportation Development Corp., <br>Laguardia Gateway Partners LLC, Revenue Bonds,<br>AMT,<br>Series A-P3,<br>5.000%, due 07/01/34 | 1000000 | 1000993 |
| New York Transportation Development Corp., <br>Revenue Bonds, (Assured Guaranty Corp.), AMT,<br>6.000%, due 06/30/43 | 1000000 | 1075377 |
| TSASC, Inc., Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 06/01/34 | 1000000 | 1006544 |
|  |  | 12732278 |
| **North Carolina—1.7%** | **North Carolina—1.7%** | **North Carolina—1.7%** |
| Charlotte NC Airport Revenue, Revenue Bonds, <br>AMT,<br>Series B,<br>5.000%, due 07/01/36 | 1540000 | 1615388 |
| Nash Health Care Systems, Revenue Bonds,<br>5.500%, due 02/01/44<sup>4</sup> | 995000 | 1033893 |
|  |  | 2649281 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **North Dakota—0.9%** | **North Dakota—0.9%** | **North Dakota—0.9%** |
| North Dakota Housing Finance Agency,<br>Revenue Bonds,<br>Series C,<br>5.000%, due 07/01/42 | $1330000 | $1352249 |
| **Ohio—4.1%** | **Ohio—4.1%** | **Ohio—4.1%** |
| Ohio Water Development Authority Water Pollution <br>Control Loan Fund, Revenue Bonds,<br>Series A,<br>5.000%, due 12/01/41 | 1500000 | 1581785 |
| Ohio Water Development Authority, Revenue Bonds,<br>Series A,<br>5.000%, due 12/01/39 | 1500000 | 1602569 |
| State of Ohio, Cleveland Clinic Health System<br>Obligated Group, Revenue Bonds,<br>Series C,<br>2.750%, due 01/01/52<sup>1</sup> | 1980000 | 1964942 |
| University of Cincinnati, Revenue Bonds,<br>Series A,<br>5.250%, due 06/01/43 | 1000000 | 1043208 |
|  |  | 6192504 |
| **Oklahoma—0.4%** | **Oklahoma—0.4%** | **Oklahoma—0.4%** |
| Oklahoma Municipal Power Authority, Power <br>Supply System, Revenue Bonds, (Assured <br>Guaranty Corp.),<br>Series A,<br>4.000%, due 01/01/33 | 650000 | 667196 |
| **Pennsylvania—9.3%** | **Pennsylvania—9.3%** | **Pennsylvania—9.3%** |
| Allegheny County Hospital Development Authority,<br>Allegheny Health Network Obligated Group, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 04/01/29 | 3190000 | 3349052 |
| Commonwealth Financing Authority, Tobacco <br>Master Settlement Payment, Revenue Bonds,<br>5.000%, due 06/01/31 | 1500000 | 1567409 |
| Pennsylvania Economic Development Financing<br>Authority, The Penndot Major Bridges, Revenue<br>Bonds, AMT,<br>5.000%, due 06/30/34 | 2200000 | 2312639 |
| Pennsylvania Housing Finance Agency, Refunding, <br>Revenue Bonds, AMT,<br>5.000%, due 10/01/27 | 1250000 | 1294915 |
| Philadelphia Airport PA, Refunding, Revenue Bonds,<br>AMT,<br>Series B,<br>5.000%, due 07/01/32 | 1250000 | 1275583 |
| Philadelphia Authority for Industrial Development,<br>Revenue Bonds,<br>5.000%, due 05/01/38 | 1000000 | 1066515 |
| Philadelphia School District Prerefunded, GO <br>Bonds, (State Aid Withholding),<br>Series F,<br>5.000%, due 09/01/30<sup>2</sup> | 10000 | 10265 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** | **Pennsylvania—(concluded)** |
| Philadelphia School District, GO Bonds, (State Aid<br>Withholding), <br>Series A,<br>4.000%, due 09/01/35 | $| 1500000 | $| 1485873 |
| Southeastern Pennsylvania Transportation Authority,<br>Revenue Bonds,<br>5.250%, due 06/01/40 |  | 1750000 |  | 1852310 |
|  |  |  |  | 14214561 |
| **Rhode Island—2.2%** | **Rhode Island—2.2%** | **Rhode Island—2.2%** | **Rhode Island—2.2%** | **Rhode Island—2.2%** |
| Rhode Island Health and Educational Building <br>Corp., State of Rhode Island, Revenue Bonds, <br>(Short-Term Appropriation),<br>4.000%, due 05/15/42 |  | 2300000 |  | 2081315 |
| Rhode Island Student Loan Authority, Student Loan,<br>Revenue Bonds, AMT,<br>Series A-SENIOR BONDS,<br>5.000%, due 12/01/30 |  | 1125000 |  | 1189225 |
|  |  |  |  | 3270540 |
| **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** | **South Carolina—1.0%** |
| Piedmont Municipal Power Agency, Catawba <br>Project Power Sales, Refunding, Revenue Bonds,<br>Series B,<br>4.000%, due 01/01/34 |  | 1500000 |  | 1501867 |
| **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** | **Tennessee—0.9%** |
| Metropolitan Government Nashville & Davidson <br>County Health & Educational Facilities Board,<br>Lipscomb University, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/35 |  | 1350000 |  | 1379740 |
| **Texas—12.9%** | **Texas—12.9%** | **Texas—12.9%** | **Texas—12.9%** | **Texas—12.9%** |
| Board of Regents of the University of Texas System,<br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 08/15/37 |  | 1000000 |  | 1090043 |
| Brazos Higher Education Authority, Inc., Student <br>Loan Program, Revenue Bonds, AMT,<br>Series 1A,<br>5.000%, due 04/01/30 |  | 1000000 |  | 1057282 |
| Central Texas Turnpike System, Refunding, <br>Revenue Bonds,<br>Series C,<br>5.000%, due 08/15/37 |  | 2500000 |  | 2681503 |
| City of El Paso TX, GO Bonds,<br>5.000%, due 08/15/34 |  | 2000000 |  | 2031699 |
| Dayton Independent School District, GO Bonds, <br>(Permanent School Fund),<br>4.000%, due 02/15/40 |  | 1000000 |  | 933545 |
| Garland Independent School District, GO Bonds, <br>(Permanent School Fund),<br>Series A,<br>5.000%, due 02/15/42 |  | 2000000 |  | 2053323 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face <br>amount** | **Face <br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** |
| Harris County Cultural Education Facilities Finance <br>Corp., Texas Children's Hospital, Refunding, <br>Revenue Bonds,<br>Series A,<br>4.000%, due 10/01/35 | $| 1750000 | $| 1738680 |
| Katy Independent School District, CIB, Refunding,<br>GO Bonds, (Permanent School Fund),<br>Series A,<br>3.000%, due 02/15/32 |  | 2375000 |  | 2311237 |
| Midland Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 02/15/37 |  | 1680000 |  | 1808323 |
| Plano Independent School District, GO Bonds,<br>5.000%, due 02/15/43 |  | 1000000 |  | 1024176 |
| Tarrant County Cultural Education Facilities <br>Finance Corp., Cumberland Rest Inc Obligated <br>Group, Refunding, Revenue Bonds,<br>5.000%, due 10/01/32 |  | 1675000 |  | 1787918 |
| Texas Municipal Gas Acquisition & Supply Corp. IV,<br>Revenue Bonds,<br>Series B,<br>5.500%, due 01/01/54<sup>1</sup> |  | 1000000 |  | 1085903 |
|  |  |  |  | 19603632 |
| **Virginia—1.6%** | **Virginia—1.6%** | **Virginia—1.6%** | **Virginia—1.6%** | **Virginia—1.6%** |
| Virginia Small Business Financing Authority, Capital<br>Beltway Express LLC, Refunding, Revenue Bonds, <br>AMT,<br>5.000%, due 12/31/42 |  | 1000000 |  | 974590 |
| Winchester Economic Development Authority, <br>Valley Health Obligated Group, Refunding,<br>Revenue Bonds,<br>Series A,<br>5.000%, due 01/01/39 |  | 1350000 |  | 1416724 |
|  |  |  |  | 2391314 |
| **Washington—3.6%** | **Washington—3.6%** | **Washington—3.6%** | **Washington—3.6%** | **Washington—3.6%** |
| Grant County Public Utility District No. 2 Electric <br>Revenue, Refunding, Revenue Bonds,<br>Series R,<br>2.000%, due 01/01/44<sup>1</sup> |  | 1000000 |  | 996024 |
| Port of Seattle, Revenue Bonds, AMT,<br>Series C,<br>5.000%, due 04/01/32 |  | 1000000 |  | 1000755 |
| State of Washington, GO Bonds,<br>Series B,<br>5.000%, due 02/01/43 |  | 1000000 |  | 1025783 |
| State of Washington, Refunding, GO Bonds,<br>Series R-2022-C,<br>4.000%, due 07/01/36 |  | 1500000 |  | 1509999 |
| Washington State Housing Finance Commission,<br>Revenue Bonds,<br>Series A-1,<br>3.500%, due 12/20/35 |  | 936349 |  | 879456 |
|  |  |  |  | 5412017 |

---

------

PACE Municipal Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face <br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **Wisconsin—5.3%** | **Wisconsin—5.3%** | **Wisconsin—5.3%** |
| City of Milwaukee WI, GO Bonds, (Assured <br>Guaranty Corp.),<br>Series B4,<br>5.000%, due 04/01/35 | $2000000 | $2165939 |
| Public Finance Authority KU, Campus Development <br>Corp. project, University of Kansas, Revenue<br>Bonds,<br>5.000%, due 03/01/34 | 1500000 | 1512201 |
| Public Finance Authority, Duke Energy Progress LLC,<br>Refunding, Revenue Bonds,<br>Series A-2,<br>3.700%, due 10/01/46<sup>1</sup> | 2330000 | 2352787 |
| Public Finance Authority, Kahala Senior Living<br>Community, Refunding, Revenue Bonds,<br>5.000%, due 11/15/40 | 425000 | 434000 |
| Sparta Area School District, GO Bonds, (Assured <br>Guaranty Corp.),<br>3.000%, due 03/01/39 | 2000000 | 1640924 |
|  |  | 8105851 |
| **Total municipal bonds** <br> (cost—$157,388,419) | **Total municipal bonds** <br> (cost—$157,388,419) | **151401547** |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—0.9%** | **Short-term investments—0.9%** | **Short-term investments—0.9%** |
| **Investment companies—0.9%** | **Investment companies—0.9%** | **Investment companies—0.9%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 4.250%<sup>5</sup>(cost—$1,338,026) | 1338026 | $1338026 |
| **Total investments** <br> (cost—$158,726,445)—100.3% | **Total investments** <br> (cost—$158,726,445)—100.3% | **152739573** |
| Liabilities in excess of other assets—(0.3)% |  | (531519) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**152208054** |

---

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Municipal bonds | $— | $151401547 | $— | $151401547 |
| Short-term investments | 1338026 |  |  | 1338026 |
| **Total** | $**1338026** | $**151401547** | $**—** | $**152739573** |

---

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

**Portfolio footnotes**

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

<sup>2</sup> Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,054,752, represented 0.7% of the Portfolio's net assets at period end.

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

<sup>5</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Asset-backed securities—3.0%** | **Asset-backed securities—3.0%** | **Asset-backed securities—3.0%** |
| **Ireland—1.3%** | **Ireland—1.3%** | **Ireland—1.3%** |
| ARES European CLO XXI DAC,<br>Series 21A, Class A, <br>3 mo. EURIBOR + 1.220%,<br>3.667%, due 04/15/38<sup>2,3</sup> | 394000 | $447985 |
| Avoca CLO XXXII DAC,<br>Series 32A, Class A1, <br>3 mo. EURIBOR + 1.170%,<br>3.334%, due 04/15/39<sup>2,3</sup> | 396000 | 449832 |
| Palmer Square European CLO DAC,<br>Series 2025-2A, Class A, <br>3 mo. EURIBOR + 1.350%,<br>3.392%, due 07/15/38<sup>2,3</sup> | 381000 | 434996 |
| Ravensdale Park CLO DAC,<br>Series 1A, Class A, <br>3 mo. EURIBOR + 1.170%,<br>3.109%, due 04/25/38<sup>2,3</sup> | 287000 | 326427 |
| RRE 24 Loan Management DAC,<br>Series 24A, Class A1, <br>3 mo. EURIBOR + 1.160%,<br>3.529%, due 04/15/40<sup>2,3</sup> | 400000 | 455410 |
|  |  | 2114650 |
| **United States—1.7%** | **United States—1.7%** | **United States—1.7%** |
| Credit Acceptance Auto Loan Trust,<br>Series 2024-1A, Class A,<br>5.680%, due 03/15/34<sup>2</sup> | 571000 | 576349 |
| GM Financial Automobile Leasing Trust,<br>Series 2024-1, Class A3,<br>5.090%, due 03/22/27 | 438000 | 438996 |
| Lendmark Funding Trust,<br>Series 2025-2A, Class A,<br>4.780%, due 10/20/34<sup>2</sup> | 420000 | 419437 |
| Merchants Fleet Funding LLC,<br>Series 2024-1A, Class A,<br>5.820%, due 04/20/37<sup>2</sup> | 357780 | 359995 |
| Progress Residential Trust,<br>Series 2025-SFR3, Class A,<br>3.390%, due 07/17/42<sup>2</sup> | 415000 | 388135 |
| Santander Drive Auto Receivables Trust,<br>Series 2025-3, Class C,<br>4.680%, due 09/15/31 | 96000 | 95756 |
| Sierra Timeshare Receivables <br>Funding LLC,<br>Series 2025-2A, Class A,<br>4.720%, due 04/20/44<sup>2</sup> | 100000 | 100201 |
| Tesla Auto Lease Trust,<br>Series 2024-A, Class A3,<br>5.300%, due 06/21/27<sup>2</sup> | 219000 | 219527 |
| Toyota Lease Owner Trust,<br>Series 2024-A, Class A3,<br>5.250%, due 04/20/27<sup>2</sup> | 259574 | 260516 |
|  |  | 2858912 |
| **Total asset-backed securities** <br> (cost—$4,834,333) | **Total asset-backed securities** <br> (cost—$4,834,333) | **4973562** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—31.5%** | **Corporate bonds—31.5%** | **Corporate bonds—31.5%** | **Corporate bonds—31.5%** |
| **Australia—1.9%** | **Australia—1.9%** | **Australia—1.9%** | **Australia—1.9%** |
| Glencore Funding LLC<br>5.634%, due 04/04/34<sup>2</sup> |  | 461000 | $470020 |
| 6.375%, due 10/06/30<sup>2</sup> |  | 87000 | 92989 |
| Santos Finance Ltd.<br>6.875%, due 09/19/33<sup>2</sup> |  | 152000 | 165324 |
| Westpac Banking Corp.<br>1.079%, due 04/05/27<sup>4</sup> | EUR | 2150000 | 2405548 |
|  |  |  | 3133881 |
| **Belgium—0.1%** | **Belgium—0.1%** | **Belgium—0.1%** | **Belgium—0.1%** |
| KBC Group NV<br>(fixed, converts to FRN on 10/16/29),<br>4.932%, due 10/16/30<sup>2,3</sup> |  | 225000 | 226640 |
| **Brazil—0.3%** | **Brazil—0.3%** | **Brazil—0.3%** | **Brazil—0.3%** |
| Braskem Netherlands Finance BV<br>4.500%, due 01/10/28<sup>4</sup> |  | 200000 | 153000 |
| 4.500%, due 01/31/30<sup>2</sup> |  | 429000 | 301801 |
|  |  |  | 454801 |
| **Canada—3.3%** | **Canada—3.3%** | **Canada—3.3%** | **Canada—3.3%** |
| Bank of Montreal<br>0.125%, due 01/26/27<sup>4</sup> | EUR | 715000 | 791926 |
| Emera, Inc. <br>Series 16-A, <br>(fixed, converts to FRN on 06/15/26),<br>6.750%, due 06/15/76<sup>3</sup> |  | 95000 | 95687 |
| Enbridge, Inc.<br>5.300%, due 04/05/29 |  | 260000 | 265832 |
| Series 2017-A,<br>(fixed, converts to FRN on 07/15/27),<br>5.500%, due 07/15/77<sup>3</sup> |  | 110000 | 108907 |
| Toronto-Dominion Bank<br>0.864%, due 03/24/27<sup>4</sup> | EUR | 2950000 | 3294763 |
| 3.666%, due 09/08/31<sup>4</sup> | EUR | 700000 | 832481 |
| Transcanada Trust<br>(fixed, converts to FRN on 09/15/29),<br>5.500%, due 09/15/79<sup>3</sup> |  | 165000 | 161883 |
|  |  |  | 5551479 |
| **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** | **Colombia—0.2%** |
| Ecopetrol SA<br>8.625%, due 01/19/29 |  | 200000 | 214690 |
| EnfraGen Energia Sur SA/EnfraGen <br>Spain SA/Prime Energia SpA<br>5.375%, due 12/30/30<sup>4</sup> |  | 200000 | 180700 |
|  |  |  | 395390 |
| **Denmark—0.4%** | **Denmark—0.4%** | **Denmark—0.4%** | **Denmark—0.4%** |
| Danske Bank AS<br>(fixed, converts to FRN on 03/01/29),<br>5.705%, due 03/01/30<sup>2,3</sup> |  | 230000 | 238022 |
| (fixed, converts to FRN on 09/11/25),<br>1.621%, due 09/11/26<sup>2,3</sup> |  | 460000 | 458343 |
|  |  |  | 696365 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **France—2.2%** | **France—2.2%** | **France—2.2%** | **France—2.2%** |
| Alstom SA<br>(fixed, converts to FRN on 08/29/29),<br>5.868%, due 05/29/29<sup>3,4,5</sup> | EUR | 100000 | $121416 |
| BNP Paribas SA<br>(fixed, converts to FRN on 01/13/32),<br>5.786%, due 01/13/33<sup>2,3</sup> |  | 200000 | 207533 |
| (fixed, converts to FRN on 08/16/29),<br>7.750%, due 08/16/29<sup>2,3,5</sup> |  | 400000 | 423071 |
| (fixed, converts to FRN on 11/19/29),<br>5.283%, due 11/19/30<sup>2,3</sup> |  | 290000 | 295425 |
| BPCE SA<br>0.500%, due 02/24/27<sup>4</sup> | EUR | 100000 | 111016 |
| (fixed, converts to FRN on 10/19/28),<br>6.714%, due 10/19/29<sup>2,3</sup> |  | 830000 | 877974 |
| (fixed, converts to FRN on 10/19/33),<br>7.003%, due 10/19/34<sup>2,3</sup> |  | 250000 | 274844 |
| Credit Agricole SA<br>(fixed, converts to FRN on 09/11/27),<br>4.631%, due 09/11/28<sup>2,3</sup> |  | 250000 | 249885 |
| (fixed, converts to FRN on 10/03/28),<br>6.316%, due 10/03/29<sup>2,3</sup> |  | 355000 | 372248 |
| Electricite de France SA<br>6.900%, due 05/23/53<sup>2</sup> |  | 200000 | 214430 |
| (fixed, converts to FRN on 09/15/30),<br>3.375%, due 06/15/30<sup>3,4,5</sup> | EUR | 200000 | 219670 |
| Societe Generale SA<br>(fixed, converts to FRN on 04/13/32),<br>6.100%, due 04/13/33<sup>2,3</sup> |  | 250000 | 260543 |
| TotalEnergies Capital SA<br>5.275%, due 09/10/54 |  | 100000 | 92787 |
|  |  |  | 3720842 |
| **Germany—1.1%** | **Germany—1.1%** | **Germany—1.1%** | **Germany—1.1%** |
| Commerzbank AG <br>(fixed, converts to FRN on 04/09/32),<br>7.875%, due 10/09/31<sup>3,4,5</sup> | EUR | 400000 | 514646 |
| (fixed, converts to FRN on 07/16/31),<br>4.000%, due 07/16/32<sup>3,4</sup> | EUR | 100000 | 117771 |
| Deutsche Bank AG<br>(fixed, converts to FRN on 08/04/30),<br>4.950%, due 08/04/31<sup>3,6</sup> |  | 155000 | 155257 |
| (fixed, converts to FRN on 11/20/28),<br>6.819%, due 11/20/29<sup>3</sup> |  | 185000 | 196910 |
| IHO Verwaltungs GmbH <br>6.750% Cash or 7.500% PIK,<br>6.750%, due 11/15/29<sup>4,7</sup> | EUR | 100000 | 121225 |
| RWE Finance U.S. LLC<br>5.875%, due 04/16/34<sup>2</sup> |  | 150000 | 155111 |
| Volkswagen Leasing GmbH<br>0.625%, due 07/19/29<sup>4</sup> | EUR | 200000 | 208363 |
| Vonovia SE<br>0.625%, due 12/14/29<sup>4</sup> | EUR | 400000 | 414148 |
|  |  |  | 1883431 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** | **Hong Kong—0.1%** |
| Melco Resorts Finance Ltd.<br>5.250%, due 04/26/26<sup>2</sup> |  | 200000 | $199500 |
| **India—0.4%** | **India—0.4%** | **India—0.4%** | **India—0.4%** |
| India Clean Energy Holdings<br>4.500%, due 04/18/27<sup>4</sup> |  | 200000 | 193000 |
| India Green Power Holdings<br>4.000%, due 02/22/27<sup>4</sup> |  | 216650 | 209609 |
| Muthoot Finance Ltd.<br>7.125%, due 02/14/28<sup>2</sup> |  | 340000 | 347820 |
|  |  |  | 750429 |
| **Ireland—1.6%** | **Ireland—1.6%** | **Ireland—1.6%** | **Ireland—1.6%** |
| AerCap Ireland Capital DAC/AerCap <br>Global Aviation Trust<br>3.300%, due 01/30/32 |  | 150000 | 135704 |
| 5.750%, due 06/06/28 |  | 175000 | 180285 |
| AIB Group PLC<br>(fixed, converts to FRN on 04/04/27),<br>2.250%, due 04/04/28<sup>3,4</sup> | EUR | 500000 | 568829 |
| (fixed, converts to FRN on 04/30/30),<br>7.125%, due 10/30/29<sup>3,4,5</sup> | EUR | 200000 | 245389 |
| Avolon Holdings Funding Ltd.<br>5.150%, due 01/15/30<sup>2</sup> |  | 405000 | 406652 |
| 5.750%, due 03/01/29<sup>2</sup> |  | 741000 | 760285 |
| 5.750%, due 11/15/29<sup>2</sup> |  | 165000 | 169721 |
| 6.375%, due 05/04/28<sup>2</sup> |  | 155000 | 161200 |
|  |  |  | 2628065 |
| **Italy—0.9%** | **Italy—0.9%** | **Italy—0.9%** | **Italy—0.9%** |
| Enel Finance International NV<br>5.500%, due 06/15/52<sup>2</sup> |  | 200000 | 185848 |
| Intesa Sanpaolo SpA<br>6.625%, due 06/20/33<sup>2</sup> |  | 405000 | 439531 |
| UniCredit SpA<br>0.850%, due 01/19/31<sup>4</sup> | EUR | 350000 | 356559 |
| (fixed, converts to FRN on 01/15/27),<br>2.731%, due 01/15/32<sup>3,4</sup> | EUR | 400000 | 454882 |
|  |  |  | 1436820 |
| **Japan—0.4%** | **Japan—0.4%** | **Japan—0.4%** | **Japan—0.4%** |
| NTT Finance Corp.<br>4.620%, due 07/16/28<sup>2</sup> |  | 375000 | 375792 |
| Rakuten Group, Inc.<br>11.250%, due 02/15/27<sup>2</sup> |  | 248000 | 268770 |
|  |  |  | 644562 |
| **Mexico—0.7%** | **Mexico—0.7%** | **Mexico—0.7%** | **Mexico—0.7%** |
| Alpek SAB de CV<br>4.250%, due 09/18/29<sup>4</sup> |  | 200000 | 187375 |
| Petroleos Mexicanos<br>6.700%, due 02/16/32 |  | 1000000 | 950000 |
|  |  |  | 1137375 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** |
| Cooperatieve Rabobank UA<br>(fixed, converts to FRN on 12/01/26),<br>0.375%, due 12/01/27<sup>3,4</sup> | EUR | 100000 | $111244 |
| ING Groep NV<br>(fixed, converts to FRN on 11/16/26),<br>5.750%, due 11/16/26<sup>3,5,8</sup> |  | 580000 | 578159 |
|  |  |  | 689403 |
| **New Zealand—0.7%** | **New Zealand—0.7%** | **New Zealand—0.7%** | **New Zealand—0.7%** |
| Westpac Securities NZ Ltd.<br>3.750%, due 04/20/28<sup>4</sup> | EUR | 1039000 | 1224175 |
| **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** | **Saudi Arabia—0.2%** |
| Greensaif Pipelines Bidco SARL<br>5.853%, due 02/23/36<sup>4</sup> |  | 255000 | 260817 |
| **Spain—1.3%** | **Spain—1.3%** | **Spain—1.3%** | **Spain—1.3%** |
| Banco Bilbao Vizcaya Argentaria SA<br>(fixed, converts to FRN on 09/19/29),<br>9.375%, due 03/19/29<sup>3,5</sup> |  | 200000 | 221892 |
| Banco Santander SA<br>(fixed, converts to FRN on 05/21/29),<br>9.625%, due 11/21/28<sup>3,5</sup> |  | 200000 | 223274 |
| CaixaBank SA<br>(fixed, converts to FRN on 03/15/29),<br>5.673%, due 03/15/30<sup>2,3</sup> |  | 415000 | 428436 |
| (fixed, converts to FRN on 07/16/30),<br>7.500%, due 01/16/30<sup>3,4,5</sup> | EUR | 400000 | 507263 |
| (fixed, converts to FRN on 07/19/28),<br>5.000%, due 07/19/29<sup>3,4</sup> | EUR | 400000 | 485386 |
| (fixed, converts to FRN on 09/13/33),<br>6.840%, due 09/13/34<sup>2,3</sup> |  | 230000 | 252851 |
|  |  |  | 2119102 |
| **Thailand—0.1%** | **Thailand—0.1%** | **Thailand—0.1%** | **Thailand—0.1%** |
| Krung Thai Bank PCL<br>(fixed, converts to FRN on 03/25/26),<br>4.400%, due 03/25/26<sup>3,4,5</sup> |  | 200000 | 197750 |
| **Turkey—0.2%** | **Turkey—0.2%** | **Turkey—0.2%** | **Turkey—0.2%** |
| Mersin Uluslararasi Liman Isletmeciligi AS<br>8.250%, due 11/15/28<sup>4</sup> |  | 200000 | 208250 |
| Turkiye Varlik Fonu Yonetimi AS<br>8.250%, due 02/14/29<sup>4</sup> |  | 210000 | 219975 |
|  |  |  | 428225 |
| **United Kingdom—3.5%** | **United Kingdom—3.5%** | **United Kingdom—3.5%** | **United Kingdom—3.5%** |
| BAT Capital Corp.<br>4.540%, due 08/15/47 |  | 157000 | 127274 |
| Eversholt Funding PLC<br>6.359%, due 12/02/25<sup>4</sup> | GBP | 301000 | 399299 |
| Gatwick Funding Ltd.<br>6.125%, due 03/02/26<sup>4</sup> | GBP | 100000 | 133156 |
| Heathrow Funding Ltd.<br>6.450%, due 12/10/31<sup>4</sup> | GBP | 350000 | 493007 |
| 6.750%, due 12/03/26<sup>4</sup> | GBP | 478000 | 647833 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| HSBC Holdings PLC<br>(fixed, converts to FRN on 03/04/29),<br>5.546%, due 03/04/30<sup>3</sup> |  | 440000 | $| 452588 |
| (fixed, converts to FRN on 11/19/27),<br>5.130%, due 11/19/28<sup>3</sup> |  | 200000 |  | 202103 |
| INEOS Quattro Finance 2 PLC<br>8.500%, due 03/15/29<sup>4</sup> | EUR | 100000 |  | 115395 |
| Lloyds Banking Group PLC<br>(fixed, converts to FRN on 08/07/26),<br>5.985%, due 08/07/27<sup>3</sup> |  | 240000 |  | 243075 |
| (fixed, converts to FRN on 09/27/31),<br>6.750%, due 09/27/31<sup>3,5,8</sup> |  | 275000 |  | 273287 |
| Nationwide Building Society<br>2.000%, due 04/28/27<sup>4</sup> | EUR | 300000 |  | 340368 |
| (fixed, converts to FRN on 12/20/27),<br>5.750%, due 06/20/27<sup>3,4,5</sup> | GBP | 200000 |  | 262878 |
| NatWest Group PLC<br>(fixed, converts to FRN on 06/29/26),<br>6.000%, due 12/29/25<sup>3,5</sup> |  | 370000 |  | 370544 |
| (fixed, converts to FRN on 09/06/27),<br>4.067%, due 09/06/28<sup>3,4</sup> | EUR | 505000 |  | 594749 |
| Segro Capital SARL<br>1.250%, due 03/23/26<sup>4</sup> | EUR | 200000 |  | 226670 |
| Standard Chartered PLC<br>(fixed, converts to FRN on 01/12/27),<br>2.608%, due 01/12/28<sup>2,3</sup> |  | 343000 |  | 332871 |
| (fixed, converts to FRN on 02/15/28),<br>7.750%, due 08/15/27<sup>2,3,5</sup> |  | 200000 |  | 207459 |
| (fixed, converts to FRN on 09/23/26),<br>1.200%, due 09/23/31<sup>3,4</sup> | EUR | 200000 |  | 223775 |
| (fixed, converts to FRN on 10/15/29),<br>5.005%, due 10/15/30<sup>2,3</sup> |  | 200000 |  | 202115 |
|  |  |  |  | 5848446 |
| **United States—11.5%** | **United States—11.5%** | **United States—11.5%** | **United States—11.5%** | **United States—11.5%** |
| AbbVie, Inc.<br>4.050%, due 11/21/39 |  | 81000 |  | 70660 |
| 4.250%, due 11/21/49 |  | 390000 |  | 318113 |
| Ameren Illinois Co.<br>5.900%, due 12/01/52 |  | 40000 |  | 40851 |
| American Airlines Pass-Through Trust<br>Series 2016-3, Class A,<br>3.250%, due 10/15/28 |  | 47831 |  | 44851 |
| Series 2017-2, Class A,<br>3.600%, due 10/15/29 |  | 59009 |  | 55152 |
| American Express Co.<br>(fixed, converts to FRN on 04/25/35),<br>5.667%, due 04/25/36<sup>3</sup> |  | 80000 |  | 83002 |
| (fixed, converts to FRN on 07/20/32),<br>4.918%, due 07/20/33<sup>3</sup> |  | 65000 |  | 65209 |
| Amgen, Inc.<br>5.750%, due 03/02/63 |  | 139000 |  | 133357 |
| Bank of America Corp.<br>(fixed, converts to FRN on 01/24/30),<br>5.162%, due 01/24/31<sup>3</sup> |  | 645000 |  | 659895 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| (fixed, converts to FRN on 03/08/32),<br>3.846%, due 03/08/37<sup>3</sup> | 71000 | $65079 |
| (fixed, converts to FRN on 10/20/31),<br>2.572%, due 10/20/32<sup>3</sup> | 311000 | 274084 |
| Baxter International, Inc.<br>2.539%, due 02/01/32<sup>8</sup> | 370000 | 321583 |
| Boeing Co.<br>3.600%, due 05/01/34 | 240000 | 211972 |
| BP Capital Markets PLC<br>(fixed, converts to FRN on 03/01/34),<br>6.450%, due 12/01/33<sup>3,5</sup> | 280000 | 289946 |
| Broadcom, Inc.<br>3.419%, due 04/15/33<sup>2</sup> | 180000 | 162831 |
| 3.469%, due 04/15/34<sup>2</sup> | 112000 | 99543 |
| 5.200%, due 07/15/35 | 298000 | 299410 |
| Cencora, Inc.<br>2.700%, due 03/15/31 | 160000 | 144369 |
| 2.800%, due 05/15/30 | 51000 | 47202 |
| CF Industries, Inc.<br>4.950%, due 06/01/43 | 159000 | 141088 |
| Charter Communications<br>Operating LLC/Charter<br>Communications Operating Capital<br>2.250%, due 01/15/29 | 250000 | 229755 |
| 3.500%, due 06/01/41 | 275000 | 195927 |
| Cheniere Energy Partners LP<br>4.500%, due 10/01/29 | 440000 | 435226 |
| Citigroup, Inc.<br>(fixed, converts to FRN on 02/13/29),<br>5.174%, due 02/13/30<sup>3</sup> | 580000 | 590554 |
| (fixed, converts to FRN on 03/20/29),<br>3.980%, due 03/20/30<sup>3</sup> | 460000 | 450211 |
| (fixed, converts to FRN on 05/01/31),<br>2.561%, due 05/01/32<sup>3</sup> | 210000 | 185923 |
| Columbia Pipelines Operating Co. LLC<br>5.927%, due 08/15/30<sup>2</sup> | 65000 | 68407 |
| 6.036%, due 11/15/33<sup>2</sup> | 230000 | 241767 |
| Comcast Corp.<br>2.937%, due 11/01/56 | 300000 | 173315 |
| ConocoPhillips Co.<br>5.550%, due 03/15/54 | 130000 | 123617 |
| Constellation Energy Generation LLC<br>6.250%, due 10/01/39 | 175000 | 186047 |
| Coterra Energy, Inc.<br>5.900%, due 02/15/55 | 100000 | 93079 |
| Duke Energy Progress LLC<br>5.550%, due 03/15/55 | 7000 | 6843 |
| Edison International<br>(fixed, converts to FRN on 06/15/28),<br>8.125%, due 06/15/53<sup>3,8</sup> | 175000 | 171601 |
| Series A,<br>(fixed, converts to FRN on 03/15/26),<br>5.375%, due 03/09/26<sup>3,5</sup> | 205000 | 194931 |
| Energy Transfer LP<br>5.550%, due 02/15/28<sup>8</sup> | 402000 | 411933 |
| 5.600%, due 09/01/34 | 80000 | 80902 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| (fixed, converts to FRN on 10/01/29),<br>7.125%, due 10/01/54<sup>3</sup> |  | 85000 | $87160 |
| Entergy Arkansas LLC<br>5.750%, due 06/01/54 |  | 45000 | 44817 |
| Entergy Corp.<br>(fixed, converts to FRN on 12/01/29),<br>7.125%, due 12/01/54<sup>3</sup> |  | 165000 | 170821 |
| Entergy Mississippi LLC<br>5.800%, due 04/15/55 |  | 22000 | 21978 |
| Entergy Texas, Inc.<br>5.550%, due 09/15/54 |  | 30000 | 28598 |
| Enterprise Products Operating LLC<br>(fixed, converts to FRN on 02/15/28),<br>5.375%, due 02/15/78<sup>3</sup> |  | 74000 | 73061 |
| FirstEnergy Transmission LLC<br>2.866%, due 09/15/28<sup>2</sup> |  | 210000 | 199887 |
| Ford Motor Credit Co. LLC<br>4.867%, due 08/03/27 | EUR | 677000 | 798749 |
| General Electric Co.<br>4.125%, due 09/19/35<sup>4</sup> | EUR | 88000 | 105046 |
| General Motors Financial Co., Inc.<br>5.625%, due 04/04/32 |  | 440000 | 446924 |
| Goldman Sachs Group, Inc.<br>(fixed, converts to FRN on 01/28/30),<br>5.207%, due 01/28/31<sup>3</sup> |  | 660000 | 673982 |
| (fixed, converts to FRN on 10/23/34),<br>5.016%, due 10/23/35<sup>3</sup> |  | 73000 | 72001 |
| HCA, Inc.<br>3.500%, due 09/01/30 |  | 117000 | 110293 |
| 3.500%, due 07/15/51 |  | 190000 | 124937 |
| 5.250%, due 06/15/49 |  | 10000 | 8845 |
| 5.950%, due 09/15/54 |  | 6000 | 5788 |
| Hyundai Capital America<br>4.875%, due 11/01/27<sup>2</sup> |  | 360000 | 360933 |
| ITC Holdings Corp.<br>2.950%, due 05/14/30<sup>2</sup> |  | 45000 | 41652 |
| 5.400%, due 06/01/33<sup>2</sup> |  | 370000 | 373022 |
| 5.650%, due 05/09/34<sup>2</sup> |  | 140000 | 143850 |
| JBS USA Holding Lux SARL/JBS USA<br>Food Co./JBS Lux Co. SARL<br>7.250%, due 11/15/53 |  | 120000 | 133037 |
| JBS USA LUX SARL/JBS USA<br>Food Co./JBS USA Foods Group<br>5.950%, due 04/20/35<sup>2</sup> |  | 265000 | 273438 |
| Jersey Central Power & Light Co.<br>2.750%, due 03/01/32<sup>2</sup> |  | 330000 | 289344 |
| KeyCorp<br>(fixed, converts to FRN on 03/06/34),<br>6.401%, due 03/06/35<sup>3</sup> |  | 11000 | 11757 |
| Mars, Inc.<br>5.200%, due 03/01/35<sup>2</sup> |  | 150000 | 150718 |
| 5.650%, due 05/01/45<sup>2</sup> |  | 34000 | 33766 |
| 5.700%, due 05/01/55<sup>2</sup> |  | 145000 | 143078 |
| Marvell Technology, Inc.<br>2.950%, due 04/15/31 |  | 179000 | 162342 |
| 5.450%, due 07/15/35 |  | 126000 | 127093 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Meta Platforms, Inc.<br>5.400%, due 08/15/54 |  | 120000 | $115958 |
| Monongahela Power Co.<br>5.850%, due 02/15/34<sup>2</sup> |  | 60000 | 62379 |
| Morgan Stanley<br>(fixed, converts to FRN on 01/15/30),<br>5.230%, due 01/15/31<sup>3</sup> |  | 245000 | 250970 |
| (fixed, converts to FRN on 07/21/33),<br>5.424%, due 07/21/34<sup>3</sup> |  | 156000 | 159761 |
| (fixed, converts to FRN on 10/18/29),<br>4.654%, due 10/18/30<sup>3</sup> |  | 480000 | 480959 |
| Morgan Stanley Private Bank NA<br>(fixed, converts to FRN on 07/18/30),<br>4.734%, due 07/18/31<sup>3</sup> |  | 250000 | 251127 |
| Netflix, Inc.<br>4.625%, due 05/15/29 | EUR | 700000 | 852667 |
| NextEra Energy Capital Holdings, Inc.<br>(fixed, converts to FRN on 06/15/34),<br>6.750%, due 06/15/54<sup>3</sup> |  | 160000 | 166940 |
| NiSource, Inc.<br>(fixed, converts to FRN on 11/30/29),<br>6.950%, due 11/30/54<sup>3</sup> |  | 190000 | 196883 |
| Occidental Petroleum Corp.<br>4.625%, due 06/15/45 |  | 72000 | 54653 |
| ONEOK, Inc.<br>6.500%, due 09/01/30<sup>2</sup> |  | 245000 | 261408 |
| Oracle Corp.<br>5.375%, due 09/27/54 |  | 80000 | 72057 |
| 6.000%, due 08/03/55 |  | 60000 | 58773 |
| Pacific Gas & Electric Co.<br>5.800%, due 05/15/34 |  | 265000 | 268923 |
| 6.000%, due 08/15/35 |  | 225000 | 229367 |
| 6.150%, due 01/15/33 |  | 210000 | 218100 |
| 6.750%, due 01/15/53 |  | 143000 | 148434 |
| PG&E Corp.<br>(fixed, converts to FRN on 03/15/30),<br>7.375%, due 03/15/55<sup>3</sup> |  | 65000 | 62724 |
| PNC Financial Services Group, Inc.<br>(fixed, converts to FRN on 07/21/35),<br>5.373%, due 07/21/36<sup>3</sup> |  | 30000 | 30311 |
| (fixed, converts to FRN on 10/21/31),<br>4.812%, due 10/21/32<sup>3</sup> |  | 155000 | 154884 |
| Realty Income Corp.<br>5.125%, due 07/06/34 | EUR | 100000 | 125602 |
| San Diego Gas & Electric Co.<br>5.350%, due 04/01/53 |  | 170000 | 158076 |
| Solventum Corp.<br>5.450%, due 03/13/31 |  | 290000 | 300368 |
| Southern California Edison Co.<br>5.200%, due 06/01/34 |  | 37000 | 36285 |
| 5.450%, due 03/01/35 |  | 77000 | 76697 |
| 5.900%, due 03/01/55 |  | 22000 | 20709 |
| Southern Co. Gas Capital Corp.<br>5.750%, due 09/15/33 |  | 100000 | 104511 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Take-Two Interactive Software, Inc.<br>5.600%, due 06/12/34 |  | 32000 | $| 33009 |
| U.S. Bancorp<br>(fixed, converts to FRN on 01/23/34),<br>5.678%, due 01/23/35<sup>3</sup> |  | 65000 |  | 67357 |
| Uber Technologies, Inc.<br>4.800%, due 09/15/34 |  | 16000 |  | 15716 |
| Vistra Operations Co. LLC<br>3.700%, due 01/30/27<sup>2</sup> |  | 209000 |  | 206089 |
| 5.700%, due 12/30/34<sup>2</sup> |  | 135000 |  | 137434 |
| 6.000%, due 04/15/34<sup>2</sup> |  | 65000 |  | 67464 |
| Wells Fargo & Co.<br>(fixed, converts to FRN on 01/24/30),<br>5.244%, due 01/24/31<sup>3</sup> |  | 155000 |  | 158691 |
| (fixed, converts to FRN on 04/23/30),<br>5.150%, due 04/23/31<sup>3</sup> |  | 310000 |  | 316335 |
| (fixed, converts to FRN on 07/25/33),<br>5.557%, due 07/25/34<sup>3</sup> |  | 201000 |  | 207415 |
| (fixed, converts to FRN on 12/03/34),<br>5.211%, due 12/03/35<sup>3</sup> |  | 304000 |  | 304824 |
| WPC Eurobond BV<br>1.350%, due 04/15/28 | EUR | 200000 |  | 219901 |
|  |  |  |  | 19238913 |
| **Total corporate bonds** <br> (cost—$50,636,702) | **Total corporate bonds** <br> (cost—$50,636,702) | **Total corporate bonds** <br> (cost—$50,636,702) |  | **52866411** |
| **Mortgage-backed securities—2.6%** | **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%** | **Spain—0.1%** |
| Fondo de Titulizacion de Activos<br>Santander Hipotecario 2,<br>Series 2, Class A,<br>3 mo. EURIBOR + 0.150%,<br>2.171%, due 01/18/49<sup>3,4</sup> | EUR | 138753 |  | 156934 |
| **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** |
| Gemgarto PLC, <br>Series 2021-1A, Class A,<br>1 day GBP SONIA + 0.885%,<br>5.124%, due 12/16/67<sup>2,3</sup> | GBP | 72084 |  | 95233 |
| Silverstone Master Issuer PLC, <br>Series 2022-1A, Class 2A,<br>1 day GBP SONIA + 0.290%, <br>4.529%, due 01/21/70<sup>2,3</sup> | GBP | 600000 |  | 790817 |
|  |  |  |  | 886050 |
| **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** | **United States—2.0%** |
| Angel Oak Mortgage Trust, <br>Series 2020-1, Class A1,<br>2.466%, due 12/25/59<sup>2,3</sup> |  | 42157 |  | 40934 |
| Citigroup Commercial Mortgage Trust,<br>Series 2015-GC33, Class B,<br>4.545%, due 09/10/58<sup>3</sup> |  | 470000 |  | 441029 |
| CSAIL Commercial Mortgage Trust,<br>Series 2016-C6, Class C,<br>4.918%, due 01/15/49<sup>3</sup> |  | 320000 |  | 292702 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** | **Mortgage-backed securities—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Federal National Mortgage<br>Association REMICS, <br>Series 2021-86, Class T,<br>2.500%, due 09/25/48 |  | 1382110 | $| 1206787 |
| GS Mortgage Securities Trust,<br>Series 2017-GS6, Class C,<br>4.322%, due 05/10/50<sup>3</sup> |  | 350000 |  | 237189 |
| GS Mortgage-Backed Securities Trust,<br>Series 2025-RPL3, Class A1,<br>4.100%, due 07/25/65<sup>2,3</sup> |  | 99259 |  | 95474 |
| OBX Trust<br>Series 2020-EXP1, Class 2A1, <br>1 mo. USD Term SOFR + 0.864%,<br>5.217%, due 02/25/60<sup>2,3</sup> |  | 56415 |  | 56136 |
| Series 2023-NQM1, Class A1,<br>6.120%, due 11/25/62<sup>2,3</sup> |  | 166350 |  | 166129 |
| Starwood Mortgage Residential Trust,<br>Series 2020-1, Class A1,<br>2.275%, due 02/25/50<sup>2,3</sup> |  | 12238 |  | 11622 |
| UBS Commercial Mortgage Trust<br>Series 2017-C1, Class C,<br>4.433%, due 11/15/50<sup>3</sup> |  | 360000 |  | 326159 |
| Series 2018-C11, Class B,<br>4.713%, due 06/15/51<sup>3</sup> |  | 440000 |  | 410963 |
| WHARF Commercial Mortgage Trust,<br>Series 2025-DC, Class A,<br>5.350%, due 07/15/40<sup>2,3</sup> |  | 100000 |  | 101590 |
|  |  |  |  | 3386714 |
| **Total mortgage-backed securities** <br> (cost—$4,819,147) | **Total mortgage-backed securities** <br> (cost—$4,819,147) | **Total mortgage-backed securities** <br> (cost—$4,819,147) |  | **4429698** |
| **Non-U.S. government agency obligations—41.4%** | **Non-U.S. government agency obligations—41.4%** | **Non-U.S. government agency obligations—41.4%** | **Non-U.S. government agency obligations—41.4%** | **Non-U.S. government agency obligations—41.4%** |
| **Australia—0.6%** | **Australia—0.6%** | **Australia—0.6%** | **Australia—0.6%** | **Australia—0.6%** |
| Australia Government Bonds <br>Series 169,<br>4.750%, due 06/21/54<sup>4</sup> | AUD | 1725000 |  | 1072798 |
| **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** | **Bahrain—0.3%** |
| Bahrain Government International Bonds<br>6.750%, due 09/20/29<sup>4</sup> |  | 545000 |  | 559475 |
| **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
| Bermuda Government International Bonds<br>4.750%, due 02/15/29<sup>2</sup> |  | 910000 |  | 914423 |
| **Canada—3.9%** | **Canada—3.9%** | **Canada—3.9%** | **Canada—3.9%** | **Canada—3.9%** |
| Hydro-Quebec Series 19,<br>6.500%, due 02/15/35 | CAD | 750000 |  | 645857 |
| Province of British Columbia<br>2.800%, due 06/18/48 | CAD | 300000 |  | 160265 |
| Province of Ontario<br>3.650%, due 06/02/33 | CAD | 3430000 |  | 2464025 |
| Province of Quebec<br>3.600%, due 09/01/33 | CAD | 3360000 |  | 2397856 |
| 5.000%, due 12/01/41 | CAD | 1100000 |  | 838306 |
|  |  |  |  | 6506309 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **China—7.6%** | **China—7.6%** | **China—7.6%** | **China—7.6%** |
| China Government Bonds Series INBK,<br>2.040%, due 11/25/34 | CNY | 24380000 | $3478635 |
| Series INBK,<br>2.110%, due 08/25/34 | CNY | 24700000 | 3542766 |
| Series INBK,<br>2.670%, due 05/25/33 | CNY | 32000000 | 4762691 |
| 4.500%, due 05/22/34<sup>4</sup> | CNY | 6000000 | 1022073 |
|  |  |  | 12806165 |
| **Czech Republic—1.1%** | **Czech Republic—1.1%** | **Czech Republic—1.1%** | **Czech Republic—1.1%** |
| Czech Republic Government Bonds<br>Series 151,<br>4.900%, due 04/14/34 | CZK | 39050000 | 1887990 |
| **Dominican Republic—0.6%** | **Dominican Republic—0.6%** | **Dominican Republic—0.6%** | **Dominican Republic—0.6%** |
| Dominican Republic International Bonds<br>4.875%, due 09/23/32<sup>4</sup> |  | 720000 | 665343 |
| 6.950%, due 03/15/37<sup>2</sup> |  | 393000 | 402137 |
|  |  |  | 1067480 |
| **France—3.0%** | **France—3.0%** | **France—3.0%** | **France—3.0%** |
| French Republic Government Bonds<br>OAT Series OAT,<br>2.700%, due 02/25/31<sup>4</sup> | EUR | 4365000 | 4966408 |
| **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** | **Guatemala—0.1%** |
| Guatemala Government Bonds<br>6.250%, due 08/15/36<sup>2</sup> |  | 201000 | 201804 |
| **Hungary—0.9%** | **Hungary—0.9%** | **Hungary—0.9%** | **Hungary—0.9%** |
| Hungary Government Bonds <br>Series 35/A,<br>7.000%, due 10/24/35 | HUF | 431560000 | 1213596 |
| Hungary Government International Bonds<br>5.500%, due 03/26/36<sup>2</sup> |  | 321000 | 310120 |
|  |  |  | 1523716 |
| **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** | **Indonesia—0.8%** |
| Indonesia Treasury Bonds <br>Series FR73,<br>8.750%, due 05/15/31 | IDR | 19821000000 | 1341082 |
| **Israel—0.6%** | **Israel—0.6%** | **Israel—0.6%** | **Israel—0.6%** |
| Israel Government International Bonds<br>Series 10Y, 5.500%, due 03/12/34 |  | 967000 | 975159 |
| **Italy—10.4%** | **Italy—10.4%** | **Italy—10.4%** | **Italy—10.4%** |
| Italy Buoni Poliennali Del Tesoro<br>Series 5Y, 2.950%, due 07/01/30<sup>4</sup> | EUR | 12805000 | 14765523 |
| Series 11Y, 3.850%, due 02/01/35<sup>4</sup> | EUR | 1195000 | 1413555 |
| Series 30Y, 4.300%, due 10/01/54<sup>4</sup> | EUR | 1155000 | 1311682 |
|  |  |  | 17490760 |
| **Japan—2.4%** | **Japan—2.4%** | **Japan—2.4%** | **Japan—2.4%** |
| Japan Government Thirty Year Bonds<br>Series 74, 1.000%, due 03/20/52 | JPY | 55350000 | 235289 |
| Series 84, 2.100%, due 09/20/54 | JPY | 7500000 | 40694 |
| Series 86, 2.400%, due 03/20/55 | JPY | 230750000 | 1339498 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **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)** |
| **Japan—(concluded)** | **Japan—(concluded)** | **Japan—(concluded)** | **Japan—(concluded)** |
| Japan Government Twenty Year Bonds<br>Series 183, 1.400%, due 12/20/42 | JPY | 224900000 | 1288552 |
| Series 186, 1.500%, due 09/20/43 | JPY | 189100000 | 1085745 |
|  |  |  | 3989778 |
| **Morocco—0.2%** | **Morocco—0.2%** | **Morocco—0.2%** | **Morocco—0.2%** |
| Morocco Government International Bonds<br>2.375%, due 12/15/27<sup>2</sup> |  | 340000 | 321045 |
| **Romania—0.2%** | **Romania—0.2%** | **Romania—0.2%** | **Romania—0.2%** |
| Romania Government International Bonds<br>1.750%, due 07/13/30<sup>4</sup> | EUR | 260000 | 259367 |
| **South Africa—0.8%** | **South Africa—0.8%** | **South Africa—0.8%** | **South Africa—0.8%** |
| Republic of South Africa Government<br>Bonds <br>Series 2030,<br>8.000%, due 01/31/30 | ZAR | 18220000 | 992670 |
| Republic of South Africa Government <br>International Bonds <br>Series 10Y, <br>4.850%, due 09/30/29 |  | 400000 | 385470 |
|  |  |  | 1378140 |
| **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** | **South Korea—1.4%** |
| Korea Treasury Bonds <br>Series 3406,<br>3.500%, due 06/10/34 | KRW | 3193870000 | 2416492 |
| **Spain—1.6%** | **Spain—1.6%** | **Spain—1.6%** | **Spain—1.6%** |
| Spain Government Bonds<br>3.200%, due 10/31/35<sup>4</sup> | EUR | 2320000 | 2633198 |
| **Supranationals—1.4%** | **Supranationals—1.4%** | **Supranationals—1.4%** | **Supranationals—1.4%** |
| Africa Finance Corp.<br>5.550%, due 10/08/29<sup>4</sup> |  | 200000 | 201750 |
| Banque Ouest Africaine de Developpement<br>2.750%, due 01/22/33<sup>2</sup> | EUR | 227000 | 218782 |
| 4.700%, due 10/22/31<sup>4</sup> |  | 850000 | 774562 |
| 8.200%, due 02/13/55<sup>2,3</sup> |  | 213000 | 214065 |
| European Union<br>3.000%, due 03/04/53<sup>4</sup> | EUR | 866628 | 848737 |
|  |  |  | 2257896 |
| **United Kingdom—2.9%** | **United Kingdom—2.9%** | **United Kingdom—2.9%** | **United Kingdom—2.9%** |
| U.K. Gilts<br>4.375%, due 07/31/54<sup>4</sup> | GBP | 3805000 | 4291542 |
| 4.500%, due 03/07/35<sup>4</sup> | GBP | 415000 | 545288 |
|  |  |  | 4836830 |
| **Total non-U.S. government agency obligations** <br> (cost—$70,633,707) | **Total non-U.S. government agency obligations** <br> (cost—$70,633,707) | **Total non-U.S. government agency obligations** <br> (cost—$70,633,707) | **69406315** |
| **U.S. government agency obligations—15.8%** | **U.S. government agency obligations—15.8%** | **U.S. government agency obligations—15.8%** | **U.S. government agency obligations—15.8%** |
| **United States—15.8%** | **United States—15.8%** | **United States—15.8%** | **United States—15.8%** |
| Federal Home Loan Mortgage Corp.<br>4.500%, due 09/01/52 |  | 594008 | 566165 |
| 5.500%, due 05/01/53 |  | 698444 | 695922 |
| 5.500%, due 07/01/53 |  | 861413 | 859425 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** | **U.S. government agency obligations—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| 5.500%, due 11/01/54 | 2503541 | $2490965 |
| 6.000%, due 07/01/53 | 1007138 | 1028518 |
| 6.000%, due 08/01/53 | 1094450 | 1111288 |
| 6.000%, due 06/01/55 | 2107757 | 2137418 |
| 6.500%, due 05/01/54 | 819275 | 851945 |
| 6.500%, due 08/01/54 | 1681636 | 1734115 |
| Federal National Mortgage Association<br>2.500%, due 07/01/51 | 3234504 | 2687048 |
| 2.500%, due 02/01/52 | 674474 | 554866 |
| 2.500%, due 05/01/52 | 722521 | 599783 |
| 3.000%, due 11/01/51 | 1751578 | 1520084 |
| 3.000%, due 01/01/52 | 1440693 | 1251844 |
| 3.000%, due 03/01/52 | 675157 | 583527 |
| 3.500%, due 05/01/58 | 1133782 | 1021527 |
| 5.000%, due 08/01/53 | 1714130 | 1672889 |
| 5.500%, due 11/01/53 | 671084 | 668536 |
| 6.000%, due 09/01/52 | 166991 | 170118 |
| 6.000%, due 10/01/54 | 2304115 | 2359328 |
| 6.500%, due 10/01/53 | 214921 | 221747 |
| Government National Mortgage Association,<br>3.000%, due 10/20/51 | 1952518 | 1708750 |
| **Total U.S. government agency obligations** <br> (cost—$26,512,690) | **Total U.S. government agency obligations** <br> (cost—$26,512,690) | **26495808** |
| **U.S. Treasury obligations—4.4%** | **U.S. Treasury obligations—4.4%** | **U.S. Treasury obligations—4.4%** |
| **United States—4.4%** | **United States—4.4%** | **United States—4.4%** |
| U.S. Treasury Bonds,<br>4.750%, due 02/15/45 | 795000 | 781460 |
| U.S. Treasury Inflation-Indexed<br>Notes,<br>1.625%, due 10/15/29 | 4969938 | 5033489 |
| U.S. Treasury Notes,<br>3.875%, due 06/30/30 | 1520000 | 1514538 |
| **Total U.S. Treasury obligations** <br> (cost—$7,381,902) | **Total U.S. Treasury obligations** <br> (cost—$7,381,902) | **7329487** |
|  | **Number of<br>shares** |  |
| **Short-term investments—0.0%<sup>†</sup>** | **Short-term investments—0.0%<sup>†</sup>** | **Short-term investments—0.0%<sup>†</sup>** |
| **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>9</sup> <br>(cost—$4,969) | 4969 | 4969 |
| **Investment of cash collateral from securities loaned—0.7%** | **Investment of cash collateral from securities loaned—0.7%** | **Investment of cash collateral from securities loaned—0.7%** |
| **Money market funds—0.7%** | **Money market funds—0.7%** | **Money market funds—0.7%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>9</sup>(cost—$1,174,033) | 1174033 | 1174033 |
| **Total investments** <br> (cost—$165,997,483)—99.4% | **Total investments** <br> (cost—$165,997,483)—99.4% | **166680283** |
| Other assets in excess of liabilities—0.6% |  | 933919 |
| **Net assets—100.0%** | **Net assets—100.0%** | $**167614202** |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 14 | EUR | Euro Bund 10 Year Index Futures | September 2025 | $2070197 | $2072190 | $1993 |
| 34 | EUR | Italian Government Bond Futures | September 2025 | 4678224 | 4685582 | 7358 |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 36 | GBP | United Kingdom Long Gilt Bond Futures | September 2025 | $4346864 | $4381599 | $34735 |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 59 | EUR | 3 Month Euro Euribor Futures | December 2026 | $16511082 | $16496039 | $(15043) |
| 74 | USD | U.S. Long Bond Futures | September 2025 | 8411281 | 8449875 | 38594 |
| 245 | USD | U.S. Treasury Note 2 Year Futures | September 2025 | 50941493 | 50711172 | (230321) |
| 39 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | 4225249 | 4218703 | (6546) |
| **Total** |  |  |  | $**91184390** | $**91015160** | $**(169230)** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 108 | EUR | EURO Bobl 5 Year Index Futures | September 2025 | $(14499781) | $(14453474) | $46307 |
| 9 | EUR | EURO Schatz 2 Year Index Futures | September 2025 | (1103000) | (1099488) | 3512 |
| **Interest rate futures sell contracts:** |  |  |  |  |  |  |
| 59 | EUR | 3 Month Euro Euribor Futures | December 2028 | $(16416060) | $(16413558) | $2502 |
| 7 | AUD | Australian Bond 10 Year Futures | September 2025 | (513044) | (511876) | 1168 |
| 28 | CAD | Canadian Bond 10 Year Futures | September 2025 | (2453106) | (2435450) | 17656 |
| 19 | EUR | Euro Buxl 30 Year Futures | September 2025 | (2621496) | (2545126) | 76370 |
| 31 | EUR | French Government Bond Futures | September 2025 | (4366284) | (4361653) | 4631 |
| 1 | JPY | Japan Government Bond 10 Year Futures | September 2025 | (919426) | (915318) | 4108 |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 17 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | $(1867418) | $(1888063) | $(20645) |
| 27 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | (3149389) | (3167437) | (18048) |
| 45 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | (5082132) | (5088516) | (6384) |
| **Total** |  |  |  | $**(52991136)** | $**(52879959)** | $**111177** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(58053)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | CAD | 25219 | USD | 18601 | 08/26/25 | $378 |
| BB | MXN | 2026860 | USD | 108745 | 08/26/25 | 1561 |
| BB | USD | 467837 | EUR | 399001 | 08/26/25 | (11833) |
| BB | USD | 806746 | GBP | 595604 | 08/26/25 | (19996) |
| BB | USD | 10363 | JPY | 1535124 | 08/26/25 | (159) |
| BB | USD | 330651 | TRY | 13812635 | 08/26/25 | 2940 |
| BB | USD | 1411345 | ZAR | 25308052 | 08/26/25 | (24137) |
| BNP | AUD | 1686 | USD | 1100 | 08/26/25 | 16 |
| BNP | CNH | 3038123 | USD | 422070 | 08/26/25 | 6 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BNP | EUR | 127601 | CNH | 1052743 | 08/26/25 | $419 |
| BNP | EUR | 4785943 | USD | 5624491 | 08/26/25 | 154812 |
| BNP | GBP | 128913 | USD | 174791 | 08/26/25 | 4508 |
| BNP | JPY | 163829 | USD | 1095 | 08/26/25 | 6 |
| BNP | USD | 3858723 | AUD | 5869337 | 08/26/25 | (85393) |
| BNP | USD | 41680 | CAD | 56984 | 08/26/25 | (504) |
| BNP | USD | 665841 | EUR | 570618 | 08/26/25 | (13702) |
| BNP | USD | 421180 | GBP | 316068 | 08/26/25 | (3678) |
| BNP | USD | 640164 | JPY | 94314929 | 08/26/25 | (13208) |
| BNP | USD | 1590048 | NZD | 2650223 | 08/26/25 | (27590) |
| BNP | USD | 907877 | PLN | 3314583 | 08/26/25 | (23750) |
| BNP | USD | 1181857 | SEK | 11308839 | 08/26/25 | (24993) |
| BNP | USD | 1130988 | THB | 36568139 | 08/26/25 | (10113) |
| CITI | AUD | 648240 | EUR | 364302 | 08/26/25 | (399) |
| CITI | CAD | 587566 | CHF | 340453 | 08/26/25 | (4316) |
| CITI | CAD | 156403 | USD | 115215 | 08/26/25 | 2199 |
| CITI | EUR | 367358 | USD | 428215 | 08/26/25 | 8374 |
| CITI | GBP | 314760 | AUD | 645198 | 08/26/25 | (984) |
| CITI | JPY | 63056448 | EUR | 367657 | 08/26/25 | 1015 |
| CITI | JPY | 79502655 | USD | 532062 | 08/26/25 | 3569 |
| CITI | NZD | 718159 | JPY | 62948761 | 08/26/25 | (4945) |
| CITI | SGD | 2558214 | USD | 2002046 | 08/26/25 | 28422 |
| CITI | USD | 430166 | AUD | 660885 | 08/26/25 | (5290) |
| CITI | USD | 33773 | EUR | 28691 | 08/26/25 | (984) |
| GSI | AUD | 660885 | USD | 433186 | 08/26/25 | 8310 |
| GSI | CZK | 25410536 | USD | 1204135 | 08/26/25 | 23683 |
| GSI | EUR | 734345 | MXN | 16105461 | 08/26/25 | 12434 |
| GSI | EUR | 2205941 | USD | 2521565 | 08/26/25 | 475 |
| GSI | GBP | 9390 | JPY | 1867107 | 08/26/25 | 8 |
| GSI | GBP | 148760 | JPY | 29479084 | 08/26/25 | (539) |
| GSI | GBP | 108621 | USD | 143794 | 08/26/25 | 313 |
| GSI | HUF | 645323937 | USD | 1880740 | 08/26/25 | 41625 |
| GSI | RON | 249617 | USD | 57313 | 08/26/25 | 1267 |
| GSI | SEK | 4155231 | USD | 427568 | 08/26/25 | 2499 |
| GSI | USD | 4319764 | CNH | 30869735 | 08/26/25 | (31260) |
| GSI | USD | 210304 | EUR | 182151 | 08/26/25 | (2130) |
| GSI | USD | 194724 | GBP | 145183 | 08/26/25 | (2947) |
| GSI | USD | 428515 | JPY | 62709198 | 08/26/25 | (11656) |
| GSI | ZAR | 1868677 | USD | 106003 | 08/26/25 | 3576 |
| HSBC | AUD | 2616783 | USD | 1688229 | 08/26/25 | 5929 |
| HSBC | CAD | 1644 | USD | 1205 | 08/26/25 | 17 |
| HSBC | CNH | 791641 | USD | 110508 | 08/26/25 | 531 |
| HSBC | EUR | 993107 | USD | 1164241 | 08/26/25 | 29254 |
| HSBC | GBP | 135863 | USD | 184088 | 08/26/25 | 4624 |
| HSBC | JPY | 23711319 | USD | 162439 | 08/26/25 | 4819 |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| HSBC | USD | 43758 | EUR | 37309 | 08/26/25 | $(1118) |
| HSBC | USD | 29660 | GBP | 22200 | 08/26/25 | (335) |
| MSCI | CAD | 581564 | CHF | 339829 | 08/26/25 | (748) |
| MSCI | CAD | 3361503 | USD | 2460109 | 08/26/25 | 31123 |
| MSCI | CNH | 841571 | USD | 117970 | 08/26/25 | 1057 |
| MSCI | EUR | 913061 | USD | 1072566 | 08/26/25 | 29061 |
| MSCI | GBP | 277850 | USD | 374823 | 08/26/25 | 7804 |
| MSCI | JPY | 163345 | USD | 1105 | 08/26/25 | 19 |
| MSCI | USD | 11709 | CAD | 16000 | 08/26/25 | (148) |
| MSCI | USD | 415681 | DKK | 2646151 | 08/26/25 | (10440) |
| MSCI | USD | 3230441 | EUR | 2758956 | 08/26/25 | (77332) |
| MSCI | USD | 30002 | GBP | 22153 | 08/26/25 | (740) |
| MSCI | USD | 347709 | ILS | 1165259 | 08/26/25 | (4677) |
| MSCI | USD | 3380040 | MXN | 63463199 | 08/26/25 | (23975) |
| MSCI | USD | 155518 | NOK | 1572230 | 08/26/25 | (3425) |
| MSCI | USD | 343064 | TRY | 16142005 | 12/22/25 | 8532 |
| SSB | CHF | 1724801 | USD | 2174705 | 08/26/25 | 45619 |
| SSB | USD | 11496307 | JPY | 1685316802 | 08/26/25 | (293188) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(269828)** |

---

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Asset-backed securities | $— | $4973562 | $— | $4973562 |
| Corporate bonds |  | 52866411 |  | 52866411 |
| Mortgage-backed securities |  | 4429698 |  | 4429698 |
| Non-U.S. government agency obligations |  | 69406315 |  | 69406315 |
| U.S. government agency obligations |  | 26495808 |  | 26495808 |
| U.S. Treasury obligations |  | 7329487 |  | 7329487 |
| Short-term investments | 4969 |  |  | 4969 |
| Investment of cash collateral from securities loaned | 1174033 |  |  | 1174033 |
| Futures contracts | 238934 |  |  | 238934 |
| Forward foreign currency contracts |  | 470804 |  | 470804 |
| **Total** | $**1417936** | $**165972085** | $**—** | $**167390021** |

---

------

PACE Global Fixed Income Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary—(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Futures contracts | $(296987) | $— | $— | $(296987) |
| Forward foreign currency contracts |  | (740632) |  | (740632) |
| **Total** | $**(296987)** | $**(740632)** | $**—** | $**(1037619)** |

---

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

**Portfolio footnotes**

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

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

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $21,719,185, represented 13.0% of the Portfolio's net assets at period end.

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

<sup>4</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

<sup>6</sup> Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

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

<sup>8</sup> Security, or portion thereof, was on loan at the period end.

<sup>9</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—95.1%** | **Corporate bonds—95.1%** | **Corporate bonds—95.1%** | **Corporate bonds—95.1%** |
| **Advertising—0.6%** | **Advertising—0.6%** | **Advertising—0.6%** | **Advertising—0.6%** |
| Clear Channel Outdoor Holdings, Inc.<br>7.500%, due 06/01/29<sup>2</sup> |  | 125000 | $113878 |
| 7.750%, due 04/15/28<sup>2</sup> |  | 200000 | 188859 |
| 7.875%, due 04/01/30<sup>2</sup> |  | 100000 | 102981 |
| Neptune Bidco U.S., Inc.<br>9.290%, due 04/15/29<sup>2</sup> |  | 200000 | 193556 |
| Outfront Media Capital LLC/Outfront <br>Media Capital Corp.<br>4.250%, due 01/15/29<sup>2</sup> |  | 125000 | 119006 |
| 4.625%, due 03/15/30<sup>2</sup> |  | 175000 | 166126 |
| 5.000%, due 08/15/27<sup>2</sup> |  | 175000 | 173239 |
|  |  |  | 1057645 |
| **Aerospace & defense—1.0%** | **Aerospace & defense—1.0%** | **Aerospace & defense—1.0%** | **Aerospace & defense—1.0%** |
| AAR Escrow Issuer LLC<br>6.750%, due 03/15/29<sup>2</sup> |  | 25000 | 25651 |
| Boeing Co.<br>6.528%, due 05/01/34 |  | 75000 | 81631 |
| Bombardier, Inc.<br>6.000%, due 02/15/28<sup>2</sup> |  | 175000 | 176164 |
| 7.250%, due 07/01/31<sup>2</sup> |  | 50000 | 52210 |
| 7.875%, due 04/15/27<sup>2</sup> |  | 37000 | 37192 |
| Evander Gold Mines Ltd.<br>10.000%, due 04/19/26<sup>3,4,5</sup> | EUR | 119210 | 0 |
| Goat Holdco LLC<br>6.750%, due 02/01/32<sup>2</sup> |  | 50000 | 50403 |
| Spirit AeroSystems, Inc.<br>4.600%, due 06/15/28 |  | 125000 | 122982 |
| 9.750%, due 11/15/30<sup>2</sup> |  | 150000 | 164970 |
| TransDigm, Inc.<br>4.625%, due 01/15/29 |  | 75000 | 73329 |
| 6.375%, due 03/01/29<sup>2</sup> |  | 50000 | 51173 |
| 6.375%, due 05/31/33<sup>2</sup> |  | 475000 | 478017 |
| 6.625%, due 03/01/32<sup>2</sup> |  | 50000 | 51413 |
| 6.750%, due 08/15/28<sup>2</sup> |  | 275000 | 280599 |
| 7.125%, due 12/01/31<sup>2</sup> |  | 100000 | 104125 |
|  |  |  | 1749859 |
| **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** | **Agriculture—0.2%** |
| Darling Ingredients, Inc.<br>5.250%, due 04/15/27<sup>2</sup> |  | 25000 | 24965 |
| 6.000%, due 06/15/30<sup>2</sup> |  | 100000 | 100639 |
| MHP Lux SA<br>6.250%, due 09/19/29<sup>6</sup> |  | 200000 | 162000 |
| Tereos Finance Groupe I SA<br>5.875%, due 04/30/30<sup>6</sup> | EUR | 100000 | 114313 |
|  |  |  | 401917 |
| **Airlines—1.1%** | **Airlines—1.1%** | **Airlines—1.1%** | **Airlines—1.1%** |
| Allegiant Travel Co.<br>7.250%, due 08/15/27<sup>2</sup> |  | 50000 | 49969 |
| American Airlines, Inc.<br>7.250%, due 02/15/28<sup>2</sup> |  | 100000 | 102041 |
| 8.500%, due 05/15/29<sup>2</sup> |  | 150000 | 156769 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Airlines—(concluded)** | **Airlines—(concluded)** | **Airlines—(concluded)** | **Airlines—(concluded)** | **Airlines—(concluded)** |
| American Airlines, Inc./AAdvantage <br>Loyalty IP Ltd.<br>5.500%, due 04/20/26<sup>2</sup> |  | 50000 | $| 49955 |
| 5.750%, due 04/20/29<sup>2</sup> |  | 300000 |  | 299895 |
| Grupo Aeromexico SAB de CV<br>8.250%, due 11/15/29<sup>6</sup> |  | 300000 |  | 294120 |
| JetBlue Airways Corp./JetBlue<br>Loyalty LP<br>9.875%, due 09/20/31<sup>2</sup> |  | 225000 |  | 217541 |
| Latam Airlines Group SA<br>7.875%, due 04/15/30<sup>2</sup> |  | 75000 |  | 77415 |
| OneSky Flight LLC<br>8.875%, due 12/15/29<sup>2</sup> |  | 75000 |  | 79016 |
| Transportes Aereos Portugueses SA<br>5.125%, due 11/15/29<sup>2</sup> | EUR | 100000 |  | 117990 |
| United Airlines, Inc.<br>4.625%, due 04/15/29<sup>2</sup> |  | 150000 |  | 146477 |
| VistaJet Malta Finance PLC/Vista <br>Management Holding, Inc.<br>6.375%, due 02/01/30<sup>2</sup> |  | 125000 |  | 118082 |
| 7.875%, due 05/01/27<sup>2</sup> |  | 200000 |  | 200685 |
| 9.500%, due 06/01/28<sup>2</sup> |  | 50000 |  | 51250 |
|  |  |  |  | 1961205 |
| **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** | **Apparel—0.6%** |
| Beach Acquisition Bidco LLC<br>10.000% Cash or 10.750% PIK,<br>10.000%, due 07/15/33<sup>2,7</sup> |  | 200000 |  | 208515 |
| Crocs, Inc.<br>4.125%, due 08/15/31<sup>2</sup> |  | 125000 |  | 112992 |
| 4.250%, due 03/15/29<sup>2</sup> |  | 25000 |  | 23782 |
| CT Investment GmbH<br>6.375%, due 04/15/30<sup>2</sup> | EUR | 200000 |  | 237151 |
| Kontoor Brands, Inc.<br>4.125%, due 11/15/29<sup>2</sup> |  | 75000 |  | 69663 |
| Takko Fashion GmbH<br>10.250%, due 04/15/30<sup>2</sup> | EUR | 200000 |  | 248291 |
| VF Corp.<br>6.000%, due 10/15/33 |  | 50000 |  | 46074 |
|  |  |  |  | 946468 |
| **Auto manufacturers—0.4%** | **Auto manufacturers—0.4%** | **Auto manufacturers—0.4%** | **Auto manufacturers—0.4%** | **Auto manufacturers—0.4%** |
| Allison Transmission, Inc.<br>3.750%, due 01/30/31<sup>2</sup> |  | 50000 |  | 45697 |
| 4.750%, due 10/01/27<sup>2</sup> |  | 75000 |  | 74246 |
| Aston Martin Capital Holdings Ltd.<br>10.375%, due 03/31/29<sup>6</sup> | GBP | 100000 |  | 123679 |
| JB Poindexter & Co., Inc.<br>8.750%, due 12/15/31<sup>2</sup> |  | 100000 |  | 102274 |
| Nissan Motor Co. Ltd.<br>5.250%, due 07/17/29<sup>2</sup> | EUR | 100000 |  | 115939 |
| 6.375%, due 07/17/33<sup>2</sup> |  | 100000 |  | 116195 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** | **Auto manufacturers—(concluded)** |
| Rivian Holdings LLC/Rivian LLC/Rivian<br>Automotive LLC<br>10.000%, due 01/15/31<sup>2</sup> |  | 50000 | $ | 47582 |
|  |  |  |  | 625612 |
| **Auto parts & equipment—1.5%** | **Auto parts & equipment—1.5%** | **Auto parts & equipment—1.5%** | **Auto parts & equipment—1.5%** | **Auto parts & equipment—1.5%** |
| Adient Global Holdings Ltd.<br>7.500%, due 02/15/33<sup>2</sup> |  | 50000 |  | 50988 |
| Adler Pelzer Holding GmbH<br>9.500%, due 04/01/27<sup>2</sup> | EUR | 200000 |  | 223756 |
| American Axle & Manufacturing, Inc.<br>5.000%, due 10/01/29 |  | 125000 |  | 113417 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>4.750%, due 06/15/31<sup>2</sup> | EUR | 100000 |  | 115387 |
| 6.750%, due 02/15/30<sup>2</sup> |  | 50000 |  | 51552 |
| Dana, Inc.<br>4.250%, due 09/01/30 |  | 50000 |  | 49204 |
| 4.500%, due 02/15/32 |  | 75000 |  | 73188 |
| Dornoch Debt Merger Sub, Inc.<br>6.625%, due 10/15/29<sup>2</sup> |  | 175000 |  | 138117 |
| Forvia SE<br>5.500%, due 06/15/31<sup>6</sup> | EUR | 225000 |  | 262850 |
| Goodyear Tire & Rubber Co.<br>5.250%, due 07/15/31 |  | 250000 |  | 237215 |
| 5.625%, due 04/30/33 |  | 50000 |  | 46925 |
| Grupo Antolin-Irausa SA<br>3.500%, due 04/30/28<sup>6</sup> | EUR | 100000 |  | 70754 |
| 10.375%, due 01/30/30<sup>2</sup> |  | 125000 |  | 91610 |
| IHO Verwaltungs GmbH<br>8.750% Cash or 9.500% PIK,<br>8.750%, due 05/15/28<sup>2,7</sup> |  | 225000 |  | 269219 |
| Phinia, Inc.<br>6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 50935 |
| Tenneco, Inc.<br>8.000%, due 11/17/28<sup>2</sup> |  | 200000 |  | 198509 |
| ZF Europe Finance BV<br>3.000%, due 10/23/29<sup>6</sup> | EUR | 200000 |  | 201830 |
| 6.125%, due 03/13/29<sup>6</sup> |  | 200000 |  | 228525 |
| ZF Finance GmbH<br>2.750%, due 05/25/27<sup>6</sup> |  | 100000 |  | 110888 |
|  |  |  |  | 2584869 |
| **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** | **Banks—1.0%** |
| Banco BPM SpA <br>(fixed, converts to FRN on 01/19/27),<br>3.375%, due 01/19/32<sup>5,6</sup> |  | 200000 |  | 228520 |
| Barclays PLC<br>(fixed, converts to FRN on 03/15/28),<br>8.875%, due 09/15/27<sup>5,6,8</sup> | GBP | 300000 |  | 417543 |
| Freedom Mortgage Corp.<br>6.625%, due 01/15/27<sup>2</sup> |  | 250000 |  | 250142 |
| 7.625%, due 05/01/26<sup>2</sup> |  | 75000 |  | 75325 |
| 12.000%, due 10/01/28<sup>2</sup> |  | 50000 |  | 53476 |
| 12.250%, due 10/01/30<sup>2</sup> |  | 25000 |  | 27654 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** | **Banks—(concluded)** |
| Goldman Sachs Group, Inc.<br>Series R,<br>(fixed, converts to FRN on 02/10/30),<br>7.560%, due 02/10/26<sup>5,8</sup> |  | 75000 | $| 75468 |
| Intesa Sanpaolo SpA<br>2.925%, due 10/14/30<sup>6</sup> | EUR | 250000 |  | 279598 |
| Uzbek Industrial & Construction Bank ATB<br>8.950%, due 07/24/29<sup>6</sup> |  | 200000 |  | 211580 |
| Walker & Dunlop, Inc.<br>6.625%, due 04/01/33<sup>2</sup> |  | 50000 |  | 50976 |
|  |  |  |  | 1670282 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Primo Water Holdings, Inc.<br>3.875%, due 10/31/28<sup>6</sup> | EUR | 94000 |  | 107216 |
| Primo Water Holdings, Inc./Triton Water <br>Holdings, Inc.<br>3.875%, due 10/31/28<sup>2</sup> |  | 231000 |  | 263477 |
| 4.375%, due 04/30/29<sup>2</sup> |  | 150000 |  | 144690 |
| 6.250%, due 04/01/29<sup>2</sup> |  | 100000 |  | 100205 |
|  |  |  |  | 615588 |
| **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** | **Building materials—2.2%** |
| AmeriTex HoldCo Intermediate LLC<br>10.250%, due 10/15/28<sup>2</sup> |  | 75000 |  | 79592 |
| Builders FirstSource, Inc.<br>4.250%, due 02/01/32<sup>2</sup> |  | 300000 |  | 276870 |
| 5.000%, due 03/01/30<sup>2</sup> |  | 100000 |  | 97888 |
| 6.375%, due 06/15/32<sup>2</sup> |  | 225000 |  | 230087 |
| 6.375%, due 03/01/34<sup>2</sup> |  | 325000 |  | 329780 |
| 6.750%, due 05/15/35<sup>2</sup> |  | 125000 |  | 128162 |
| Camelot Return Merger Sub, Inc.<br>8.750%, due 08/01/28<sup>2</sup> |  | 50000 |  | 45813 |
| CP Atlas Buyer, Inc.<br>9.750%, due 07/15/30<sup>2</sup> |  | 50000 |  | 50449 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<br>6.375%, due 12/15/30<sup>2</sup> | EUR | 125000 |  | 149626 |
| 6.625%, due 12/15/30<sup>2</sup> |  | 100000 |  | 101961 |
| Griffon Corp.<br>5.750%, due 03/01/28 |  | 250000 |  | 248905 |
| JELD-WEN, Inc.<br>7.000%, due 09/01/32<sup>2</sup> |  | 25000 |  | 18756 |
| JH North America Holdings, Inc.<br>5.875%, due 01/31/31<sup>2</sup> |  | 75000 |  | 75257 |
| 6.125%, due 07/31/32<sup>2</sup> |  | 50000 |  | 50518 |
| Knife River Corp.<br>7.750%, due 05/01/31<sup>2</sup> |  | 50000 |  | 52463 |
| Limak Cimento Sanayi ve Ticaret AS<br>9.750%, due 07/25/29<sup>6</sup> |  | 200000 |  | 204812 |
| Miter Brands Acquisition Holdco, Inc./MIWD<br>Borrower LLC<br>6.750%, due 04/01/32<sup>2</sup> |  | 75000 |  | 76574 |
| MIWD Holdco II LLC/MIWD Finance Corp.<br>5.500%, due 02/01/30<sup>2</sup> |  | 75000 |  | 71388 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** | **Building materials—(concluded)** |
| New Enterprise Stone & Lime Co., Inc.<br>5.250%, due 07/15/28<sup>2</sup> |  | 75000 | $| 74463 |
| 9.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 100250 |
| Quikrete Holdings, Inc.<br>6.375%, due 03/01/32<sup>2</sup> |  | 200000 |  | 205119 |
| 6.750%, due 03/01/33<sup>2</sup> |  | 75000 |  | 76922 |
| Smyrna Ready Mix Concrete LLC<br>6.000%, due 11/01/28<sup>2</sup> |  | 225000 |  | 224257 |
| 8.875%, due 11/15/31<sup>2</sup> |  | 25000 |  | 26310 |
| Standard Building Solutions, Inc.<br>6.250%, due 08/01/33<sup>2</sup> |  | 50000 |  | 50476 |
| 6.500%, due 08/15/32<sup>2</sup> |  | 125000 |  | 127645 |
| Standard Industries, Inc.<br>4.375%, due 07/15/30<sup>2</sup> |  | 175000 |  | 165679 |
| 5.000%, due 02/15/27<sup>2</sup> |  | 100000 |  | 99949 |
| West China Cement Ltd.<br>4.950%, due 07/08/26<sup>6</sup> |  | 200000 |  | 183753 |
| Wilsonart LLC<br>11.000%, due 08/15/32<sup>2</sup> |  | 75000 |  | 69018 |
|  |  |  |  | 3692742 |
| **Chemicals—4.3%** | **Chemicals—4.3%** | **Chemicals—4.3%** | **Chemicals—4.3%** | **Chemicals—4.3%** |
| ASP Unifrax Holdings, Inc.<br>7.10% Cash, or 5.85% Cash and 1.25% PIK, <br>7.100%, due 09/30/29<sup>2,7</sup> |  | 19934 |  | 10316 |
| Avient Corp.<br>6.250%, due 11/01/31<sup>2</sup> |  | 50000 |  | 50178 |
| 7.125%, due 08/01/30<sup>2</sup> |  | 75000 |  | 77038 |
| Braskem Netherlands Finance BV<br>5.875%, due 01/31/50<sup>6</sup> |  | 600000 |  | 353250 |
| Celanese U.S. Holdings LLC Steps to <br>5.837% on 11/19/26,<br>5.587%, due 01/19/29 | EUR | 100000 |  | 120137 |
| 6.830%, due 07/15/29 |  | 50000 |  | 51938 |
| 6.879%, due 07/15/32 |  | 225000 |  | 232937 |
| 7.050%, due 11/15/30 |  | 25000 |  | 26036 |
| 7.200%, due 11/15/33 |  | 250000 |  | 261002 |
| Chemours Co.<br>4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 42348 |
| 5.375%, due 05/15/27 |  | 75000 |  | 73473 |
| 5.750%, due 11/15/28<sup>2</sup> |  | 150000 |  | 137765 |
| 8.000%, due 01/15/33<sup>2</sup> |  | 75000 |  | 69766 |
| Consolidated Energy Finance SA<br>5.000%, due 10/15/28<sup>2</sup> | EUR | 225000 |  | 208980 |
| 12.000%, due 02/15/31<sup>6</sup> |  | 150000 |  | 140950 |
| FMC Corp.<br>(fixed, converts to FRN on 11/01/30),<br>8.450%, due 11/01/55<sup>5</sup> |  | 25000 |  | 25846 |
| Herens Midco SARL<br>5.250%, due 05/15/29<sup>6</sup> | EUR | 100000 |  | 80312 |
| INEOS Finance PLC<br>5.625%, due 08/15/30<sup>6</sup> |  | 100000 |  | 109292 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** |
| INEOS Quattro Finance 2 PLC<br>6.750%, due 04/15/30<sup>6</sup> |  | 125000 | $134998 |
| 8.500%, due 03/15/29<sup>6</sup> |  | 100000 | 115395 |
| Innophos Holdings, Inc.<br>11.500%, due 06/15/29<sup>2</sup> |  | 228125 | 230926 |
| Italmatch Chemicals SpA<br>10.000%, due 02/06/28<sup>2</sup> | EUR | 125000 | 150190 |
| Itelyum Regeneration SpA<br>5.750%, due 04/15/30<sup>2</sup> |  | 100000 | 117037 |
| Mativ Holdings, Inc.<br>8.000%, due 10/01/29<sup>2</sup> |  | 50000 | 45090 |
| Methanex Corp.<br>5.125%, due 10/15/27 |  | 75000 | 74623 |
| Minerals Technologies, Inc.<br>5.000%, due 07/01/28<sup>2</sup> |  | 100000 | 98443 |
| NOVA Chemicals Corp.<br>4.250%, due 05/15/29<sup>2</sup> |  | 50000 | 47750 |
| 5.250%, due 06/01/27<sup>2</sup> |  | 75000 | 74709 |
| 8.500%, due 11/15/28<sup>2</sup> |  | 125000 | 131270 |
| 9.000%, due 02/15/30<sup>2</sup> |  | 150000 | 161181 |
| OCP SA<br>6.875%, due 04/25/44<sup>6</sup> |  | 500000 | 488418 |
| 7.500%, due 05/02/54<sup>2</sup> |  | 200000 | 202221 |
| Olin Corp.<br>5.625%, due 08/01/29 |  | 125000 | 123378 |
| 6.625%, due 04/01/33<sup>2</sup> |  | 25000 | 24327 |
| Olympus Water U.S. Holding Corp.<br>5.375%, due 10/01/29<sup>6</sup> | EUR | 425000 | 450167 |
| 6.250%, due 10/01/29<sup>2</sup> |  | 200000 | 191583 |
| 9.625%, due 11/15/28<sup>6</sup> | EUR | 125000 | 150166 |
| 9.750%, due 11/15/28<sup>2</sup> |  | 200000 | 209665 |
| Rain Carbon, Inc.<br>12.250%, due 09/01/29<sup>2</sup> |  | 50000 | 53834 |
| Sasol Financing USA LLC<br>4.375%, due 09/18/26 |  | 200000 | 197400 |
| 4.500%, due 11/08/27<sup>6</sup> |  | 200000 | 185488 |
| 8.750%, due 05/03/29<sup>2</sup> |  | 200000 | 199500 |
| 8.750%, due 05/03/29<sup>6</sup> |  | 200000 | 199500 |
| SCIH Salt Holdings, Inc.<br>4.875%, due 05/01/28<sup>2</sup> |  | 25000 | 24274 |
| 6.625%, due 05/01/29<sup>2</sup> |  | 150000 | 148287 |
| SCIL IV LLC/SCIL USA Holdings LLC<br>9.500%, due 07/15/28<sup>2</sup> | EUR | 150000 | 179759 |
| 9.500%, due 07/15/28<sup>6</sup> |  | 100000 | 119840 |
| SNF Group SACA<br>4.500%, due 03/15/32<sup>2</sup> |  | 200000 | 235087 |
| Synthomer PLC<br>7.375%, due 05/02/29<sup>6</sup> |  | 100000 | 105586 |
| Trinseo Luxco Finance SPV <br>SARL/Trinseo NA Finance SPV LLC<br>5.125% Cash and 2.500% PIK,<br>7.625%, due 05/03/29<sup>2,7</sup> |  | 204000 | 115260 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** | **Chemicals—(concluded)** |
| Tronox, Inc.<br>4.625%, due 03/15/29<sup>2</sup> |  | 125000 | $| 97251 |
| WR Grace Holdings LLC<br>4.875%, due 06/15/27<sup>2</sup> |  | 25000 |  | 24859 |
| 5.625%, due 08/15/29<sup>2</sup> |  | 150000 |  | 138289 |
| 7.375%, due 03/01/31<sup>2</sup> |  | 50000 |  | 51465 |
|  |  |  |  | 7368780 |
| **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** | **Coal—0.0%<sup>†</sup>** |
| Cloud Peak Energy Resources LLC/Cloud <br>Peak Energy Finance Corp.<br>0.000%, due 03/15/24<sup>3,4,9</sup> |  | 550000 |  | 5500 |
| Murray Energy Corp.<br>9.000% Cash and 3.000% PIK,<br>12.000%, due 04/15/24<sup>2,3,4,7,10</sup> |  | 1268693 |  | 0 |
|  |  |  |  | 5500 |
| **Commercial services—4.6%** | **Commercial services—4.6%** | **Commercial services—4.6%** | **Commercial services—4.6%** | **Commercial services—4.6%** |
| ADT Security Corp.<br>4.125%, due 08/01/29<sup>2</sup> |  | 25000 |  | 23916 |
| 4.875%, due 07/15/32<sup>2</sup> |  | 150000 |  | 142548 |
| Adtalem Global Education, Inc.<br>5.500%, due 03/01/28<sup>2</sup> |  | 81000 |  | 80026 |
| Allied Universal Holdco LLC<br>7.875%, due 02/15/31<sup>2</sup> |  | 25000 |  | 26216 |
| Allied Universal Holdco LLC/Allied <br>Universal Finance Corp.<br>6.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 194653 |
| Allied Universal Holdco LLC/Allied <br>Universal Finance Corp./Atlas Luxco 4 SARL<br>3.625%, due 06/01/28<sup>2</sup> | EUR | 100000 |  | 113014 |
| 4.625%, due 06/01/28<sup>2</sup> |  | 200000 |  | 194578 |
| 4.875%, due 06/01/28<sup>6</sup> | GBP | 150000 |  | 192679 |
| Alta Equipment Group, Inc.<br>9.000%, due 06/01/29<sup>2</sup> |  | 75000 |  | 71126 |
| AMN Healthcare, Inc.<br>4.000%, due 04/15/29<sup>2</sup> |  | 125000 |  | 114807 |
| 4.625%, due 10/01/27<sup>2</sup> |  | 25000 |  | 24444 |
| APCOA Group GmbH<br>6.000%, due 04/15/31<sup>2</sup> | EUR | 200000 |  | 232129 |
| APi Group DE, Inc.<br>4.125%, due 07/15/29<sup>2</sup> |  | 175000 |  | 166254 |
| Arena Luxembourg Finance SARL<br>3 mo. EURIBOR + 2.500%,<br>4.823%, due 05/01/30<sup>2,5</sup> | EUR | 100000 |  | 114687 |
| Avis Budget Car Rental LLC/Avis Budget <br>Finance, Inc.<br>5.375%, due 03/01/29<sup>2</sup> |  | 150000 |  | 143611 |
| 5.750%, due 07/15/27<sup>2</sup> |  | 22000 |  | 21864 |
| 8.375%, due 06/15/32<sup>2</sup> |  | 100000 |  | 103161 |
| Avis Budget Finance PLC<br>7.000%, due 02/28/29<sup>6</sup> | EUR | 100000 |  | 117007 |
| 7.250%, due 07/31/30<sup>2</sup> |  | 100000 |  | 117080 |
| BCP V Modular Services Finance PLC<br>6.750%, due 11/30/29<sup>6</sup> |  | 250000 |  | 248219 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** |
| Belron U.K. Finance PLC<br>4.625%, due 10/15/29<sup>2</sup> |  | 200000 | $235149 |
| Block, Inc.<br>6.500%, due 05/15/32 |  | 75000 | 76964 |
| Boels Topholding BV<br>5.750%, due 05/15/30<sup>2</sup> | EUR | 100000 | 118988 |
| 5.750%, due 05/15/30<sup>6</sup> |  | 100000 | 118988 |
| Boost Newco Borrower LLC<br>7.500%, due 01/15/31<sup>2</sup> |  | 200000 | 211462 |
| Boost Newco Borrower LLC/GTCR W Dutch <br>Finance Sub BV<br>8.500%, due 01/15/31<sup>6</sup> | GBP | 125000 | 178096 |
| Brink's Co.<br>6.500%, due 06/15/29<sup>2</sup> |  | 75000 | 76837 |
| 6.750%, due 06/15/32<sup>2</sup> |  | 100000 | 103000 |
| Carriage Services, Inc.<br>4.250%, due 05/15/29<sup>2</sup> |  | 75000 | 70194 |
| Champions Financing, Inc.<br>8.750%, due 02/15/29<sup>2</sup> |  | 25000 | 23148 |
| EquipmentShare.com, Inc.<br>8.000%, due 03/15/33<sup>2</sup> |  | 125000 | 130501 |
| 8.625%, due 05/15/32<sup>2</sup> |  | 100000 | 106437 |
| GEO Group, Inc.<br>8.625%, due 04/15/29 |  | 75000 | 79629 |
| 10.250%, due 04/15/31 |  | 175000 | 192400 |
| Herc Holdings, Inc.<br>6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51190 |
| Hertz Corp.<br>0.000%, due 01/15/28<sup>2,9</sup> |  | 50000 | 9000 |
| 4.625%, due 12/01/26<sup>2</sup> |  | 75000 | 67837 |
| 5.000%, due 12/01/29<sup>2</sup> |  | 25000 | 17562 |
| La Financiere Atalian<br>3.500% Cash and 5.000% PIK,<br>8.500%, due 06/30/28<sup>7</sup> | EUR | 129361 | 53260 |
| Loxam SAS<br>4.250%, due 02/15/31<sup>2</sup> |  | 100000 | 114309 |
| 6.375%, due 05/31/29<sup>2</sup> |  | 90000 | 106963 |
| Mavis Tire Express Services Topco Corp.<br>6.500%, due 05/15/29<sup>2</sup> |  | 225000 | 222313 |
| Mundys SpA<br>4.500%, due 01/24/30<sup>6</sup> | EUR | 200000 | 239745 |
| NESCO Holdings II, Inc.<br>5.500%, due 04/15/29<sup>2</sup> |  | 125000 | 121876 |
| Paysafe Finance PLC/Paysafe <br>Holdings U.S. Corp.<br>4.000%, due 06/15/29<sup>2</sup> |  | 100000 | 91562 |
| Prime Security Services Borrower LLC/Prime<br>Finance, Inc.<br>6.250%, due 01/15/28<sup>2</sup> |  | 75000 | 74995 |
| Q-Park Holding I BV<br>4.250%, due 09/01/30<sup>2</sup> | EUR | 100000 | 115858 |
| 5.125%, due 02/15/30<sup>2</sup> |  | 100000 | 118657 |
| 5.125%, due 02/15/30<sup>6</sup> |  | 125000 | 148322 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** | **Commercial services—(concluded)** |
| Rekeep SpA<br>9.000%, due 09/15/29<sup>2</sup> |  | 100000 | $| 115860 |
| RR Donnelley & Sons Co.<br>9.500%, due 08/01/29<sup>2</sup> |  | 75000 |  | 76633 |
| 10.875%, due 08/01/29<sup>2</sup> |  | 75000 |  | 73063 |
| RRD Intermediate Holdings, Inc.<br>11.000% Cash or 12.000% PIK,<br>11.000%, due 12/01/30<sup>2,7</sup> |  | 79600 |  | 77028 |
| Service Corp. International<br>4.000%, due 05/15/31 |  | 225000 |  | 208719 |
| 5.750%, due 10/15/32 |  | 100000 |  | 100237 |
| Shift4 Payments LLC/Shift4 Payments <br>Finance Sub, Inc.<br>5.500%, due 05/15/33<sup>2</sup> | EUR | 100000 |  | 119004 |
| 6.750%, due 08/15/32<sup>2</sup> |  | 25000 |  | 25825 |
| Techem Verwaltungsgesellschaft 675 GmbH<br>4.625%, due 07/15/32<sup>2</sup> | EUR | 150000 |  | 170790 |
| United Rentals North America, Inc.<br>3.750%, due 01/15/32 |  | 75000 |  | 68316 |
| 3.875%, due 02/15/31 |  | 125000 |  | 116633 |
| 4.000%, due 07/15/30 |  | 225000 |  | 212862 |
| 5.500%, due 05/15/27 |  | 25000 |  | 25005 |
| 6.125%, due 03/15/34<sup>2</sup> |  | 25000 |  | 25633 |
| Verisure Holding AB<br>9.250%, due 10/15/27<sup>6</sup> | EUR | 80000 |  | 94813 |
| Verisure Midholding AB<br>5.250%, due 02/15/29<sup>6</sup> |  | 300000 |  | 344791 |
| Vortex Opco LLC<br>8.000%, due 04/30/30<sup>2</sup> |  | 78375 |  | 7837 |
| WASH Multifamily Acquisition, Inc.<br>5.750%, due 04/15/26<sup>2</sup> |  | 50000 |  | 49996 |
| WEX, Inc.<br>6.500%, due 03/15/33<sup>2</sup> |  | 75000 |  | 75962 |
| Williams Scotsman, Inc.<br>4.625%, due 08/15/28<sup>2</sup> |  | 75000 |  | 73780 |
| 6.625%, due 06/15/29<sup>2</sup> |  | 50000 |  | 51241 |
| 6.625%, due 04/15/30<sup>2</sup> |  | 25000 |  | 25777 |
|  |  |  |  | 7857066 |
| **Computers—0.8%** | **Computers—0.8%** | **Computers—0.8%** | **Computers—0.8%** | **Computers—0.8%** |
| Almaviva-The Italian Innovation Co. SpA<br>5.000%, due 10/30/30<sup>2</sup> | EUR | 100000 |  | 115750 |
| 5.000%, due 10/30/30<sup>6</sup> |  | 100000 |  | 115750 |
| Amentum Holdings, Inc.<br>7.250%, due 08/01/32<sup>2</sup> |  | 75000 |  | 77585 |
| ASGN, Inc.<br>4.625%, due 05/15/28<sup>2</sup> |  | 125000 |  | 121697 |
| Atos SE Next Step to<br>9.360% on 12/18/25 <br>and Multiple Steps Up Thereafter<br>(9.730% - 10.530%),<br>9.000%, due 12/18/29<sup>6</sup> | EUR | 200000 |  | 253132 |
| Diebold Nixdorf, Inc.<br>7.750%, due 03/31/30<sup>2</sup> |  | 50000 |  | 53049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** | **Computers—(concluded)** |
| Hewlett Packard Enterprise Co.<br>5.600%, due 10/15/54 |  | 25000 | $| 22976 |
| Insight Enterprises, Inc.<br>6.625%, due 05/15/32<sup>2</sup> |  | 25000 |  | 25566 |
| NCR Atleos Corp.<br>9.500%, due 04/01/29<sup>2</sup> |  | 200000 |  | 216671 |
| NCR Voyix Corp.<br>5.000%, due 10/01/28<sup>2</sup> |  | 125000 |  | 122956 |
| 5.125%, due 04/15/29<sup>2</sup> |  | 88000 |  | 86242 |
| OVH Groupe SA<br>4.750%, due 02/05/31<sup>2</sup> | EUR | 150000 |  | 174910 |
|  |  |  |  | 1386284 |
| **Construction materials—0.0%<sup>†</sup>** | **Construction materials—0.0%<sup>†</sup>** | **Construction materials—0.0%<sup>†</sup>** | **Construction materials—0.0%<sup>†</sup>** | **Construction materials—0.0%<sup>†</sup>** |
| Cornerstone Building Brands, Inc.<br>9.500%, due 08/15/29<sup>2</sup> |  | 50000 |  | 45832 |
| **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** | **Cosmetics/personal care—0.2%** |
| Perrigo Finance Unlimited Co.<br>5.375%, due 09/30/32 | EUR | 175000 |  | 207782 |
| 6.125%, due 09/30/32 |  | 25000 |  | 25262 |
| Prestige Brands, Inc.<br>3.750%, due 04/01/31<sup>2</sup> |  | 25000 |  | 22878 |
| 5.125%, due 01/15/28<sup>2</sup> |  | 100000 |  | 99166 |
|  |  |  |  | 355088 |
| **Distribution & wholesale—0.3%** | **Distribution & wholesale—0.3%** | **Distribution & wholesale—0.3%** | **Distribution & wholesale—0.3%** | **Distribution & wholesale—0.3%** |
| Azelis Finance NV<br>5.750%, due 03/15/28<sup>6</sup> | EUR | 100000 |  | 117572 |
| Dealer Tire LLC/DT Issuer LLC<br>8.000%, due 02/01/28<sup>2</sup> |  | 50000 |  | 48953 |
| Li & Fung Ltd.<br>5.250%, due 11/03/25<sup>6,8</sup> |  | 200000 |  | 100290 |
| RB Global Holdings, Inc.<br>7.750%, due 03/15/31<sup>2</sup> |  | 25000 |  | 26200 |
| Resideo Funding, Inc.<br>6.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 50722 |
| Velocity Vehicle Group LLC<br>8.000%, due 06/01/29<sup>2</sup> |  | 25000 |  | 25296 |
| Windsor Holdings III LLC<br>8.500%, due 06/15/30<sup>2</sup> |  | 50000 |  | 52998 |
|  |  |  |  | 422031 |
| **Diversified financial services—5.2%** | **Diversified financial services—5.2%** | **Diversified financial services—5.2%** | **Diversified financial services—5.2%** | **Diversified financial services—5.2%** |
| 4finance SA<br>10.750%, due 10/26/26 | EUR | 200000 |  | 229315 |
| Aareal Bank AG <br>(fixed, converts to FRN on 12/12/29),<br>5.625%, due 12/12/34<sup>5,6</sup> |  | 200000 |  | 238044 |
| AG Issuer LLC<br>6.250%, due 03/01/28<sup>2</sup> |  | 100000 |  | 99894 |
| AG TTMT Escrow Issuer LLC<br>8.625%, due 09/30/27<sup>2</sup> |  | 25000 |  | 25687 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Ally Financial, Inc.<br>Series B,<br>(fixed, converts to FRN on 05/15/26),<br>4.700%, due 05/15/26<sup>5,8</sup> |  | 100000 | $97073 |
| 6.700%, due 02/14/33 |  | 75000 | 77885 |
| Azorra Finance Ltd.<br>7.250%, due 01/15/31<sup>2</sup> |  | 75000 | 76547 |
| 7.750%, due 04/15/30<sup>2</sup> |  | 88000 | 91630 |
| Bracken MidCo1 PLC<br>6.750% Cash or 7.500% PIK,<br>6.750%, due 11/01/27<sup>6,7</sup> | GBP | 100000 | 131613 |
| Bread Financial Holdings, Inc.<br>(fixed, converts to FRN on 06/15/30),<br>8.375%, due 06/15/35<sup>2,5</sup> |  | 100000 | 103294 |
| 9.750%, due 03/15/29<sup>2</sup> |  | 25000 | 26819 |
| Coinbase Global, Inc.<br>3.375%, due 10/01/28<sup>2</sup> |  | 400000 | 376351 |
| 3.625%, due 10/01/31<sup>2</sup> |  | 425000 | 380374 |
| Credito Real SAB de CV SOFOM ER<br>0.000%, due 02/01/27<sup>10</sup> | EUR | 275000 | 35796 |
| doValue SpA<br>7.000%, due 02/28/30<sup>2</sup> |  | 100000 | 122074 |
| Focus Financial Partners LLC<br>6.750%, due 09/15/31<sup>2</sup> |  | 25000 | 25548 |
| Freedom Mortgage Holdings LLC<br>9.250%, due 02/01/29<sup>2</sup> |  | 50000 | 52114 |
| Garfunkelux Holdco 3 SA<br>9.500%, due 11/01/28<sup>2</sup> | EUR | 113317 | 102020 |
| Garfunkelux Holdco 4 SA<br>10.500%, due 05/01/30<sup>6,7</sup> |  | 44586 | 10049 |
| GGAM Finance Ltd.<br>5.875%, due 03/15/30<sup>2</sup> |  | 75000 | 75281 |
| 6.875%, due 04/15/29<sup>2</sup> |  | 25000 | 25755 |
| goeasy Ltd.<br>6.875%, due 05/15/30<sup>2</sup> |  | 25000 | 25048 |
| 7.625%, due 07/01/29<sup>2</sup> |  | 150000 | 154462 |
| 9.250%, due 12/01/28<sup>2</sup> |  | 50000 | 52923 |
| Hightower Holding LLC<br>9.125%, due 01/31/30<sup>2</sup> |  | 50000 | 53138 |
| International Personal Finance PLC<br>10.750%, due 12/14/29<sup>6</sup> | EUR | 200000 | 250300 |
| Intrum Investments & Financing AB<br>7.750%, due 09/11/27 |  | 54600 | 58330 |
| Series 1,<br>7.750%, due 09/11/28<sup>6</sup> |  | 68250 | 70488 |
| 8.000%, due 09/11/27<sup>6</sup> |  | 48009 | 55947 |
| 8.500%, due 09/11/29 |  | 68250 | 69709 |
| 8.500%, due 09/11/30<sup>6</sup> |  | 81900 | 82482 |
| Iqera Group SAS<br>6.500%, due 09/30/24<sup>2</sup> |  | 83280 | 53762 |
| Jane Street Group/JSG Finance, Inc.<br>4.500%, due 11/15/29<sup>2</sup> |  | 75000 | 71834 |
| 6.125%, due 11/01/32<sup>2</sup> |  | 100000 | 99216 |
| 6.750%, due 05/01/33<sup>2</sup> |  | 75000 | 76754 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Jefferson Capital Holdings LLC<br>6.000%, due 08/15/26<sup>2</sup> |  | 100000 | $99724 |
| 8.250%, due 05/15/30<sup>2</sup> |  | 150000 | 156501 |
| 9.500%, due 02/15/29<sup>2</sup> |  | 100000 | 105526 |
| Jerrold Finco PLC<br>7.500%, due 06/15/31<sup>2</sup> | GBP | 100000 | 135119 |
| 7.875%, due 04/15/30<sup>2</sup> |  | 100000 | 136389 |
| LFS Topco LLC<br>8.750%, due 07/15/30<sup>2</sup> |  | 175000 | 169266 |
| Midcap Financial Issuer Trust<br>6.500%, due 05/01/28<sup>2</sup> |  | 200000 | 198276 |
| Muangthai Capital PCL<br>7.550%, due 07/21/30<sup>2</sup> |  | 250000 | 253250 |
| Nationstar Mortgage Holdings, Inc.<br>5.125%, due 12/15/30<sup>2</sup> |  | 75000 | 74858 |
| 5.500%, due 08/15/28<sup>2</sup> |  | 150000 | 149798 |
| 5.750%, due 11/15/31<sup>2</sup> |  | 50000 | 50555 |
| 6.000%, due 01/15/27<sup>2</sup> |  | 75000 | 75078 |
| 6.500%, due 08/01/29<sup>2</sup> |  | 50000 | 51140 |
| 7.125%, due 02/01/32<sup>2</sup> |  | 100000 | 104425 |
| Navient Corp.<br>4.875%, due 03/15/28 |  | 25000 | 24396 |
| 5.500%, due 03/15/29 |  | 75000 | 73369 |
| Series A,<br>5.625%, due 08/01/33 |  | 100000 | 90104 |
| 6.750%, due 06/15/26 |  | 150000 | 151495 |
| 11.500%, due 03/15/31 |  | 50000 | 56253 |
| Newday Bondco PLC<br>13.250%, due 12/15/26<sup>6</sup> | GBP | 92700 | 126579 |
| OneMain Finance Corp.<br>3.875%, due 09/15/28 |  | 25000 | 23843 |
| 4.000%, due 09/15/30 |  | 75000 | 68730 |
| 5.375%, due 11/15/29 |  | 25000 | 24514 |
| 6.125%, due 05/15/30<sup>11</sup> |  | 75000 | 75126 |
| 6.625%, due 01/15/28 |  | 75000 | 76798 |
| 6.625%, due 05/15/29 |  | 50000 | 51064 |
| 6.750%, due 03/15/32 |  | 350000 | 355142 |
| 7.125%, due 11/15/31 |  | 50000 | 51616 |
| 7.125%, due 09/15/32 |  | 50000 | 51532 |
| 7.500%, due 05/15/31 |  | 100000 | 104217 |
| 7.875%, due 03/15/30 |  | 250000 | 263166 |
| PennyMac Financial Services, Inc.<br>4.250%, due 02/15/29<sup>2</sup> |  | 175000 | 167608 |
| 5.750%, due 09/15/31<sup>2</sup> |  | 75000 | 73386 |
| 6.875%, due 05/15/32<sup>2</sup> |  | 50000 | 50942 |
| 6.875%, due 02/15/33<sup>2</sup> |  | 125000 | 127401 |
| 7.875%, due 12/15/29<sup>2</sup> |  | 100000 | 105538 |
| PHH Escrow Issuer LLC/PHH Corp.<br>9.875%, due 11/01/29<sup>2</sup> |  | 75000 | 75138 |
| PRA Group, Inc.<br>8.375%, due 02/01/28<sup>2</sup> |  | 100000 | 102295 |
| 8.875%, due 01/31/30<sup>2</sup> |  | 75000 | 77891 |
| Rfna LP<br>7.875%, due 02/15/30<sup>2</sup> |  | 200000 | 203148 |
| Rocket Cos., Inc.<br>6.375%, due 08/01/33<sup>2</sup> |  | 275000 | 280495 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** | **Diversified financial services—(concluded)** |
| Rocket Mortgage LLC/Rocket Mortgage <br>Co-Issuer, Inc.<br>3.875%, due 03/01/31<sup>2</sup> |  | 25000 | $| 23060 |
| 4.000%, due 10/15/33<sup>2</sup> |  | 250000 |  | 221183 |
| Synchrony Financial<br>7.250%, due 02/02/33 |  | 75000 |  | 78816 |
| Titanium 2l Bondco SARL<br>6.250%, due 01/14/31<sup>7</sup> | EUR | 490800 |  | 158954 |
| TrueNoord Capital DAC<br>8.750%, due 03/01/30<sup>2</sup> |  | 75000 |  | 77785 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<br>7.500%, due 06/15/31<sup>2</sup> |  | 25000 |  | 26011 |
| World Acceptance Corp.<br>7.000%, due 11/01/26<sup>2</sup> |  | 25000 |  | 25409 |
| X3G Mergeco SpA<br>7.000%, due 05/15/30<sup>2</sup> | EUR | 100000 |  | 110412 |
|  |  |  |  | 8990877 |
| **Electric—4.2%** | **Electric—4.2%** | **Electric—4.2%** | **Electric—4.2%** | **Electric—4.2%** |
| AES Andes SA<br>(fixed, converts to FRN on 06/10/30),<br>8.150%, due 06/10/55<sup>5,6</sup> |  | 300000 |  | 313683 |
| AES Corp.<br>(fixed, converts to FRN on 07/15/30),<br>6.950%, due 07/15/55<sup>5</sup> |  | 25000 |  | 24088 |
| (fixed, converts to FRN on 01/15/30),<br>7.600%, due 01/15/55<sup>5</sup> |  | 100000 |  | 101004 |
| AES Espana BV<br>5.700%, due 05/04/28<sup>2</sup> |  | 400000 |  | 382804 |
| Alpha Generation LLC<br>6.750%, due 10/15/32<sup>2</sup> |  | 100000 |  | 102332 |
| American Electric Power Co., Inc.<br>(fixed, converts to FRN on 12/15/34),<br>6.950%, due 12/15/54<sup>5</sup> |  | 50000 |  | 52781 |
| (fixed, converts to FRN on 12/15/29),<br>7.050%, due 12/15/54<sup>5</sup> |  | 75000 |  | 78281 |
| Aydem Yenilenebilir Enerji AS<br>7.750%, due 02/02/27<sup>6</sup> |  | 270000 |  | 267035 |
| Buffalo Energy Mexico Holdings/Buffalo <br>Energy Infrastructure/Buffalo Energy<br>7.875%, due 02/15/39<sup>6</sup> |  | 250000 |  | 264975 |
| California Buyer Ltd./Atlantica Sustainable<br>Infrastructure PLC<br>5.625%, due 02/15/32<sup>2</sup> | EUR | 125000 |  | 148765 |
| Calpine Corp.<br>5.000%, due 02/01/31<sup>2</sup> |  | 150000 |  | 148263 |
| 5.125%, due 03/15/28<sup>2</sup> |  | 325000 |  | 323428 |
| Continuum Energy Aura Pte. Ltd.<br>9.500%, due 02/24/27<sup>6</sup> |  | 400000 |  | 411500 |
| ContourGlobal Power Holdings SA<br>3.125%, due 01/01/28<sup>2</sup> | EUR | 100000 |  | 113600 |
| 3.125%, due 01/01/28<sup>6</sup> |  | 100000 |  | 113600 |
| 5.000%, due 02/28/30<sup>2</sup> |  | 100000 |  | 116688 |
| Eastern European Electric Co. BV<br>6.500%, due 05/15/30<sup>6</sup> |  | 100000 |  | 117401 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Edison International<br>(fixed, converts to FRN on 06/15/29),<br>7.875%, due 06/15/54<sup>5</sup> |  | 25000 | $23963 |
| (fixed, converts to FRN on 06/15/28),<br>8.125%, due 06/15/53<sup>5</sup> |  | 50000 | 49029 |
| Energia Group Roi Financeco DAC<br>6.875%, due 07/31/28<sup>2</sup> | EUR | 250000 | 295909 |
| Energo-Pro AS<br>8.000%, due 05/27/30<sup>2</sup> |  | 100000 | 120396 |
| EnfraGen Energia Sur SAU/EnfraGen Chile<br>SpA/EnfraGen Spain SAU<br>8.499%, due 06/30/32<sup>2</sup> |  | 300000 | 303847 |
| Instituto Costarricense de Electricidad<br>6.375%, due 05/15/43<sup>6</sup> |  | 200000 | 184012 |
| Investment Energy Resources Ltd.<br>6.250%, due 04/26/29<sup>2</sup> |  | 200000 | 196188 |
| Lightning Power LLC<br>7.250%, due 08/15/32<sup>2</sup> |  | 100000 | 104547 |
| Limak Yenilenebilir Enerji AS<br>9.625%, due 08/12/30<sup>2</sup> |  | 250000 | 248982 |
| NRG Energy, Inc.<br>3.625%, due 02/15/31<sup>2</sup> |  | 50000 | 45770 |
| 5.250%, due 06/15/29<sup>2</sup> |  | 150000 | 148334 |
| 5.750%, due 01/15/28 |  | 25000 | 25077 |
| 5.750%, due 07/15/29<sup>2</sup> |  | 200000 | 198227 |
| 6.000%, due 02/01/33<sup>2</sup> |  | 150000 | 150407 |
| 6.250%, due 11/01/34<sup>2</sup> |  | 75000 | 75995 |
| (fixed, converts to FRN on 03/15/28),<br>10.250%, due 03/15/28<sup>2,5,8</sup> |  | 125000 | 137589 |
| PG&E Corp.<br>5.000%, due 07/01/28 |  | 150000 | 146351 |
| (fixed, converts to FRN on 03/15/30),<br>7.375%, due 03/15/55<sup>5</sup> |  | 175000 | 168872 |
| Pike Corp.<br>8.625%, due 01/31/31<sup>2</sup> |  | 25000 | 26884 |
| Public Power Corp. SA<br>4.625%, due 10/31/31<sup>6</sup> | EUR | 100000 | 117496 |
| RRI Energy, Inc.<br>0.000%, due 06/15/17<sup>3,4,10</sup> |  | 75000 | 0 |
| Saavi Energia SARL<br>8.875%, due 02/10/35<sup>2</sup> |  | 200000 | 208600 |
| Talen Energy Supply LLC<br>8.625%, due 06/01/30<sup>2</sup> |  | 125000 | 132834 |
| TransAlta Corp.<br>7.750%, due 11/15/29 |  | 50000 | 52097 |
| Vistra Corp.<br>(fixed, converts to FRN on 12/15/26),<br>7.000%, due 12/15/26<sup>2,5,8</sup> |  | 225000 | 227197 |
| (fixed, converts to FRN on 10/15/26),<br>8.000%, due 10/15/26<sup>2,5,8</sup> |  | 150000 | 153107 |
| Vistra Operations Co. LLC<br>5.000%, due 07/31/27<sup>2</sup> |  | 100000 | 99464 |
| 5.625%, due 02/15/27<sup>2</sup> |  | 150000 | 149828 |
| 6.875%, due 04/15/32<sup>2</sup> |  | 150000 | 155857 |
| 7.750%, due 10/15/31<sup>2</sup> |  | 175000 | 185219 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** | **Electric—(concluded)** |
| XPLR Infrastructure Operating Partners LP<br>8.625%, due 03/15/33<sup>2</sup> |  | 25000 | $ | 26479 |
|  |  |  |  | 7238785 |
| **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.<br>3.375%, due 07/15/31<sup>6</sup> | EUR | 300000 |  | 330932 |
| Senvion Holding GmbH<br>3.875%, due 10/25/22<sup>6,10</sup> |  | 400000 |  | 1141 |
|  |  |  |  | 332073 |
| **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** |
| Coherent Corp.<br>5.000%, due 12/15/29<sup>2</sup> |  | 225000 |  | 220205 |
| Imola Merger Corp.<br>4.750%, due 05/15/29<sup>2</sup> |  | 375000 |  | 363836 |
| Sensata Technologies BV<br>4.000%, due 04/15/29<sup>2</sup> |  | 200000 |  | 190086 |
| Sensata Technologies, Inc.<br>3.750%, due 02/15/31<sup>2</sup> |  | 75000 |  | 68430 |
| TTM Technologies, Inc.<br>4.000%, due 03/01/29<sup>2</sup> |  | 75000 |  | 71386 |
|  |  |  |  | 913943 |
| **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** | **Energy-alternate sources—0.4%** |
| FS Luxembourg SARL<br>8.625%, due 06/25/33<sup>2</sup> |  | 200000 |  | 199375 |
| Greenko Wind Projects Mauritius Ltd.<br>7.250%, due 09/27/28<sup>2</sup> |  | 400000 |  | 406500 |
| TerraForm Power Operating LLC<br>4.750%, due 01/15/30<sup>2</sup> |  | 50000 |  | 47930 |
| 5.000%, due 01/31/28<sup>2</sup> |  | 25000 |  | 24663 |
|  |  |  |  | 678468 |
| **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** | **Engineering & construction—0.9%** |
| AECOM<br>6.000%, due 08/01/33<sup>2</sup> |  | 25000 |  | 25203 |
| Aeropuertos Argentina 2000 SA<br>8.500%, due 08/01/31<sup>6</sup> |  | 100000 |  | 103067 |
| ATP Tower Holdings/Andean Telecom Partners<br>Chile SpA/Andean Tower Partners C<br>7.875%, due 02/03/30<sup>2</sup> |  | 300000 |  | 303885 |
| Brundage-Bone Concrete Pumping <br>Holdings, Inc.<br>7.500%, due 02/01/32<sup>2</sup> |  | 50000 |  | 49771 |
| Heathrow Finance PLC<br>6.625%, due 03/01/31<sup>6</sup> | GBP | 100000 |  | 132118 |
| IHS Netherlands Holdco BV<br>8.000%, due 09/18/27<sup>6</sup> |  | 206243 |  | 206758 |
| Montego Bay Airport Revenue Finance Ltd.<br>6.600%, due 06/15/35<sup>2</sup> |  | 250000 |  | 249688 |
| OHL Operaciones SA<br>5.100% Cash or 1.500% PIK,<br>9.750%, due 12/31/29<sup>6,7</sup> | EUR | 79804 |  | 84843 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Engineering & construction—(concluded)** | **Engineering & construction—(concluded)** | **Engineering & construction—(concluded)** | **Engineering & construction—(concluded)** | **Engineering & construction—(concluded)** |
| 5.100% Cash or 4.650% PIK,<br>9.750%, due 12/31/29<sup>2,7</sup> |  | 75161 | $| 79907 |
| Sarens Finance Co. NV<br>5.750%, due 02/21/27<sup>6</sup> |  | 52631 |  | 59820 |
| TopBuild Corp.<br>4.125%, due 02/15/32<sup>2</sup> |  | 75000 |  | 69122 |
| Weekley Homes LLC/Weekley Finance Corp.<br>4.875%, due 09/15/28<sup>2</sup> |  | 200000 |  | 192449 |
|  |  |  |  | 1556631 |
| **Entertainment—2.7%** | **Entertainment—2.7%** | **Entertainment—2.7%** | **Entertainment—2.7%** | **Entertainment—2.7%** |
| 888 Acquisitions Ltd.<br>7.558%, due 07/15/27<sup>6</sup> | EUR | 175000 |  | 201607 |
| Affinity Interactive<br>6.875%, due 12/15/27<sup>2</sup> |  | 150000 |  | 82653 |
| Allwyn Entertainment Financing U.K. PLC<br>7.250%, due 04/30/30<sup>2</sup> | EUR | 125000 |  | 151387 |
| AMC Entertainment Holdings, Inc.<br>5.875%, due 11/15/26 |  | 25000 |  | 24800 |
| 7.500%, due 02/15/29<sup>2</sup> |  | 175000 |  | 149102 |
| Boyne USA, Inc.<br>4.750%, due 05/15/29<sup>2</sup> |  | 50000 |  | 48453 |
| Caesars Entertainment, Inc.<br>4.625%, due 10/15/29<sup>2</sup> |  | 225000 |  | 212633 |
| 6.000%, due 10/15/32<sup>2</sup> |  | 50000 |  | 48259 |
| 6.500%, due 02/15/32<sup>2</sup> |  | 50000 |  | 50991 |
| Churchill Downs, Inc.<br>4.750%, due 01/15/28<sup>2</sup> |  | 25000 |  | 24657 |
| 5.500%, due 04/01/27<sup>2</sup> |  | 75000 |  | 74900 |
| 5.750%, due 04/01/30<sup>2</sup> |  | 125000 |  | 124691 |
| Cinemark USA, Inc.<br>5.250%, due 07/15/28<sup>2</sup> |  | 50000 |  | 49646 |
| 7.000%, due 08/01/32<sup>2</sup> |  | 50000 |  | 51629 |
| Cirsa Finance International SARL<br>6.500%, due 03/15/29<sup>6</sup> | EUR | 100000 |  | 119330 |
| Codere<br>8.000%, due 12/31/28 |  | 47132 |  | 55376 |
| Flutter Treasury DAC<br>4.000%, due 06/04/31<sup>2</sup> |  | 100000 |  | 114431 |
| 6.125%, due 06/04/31<sup>2,11</sup> | GBP | 100000 |  | 132555 |
| Great Canadian Gaming Corp./Raptor LLC<br>8.750%, due 11/15/29<sup>2</sup> |  | 50000 |  | 48955 |
| Jacobs Entertainment, Inc.<br>6.750%, due 02/15/29<sup>2</sup> |  | 225000 |  | 219375 |
| Light & Wonder International, Inc.<br>7.250%, due 11/15/29<sup>2</sup> |  | 25000 |  | 25672 |
| Live Nation Entertainment, Inc.<br>3.750%, due 01/15/28<sup>2</sup> |  | 125000 |  | 121491 |
| 4.750%, due 10/15/27<sup>2</sup> |  | 150000 |  | 147681 |
| Lottomatica Group SpA<br>3 mo. EURIBOR + 3.250%,<br>5.246%, due 06/01/31<sup>2,5</sup> | EUR | 100000 |  | 114753 |
| 5.375%, due 06/01/30<sup>2</sup> |  | 100000 |  | 118889 |
| Midwest Gaming Borrower LLC/Midwest <br>Gaming Finance Corp.<br>4.875%, due 05/01/29<sup>2</sup> |  | 125000 |  | 120429 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** | **Entertainment—(concluded)** |
| Mohegan Tribal Gaming Authority/MS Digital<br>Entertainment Holdings LLC<br>8.250%, due 04/15/30<sup>2</sup> |  | 25000 | $| 25918 |
| Motion Bondco DAC<br>4.500%, due 11/15/27<sup>6</sup> | EUR | 200000 |  | 215272 |
| Motion Finco SARL<br>7.375%, due 06/15/30<sup>6</sup> |  | 100000 |  | 108109 |
| 8.375%, due 02/15/32<sup>2</sup> |  | 200000 |  | 176714 |
| Penn Entertainment, Inc.<br>4.125%, due 07/01/29<sup>2</sup> |  | 200000 |  | 185370 |
| Premier Entertainment Sub LLC/Premier <br>Entertainment Finance Corp.<br>5.625%, due 09/01/29<sup>2</sup> |  | 125000 |  | 75000 |
| 5.875%, due 09/01/31<sup>2</sup> |  | 125000 |  | 76875 |
| Scientific Games Holdings LP/Scientific <br>Games U.S. FinCo, Inc.<br>6.625%, due 03/01/30<sup>2</sup> |  | 50000 |  | 48168 |
| SeaWorld Parks & Entertainment, Inc.<br>5.250%, due 08/15/29<sup>2</sup> |  | 150000 |  | 146003 |
| Six Flags Entertainment Corp./Canada's <br>Wonderland Co./Magnum <br>Management Corp.<br>5.250%, due 07/15/29 |  | 25000 |  | 24293 |
| 6.500%, due 10/01/28 |  | 100000 |  | 100620 |
| Starz Capital Holdings LLC<br>5.500%, due 04/15/29<sup>2</sup> |  | 50000 |  | 41405 |
| Vail Resorts, Inc.<br>5.625%, due 07/15/30<sup>2</sup> |  | 25000 |  | 25138 |
| Warnermedia Holdings, Inc.<br>Series WI,<br>4.054%, due 03/15/29 |  | 100000 |  | 93894 |
| 4.279%, due 03/15/32 |  | 125000 |  | 104968 |
| 5.050%, due 03/15/42 |  | 350000 |  | 233958 |
| 5.141%, due 03/15/52 |  | 35000 |  | 21617 |
| Wynn Resorts Finance LLC/Wynn <br>Resorts Capital Corp.<br>5.125%, due 10/01/29<sup>2</sup> |  | 125000 |  | 124036 |
| 6.250%, due 03/15/33<sup>2</sup> |  | 75000 |  | 75220 |
| 7.125%, due 02/15/31<sup>2</sup> |  | 75000 |  | 79771 |
|  |  |  |  | 4616694 |
| **Environmental control—0.5%** | **Environmental control—0.5%** | **Environmental control—0.5%** | **Environmental control—0.5%** | **Environmental control—0.5%** |
| Clean Harbors, Inc.<br>6.375%, due 02/01/31<sup>2</sup> |  | 50000 |  | 51053 |
| GFL Environmental, Inc.<br>6.750%, due 01/15/31<sup>2</sup> |  | 50000 |  | 51817 |
| Luna 2 5SARL<br>5.500%, due 07/01/32<sup>2</sup> | EUR | 100000 |  | 117972 |
| Madison IAQ LLC<br>5.875%, due 06/30/29<sup>2</sup> |  | 25000 |  | 24339 |
| Paprec Holding SA<br>4.125%, due 07/15/30<sup>2</sup> | EUR | 300000 |  | 349618 |
| Reworld Holding Corp.<br>5.000%, due 09/01/30 |  | 100000 |  | 94739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Environmental control—(concluded)** | **Environmental control—(concluded)** | **Environmental control—(concluded)** | **Environmental control—(concluded)** | **Environmental control—(concluded)** |
| Waste Pro USA, Inc.<br>7.000%, due 02/01/33<sup>2</sup> |  | 75000 | $ | 77817 |
|  |  |  |  | 767355 |
| **Food—2.4%** | **Food—2.4%** | **Food—2.4%** | **Food—2.4%** | **Food—2.4%** |
| Albertsons Cos., Inc./Safeway, Inc./New<br>Albertsons LP/Albertsons LLC<br>3.500%, due 03/15/29<sup>2</sup> |  | 25000 |  | 23576 |
| 4.625%, due 01/15/27<sup>2</sup> |  | 175000 |  | 173582 |
| 4.875%, due 02/15/30<sup>2</sup> |  | 175000 |  | 170576 |
| 5.875%, due 02/15/28<sup>2</sup> |  | 50000 |  | 49961 |
| 6.500%, due 02/15/28<sup>2</sup> |  | 125000 |  | 126940 |
| Arcor SAIC<br>7.600%, due 07/31/33<sup>2</sup> |  | 200000 |  | 199700 |
| B&G Foods, Inc.<br>8.000%, due 09/15/28<sup>2</sup> |  | 75000 |  | 70125 |
| C&S Group Enterprises LLC<br>5.000%, due 12/15/28<sup>2</sup> |  | 50000 |  | 44714 |
| Chobani Holdco II LLC<br>8.750% Cash or 9.500% PIK,<br>8.750%, due 10/01/29<sup>2,7</sup> |  | 52097 |  | 55878 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>7.625%, due 07/01/29<sup>2</sup> |  | 50000 |  | 52094 |
| Darling Global Finance BV<br>4.500%, due 07/15/32<sup>2</sup> | EUR | 225000 |  | 260682 |
| ELO SACA<br>4.875%, due 12/08/28<sup>6</sup> |  | 100000 |  | 115130 |
| Fiesta Purchaser, Inc.<br>9.625%, due 09/15/32<sup>2</sup> |  | 75000 |  | 79258 |
| Ingles Markets, Inc.<br>4.000%, due 06/15/31<sup>2</sup> |  | 175000 |  | 162523 |
| KeHE Distributors LLC/KeHE Finance<br>Corp./NextWave Distribution, Inc.<br>9.000%, due 02/15/29<sup>2</sup> |  | 175000 |  | 182632 |
| Kroger Co.<br>5.000%, due 09/15/34 |  | 100000 |  | 98920 |
| 5.500%, due 09/15/54 |  | 75000 |  | 70773 |
| 5.650%, due 09/15/64 |  | 175000 |  | 165046 |
| Lamb Weston Holdings, Inc.<br>4.125%, due 01/31/30<sup>2</sup> |  | 75000 |  | 71349 |
| 4.375%, due 01/31/32<sup>2</sup> |  | 125000 |  | 116795 |
| Market Bidco Finco PLC<br>6.750%, due 01/31/31<sup>2</sup> | EUR | 100000 |  | 113807 |
| 8.750%, due 01/31/31<sup>2</sup> | GBP | 100000 |  | 131074 |
| Minerva Luxembourg SA<br>8.875%, due 09/13/33<sup>6</sup> |  | 300000 |  | 325875 |
| Performance Food Group, Inc.<br>4.250%, due 08/01/29<sup>2</sup> |  | 125000 |  | 120179 |
| 5.500%, due 10/15/27<sup>2</sup> |  | 50000 |  | 49923 |
| 6.125%, due 09/15/32<sup>2</sup> |  | 50000 |  | 50774 |
| Pilgrim's Pride Corp.<br>6.250%, due 07/01/33 |  | 75000 |  | 78830 |
| Post Holdings, Inc.<br>4.500%, due 09/15/31<sup>2</sup> |  | 25000 |  | 23108 |
| 4.625%, due 04/15/30<sup>2</sup> |  | 225000 |  | 214921 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food—(concluded)** | **Food—(concluded)** | **Food—(concluded)** | **Food—(concluded)** | **Food—(concluded)** |
| Quatrim SAS<br>8.500%, due 01/15/27<sup>6,7</sup> | EUR | 166381 | $| 184653 |
| Rallye SA <br>Series COFP,<br>5.250%, due 02/28/32<sup>6</sup> |  | 800000 |  | 460 |
| Simmons Foods, Inc./Simmons <br>Prepared Foods, Inc./Simmons Pet<br>Food, Inc./Simmons Feed<br>4.625%, due 03/01/29<sup>2</sup> |  | 175000 |  | 165606 |
| U.S. Foods, Inc.<br>5.750%, due 04/15/33<sup>2</sup> |  | 25000 |  | 24770 |
| 6.875%, due 09/15/28<sup>2</sup> |  | 50000 |  | 51494 |
| 7.250%, due 01/15/32<sup>2</sup> |  | 50000 |  | 52093 |
| Ulker Biskuvi Sanayi AS<br>7.875%, due 07/08/31<sup>2</sup> |  | 200000 |  | 207000 |
| United Natural Foods, Inc.<br>6.750%, due 10/15/28<sup>2</sup> |  | 25000 |  | 24894 |
| Viking Baked Goods Acquisition Corp.<br>8.625%, due 11/01/31<sup>2</sup> |  | 75000 |  | 73539 |
|  |  |  |  | 4183254 |
| **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** |
| Aramark Services, Inc.<br>5.000%, due 02/01/28<sup>2</sup> |  | 50000 |  | 49507 |
| Elior Group SA<br>5.625%, due 03/15/30<sup>6</sup> | EUR | 150000 |  | 177913 |
| TKC Holdings, Inc.<br>10.500%, due 05/15/29<sup>2</sup> |  | 100000 |  | 102614 |
|  |  |  |  | 330034 |
| **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<br>0.000%, due 06/01/25<sup>2,3,4,9,10</sup> |  | 650000 |  | 6500 |
| Domtar Corp.<br>6.750%, due 10/01/28<sup>2</sup> |  | 83000 |  | 72304 |
| Magnera Corp.<br>4.750%, due 11/15/29<sup>2</sup> |  | 25000 |  | 22096 |
| 7.250%, due 11/15/31<sup>2</sup> |  | 25000 |  | 23531 |
| Mercer International, Inc.<br>5.125%, due 02/01/29 |  | 50000 |  | 40277 |
| 12.875%, due 10/01/28<sup>2</sup> |  | 25000 |  | 25215 |
|  |  |  |  | 189923 |
| **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** | **Gas—0.2%** |
| AltaGas Ltd.<br>(fixed, converts to FRN on 10/15/34),<br>7.200%, due 10/15/54<sup>2,5</sup> |  | 25000 |  | 25191 |
| AmeriGas Partners LP/AmeriGas Finance Corp.<br>5.750%, due 05/20/27 |  | 150000 |  | 149141 |
| EP Infrastructure AS<br>2.045%, due 10/09/28<sup>6</sup> | EUR | 150000 |  | 164790 |
| Venture Global Plaquemines LNG LLC<br>7.500%, due 05/01/33<sup>2</sup> |  | 75000 |  | 80996 |
|  |  |  |  | 420118 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** | **Healthcare-products—0.7%** |
| Avantor Funding, Inc.<br>3.875%, due 07/15/28<sup>6</sup> | EUR | 100000 | $114095 |
| 3.875%, due 11/01/29<sup>2</sup> |  | 100000 | 94310 |
| 4.625%, due 07/15/28<sup>2</sup> |  | 225000 | 219958 |
| Bausch & Lomb Corp.<br>8.375%, due 10/01/28<sup>2</sup> |  | 175000 | 182455 |
| Bausch & Lomb Netherlands BV & Bausch & <br>Lomb, Inc.<br>3 mo. EURIBOR + 3.875%,<br>5.872%, due 01/15/31<sup>2,5</sup> | EUR | 225000 | 258910 |
| Embecta Corp.<br>5.000%, due 02/15/30<sup>2</sup> |  | 25000 | 22674 |
| Insulet Corp.<br>6.500%, due 04/01/33<sup>2</sup> |  | 50000 | 51396 |
| Medline Borrower LP<br>5.250%, due 10/01/29<sup>2</sup> |  | 225000 | 220604 |
| Sotera Health Holdings LLC<br>7.375%, due 06/01/31<sup>2</sup> |  | 100000 | 103447 |
|  |  |  | 1267849 |
| **Healthcare-services—2.3%** | **Healthcare-services—2.3%** | **Healthcare-services—2.3%** | **Healthcare-services—2.3%** |
| Acadia Healthcare Co., Inc.<br>5.500%, due 07/01/28<sup>2</sup> |  | 125000 | 123406 |
| AHP Health Partners, Inc.<br>5.750%, due 07/15/29<sup>2</sup> |  | 100000 | 96592 |
| CAB SELAS<br>3.375%, due 02/01/28<sup>6</sup> | EUR | 200000 | 218426 |
| Charles River Laboratories International, Inc.<br>4.000%, due 03/15/31<sup>2</sup> |  | 132000 | 121130 |
| CHS/Community Health Systems, Inc.<br>4.750%, due 02/15/31<sup>2</sup> |  | 125000 | 104592 |
| 5.250%, due 05/15/30<sup>2</sup> |  | 125000 | 109347 |
| 5.625%, due 03/15/27<sup>2</sup> |  | 175000 | 175275 |
| 6.000%, due 01/15/29<sup>2</sup> |  | 75000 | 71289 |
| 6.125%, due 04/01/30<sup>2</sup> |  | 75000 | 53013 |
| 6.875%, due 04/15/29<sup>2</sup> |  | 150000 | 116625 |
| 9.750%, due 01/15/34<sup>2,11</sup> |  | 50000 | 50319 |
| 10.875%, due 01/15/32<sup>2</sup> |  | 150000 | 157257 |
| Concentra Health Services, Inc.<br>6.875%, due 07/15/32<sup>2</sup> |  | 100000 | 102749 |
| DaVita, Inc.<br>4.625%, due 06/01/30<sup>2</sup> |  | 150000 | 143041 |
| Encompass Health Corp.<br>4.750%, due 02/01/30 |  | 125000 | 122181 |
| IQVIA, Inc.<br>6.250%, due 06/01/32<sup>2</sup> |  | 75000 | 76909 |
| LifePoint Health, Inc.<br>5.375%, due 01/15/29<sup>2</sup> |  | 75000 | 70500 |
| 8.375%, due 02/15/32<sup>2</sup> |  | 50000 | 53195 |
| 10.000%, due 06/01/32<sup>2</sup> |  | 50000 | 51907 |
| 11.000%, due 10/15/30<sup>2</sup> |  | 75000 | 82432 |
| Mehilainen Yhtiot OYJ<br>5.125%, due 06/30/32<sup>2</sup> | EUR | 100000 | 114972 |
| ModivCare, Inc.<br>5.000%, due 10/01/29<sup>2</sup> |  | 50000 | 1750 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** | **Healthcare-services—(concluded)** |
| Molina Healthcare, Inc.<br>3.875%, due 11/15/30<sup>2</sup> | 75000 | $| 67723 |
| 4.375%, due 06/15/28<sup>2</sup> | 75000 |  | 71781 |
| 6.250%, due 01/15/33<sup>2</sup> | 50000 |  | 49330 |
| MPH Acquisition Holdings LLC<br>5.750%, due 12/31/30<sup>2</sup> | 107848 |  | 88867 |
| 6.500% Cash and 5.000% PIK,<br>11.500%, due 12/31/30<sup>2,7</sup> | 57733 |  | 57011 |
| Radiology Partners, Inc.<br>8.500%, due 07/15/32<sup>2</sup> | 25000 |  | 25260 |
| Select Medical Corp.<br>6.250%, due 12/01/32<sup>2</sup> | 75000 |  | 74806 |
| Surgery Center Holdings, Inc.<br>7.250%, due 04/15/32<sup>2</sup> | 75000 |  | 77116 |
| Team Health Holdings, Inc.<br>8.375%, due 06/30/28<sup>2,11</sup> | 25000 |  | 25128 |
| Tenet Healthcare Corp.<br>4.250%, due 06/01/29 | 50000 |  | 48253 |
| 4.375%, due 01/15/30 | 75000 |  | 72108 |
| 5.125%, due 11/01/27 | 175000 |  | 174292 |
| 6.125%, due 10/01/28 | 450000 |  | 450028 |
| 6.125%, due 06/15/30 | 275000 |  | 277483 |
| 6.750%, due 05/15/31 | 25000 |  | 25724 |
| U.S. Acute Care Solutions LLC<br>9.750%, due 05/15/29<sup>2</sup> | 75000 |  | 76629 |
|  |  |  | 3878446 |
| **Home builders—1.6%** | **Home builders—1.6%** | **Home builders—1.6%** | **Home builders—1.6%** |
| Adams Homes, Inc.<br>9.250%, due 10/15/28<sup>2</sup> | 300000 |  | 310835 |
| Ashton Woods USA LLC/Ashton <br>Woods Finance Co.<br>4.625%, due 08/01/29<sup>2</sup> | 75000 |  | 70862 |
| 4.625%, due 04/01/30<sup>2</sup> | 150000 |  | 140663 |
| 6.875%, due 08/01/33<sup>2</sup> | 25000 |  | 24947 |
| Beazer Homes USA, Inc.<br>5.875%, due 10/15/27 | 50000 |  | 49870 |
| 7.250%, due 10/15/29 | 100000 |  | 100641 |
| 7.500%, due 03/15/31<sup>2</sup> | 75000 |  | 75852 |
| Brookfield Residential Properties, Inc./<br>Brookfield Residential U.S. LLC<br>4.875%, due 02/15/30<sup>2</sup> | 25000 |  | 22733 |
| 5.000%, due 06/15/29<sup>2</sup> | 125000 |  | 116402 |
| Century Communities, Inc.<br>3.875%, due 08/15/29<sup>2</sup> | 75000 |  | 69138 |
| Dream Finders Homes, Inc.<br>8.250%, due 08/15/28<sup>2</sup> | 100000 |  | 103498 |
| Empire Communities Corp.<br>9.750%, due 05/01/29<sup>2</sup> | 75000 |  | 76487 |
| Forestar Group, Inc.<br>5.000%, due 03/01/28<sup>2</sup> | 125000 |  | 124052 |
| Installed Building Products, Inc.<br>5.750%, due 02/01/28<sup>2</sup> | 150000 |  | 149584 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders—(concluded)** | **Home builders—(concluded)** | **Home builders—(concluded)** | **Home builders—(concluded)** | **Home builders—(concluded)** |
| KB Home<br>4.000%, due 06/15/31 |  | 125000 | $| 114739 |
| 7.250%, due 07/15/30 |  | 75000 |  | 77212 |
| LGI Homes, Inc.<br>4.000%, due 07/15/29<sup>2</sup> |  | 25000 |  | 22791 |
| 7.000%, due 11/15/32<sup>2</sup> |  | 50000 |  | 48125 |
| 8.750%, due 12/15/28<sup>2</sup> |  | 100000 |  | 104882 |
| Maison Finco PLC<br>6.000%, due 10/31/27<sup>6</sup> | GBP | 100000 |  | 130751 |
| Mattamy Group Corp.<br>4.625%, due 03/01/30<sup>2</sup> |  | 125000 |  | 119661 |
| Miller Homes Group Finco PLC<br>3 mo. EURIBOR + 4.250%,<br>6.529%, due 10/15/30<sup>2,5</sup> | EUR | 125000 |  | 145107 |
| 7.000%, due 05/15/29<sup>6</sup> | GBP | 125000 |  | 165989 |
| Shea Homes LP/Shea Homes Funding Corp.<br>4.750%, due 02/15/28 |  | 50000 |  | 48803 |
| 4.750%, due 04/01/29 |  | 125000 |  | 120969 |
| STL Holding Co. LLC<br>8.750%, due 02/15/29<sup>2</sup> |  | 75000 |  | 77868 |
| Thor Industries, Inc.<br>4.000%, due 10/15/29<sup>2</sup> |  | 25000 |  | 23457 |
| Winnebago Industries, Inc.<br>6.250%, due 07/15/28<sup>2</sup> |  | 59000 |  | 58582 |
|  |  |  |  | 2694500 |
| **Home furnishings—0.3%** | **Home furnishings—0.3%** | **Home furnishings—0.3%** | **Home furnishings—0.3%** | **Home furnishings—0.3%** |
| Arcelik AS<br>8.500%, due 09/25/28<sup>6</sup> |  | 200000 |  | 207830 |
| Somnigroup International, Inc.<br>4.000%, due 04/15/29<sup>2</sup> |  | 125000 |  | 118714 |
| Whirlpool Corp.<br>4.500%, due 06/01/46 |  | 50000 |  | 37302 |
| 4.600%, due 05/15/50 |  | 25000 |  | 18615 |
| 5.150%, due 03/01/43 |  | 75000 |  | 63231 |
| 5.500%, due 03/01/33 |  | 50000 |  | 47791 |
| 6.125%, due 06/15/30 |  | 25000 |  | 24940 |
| 6.500%, due 06/15/33 |  | 50000 |  | 49269 |
|  |  |  |  | 567692 |
| **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** |
| Central Garden & Pet Co.<br>4.125%, due 04/30/31<sup>2</sup> |  | 100000 |  | 92619 |
| **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** | **Housewares—0.2%** |
| Newell Brands, Inc.<br>6.375%, due 09/15/27 |  | 75000 |  | 75587 |
| 6.625%, due 09/15/29 |  | 50000 |  | 49778 |
| Steps to 7.375% on 10/01/25,<br>6.875%, due 04/01/36 |  | 125000 |  | 119373 |
| Steps to 7.500% on 10/01/25,<br>7.000%, due 04/01/46 |  | 50000 |  | 42907 |
| Scotts Miracle-Gro Co.<br>4.000%, due 04/01/31 |  | 125000 |  | 114109 |
|  |  |  |  | 401754 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—0.8%** | **Insurance—0.8%** | **Insurance—0.8%** | **Insurance—0.8%** |
| Acrisure LLC/Acrisure Finance, Inc.<br>6.000%, due 08/01/29<sup>2</sup> |  | 275000 | $268242 |
| 8.250%, due 02/01/29<sup>2</sup> |  | 100000 | 103485 |
| 8.500%, due 06/15/29<sup>2</sup> |  | 25000 | 26079 |
| Alliant Holdings Intermediate LLC/Alliant<br>Holdings Co-Issuer<br>7.375%, due 10/01/32<sup>2</sup> |  | 50000 | 51399 |
| Amynta Agency Borrower, Inc. &<br>Amynta Warranty Borrower, Inc.<br>7.500%, due 07/15/33<sup>2</sup> |  | 25000 | 25073 |
| APH Somerset Investor 2 LLC/APH2 <br>Somerset Investor 2 LLC/APH3 <br>Somerset Investor 2 LLC<br>7.875%, due 11/01/29<sup>2</sup> |  | 100000 | 103026 |
| AssuredPartners, Inc.<br>5.625%, due 01/15/29<sup>2</sup> |  | 100000 | 99812 |
| Baldwin Insurance Group<br>Holdings LLC/Baldwin Insurance Group<br>Holdings Finance<br>7.125%, due 05/15/31<sup>2</sup> |  | 100000 | 103246 |
| FWD Group Holdings Ltd.<br>(fixed, converts to FRN on 06/15/27),<br>8.045%, due 12/15/25<sup>5,6,8</sup> |  | 300000 | 301413 |
| HUB International Ltd.<br>5.625%, due 12/01/29<sup>2</sup> |  | 25000 | 24823 |
| 7.250%, due 06/15/30<sup>2</sup> |  | 100000 | 104244 |
| Nassau Cos., of New York<br>7.875%, due 07/15/30<sup>2</sup> |  | 75000 | 75715 |
| Ryan Specialty LLC<br>5.875%, due 08/01/32<sup>2</sup> |  | 75000 | 75207 |
|  |  |  | 1361764 |
| **Internet—0.8%** | **Internet—0.8%** | **Internet—0.8%** | **Internet—0.8%** |
| Cogent Communications<br>Group LLC/Cogent Finance, Inc.<br>7.000%, due 06/15/27<sup>2</sup> |  | 50000 | 50048 |
| 7.000%, due 06/15/27<sup>2</sup> |  | 50000 | 50113 |
| eDreams ODIGEO SA<br>4.875%, due 12/30/30<sup>2</sup> | EUR | 100000 | 115730 |
| Gen Digital, Inc.<br>6.750%, due 09/30/27<sup>2</sup> |  | 50000 | 50821 |
| 7.125%, due 09/30/30<sup>2</sup> |  | 150000 | 155019 |
| Go Daddy Operating Co. LLC/GD<br>Finance Co., Inc.<br>5.250%, due 12/01/27<sup>2</sup> |  | 175000 | 174349 |
| iliad SA<br>4.250%, due 12/15/29<sup>6</sup> | EUR | 100000 | 116498 |
| 5.375%, due 05/02/31<sup>6</sup> |  | 100000 | 123055 |
| Millennium Escrow Corp.<br>6.625%, due 08/01/26<sup>2</sup> |  | 75000 | 70571 |
| Snap, Inc.<br>6.875%, due 03/01/33<sup>2</sup> |  | 350000 | 358873 |
| Ziff Davis, Inc.<br>4.625%, due 10/15/30<sup>2</sup> |  | 44000 | 40937 |
|  |  |  | 1306014 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** |
| Compass Group Diversified Holdings LLC<br>5.000%, due 01/15/32<sup>2</sup> |  | 75000 | $65691 |
| 5.250%, due 04/15/29<sup>2</sup> |  | 25000 | 23224 |
| Icahn Enterprises LP/Icahn Enterprises <br>Finance Corp.<br>4.375%, due 02/01/29 |  | 50000 | 42875 |
| 5.250%, due 05/15/27 |  | 150000 | 146138 |
| 6.250%, due 05/15/26 |  | 210000 | 208647 |
| 9.000%, due 06/15/30 |  | 75000 | 72842 |
| 9.750%, due 01/15/29 |  | 100000 | 101000 |
| 10.000%, due 11/15/29<sup>2</sup> |  | 25000 | 25311 |
| Linx Capital Ltd.<br>15.200%, due 12/30/25<sup>2</sup> | EUR | 497073 | 524715 |
|  |  |  | 1210443 |
| **Iron & steel—1.5%** | **Iron & steel—1.5%** | **Iron & steel—1.5%** | **Iron & steel—1.5%** |
| Algoma Steel, Inc.<br>9.125%, due 04/15/29<sup>2</sup> |  | 50000 | 45344 |
| ATI, Inc.<br>4.875%, due 10/01/29 |  | 75000 | 73331 |
| 5.125%, due 10/01/31 |  | 125000 | 121341 |
| 7.250%, due 08/15/30 |  | 50000 | 52414 |
| Baffinland Iron Mines Corp./Baffinland<br>Iron Mines LP<br>8.750%, due 07/15/26<sup>2</sup> |  | 175000 | 164965 |
| Big River Steel LLC/BRS Finance Corp.<br>6.625%, due 01/31/29<sup>2</sup> |  | 140000 | 139982 |
| Carpenter Technology Corp.<br>6.375%, due 07/15/28 |  | 200000 | 200765 |
| Champion Iron Canada, Inc.<br>7.875%, due 07/15/32<sup>2</sup> |  | 50000 | 51068 |
| Cleveland-Cliffs, Inc.<br>4.875%, due 03/01/31<sup>2</sup> |  | 50000 | 44368 |
| 5.875%, due 06/01/27 |  | 225000 | 225165 |
| 6.750%, due 04/15/30<sup>2</sup> |  | 25000 | 24868 |
| 6.875%, due 11/01/29<sup>2</sup> |  | 100000 | 100048 |
| 7.000%, due 03/15/32<sup>2</sup> |  | 150000 | 146341 |
| 7.375%, due 05/01/33<sup>2</sup> |  | 75000 | 73017 |
| 7.500%, due 09/15/31<sup>2</sup> |  | 25000 | 24955 |
| Commercial Metals Co.<br>4.125%, due 01/15/30 |  | 50000 | 47463 |
| 4.375%, due 03/15/32 |  | 50000 | 46305 |
| Infrabuild Australia Pty. Ltd.<br>14.500%, due 11/15/28<sup>2</sup> |  | 50000 | 54398 |
| Mineral Resources Ltd.<br>8.000%, due 11/01/27<sup>2</sup> |  | 100000 | 101657 |
| 8.125%, due 05/01/27<sup>2</sup> |  | 148000 | 148436 |
| Samarco Mineracao SA<br>9.500% Cash or 9.000% PIK,<br>9.500%, due 06/30/31<sup>6,7</sup> |  | 722225 | 714100 |
| TMS International Corp.<br>6.250%, due 04/15/29<sup>2</sup> |  | 50000 | 47603 |
|  |  |  | 2647934 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| Seagate Data Storage Technology Pte. Ltd.<br>4.125%, due 01/15/31<sup>2</sup> |  | 80000 | $70605 |
| 5.875%, due 07/15/30<sup>2</sup> |  | 50000 | 50510 |
| 9.625%, due 12/01/32<sup>2</sup> |  | 224000 | 252275 |
|  |  |  | 373390 |
| **Leisure time—2.4%** | **Leisure time—2.4%** | **Leisure time—2.4%** | **Leisure time—2.4%** |
| Carnival Corp.<br>5.750%, due 03/01/27<sup>2</sup> |  | 59000 | 59589 |
| 5.750%, due 01/15/30<sup>2</sup> | EUR | 175000 | 215122 |
| 5.750%, due 08/01/32<sup>2</sup> |  | 200000 | 201354 |
| 5.875%, due 06/15/31<sup>2</sup> |  | 100000 | 101500 |
| 6.000%, due 05/01/29<sup>2</sup> |  | 350000 | 353104 |
| 6.125%, due 02/15/33<sup>2</sup> |  | 150000 | 152661 |
| 6.650%, due 01/15/28 |  | 100000 | 102925 |
| Carnival PLC<br>1.000%, due 10/28/29 | EUR | 275000 | 286217 |
| Deuce Finco PLC<br>5.500%, due 06/15/27<sup>6</sup> | GBP | 100000 | 131570 |
| Life Time, Inc.<br>6.000%, due 11/15/31<sup>2</sup> |  | 175000 | 176291 |
| MajorDrive Holdings IV LLC<br>6.375%, due 06/01/29<sup>2</sup> |  | 150000 | 123729 |
| NCL Corp. Ltd.<br>5.875%, due 02/15/27<sup>2</sup> |  | 50000 | 50148 |
| 6.750%, due 02/01/32<sup>2</sup> |  | 200000 | 205424 |
| 7.750%, due 02/15/29<sup>2</sup> |  | 100000 | 106084 |
| 8.125%, due 01/15/29<sup>2</sup> |  | 25000 | 26264 |
| NCL Finance Ltd.<br>6.125%, due 03/15/28<sup>2</sup> |  | 100000 | 101207 |
| Pinnacle Bidco PLC<br>8.250%, due 10/11/28<sup>6</sup> | EUR | 100000 | 119848 |
| 10.000%, due 10/11/28<sup>6</sup> | GBP | 100000 | 139486 |
| Royal Caribbean Cruises Ltd.<br>5.375%, due 07/15/27<sup>2</sup> |  | 300000 | 301423 |
| 5.625%, due 09/30/31<sup>2</sup> |  | 125000 | 125898 |
| Sabre GLBL, Inc.<br>11.125%, due 07/15/30<sup>2</sup> |  | 25000 | 26356 |
| TUI AG<br>5.875%, due 03/15/29<sup>2</sup> | EUR | 100000 | 119255 |
| TUI Cruises GmbH<br>5.000%, due 05/15/30<sup>2</sup> |  | 100000 | 116649 |
| 6.250%, due 04/15/29<sup>2</sup> |  | 100000 | 119609 |
| Viking Cruises Ltd.<br>5.875%, due 09/15/27<sup>2</sup> |  | 300000 | 299806 |
| 7.000%, due 02/15/29<sup>2</sup> |  | 100000 | 100769 |
| Viking Ocean Cruises Ship VII Ltd.<br>5.625%, due 02/15/29<sup>2</sup> |  | 75000 | 74502 |
| VOC Escrow Ltd.<br>5.000%, due 02/15/28<sup>2</sup> |  | 150000 | 148637 |
|  |  |  | 4085427 |
| **Lodging—1.4%** | **Lodging—1.4%** | **Lodging—1.4%** | **Lodging—1.4%** |
| Boyd Gaming Corp.<br>4.750%, due 12/01/27 |  | 25000 | 24771 |
| 4.750%, due 06/15/31<sup>2</sup> |  | 250000 | 238124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** | **Lodging—(concluded)** |
| Full House Resorts, Inc.<br>8.250%, due 02/15/28<sup>2</sup> |  | 100000 | $| 96804 |
| Hilton Domestic Operating Co., Inc.<br>4.000%, due 05/01/31<sup>2</sup> |  | 325000 |  | 303251 |
| 4.875%, due 01/15/30 |  | 25000 |  | 24657 |
| 5.750%, due 09/15/33<sup>2</sup> |  | 75000 |  | 75071 |
| 5.875%, due 03/15/33<sup>2</sup> |  | 75000 |  | 75563 |
| 6.125%, due 04/01/32<sup>2</sup> |  | 75000 |  | 76489 |
| Hilton Grand Vacations<br>Borrower LLC/Hilton Grand<br>Vacations Borrower, Inc.<br>4.875%, due 07/01/31<sup>2</sup> |  | 175000 |  | 160904 |
| 5.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 191416 |
| Marriott Ownership Resorts, Inc.<br>4.500%, due 06/15/29<sup>2</sup> |  | 50000 |  | 47835 |
| Melco Resorts Finance Ltd.<br>7.625%, due 04/17/32<sup>2</sup> |  | 200000 |  | 205250 |
| MGM Resorts International<br>6.500%, due 04/15/32 |  | 125000 |  | 126966 |
| Motel One GmbH/Muenchen<br>7.750%, due 04/02/31<sup>6</sup> | EUR | 150000 |  | 185535 |
| Station Casinos LLC<br>4.500%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24440 |
| 4.625%, due 12/01/31<sup>2</sup> |  | 75000 |  | 70187 |
| Studio City Finance Ltd.<br>5.000%, due 01/15/29<sup>2</sup> |  | 200000 |  | 187250 |
| Travel & Leisure Co.<br>4.625%, due 03/01/30<sup>2</sup> |  | 75000 |  | 71876 |
| TVL Finance PLC<br>10.250%, due 04/28/28<sup>2</sup> | GBP | 100000 |  | 130655 |
| Wynn Las Vegas LLC/Wynn Las <br>Vegas Capital Corp.<br>5.250%, due 05/15/27<sup>2</sup> |  | 150000 |  | 149724 |
|  |  |  |  | 2466768 |
| **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** |
| Manitowoc Co., Inc.<br>9.250%, due 10/01/31<sup>2</sup> |  | 50000 |  | 53125 |
| Terex Corp.<br>5.000%, due 05/15/29<sup>2</sup> |  | 150000 |  | 146411 |
|  |  |  |  | 199536 |
| **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** | **Machinery-diversified—0.1%** |
| Galapagos SA<br>5.375%, due 06/15/21<sup>6,10</sup> | EUR | 27500 |  | 157 |
| GrafTech Global Enterprises, Inc.<br>9.875%, due 12/23/29<sup>2</sup> |  | 75000 |  | 66002 |
| Husky Injection Molding Systems Ltd./Titan<br>Co-Borrower LLC<br>9.000%, due 02/15/29<sup>2</sup> |  | 75000 |  | 77395 |
|  |  |  |  | 143554 |
| **Media—4.9%** | **Media—4.9%** | **Media—4.9%** | **Media—4.9%** | **Media—4.9%** |
| AMC Networks, Inc.<br>4.250%, due 02/15/29 |  | 28000 |  | 22415 |
| 10.250%, due 01/15/29<sup>2</sup> |  | 25000 |  | 25656 |
| 10.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 50875 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.250%, due 02/01/31<sup>2</sup> | 225000 | $205516 |
| 4.250%, due 01/15/34<sup>2</sup> | 375000 | 323120 |
| 4.500%, due 05/01/32 | 50000 | 45368 |
| 4.500%, due 06/01/33<sup>2</sup> | 475000 | 421675 |
| 4.750%, due 03/01/30<sup>2</sup> | 175000 | 166284 |
| 4.750%, due 02/01/32<sup>2</sup> | 600000 | 554617 |
| 6.375%, due 09/01/29<sup>2</sup> | 200000 | 201838 |
| 7.375%, due 03/01/31<sup>2</sup> | 100000 | 102805 |
| Charter Communications<br>Operating LLC/Charter<br>Communications Operating Capital<br>4.800%, due 03/01/50 | 25000 | 19385 |
| 5.375%, due 05/01/47 | 25000 | 21199 |
| 6.484%, due 10/23/45 | 75000 | 72973 |
| Colombia Telecomunicaciones SA ESP<br>4.950%, due 07/17/30<sup>6</sup> | 450000 | 396000 |
| CSC Holdings LLC<br>4.500%, due 11/15/31<sup>2</sup> | 400000 | 266468 |
| 5.000%, due 11/15/31<sup>2</sup> | 200000 | 92314 |
| 11.250%, due 05/15/28<sup>2</sup> | 400000 | 402082 |
| 11.750%, due 01/31/29<sup>2</sup> | 400000 | 374156 |
| Directv Financing LLC/Directv Financing <br>Co-Obligor, Inc.<br>5.875%, due 08/15/27<sup>2</sup> | 250000 | 248626 |
| 10.000%, due 02/15/31<sup>2</sup> | 350000 | 337532 |
| Discovery Communications LLC<br>3.625%, due 05/15/30 | 75000 | 66436 |
| 3.950%, due 03/20/28 | 50000 | 48125 |
| 4.125%, due 05/15/29 | 100000 | 93148 |
| DISH DBS Corp.<br>5.125%, due 06/01/29 | 125000 | 92808 |
| 5.250%, due 12/01/26<sup>2</sup> | 75000 | 70592 |
| 5.750%, due 12/01/28<sup>2</sup> | 175000 | 156379 |
| 7.375%, due 07/01/28 | 175000 | 134312 |
| 7.750%, due 07/01/26 | 100000 | 88875 |
| DISH Network Corp.<br>11.750%, due 11/15/27<sup>2</sup> | 275000 | 286396 |
| EW Scripps Co.<br>9.875%, due 08/15/30<sup>2,11</sup> | 50000 | 49688 |
| Gray Media, Inc.<br>4.750%, due 10/15/30<sup>2</sup> | 150000 | 111937 |
| 5.375%, due 11/15/31<sup>2</sup> | 100000 | 73794 |
| 7.250%, due 08/15/33<sup>2</sup> | 50000 | 49737 |
| 9.625%, due 07/15/32<sup>2</sup> | 50000 | 50439 |
| iHeartCommunications, Inc.<br>7.000%, due 01/15/31<sup>2</sup> | 40000 | 30183 |
| 7.750%, due 08/15/30<sup>2</sup> | 133500 | 103943 |
| 9.125%, due 05/01/29<sup>2</sup> | 28776 | 24003 |
| 10.875%, due 05/01/30<sup>2</sup> | 60000 | 29719 |
| McGraw-Hill Education, Inc.<br>8.000%, due 08/01/29<sup>2</sup> | 125000 | 127060 |
| Midcontinent Communications<br>8.000%, due 08/15/32<sup>2</sup> | 50000 | 52758 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** | **Media—(concluded)** |
| News Corp.<br>5.125%, due 02/15/32<sup>2</sup> |  | 75000 | $| 73099 |
| Scripps Escrow II, Inc.<br>5.375%, due 01/15/31<sup>2</sup> |  | 75000 |  | 54857 |
| Scripps Escrow, Inc.<br>5.875%, due 07/15/27<sup>2</sup> |  | 25000 |  | 24969 |
| Sinclair Television Group, Inc.<br>4.375%, due 12/31/32<sup>2</sup> |  | 50000 |  | 37085 |
| 5.125%, due 02/15/27<sup>2</sup> |  | 75000 |  | 72276 |
| Sirius XM Radio LLC<br>3.875%, due 09/01/31<sup>2</sup> |  | 350000 |  | 308778 |
| 4.000%, due 07/15/28<sup>2</sup> |  | 50000 |  | 47589 |
| 5.500%, due 07/01/29<sup>2</sup> |  | 150000 |  | 148135 |
| Sunrise FinCo I BV<br>4.875%, due 07/15/31<sup>2</sup> |  | 200000 |  | 188520 |
| TEGNA, Inc.<br>4.625%, due 03/15/28 |  | 25000 |  | 24268 |
| 5.000%, due 09/15/29 |  | 25000 |  | 24031 |
| Univision Communications, Inc.<br>4.500%, due 05/01/29<sup>2</sup> |  | 275000 |  | 254451 |
| 7.375%, due 06/30/30<sup>2</sup> |  | 125000 |  | 124314 |
| 8.000%, due 08/15/28<sup>2</sup> |  | 25000 |  | 25683 |
| 9.375%, due 08/01/32<sup>2</sup> |  | 150000 |  | 155640 |
| Virgin Media Finance PLC<br>5.000%, due 07/15/30<sup>2</sup> |  | 200000 |  | 180287 |
| Virgin Media O2 Vendor Financing<br>Notes V DAC<br>7.875%, due 03/15/32<sup>2</sup> | GBP | 100000 |  | 136739 |
| Virgin Media Secured Finance PLC<br>4.125%, due 08/15/30<sup>6</sup> |  | 200000 |  | 239051 |
| VZ Vendor Financing II BV<br>2.875%, due 01/15/29<sup>6</sup> | EUR | 100000 |  | 104140 |
| Ziggo Bond Co. BV<br>6.125%, due 11/15/32<sup>6</sup> |  | 100000 |  | 105954 |
|  |  |  |  | 8421102 |
| **Metal fabricate/hardware—0.0%<sup>†</sup>** | **Metal fabricate/hardware—0.0%<sup>†</sup>** | **Metal fabricate/hardware—0.0%<sup>†</sup>** | **Metal fabricate/hardware—0.0%<sup>†</sup>** | **Metal fabricate/hardware—0.0%<sup>†</sup>** |
| Roller Bearing Co. of America, Inc.<br>4.375%, due 10/15/29<sup>2</sup> |  | 75000 |  | 72123 |
| **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** | **Mining—2.1%** |
| Aris Mining Corp.<br>8.000%, due 10/31/29<sup>2</sup> |  | 200000 |  | 205500 |
| Arsenal AIC Parent LLC<br>8.000%, due 10/01/30<sup>2</sup> |  | 150000 |  | 159001 |
| 11.500%, due 10/01/31<sup>2</sup> |  | 50000 |  | 55606 |
| Capstone Copper Corp.<br>6.750%, due 03/31/33<sup>2</sup> |  | 25000 |  | 25479 |
| Century Aluminum Co.<br>6.875%, due 08/01/32<sup>2</sup> |  | 50000 |  | 50518 |
| Coeur Mining, Inc.<br>5.125%, due 02/15/29<sup>2</sup> |  | 100000 |  | 97057 |
| Compass Minerals International, Inc.<br>8.000%, due 07/01/30<sup>2</sup> |  | 50000 |  | 51802 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** | **Mining—(concluded)** |
| Constellium SE<br>3.125%, due 07/15/29<sup>2</sup> | EUR | 100000 | $| 111852 |
| 3.125%, due 07/15/29<sup>6</sup> |  | 100000 |  | 111852 |
| First Quantum Minerals Ltd.<br>8.000%, due 03/01/33<sup>2</sup> |  | 650000 |  | 669500 |
| Fortescue Treasury Pty. Ltd.<br>4.375%, due 04/01/31<sup>2</sup> |  | 150000 |  | 140535 |
| 5.875%, due 04/15/30<sup>2</sup> |  | 150000 |  | 151879 |
| 6.125%, due 04/15/32<sup>2</sup> |  | 150000 |  | 152954 |
| Freeport-McMoRan, Inc.<br>5.450%, due 03/15/43 |  | 50000 |  | 47111 |
| Hudbay Minerals, Inc.<br>4.500%, due 04/01/26<sup>2</sup> |  | 75000 |  | 74392 |
| IAMGOLD Corp.<br>5.750%, due 10/15/28<sup>2</sup> |  | 50000 |  | 49224 |
| Kaiser Aluminum Corp.<br>4.625%, due 03/01/28<sup>2</sup> |  | 150000 |  | 146624 |
| Novelis Corp.<br>3.875%, due 08/15/31<sup>2</sup> |  | 50000 |  | 44849 |
| 4.750%, due 01/30/30<sup>2</sup> |  | 25000 |  | 23935 |
| 6.875%, due 01/30/30<sup>2</sup> |  | 50000 |  | 51522 |
| Novelis Sheet Ingot GmbH<br>3.375%, due 04/15/29<sup>6</sup> | EUR | 200000 |  | 222769 |
| Stillwater Mining Co.<br>4.500%, due 11/16/29<sup>6</sup> |  | 200000 |  | 182150 |
| Taseko Mines Ltd.<br>8.250%, due 05/01/30<sup>2</sup> |  | 50000 |  | 52207 |
| Vedanta Resources Finance II PLC<br>10.250%, due 06/03/28<sup>2</sup> |  | 450000 |  | 463781 |
| WE Soda Investments Holding PLC<br>9.500%, due 10/06/28<sup>6</sup> |  | 300000 |  | 313313 |
|  |  |  |  | 3655412 |
| **Miscellaneous manufacturers—0.6%** | **Miscellaneous manufacturers—0.6%** | **Miscellaneous manufacturers—0.6%** | **Miscellaneous manufacturers—0.6%** | **Miscellaneous manufacturers—0.6%** |
| Amsted Industries, Inc.<br>4.625%, due 05/15/30<sup>2</sup> |  | 25000 |  | 23942 |
| Axon Enterprise, Inc.<br>6.125%, due 03/15/30<sup>2</sup> |  | 75000 |  | 76598 |
| 6.250%, due 03/15/33<sup>2</sup> |  | 150000 |  | 153670 |
| FXI Holdings, Inc.<br>12.250%, due 11/15/26<sup>2</sup> |  | 234000 |  | 209430 |
| 12.250%, due 11/15/26<sup>2</sup> |  | 94000 |  | 84248 |
| Maxam Prill SARL<br>6.000%, due 07/15/30<sup>2</sup> | EUR | 300000 |  | 341153 |
| Trinity Industries, Inc.<br>7.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 104112 |
|  |  |  |  | 993153 |
| **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** |
| Xerox Corp.<br>13.500%, due 04/15/31<sup>2</sup> |  | 25000 |  | 24437 |
| Xerox Holdings Corp.<br>5.500%, due 08/15/28<sup>2</sup> |  | 50000 |  | 33070 |
| Zebra Technologies Corp.<br>6.500%, due 06/01/32<sup>2</sup> |  | 175000 |  | 179371 |
|  |  |  |  | 236878 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—9.1%** | **Oil & gas—9.1%** | **Oil & gas—9.1%** |
| Aethon United BR LP/Aethon United Finance Corp.<br>7.500%, due 10/01/29<sup>2</sup> | 50000 | $52387 |
| Antero Resources Corp.<br>7.625%, due 02/01/29<sup>2</sup> | 49000 | 50032 |
| Ascent Resources Utica Holdings LLC/ARU <br>Finance Corp.<br>6.625%, due 10/15/32<sup>2</sup> | 50000 | 50860 |
| 6.625%, due 07/15/33<sup>2</sup> | 25000 | 25346 |
| 9.000%, due 11/01/27<sup>2</sup> | 150000 | 182151 |
| Baytex Energy Corp.<br>8.500%, due 04/30/30<sup>2</sup> | 100000 | 101764 |
| California Resources Corp.<br>8.250%, due 06/15/29<sup>2</sup> | 75000 | 77043 |
| Chord Energy Corp.<br>6.750%, due 03/15/33<sup>2</sup> | 50000 | 51001 |
| CITGO Petroleum Corp.<br>8.375%, due 01/15/29<sup>2</sup> | 250000 | 259252 |
| Civitas Resources, Inc.<br>5.000%, due 10/15/26<sup>2</sup> | 150000 | 148349 |
| 8.625%, due 11/01/30<sup>2</sup> | 125000 | 127529 |
| 8.750%, due 07/01/31<sup>2</sup> | 250000 | 253085 |
| 9.625%, due 06/15/33<sup>2</sup> | 150000 | 154287 |
| CNX Resources Corp.<br>6.000%, due 01/15/29<sup>2</sup> | 125000 | 124933 |
| 7.250%, due 03/01/32<sup>2</sup> | 50000 | 51550 |
| 7.375%, due 01/15/31<sup>2</sup> | 25000 | 25766 |
| Comstock Resources, Inc.<br>5.875%, due 01/15/30<sup>2</sup> | 100000 | 94399 |
| 6.750%, due 03/01/29<sup>2</sup> | 75000 | 74152 |
| 6.750%, due 03/01/29<sup>2</sup> | 75000 | 73671 |
| Constellation Oil Services Holding SA<br>9.375%, due 11/07/29<sup>2</sup> | 200000 | 205000 |
| Cosan Overseas Ltd.<br>8.250%, due 11/05/25<sup>6,8</sup> | 300000 | 301968 |
| Crescent Energy Finance LLC<br>7.375%, due 01/15/33<sup>2</sup> | 125000 | 119584 |
| 7.625%, due 04/01/32<sup>2</sup> | 50000 | 48860 |
| DNO ASA <br>Series 1235, Steps to <br>15.750% on 06/17/85,<br>10.750%, due 06/17/85<sup>6</sup> | 400000 | 399672 |
| Ecopetrol SA<br>4.625%, due 11/02/31 | 450000 | 388179 |
| 5.875%, due 05/28/45 | 500000 | 354435 |
| 8.375%, due 01/19/36 | 200000 | 197400 |
| 8.625%, due 01/19/29 | 200000 | 214690 |
| Energean PLC<br>6.500%, due 04/30/27<sup>6</sup> | 250000 | 245463 |
| EQT Corp.<br>6.500%, due 07/01/27<sup>2</sup> | 25000 | 25507 |
| 7.500%, due 06/01/27<sup>2</sup> | 75000 | 76338 |
| FORESEA Holding SA<br>7.500%, due 06/15/30<sup>6</sup> | 200000 | 191709 |
| Global Marine, Inc.<br>7.000%, due 06/01/28 | 150000 | 138590 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| Gulfport Energy Operating Corp.<br>6.750%, due 09/01/29<sup>2</sup> | 25000 | $25406 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.750%, due 02/01/29<sup>2</sup> | 25000 | 24557 |
| 6.000%, due 04/15/30<sup>2</sup> | 100000 | 98334 |
| 6.000%, due 02/01/31<sup>2</sup> | 125000 | 120409 |
| 6.250%, due 11/01/28<sup>2</sup> | 100000 | 100386 |
| 7.250%, due 02/15/35<sup>2</sup> | 50000 | 48728 |
| 8.375%, due 11/01/33<sup>2</sup> | 25000 | 26088 |
| Kimmeridge Texas Gas LLC<br>8.500%, due 02/15/30<sup>2</sup> | 25000 | 25687 |
| Kraken Oil & Gas Partners LLC<br>7.625%, due 08/15/29<sup>2</sup> | 125000 | 122553 |
| Leviathan Bond Ltd.<br>6.500%, due 06/30/27<sup>6</sup> | 200000 | 198750 |
| Long Ridge Energy LLC<br>8.750%, due 02/15/32<sup>2</sup> | 25000 | 25925 |
| Magnolia Oil & Gas Operating LLC/Magnolia <br>Oil & Gas Finance Corp.<br>6.875%, due 12/01/32<sup>2</sup> | 100000 | 101042 |
| Matador Resources Co.<br>6.250%, due 04/15/33<sup>2</sup> | 175000 | 173370 |
| 6.500%, due 04/15/32<sup>2</sup> | 75000 | 75221 |
| 6.875%, due 04/15/28<sup>2</sup> | 75000 | 76228 |
| MC Brazil Downstream Trading SARL<br>7.250%, due 06/30/31<sup>6</sup> | 228052 | 184722 |
| Medco Laurel Tree Pte. Ltd.<br>6.950%, due 11/12/28<sup>6</sup> | 200000 | 199380 |
| MEG Energy Corp.<br>5.875%, due 02/01/29<sup>2</sup> | 25000 | 25003 |
| Moss Creek Resources Holdings, Inc.<br>8.250%, due 09/01/31<sup>2</sup> | 25000 | 24404 |
| Murphy Oil Corp.<br>6.000%, due 10/01/32 | 25000 | 23991 |
| Nabors Industries Ltd.<br>7.500%, due 01/15/28<sup>2</sup> | 150000 | 138418 |
| Nabors Industries, Inc.<br>7.375%, due 05/15/27<sup>2</sup> | 25000 | 25231 |
| 8.875%, due 08/15/31<sup>2</sup> | 25000 | 20044 |
| 9.125%, due 01/31/30<sup>2</sup> | 75000 | 74230 |
| Noble Finance II LLC<br>8.000%, due 04/15/30<sup>2</sup> | 150000 | 152995 |
| Northern Oil & Gas, Inc.<br>8.125%, due 03/01/28<sup>2</sup> | 125000 | 126217 |
| 8.750%, due 06/15/31<sup>2</sup> | 250000 | 256846 |
| Parkland Corp.<br>4.500%, due 10/01/29<sup>2,9</sup> | 250000 | 240863 |
| 4.625%, due 05/01/30<sup>2,9</sup> | 100000 | 95897 |
| 5.875%, due 07/15/27<sup>2,9</sup> | 75000 | 75064 |
| PBF Holding Co. LLC/PBF Finance Corp.<br>6.000%, due 02/15/28 | 275000 | 264649 |
| 7.875%, due 09/15/30<sup>2</sup> | 25000 | 22801 |
| Permian Resources Operating LLC<br>5.375%, due 01/15/26<sup>2</sup> | 125000 | 124790 |
| 5.875%, due 07/01/29<sup>2</sup> | 50000 | 50031 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| 6.250%, due 02/01/33<sup>2</sup> |  | 50000 | $50297 |
| 8.000%, due 04/15/27<sup>2</sup> |  | 75000 | 76689 |
| Petrobras Global Finance BV<br>6.850%, due 06/05/15 |  | 650000 | 578110 |
| Petroleos Mexicanos<br>2.750%, due 04/21/27<sup>6</sup> | EUR | 275000 | 304220 |
| 5.350%, due 02/12/28 |  | 700000 | 681415 |
| 6.500%, due 03/13/27 |  | 375000 | 374899 |
| 6.500%, due 06/02/41 |  | 1250000 | 988250 |
| 6.625%, due 06/15/35 |  | 450000 | 399922 |
| 6.750%, due 09/21/47 |  | 479000 | 369549 |
| 6.950%, due 01/28/60 |  | 250000 | 192900 |
| 7.690%, due 01/23/50 |  | 750000 | 632850 |
| 10.000%, due 02/07/33 |  | 100000 | 111145 |
| Precision Drilling Corp.<br>6.875%, due 01/15/29<sup>2</sup> |  | 100000 | 99936 |
| 7.125%, due 01/15/26<sup>2</sup> |  | 22000 | 21976 |
| Puma International Financing SA<br>7.750%, due 04/25/29<sup>6</sup> |  | 200000 | 206642 |
| Range Resources Corp.<br>8.250%, due 01/15/29 |  | 125000 | 128166 |
| Sanchez Energy Corp.<br>0.000%, due 06/15/21<sup>10</sup> |  | 475000 | 48 |
| 0.000%, due 01/15/23 |  | 325000 | 33 |
| Saturn Oil & Gas, Inc.<br>9.625%, due 06/15/29<sup>2</sup> |  | 47000 | 46538 |
| SM Energy Co.<br>6.500%, due 07/15/28 |  | 200000 | 201241 |
| 6.750%, due 08/01/29<sup>2</sup> |  | 75000 | 75059 |
| Sunoco LP<br>6.250%, due 07/01/33<sup>2</sup> |  | 100000 | 101280 |
| Sunoco LP/Sunoco Finance Corp.<br>4.500%, due 04/30/30 |  | 25000 | 23971 |
| 6.000%, due 04/15/27 |  | 150000 | 149900 |
| 7.000%, due 09/15/28<sup>2</sup> |  | 75000 | 77249 |
| Talos Production, Inc.<br>9.000%, due 02/01/29<sup>2</sup> |  | 50000 | 51245 |
| 9.375%, due 02/01/31<sup>2</sup> |  | 125000 | 127464 |
| Teine Energy Ltd.<br>6.875%, due 04/15/29<sup>2</sup> |  | 125000 | 122922 |
| Transocean Aquila Ltd.<br>8.000%, due 09/30/28<sup>2</sup> |  | 40770 | 41285 |
| Transocean Titan Financing Ltd.<br>8.375%, due 02/01/28<sup>2</sup> |  | 45238 | 46362 |
| Transocean, Inc.<br>6.800%, due 03/15/38 |  | 250000 | 187579 |
| 7.500%, due 04/15/31 |  | 125000 | 108841 |
| 8.000%, due 02/01/27<sup>2</sup> |  | 86000 | 85361 |
| 8.250%, due 05/15/29<sup>2</sup> |  | 75000 | 70831 |
| 8.500%, due 05/15/31<sup>2</sup> |  | 50000 | 45938 |
| 8.750%, due 02/15/30<sup>2</sup> |  | 20000 | 20735 |
| 9.350%, due 12/15/41 |  | 125000 | 104688 |
| Valaris Ltd.<br>8.375%, due 04/30/30<sup>2</sup> |  | 125000 | 129111 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** | **Oil & gas—(concluded)** |
| Vermilion Energy, Inc.<br>6.875%, due 05/01/30<sup>2</sup> |  | 100000 | $| 97004 |
| 7.250%, due 02/15/33<sup>2</sup> |  | 25000 |  | 23635 |
| Vital Energy, Inc.<br>7.750%, due 07/31/29<sup>2</sup> |  | 50000 |  | 45495 |
| 7.875%, due 04/15/32<sup>2</sup> |  | 95000 |  | 83383 |
| 9.750%, due 10/15/30 |  | 150000 |  | 140710 |
|  |  |  |  | 15678086 |
| **Oil & gas services—0.8%** | **Oil & gas services—0.8%** | **Oil & gas services—0.8%** | **Oil & gas services—0.8%** | **Oil & gas services—0.8%** |
| Archrock Partners LP/Archrock Partners <br>Finance Corp.<br>6.250%, due 04/01/28<sup>2</sup> |  | 175000 |  | 174990 |
| 6.875%, due 04/01/27<sup>2</sup> |  | 27000 |  | 27015 |
| Aris Water Holdings LLC<br>7.250%, due 04/01/30<sup>2</sup> |  | 50000 |  | 51281 |
| Bristow Group, Inc.<br>6.875%, due 03/01/28<sup>2</sup> |  | 75000 |  | 75177 |
| Enerflex Ltd.<br>9.000%, due 10/15/27<sup>2</sup> |  | 90000 |  | 92679 |
| Helix Energy Solutions Group, Inc.<br>9.750%, due 03/01/29<sup>2</sup> |  | 125000 |  | 130529 |
| Kodiak Gas Services LLC<br>7.250%, due 02/15/29<sup>2</sup> |  | 75000 |  | 76811 |
| Nine Energy Service, Inc.<br>13.000%, due 02/01/28 |  | 150000 |  | 70830 |
| Star Holding LLC<br>8.750%, due 08/01/31<sup>2</sup> |  | 50000 |  | 48996 |
| USA Compression Partners LP/USA<br>Compression Finance Corp.<br>7.125%, due 03/15/29<sup>2</sup> |  | 125000 |  | 127782 |
| Weatherford International Ltd.<br>8.625%, due 04/30/30<sup>2</sup> |  | 400000 |  | 410925 |
|  |  |  |  | 1287015 |
| **Packaging & containers—1.9%** | **Packaging & containers—1.9%** | **Packaging & containers—1.9%** | **Packaging & containers—1.9%** | **Packaging & containers—1.9%** |
| ARD Finance SA<br>5.000% Cash or 5.750% PIK,<br>5.000%, due 06/30/27<sup>6,7</sup> | EUR | 185206 |  | 7794 |
| 6.500% Cash or 7.250% PIK,<br>6.500%, due 06/30/27<sup>2,7</sup> |  | 429525 |  | 29798 |
| Ardagh Metal Packaging Finance <br>USA LLC/Ardagh Metal Packaging Finance PLC<br>2.000%, due 09/01/28<sup>6</sup> | EUR | 125000 |  | 135439 |
| 3.000%, due 09/01/29<sup>6</sup> |  | 100000 |  | 103247 |
| 6.000%, due 06/15/27<sup>2</sup> |  | 200000 |  | 200176 |
| Ardagh Packaging Finance PLC/Ardagh <br>Holdings USA, Inc.<br>2.125%, due 08/15/26<sup>6</sup> | EUR | 300000 |  | 341429 |
| 4.750%, due 07/15/27<sup>6</sup> | GBP | 275000 |  | 181433 |
| 5.250%, due 08/15/27<sup>2</sup> |  | 200000 |  | 96000 |
| Ball Corp.<br>3.125%, due 09/15/31 |  | 125000 |  | 111880 |
| 6.875%, due 03/15/28 |  | 125000 |  | 127588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** | **Packaging & containers—(concluded)** |
| Clydesdale Acquisition Holdings, Inc.<br>6.625%, due 04/15/29<sup>2</sup> |  | 25000 | $| 25296 |
| 6.750%, due 04/15/32<sup>2</sup> |  | 200000 |  | 204862 |
| 8.750%, due 04/15/30<sup>2</sup> |  | 50000 |  | 51029 |
| Crown European Holdings SACA<br>4.500%, due 01/15/30<sup>2</sup> | EUR | 100000 |  | 119139 |
| 4.500%, due 01/15/30<sup>6</sup> |  | 100000 |  | 119139 |
| Graphic Packaging International LLC<br>6.375%, due 07/15/32<sup>2</sup> |  | 25000 |  | 25302 |
| Kleopatra Finco SARL<br>6.500% Cash or 2.500% PIK,<br>9.000%, due 09/01/29<sup>6,7</sup> | EUR | 125625 |  | 109028 |
| LABL, Inc.<br>8.625%, due 10/01/31<sup>2</sup> |  | 50000 |  | 41530 |
| Mauser Packaging Solutions Holding Co.<br>9.250%, due 04/15/27<sup>2</sup> |  | 75000 |  | 74231 |
| OI European Group BV<br>4.750%, due 02/15/30<sup>2</sup> |  | 225000 |  | 213190 |
| Owens-Brockway Glass Container, Inc.<br>6.625%, due 05/13/27<sup>2</sup> |  | 163000 |  | 163196 |
| 7.250%, due 05/15/31<sup>2</sup> |  | 100000 |  | 101124 |
| 7.375%, due 06/01/32<sup>2</sup> |  | 25000 |  | 25189 |
| Sealed Air Corp.<br>4.000%, due 12/01/27<sup>2</sup> |  | 51000 |  | 49515 |
| 5.000%, due 04/15/29<sup>2</sup> |  | 75000 |  | 73979 |
| 6.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 51497 |
| Sealed Air Corp./Sealed Air Corp. U.S.<br>7.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 51970 |
| Silgan Holdings, Inc.<br>2.250%, due 06/01/28 | EUR | 100000 |  | 111311 |
| Trident TPI Holdings, Inc.<br>12.750%, due 12/31/28<sup>2</sup> |  | 25000 |  | 26745 |
| TriMas Corp.<br>4.125%, due 04/15/29<sup>2</sup> |  | 150000 |  | 143910 |
| Trivium Packaging Finance BV<br>6.625%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 119064 |
|  |  |  |  | 3235030 |
| **Pharmaceuticals—2.2%** | **Pharmaceuticals—2.2%** | **Pharmaceuticals—2.2%** | **Pharmaceuticals—2.2%** | **Pharmaceuticals—2.2%** |
| 1261229 BC Ltd.<br>10.000%, due 04/15/32<sup>2</sup> |  | 200000 |  | 203618 |
| AbbVie, Inc.<br>5.600%, due 03/15/55 |  | 100000 |  | 99293 |
| Amneal Pharmaceuticals LLC<br>6.875%, due 08/01/32<sup>2,11</sup> |  | 50000 |  | 50749 |
| Bausch Health Americas, Inc.<br>8.500%, due 01/31/27<sup>2</sup> |  | 50000 |  | 49562 |
| 9.250%, due 04/01/26<sup>2</sup> |  | 75000 |  | 75112 |
| Bausch Health Cos., Inc.<br>4.875%, due 06/01/28<sup>2</sup> |  | 50000 |  | 44250 |
| 5.250%, due 01/30/30<sup>2</sup> |  | 50000 |  | 32159 |
| 5.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 30409 |
| 7.000%, due 01/15/28<sup>2</sup> |  | 50000 |  | 43687 |
| 7.250%, due 05/30/29<sup>2</sup> |  | 150000 |  | 110395 |
| 11.000%, due 09/30/28<sup>2</sup> |  | 100000 |  | 102750 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** | **Pharmaceuticals—(concluded)** |
| BellRing Brands, Inc.<br>7.000%, due 03/15/30<sup>2</sup> |  | 175000 | $| 181548 |
| Centrient Holding BV<br>6.750%, due 05/30/30<sup>6</sup> | EUR | 100000 |  | 117156 |
| 6.750%, due 05/30/30<sup>2</sup> |  | 100000 |  | 117156 |
| CVS Health Corp.<br>(fixed, converts to FRN on 12/10/34),<br>6.750%, due 12/10/54<sup>5</sup> |  | 25000 |  | 25021 |
| (fixed, converts to FRN on 03/10/30),<br>7.000%, due 03/10/55<sup>5</sup> |  | 125000 |  | 128605 |
| Dolcetto Holdco SpA<br>5.625%, due 07/14/32<sup>2</sup> | EUR | 200000 |  | 232492 |
| Endo Finance Holdings, Inc.<br>8.500%, due 04/15/31<sup>2</sup> |  | 25000 |  | 26596 |
| Endo Luxembourg Finance Co. I SARL<br>0.000%, due 04/01/29<sup>2,3,4,9</sup> |  | 125000 |  | 0 |
| Grifols SA<br>7.500%, due 05/01/30<sup>6</sup> | EUR | 325000 |  | 391274 |
| Herbalife Nutrition Ltd./HLF Financing, Inc.<br>7.875%, due 09/01/25<sup>2</sup> |  | 35000 |  | 35088 |
| HLF Financing SARL LLC/Herbalife<br>International, Inc.<br>4.875%, due 06/01/29<sup>2</sup> |  | 25000 |  | 20834 |
| Mallinckrodt International Finance<br>SA/Mallinckrodt CB LLC<br>14.750%, due 11/14/28<sup>2</sup> |  | 15018 |  | 15337 |
| Neopharmed Gentili SpA<br>7.125%, due 04/08/30<sup>6</sup> | EUR | 175000 |  | 209850 |
| Nidda Healthcare Holding GmbH<br>5.625%, due 02/21/30<sup>6</sup> |  | 200000 |  | 234690 |
| Organon & Co./Organon Foreign Debt <br>Co-Issuer BV<br>4.125%, due 04/30/28<sup>2</sup> |  | 200000 |  | 189302 |
| 5.125%, due 04/30/31<sup>2</sup> |  | 200000 |  | 173023 |
| Owens & Minor, Inc.<br>4.500%, due 03/31/29<sup>2</sup> |  | 75000 |  | 64861 |
| 6.625%, due 04/01/30<sup>2</sup> |  | 25000 |  | 22512 |
| P&L Development LLC/PLD Finance Corp.<br>9.000% Cash and 3.500% PIK,<br>12.000%, due 05/15/29<sup>2,7</sup> |  | 100877 |  | 103651 |
| Par Pharmaceutical, Inc.<br>0.000%, due 04/01/27<sup>2,3,4,9</sup> |  | 198000 |  | 0 |
| Rossini SARL<br>6.750%, due 12/31/29<sup>2</sup> | EUR | 100000 |  | 120440 |
| Teva Pharmaceutical Finance Netherlands II BV<br>4.125%, due 06/01/31 |  | 100000 |  | 114833 |
| 4.375%, due 05/09/30 |  | 100000 |  | 116819 |
| 7.875%, due 09/15/31 |  | 200000 |  | 275058 |
|  |  |  |  | 3758130 |
| **Pipelines—3.7%** | **Pipelines—3.7%** | **Pipelines—3.7%** | **Pipelines—3.7%** | **Pipelines—3.7%** |
| Antero Midstream Partners LP/Antero <br>Midstream Finance Corp.<br>5.375%, due 06/15/29<sup>2</sup> |  | 25000 |  | 24790 |
| 5.750%, due 03/01/27<sup>2</sup> |  | 150000 |  | 150063 |
| 6.625%, due 02/01/32<sup>2</sup> |  | 100000 |  | 102796 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Blue Racer Midstream LLC/Blue Racer <br>Finance Corp.<br>7.000%, due 07/15/29<sup>2</sup> | 75000 | $77775 |
| 7.250%, due 07/15/32<sup>2</sup> | 25000 | 26358 |
| Buckeye Partners LP<br>5.850%, due 11/15/43 | 50000 | 44453 |
| 6.750%, due 02/01/30<sup>2</sup> | 50000 | 51763 |
| 6.875%, due 07/01/29<sup>2</sup> | 100000 | 102939 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<br>5.500%, due 06/15/31<sup>2</sup> | 250000 | 244229 |
| Delek Logistics Partners LP/Delek Logistics <br>Finance Corp.<br>7.125%, due 06/01/28<sup>2</sup> | 100000 | 100486 |
| 7.375%, due 06/30/33<sup>2</sup> | 75000 | 74140 |
| 8.625%, due 03/15/29<sup>2</sup> | 225000 | 234160 |
| DT Midstream, Inc.<br>4.125%, due 06/15/29<sup>2</sup> | 25000 | 24076 |
| Energy Transfer LP<br>(fixed, converts to FRN on 10/01/29),<br>7.125%, due 10/01/54<sup>5</sup> | 75000 | 76906 |
| Excelerate Energy LP<br>8.000%, due 05/15/30<sup>2</sup> | 125000 | 130856 |
| Genesis Energy LP/Genesis Energy <br>Finance Corp.<br>7.875%, due 05/15/32 | 175000 | 180985 |
| 8.000%, due 05/15/33 | 125000 | 129595 |
| 8.875%, due 04/15/30 | 50000 | 52929 |
| Global Partners LP/GLP Finance Corp.<br>7.125%, due 07/01/33<sup>2</sup> | 50000 | 50775 |
| Harvest Midstream I LP<br>7.500%, due 09/01/28<sup>2</sup> | 200000 | 202434 |
| 7.500%, due 05/15/32<sup>2</sup> | 75000 | 77958 |
| Hess Midstream Operations LP<br>4.250%, due 02/15/30<sup>2</sup> | 25000 | 24190 |
| 5.125%, due 06/15/28<sup>2</sup> | 225000 | 223841 |
| 5.500%, due 10/15/30<sup>2</sup> | 50000 | 50218 |
| 6.500%, due 06/01/29<sup>2</sup> | 50000 | 51505 |
| Howard Midstream Energy Partners LLC<br>7.375%, due 07/15/32<sup>2</sup> | 100000 | 103392 |
| 8.875%, due 07/15/28<sup>2</sup> | 100000 | 104269 |
| ITT Holdings LLC<br>6.500%, due 08/01/29<sup>2</sup> | 150000 | 142876 |
| Kinetik Holdings LP<br>5.875%, due 06/15/30<sup>2</sup> | 125000 | 125101 |
| 6.625%, due 12/15/28<sup>2</sup> | 25000 | 25568 |
| Martin Midstream Partners LP/Martin <br>Midstream Finance Corp.<br>11.500%, due 02/15/28<sup>2</sup> | 150000 | 158967 |
| New Fortress Energy, Inc.<br>6.500%, due 09/30/26<sup>2</sup> | 50000 | 17495 |
| NFE Financing LLC<br>12.000%, due 11/15/29<sup>2</sup> | 225000 | 79711 |
| NGL Energy Operating LLC/NGL Energy <br>Finance Corp.<br>8.125%, due 02/15/29<sup>2</sup> | 225000 | 222655 |
| 8.375%, due 02/15/32<sup>2</sup> | 125000 | 122275 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** | **Pipelines—(concluded)** |
| Northriver Midstream Finance LP<br>6.750%, due 07/15/32<sup>2</sup> |  | 125000 | $| 127265 |
| NuStar Logistics LP<br>5.625%, due 04/28/27 |  | 25000 |  | 25127 |
| 6.375%, due 10/01/30 |  | 175000 |  | 180284 |
| ONEOK, Inc.<br>5.050%, due 04/01/45 |  | 75000 |  | 63675 |
| 5.450%, due 06/01/47 |  | 125000 |  | 110879 |
| 5.600%, due 04/01/44 |  | 25000 |  | 22873 |
| Plains All American Pipeline LP<br>Series B,<br>3 mo. USD Term SOFR + 4.372%,<br>8.698%, due 08/30/25<sup>5,8</sup> |  | 150000 |  | 150085 |
| Prairie Acquiror LP<br>9.000%, due 08/01/29<sup>2</sup> |  | 75000 |  | 77684 |
| Rockies Express Pipeline LLC<br>4.800%, due 05/15/30<sup>2</sup> |  | 50000 |  | 48099 |
| 4.950%, due 07/15/29<sup>2</sup> |  | 50000 |  | 49023 |
| 6.875%, due 04/15/40<sup>2</sup> |  | 100000 |  | 100660 |
| South Bow Canadian Infrastructure Holdings Ltd.<br>(fixed, converts to FRN on 03/01/35),<br>7.500%, due 03/01/55<sup>2,5</sup> |  | 50000 |  | 51947 |
| (fixed, converts to FRN on 03/01/30),<br>7.625%, due 03/01/55<sup>2,5</sup> |  | 75000 |  | 77459 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br>Finance Corp.<br>6.000%, due 09/01/31<sup>2</sup> |  | 100000 |  | 97992 |
| 7.375%, due 02/15/29<sup>2</sup> |  | 75000 |  | 76952 |
| Targa Resources Corp.<br>4.950%, due 04/15/52 |  | 50000 |  | 41454 |
| 6.500%, due 02/15/53 |  | 50000 |  | 51076 |
| TransMontaigne Partners LLC<br>8.500%, due 06/15/30<sup>2</sup> |  | 50000 |  | 52267 |
| Venture Global Calcasieu Pass LLC<br>4.125%, due 08/15/31<sup>2</sup> |  | 25000 |  | 23092 |
| 6.250%, due 01/15/30<sup>2</sup> |  | 100000 |  | 102701 |
| Venture Global LNG, Inc.<br>8.375%, due 06/01/31<sup>2</sup> |  | 250000 |  | 258589 |
| 9.500%, due 02/01/29<sup>2</sup> |  | 225000 |  | 245380 |
| 9.875%, due 02/01/32<sup>2</sup> |  | 125000 |  | 134868 |
| Venture Global Plaquemines LNG LLC<br>6.500%, due 01/15/34<sup>2</sup> |  | 325000 |  | 334344 |
| 6.750%, due 01/15/36<sup>2</sup> |  | 200000 |  | 205741 |
| Western Midstream Operating LP<br>5.300%, due 03/01/48 |  | 50000 |  | 42029 |
|  |  |  |  | 6364074 |
| **Real estate—3.0%** | **Real estate—3.0%** | **Real estate—3.0%** | **Real estate—3.0%** | **Real estate—3.0%** |
| ADLER Real Estate GmbH<br>3.000%, due 04/27/26<sup>6</sup> | EUR | 200000 |  | 224606 |
| Alpha Star Holding VIII Ltd.<br>8.375%, due 04/12/27<sup>6</sup> |  | 200000 |  | 207375 |
| Anywhere Real Estate Group LLC/Anywhere<br>Co-Issuer Corp.<br>7.000%, due 04/15/30<sup>2</sup> |  | 219400 |  | 210114 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** |
| Anywhere Real Estate Group LLC/Realogy <br>Co-Issuer Corp.<br>5.250%, due 04/15/30<sup>2</sup> |  | 50000 | $41980 |
| 5.750%, due 01/15/29<sup>2</sup> |  | 125000 | 111276 |
| 9.750%, due 04/15/30<sup>2</sup> |  | 50000 | 52070 |
| CPI Property Group SA<br>6.000%, due 01/27/32<sup>6</sup> | EUR | 200000 | 232805 |
| 7.000%, due 05/07/29<sup>6</sup> |  | 109000 | 133409 |
| Greystar Real Estate Partners LLC<br>7.750%, due 09/01/30<sup>2</sup> |  | 75000 | 79290 |
| Heimstaden AB<br>(fixed, converts to FRN on 01/15/27),<br>6.750%, due 10/15/26<sup>5,6,8</sup> | EUR | 200000 | 188974 |
| Heimstaden Bostad AB<br>(fixed, converts to FRN on 05/01/27),<br>2.625%, due 02/01/27<sup>5,6,8</sup> |  | 475000 | 519858 |
| Howard Hughes Corp.<br>4.125%, due 02/01/29<sup>2</sup> |  | 125000 | 119157 |
| 5.375%, due 08/01/28<sup>2</sup> |  | 250000 | 248466 |
| IRSA Inversiones y Representaciones SA<br>8.000%, due 03/31/35<sup>2</sup> |  | 200000 | 200634 |
| IWG U.S. Finance LLC<br>6.500%, due 06/28/30<sup>6</sup> | EUR | 100000 | 124501 |
| Kennedy-Wilson, Inc.<br>4.750%, due 03/01/29 |  | 50000 | 47023 |
| 4.750%, due 02/01/30 |  | 75000 | 69106 |
| MAF Global Securities Ltd.<br>(fixed, converts to FRN on 03/20/26),<br>6.375%, due 03/20/26<sup>5,6,8</sup> |  | 200000 | 199250 |
| Neinor Homes SA<br>5.875%, due 02/15/30<sup>2</sup> | EUR | 100000 | 119320 |
| NWD MTN Ltd.<br>4.500%, due 05/19/30<sup>6</sup> |  | 200000 | 98676 |
| Peach Property Finance GmbH<br>4.375%, due 11/15/25<sup>6</sup> | EUR | 200000 | 223611 |
| Pingan Real Estate Capital Ltd.<br>3.450%, due 07/29/26<sup>6</sup> |  | 200000 | 193775 |
| Port of Spain Waterfront Development<br>7.875%, due 02/19/40<sup>2</sup> |  | 300000 | 294000 |
| Ronshine China Holdings Ltd.<br>8.100%, due 06/09/23<sup>6,10</sup> |  | 50000 | 500 |
| Samhallsbyggnadsbolaget I Norden Holding AB<br>2.375%, due 08/04/26<sup>6</sup> | EUR | 100000 | 110000 |
| 5.000%, due 10/20/29<sup>6</sup> |  | 175000 | 175502 |
| Signa Development Finance SCS<br>5.500%, due 07/23/26<sup>6,10</sup> |  | 100000 | 15406 |
| 5.500%, due 07/23/26<sup>2,10</sup> |  | 200000 | 30812 |
| Vanke Real Estate Hong Kong Co. Ltd.<br>3.975%, due 11/09/27<sup>6</sup> |  | 200000 | 160900 |
| Vivion Investments SARL<br>6.500%, due 02/28/29<sup>6,7</sup> | EUR | 201500 | 225472 |
| 6.500% Cash or 1.500% PIK,<br>6.500%, due 08/31/28<sup>6,7</sup> |  | 100750 | 113555 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** | **Real estate—(concluded)** |
| Yanlord Land HK Co. Ltd.<br>5.125%, due 05/20/26<sup>6</sup> |  | 400000 | $ | 398264 |
|  |  |  |  | 5169687 |
| **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<br>10.500%, due 05/15/29<sup>6</sup> | EUR | 225000 |  | 282312 |
| Arbor Realty SR, Inc.<br>7.875%, due 07/15/30<sup>2</sup> |  | 75000 |  | 76590 |
| Blackstone Mortgage Trust, Inc.<br>3.750%, due 01/15/27<sup>2</sup> |  | 225000 |  | 218410 |
| 7.750%, due 12/01/29<sup>2</sup> |  | 25000 |  | 26427 |
| Iron Mountain Information Management <br>Services, Inc.<br>5.000%, due 07/15/32<sup>2</sup> |  | 325000 |  | 310148 |
| Iron Mountain, Inc.<br>4.500%, due 02/15/31<sup>2</sup> |  | 200000 |  | 189142 |
| 4.875%, due 09/15/27<sup>2</sup> |  | 200000 |  | 198482 |
| 4.875%, due 09/15/29<sup>2</sup> |  | 75000 |  | 73333 |
| 5.000%, due 07/15/28<sup>2</sup> |  | 50000 |  | 49487 |
| 5.250%, due 07/15/30<sup>2</sup> |  | 275000 |  | 270251 |
| Ladder Capital Finance Holdings LLLP/Ladder <br>Capital Finance Corp.<br>4.250%, due 02/01/27<sup>2</sup> |  | 25000 |  | 24538 |
| 7.000%, due 07/15/31<sup>2</sup> |  | 25000 |  | 26183 |
| MPT Operating Partnership LP/MPT <br>Finance Corp.<br>0.993%, due 10/15/26 | EUR | 200000 |  | 214518 |
| 3.500%, due 03/15/31 |  | 250000 |  | 170111 |
| 4.625%, due 08/01/29 |  | 25000 |  | 19003 |
| 5.000%, due 10/15/27 |  | 100000 |  | 91740 |
| 8.500%, due 02/15/32<sup>2</sup> |  | 125000 |  | 129926 |
| Park Intermediate Holdings LLC/PK Domestic <br>Property LLC/PK Finance Co-Issuer<br>4.875%, due 05/15/29<sup>2</sup> |  | 125000 |  | 120243 |
| 5.875%, due 10/01/28<sup>2</sup> |  | 50000 |  | 49805 |
| 7.000%, due 02/01/30<sup>2</sup> |  | 50000 |  | 51205 |
| Pebblebrook Hotel LP/PEB Finance Corp.<br>6.375%, due 10/15/29<sup>2</sup> |  | 50000 |  | 49860 |
| Prologis LP<br>5.250%, due 06/15/53 |  | 125000 |  | 116696 |
| 5.250%, due 03/15/54 |  | 50000 |  | 46676 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>4.500%, due 02/15/29<sup>2</sup> |  | 100000 |  | 97254 |
| 6.500%, due 04/01/32<sup>2</sup> |  | 100000 |  | 102116 |
| 6.500%, due 06/15/33<sup>2</sup> |  | 25000 |  | 25602 |
| Rithm Capital Corp.<br>8.000%, due 04/01/29<sup>2</sup> |  | 75000 |  | 76613 |
| 8.000%, due 07/15/30<sup>2</sup> |  | 125000 |  | 127254 |
| RLJ Lodging Trust LP<br>4.000%, due 09/15/29<sup>2</sup> |  | 200000 |  | 186650 |
| SBA Communications Corp.<br>3.875%, due 02/15/27 |  | 25000 |  | 24568 |
| Service Properties Trust<br>4.375%, due 02/15/30 |  | 50000 |  | 42363 |
| 4.750%, due 10/01/26 |  | 125000 |  | 122659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** | **Real estate investment trusts—(concluded)** |
| 4.950%, due 02/15/27 |  | 25000 | $| 24395 |
| 4.950%, due 10/01/29 |  | 75000 |  | 65973 |
| 5.250%, due 02/15/26 |  | 150000 |  | 148840 |
| Starwood Property Trust, Inc.<br>6.000%, due 04/15/30<sup>2</sup> |  | 125000 |  | 126227 |
| 6.500%, due 07/01/30<sup>2</sup> |  | 50000 |  | 51429 |
| 6.500%, due 10/15/30<sup>2</sup> |  | 50000 |  | 51466 |
| Uniti Group LP/Uniti Fiber Holdings,<br>Inc./CSL Capital LLC<br>6.000%, due 01/15/30<sup>2</sup> |  | 150000 |  | 141945 |
| Uniti Group LP/Uniti Group Finance <br>2019, Inc./CSL Capital LLC<br>4.750%, due 04/15/28<sup>2</sup> |  | 75000 |  | 72684 |
| 6.500%, due 02/15/29<sup>2</sup> |  | 175000 |  | 170243 |
| 8.625%, due 06/15/32<sup>2</sup> |  | 275000 |  | 278926 |
| Uniti Group, Inc.<br>7.500%, due 12/01/27 |  | 25000 |  | 28905 |
| XHR LP<br>4.875%, due 06/01/29<sup>2</sup> |  | 75000 |  | 72388 |
| 6.625%, due 05/15/30<sup>2</sup> |  | 50000 |  | 50819 |
|  |  |  |  | 4894405 |
| **Retail—3.3%** | **Retail—3.3%** | **Retail—3.3%** | **Retail—3.3%** | **Retail—3.3%** |
| 1011778 BC ULC/New Red Finance, Inc.<br>4.000%, due 10/15/30<sup>2</sup> |  | 500000 |  | 463256 |
| 4.375%, due 01/15/28<sup>2</sup> |  | 50000 |  | 48859 |
| 6.125%, due 06/15/29<sup>2</sup> |  | 75000 |  | 76655 |
| Advance Auto Parts, Inc.<br>7.000%, due 08/01/30<sup>2,11</sup> |  | 50000 |  | 50254 |
| 7.375%, due 08/01/33<sup>2,11</sup> |  | 50000 |  | 50268 |
| Asbury Automotive Group, Inc.<br>4.500%, due 03/01/28 |  | 15000 |  | 14751 |
| 4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 48043 |
| 5.000%, due 02/15/32<sup>2</sup> |  | 25000 |  | 23648 |
| Bath & Body Works, Inc.<br>6.625%, due 10/01/30<sup>2</sup> |  | 50000 |  | 51180 |
| 6.750%, due 07/01/36 |  | 150000 |  | 151807 |
| BCPE Flavor Debt Merger Sub LLC & <br>BCPE Flavor Issuer, Inc.<br>9.500%, due 07/01/32<sup>2</sup> |  | 75000 |  | 77286 |
| BCPE Ulysses Intermediate, Inc.<br>7.750% Cash or 8.500% PIK,<br>7.750%, due 04/01/27<sup>2,7</sup> |  | 100000 |  | 99984 |
| Bubbles Bidco SPA<br>6.500%, due 09/30/31<sup>6</sup> | EUR | 200000 |  | 235142 |
| Carvana Co.<br>13.000% PIK,<br>9.000%, due 06/01/30<sup>2,7</sup> |  | 53250 |  | 55698 |
| 14.000% PIK,<br>9.000%, due 06/01/31<sup>2,7</sup> |  | 68112 |  | 80997 |
| Dufry One BV<br>4.750%, due 04/18/31<sup>6</sup> | EUR | 150000 |  | 176829 |
| Eroski S Coop<br>10.625%, due 04/30/29<sup>2</sup> |  | 150000 |  | 183492 |
| 10.625%, due 04/30/29<sup>6</sup> |  | 100000 |  | 122328 |
| Ferrellgas LP/Ferrellgas Finance Corp.<br>5.375%, due 04/01/26<sup>2</sup> |  | 175000 |  | 173719 |
| 5.875%, due 04/01/29<sup>2</sup> |  | 175000 |  | 161584 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| Fertitta Entertainment LLC/Fertitta Entertainment<br>Finance Co., Inc.<br>6.750%, due 01/15/30<sup>2</sup> |  | 200000 | $188166 |
| FirstCash, Inc.<br>4.625%, due 09/01/28<sup>2</sup> |  | 125000 | 122212 |
| 5.625%, due 01/01/30<sup>2</sup> |  | 75000 | 74224 |
| 6.875%, due 03/01/32<sup>2</sup> |  | 75000 | 76883 |
| Foundation Building Materials, Inc.<br>6.000%, due 03/01/29<sup>2</sup> |  | 100000 | 93789 |
| Fressnapf Holding SE<br>5.250%, due 10/31/31<sup>6</sup> | EUR | 150000 | 175274 |
| Gap, Inc.<br>3.625%, due 10/01/29<sup>2</sup> |  | 25000 | 23070 |
| 3.875%, due 10/01/31<sup>2</sup> |  | 25000 | 22217 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd.<br>8.750%, due 01/15/32<sup>2</sup> |  | 200000 | 177096 |
| LBM Acquisition LLC<br>6.250%, due 01/15/29<sup>2</sup> |  | 175000 | 153562 |
| LCM Investments Holdings II LLC<br>4.875%, due 05/01/29<sup>2</sup> |  | 200000 | 194364 |
| 8.250%, due 08/01/31<sup>2</sup> |  | 75000 | 79299 |
| Liberty Interactive LLC<br>8.250%, due 02/01/30 |  | 50000 | 6881 |
| Lithia Motors, Inc.<br>3.875%, due 06/01/29<sup>2</sup> |  | 200000 | 188446 |
| 4.625%, due 12/15/27<sup>2</sup> |  | 150000 | 147673 |
| Macy's Retail Holdings LLC<br>4.500%, due 12/15/34 |  | 50000 | 40476 |
| 5.125%, due 01/15/42 |  | 150000 | 105169 |
| 6.375%, due 03/15/37 |  | 75000 | 62062 |
| Michaels Cos., Inc.<br>5.250%, due 05/01/28<sup>2</sup> |  | 100000 | 79297 |
| 7.875%, due 05/01/29<sup>2</sup> |  | 150000 | 99491 |
| Murphy Oil USA, Inc.<br>3.750%, due 02/15/31<sup>2</sup> |  | 25000 | 22961 |
| 4.750%, due 09/15/29 |  | 50000 | 48888 |
| Park River Holdings, Inc.<br>6.750%, due 08/01/29<sup>2</sup> |  | 75000 | 65471 |
| Patrick Industries, Inc.<br>4.750%, due 05/01/29<sup>2</sup> |  | 100000 | 96825 |
| QXO Building Products, Inc.<br>6.750%, due 04/30/32<sup>2</sup> |  | 75000 | 77233 |
| Raising Cane's Restaurants LLC<br>9.375%, due 05/01/29<sup>2</sup> |  | 50000 | 52756 |
| Rite Aid Corp.<br>0.000%, due 10/18/25<sup>2,3,4,9,10</sup> |  | 15847 | 0 |
| 0.000%, due 11/15/26<sup>2,3,4,9,10</sup> |  | 87000 | 0 |
| 0.000%, due 08/30/34<sup>3,4,10</sup> |  | 5396 | 1 |
| 3 mo. USD Term SOFR + 7.000%,<br>0.000%, due 08/30/31<sup>2,7</sup> |  | 5726 | 286 |
| Series A,<br>15.000%, due 08/30/31<sup>7</sup> |  | 17048 | 170 |
| Series B,<br>15.000%, due 08/30/31<sup>7</sup> |  | 12391 | 991 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** | **Retail—(concluded)** |
| Saks Global Enterprises LLC<br>11.000%, due 12/15/29<sup>2,9</sup> |  | 150000 | $| 33750 |
| SGUS LLC<br>11.000%, due 12/15/29<sup>2</sup> |  | 42928 |  | 40116 |
| Sonic Automotive, Inc.<br>4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 48086 |
| 4.875%, due 11/15/31<sup>2</sup> |  | 25000 |  | 23562 |
| Staples, Inc.<br>10.750%, due 09/01/29<sup>2</sup> |  | 100000 |  | 93766 |
| 12.750%, due 01/15/30<sup>2</sup> |  | 194659 |  | 136157 |
| Suburban Propane Partners LP/Suburban <br>Energy Finance Corp.<br>5.000%, due 06/01/31<sup>2</sup> |  | 75000 |  | 70438 |
| Superior Plus LP/Superior General Partner, Inc.<br>4.500%, due 03/15/29<sup>2</sup> |  | 50000 |  | 47699 |
| Walgreens Boots Alliance, Inc.<br>4.100%, due 04/15/50 |  | 25000 |  | 21406 |
| 4.650%, due 06/01/46 |  | 50000 |  | 47878 |
| 4.800%, due 11/18/44 |  | 50000 |  | 48946 |
| 8.125%, due 08/15/29 |  | 25000 |  | 26836 |
| Yum! Brands, Inc.<br>5.375%, due 04/01/32 |  | 225000 |  | 223782 |
|  |  |  |  | 5683435 |
| **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** | **Savings & loans—0.0%<sup>†</sup>** |
| Washington Mutual, Inc.<br>0.000%, due 09/21/49<sup>3,10,12</sup> |  | 500000 |  | 6500 |
| **Semiconductors—0.3%** | **Semiconductors—0.3%** | **Semiconductors—0.3%** | **Semiconductors—0.3%** | **Semiconductors—0.3%** |
| BE Semiconductor Industries NV<br>4.500%, due 07/15/31<sup>2</sup> | EUR | 125000 |  | 149071 |
| Entegris, Inc.<br>5.950%, due 06/15/30<sup>2</sup> |  | 50000 |  | 50448 |
| ON Semiconductor Corp.<br>3.875%, due 09/01/28<sup>2</sup> |  | 175000 |  | 169111 |
| Synaptics, Inc.<br>4.000%, due 06/15/29<sup>2</sup> |  | 125000 |  | 118011 |
|  |  |  |  | 486641 |
| **Software—2.3%** | **Software—2.3%** | **Software—2.3%** | **Software—2.3%** | **Software—2.3%** |
| Asmodee Group AB<br>5.750%, due 12/15/29<sup>6</sup> | EUR | 106667 |  | 128517 |
| AthenaHealth Group, Inc.<br>6.500%, due 02/15/30<sup>2</sup> |  | 400000 |  | 393221 |
| Castle U.S. Holding Corp.<br>10.000%, due 06/30/31<sup>2</sup> |  | 205000 |  | 51250 |
| Central Parent LLC/CDK Global II LLC/CDK<br>Financing Co., Inc.<br>8.000%, due 06/15/29<sup>2</sup> |  | 25000 |  | 21208 |
| Cloud Software Group, Inc.<br>6.500%, due 03/31/29<sup>2</sup> |  | 375000 |  | 378707 |
| 8.250%, due 06/30/32<sup>2</sup> |  | 25000 |  | 26621 |
| 9.000%, due 09/30/29<sup>2</sup> |  | 600000 |  | 620917 |
| CoreWeave, Inc.<br>9.000%, due 02/01/31<sup>2</sup> |  | 100000 |  | 99574 |
| 9.250%, due 06/01/30<sup>2</sup> |  | 100000 |  | 100505 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** |
| Dye & Durham Ltd.<br>8.625%, due 04/15/29<sup>2</sup> |  | 25000 | $| 26050 |
| Elastic NV<br>4.125%, due 07/15/29<sup>2</sup> |  | 75000 |  | 71330 |
| Fair Isaac Corp.<br>6.000%, due 05/15/33<sup>2</sup> |  | 75000 |  | 75352 |
| Helios Software Holdings, Inc./ION Corporate <br>Solutions Finance SARL<br>7.875%, due 05/01/29<sup>2</sup> | EUR | 125000 |  | 149530 |
| IPD 3 BV<br>5.500%, due 06/15/31<sup>2</sup> |  | 100000 |  | 116189 |
| Open Text Corp.<br>3.875%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24063 |
| 3.875%, due 12/01/29<sup>2</sup> |  | 150000 |  | 140406 |
| Open Text Holdings, Inc.<br>4.125%, due 02/15/30<sup>2</sup> |  | 125000 |  | 117163 |
| 4.125%, due 12/01/31<sup>2</sup> |  | 275000 |  | 250264 |
| Playtika Holding Corp.<br>4.250%, due 03/15/29<sup>2</sup> |  | 125000 |  | 114299 |
| Rocket Software, Inc.<br>6.500%, due 02/15/29<sup>2</sup> |  | 25000 |  | 24308 |
| SS&C Technologies, Inc.<br>5.500%, due 09/30/27<sup>2</sup> |  | 300000 |  | 300065 |
| 6.500%, due 06/01/32<sup>2</sup> |  | 175000 |  | 179942 |
| Synopsys, Inc.<br>5.700%, due 04/01/55 |  | 75000 |  | 73956 |
| Twilio, Inc.<br>3.875%, due 03/15/31 |  | 100000 |  | 92920 |
| UKG, Inc.<br>6.875%, due 02/01/31<sup>2</sup> |  | 175000 |  | 179666 |
| X.AI LLC/X.AI Co. Issuer Corp.<br>12.500%, due 06/30/30 |  | 150000 |  | 151400 |
|  |  |  |  | 3907423 |
| **Telecommunications—6.6%** | **Telecommunications—6.6%** | **Telecommunications—6.6%** | **Telecommunications—6.6%** | **Telecommunications—6.6%** |
| Altice Financing SA<br>3.000%, due 01/15/28<sup>6</sup> | EUR | 175000 |  | 155546 |
| 4.250%, due 08/15/29<sup>6</sup> |  | 100000 |  | 87577 |
| 5.000%, due 01/15/28<sup>2</sup> |  | 200000 |  | 160292 |
| Altice France Holding SA<br>4.000%, due 02/15/28<sup>6</sup> | EUR | 200000 |  | 85024 |
| 6.000%, due 02/15/28<sup>2</sup> |  | 400000 |  | 147000 |
| 10.500%, due 05/15/27<sup>2</sup> |  | 400000 |  | 146500 |
| Altice France SA<br>3.375%, due 01/15/28<sup>6</sup> | EUR | 400000 |  | 399077 |
| 5.125%, due 07/15/29<sup>2</sup> |  | 375000 |  | 324375 |
| 5.500%, due 10/15/29<sup>2</sup> |  | 200000 |  | 173432 |
| C&W Senior Finance Ltd.<br>9.000%, due 01/15/33<sup>2</sup> |  | 400000 |  | 412400 |
| Ciena Corp.<br>4.000%, due 01/31/30<sup>2</sup> |  | 50000 |  | 47244 |
| CommScope LLC<br>4.750%, due 09/01/29<sup>2</sup> |  | 38000 |  | 36900 |
| 7.125%, due 07/01/28<sup>2</sup> |  | 25000 |  | 24742 |
| 8.250%, due 03/01/27<sup>2</sup> |  | 225000 |  | 225520 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| CommScope Technologies LLC<br>5.000%, due 03/15/27<sup>2</sup> |  | 150000 | $146886 |
| Digicel Group Holdings Ltd.<br>Series 1B,<br>0.000%, due 12/31/30<sup>2,3,4,12</sup> |  | 55330 | 2767 |
| Series 3B,<br>0.000%, due 12/31/30<sup>2,3,4,12</sup> |  | 45961 | 460 |
| Digicel Intermediate Holdings Ltd./Digicel<br>International Finance Ltd./Difl U.S.<br>9.000% Cash and 1.500% PIK,<br>12.000%, due 05/25/27<sup>7</sup> |  | 408708 | 409015 |
| Digicel Midco Ltd./Difl U.S. II LLC<br>10.500% Cash or 11.000% PIK,<br>10.500%, due 11/25/28<sup>7</sup> |  | 157875 | 159848 |
| EchoStar Corp.<br>10.750%, due 11/30/29 |  | 513000 | 540574 |
| 6.75% Cash or 6.75% PIK,<br>6.750%, due 11/30/30<sup>7</sup> |  | 207425 | 196535 |
| Embarq LLC<br>7.995%, due 06/01/36 |  | 100000 | 49142 |
| Fibercop SpA<br>5.250%, due 03/17/55 | EUR | 100000 | 101364 |
| 6.000%, due 09/30/34<sup>2</sup> |  | 200000 | 188910 |
| Frontier Communications Holdings LLC<br>5.000%, due 05/01/28<sup>2</sup> |  | 150000 | 149811 |
| 5.875%, due 10/15/27<sup>2</sup> |  | 50000 | 50009 |
| 5.875%, due 11/01/29 |  | 17911 | 18060 |
| 6.000%, due 01/15/30<sup>2</sup> |  | 100000 | 101189 |
| 6.750%, due 05/01/29<sup>2</sup> |  | 275000 | 277630 |
| 8.625%, due 03/15/31<sup>2</sup> |  | 150000 | 158910 |
| Frontier North, Inc.<br>Series G,<br>6.730%, due 02/15/28 |  | 25000 | 25813 |
| GoTo Group, Inc.<br>5.500%, due 05/01/28<sup>2</sup> |  | 48510 | 40839 |
| 5.500%, due 05/01/28<sup>2</sup> |  | 66990 | 22777 |
| Hughes Satellite Systems Corp.<br>6.625%, due 08/01/26 |  | 125000 | 94559 |
| Iliad Holding SASU<br>5.375%, due 04/15/30<sup>2</sup> | EUR | 100000 | 118090 |
| 6.875%, due 04/15/31<sup>2</sup> |  | 125000 | 153379 |
| Level 3 Financing, Inc.<br>3.625%, due 01/15/29<sup>2</sup> |  | 25000 | 21250 |
| 3.875%, due 10/15/30<sup>2</sup> |  | 75000 | 64313 |
| 4.000%, due 04/15/31<sup>2</sup> |  | 25000 | 21500 |
| 4.250%, due 07/01/28<sup>2</sup> |  | 50000 | 45438 |
| 4.500%, due 04/01/30<sup>2</sup> |  | 100000 | 90000 |
| 4.875%, due 06/15/29<sup>2</sup> |  | 125000 | 117187 |
| 6.875%, due 06/30/33<sup>2</sup> |  | 25000 | 25334 |
| 10.000%, due 10/15/32<sup>2</sup> |  | 50000 | 50224 |
| 10.750%, due 12/15/30<sup>2</sup> |  | 50000 | 56313 |
| 11.000%, due 11/15/29<sup>2</sup> |  | 22356 | 25347 |
| Liberty Costa Rica Senior Secured Finance<br>10.875%, due 01/15/31<sup>2</sup> |  | 200000 | 213050 |
| 10.875%, due 01/15/31<sup>6</sup> |  | 250000 | 266312 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| Lorca Telecom Bondco SA<br>4.000%, due 09/18/27<sup>2</sup> | EUR | 125000 | $142921 |
| 5.750%, due 04/30/29<sup>6</sup> |  | 100000 | 119217 |
| Lumen Technologies, Inc.<br>4.125%, due 04/15/29<sup>2</sup> |  | 71160 | 69303 |
| 4.125%, due 04/15/30<sup>2</sup> |  | 21162 | 20612 |
| 4.500%, due 01/15/29<sup>2</sup> |  | 75000 | 68114 |
| Series G,<br>6.875%, due 01/15/28 |  | 25000 | 24552 |
| 10.000%, due 10/15/32<sup>2</sup> |  | 75000 | 75844 |
| Nokia of America Corp.<br>6.450%, due 03/15/29 |  | 175000 | 170457 |
| Odido Holding BV<br>3.750%, due 01/15/29<sup>6</sup> | EUR | 175000 | 199173 |
| PLT VII Finance SARL<br>6.000%, due 06/15/31<sup>6</sup> |  | 225000 | 267714 |
| Rogers Communications, Inc.<br>(fixed, converts to FRN on 04/15/30),<br>7.000%, due 04/15/55<sup>5</sup> |  | 25000 | 25559 |
| (fixed, converts to FRN on 04/15/35),<br>7.125%, due 04/15/55<sup>5</sup> |  | 25000 | 25583 |
| SoftBank Group Corp.<br>3.875%, due 07/06/32<sup>6</sup> | EUR | 100000 | 106439 |
| 5.750%, due 07/08/32<sup>6</sup> |  | 100000 | 116322 |
| TalkTalk Telecom Group Ltd.<br>11.750%, due 03/01/28<sup>2,7</sup> | GBP | 39583 | 5228 |
| Telecom Argentina SA<br>9.500%, due 07/18/31<sup>6</sup> |  | 390000 | 409449 |
| Telecom Italia Capital SA<br>6.375%, due 11/15/33 |  | 75000 | 77572 |
| Telecommunications Services of Trinidad & <br>Tobago Ltd.<br>8.875%, due 10/18/29<sup>6</sup> |  | 400000 | 403200 |
| Telefonica Europe BV<br>(fixed, converts to FRN on 05/03/30),<br>6.135%, due 02/03/30<sup>5,6,8</sup> | EUR | 100000 | 123596 |
| Telesat Canada/Telesat LLC<br>4.875%, due 06/01/27<sup>2</sup> |  | 50000 | 30875 |
| 5.625%, due 12/06/26<sup>2</sup> |  | 125000 | 79737 |
| 6.500%, due 10/15/27<sup>2</sup> |  | 75000 | 28125 |
| UPCB Finance VII Ltd.<br>3.625%, due 06/15/29<sup>6</sup> | EUR | 125000 | 142264 |
| Veon Midco BV<br>9.000%, due 07/15/29<sup>2</sup> |  | 200000 | 205049 |
| Viasat, Inc.<br>6.500%, due 07/15/28<sup>2</sup> |  | 25000 | 23565 |
| 7.500%, due 05/30/31<sup>2</sup> |  | 50000 | 43535 |
| Vmed O2 U.K. Financing I PLC<br>4.250%, due 01/31/31<sup>2</sup> |  | 200000 | 182226 |
| 4.750%, due 07/15/31<sup>2</sup> |  | 200000 | 185034 |
| 5.625%, due 04/15/32<sup>2</sup> | EUR | 125000 | 147318 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** | **Telecommunications—(concluded)** |
| Vodafone Group PLC<br>(fixed, converts to FRN on 08/27/26),<br>2.625%, due 08/27/80<sup>5,6</sup> |  | 125000 | $| 142536 |
| (fixed, converts to FRN on 08/27/30),<br>3.000%, due 08/27/80<sup>5,6</sup> |  | 100000 |  | 110265 |
| (fixed, converts to FRN on 10/03/28),<br>4.200%, due 10/03/78<sup>5,6</sup> |  | 125000 |  | 146363 |
| (fixed, converts to FRN on 04/04/29),<br>7.000%, due 04/04/79<sup>5</sup> |  | 175000 |  | 182874 |
| Windstream Services LLC/Windstream <br>Escrow Finance Corp.<br>8.250%, due 10/01/31<sup>2</sup> |  | 300000 |  | 314067 |
| Zayo Group Holdings, Inc.<br>4.000%, due 03/01/27<sup>2</sup> |  | 175000 |  | 166228 |
| 6.125%, due 03/01/28<sup>2</sup> |  | 25000 |  | 22591 |
| Zegona Finance PLC<br>6.750%, due 07/15/29<sup>6</sup> | EUR | 200000 |  | 241823 |
|  |  |  |  | 11273794 |
| **Toys/games/hobbies—0.0%<sup>†</sup>** | **Toys/games/hobbies—0.0%<sup>†</sup>** | **Toys/games/hobbies—0.0%<sup>†</sup>** | **Toys/games/hobbies—0.0%<sup>†</sup>** | **Toys/games/hobbies—0.0%<sup>†</sup>** |
| Mattel, Inc.<br>5.450%, due 11/01/41 |  | 25000 |  | 22585 |
| **Transportation—0.9%** | **Transportation—0.9%** | **Transportation—0.9%** | **Transportation—0.9%** | **Transportation—0.9%** |
| Beacon Mobility Corp.<br>7.250%, due 08/01/30<sup>2</sup> |  | 50000 |  | 50946 |
| CMA CGM SA<br>5.000%, due 01/15/31<sup>2</sup> | EUR | 200000 |  | 232723 |
| Edge Finco PLC<br>8.125%, due 08/15/31<sup>2</sup> | GBP | 200000 |  | 280032 |
| First Student Bidco, Inc./First Transit Parent, Inc.<br>4.000%, due 07/31/29<sup>2</sup> |  | 25000 |  | 23577 |
| Genesee & Wyoming, Inc.<br>6.250%, due 04/15/32<sup>2</sup> |  | 100000 |  | 101153 |
| Rand Parent LLC<br>8.500%, due 02/15/30<sup>2</sup> |  | 50000 |  | 50276 |
| Seaspan Corp.<br>5.500%, due 08/01/29<sup>2</sup> |  | 75000 |  | 71147 |
| Star Leasing Co. LLC<br>7.625%, due 02/15/30<sup>2</sup> |  | 50000 |  | 49318 |
| Transnet SOC Ltd.<br>8.250%, due 02/06/28<sup>6</sup> |  | 200000 |  | 207966 |
| Watco Cos. LLC/Watco Finance Corp.<br>7.125%, due 08/01/32<sup>2</sup> |  | 100000 |  | 103745 |
| XPO, Inc.<br>6.250%, due 06/01/28<sup>2</sup> |  | 50000 |  | 50808 |
| 7.125%, due 06/01/31<sup>2</sup> |  | 50000 |  | 51726 |
| 7.125%, due 02/01/32<sup>2</sup> |  | 50000 |  | 51974 |
| Yinson Bergenia Production BV<br>8.498%, due 01/31/45<sup>2</sup> |  | 250000 |  | 258500 |
|  |  |  |  | 1583891 |
| **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** |
| FTAI Aviation Investors LLC<br>5.500%, due 05/01/28<sup>2</sup> |  | 50000 |  | 49879 |
| 5.875%, due 04/15/33<sup>2</sup> |  | 125000 |  | 123880 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **Trucking & leasing—(concluded)** | **Trucking & leasing—(concluded)** | **Trucking & leasing—(concluded)** | **Trucking & leasing—(concluded)** | **Trucking & leasing—(concluded)** |
| 7.000%, due 05/01/31<sup>2</sup> |  | 100000 | $| 103755 |
| 7.000%, due 06/15/32<sup>2</sup> |  | 225000 |  | 233012 |
| 7.875%, due 12/01/30<sup>2</sup> |  | 25000 |  | 26507 |
|  |  |  |  | 537033 |
| **Water—0.3%** | **Water—0.3%** | **Water—0.3%** | **Water—0.3%** | **Water—0.3%** |
| Holding d'Infrastructures des Metiers de<br>l'Environnement<br>4.875%, due 10/24/29<sup>6</sup> | EUR | 300000 |  | 356916 |
| Thames Water Super Senior Issuer PLC<br>9.750%, due 10/10/27<sup>2</sup> | GBP | 5393 |  | 7844 |
| 9.750%, due 10/10/27<sup>2</sup> |  | 2289 |  | 3325 |
| 9.750%, due 10/10/27<sup>2</sup> |  | 4911 |  | 7144 |
| Thames Water Utilities Finance PLC<br>7.750%, due 04/30/46<sup>6</sup> |  | 100000 |  | 92949 |
| Thames Water Utilities Ltd.<br>0.000%, due 03/22/27<sup>2,12</sup> |  | 1500 |  | 1654 |
|  |  |  |  | 469832 |
| **Total corporate bonds** <br> (cost—$169,660,928) | **Total corporate bonds** <br> (cost—$169,660,928) | **Total corporate bonds** <br> (cost—$169,660,928) |  | **163398842** |
| **Loan assignments—0.9%** | **Loan assignments—0.9%** | **Loan assignments—0.9%** | **Loan assignments—0.9%** | **Loan assignments—0.9%** |
| **Apparel—0.1%** | **Apparel—0.1%** | **Apparel—0.1%** | **Apparel—0.1%** | **Apparel—0.1%** |
| Beach Acquisition Bidco LLC<br>3.000%, due 06/25/32<sup>5,13</sup> |  | 50000 |  | 50291 |
| Champ Acquisition Corp.<br>6 mo. USD Term SOFR + 4.000%,<br>8.166%, due 11/25/31<sup>5</sup> |  | 24688 |  | 24796 |
|  |  |  |  | 75087 |
| **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** |
| Quikrete Holdings, Inc.<br>1 mo. USD Term SOFR + 2.250%,<br>6.606%, due 02/10/32<sup>5</sup> |  | 74812 |  | 74719 |
| **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** |
| Polar U.S. Borrower LLC<br>3 mo. USD Term SOFR + 0.750%,<br>9.914%, due 10/16/28<sup>5,7</sup> |  | 81766 |  | 29027 |
| **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** | **Commercial services—0.0%<sup>†</sup>** |
| Vortex Opco LLC<br>3 mo. USD Term SOFR + 6.250%,<br>10.546%, due 04/30/30<sup>5</sup> |  | 18000 |  | 17891 |
| **Computers—0.4%** | **Computers—0.4%** | **Computers—0.4%** | **Computers—0.4%** | **Computers—0.4%** |
| Amentum Government Services Holdings LLC<br>1 mo. USD Term SOFR + 2.250%,<br>6.606%, due 09/29/31<sup>5</sup> |  | 87695 |  | 87651 |
| Twitter, Inc.<br>6 mo. USD Term SOFR + 9.500%,<br>9.500%, due 10/26/29<sup>5</sup> |  | 500000 |  | 484445 |
| Vericast Corp.<br>3 mo. USD Term SOFR + 7.750%,<br>12.046%, due 06/15/30<sup>5</sup> |  | 131903 |  | 128496 |
|  |  |  |  | 700592 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Loan assignments—(concluded)** | **Loan assignments—(concluded)** | **Loan assignments—(concluded)** |
| **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** |
| Mulhacen Pte. Ltd. EUR 1st Lien Term Loan,<br>6 mo. USD Term SOFR + 10.000%,<br>10.000%, due 08/01/26<sup>5</sup> | 136681 | $63367 |
| EUR 2nd Lien Term Loan,<br>6 mo. USD Term SOFR + 8.000%,<br>10.386%, due 12/01/26<sup>5</sup> | 280843 | 14022 |
|  |  | 77389 |
| **Electric—0.0%<sup>†</sup>** | **Electric—0.0%<sup>†</sup>** | **Electric—0.0%<sup>†</sup>** |
| Lightning Power LLC<br>3 mo. USD Term SOFR + 2.250%,<br>6.546%, due 08/18/31<sup>5</sup> | 49625 | 49613 |
| **Entertainment—0.0%<sup>†</sup>** | **Entertainment—0.0%<sup>†</sup>** | **Entertainment—0.0%<sup>†</sup>** |
| Allen Media LLC <br>2021 Term Loan B,<br>3 mo. USD Term SOFR + 5.500%,<br>9.946%, due 02/10/27<sup>5</sup> | 70193 | 41940 |
| **Food—0.1%** | **Food—0.1%** | **Food—0.1%** |
| Northeast Grocery, Inc.<br>Term Loan B,<br>3 mo. USD Term SOFR + 7.500%,<br>11.824%, due 12/13/28<sup>5</sup> | 157728 | 157991 |
| **Healthcare-services—0.0%<sup>†</sup>** | **Healthcare-services—0.0%<sup>†</sup>** | **Healthcare-services—0.0%<sup>†</sup>** |
| MPH Acquisition Holdings LLC<br>3 mo. USD Term SOFR + 3.750%,<br>8.058%, due 12/31/30<sup>5</sup> | 35736 | 35522 |
| **Internet—0.0%<sup>†</sup>** | **Internet—0.0%<sup>†</sup>** | **Internet—0.0%<sup>†</sup>** |
| Endure Digital, Inc. Term Loan,<br>1 mo. USD Term SOFR + 3.500%,<br>7.942%, due 02/10/28<sup>5</sup> | 72000 | 37080 |
| **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** |
| Glatfelter Corp.<br>3 mo. USD Term SOFR + 4.250%,<br>8.583%, due 11/04/31<sup>5</sup> | 74625 | 74042 |
| **Pharmaceuticals—0.0%<sup>†</sup>** | **Pharmaceuticals—0.0%<sup>†</sup>** | **Pharmaceuticals—0.0%<sup>†</sup>** |
| Bausch Health Cos., Inc.<br>1 mo. USD Term SOFR + 6.250%,<br>10.606%, due 10/08/30<sup>5</sup> | 50000 | 48922 |
| **Telecommunications—0.1%** | **Telecommunications—0.1%** | **Telecommunications—0.1%** |
| Altice France SA 2023 USD Term Loan B14,<br>3 mo. USD Term SOFR + 5.500%,<br>9.818%, due 08/15/28<sup>5</sup> | 159631 | 148257 |
| Windstream Services LLC<br>1 mo. USD Term SOFR + 4.750%,<br>9.206%, due 10/01/31<sup>5</sup> | 25000 | 25094 |
|  |  | 173351 |
| **Total loan assignments** <br> (cost—$2,032,436) | **Total loan assignments** <br> (cost—$2,032,436) | **1593166** |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Face<br>amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—0.2%** | **Non-U.S. government agency obligations—0.2%** | **Non-U.S. government agency obligations—0.2%** |
| **Argentina—0.2%** | **Argentina—0.2%** | **Argentina—0.2%** |
| Argentina Republic Government International Bonds<br>Multiple Steps Up Thereafter (4.750% - 5.000%),<br>4.125%, due 07/09/35 | 75000 | $49245 |
| Provincia de Cordoba<br>9.750%, due 07/02/32<sup>2</sup> | 200000 | 201390 |
|  |  | 250635 |
| **Ecuador—0.0%<sup>†</sup>** | **Ecuador—0.0%<sup>†</sup>** | **Ecuador—0.0%<sup>†</sup>** |
| Ecuador Government International Bonds<br>6.900%, due 07/31/35<sup>6</sup> | 75000 | 55800 |
| **Ukraine—0.0%<sup>†</sup>** | **Ukraine—0.0%<sup>†</sup>** | **Ukraine—0.0%<sup>†</sup>** |
| Ukraine Government International Bonds<br>Steps to 7.750% on 08/01/33,<br>3.000%, due 02/01/34<sup>6</sup> | 200000 | 75500 |
| **Total non-U.S. government agency obligations** <br> (cost—$392,174) | **Total non-U.S. government agency obligations** <br> (cost—$392,174) | **381935** |
|  | **Number of<br>shares** |  |
| **Common stocks—0.6%** | **Common stocks—0.6%** | **Common stocks—0.6%** |
| **Aerospace & defense—0.0%<sup>†</sup>** | **Aerospace & defense—0.0%<sup>†</sup>** | **Aerospace & defense—0.0%<sup>†</sup>** |
| Evander Gold Mines Ltd.\*<sup>,3,4</sup> | 2750 | 0 |
| **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** | **Chemicals—0.0%<sup>†</sup>** |
| Cornerstone CS\*<sup>,3,4</sup> | 1205 | 0 |
| **Commercial services & supplies—0.0%<sup>†</sup>** | **Commercial services & supplies—0.0%<sup>†</sup>** | **Commercial services & supplies—0.0%<sup>†</sup>** |
| Intrum AB\* | 1233 | 6743 |
| **Consumer finance—0.0%<sup>†</sup>** | **Consumer finance—0.0%<sup>†</sup>** | **Consumer finance—0.0%<sup>†</sup>** |
| Curo Group Holdings LLC\*<sup>,3</sup> | 824 | 4326 |
| **Financial services—0.1%** | **Financial services—0.1%** | **Financial services—0.1%** |
| SPN Solutions, Inc.\*<sup>,2,3</sup> | 1482 | 83733 |
| XBP Global Holdings, Inc.\* | 14097 | 18185 |
|  |  | 101918 |
| **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** | **Gas utilities—0.0%<sup>†</sup>** |
| Ferrellgas Partners LP, Class B\* | 324 | 47790 |
| **Health care providers & services—0.0%<sup>†</sup>** | **Health care providers & services—0.0%<sup>†</sup>** | **Health care providers & services—0.0%<sup>†</sup>** |
| Air Methods Corp.\*<sup>,3</sup> | 70 | 4445 |
| Rite Aid Corp.\*<sup>,3,4</sup> | 79 | 1 |
|  |  | 4446 |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| Carnelian Point Holdings LP<sup>3,4</sup> | 140 | 1677 |
| Carnelian Point Holdings LP\*<sup>,3,4</sup> | 9478 | 113547 |
| Carnelian Point Holdings LP\*<sup>,3,4</sup> | 14851 | 177915 |
|  |  | 293139 |
| **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** |
| Codere A1 Ordinary Shares\*<sup>,3</sup> | 2541 | 57996 |
| Codere A2 Ordinary Shares\*<sup>,3</sup> | 634 | 14470 |
| Teide 10 SL\*<sup>,3</sup> | 5444137 | 3106 |
|  |  | 75572 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>shares** | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Media—0.0%<sup>†</sup>** | **Media—0.0%<sup>†</sup>** | **Media—0.0%<sup>†</sup>** | **Media—0.0%<sup>†</sup>** |
| iHeartMedia, Inc., Class A\* |  | 1347 | $2519 |
| SES SA\* |  | 5083 | 0 |
|  |  |  | 2519 |
| **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** | **Metals & mining—0.0%<sup>†</sup>** |
| Aleris International, Inc.\*<sup>,3,4,9</sup> |  | 795 | 15900 |
| Cloud Peak Energy, Inc.\*<sup>,3,4</sup> |  | 66 | 0 |
| Petra Diamonds Ltd.\* | GBP | 54100 | 8824 |
|  |  |  | 24724 |
| **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** | **Paper & forest products—0.0%<sup>†</sup>** |
| Hardwood Holdings LLC\*<sup>,3</sup> |  | 936 | 11232 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |
| Endo, Inc.\* |  | 3829 | 90326 |
| Mallinckrodt PLC\*<sup>,3</sup> |  | 459 | 39245 |
|  |  |  | 129571 |
| **Real estate management & development—0.0%<sup>†</sup>** | **Real estate management & development—0.0%<sup>†</sup>** | **Real estate management & development—0.0%<sup>†</sup>** | **Real estate management & development—0.0%<sup>†</sup>** |
| ADLER Group SA\*<sup>,3,4</sup> | EUR | 55882 | 0 |
| **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** | **Technology hardware, storage & peripherals—0.0%<sup>†</sup>** |
| Diebold Nixdorf, Inc.\* |  | 1076 | 60568 |
| **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** | **Wireless telecommunication services—0.1%** |
| Intelsat SA\*<sup>,3</sup> |  | 5083 | 235406 |
| **Total common stocks** <br> (cost—$1,492,448) | **Total common stocks** <br> (cost—$1,492,448) | **Total common stocks** <br> (cost—$1,492,448) | **997954** |
| **Preferred stocks—0.1%** | **Preferred stocks—0.1%** | **Preferred stocks—0.1%** | **Preferred stocks—0.1%** |
| **Machinery—0.0%<sup>†</sup>** | **Machinery—0.0%<sup>†</sup>** | **Machinery—0.0%<sup>†</sup>** | **Machinery—0.0%<sup>†</sup>** |
| Selecta Group BV\*<sup>,3</sup>Class A1 |  | 21852 | 1060 |
| Selecta Group BV\*<sup>,3</sup>Class A2 |  | 43703 | 2119 |
|  |  |  | 3179 |
| **Software—0.1%** | **Software—0.1%** | **Software—0.1%** | **Software—0.1%** |
| MicroStrategy, Inc.\*<sup>,8</sup> |  | 1200 | 102480 |
| **Total preferred stocks** <br> (cost—$121,205) | **Total preferred stocks** <br> (cost—$121,205) | **Total preferred stocks** <br> (cost—$121,205) | **105659** |
|  | **Face<br>amount<sup>1</sup>** | **Face<br>amount<sup>1</sup>** |  |
| **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** | **Warrants—0.0%<sup>†</sup>** |
| Air Methods Corp.\*<sup>,3,4</sup> |  | 389 | 0 |
| Air Methods Corp.\*<sup>,3,4</sup> |  | 184 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4</sup> |  | 23 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4</sup> |  | 137 | 0 |
| Audacy, Inc.\* |  | 113 | 1667 |
| Chaparral Energy, Inc. expires 10/01/25\*<sup>,3,4</sup> |  | 9 | 0 |
| Curo Group Holdings LLC expires<br>08/01/28\*<sup>,3,4</sup> |  | 1440 | 0 |
| Linx Synthetic expires 12/31/49\*<sup>,3,4</sup> | EUR | 1 | 13968 |
| **Total warrants** <br> (cost—$12,255) | **Total warrants** <br> (cost—$12,255) | **Total warrants** <br> (cost—$12,255) | **15635** |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>shares** | **Value** |
| **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** | **Investment companies—0.0%<sup>†</sup>** |
| Endo GUC Trust<sup>3,4</sup>(cost—$0) | 25821 | $0 |
| **Short-term investments—0.9%** | **Short-term investments—0.9%** | **Short-term investments—0.9%** |
| **Investment companies—0.9%** | **Investment companies—0.9%** | **Investment companies—0.9%** |
| State Street Institutional U.S. Government<br>Money Market Fund, 4.250%<sup>14</sup>(cost—$1,596,146) | 1596146 | 1596146 |
| **Total investments** <br> (cost—$175,307,592)—97.8% | **Total investments** <br> (cost—$175,307,592)—97.8% | **168089337** |
| Other assets in excess of liabilities—2.2% |  | 3829563 |
| **Net assets—100.0%** | **Net assets—100.0%** | $**171918900** |

---

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 | 28759901 | USD | 33928717 | 08/07/25 | $1101452 |
| SSB | GBP | 200000 | EUR | 231415 | 08/07/25 | 6 |
| SSB | GBP | 3116518 | USD | 4238542 | 08/07/25 | 122617 |
| SSB | USD | 481000 | EUR | 409478 | 08/07/25 | (13612) |
| SSB | USD | 687000 | GBP | 504231 | 08/07/25 | (21071) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**1189392** |

---

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Corporate bonds | $— | $163383614 | $15228 | $163398842 |
| Loan assignments |  | 1593166 |  | 1593166 |
| Non-U.S. government agency obligations |  | 381935 |  | 381935 |
| Common stocks | 234955 | 450853 | 312146 | 997954 |
| Preferred stocks | 102480 | 3179 |  | 105659 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary—(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Investment companies | $— | $— | $0 | $0 |
| Warrants |  |  | 15635 | 15635 |
| Short-term investments | 1596146 |  |  | 1596146 |
| Forward foreign currency contracts |  | 1224075 |  | 1224075 |
| **Total** | $**1933581** | $**167036822** | $**343009** | $**169313412** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Forward foreign currency contracts | $— | $(34683) | $— | $(34683) |
| **Total** | $**—** | $**(34683)** | $**—** | $**(34683)** |

---

At July 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**

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

\* Non-income producing security.

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

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $105,921,241, represented 61.6% of the Portfolio's net assets at period end.

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

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

<sup>5</sup> Floating or variable rate securities. The rates disclosed are as of July 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.

<sup>6</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

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

<sup>9</sup> This security is considered restricted. At period end, the value of restricted security was $482,474, represented 0.3% of the Fund's net assets. 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>07/31/25** | **Value as a<br>percentage of<br>net assets** |
| Aleris International, Inc. | 01/10/17 | $13981 | 0.0% | $15900 | 0.0% |
| Appcion | 08/23/18 | 650000 | 0.4 | 6500 | 0.0 |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. | 09/02/20 | 550000 | 0.3 | 5500 | 0.0 |
| Endo Luxembourg Finance Co. I SARL | 04/24/24 |  | 0.0 | 0 | 0.0 |
| Hertz Corp. | 07/02/21 |  | 0.0 | 9000 | 0.0 |
| Par Pharmaceutical, Inc. | 04/24/24 |  | 0.0 | 0 | 0.0 |
| Parkland Corp. | 07/10/19-11/23/21 | 425000 | 0.1 | 411824 | 0.2 |
| Rite Aid Corp. | 09/04/24 | 0 | 0.0 | 0 | 0.0 |
| Saks Global Enterprises LLC | 12/31/24-04/10/25 | 144749 | 0.1 | 33750 | 0.0 |

---

------

PACE High Yield Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes—(concluded)**

<sup>10</sup> Bond interest in default.

<sup>11</sup> Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

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

<sup>13</sup> Position is unsettled. Contract rate was not determined at July 31, 2025 and does not take effect until settlement.

<sup>14</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—97.2%** | **Common stocks—97.2%** | **Common stocks—97.2%** |
| **Aerospace & defense—2.1%** | **Aerospace & defense—2.1%** | **Aerospace & defense—2.1%** |
| Boeing Co.\* | 7297 | $1618766 |
| General Dynamics Corp. | 4072 | 1268876 |
| L3Harris Technologies, Inc. | 45169 | 12413345 |
| RTX Corp. | 5121 | 806916 |
|  |  | 16107903 |
| **Air freight & logistics—0.4%** | **Air freight & logistics—0.4%** | **Air freight & logistics—0.4%** |
| FedEx Corp. | 13010 | 2907605 |
| **Automobile components—0.8%** | **Automobile components—0.8%** | **Automobile components—0.8%** |
| Aptiv PLC\* | 28075 | 1927068 |
| BorgWarner, Inc. | 23513 | 865278 |
| Lear Corp. | 9300 | 876897 |
| Magna International, Inc.<sup>1</sup> | 51900 | 2127900 |
|  |  | 5797143 |
| **Automobiles—0.6%** | **Automobiles—0.6%** | **Automobiles—0.6%** |
| General Motors Co. | 66140 | 3527908 |
| Harley-Davidson, Inc.<sup>1</sup> | 47761 | 1162025 |
|  |  | 4689933 |
| **Banks—7.6%** | **Banks—7.6%** | **Banks—7.6%** |
| Bank of America Corp. | 352244 | 16650574 |
| Citigroup, Inc. | 193401 | 18121674 |
| Citizens Financial Group, Inc. | 45229 | 2158328 |
| First Citizens BancShares, Inc., Class A | 819 | 1633708 |
| M&T Bank Corp. | 59873 | 11298035 |
| Truist Financial Corp. | 28200 | 1232622 |
| U.S. Bancorp | 64772 | 2912149 |
| Wells Fargo & Co. | 42540 | 3430000 |
|  |  | 57437090 |
| **Beverages—1.3%** | **Beverages—1.3%** | **Beverages—1.3%** |
| Anheuser-Busch InBev SA, ADR<sup>1</sup> | 10500 | 605535 |
| Constellation Brands, Inc., Class A | 9300 | 1553472 |
| Keurig Dr. Pepper, Inc. | 237645 | 7759109 |
|  |  | 9918116 |
| **Biotechnology—1.7%** | **Biotechnology—1.7%** | **Biotechnology—1.7%** |
| Gilead Sciences, Inc. | 111403 | 12509443 |
| **Capital markets—7.9%** | **Capital markets—7.9%** | **Capital markets—7.9%** |
| Bank of New York Mellon Corp. | 155213 | 15746359 |
| Charles Schwab Corp. | 167291 | 16349349 |
| Nasdaq, Inc. | 129988 | 12507445 |
| Raymond James Financial, Inc. | 70558 | 11792359 |
| State Street Corp. | 26805 | 2995459 |
|  |  | 59390971 |
| **Chemicals—3.1%** | **Chemicals—3.1%** | **Chemicals—3.1%** |
| Axalta Coating Systems Ltd.\* | 344532 | 9757146 |
| Olin Corp. | 35351 | 669548 |
| PPG Industries, Inc. | 119714 | 12629827 |
|  |  | 23056521 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Communications equipment—1.6%** | **Communications equipment—1.6%** | **Communications equipment—1.6%** |
| F5, Inc.\* | 25800 | $8086236 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>1</sup> | 527561 | 3808990 |
|  |  | 11895226 |
| **Construction & engineering—0.1%** | **Construction & engineering—0.1%** | **Construction & engineering—0.1%** |
| Fluor Corp.\* | 11827 | 671419 |
| **Construction materials—1.8%** | **Construction materials—1.8%** | **Construction materials—1.8%** |
| Heidelberg Materials AG | 58060 | 13417253 |
| **Consumer finance—1.8%** | **Consumer finance—1.8%** | **Consumer finance—1.8%** |
| American Express Co. | 45620 | 13654522 |
| Capital One Financial Corp. | 1441 | 309815 |
|  |  | 13964337 |
| **Electric utilities—1.7%** | **Electric utilities—1.7%** | **Electric utilities—1.7%** |
| American Electric Power Co., Inc. | 95602 | 10816410 |
| PPL Corp. | 53910 | 1924048 |
|  |  | 12740458 |
| **Electrical equipment—1.6%** | **Electrical equipment—1.6%** | **Electrical equipment—1.6%** |
| Emerson Electric Co. | 85142 | 12389013 |
| **Electronic equipment, instruments & components—1.8%** | **Electronic equipment, instruments & components—1.8%** | **Electronic equipment, instruments & components—1.8%** |
| TE Connectivity PLC | 64327 | 13235280 |
| **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** |
| Baker Hughes Co. | 49217 | 2217226 |
| NOV, Inc. | 112000 | 1408960 |
| Schlumberger NV | 102997 | 3481299 |
|  |  | 7107485 |
| **Entertainment—0.2%** | **Entertainment—0.2%** | **Entertainment—0.2%** |
| Warner Bros Discovery, Inc.\* | 107310 | 1413273 |
| **Financial services—2.7%** | **Financial services—2.7%** | **Financial services—2.7%** |
| Berkshire Hathaway, Inc., Class B\* | 23382 | 11033498 |
| Corebridge Financial, Inc. | 43663 | 1552656 |
| Fidelity National Information Services, Inc. | 19277 | 1530787 |
| Fiserv, Inc.\* | 8300 | 1153202 |
| PayPal Holdings, Inc.\* | 74503 | 5122826 |
|  |  | 20392969 |
| **Food products—1.6%** | **Food products—1.6%** | **Food products—1.6%** |
| Archer-Daniels-Midland Co. | 163970 | 8883895 |
| Conagra Brands, Inc. | 35600 | 650056 |
| Kraft Heinz Co. | 93000 | 2553780 |
|  |  | 12087731 |
| **Ground transportation—1.2%** | **Ground transportation—1.2%** | **Ground transportation—1.2%** |
| Canadian National Railway Co.<sup>1</sup> | 79521 | 7425250 |
| Norfolk Southern Corp. | 4800 | 1334400 |
|  |  | 8759650 |
| **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** | **Health care equipment & supplies—1.0%** |
| GE HealthCare Technologies, Inc. | 41163 | 2935745 |
| Medtronic PLC | 32937 | 2972235 |

---

------

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care equipment & supplies—(concluded)** | **Health care equipment & supplies—(concluded)** | **Health care equipment & supplies—(concluded)** |
| Solventum Corp.\* | 10600 | 756416 |
| Zimmer Biomet Holdings, Inc.<sup>1</sup> | 10138 | 929148 |
|  |  | 7593544 |
| **Health care providers & services—6.4%** | **Health care providers & services—6.4%** | **Health care providers & services—6.4%** |
| Centene Corp.\* | 2900 | 75603 |
| Cigna Group | 2497 | 667648 |
| CVS Health Corp. | 19114 | 1186979 |
| Elevance Health, Inc. | 73700 | 20862996 |
| HCA Healthcare, Inc. | 4947 | 1751189 |
| Henry Schein, Inc.\*<sup>,1</sup> | 166229 | 11245392 |
| Humana, Inc. | 7821 | 1954233 |
| Labcorp Holdings, Inc. | 3106 | 807809 |
| UnitedHealth Group, Inc. | 40027 | 9989138 |
|  |  | 48540987 |
| **Hotels, restaurants & leisure—1.9%** | **Hotels, restaurants & leisure—1.9%** | **Hotels, restaurants & leisure—1.9%** |
| Aramark | 333368 | 14188142 |
| **Insurance—6.0%** | **Insurance—6.0%** | **Insurance—6.0%** |
| American International Group, Inc. | 214854 | 16679116 |
| Aon PLC, Class A | 12437 | 4423965 |
| Everest Group Ltd. | 17578 | 5902693 |
| Hartford Insurance Group, Inc. | 11765 | 1463448 |
| Marsh & McLennan Cos., Inc. | 36769 | 7324385 |
| Progressive Corp. | 40378 | 9773091 |
|  |  | 45566698 |
| **Interactive media & services—4.5%** | **Interactive media & services—4.5%** | **Interactive media & services—4.5%** |
| Alphabet, Inc., Class A | 93157 | 17876828 |
| Meta Platforms, Inc., Class A | 20579 | 15916622 |
|  |  | 33793450 |
| **IT services—0.1%** | **IT services—0.1%** | **IT services—0.1%** |
| Cognizant Technology Solutions Corp., Class A | 9052 | 649572 |
| **Life sciences tools & services—1.4%** | **Life sciences tools & services—1.4%** | **Life sciences tools & services—1.4%** |
| IQVIA Holdings, Inc.\* | 57571 | 10700146 |
| **Machinery—4.6%** | **Machinery—4.6%** | **Machinery—4.6%** |
| CNH Industrial NV | 125945 | 1632247 |
| Cummins, Inc. | 8493 | 3122197 |
| Deere & Co. | 1500 | 786555 |
| Fortive Corp. | 14600 | 699778 |
| PACCAR, Inc. | 176899 | 17470545 |
| Snap-on, Inc. | 29968 | 9625422 |
| Stanley Black & Decker, Inc.<sup>1</sup> | 12300 | 832095 |
| Timken Co. | 9137 | 695234 |
|  |  | 34864073 |
| **Media—1.2%** | **Media—1.2%** | **Media—1.2%** |
| Comcast Corp., Class A | 121999 | 4054027 |
| Omnicom Group, Inc.<sup>1</sup> | 31500 | 2269575 |
| Paramount Global, Class B | 66942 | 841461 |
| WPP PLC, ADR<sup>1</sup> | 61400 | 1662712 |
|  |  | 8827775 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Multi-utilities—3.4%** | **Multi-utilities—3.4%** | **Multi-utilities—3.4%** |
| Dominion Energy, Inc. | 247172 | $14447203 |
| Sempra | 138391 | 11303777 |
|  |  | 25750980 |
| **Oil, gas & consumable fuels—7.9%** | **Oil, gas & consumable fuels—7.9%** | **Oil, gas & consumable fuels—7.9%** |
| APA Corp.<sup>1</sup> | 132100 | 2548209 |
| ConocoPhillips | 79895 | 7617189 |
| Coterra Energy, Inc. | 366004 | 8926838 |
| EQT Corp. | 220190 | 11835212 |
| Murphy Oil Corp.<sup>1</sup> | 16959 | 420753 |
| Ovintiv, Inc. | 68620 | 2825772 |
| Shell PLC | 387996 | 13891350 |
| Shell PLC, ADR<sup>1</sup> | 37662 | 2719573 |
| Targa Resources Corp. | 51294 | 8535834 |
|  |  | 59320730 |
| **Passenger airlines—0.6%** | **Passenger airlines—0.6%** | **Passenger airlines—0.6%** |
| Southwest Airlines Co.<sup>1</sup> | 139947 | 4328561 |
| **Personal care products—2.8%** | **Personal care products—2.8%** | **Personal care products—2.8%** |
| Kenvue, Inc. | 306401 | 6569238 |
| Unilever PLC, ADR<sup>1</sup> | 254324 | 14860151 |
|  |  | 21429389 |
| **Pharmaceuticals—2.9%** | **Pharmaceuticals—2.9%** | **Pharmaceuticals—2.9%** |
| GSK PLC, ADR<sup>1</sup> | 21164 | 786243 |
| Merck & Co., Inc. | 177785 | 13888564 |
| Pfizer, Inc. | 266926 | 6216706 |
| Sanofi SA, ADR | 14214 | 648727 |
|  |  | 21540240 |
| **Semiconductors & semiconductor equipment—3.6%** | **Semiconductors & semiconductor equipment—3.6%** | **Semiconductors & semiconductor equipment—3.6%** |
| Broadcom, Inc. | 28704 | 8430365 |
| Lam Research Corp. | 77550 | 7354842 |
| NXP Semiconductors NV | 51941 | 11103427 |
|  |  | 26888634 |
| **Software—1.0%** | **Software—1.0%** | **Software—1.0%** |
| Microsoft Corp. | 1600 | 853600 |
| Workday, Inc., Class A\* | 30100 | 6904338 |
|  |  | 7757938 |
| **Specialized REITs—2.9%** | **Specialized REITs—2.9%** | **Specialized REITs—2.9%** |
| Crown Castle, Inc. | 103533 | 10880283 |
| Gaming & Leisure Properties, Inc. | 234114 | 10670916 |
|  |  | 21551199 |
| **Specialty retail—1.1%** | **Specialty retail—1.1%** | **Specialty retail—1.1%** |
| Lithia Motors, Inc. | 2100 | 604801 |
| Tractor Supply Co. | 141289 | 8046409 |
|  |  | 8651210 |
| **Technology hardware, storage & peripherals—1.4%** | **Technology hardware, storage & peripherals—1.4%** | **Technology hardware, storage & peripherals—1.4%** |
| Samsung Electronics Co. Ltd. | 208222 | 10720400 |
| **Total common stocks** <br> (cost—$637,627,562) | **Total common stocks** <br> (cost—$637,627,562) | **732552487** |

---

------

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short term investments—2.9%** | **Short term investments—2.9%** | **Short term investments—2.9%** |
| **Investment companies—2.9%** | **Investment companies—2.9%** | **Investment companies—2.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>2</sup>(cost—$21,361,309) | 21361309 | $21361309 |
| **Investment of cash collateral from securities loaned—1.5%** | **Investment of cash collateral from securities loaned—1.5%** | **Investment of cash collateral from securities loaned—1.5%** |
| **Money market funds—1.5%** | **Money market funds—1.5%** | **Money market funds—1.5%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>2</sup>(cost—$11,316,395) | 11316395 | 11316395 |
| **Total investments** <br> (cost—$670,305,266)—101.6% | **Total investments** <br> (cost—$670,305,266)—101.6% | **765230191** |
| Liabilities in excess of other assets—(1.6)% |  | (11693748) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**753536443** |

---

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 | 10178227 | USD | 1427550 | 12/17/25 | $1819 |
| SSB | CNH | 91274636 | USD | 12678990 | 12/17/25 | (106444) |
| SSB | USD | 11444046 | CNH | 82048191 | 12/17/25 | 48979 |
| SSB | USD | 2723467 | CNH | 19404672 | 12/17/25 | (5327) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(60973)** |

---

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments <br>(Level 1)** | **Other significant <br>observable inputs <br>(Level 2)** | **Unobservable <br>inputs <br>(Level 3)** | **Total** |
| Common stocks | $732552487 | $— | $— | $732552487 |
| Short-term investments | 21361309 |  |  | 21361309 |
| Investment of cash collateral from securities loaned | 11316395 |  |  | 11316395 |
| Forward foreign currency contracts |  | 50798 |  | 50798 |
| **Total** | $**765230191** | $**50798** | $**—** | $**765280989** |

---

------

PACE Large Co Value Equity Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary—(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments <br>(Level 1)** | **Other significant <br>observable inputs <br>(Level 2)** | **Unobservable <br>inputs <br>(Level 3)** | **Total** |
| Forward foreign currency contracts | $— | $(111771) | $— | $(111771) |
| **Total** | $**—** | $**(111771)** | $**—** | $**(111771)** |

---

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

**Portfolio footnotes**

\* Non-income producing security.

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

<sup>2</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—97.4%** | **Common stocks—97.4%** | **Common stocks—97.4%** |
| **Aerospace & defense—1.6%** | **Aerospace & defense—1.6%** | **Aerospace & defense—1.6%** |
| General Electric Co. | 19894 | $5392865 |
| RTX Corp. | 13066 | 2058810 |
| TransDigm Group, Inc. | 2910 | 4680619 |
|  |  | 12132294 |
| **Automobiles—1.6%** | **Automobiles—1.6%** | **Automobiles—1.6%** |
| Tesla, Inc.\* | 40853 | 12593754 |
| **Beverages—0.7%** | **Beverages—0.7%** | **Beverages—0.7%** |
| Coca-Cola Co. | 71217 | 4834922 |
| Monster Beverage Corp.\* | 6358 | 373533 |
|  |  | 5208455 |
| **Biotechnology—1.8%** | **Biotechnology—1.8%** | **Biotechnology—1.8%** |
| AbbVie, Inc. | 19163 | 3622190 |
| Alnylam Pharmaceuticals, Inc.\* | 3877 | 1520715 |
| Gilead Sciences, Inc. | 28532 | 3203858 |
| Insmed, Inc.\* | 31463 | 3375351 |
| Natera, Inc.\* | 17247 | 2305234 |
|  |  | 14027348 |
| **Broadline retail—7.3%** | **Broadline retail—7.3%** | **Broadline retail—7.3%** |
| Alibaba Group Holding Ltd., ADR | 34273 | 4134352 |
| Amazon.com, Inc.\* | 192151 | 44984470 |
| MercadoLibre, Inc.\* | 2803 | 6654014 |
|  |  | 55772836 |
| **Building products—0.3%** | **Building products—0.3%** | **Building products—0.3%** |
| Trane Technologies PLC | 5600 | 2453248 |
| **Capital markets—3.4%** | **Capital markets—3.4%** | **Capital markets—3.4%** |
| Blackstone, Inc. | 12456 | 2154390 |
| Charles Schwab Corp. | 33258 | 3250304 |
| CME Group, Inc. | 5979 | 1663836 |
| Goldman Sachs Group, Inc. | 8886 | 6429821 |
| Intercontinental Exchange, Inc. | 7658 | 1415428 |
| KKR & Co., Inc. | 10022 | 1469025 |
| MSCI, Inc. | 10615 | 5958836 |
| Robinhood Markets, Inc., Class A\* | 36275 | 3738139 |
|  |  | 26079779 |
| **Communications equipment—0.3%** | **Communications equipment—0.3%** | **Communications equipment—0.3%** |
| Arista Networks, Inc.\* | 19447 | 2396259 |
| **Construction & engineering—0.3%** | **Construction & engineering—0.3%** | **Construction & engineering—0.3%** |
| Quanta Services, Inc. | 6523 | 2649186 |
| **Consumer finance—0.3%** | **Consumer finance—0.3%** | **Consumer finance—0.3%** |
| SoFi Technologies, Inc.\* | 97239 | 2195657 |
| **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** | **Consumer staples distribution & retail—1.3%** |
| Kroger Co. | 21453 | 1503855 |
| Walmart, Inc. | 84878 | 8316347 |
|  |  | 9820202 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Diversified telecommunication services—1.1%** | **Diversified telecommunication services—1.1%** | **Diversified telecommunication services—1.1%** |
| AT&T, Inc. | 182793 | $5010356 |
| Verizon Communications, Inc. | 86714 | 3707891 |
|  |  | 8718247 |
| **Electric utilities—1.5%** | **Electric utilities—1.5%** | **Electric utilities—1.5%** |
| American Electric Power Co., Inc. | 29753 | 3366255 |
| Duke Energy Corp. | 17510 | 2129916 |
| Exelon Corp. | 43011 | 1932914 |
| NextEra Energy, Inc. | 24181 | 1718302 |
| PPL Corp. | 27877 | 994930 |
| Xcel Energy, Inc. | 18791 | 1380011 |
|  |  | 11522328 |
| **Electrical equipment—0.6%** | **Electrical equipment—0.6%** | **Electrical equipment—0.6%** |
| Eaton Corp. PLC | 4393 | 1690075 |
| GE Vernova, Inc. | 4563 | 3012903 |
|  |  | 4702978 |
| **Electronic equipment, instruments & components—0.6%** | **Electronic equipment, instruments & components—0.6%** | **Electronic equipment, instruments & components—0.6%** |
| Amphenol Corp., Class A | 27474 | 2926256 |
| Celestica, Inc.\* | 7455 | 1489956 |
|  |  | 4416212 |
| **Entertainment—3.4%** | **Entertainment—3.4%** | **Entertainment—3.4%** |
| Netflix, Inc.\* | 15829 | 18352143 |
| ROBLOX Corp., Class A\* | 30546 | 4208933 |
| Sea Ltd., ADR\* | 15110 | 2366981 |
| Spotify Technology SA\* | 2292 | 1436030 |
|  |  | 26364087 |
| **Financial services—5.6%** | **Financial services—5.6%** | **Financial services—5.6%** |
| Berkshire Hathaway, Inc., Class B\* | 3847 | 1815322 |
| Mastercard, Inc., Class A | 43452 | 24614255 |
| Visa, Inc., Class A | 49220 | 17004033 |
|  |  | 43433610 |
| **Gas utilities—0.1%** | **Gas utilities—0.1%** | **Gas utilities—0.1%** |
| Atmos Energy Corp.<sup>1</sup> | 4220 | 657982 |
| **Ground transportation—0.6%** | **Ground transportation—0.6%** | **Ground transportation—0.6%** |
| Uber Technologies, Inc.\* | 49547 | 4347749 |
| **Health care equipment & supplies—2.8%** | **Health care equipment & supplies—2.8%** | **Health care equipment & supplies—2.8%** |
| Abbott Laboratories | 93823 | 11839524 |
| Boston Scientific Corp.\* | 36246 | 3802930 |
| IDEXX Laboratories, Inc.\* | 8383 | 4479121 |
| Intuitive Surgical, Inc.\* | 2882 | 1386502 |
|  |  | 21508077 |
| **Health care providers & services—1.2%** | **Health care providers & services—1.2%** | **Health care providers & services—1.2%** |
| Elevance Health, Inc. | 2685 | 760070 |
| Hims & Hers Health, Inc.\*<sup>,1</sup> | 21709 | 1436702 |
| McKesson Corp. | 5935 | 4116160 |
| UnitedHealth Group, Inc. | 11545 | 2881170 |
|  |  | 9194102 |

---

------

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hotels, restaurants & leisure—3.5%** | **Hotels, restaurants & leisure—3.5%** | **Hotels, restaurants & leisure—3.5%** |
| Airbnb, Inc., Class A\* | 42700 | $5653907 |
| Booking Holdings, Inc. | 894 | 4920630 |
| DoorDash, Inc., Class A\* | 32897 | 8232474 |
| McDonald's Corp. | 7821 | 2346847 |
| Starbucks Corp. | 61394 | 5473889 |
|  |  | 26627747 |
| **Household durables—0.3%** | **Household durables—0.3%** | **Household durables—0.3%** |
| DR Horton, Inc. | 14088 | 2012330 |
| **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. | 7886 | 1644546 |
| **Industrial conglomerates—0.9%** | **Industrial conglomerates—0.9%** | **Industrial conglomerates—0.9%** |
| 3M Co. | 46651 | 6961262 |
| **Insurance—1.9%** | **Insurance—1.9%** | **Insurance—1.9%** |
| Allstate Corp. | 8664 | 1760958 |
| Aon PLC, Class A | 14168 | 5039699 |
| Chubb Ltd. | 11350 | 3019554 |
| Cincinnati Financial Corp. | 11241 | 1658160 |
| Progressive Corp. | 11171 | 2703829 |
| Slide Insurance Holdings, Inc.\* | 26543 | 499008 |
|  |  | 14681208 |
| **Interactive media & services—7.5%** | **Interactive media & services—7.5%** | **Interactive media & services—7.5%** |
| Alphabet, Inc., Class C | 151181 | 29156768 |
| Meta Platforms, Inc., Class A | 36890 | 28532201 |
|  |  | 57688969 |
| **IT services—4.6%** | **IT services—4.6%** | **IT services—4.6%** |
| Accenture PLC, Class A | 17170 | 4586107 |
| Cloudflare, Inc., Class A\* | 19271 | 4002201 |
| International Business Machines Corp. | 32314 | 8180289 |
| Shopify, Inc., Class A\* | 116499 | 14237343 |
| Snowflake, Inc., Class A\* | 8524 | 1905114 |
| Twilio, Inc., Class A\* | 17850 | 2302650 |
|  |  | 35213704 |
| **Life sciences tools & services—0.4%** | **Life sciences tools & services—0.4%** | **Life sciences tools & services—0.4%** |
| Thermo Fisher Scientific, Inc. | 6633 | 3102122 |
| **Machinery—0.3%** | **Machinery—0.3%** | **Machinery—0.3%** |
| Deere & Co. | 3762 | 1972680 |
| **Multi-utilities—0.3%** | **Multi-utilities—0.3%** | **Multi-utilities—0.3%** |
| CenterPoint Energy, Inc. | 37573 | 1458584 |
| DTE Energy Co. | 7653 | 1059252 |
|  |  | 2517836 |
| **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** |
| Cheniere Energy, Inc. | 6224 | 1468117 |
| Enbridge, Inc. | 23204 | 1050909 |
| Exxon Mobil Corp. | 24225 | 2704479 |
|  |  | 5223505 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Pharmaceuticals—2.9%** | **Pharmaceuticals—2.9%** | **Pharmaceuticals—2.9%** |
| Eli Lilly & Co. | 17413 | $12886839 |
| Johnson & Johnson | 8687 | 1431096 |
| Novartis AG, ADR | 6652 | 756598 |
| Zoetis, Inc. | 49535 | 7221708 |
|  |  | 22296241 |
| **Professional services—0.5%** | **Professional services—0.5%** | **Professional services—0.5%** |
| Paycom Software, Inc. | 15600 | 3612024 |
| **Real estate management & development—0.5%** | **Real estate management & development—0.5%** | **Real estate management & development—0.5%** |
| CoStar Group, Inc.\* | 42710 | 4065565 |
| **Semiconductors & semiconductor equipment—11.0%** | **Semiconductors & semiconductor equipment—11.0%** | **Semiconductors & semiconductor equipment—11.0%** |
| Broadcom, Inc. | 88181 | 25898760 |
| Lam Research Corp. | 15983 | 1515828 |
| NVIDIA Corp. | 303438 | 53972517 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12988 | 3138160 |
|  |  | 84525265 |
| **Software—18.9%** | **Software—18.9%** | **Software—18.9%** |
| Adobe, Inc.\* | 19822 | 7090131 |
| AppLovin Corp., Class A\* | 6912 | 2700518 |
| Crowdstrike Holdings, Inc., Class A\* | 5401 | 2455133 |
| Fair Isaac Corp.\* | 561 | 806000 |
| Figma, Inc., Class A\* | 130 | 15015 |
| HubSpot, Inc.\* | 1754 | 911466 |
| Intuit, Inc. | 10981 | 8621512 |
| Microsoft Corp. | 135024 | 72035304 |
| Oracle Corp. | 99458 | 25239457 |
| Palantir Technologies, Inc., Class A\* | 27446 | 4346074 |
| Palo Alto Networks, Inc.\* | 12875 | 2235100 |
| ServiceNow, Inc.\* | 13489 | 12721746 |
| Synopsys, Inc.\* | 2463 | 1560237 |
| Workday, Inc., Class A\* | 20288 | 4653661 |
|  |  | 145391354 |
| **Specialty retail—0.7%** | **Specialty retail—0.7%** | **Specialty retail—0.7%** |
| AutoZone, Inc.\* | 412 | 1552573 |
| Carvana Co.\* | 10830 | 4225541 |
|  |  | 5778114 |
| **Technology hardware, storage & peripherals—3.7%** | **Technology hardware, storage & peripherals—3.7%** | **Technology hardware, storage & peripherals—3.7%** |
| Apple, Inc. | 137129 | 28463867 |
| **Tobacco—2.1%** | **Tobacco—2.1%** | **Tobacco—2.1%** |
| Altria Group, Inc. | 51642 | 3198705 |
| Philip Morris International, Inc. | 77451 | 12705837 |
|  |  | 15904542 |
| **Water utilities—0.1%** | **Water utilities—0.1%** | **Water utilities—0.1%** |
| American Water Works Co., Inc. | 7123 | 998930 |
| **Total common stocks** <br> (cost—$547,209,400) | **Total common stocks** <br> (cost—$547,209,400) | **748876201** |
| **Exchange traded funds—0.9%** | **Exchange traded funds—0.9%** | **Exchange traded funds—0.9%** |
| Invesco QQQ Trust<sup>1</sup>(cost—$6,900,222) | 12646 | 7145117 |

---

------

PACE Large Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Short term investments—1.5%** | **Short term investments—1.5%** | **Short term investments—1.5%** |
| **Investment companies—1.5%** | **Investment companies—1.5%** | **Investment companies—1.5%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>2</sup>(cost—$11,730,532) | 11730532 | $11730532 |
| **Total investments** <br> (cost—$565,840,154)—99.8% | **Total investments** <br> (cost—$565,840,154)—99.8% | **767751850** |
| Other assets in excess of liabilities—0.2% |  | 1172181 |
| **Net assets—100.0%** | **Net assets—100.0%** | $**768924031** |

---

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $748876201 | $— | $— | $748876201 |
| Exchange traded funds | 7145117 |  |  | 7145117 |
| Short-term investments | 11730532 |  |  | 11730532 |
| **Total** | $**767751850** | $**—** | $**—** | $**767751850** |

---

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

**Portfolio footnotes**

\* Non-income producing security.

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

<sup>2</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.3%** | **Common stocks—98.3%** | **Common stocks—98.3%** |
| **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** | **Aerospace & defense—0.7%** |
| Textron, Inc. | 23678 | $1841438 |
| **Air freight & logistics—0.6%** | **Air freight & logistics—0.6%** | **Air freight & logistics—0.6%** |
| CH Robinson Worldwide, Inc. | 12626 | 1456030 |
| **Automobile components—3.3%** | **Automobile components—3.3%** | **Automobile components—3.3%** |
| Gentex Corp. | 62845 | 1660365 |
| Goodyear Tire & Rubber Co.\*<sup>,1</sup> | 123750 | 1272150 |
| LCI Industries | 20348 | 1933060 |
| Lear Corp. | 24588 | 2318402 |
| Visteon Corp.\* | 11067 | 1230097 |
|  |  | 8414074 |
| **Automobiles—1.0%** | **Automobiles—1.0%** | **Automobiles—1.0%** |
| Thor Industries, Inc.<sup>1</sup> | 27485 | 2500860 |
| **Banks—6.7%** | **Banks—6.7%** | **Banks—6.7%** |
| Bank of Hawaii Corp. | 18786 | 1162478 |
| Columbia Banking System, Inc. | 77632 | 1847642 |
| First Horizon Corp. | 72000 | 1570320 |
| First Interstate BancSystem, Inc., Class A | 41350 | 1190466 |
| Flagstar Financial, Inc.<sup>1</sup> | 141000 | 1591890 |
| Glacier Bancorp, Inc.<sup>1</sup> | 30501 | 1336859 |
| Independent Bank Corp. | 18100 | 1150255 |
| Prosperity Bancshares, Inc. | 20420 | 1360380 |
| SouthState Corp. | 15070 | 1419142 |
| Valley National Bancorp<sup>1</sup> | 146734 | 1360224 |
| Veritex Holdings, Inc. | 45200 | 1433744 |
| Western Alliance Bancorp<sup>1</sup> | 17160 | 1330930 |
|  |  | 16754330 |
| **Beverages—0.5%** | **Beverages—0.5%** | **Beverages—0.5%** |
| National Beverage Corp.\* | 29083 | 1332583 |
| **Biotechnology—0.4%** | **Biotechnology—0.4%** | **Biotechnology—0.4%** |
| United Therapeutics Corp.\* | 4010 | 1101547 |
| **Building products—3.4%** | **Building products—3.4%** | **Building products—3.4%** |
| Armstrong World Industries, Inc. | 11742 | 2209492 |
| Builders FirstSource, Inc.\* | 9340 | 1187394 |
| Lennox International, Inc. | 3234 | 1969506 |
| Owens Corning | 9653 | 1345918 |
| Zurn Elkay Water Solutions Corp. | 40444 | 1789647 |
|  |  | 8501957 |
| **Capital markets—4.2%** | **Capital markets—4.2%** | **Capital markets—4.2%** |
| Artisan Partners Asset Management, Inc., Class A | 27000 | 1221750 |
| Houlihan Lokey, Inc. | 9059 | 1727189 |
| Invesco Ltd. | 61087 | 1283438 |
| Janus Henderson Group PLC | 19998 | 865913 |
| Jefferies Financial Group, Inc. | 25509 | 1470849 |
| LPL Financial Holdings, Inc. | 7102 | 2810475 |
| Virtus Investment Partners, Inc. | 5930 | 1146328 |
|  |  | 10525942 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Chemicals—2.6%** | **Chemicals—2.6%** | **Chemicals—2.6%** |
| Avient Corp. | 27300 | $861861 |
| Axalta Coating Systems Ltd.\* | 37230 | 1054354 |
| HB Fuller Co. | 24939 | 1401572 |
| Ingevity Corp.\* | 22464 | 938770 |
| Mosaic Co. | 40000 | 1440400 |
| Olin Corp. | 40638 | 769684 |
|  |  | 6466641 |
| **Commercial services & supplies—0.5%** | **Commercial services & supplies—0.5%** | **Commercial services & supplies—0.5%** |
| Brink's Co. | 14280 | 1247215 |
| **Construction & engineering—1.0%** | **Construction & engineering—1.0%** | **Construction & engineering—1.0%** |
| EMCOR Group, Inc. | 1089 | 683337 |
| Valmont Industries, Inc. | 5009 | 1823025 |
|  |  | 2506362 |
| **Consumer finance—0.7%** | **Consumer finance—0.7%** | **Consumer finance—0.7%** |
| Bread Financial Holdings, Inc. | 19190 | 1176347 |
| Navient Corp. | 48972 | 633698 |
|  |  | 1810045 |
| **Consumer staples distribution & retail—3.0%** | **Consumer staples distribution & retail—3.0%** | **Consumer staples distribution & retail—3.0%** |
| BJ's Wholesale Club Holdings, Inc.\* | 28840 | 3054156 |
| Casey's General Stores, Inc. | 2920 | 1518779 |
| Dollar Tree, Inc.\* | 13247 | 1504197 |
| Performance Food Group Co.\* | 14765 | 1482406 |
|  |  | 7559538 |
| **Containers & packaging—1.0%** | **Containers & packaging—1.0%** | **Containers & packaging—1.0%** |
| Crown Holdings, Inc. | 14100 | 1400976 |
| Sealed Air Corp. | 38484 | 1126427 |
|  |  | 2527403 |
| **Distributors—0.5%** | **Distributors—0.5%** | **Distributors—0.5%** |
| Pool Corp.<sup>1</sup> | 3728 | 1148746 |
| **Diversified consumer services—0.5%** | **Diversified consumer services—0.5%** | **Diversified consumer services—0.5%** |
| ADT, Inc. | 153600 | 1282560 |
| **Diversified REITs—0.7%** | **Diversified REITs—0.7%** | **Diversified REITs—0.7%** |
| WP Carey, Inc. | 26850 | 1722696 |
| **Diversified telecommunication services—0.3%** | **Diversified telecommunication services—0.3%** | **Diversified telecommunication services—0.3%** |
| Liberty Global Ltd., Class A\* | 63836 | 639637 |
| **Electric utilities—1.0%** | **Electric utilities—1.0%** | **Electric utilities—1.0%** |
| Evergy, Inc. | 18100 | 1281480 |
| Pinnacle West Capital Corp. | 12600 | 1141812 |
|  |  | 2423292 |
| **Electrical equipment—0.8%** | **Electrical equipment—0.8%** | **Electrical equipment—0.8%** |
| Atkore, Inc. | 8665 | 667378 |
| Sensata Technologies Holding PLC<sup>1</sup> | 45650 | 1404194 |
|  |  | 2071572 |
| **Electronic equipment, instruments & components—5.1%** | **Electronic equipment, instruments & components—5.1%** | **Electronic equipment, instruments & components—5.1%** |
| Arrow Electronics, Inc.\* | 23203 | 2691548 |
| Avnet, Inc. | 29363 | 1554477 |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Electronic equipment, instruments & components—(concluded)** | **Electronic equipment, instruments & components—(concluded)** | **Electronic equipment, instruments & components—(concluded)** |
| Belden, Inc. | 10140 | 1253811 |
| Flex Ltd.\* | 28980 | 1445232 |
| IPG Photonics Corp.\* | 13394 | 1003077 |
| Jabil, Inc. | 6264 | 1397937 |
| TD SYNNEX Corp. | 9800 | 1415022 |
| Zebra Technologies Corp., Class A\* | 5754 | 1950721 |
|  |  | 12711825 |
| **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** | **Energy equipment & services—0.9%** |
| Cactus, Inc., Class A | 15560 | 658343 |
| Patterson-UTI Energy, Inc.<sup>1</sup> | 276347 | 1633211 |
|  |  | 2291554 |
| **Entertainment—0.7%** | **Entertainment—0.7%** | **Entertainment—0.7%** |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 12250 | 1229288 |
| Lionsgate Studios Corp.\* | 86000 | 509120 |
|  |  | 1738408 |
| **Financial services—2.0%** | **Financial services—2.0%** | **Financial services—2.0%** |
| Essent Group Ltd. | 21200 | 1186988 |
| Jack Henry & Associates, Inc. | 10570 | 1794944 |
| Jackson Financial, Inc., Class A | 11175 | 978483 |
| Walker & Dunlop, Inc. | 12865 | 965004 |
|  |  | 4925419 |
| **Food products—0.4%** | **Food products—0.4%** | **Food products—0.4%** |
| Post Holdings, Inc.\* | 9350 | 989324 |
| **Gas utilities—1.6%** | **Gas utilities—1.6%** | **Gas utilities—1.6%** |
| National Fuel Gas Co. | 13850 | 1202042 |
| UGI Corp.<sup>1</sup> | 80186 | 2901129 |
|  |  | 4103171 |
| **Ground transportation—1.4%** | **Ground transportation—1.4%** | **Ground transportation—1.4%** |
| Knight-Swift Transportation Holdings, Inc. | 22710 | 965175 |
| Landstar System, Inc. | 9493 | 1266081 |
| Ryder System, Inc. | 6980 | 1240416 |
|  |  | 3471672 |
| **Health care equipment & supplies—1.1%** | **Health care equipment & supplies—1.1%** | **Health care equipment & supplies—1.1%** |
| Envista Holdings Corp.\* | 50227 | 948788 |
| Globus Medical, Inc., Class A\* | 15807 | 831922 |
| LivaNova PLC\* | 24100 | 1016779 |
|  |  | 2797489 |
| **Health care providers & services—2.0%** | **Health care providers & services—2.0%** | **Health care providers & services—2.0%** |
| Acadia Healthcare Co., Inc.\* | 44031 | 958555 |
| AMN Healthcare Services, Inc.\* | 29767 | 545927 |
| CorVel Corp.\* | 14897 | 1319874 |
| Encompass Health Corp. | 9750 | 1073572 |
| Tenet Healthcare Corp.\* | 6520 | 1051546 |
|  |  | 4949474 |
| **Hotel & resort REITs—0.4%** | **Hotel & resort REITs—0.4%** | **Hotel & resort REITs—0.4%** |
| Host Hotels & Resorts, Inc. | 61800 | 971496 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hotels, restaurants & leisure—2.8%** | **Hotels, restaurants & leisure—2.8%** | **Hotels, restaurants & leisure—2.8%** |
| Caesars Entertainment, Inc.\* | 93163 | $2485589 |
| Marriott Vacations Worldwide Corp.<sup>1</sup> | 16625 | 1238064 |
| Norwegian Cruise Line Holdings Ltd.\* | 55800 | 1426248 |
| Wynn Resorts Ltd. | 18139 | 1977695 |
|  |  | 7127596 |
| **Household durables—2.8%** | **Household durables—2.8%** | **Household durables—2.8%** |
| Mohawk Industries, Inc.\* | 35376 | 4050905 |
| Newell Brands, Inc. | 219254 | 1230015 |
| TopBuild Corp.\*<sup>,1</sup> | 4453 | 1649525 |
|  |  | 6930445 |
| **Household products—0.6%** | **Household products—0.6%** | **Household products—0.6%** |
| WD-40 Co. | 6585 | 1411824 |
| **Independent power and renewable electricity producers—0.4%** | **Independent power and renewable electricity producers—0.4%** | **Independent power and renewable electricity producers—0.4%** |
| Talen Energy Corp.\* | 2563 | 967712 |
| **Industrial REITs—0.6%** | **Industrial REITs—0.6%** | **Industrial REITs—0.6%** |
| First Industrial Realty Trust, Inc. | 32940 | 1604837 |
| **Insurance—4.6%** | **Insurance—4.6%** | **Insurance—4.6%** |
| Assurant, Inc. | 5380 | 1007674 |
| Brighthouse Financial, Inc.\* | 23400 | 1119690 |
| Everest Group Ltd. | 4200 | 1410360 |
| First American Financial Corp. | 54971 | 3301008 |
| Lincoln National Corp. | 29579 | 1127256 |
| Unum Group | 18200 | 1306942 |
| W.R. Berkley Corp. | 32164 | 2213205 |
|  |  | 11486135 |
| **IT services—2.1%** | **IT services—2.1%** | **IT services—2.1%** |
| Amdocs Ltd. | 17760 | 1515994 |
| EPAM Systems, Inc.\* | 13523 | 2132712 |
| Globant SA\* | 19470 | 1640542 |
|  |  | 5289248 |
| **Leisure products—1.0%** | **Leisure products—1.0%** | **Leisure products—1.0%** |
| Brunswick Corp. | 15250 | 888922 |
| Polaris, Inc.<sup>1</sup> | 29682 | 1570475 |
|  |  | 2459397 |
| **Machinery—6.2%** | **Machinery—6.2%** | **Machinery—6.2%** |
| Graco, Inc. | 20892 | 1754510 |
| ITT, Inc. | 8861 | 1506015 |
| JBT Marel Corp. | 8593 | 1184115 |
| Kadant, Inc. | 5006 | 1665847 |
| Oshkosh Corp. | 12785 | 1617686 |
| Pentair PLC | 10474 | 1070443 |
| RBC Bearings, Inc.\* | 5686 | 2202415 |
| Terex Corp.<sup>1</sup> | 25600 | 1302016 |
| Timken Co.<sup>1</sup> | 16742 | 1273899 |
| Toro Co. | 25679 | 1906666 |
|  |  | 15483612 |
| **Marine transportation—0.5%** | **Marine transportation—0.5%** | **Marine transportation—0.5%** |
| Kirby Corp.\* | 12780 | 1218062 |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Media—0.5%** | **Media—0.5%** | **Media—0.5%** |
| Nexstar Media Group, Inc.<sup>1</sup> | 6550 | $1225571 |
| **Metals & mining—1.9%** | **Metals & mining—1.9%** | **Metals & mining—1.9%** |
| Alcoa Corp. | 80637 | 2416691 |
| Commercial Metals Co. | 26600 | 1379476 |
| Reliance, Inc. | 3600 | 1044468 |
|  |  | 4840635 |
| **Mortgage real estate investment—1.1%** | **Mortgage real estate investment—1.1%** | **Mortgage real estate investment—1.1%** |
| AGNC Investment Corp.<sup>1</sup> | 143900 | 1356977 |
| Annaly Capital Management, Inc. | 73400 | 1492222 |
|  |  | 2849199 |
| **Office REITs—1.0%** | **Office REITs—1.0%** | **Office REITs—1.0%** |
| Highwoods Properties, Inc. | 41050 | 1190861 |
| Kilroy Realty Corp.<sup>1</sup> | 39411 | 1452689 |
|  |  | 2643550 |
| **Oil, gas & consumable fuels—3.7%** | **Oil, gas & consumable fuels—3.7%** | **Oil, gas & consumable fuels—3.7%** |
| Antero Resources Corp.\* | 32600 | 1138718 |
| California Resources Corp. | 26968 | 1299318 |
| Chord Energy Corp. | 11900 | 1312927 |
| Core Natural Resources, Inc.<sup>1</sup> | 10650 | 786077 |
| Murphy Oil Corp.<sup>1</sup> | 43500 | 1079235 |
| PBF Energy, Inc., Class A | 28145 | 636077 |
| Permian Resources Corp. | 65500 | 927480 |
| Scorpio Tankers, Inc. | 25371 | 1147023 |
| Uranium Energy Corp.\*<sup>,1</sup> | 103200 | 894744 |
|  |  | 9221599 |
| **Passenger airlines—1.0%** | **Passenger airlines—1.0%** | **Passenger airlines—1.0%** |
| Alaska Air Group, Inc.\* | 23270 | 1232379 |
| SkyWest, Inc.\* | 12110 | 1404276 |
|  |  | 2636655 |
| **Pharmaceuticals—1.6%** | **Pharmaceuticals—1.6%** | **Pharmaceuticals—1.6%** |
| Jazz Pharmaceuticals PLC\* | 20137 | 2308304 |
| Perrigo Co. PLC | 34800 | 928116 |
| Prestige Consumer Healthcare, Inc.\* | 11608 | 858412 |
|  |  | 4094832 |
| **Professional services—5.5%** | **Professional services—5.5%** | **Professional services—5.5%** |
| Broadridge Financial Solutions, Inc. | 8404 | 2080074 |
| CACI International, Inc., Class A\*<sup>,1</sup> | 7075 | 3258533 |
| Jacobs Solutions, Inc. | 8080 | 1146309 |
| Korn Ferry | 37371 | 2648483 |
| ManpowerGroup, Inc. | 50216 | 2071410 |
| TransUnion | 26833 | 2554233 |
|  |  | 13759042 |
| **Real estate management & development—0.6%** | **Real estate management & development—0.6%** | **Real estate management & development—0.6%** |
| Cushman & Wakefield PLC\* | 125300 | 1527407 |
| **Residential REITs—0.6%** | **Residential REITs—0.6%** | **Residential REITs—0.6%** |
| Camden Property Trust | 15000 | 1638000 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Retail REITs—0.6%** | **Retail REITs—0.6%** | **Retail REITs—0.6%** |
| Federal Realty Investment Trust | 16184 | $1491517 |
| **Semiconductors & semiconductor equipment—2.8%** | **Semiconductors & semiconductor equipment—2.8%** | **Semiconductors & semiconductor equipment—2.8%** |
| Axcelis Technologies, Inc.\* | 14838 | 1004384 |
| Ichor Holdings Ltd.\* | 38671 | 765299 |
| MKS, Inc.<sup>1</sup> | 14150 | 1346797 |
| Onto Innovation, Inc.\* | 12291 | 1164572 |
| Qorvo, Inc.\* | 17924 | 1498447 |
| Synaptics, Inc.\* | 19554 | 1226036 |
|  |  | 7005535 |
| **Software—0.4%** | **Software—0.4%** | **Software—0.4%** |
| Dolby Laboratories, Inc., Class A | 13841 | 1042781 |
| **Specialized REITs—1.3%** | **Specialized REITs—1.3%** | **Specialized REITs—1.3%** |
| Gaming & Leisure Properties, Inc. | 38100 | 1736598 |
| Lamar Advertising Co., Class A | 12410 | 1517123 |
|  |  | 3253721 |
| **Specialty retail—2.2%** | **Specialty retail—2.2%** | **Specialty retail—2.2%** |
| Academy Sports & Outdoors, Inc.<sup>1</sup> | 15892 | 807155 |
| Bath & Body Works, Inc. | 59540 | 1724278 |
| Sally Beauty Holdings, Inc.\*<sup>,1</sup> | 120300 | 1171722 |
| Victoria's Secret & Co.\* | 103920 | 1953696 |
|  |  | 5656851 |
| **Textiles, apparel & luxury goods—1.2%** | **Textiles, apparel & luxury goods—1.2%** | **Textiles, apparel & luxury goods—1.2%** |
| Capri Holdings Ltd.\* | 109038 | 1983401 |
| Carter's, Inc. | 10956 | 265574 |
| Steven Madden Ltd.<sup>1</sup> | 36000 | 864180 |
|  |  | 3113155 |
| **Trading companies & distributors—1.7%** | **Trading companies & distributors—1.7%** | **Trading companies & distributors—1.7%** |
| Boise Cascade Co. | 7602 | 637123 |
| WESCO International, Inc. | 17656 | 3654086 |
|  |  | 4291209 |
| **Total common stocks** <br> (cost—$228,629,351) | **Total common stocks** <br> (cost—$228,629,351) | **247054427** |
| **Short term investments—2.0%** | **Short term investments—2.0%** | **Short term investments—2.0%** |
| **Investment companies—2.0%** | **Investment companies—2.0%** | **Investment companies—2.0%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250% <br>(cost—$5,087,179) | 5087179 | 5087179 |
| **Investment of cash collateral from securities loaned—0.0%<sup>†</sup>** | **Investment of cash collateral from securities loaned—0.0%<sup>†</sup>** | **Investment of cash collateral from securities loaned—0.0%<sup>†</sup>** |
| **Money market funds—0.0%<sup>†</sup>** | **Money market funds—0.0%<sup>†</sup>** | **Money market funds—0.0%<sup>†</sup>** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>2</sup>(cost—$110,100) | 110100 | 110100 |
| **Total investments** <br> (cost—$233,826,630)—100.3% | **Total investments** <br> (cost—$233,826,630)—100.3% | **252251706** |
| Liabilities in excess of other assets—(0.3)% |  | (800022) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**251451684** |

---

------

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—July 31, 2025

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable <br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $247054427 | $— | $— | $247054427 |
| Short-term investments | 5087179 |  |  | 5087179 |
| Investment of cash collateral from securities loaned | 110100 |  |  | 110100 |
| **Total** | $**252251706** | $**—** | $**—** | $**252251706** |

---

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

**Portfolio footnotes**

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

\* Non-income producing security.

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

<sup>2</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.7%** | **Common stocks—98.7%** | **Common stocks—98.7%** |
| **Aerospace & defense—0.8%** | **Aerospace & defense—0.8%** | **Aerospace & defense—0.8%** |
| Archer Aviation, Inc., Class A\* | 21104 | $211673 |
| Axon Enterprise, Inc.\* | 997 | 753223 |
| Mercury Systems, Inc.\* | 12006 | 631396 |
| TAT Technologies Ltd.\* | 8810 | 303637 |
|  |  | 1899929 |
| **Banks—0.7%** | **Banks—0.7%** | **Banks—0.7%** |
| First Internet Bancorp | 1800 | 39474 |
| Live Oak Bancshares, Inc. | 11437 | 361524 |
| Popular, Inc. | 5287 | 605784 |
| Wintrust Financial Corp. | 5811 | 743692 |
|  |  | 1750474 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Vita Coco Co., Inc.\* | 21020 | 741165 |
| Zevia PBC, Class A\*<sup>,1</sup> | 84977 | 263429 |
|  |  | 1004594 |
| **Biotechnology—6.0%** | **Biotechnology—6.0%** | **Biotechnology—6.0%** |
| ACADIA Pharmaceuticals, Inc.\* | 4113 | 98013 |
| ADMA Biologics, Inc.\* | 82003 | 1533456 |
| Aduro Biotech, Inc.\*<sup>,2,3</sup> | 9389 | 0 |
| Akebia Therapeutics, Inc.\* | 36441 | 134285 |
| Aldeyra Therapeutics, Inc.\* | 52300 | 260977 |
| Alector, Inc.\* | 42113 | 62748 |
| AnaptysBio, Inc.\* | 26298 | 645616 |
| Arcturus Therapeutics Holdings, Inc.\* | 22726 | 277484 |
| Arcus Biosciences, Inc.\* | 40406 | 368907 |
| Aurinia Pharmaceuticals, Inc.\* | 48262 | 446182 |
| Avita Medical, Inc.\* | 3677 | 19488 |
| BioCryst Pharmaceuticals, Inc.\* | 68231 | 555400 |
| Cardiff Oncology, Inc.\* | 6300 | 14931 |
| CareDx, Inc.\* | 12722 | 156290 |
| Cartesian Therapeutics, Inc.\* | 1000 | 12810 |
| Catalyst Pharmaceuticals, Inc.\* | 47629 | 1015927 |
| Dynavax Technologies Corp.\* | 22469 | 246710 |
| Exagen, Inc.\* | 47268 | 397051 |
| Exelixis, Inc.\* | 43525 | 1576475 |
| Foghorn Therapeutics, Inc.\* | 2543 | 13351 |
| Gossamer Bio, Inc.\* | 75555 | 154132 |
| Halozyme Therapeutics, Inc.\* | 24702 | 1481379 |
| Heron Therapeutics, Inc.\*<sup>,1</sup> | 62600 | 108298 |
| Incyte Corp.\* | 4587 | 343520 |
| Insmed, Inc.\* | 5931 | 636278 |
| Ironwood Pharmaceuticals, Inc.\* | 6700 | 5119 |
| Mirum Pharmaceuticals, Inc.\* | 9305 | 480882 |
| Neurocrine Biosciences, Inc.\* | 5561 | 713087 |
| Praxis Precision Medicines, Inc.\* | 1192 | 64630 |
| Prothena Corp. PLC\* | 17450 | 119882 |
| Rigel Pharmaceuticals, Inc.\* | 9484 | 199733 |
| Summit Therapeutics, Inc.\*<sup>,1</sup> | 6265 | 165208 |
| Travere Therapeutics, Inc.\* | 46626 | 720372 |
| Twist Bioscience Corp.\* | 24086 | 808567 |
| Ultragenyx Pharmaceutical, Inc.\* | 26233 | 716686 |
| UroGen Pharma Ltd.\*<sup>,1</sup> | 5382 | 102581 |
|  |  | 14656455 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Broadline retail—0.1%** | **Broadline retail—0.1%** | **Broadline retail—0.1%** |
| Etsy, Inc.\* | 583 | $33971 |
| Groupon, Inc.\*<sup>,1</sup> | 5434 | 167585 |
|  |  | 201556 |
| **Building products—2.4%** | **Building products—2.4%** | **Building products—2.4%** |
| Armstrong World Industries, Inc. | 3385 | 636955 |
| AZZ, Inc. | 2054 | 224913 |
| CSW Industrials, Inc. | 4616 | 1197760 |
| Griffon Corp. | 12379 | 1006041 |
| Insteel Industries, Inc. | 8686 | 313565 |
| Simpson Manufacturing Co., Inc. | 8974 | 1610205 |
| Tecnoglass, Inc. | 7368 | 574925 |
| Tecogen, Inc.\* | 37451 | 362526 |
|  |  | 5926890 |
| **Capital markets—1.3%** | **Capital markets—1.3%** | **Capital markets—1.3%** |
| Federated Hermes, Inc. | 6180 | 306343 |
| Houlihan Lokey, Inc. | 4560 | 869410 |
| Marex Group PLC | 5407 | 208602 |
| Perella Weinberg Partners<sup>1</sup> | 24099 | 480534 |
| Piper Sandler Cos. | 3458 | 1090376 |
| StoneX Group, Inc.\* | 2343 | 227833 |
|  |  | 3183098 |
| **Commercial services & supplies—2.6%** | **Commercial services & supplies—2.6%** | **Commercial services & supplies—2.6%** |
| ACV Auctions, Inc., Class A\* | 93657 | 1330866 |
| CECO Environmental Corp.\* | 22412 | 1007419 |
| Driven Brands Holdings, Inc.\* | 18262 | 308628 |
| Pitney Bowes, Inc. | 19892 | 225973 |
| RB Global, Inc. | 28410 | 3075667 |
| Tetra Tech, Inc. | 8142 | 299137 |
|  |  | 6247690 |
| **Communications equipment—1.3%** | **Communications equipment—1.3%** | **Communications equipment—1.3%** |
| Calix, Inc.\* | 19467 | 1103585 |
| Ciena Corp.\* | 3174 | 294674 |
| Extreme Networks, Inc.\* | 18523 | 327116 |
| Inseego Corp.\*<sup>,1</sup> | 3000 | 19860 |
| Lumentum Holdings, Inc.\*<sup>,1</sup> | 13315 | 1465715 |
|  |  | 3210950 |
| **Construction & engineering—5.0%** | **Construction & engineering—5.0%** | **Construction & engineering—5.0%** |
| Argan, Inc. | 6322 | 1548763 |
| Comfort Systems USA, Inc. | 89 | 62594 |
| EMCOR Group, Inc. | 3612 | 2266494 |
| Limbach Holdings, Inc.\*<sup>,1</sup> | 7776 | 1065312 |
| MasTec, Inc.\* | 3152 | 596390 |
| MYR Group, Inc.\* | 10462 | 2024397 |
| Primoris Services Corp. | 21238 | 1999982 |
| Sterling Infrastructure, Inc.\* | 3652 | 977239 |
| WillScot Holdings Corp. | 50746 | 1489395 |
|  |  | 12030566 |
| **Consumer finance—1.8%** | **Consumer finance—1.8%** | **Consumer finance—1.8%** |
| Ally Financial, Inc. | 36426 | 1378724 |
| Atlanticus Holdings Corp.\* | 2772 | 137574 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Consumer finance—(concluded)** | **Consumer finance—(concluded)** | **Consumer finance—(concluded)** |
| Dave, Inc.\* | 7016 | 1654373 |
| LendingTree, Inc.\* | 16151 | 753929 |
| NerdWallet, Inc., Class A\* | 26488 | 280508 |
| Regional Management Corp.<sup>1</sup> | 2648 | 88019 |
|  |  | 4293127 |
| **Consumer staples distribution & retail—0.8%** | **Consumer staples distribution & retail—0.8%** | **Consumer staples distribution & retail—0.8%** |
| Guardian Pharmacy Services, Inc., Class A\* | 7638 | 159634 |
| Sprouts Farmers Market, Inc.\* | 11965 | 1813176 |
|  |  | 1972810 |
| **Containers & packaging—0.1%** | **Containers & packaging—0.1%** | **Containers & packaging—0.1%** |
| Ardagh Metal Packaging SA | 67080 | 265637 |
| **Diversified consumer services—3.6%** | **Diversified consumer services—3.6%** | **Diversified consumer services—3.6%** |
| Adtalem Global Education, Inc.\* | 3100 | 354237 |
| Carriage Services, Inc. | 6117 | 274775 |
| Duolingo, Inc.\* | 3954 | 1370259 |
| Grand Canyon Education, Inc.\* | 23517 | 3965672 |
| Lincoln Educational Services Corp.\* | 41394 | 946681 |
| Stride, Inc.\* | 4560 | 584729 |
| Udemy, Inc.\* | 70654 | 537677 |
| Universal Technical Institute, Inc.\* | 24656 | 794416 |
|  |  | 8828446 |
| **Diversified telecommunication services—0.1%** | **Diversified telecommunication services—0.1%** | **Diversified telecommunication services—0.1%** |
| Bandwidth, Inc., Class A\* | 19394 | 269771 |
| **Electrical equipment—0.8%** | **Electrical equipment—0.8%** | **Electrical equipment—0.8%** |
| Enovix Corp.\* | 20720 | 277648 |
| Powell Industries, Inc.<sup>1</sup> | 4974 | 1179336 |
| Regal Rexnord Corp. | 2548 | 389538 |
|  |  | 1846522 |
| **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** | **Electronic equipment, instruments & components—1.5%** |
| Aeva Technologies, Inc.\*<sup>,1</sup> | 3237 | 60338 |
| Celestica, Inc.\* | 947 | 189267 |
| Climb Global Solutions, Inc. | 870 | 102660 |
| Cognex Corp. | 38158 | 1555702 |
| Evolv Technologies Holdings, Inc.\* | 19572 | 128294 |
| Jabil, Inc. | 4191 | 935306 |
| Napco Security Technologies, Inc. | 16408 | 500936 |
| PAR Technology Corp.\*<sup>,1</sup> | 3764 | 228776 |
|  |  | 3701279 |
| **Energy equipment & services—0.1%** | **Energy equipment & services—0.1%** | **Energy equipment & services—0.1%** |
| DMC Global, Inc.\* | 8000 | 64720 |
| Natural Gas Services Group, Inc.\* | 8087 | 194816 |
|  |  | 259536 |
| **Entertainment—0.8%** | **Entertainment—0.8%** | **Entertainment—0.8%** |
| Madison Square Garden Entertainment Corp.\* | 19116 | 722393 |
| Roku, Inc.\* | 13618 | 1282271 |
|  |  | 2004664 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Financial services—1.8%** | **Financial services—1.8%** | **Financial services—1.8%** |
| International Money Express, Inc.\* | 17714 | $159249 |
| Marqeta, Inc., Class A\* | 221189 | 1260777 |
| NCR Atleos Corp.\* | 14781 | 452299 |
| Paymentus Holdings, Inc., Class A\* | 17051 | 475382 |
| Payoneer Global, Inc.\* | 142400 | 935568 |
| Priority Technology Holdings, Inc.\* | 22574 | 154632 |
| Sezzle, Inc.\*<sup>,1</sup> | 6637 | 1027673 |
|  |  | 4465580 |
| **Food products—1.5%** | **Food products—1.5%** | **Food products—1.5%** |
| BRC, Inc., Class A\*<sup>,1</sup> | 15400 | 26180 |
| Calavo Growers, Inc. | 11367 | 298952 |
| Freshpet, Inc.\* | 34772 | 2375623 |
| Mama's Creations, Inc.\*<sup>,1</sup> | 112558 | 929729 |
|  |  | 3630484 |
| **Ground transportation—0.7%** | **Ground transportation—0.7%** | **Ground transportation—0.7%** |
| Lyft, Inc., Class A\* | 79706 | 1120666 |
| U-Haul Holding Co.\*<sup>,1</sup> | 4717 | 272926 |
| Werner Enterprises, Inc. | 8988 | 249147 |
|  |  | 1642739 |
| **Health care equipment & supplies—2.5%** | **Health care equipment & supplies—2.5%** | **Health care equipment & supplies—2.5%** |
| Artivion, Inc.\* | 4656 | 143917 |
| Axogen, Inc.\* | 3900 | 51051 |
| Beta Bionics, Inc.\* | 12828 | 215382 |
| Bioventus, Inc., Class A\*<sup>,1</sup> | 6400 | 41728 |
| Glaukos Corp.\* | 15427 | 1328110 |
| Inspire Medical Systems, Inc.\* | 7228 | 900175 |
| iRadimed Corp. | 8482 | 494840 |
| KORU Medical Systems, Inc.\* | 27678 | 95766 |
| Novocure Ltd.\* | 9409 | 108862 |
| OrthoPediatrics Corp.\* | 20180 | 418130 |
| Pulmonx Corp.\* | 11500 | 21160 |
| SI-BONE, Inc.\* | 46477 | 791503 |
| Tandem Diabetes Care, Inc.\* | 54909 | 855482 |
| UFP Technologies, Inc.\* | 2717 | 615102 |
|  |  | 6081208 |
| **Health care providers & services—5.2%** | **Health care providers & services—5.2%** | **Health care providers & services—5.2%** |
| Astrana Health, Inc.\* | 20758 | 495286 |
| Aveanna Healthcare Holdings, Inc.\* | 16244 | 64489 |
| Chemed Corp. | 3842 | 1584056 |
| Ensign Group, Inc. | 18552 | 2782800 |
| GeneDx Holdings Corp.\* | 13807 | 1407624 |
| Guardant Health, Inc.\* | 4597 | 188385 |
| Hims & Hers Health, Inc.\* | 4558 | 301648 |
| LifeStance Health Group, Inc.\* | 68200 | 271436 |
| Option Care Health, Inc.\* | 47299 | 1388226 |
| PACS Group, Inc.\* | 29582 | 327177 |
| Pennant Group, Inc.\* | 50139 | 1111581 |
| Privia Health Group, Inc.\* | 127123 | 2481441 |
| RadNet, Inc.\* | 6390 | 349725 |
|  |  | 12753874 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Health care technology—2.7%** | **Health care technology—2.7%** | **Health care technology—2.7%** |
| Claritev Corp.\*<sup>,1</sup> | 1080 | $43060 |
| Doximity, Inc., Class A\* | 79681 | 4681259 |
| GoodRx Holdings, Inc., Class A\*<sup>,1</sup> | 55178 | 264303 |
| HealthStream, Inc. | 3540 | 92606 |
| LifeMD, Inc.\* | 23006 | 239492 |
| OptimizeRx Corp.\*<sup>,1</sup> | 26773 | 337875 |
| Phreesia, Inc.\* | 34241 | 923137 |
|  |  | 6581732 |
| **Hotels, restaurants & leisure—5.0%** | **Hotels, restaurants & leisure—5.0%** | **Hotels, restaurants & leisure—5.0%** |
| Brinker International, Inc.\* | 7222 | 1138187 |
| Cava Group, Inc.\* | 4819 | 424120 |
| Domino's Pizza, Inc. | 1212 | 561411 |
| Dutch Bros, Inc., Class A\* | 2189 | 129742 |
| First Watch Restaurant Group, Inc.\*<sup>,1</sup> | 81395 | 1407320 |
| Genius Sports Ltd.\* | 106817 | 1201691 |
| Lindblad Expeditions Holdings, Inc.\* | 5494 | 65653 |
| Monarch Casino & Resort, Inc. | 4423 | 455392 |
| Rush Street Interactive, Inc.\* | 139747 | 2817300 |
| Sportradar Group AG, Class A\* | 9308 | 275238 |
| Super Group SGHC Ltd. | 143047 | 1537755 |
| Wingstop, Inc. | 5692 | 2147819 |
|  |  | 12161628 |
| **Household durables—1.2%** | **Household durables—1.2%** | **Household durables—1.2%** |
| Cavco Industries, Inc.\* | 3150 | 1271561 |
| Lovesac Co.\*<sup>,1</sup> | 6120 | 110221 |
| SharkNinja, Inc.\* | 5152 | 598147 |
| Sonos, Inc.\* | 77580 | 838640 |
|  |  | 2818569 |
| **Household products—0.3%** | **Household products—0.3%** | **Household products—0.3%** |
| WD-40 Co. | 3656 | 783846 |
| **Insurance—3.8%** | **Insurance—3.8%** | **Insurance—3.8%** |
| American Coastal Insurance Corp. | 3924 | 40849 |
| AMERISAFE, Inc. | 1500 | 67170 |
| Ategrity Specialty Holdings LLC\* | 3653 | 72987 |
| Crawford & Co., Class A | 1158 | 11082 |
| Everest Group Ltd. | 2326 | 781071 |
| Goosehead Insurance, Inc., Class A | 14987 | 1362468 |
| Heritage Insurance Holdings, Inc.\* | 11420 | 240848 |
| Hippo Holdings, Inc.\* | 1380 | 35659 |
| Kinsale Capital Group, Inc. | 9699 | 4274252 |
| Oscar Health, Inc., Class A\* | 39226 | 551125 |
| Palomar Holdings, Inc.\* | 1504 | 199265 |
| RLI Corp. | 9332 | 615819 |
| Root, Inc., Class A\* | 855 | 103481 |
| Selectquote, Inc.\* | 9000 | 15840 |
| Trupanion, Inc.\* | 460 | 21809 |
| TWFG, Inc.\* | 21552 | 665310 |
| Universal Insurance Holdings, Inc. | 8722 | 206188 |
|  |  | 9265223 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Interactive media & services—0.7%** | **Interactive media & services—0.7%** | **Interactive media & services—0.7%** |
| EverQuote, Inc., Class A\* | 8307 | $204269 |
| Grindr, Inc.\* | 25753 | 450162 |
| MediaAlpha, Inc., Class A\* | 30318 | 303786 |
| Travelzoo\* | 3130 | 31269 |
| TripAdvisor, Inc.\*<sup>,1</sup> | 8950 | 156536 |
| VTEX, Class A\* | 19700 | 117609 |
| Yelp, Inc.\* | 12273 | 422559 |
| ZipRecruiter, Inc., Class A\* | 19449 | 81686 |
|  |  | 1767876 |
| **IT services—1.5%** | **IT services—1.5%** | **IT services—1.5%** |
| BigCommerce Holdings, Inc.\* | 38241 | 182792 |
| DigitalOcean Holdings, Inc.\* | 35258 | 982288 |
| Globant SA\* | 19876 | 1674752 |
| Grid Dynamics Holdings, Inc.\* | 74145 | 703636 |
| Rackspace Technology, Inc.\* | 6000 | 7260 |
| Unisys Corp.\* | 32493 | 134196 |
|  |  | 3684924 |
| **Leisure products—0.1%** | **Leisure products—0.1%** | **Leisure products—0.1%** |
| Latham Group, Inc.\* | 44056 | 298700 |
| **Life sciences tools & services—5.0%** | **Life sciences tools & services—5.0%** | **Life sciences tools & services—5.0%** |
| 10X Genomics, Inc., Class A\* | 57205 | 769407 |
| Adaptive Biotechnologies Corp.\* | 55329 | 566569 |
| Bio-Techne Corp. | 27426 | 1501025 |
| Codexis, Inc.\*<sup>,1</sup> | 66004 | 176891 |
| Medpace Holdings, Inc.\* | 13843 | 5913730 |
| OmniAb, Inc.\* | 20100 | 38391 |
| Repligen Corp.\* | 15792 | 1848769 |
| Stevanato Group SpA<sup>1</sup> | 52447 | 1295965 |
|  |  | 12110747 |
| **Machinery—3.3%** | **Machinery—3.3%** | **Machinery—3.3%** |
| Atmus Filtration Technologies, Inc. | 13311 | 517931 |
| Energy Recovery, Inc.\* | 21737 | 292363 |
| ESCO Technologies, Inc. | 2726 | 528026 |
| Graham Corp.\* | 20620 | 1178433 |
| Hillman Solutions Corp.\* | 157219 | 1240458 |
| Kadant, Inc.<sup>1</sup> | 8852 | 2945680 |
| Kornit Digital Ltd.\* | 58308 | 1167326 |
| Mayville Engineering Co., Inc.\* | 7781 | 130487 |
|  |  | 8000704 |
| **Media—0.1%** | **Media—0.1%** | **Media—0.1%** |
| Integral Ad Science Holding Corp.\* | 4376 | 35883 |
| Magnite, Inc.\* | 12303 | 283092 |
|  |  | 318975 |
| **Metals & mining—0.6%** | **Metals & mining—0.6%** | **Metals & mining—0.6%** |
| Carpenter Technology Corp. | 1826 | 455386 |
| Century Aluminum Co.\* | 16346 | 346208 |
| MP Materials Corp.\* | 4832 | 297168 |
| U.S. Antimony Corp.\*<sup>,1</sup> | 73294 | 224280 |
|  |  | 1323042 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Mortgage real estate investment—0.0%<sup>†</sup>** | **Mortgage real estate investment—0.0%<sup>†</sup>** | **Mortgage real estate investment—0.0%<sup>†</sup>** |
| Angel Oak Mortgage REIT, Inc. | 2500 | $23150 |
| **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** | **Oil, gas & consumable fuels—0.7%** |
| Comstock Resources, Inc.\* | 23810 | 425485 |
| CVR Energy, Inc. | 31606 | 846408 |
| Delek U.S. Holdings, Inc. | 4910 | 109837 |
| World Kinect Corp. | 13141 | 358355 |
|  |  | 1740085 |
| **Paper & forest products—0.3%** | **Paper & forest products—0.3%** | **Paper & forest products—0.3%** |
| Sylvamo Corp. | 15014 | 691695 |
| **Personal care products—0.5%** | **Personal care products—0.5%** | **Personal care products—0.5%** |
| Beauty Health Co.\*<sup>,1</sup> | 71280 | 109771 |
| elf Beauty, Inc.\* | 5079 | 615524 |
| Herbalife Ltd.\* | 23076 | 212299 |
| Lifevantage Corp.<sup>1</sup> | 7961 | 99911 |
| Nature's Sunshine Products, Inc.\* | 2175 | 30472 |
| Oddity Tech Ltd., Class A\* | 2585 | 181131 |
|  |  | 1249108 |
| **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** | **Pharmaceuticals—2.1%** |
| Arvinas, Inc.\* | 6814 | 50696 |
| Biote Corp., Class A\* | 5500 | 22385 |
| Corcept Therapeutics, Inc.\* | 18299 | 1229144 |
| Eton Pharmaceuticals, Inc.\*<sup>,1</sup> | 7519 | 106469 |
| Fulcrum Therapeutics, Inc.\* | 16282 | 109578 |
| Indivior PLC\* | 64976 | 1312515 |
| LENZ Therapeutics, Inc.\*<sup>,1</sup> | 12211 | 363521 |
| Ligand Pharmaceuticals, Inc.\* | 5758 | 757638 |
| Nektar Therapeutics\* | 5600 | 121408 |
| Pacira BioSciences, Inc.\* | 12696 | 267759 |
| Phibro Animal Health Corp., Class A | 10100 | 267650 |
| SIGA Technologies, Inc. | 23023 | 152182 |
| Xeris Biopharma Holdings, Inc.\* | 72471 | 368877 |
|  |  | 5129822 |
| **Professional services—4.8%** | **Professional services—4.8%** | **Professional services—4.8%** |
| Barrett Business Services, Inc. | 30839 | 1417669 |
| CRA International, Inc. | 2291 | 404728 |
| ExlService Holdings, Inc.\* | 5440 | 236259 |
| Exponent, Inc. | 23615 | 1628490 |
| Franklin Covey Co.\* | 6871 | 135428 |
| Innodata, Inc.\*<sup>,1</sup> | 5271 | 289378 |
| Insperity, Inc. | 15790 | 940768 |
| KBR, Inc. | 20773 | 970930 |
| Kforce, Inc. | 9980 | 347803 |
| Legalzoom.com, Inc.\* | 91779 | 825093 |
| Paylocity Holding Corp.\* | 18950 | 3503476 |
| RCM Technologies, Inc.\* | 940 | 22663 |
| TriNet Group, Inc. | 12429 | 842811 |
|  |  | 11565496 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Real estate management & development—0.7%** | **Real estate management & development—0.7%** | **Real estate management & development—0.7%** |
| Compass, Inc., Class A\* | 122258 | $970728 |
| eXp World Holdings, Inc.<sup>1</sup> | 41537 | 447769 |
| Real Brokerage, Inc.\* | 56404 | 222796 |
|  |  | 1641293 |
| **Retail REITs—0.2%** | **Retail REITs—0.2%** | **Retail REITs—0.2%** |
| Saul Centers, Inc. | 2080 | 67017 |
| Tanger, Inc. | 14644 | 439613 |
|  |  | 506630 |
| **Semiconductors & semiconductor equipment—2.7%** | **Semiconductors & semiconductor equipment—2.7%** | **Semiconductors & semiconductor equipment—2.7%** |
| Ambarella, Inc.\* | 13717 | 906557 |
| Credo Technology Group Holding Ltd.\* | 23918 | 2668053 |
| Power Integrations, Inc. | 25510 | 1237745 |
| Rambus, Inc.\* | 2810 | 207743 |
| Silicon Laboratories, Inc.\* | 4364 | 575044 |
| SiTime Corp.\* | 4983 | 1010802 |
| SkyWater Technology, Inc.\*<sup>,1</sup> | 6380 | 57101 |
|  |  | 6663045 |
| **Software—14.9%** | **Software—14.9%** | **Software—14.9%** |
| A10 Networks, Inc. | 25270 | 465473 |
| Agilysys, Inc.\* | 13119 | 1496616 |
| Alarm.com Holdings, Inc.\* | 32965 | 1800878 |
| Alkami Technology, Inc.\* | 55563 | 1238499 |
| Allot Ltd.\* | 31893 | 246852 |
| Appfolio, Inc., Class A\* | 6245 | 1669788 |
| Appian Corp., Class A\* | 22788 | 629177 |
| Arteris, Inc.\* | 11480 | 113193 |
| Asana, Inc., Class A\* | 47627 | 699164 |
| AudioEye, Inc.\*<sup>,1</sup> | 7650 | 97996 |
| AvePoint, Inc.\* | 47764 | 911337 |
| BlackLine, Inc.\* | 26730 | 1437539 |
| CCC Intelligent Solutions Holdings, Inc.\* | 266668 | 2578680 |
| Clearwater Analytics Holdings, Inc., Class A\* | 62933 | 1275023 |
| Commvault Systems, Inc.\* | 1040 | 197548 |
| Descartes Systems Group, Inc.\*<sup>,1</sup> | 28273 | 2990152 |
| Digital Turbine, Inc.\* | 75909 | 413704 |
| DoubleVerify Holdings, Inc.\* | 77030 | 1180100 |
| Dropbox, Inc., Class A\* | 50298 | 1366597 |
| Guidewire Software, Inc.\* | 268 | 60627 |
| InterDigital, Inc.<sup>1</sup> | 2240 | 578368 |
| Jamf Holding Corp.\* | 74753 | 593539 |
| JFrog Ltd.\* | 5182 | 224951 |
| Manhattan Associates, Inc.\* | 9424 | 2070076 |
| Onestream, Inc.\* | 28880 | 688788 |
| Pegasystems, Inc. | 41126 | 2414507 |
| Porch Group, Inc.\* | 53716 | 677896 |
| Rapid7, Inc.\* | 27519 | 581201 |
| Red Violet, Inc. | 24167 | 1071323 |
| Rimini Street, Inc.\* | 6215 | 29832 |
| RingCentral, Inc., Class A\* | 43525 | 1109452 |
| SEMrush Holdings, Inc., Class A\* | 14809 | 132689 |
| ServiceTitan, Inc., Class A\* | 3016 | 351997 |

---

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** | **Software—(concluded)** |
| SPS Commerce, Inc.\* | 22503 | $| 2449789 |
| Weave Communications, Inc.\* | 26363 |  | 192450 |
| Workiva, Inc.\* | 34059 |  | 2173986 |
|  |  |  | 36209787 |
| **Specialty retail—3.2%** | **Specialty retail—3.2%** | **Specialty retail—3.2%** | **Specialty retail—3.2%** |
| Boot Barn Holdings, Inc.\* | 4266 |  | 733325 |
| Five Below, Inc.\* | 33962 |  | 4636492 |
| Floor & Decor Holdings, Inc., Class A\* | 18844 |  | 1444204 |
| Genesco, Inc.\* | 4728 |  | 113756 |
| Stitch Fix, Inc., Class A\* | 30900 |  | 146157 |
| Wayfair, Inc., Class A\* | 9940 |  | 652462 |
|  |  |  | 7726396 |
| **Technology hardware, storage & peripherals—0.3%** | **Technology hardware, storage & peripherals—0.3%** | **Technology hardware, storage & peripherals—0.3%** | **Technology hardware, storage & peripherals—0.3%** |
| CPI Card Group, Inc.\* | 2088 |  | 40528 |
| IonQ, Inc.\*<sup>,1</sup> | 8841 |  | 352491 |
| Pure Storage, Inc., Class A\* | 7367 |  | 438484 |
|  |  |  | 831503 |
| **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 |  | 473330 |
| **Tobacco—0.2%** | **Tobacco—0.2%** | **Tobacco—0.2%** | **Tobacco—0.2%** |
| Turning Point Brands, Inc. | 4407 |  | 365517 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Trading companies & distributors—1.7%** | **Trading companies & distributors—1.7%** | **Trading companies & distributors—1.7%** |
| Applied Industrial Technologies, Inc. | 1126 | $305709 |
| FTAI Aviation Ltd. | 4057 | 558284 |
| Global Industrial Co. | 7116 | 242371 |
| Herc Holdings, Inc. | 5535 | 646543 |
| Karat Packaging, Inc. | 3408 | 92800 |
| NPK International, Inc.\* | 88012 | 793868 |
| Transcat, Inc.\*<sup>,1</sup> | 18523 | 1415713 |
|  |  | 4055288 |
| **Total common stocks** <br> (cost—$225,382,183) | **Total common stocks** <br> (cost—$225,382,183) | **240115990** |
| **Short term investments—1.5%** | **Short term investments—1.5%** | **Short term investments—1.5%** |
| **Investment companies—1.5%** | **Investment companies—1.5%** | **Investment companies—1.5%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>4</sup>(cost—$3,608,906) | 3608906 | 3608906 |
| **Investment of cash collateral from securities loaned—0.9%** | **Investment of cash collateral from securities loaned—0.9%** | **Investment of cash collateral from securities loaned—0.9%** |
| **Money market funds—0.9%** | **Money market funds—0.9%** | **Money market funds—0.9%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>4</sup>(cost—$2,217,767) | 2217767 | 2217767 |
| **Total investments** <br> (cost—$231,208,856)—101.1% | **Total investments** <br> (cost—$231,208,856)—101.1% | **245942663** |
| Liabilities in excess of other assets—(1.1)% |  | (2560480) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**243382183** |

---

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments<br>(Level 1)** | **Other significant <br>observable inputs<br>(Level 2)** | **Unobservable <br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $240115990 | $— | $0 | $240115990 |
| Short-term investments | 3608906 |  |  | 3608906 |
| Investment of cash collateral from securities loaned | 2217767 |  |  | 2217767 |
| **Total** | $**245942663** | $**—** | $**0** | $**245942663** |

---

At July 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.

------

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes**

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

\* Non-income producing security.

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

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

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

<sup>4</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—110.2%** | **Common stocks—110.2%** | **Common stocks—110.2%** |
| **Australia—3.5%** | **Australia—3.5%** | **Australia—3.5%** |
| Aurizon Holdings Ltd. | 1682427 | $3492427 |
| Computershare Ltd.<sup>1</sup> | 152472 | 4104455 |
| Evolution Mining Ltd. | 11203 | 50702 |
| Fortescue Ltd.<sup>1</sup> | 173737 | 1965705 |
| Glencore PLC\*<sup>,1</sup> | 147674 | 592663 |
| Insurance Australia Group Ltd.<sup>2</sup> | 357305 | 2005702 |
| Macquarie Group Ltd.<sup>1</sup> | 3175 | 439691 |
| Northern Star Resources Ltd.<sup>1</sup> | 342869 | 3406516 |
| Qantas Airways Ltd.<sup>1</sup> | 262513 | 1820616 |
| REA Group Ltd.<sup>1,2</sup> | 4233 | 644817 |
| Rio Tinto PLC<sup>1</sup> | 21837 | 1300598 |
| Santos Ltd.<sup>1</sup> | 224035 | 1127319 |
| Telstra Group Ltd. | 10838 | 34541 |
| Wesfarmers Ltd.<sup>1</sup> | 32438 | 1774342 |
| WiseTech Global Ltd. | 5389 | 408164 |
| Woodside Energy Group Ltd.<sup>1</sup> | 104243 | 1764039 |
|  |  | 24932297 |
| **Austria—0.8%** | **Austria—0.8%** | **Austria—0.8%** |
| ANDRITZ AG | 50316 | 3501536 |
| Erste Group Bank AG | 28197 | 2578443 |
|  |  | 6079979 |
| **Belgium—0.1%** | **Belgium—0.1%** | **Belgium—0.1%** |
| UCB SA<sup>2</sup> | 2105 | 452269 |
| **Canada—3.0%** | **Canada—3.0%** | **Canada—3.0%** |
| Brookfield Renewable Corp.<sup>2</sup> | 147229 | 5392998 |
| Canadian Pacific Kansas City Ltd. | 45970 | 3381094 |
| Constellation Software, Inc. | 1966 | 6782643 |
| Fairfax Financial Holdings Ltd. | 3164 | 5596279 |
|  |  | 21153014 |
| **China—3.8%** | **China—3.8%** | **China—3.8%** |
| Alibaba Group Holding Ltd., ADR | 24763 | 2987161 |
| BeOne Medicines Ltd., ADR\* | 19629 | 5910881 |
| BOC Hong Kong Holdings Ltd. | 748500 | 3360955 |
| KE Holdings, Inc., ADR | 180760 | 3329599 |
| Prosus NV<sup>2</sup> | 105120 | 6005058 |
| SITC International Holdings Co. Ltd. | 460000 | 1487300 |
| Wharf Holdings Ltd. | 196000 | 557423 |
| Wuxi Biologics Cayman, Inc.\*<sup>,3</sup> | 735562 | 2990818 |
| Yangzijiang Shipbuilding Holdings Ltd. | 441800 | 866559 |
|  |  | 27495754 |
| **Denmark—3.3%** | **Denmark—3.3%** | **Denmark—3.3%** |
| AP Moller—Maersk AS, Class B | 708 | 1406637 |
| Coloplast AS, Class B | 38888 | 3551719 |
| Danske Bank AS | 9456 | 375133 |
| Genmab AS\* | 33087 | 7123546 |
| Novo Nordisk AS, ADR | 75535 | 3555433 |
| Novo Nordisk AS, Class B | 55747 | 2592680 |
| Novonesis Novozymes B, Class B<sup>1</sup> | 13832 | 894896 |
| Vestas Wind Systems AS | 233044 | 4254938 |
|  |  | 23754982 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Finland—2.0%** | **Finland—2.0%** | **Finland—2.0%** |
| Neste OYJ<sup>1</sup> | 63288 | $998851 |
| Nordea Bank Abp | 379434 | 5536618 |
| Orion OYJ, Class B<sup>2</sup> | 27048 | 2165429 |
| UPM-Kymmene OYJ | 68723 | 1781146 |
| Wartsila OYJ Abp | 130815 | 3614209 |
|  |  | 14096253 |
| **France—8.9%** | **France—8.9%** | **France—8.9%** |
| Airbus SE<sup>1</sup> | 19401 | 3900669 |
| AXA SA<sup>1</sup> | 18299 | 888767 |
| Bouygues SA | 145240 | 5980477 |
| Capgemini SE | 32561 | 4847561 |
| Carrefour SA | 237302 | 3400776 |
| Cie de Saint-Gobain SA | 3571 | 409655 |
| Covivio SA | 4944 | 320083 |
| Credit Agricole SA | 77753 | 1431006 |
| Edenred SE<sup>1</sup> | 6635 | 189483 |
| Eiffage SA | 11537 | 1548674 |
| Engie SA<sup>1</sup> | 22635 | 508794 |
| Hermes International SCA<sup>1</sup> | 612 | 1496639 |
| Ipsen SA | 2986 | 351847 |
| Kering SA | 12795 | 3141752 |
| Klepierre SA<sup>1</sup> | 45817 | 1748923 |
| Pernod Ricard SA | 60555 | 6223158 |
| Publicis Groupe SA<sup>1</sup> | 8586 | 784603 |
| Renault SA<sup>1</sup> | 38275 | 1416205 |
| Safran SA | 30136 | 9937382 |
| Societe Generale SA | 9451 | 603243 |
| Teleperformance SE | 4914 | 479071 |
| Thales SA | 14939 | 4018496 |
| TotalEnergies SE<sup>1</sup> | 12497 | 743140 |
| Unibail-Rodamco-Westfield\*<sup>,1</sup> | 4818 | 467053 |
| Vinci SA | 64414 | 8947669 |
|  |  | 63785126 |
| **Germany—8.7%** | **Germany—8.7%** | **Germany—8.7%** |
| Allianz SE, Registered Shares | 20727 | 8190847 |
| Bayerische Motoren Werke AG | 10367 | 992369 |
| Commerzbank AG | 28253 | 1030269 |
| Continental AG | 31770 | 2713494 |
| Daimler Truck Holding AG | 16925 | 823321 |
| Deutsche Post AG | 135492 | 6070815 |
| Deutsche Telekom AG, Registered Shares<sup>1</sup> | 154503 | 5541389 |
| Evonik Industries AG | 206233 | 4095388 |
| Fresenius Medical Care AG<sup>1</sup> | 52682 | 2672105 |
| GEA Group AG | 8169 | 586781 |
| Hannover Rueck SE | 5590 | 1695689 |
| Knorr-Bremse AG | 4279 | 427067 |
| LEG Immobilien SE | 25219 | 2001720 |
| Mercedes-Benz Group AG<sup>1</sup> | 40364 | 2285420 |
| Merck KGaA | 48735 | 6091113 |
| MTU Aero Engines AG | 3722 | 1605515 |
| Rational AG | 405 | 312638 |
| Rheinmetall AG | 1163 | 2302154 |
| SAP SE<sup>1</sup> | 16613 | 4750579 |
| Siemens Energy AG\* | 7934 | 923536 |

---

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** |
| Talanx AG | 22040 | $| 2921337 |
| Vonovia SE<sup>1</sup> | 133546 |  | 4144676 |
|  |  |  | 62178222 |
| **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** |
| AIA Group Ltd. | 717000 |  | 6685427 |
| CLP Holdings Ltd. | 10000 |  | 86798 |
| Hong Kong Exchanges & Clearing Ltd.<sup>1</sup> | 1800 |  | 97414 |
| Jardine Matheson Holdings Ltd. | 81400 |  | 4420130 |
| Techtronic Industries Co. Ltd. | 80000 |  | 956612 |
| Wharf Real Estate Investment Co. Ltd.<sup>1</sup> | 117000 |  | 371453 |
|  |  |  | 12617834 |
| **India—1.2%** | **India—1.2%** | **India—1.2%** | **India—1.2%** |
| HDFC Bank Ltd., ADR | 66516 |  | 5106433 |
| Tata Consultancy Services Ltd. | 100192 |  | 3455266 |
|  |  |  | 8561699 |
| **Indonesia—0.4%** | **Indonesia—0.4%** | **Indonesia—0.4%** | **Indonesia—0.4%** |
| Bank Rakyat Indonesia Persero Tbk. PT | 12508609 |  | 2801059 |
| **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| AerCap Holdings NV | 3126 |  | 335263 |
| Kingspan Group PLC | 10477 |  | 869506 |
|  |  |  | 1204769 |
| **Israel—1.9%** | **Israel—1.9%** | **Israel—1.9%** | **Israel—1.9%** |
| Bank Hapoalim BM | 266355 |  | 4994974 |
| Bank Leumi Le-Israel BM | 251354 |  | 4649741 |
| Israel Discount Bank Ltd., Class A | 436311 |  | 4172673 |
| Mizrahi Tefahot Bank Ltd. | 2703 |  | 166975 |
|  |  |  | 13984363 |
| **Italy—7.0%** | **Italy—7.0%** | **Italy—7.0%** | **Italy—7.0%** |
| Banco BPM SpA | 161519 |  | 2059876 |
| Coca-Cola HBC AG<sup>1</sup> | 51058 |  | 2653596 |
| Enel SpA | 918796 |  | 8102205 |
| Eni SpA | 119651 |  | 2042123 |
| Ferrari NV<sup>1,2</sup> | 10684 |  | 4685012 |
| FinecoBank Banca Fineco SpA<sup>2</sup> | 198095 |  | 4218238 |
| Intesa Sanpaolo SpA | 1031714 |  | 6216344 |
| Prysmian SpA | 8579 |  | 685148 |
| Recordati Industria Chimica e Farmaceutica SpA<sup>2</sup> | 25228 |  | 1446919 |
| Ryanair Holdings PLC, ADR | 90872 |  | 5658599 |
| Snam SpA<sup>2</sup> | 1264039 |  | 7325439 |
| UniCredit SpA<sup>1</sup> | 72299 |  | 5319310 |
|  |  |  | 50412809 |
| **Japan—24.5%** | **Japan—24.5%** | **Japan—24.5%** | **Japan—24.5%** |
| Advantest Corp. | 10800 |  | 718190 |
| ANA Holdings, Inc.<sup>1</sup> | 57400 |  | 1064343 |
| Asahi Kasei Corp. | 99900 |  | 695080 |
| Asics Corp.<sup>1</sup> | 9000 |  | 211584 |
| Astellas Pharma, Inc.<sup>2</sup> | 230300 |  | 2387893 |
| Bandai Namco Holdings, Inc.<sup>1</sup> | 30900 |  | 999211 |
| Canon, Inc.<sup>1</sup> | 43000 |  | 1221314 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** |
| Capcom Co. Ltd.<sup>1</sup> | 1000 | $25456 |
| Central Japan Railway Co.<sup>1</sup> | 19200 | 447594 |
| Chugai Pharmaceutical Co. Ltd. | 600 | 28762 |
| Concordia Financial Group Ltd. | 266400 | 1766559 |
| Daifuku Co. Ltd.<sup>2</sup> | 57200 | 1448086 |
| Dai-ichi Life Holdings, Inc. | 138200 | 1093464 |
| Daiichi Sankyo Co. Ltd.<sup>2</sup> | 209200 | 5132078 |
| Denso Corp.<sup>1</sup> | 86600 | 1174938 |
| Dentsu Group, Inc.<sup>2</sup> | 38500 | 759243 |
| Disco Corp. | 6500 | 1920922 |
| FANUC Corp. | 153624 | 4276424 |
| Fast Retailing Co. Ltd.<sup>1</sup> | 6800 | 2074202 |
| Fuji Electric Co. Ltd. | 26000 | 1292673 |
| FUJIFILM Holdings Corp.<sup>2</sup> | 276600 | 5737299 |
| Fujikura Ltd. | 8600 | 583789 |
| Fujitsu Ltd. | 288100 | 6275946 |
| Hitachi Ltd. | 263000 | 8047969 |
| Honda Motor Co. Ltd. | 332700 | 3444411 |
| Hoshizaki Corp.<sup>2</sup> | 13800 | 472550 |
| Hulic Co. Ltd.<sup>1</sup> | 47700 | 454948 |
| Isuzu Motors Ltd. | 64600 | 827914 |
| ITOCHU Corp.<sup>1</sup> | 11800 | 618941 |
| Japan Airlines Co. Ltd.<sup>1</sup> | 51800 | 1028618 |
| Japan Exchange Group, Inc.<sup>1</sup> | 84800 | 828698 |
| Japan Tobacco, Inc.<sup>1</sup> | 15400 | 439818 |
| Kansai Electric Power Co., Inc. | 5400 | 64835 |
| Kao Corp.<sup>1</sup> | 19000 | 854932 |
| KDDI Corp. | 520600 | 8543880 |
| Keyence Corp. | 13004 | 4703954 |
| Komatsu Ltd. | 70000 | 2255252 |
| Konami Group Corp.<sup>2</sup> | 18700 | 2538688 |
| Kyocera Corp.<sup>2</sup> | 42200 | 498144 |
| Lasertec Corp.<sup>2</sup> | 19100 | 1924300 |
| LY Corp.<sup>1</sup> | 827000 | 3022821 |
| Makita Corp.<sup>2</sup> | 38100 | 1179504 |
| MatsukiyoCocokara & Co.<sup>1</sup> | 120100 | 2466215 |
| Minebea Mitsumi, Inc.<sup>2</sup> | 239900 | 3775635 |
| Mitsubishi Chemical Group Corp. | 66600 | 362755 |
| Mitsubishi Electric Corp. | 212200 | 4772852 |
| Mitsubishi UFJ Financial Group, Inc. | 88000 | 1212884 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 73100 | 653390 |
| MS&AD Insurance Group Holdings, Inc.<sup>2</sup> | 64000 | 1367428 |
| Nexon Co. Ltd. | 28400 | 519664 |
| NIDEC Corp.<sup>2</sup> | 161000 | 3088991 |
| Nippon Building Fund, Inc.<sup>2</sup> | 1859 | 1705312 |
| Nippon Yusen KK<sup>1</sup> | 55000 | 1928837 |
| Nitto Denko Corp.<sup>1,2</sup> | 120200 | 2487407 |
| NTT, Inc. | 3271300 | 3303560 |
| Obayashi Corp. | 183500 | 2702085 |
| Otsuka Holdings Co. Ltd. | 31000 | 1475901 |
| Panasonic Holdings Corp. | 519800 | 4916954 |
| Recruit Holdings Co. Ltd. | 102013 | 6052545 |
| Resona Holdings, Inc. | 15800 | 143843 |
| Sanrio Co. Ltd.<sup>1</sup> | 24400 | 1001184 |
| SCREEN Holdings Co. Ltd.<sup>2</sup> | 26400 | 2059461 |
| SCSK Corp. | 55200 | 1717542 |

---

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(concluded)** | **Japan—(concluded)** | **Japan—(concluded)** | **Japan—(concluded)** |
| Secom Co. Ltd.<sup>2</sup> | 108900 | $| 3910949 |
| Seven & i Holdings Co. Ltd.<sup>1</sup> | 34400 |  | 453502 |
| SoftBank Corp. | 31900 |  | 46090 |
| SoftBank Group Corp.<sup>1</sup> | 18200 |  | 1389733 |
| Sompo Holdings, Inc.<sup>2</sup> | 125500 |  | 3700622 |
| Sony Group Corp. | 330500 |  | 7949616 |
| Sumitomo Corp. | 3900 |  | 99683 |
| Sumitomo Electric Industries Ltd. | 19500 |  | 483886 |
| Sumitomo Mitsui Financial Group, Inc. | 98600 |  | 2487343 |
| Sumitomo Mitsui Trust Group, Inc. | 54400 |  | 1426083 |
| Suzuki Motor Corp.<sup>2</sup> | 403513 |  | 4433628 |
| T&D Holdings, Inc. | 61400 |  | 1499309 |
| TDK Corp. | 104900 |  | 1277989 |
| Tokio Marine Holdings, Inc.<sup>1,2</sup> | 92700 |  | 3722173 |
| Tokyo Electron Ltd.<sup>1</sup> | 20200 |  | 3211369 |
| TOPPAN Holdings, Inc.<sup>1</sup> | 26600 |  | 716823 |
| Toyota Industries Corp.<sup>2</sup> | 48000 |  | 5132764 |
| Trend Micro, Inc. | 25200 |  | 1536656 |
| Yokogawa Electric Corp. | 60800 |  | 1620568 |
|  |  |  | 175898458 |
| **Luxembourg—0.3%** | **Luxembourg—0.3%** | **Luxembourg—0.3%** | **Luxembourg—0.3%** |
| ArcelorMittal SA | 50056 |  | 1560554 |
| Eurofins Scientific SE<sup>2</sup> | 8280 |  | 634111 |
|  |  |  | 2194665 |
| **Macau—0.5%** | **Macau—0.5%** | **Macau—0.5%** | **Macau—0.5%** |
| Galaxy Entertainment Group Ltd. | 504000 |  | 2457838 |
| Sands China Ltd. | 570800 |  | 1381774 |
|  |  |  | 3839612 |
| **Netherlands—2.9%** | **Netherlands—2.9%** | **Netherlands—2.9%** | **Netherlands—2.9%** |
| Adyen NV\*<sup>,2,3</sup> | 3669 |  | 6292888 |
| ASML Holding NV<sup>2</sup> | 4761 |  | 3299720 |
| ASML Holding NV, NY Reg Shrs | 6355 |  | 4414882 |
| Heineken NV<sup>1</sup> | 7669 |  | 601952 |
| Koninklijke Philips NV<sup>2</sup> | 178615 |  | 4664590 |
| NN Group NV<sup>2</sup> | 25991 |  | 1750119 |
|  |  |  | 21024151 |
| **Norway—0.9%** | **Norway—0.9%** | **Norway—0.9%** | **Norway—0.9%** |
| DNB Bank ASA | 26820 |  | 678539 |
| Gjensidige Forsikring ASA | 12293 |  | 323350 |
| Norsk Hydro ASA<sup>1</sup> | 419034 |  | 2483611 |
| Telenor ASA | 213419 |  | 3274039 |
|  |  |  | 6759539 |
| **Poland—0.1%** | **Poland—0.1%** | **Poland—0.1%** | **Poland—0.1%** |
| InPost SA\* | 42653 |  | 612612 |
| **Portugal—0.4%** | **Portugal—0.4%** | **Portugal—0.4%** | **Portugal—0.4%** |
| Galp Energia SGPS SA<sup>2</sup> | 143150 |  | 2733483 |
| **Singapore—4.9%** | **Singapore—4.9%** | **Singapore—4.9%** | **Singapore—4.9%** |
| CapitaLand Ascendas REIT | 276200 |  | 591379 |
| DBS Group Holdings Ltd. | 298337 |  | 10950301 |
| Grab Holdings Ltd., Class A\* | 19753 |  | 96592 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Singapore—(concluded)** | **Singapore—(concluded)** | **Singapore—(concluded)** | **Singapore—(concluded)** |
| Oversea-Chinese Banking Corp. Ltd. | 94700 | $| 1227232 |
| Sea Ltd., ADR\* | 32302 |  | 5060108 |
| Singapore Exchange Ltd. | 284300 |  | 3485974 |
| Singapore Technologies Engineering Ltd. | 471800 |  | 3173931 |
| United Overseas Bank Ltd. | 380798 |  | 10579611 |
|  |  |  | 35165128 |
| **South Africa—0.2%** | **South Africa—0.2%** | **South Africa—0.2%** | **South Africa—0.2%** |
| Anglo American PLC | 32735 |  | 921101 |
| Valterra Platinum Ltd.<sup>2</sup> | 3803 |  | 169758 |
|  |  |  | 1090859 |
| **South Korea—0.0%<sup>†</sup>** | **South Korea—0.0%<sup>†</sup>** | **South Korea—0.0%<sup>†</sup>** | **South Korea—0.0%<sup>†</sup>** |
| Delivery Hero SE\*<sup>,3</sup> | 7072 |  | 211060 |
| **Spain—4.2%** | **Spain—4.2%** | **Spain—4.2%** | **Spain—4.2%** |
| ACS Actividades de Construccion y Servicios SA | 34474 |  | 2379214 |
| Aena SME SA<sup>1,3</sup> | 3600 |  | 96941 |
| Banco Bilbao Vizcaya Argentaria SA<sup>1,2</sup> | 309046 |  | 5154348 |
| Banco Santander SA | 1379748 |  | 11853114 |
| Bankinter SA | 2779 |  | 39668 |
| CaixaBank SA<sup>2</sup> | 92132 |  | 866806 |
| EDP Renovaveis SA | 108215 |  | 1270521 |
| Endesa SA<sup>1</sup> | 91748 |  | 2658879 |
| Grifols SA\*<sup>,2</sup> | 102313 |  | 1524477 |
| Iberdrola SA<sup>1</sup> | 128959 |  | 2266624 |
| Industria de Diseno Textil SA<sup>1</sup> | 36259 |  | 1731985 |
|  |  |  | 29842577 |
| **Sweden—1.8%** | **Sweden—1.8%** | **Sweden—1.8%** | **Sweden—1.8%** |
| AddTech AB, Class B<sup>2</sup> | 6448 |  | 216770 |
| Alfa Laval AB | 41424 |  | 1799773 |
| Assa Abloy AB, Class B | 119610 |  | 3957923 |
| Skanska AB, Class B<sup>2</sup> | 99501 |  | 2321009 |
| Tele2 AB, Class B | 13759 |  | 212647 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>1</sup> | 123781 |  | 899093 |
| Volvo AB, Class B | 132375 |  | 3801782 |
|  |  |  | 13208997 |
| **Switzerland—2.0%** | **Switzerland—2.0%** | **Switzerland—2.0%** | **Switzerland—2.0%** |
| ABB Ltd., Registered Shares | 85973 |  | 5613873 |
| Chocoladefabriken Lindt & Spruengli AG<sup>1</sup> | 4 |  | 584889 |
| Givaudan SA<sup>1</sup> | 100 |  | 418035 |
| Partners Group Holding AG<sup>1</sup> | 351 |  | 471848 |
| Schindler Holding AG | 1173 |  | 424199 |
| SGS SA, Registered Shares<sup>1</sup> | 11715 |  | 1190400 |
| Sika AG, Registered Shares<sup>1</sup> | 7132 |  | 1683006 |
| Temenos AG, Registered Shares<sup>2</sup> | 40562 |  | 3628053 |
| VAT Group AG<sup>2,3</sup> | 568 |  | 198907 |
| Zurich Insurance Group AG<sup>1</sup> | 412 |  | 281028 |
|  |  |  | 14494238 |
| **Taiwan—0.8%** | **Taiwan—0.8%** | **Taiwan—0.8%** | **Taiwan—0.8%** |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd., ADR | 23133 |  | 5589395 |

---

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United Kingdom—11.9%** | **United Kingdom—11.9%** | **United Kingdom—11.9%** |
| Admiral Group PLC<sup>2</sup> | 9261 | $417453 |
| Associated British Foods PLC | 303697 | 8793694 |
| AstraZeneca PLC | 41602 | 6069384 |
| BAE Systems PLC | 114563 | 2733544 |
| British American Tobacco PLC | 161442 | 8649631 |
| Centrica PLC | 1779522 | 3868241 |
| CK Hutchison Holdings Ltd. | 825000 | 5369926 |
| Entain PLC | 71774 | 968737 |
| Halma PLC<sup>1</sup> | 25077 | 1073007 |
| Hikma Pharmaceuticals PLC | 39870 | 1030530 |
| HSBC Holdings PLC | 440429 | 5365734 |
| Imperial Brands PLC | 102435 | 3992853 |
| InterContinental Hotels Group PLC<sup>1</sup> | 12869 | 1480451 |
| Kingfisher PLC | 79298 | 281968 |
| Land Securities Group PLC<sup>2</sup> | 202318 | 1538616 |
| Lloyds Banking Group PLC | 8740924 | 8963359 |
| Marks & Spencer Group PLC<sup>1</sup> | 684854 | 3145253 |
| Next PLC<sup>1</sup> | 4201 | 681910 |
| RELX PLC<sup>1</sup> | 35543 | 1846852 |
| Rolls-Royce Holdings PLC | 218060 | 3094919 |
| SSE PLC | 345591 | 8471206 |
| United Utilities Group PLC | 99825 | 1490173 |
| Vodafone Group PLC | 2154945 | 2336384 |
| WPP PLC<sup>2</sup> | 604830 | 3274784 |
|  |  | 84938609 |
| **United States—8.2%** | **United States—8.2%** | **United States—8.2%** |
| Atlassian Corp., Class A\* | 18968 | 3637683 |
| BP PLC | 818753 | 4388745 |
| Experian PLC<sup>1</sup> | 11465 | 604099 |
| GSK PLC | 381697 | 7020928 |
| Lululemon Athletica, Inc.\* | 9656 | 1936318 |
| Nestle SA, Registered Shares<sup>2</sup> | 82843 | 7238578 |
| Novartis AG, Registered Shares<sup>1</sup> | 71724 | 8168434 |
| Roche Holding AG | 18467 | 5763053 |
| Sanofi SA | 61532 | 5523766 |
| Shell PLC | 169911 | 6105429 |
| Spotify Technology SA\*<sup>,1</sup> | 1078 | 675410 |
| Swiss Re AG | 5232 | 936535 |
| Waste Connections, Inc. | 35835 | 6689320 |
|  |  | 58688298 |
| **Total common stocks**<br> (cost—$626,181,739) | **Total common stocks**<br> (cost—$626,181,739) | **789802110** |
| **Preferred stocks—0.1%** | **Preferred stocks—0.1%** | **Preferred stocks—0.1%** |
| **Germany—0.1%** | **Germany—0.1%** | **Germany—0.1%** |
| Volkswagen AG<sup>1</sup>(cost—$625,567) | 5351 | 559531 |
|  | **Number of <br>warrants** |  |
| **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** |
| **Canada—0.0%<sup>†</sup>** | **Canada—0.0%<sup>†</sup>** | **Canada—0.0%<sup>†</sup>** |
| Constellation Software, Inc. expires 03/31/40\*<sup>,2,4,5</sup>(cost—$0) | 2948 | 0 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Short-term investments—0.6%** | **Short-term investments—0.6%** | **Short-term investments—0.6%** |
| **Investment companies—0.6%** | **Investment companies—0.6%** | **Investment companies—0.6%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>6</sup>(cost—$4,723,115) | 4723115 | $4723115 |
| **Investment of cash collateral from securities loaned—9.6%** | **Investment of cash collateral from securities loaned—9.6%** | **Investment of cash collateral from securities loaned—9.6%** |
| **Money market funds—9.6%** | **Money market funds—9.6%** | **Money market funds—9.6%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>6</sup> <br>(cost—$68,858,551) | 68858551 | 68858551 |
| **Total investments before investments <br>sold short** <br> (cost—$700,388,972)—120.5% | **Total investments before investments <br>sold short** <br> (cost—$700,388,972)—120.5% | **863943307** |
| **Investments sold short—(12.4)%** | **Investments sold short—(12.4)%** | **Investments sold short—(12.4)%** |
| **Common stocks—(12.3)%** | **Common stocks—(12.3)%** | **Common stocks—(12.3)%** |
| **Australia—(0.6)%** | **Australia—(0.6)%** | **Australia—(0.6)%** |
| Aristocrat Leisure Ltd. | (18457) | (826447) |
| BlueScope Steel Ltd. | (107375) | (1627836) |
| Commonwealth Bank of Australia | (5674) | (644167) |
| Pro Medicus Ltd. | (319) | (65508) |
| Washington H Soul Pattinson & Co. Ltd. | (22200) | (576757) |
| Westpac Banking Corp. | (18429) | (397884) |
|  |  | (4138599) |
| **Belgium—(0.4)%** | **Belgium—(0.4)%** | **Belgium—(0.4)%** |
| D'ieteren Group | (7368) | (1455423) |
| Syensqo SA | (14397) | (1141046) |
|  |  | (2596469) |
| **China—(0.0)%<sup>†</sup>** | **China—(0.0)%<sup>†</sup>** | **China—(0.0)%<sup>†</sup>** |
| Wilmar International Ltd. | (65000) | (147118) |
| **Denmark—(0.1)%** | **Denmark—(0.1)%** | **Denmark—(0.1)%** |
| Coloplast AS, Class B | (4740) | (432914) |
| DSV AS | (238) | (53332) |
|  |  | (486246) |
| **Finland—(0.1)%** | **Finland—(0.1)%** | **Finland—(0.1)%** |
| Kone OYJ, Class B | (10075) | (620180) |
| **France—(0.4)%** | **France—(0.4)%** | **France—(0.4)%** |
| BioMerieux | (7929) | (1138310) |
| Bollore SE | (80373) | (463596) |
| Kering SA | (1934) | (474885) |
| Sodexo SA | (16344) | (972034) |
|  |  | (3048825) |
| **Germany—(0.3)%** | **Germany—(0.3)%** | **Germany—(0.3)%** |
| BASF SE | (6119) | (299888) |
| Deutsche Boerse AG | (5404) | (1567045) |
| Deutsche Lufthansa AG | (59479) | (510023) |
|  |  | (2376956) |
| **Hong Kong—(0.6)%** | **Hong Kong—(0.6)%** | **Hong Kong—(0.6)%** |
| CK Asset Holdings Ltd. | (219000) | (1003501) |
| CK Infrastructure Holdings Ltd. | (106500) | (750078) |
| Henderson Land Development Co. Ltd. | (24000) | (83983) |

---

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Hong Kong—(concluded)** | **Hong Kong—(concluded)** | **Hong Kong—(concluded)** | **Hong Kong—(concluded)** |
| Hongkong Land Holdings Ltd. | (96800) | $| (584743) |
| Sino Land Co. Ltd. | (1565136) |  | (1804131) |
|  |  |  | (4226436) |
| **Ireland—(0.1)%** | **Ireland—(0.1)%** | **Ireland—(0.1)%** | **Ireland—(0.1)%** |
| Kerry Group PLC, Class A | (9511) |  | (878531) |
| **Italy—(0.2)%** | **Italy—(0.2)%** | **Italy—(0.2)%** | **Italy—(0.2)%** |
| Davide Campari-Milano NV | (36419) |  | (250848) |
| DiaSorin SpA | (7707) |  | (753475) |
| Moncler SpA | (769) |  | (41193) |
| Snam SpA | (1) |  | (6) |
| Telecom Italia SpA | (984592) |  | (452452) |
|  |  |  | (1497974) |
| **Japan—(5.6)%** | **Japan—(5.6)%** | **Japan—(5.6)%** | **Japan—(5.6)%** |
| Aeon Co. Ltd. | (33300) |  | (1063696) |
| Daiwa Securities Group, Inc. | (93000) |  | (647452) |
| East Japan Railway Co. | (10000) |  | (214342) |
| Eisai Co. Ltd. | (44900) |  | (1259237) |
| ENEOS Holdings, Inc. | (232800) |  | (1221882) |
| FUJIFILM Holdings Corp. | (94300) |  | (1955992) |
| Hankyu Hanshin Holdings, Inc. | (4100) |  | (106853) |
| Hikari Tsushin, Inc. | (6000) |  | (1613152) |
| JFE Holdings, Inc. | (203300) |  | (2352803) |
| Kyocera Corp. | (260100) |  | (3070316) |
| Kyowa Kirin Co. Ltd. | (84000) |  | (1433847) |
| MEIJI Holdings Co. Ltd. | (30300) |  | (612696) |
| Mitsubishi Corp. | (95100) |  | (1875693) |
| Mitsubishi HC Capital, Inc. | (25100) |  | (185530) |
| Mitsui OSK Lines Ltd. | (49800) |  | (1673892) |
| Nippon Steel Corp. | (61200) |  | (1178590) |
| Nissan Motor Co. Ltd. | (755300) |  | (1601462) |
| Nissin Foods Holdings Co. Ltd. | (2500) |  | (47420) |
| Nitori Holdings Co. Ltd. | (27200) |  | (2303479) |
| Olympus Corp. | (109500) |  | (1308202) |
| Omron Corp. | (35500) |  | (915004) |
| Oriental Land Co. Ltd. | (136000) |  | (2800311) |
| Ricoh Co. Ltd. | (32900) |  | (288483) |
| Secom Co. Ltd. | (57300) |  | (2057827) |
| Sekisui House Ltd. | (29100) |  | (610426) |
| Shimadzu Corp. | (77900) |  | (1724447) |
| Shimano, Inc. | (2900) |  | (317248) |
| Shiseido Co. Ltd. | (56000) |  | (910309) |
| Sumitomo Metal Mining Co. Ltd. | (49000) |  | (1077769) |
| Tokyo Metro Co. Ltd. | (99700) |  | (1074301) |
| Yakult Honsha Co. Ltd. | (76500) |  | (1230696) |
| Yamaha Motor Co. Ltd. | (12100) |  | (87517) |
| ZOZO, Inc. | (139200) |  | (1377992) |
|  |  |  | (40198866) |
| **Netherlands—(0.5)%** | **Netherlands—(0.5)%** | **Netherlands—(0.5)%** | **Netherlands—(0.5)%** |
| Akzo Nobel NV | (17200) |  | (1080184) |
| Koninklijke Ahold Delhaize NV | (8827) |  | (348635) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of <br>shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Netherlands—(concluded)** | **Netherlands—(concluded)** | **Netherlands—(concluded)** | **Netherlands—(concluded)** |
| Randstad NV | (35022) | $| (1664576) |
| Wolters Kluwer NV | (1728) |  | (269151) |
|  |  |  | (3362546) |
| **New Zealand—(0.1)%** | **New Zealand—(0.1)%** | **New Zealand—(0.1)%** | **New Zealand—(0.1)%** |
| Auckland International Airport Ltd. | (76822) |  | (340817) |
| Fisher & Paykel Healthcare Corp. Ltd. | (31636) |  | (685467) |
|  |  |  | (1026284) |
| **Norway—(0.1)%** | **Norway—(0.1)%** | **Norway—(0.1)%** | **Norway—(0.1)%** |
| Aker BP ASA | (15806) |  | (380239) |
| **Sweden—(1.3)%** | **Sweden—(1.3)%** | **Sweden—(1.3)%** | **Sweden—(1.3)%** |
| H & M Hennes & Mauritz AB, Class B | (67881) |  | (914468) |
| Industrivarden AB, Class C | (35347) |  | (1305353) |
| Indutrade AB | (9874) |  | (239784) |
| Investment AB Latour, Class B | (26573) |  | (678387) |
| Investor AB, Class B | (114926) |  | (3330500) |
| Nibe Industrier AB, Class B | (446838) |  | (2061894) |
| SKF AB, Class B | (9755) |  | (227218) |
| Svenska Cellulosa AB SCA, Class B | (39992) |  | (501545) |
|  |  |  | (9259149) |
| **Switzerland—(0.1)%** | **Switzerland—(0.1)%** | **Switzerland—(0.1)%** | **Switzerland—(0.1)%** |
| Barry Callebaut AG | (389) |  | (473723) |
| SIG Group AG | (36482) |  | (590234) |
|  |  |  | (1063957) |
| **United Kingdom—(1.4)%** | **United Kingdom—(1.4)%** | **United Kingdom—(1.4)%** | **United Kingdom—(1.4)%** |
| Ashtead Group PLC | (2656) |  | (177451) |
| Barratt Redrow PLC | (124114) |  | (611193) |
| Bunzl PLC | (44982) |  | (1334952) |
| Croda International PLC | (11024) |  | (379420) |
| JD Sports Fashion PLC | (426621) |  | (478876) |
| Kingfisher PLC | (145974) |  | (519055) |
| Melrose Industries PLC | (196191) |  | (1324609) |
| Pearson PLC | (203991) |  | (2884627) |
| Rentokil Initial PLC | (271431) |  | (1354019) |
| Schroders PLC | (97265) |  | (499956) |
| Smith & Nephew PLC | (7458) |  | (113980) |
| WPP PLC | (99092) |  | (536522) |
|  |  |  | (10214660) |
| **United States—(0.4)%** | **United States—(0.4)%** | **United States—(0.4)%** | **United States—(0.4)%** |
| Alcon AG | (9244) |  | (810403) |
| Haleon PLC | (10710) |  | (50237) |
| Tenaris SA | (111568) |  | (1948554) |
|  |  |  | (2809194) |
| **Total common stocks**<br> (proceeds—$(90028781)) | **Total common stocks**<br> (proceeds—$(90028781)) |  | **(88332229)** |

---

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Investments sold short—(concluded)** | **Investments sold short—(concluded)** | **Investments sold short—(concluded)** |
| **Preferred stocks—(0.1)%** | **Preferred stocks—(0.1)%** | **Preferred stocks—(0.1)%** |
| Porsche Automobil Holding SE<br>(proceeds—$(753195)) | (19241) | $(772220) |
| **Total investments sold short** <br> (proceeds—$(90781976)) | **Total investments sold short** <br> (proceeds—$(90781976)) | **(89104449)** |
| **Total investments** <br> (cost—$609,606,996)—108.1% | **Total investments** <br> (cost—$609,606,996)—108.1% | **774838858** |
| Liabilities in excess of other assets—(8.1)% |  | (58315409) |
| **Net assets—100.0%** |  | $**716523449** |

---

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $79604760 | $710197350 | $— | $789802110 |
| Preferred stocks |  | 559531 |  | 559531 |
| Warrant |  |  | 0 | 0 |
| Short-term investments | 4723115 |  |  | 4723115 |
| Investment of cash collateral from securities loaned | 68858551 |  |  | 68858551 |
| **Total** | $**153186426** | $**710756881** | $**0** | $**863943307** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Investments sold short | Investments sold short | Investments sold short | Investments sold short | Investments sold short |
| Common stocks | $(1799683) | $(86532546) | $— | $(88332229) |
| Preferred stocks |  | (772220) |  | (772220) |
| **Total** | $**(1799683)** | $**(87304766)** | $**—** | $**(89104449)** |

---

At July 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**

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

\* Non-income producing security.

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

<sup>2</sup> Security, or portion thereof, was on loan at the period end.

------

PACE International Equity Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes—(concluded)**

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $9,790,614, represented 1.4% of the Portfolio's net assets at period end.

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

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

<sup>6</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—98.1%** | **Common stocks—98.1%** | **Common stocks—98.1%** |
| **Argentina—0.3%** | **Argentina—0.3%** | **Argentina—0.3%** |
| Grupo Financiero Galicia SA, ADR\* | 22291 | $1125027 |
| YPF SA, ADR\*<sup>,1</sup> | 5036 | 168907 |
|  |  | 1293934 |
| **Brazil—9.4%** | **Brazil—9.4%** | **Brazil—9.4%** |
| Ambev SA | 565600 | 1258561 |
| B3 SA—Brasil Bolsa Balcao | 1487700 | 3342280 |
| Banco Bradesco SA, ADR | 1515827 | 4198841 |
| Banco Bradesco SA | 363300 | 869395 |
| Banco BTG Pactual SA | 179000 | 1250863 |
| Embraer SA | 106900 | 1539866 |
| Embraer SA, ADR | 25037 | 1441630 |
| Itau Unibanco Holding SA, ADR | 497156 | 3117168 |
| Localiza Rent a Car SA | 293000 | 1812037 |
| Lojas Renner SA | 386540 | 1123127 |
| MercadoLibre, Inc.\* | 2425 | 5756683 |
| NU Holdings Ltd., Class A\* | 224640 | 2745101 |
| Petroleo Brasileiro SA—Petrobras, ADR | 364545 | 4644303 |
| PRIO SA\* | 379000 | 2855588 |
| Raia Drogasil SA | 136700 | 328839 |
| Sendas Distribuidora SA | 538000 | 904105 |
| Vale SA, ADR | 115775 | 1103336 |
| Vale SA | 299100 | 2855566 |
| WEG SA | 305700 | 2025971 |
|  |  | 43173260 |
| **Chile—0.3%** | **Chile—0.3%** | **Chile—0.3%** |
| Sociedad Quimica y Minera de Chile SA, ADR\*<sup>,1</sup> | 34292 | 1260231 |
| **China—27.4%** | **China—27.4%** | **China—27.4%** |
| Alibaba Group Holding Ltd. | 781439 | 11748752 |
| Alibaba Group Holding Ltd., ADR | 12341 | 1488695 |
| ANTA Sports Products Ltd. | 134600 | 1544950 |
| Beijing New Building Materials PLC, Class A | 628400 | 2276127 |
| Beijing Oriental Yuhong Waterproof Technology <br>Co. Ltd., Class A | 1004550 | 1679195 |
| Budweiser Brewing Co. APAC Ltd.<sup>1,2</sup> | 2334400 | 2450520 |
| BYD Co. Ltd., Class H<sup>1</sup> | 75500 | 1102364 |
| BYD Co. Ltd., Class A | 151200 | 2198725 |
| China International Capital Corp. Ltd., Class H<sup>2</sup> | 1289383 | 3274050 |
| China Jushi Co. Ltd., Class A | 1379156 | 2371091 |
| China Overseas Land & Investment Ltd. | 2225887 | 3849669 |
| China Resources Land Ltd. | 307549 | 1127772 |
| Contemporary Amperex Technology Co. Ltd., <br>Class A | 153720 | 5627961 |
| Country Garden Services Holdings Co. Ltd. | 1456152 | 1203984 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 382100 | 2899382 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 474900 | 3008839 |
| Hengli Petrochemical Co. Ltd., Class A | 1206030 | 2586751 |
| Huaming Power Equipment Co. Ltd., Class A | 744167 | 1817693 |
| Industrial & Commercial Bank of China Ltd., <br>Class H | 4167000 | 3192858 |
| Kanzhun Ltd., ADR\* | 53640 | 1017014 |
| Kanzhun Ltd.\* | 19100 | 178890 |
| Kuaishou Technology\*<sup>,2</sup> | 537807 | 5251175 |
| Li Auto, Inc., ADR\*<sup>,1</sup> | 48984 | 1278482 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **China—(concluded)** | **China—(concluded)** | **China—(concluded)** | **China—(concluded)** |
| Li Auto, Inc., Class A\* | 110551 | $| 1447301 |
| Li Ning Co. Ltd. | 874500 |  | 1852794 |
| Longfor Group Holdings Ltd.<sup>2</sup> | 2059500 |  | 2563373 |
| Meituan, Class B\*<sup>,2</sup> | 347400 |  | 5359527 |
| NetEase, Inc. | 282684 |  | 7389993 |
| Ningbo Tuopu Group Co. Ltd., Class A | 177800 |  | 1130674 |
| PICC Property & Casualty Co. Ltd., Class H | 1010000 |  | 2096337 |
| Ping An Insurance Group Co. of China Ltd., <br>Class A | 582000 |  | 4740068 |
| SITC International Holdings Co. Ltd. | 508132 |  | 1642924 |
| Tencent Holdings Ltd. | 309811 |  | 21690549 |
| Trip.com Group Ltd., ADR | 42702 |  | 2645389 |
| Trip.com Group Ltd. | 59900 |  | 3718738 |
| Xiaomi Corp., Class B\*<sup>,2</sup> | 257200 |  | 1730429 |
| YongXing Special Materials Technology Co. Ltd., <br>Class A | 221500 |  | 1076758 |
| Yum China Holdings, Inc. | 15129 |  | 706222 |
| Yum China Holdings, Inc. | 22900 |  | 1063247 |
| Zijin Mining Group Co. Ltd., Class H | 772000 |  | 2047081 |
|  |  |  | 126076343 |
| **Congo—0.5%** | **Congo—0.5%** | **Congo—0.5%** | **Congo—0.5%** |
| Ivanhoe Mines Ltd., Class A\*<sup>,1</sup> | 309151 |  | 2411895 |
| **Ghana—0.1%** | **Ghana—0.1%** | **Ghana—0.1%** | **Ghana—0.1%** |
| Kosmos Energy Ltd.\*<sup>,1</sup> | 112699 |  | 242303 |
| **Greece—1.2%** | **Greece—1.2%** | **Greece—1.2%** | **Greece—1.2%** |
| Eurobank Ergasias Services &<br>Holdings SA, Class A | 683728 |  | 2509528 |
| Piraeus Financial Holdings SA | 367072 |  | 2822575 |
|  |  |  | 5332103 |
| **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** |
| AIA Group Ltd. | 372400 |  | 3472319 |
| Melco Resorts & Entertainment Ltd., ADR\* | 255546 |  | 2210473 |
| WH Group Ltd.<sup>2</sup> | 1430035 |  | 1431662 |
|  |  |  | 7114454 |
| **Hungary—0.4%** | **Hungary—0.4%** | **Hungary—0.4%** | **Hungary—0.4%** |
| OTP Bank Nyrt | 24853 |  | 2016718 |
| **India—12.2%** | **India—12.2%** | **India—12.2%** | **India—12.2%** |
| Asian Paints Ltd. | 35389 |  | 965965 |
| Bharat Electronics Ltd. | 675474 |  | 2934460 |
| Bharti Airtel Ltd. | 91091 |  | 1982972 |
| Britannia Industries Ltd. | 31748 |  | 2088864 |
| CG Power & Industrial Solutions Ltd. | 277258 |  | 2081758 |
| DLF Ltd. | 175598 |  | 1561710 |
| Eternal Ltd.\* | 595462 |  | 2078229 |
| GMR Airports Ltd.\* | 2662108 |  | 2717197 |
| HDFC Bank Ltd. | 285555 |  | 6553001 |
| HDFC Bank Ltd., ADR | 43979 |  | 3376268 |
| Hindalco Industries Ltd. | 156978 |  | 1215264 |
| ICICI Bank Ltd. | 339096 |  | 5710137 |
| Indian Oil Corp. Ltd.\* | 915119 |  | 1511808 |

---

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **India—(concluded)** | **India—(concluded)** | **India—(concluded)** |
| InterGlobe Aviation Ltd.\*<sup>,2</sup> | 74368 | 4990718 |
| Kotak Mahindra Bank Ltd. | 83095 | 1872159 |
| Lodha Developers Ltd.<sup>2</sup> | 273679 | 3826659 |
| MakeMyTrip Ltd.\*<sup>,1</sup> | 31090 | 2909713 |
| Marico Ltd. | 230543 | 1862692 |
| Pidilite Industries Ltd. | 54640 | 1786705 |
| Polycab India Ltd. | 18139 | 1405756 |
| SBI Life Insurance Co. Ltd.<sup>2</sup> | 52141 | 1090814 |
| Supreme Industries Ltd. | 32899 | 1608193 |
|  |  | 56131042 |
| **Indonesia—1.4%** | **Indonesia—1.4%** | **Indonesia—1.4%** |
| Bank Central Asia Tbk. PT | 8725000 | 4372930 |
| Bank Rakyat Indonesia Persero Tbk. PT | 9295576 | 2081563 |
|  |  | 6454493 |
| **Macau—1.2%** | **Macau—1.2%** | **Macau—1.2%** |
| Galaxy Entertainment Group Ltd. | 491000 | 2394442 |
| Sands China Ltd. | 1201600 | 2908794 |
|  |  | 5303236 |
| **Mexico—1.8%** | **Mexico—1.8%** | **Mexico—1.8%** |
| BBB Foods, Inc., Class A\* | 43586 | 1112315 |
| Grupo Financiero Banorte SAB de CV, Class O | 346400 | 3087027 |
| Wal-Mart de Mexico SAB de CV<sup>1</sup> | 1451700 | 4279302 |
|  |  | 8478644 |
| **Nigeria—0.4%** | **Nigeria—0.4%** | **Nigeria—0.4%** |
| Guaranty Trust Holding Co. PLC | 24869950 | 1621791 |
| **Peru—1.2%** | **Peru—1.2%** | **Peru—1.2%** |
| Credicorp Ltd. | 23299 | 5521863 |
| **Poland—1.2%** | **Poland—1.2%** | **Poland—1.2%** |
| LPP SA | 284 | 1261346 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 83471 | 1827723 |
| Zabka Group SA\* | 428887 | 2369416 |
|  |  | 5458485 |
| **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** | **Russia—0.0%<sup>†</sup>** |
| Alrosa PJSC\*<sup>,3,4</sup> | 215380 | 0 |
| Rosneft Oil Co. PJSC\*<sup>,3,4</sup> | 126429 | 0 |
|  |  | 0 |
| **Singapore—1.5%** | **Singapore—1.5%** | **Singapore—1.5%** |
| Grab Holdings Ltd., Class A\* | 651427 | 3185478 |
| Sea Ltd., ADR\* | 23682 | 3709785 |
|  |  | 6895263 |
| **South Africa—5.4%** | **South Africa—5.4%** | **South Africa—5.4%** |
| Absa Group Ltd. | 272035 | 2685210 |
| Capitec Bank Holdings Ltd. | 21613 | 4189645 |
| Clicks Group Ltd. | 95477 | 1999813 |
| FirstRand Ltd. | 547772 | 2326146 |
| Gold Fields Ltd., ADR | 67353 | 1640719 |
| Impala Platinum Holdings Ltd.\* | 152606 | 1442343 |
| MTN Group Ltd. | 755764 | 6352214 |
| Naspers Ltd., Class N | 6662 | 2056440 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **South Africa—(concluded)** | **South Africa—(concluded)** | **South Africa—(concluded)** | **South Africa—(concluded)** |
| Standard Bank Group Ltd. | 83139 | $| 1069789 |
| Valterra Platinum Ltd. | 26459 |  | 1188271 |
|  |  |  | 24950590 |
| **South Korea—10.4%** | **South Korea—10.4%** | **South Korea—10.4%** | **South Korea—10.4%** |
| Coupang, Inc.\* | 19604 |  | 576946 |
| DB Insurance Co. Ltd. | 16781 |  | 1542417 |
| Hana Financial Group, Inc. | 36388 |  | 2224729 |
| HD Hyundai Electric Co. Ltd. | 2317 |  | 824532 |
| HD Hyundai Marine Solution Co. Ltd. | 10023 |  | 1466002 |
| Hyundai Mobis Co. Ltd. | 15311 |  | 3230921 |
| KB Financial Group, Inc. | 68378 |  | 5432506 |
| Kia Corp. | 15165 |  | 1109635 |
| Samsung Biologics Co. Ltd.\*<sup>,2</sup> | 4567 |  | 3489314 |
| Samsung Electro-Mechanics Co. Ltd. | 24176 |  | 2568634 |
| Samsung Electronics Co. Ltd. | 281581 |  | 14350477 |
| Shinhan Financial Group Co. Ltd. | 22720 |  | 1106325 |
| SK Hynix, Inc. | 38283 |  | 7419851 |
| SK Telecom Co. Ltd. | 40649 |  | 1641873 |
| WONIK IPS Co. Ltd. | 46203 |  | 1078981 |
|  |  |  | 48063143 |
| **Taiwan—15.0%** | **Taiwan—15.0%** | **Taiwan—15.0%** | **Taiwan—15.0%** |
| Advantech Co. Ltd. | 135000 |  | 1501719 |
| ASPEED Technology, Inc. | 12000 |  | 1817289 |
| Chailease Holding Co. Ltd. | 426813 |  | 1647776 |
| Delta Electronics, Inc. | 176000 |  | 3315505 |
| Hon Hai Precision Industry Co. Ltd. | 1259000 |  | 7403524 |
| MediaTek, Inc. | 249469 |  | 11297095 |
| Sinbon Electronics Co. Ltd. | 194000 |  | 1568093 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 599475 |  | 23079339 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br>ADR | 41637 |  | 10060332 |
| Unimicron Technology Corp. | 394000 |  | 1788482 |
| Voltronic Power Technology Corp. | 40000 |  | 1571182 |
| Yageo Corp. | 227753 |  | 4001993 |
|  |  |  | 69052329 |
| **Thailand—1.3%** | **Thailand—1.3%** | **Thailand—1.3%** | **Thailand—1.3%** |
| Kasikornbank PCL | 598300 |  | 2958496 |
| SCB X PCL | 733100 |  | 2832067 |
|  |  |  | 5790563 |
| **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** |
| Aldar Properties PJSC | 1161281 |  | 3000907 |
| Emirates NBD Bank PJSC | 130233 |  | 947737 |
| First Abu Dhabi Bank PJSC | 197020 |  | 963841 |
|  |  |  | 4912485 |
| **United Kingdom—0.3%** | **United Kingdom—0.3%** | **United Kingdom—0.3%** | **United Kingdom—0.3%** |
| Anglogold Ashanti PLC | 34402 |  | 1591092 |
| **United States—1.3%** | **United States—1.3%** | **United States—1.3%** | **United States—1.3%** |
| Globant SA\* | 19683 |  | 1658489 |
| Las Vegas Sands Corp. | 84284 |  | 4416482 |
|  |  |  | 6074971 |

---

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **Vietnam—0.7%** | **Vietnam—0.7%** | **Vietnam—0.7%** |
| Hoa Phat Group JSC\* | 1930785 | $1832935 |
| Masan Group Corp.\* | 281200 | 776580 |
| Vincom Retail JSC\* | 515220 | 551738 |
|  |  | 3161253 |
| **Zambia—0.6%** | **Zambia—0.6%** | **Zambia—0.6%** |
| First Quantum Minerals Ltd.\* | 175301 | 2946564 |
| **Total common stocks** <br> (cost—$380,551,539) | **Total common stocks** <br> (cost—$380,551,539) | **451329048** |
| **Preferred stocks—0.3%** | **Preferred stocks—0.3%** | **Preferred stocks—0.3%** |
| **Brazil—0.3%** | **Brazil—0.3%** | **Brazil—0.3%** |
| Itau Unibanco Holding SA<sup>5</sup>(cost—$1,409,206) | 248150 | 1558153 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Short-term investments—1.9%** | **Short-term investments—1.9%** | **Short-term investments—1.9%** |
| **Investment companies—1.9%** | **Investment companies—1.9%** | **Investment companies—1.9%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>6</sup>(cost—$8,576,534) | 8576534 | $8576534 |
| **Investment of cash collateral from securities loaned—0.6%** | **Investment of cash collateral from securities loaned—0.6%** | **Investment of cash collateral from securities loaned—0.6%** |
| **Money market funds—0.6%** | **Money market funds—0.6%** | **Money market funds—0.6%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>6</sup>(cost—$2,781,572) | 2781572 | 2781572 |
| **Total investments** <br> (cost—$393,318,851)—100.9% | **Total investments** <br> (cost—$393,318,851)—100.9% | **464245307** |
| Liabilities in excess of other assets—(0.9)% |  | (4074534) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**460170773** |

---

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 July 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $107800273 | $343528775 | $0 | $451329048 |
| Preferred stocks | 1558153 |  |  | 1558153 |
| Short-term investments | 8576534 |  |  | 8576534 |
| Investment of cash collateral from securities loaned | 2781572 |  |  | 2781572 |
| **Total** | $**120716532** | $**343528775** | $**0** | $**464245307** |

---

At July 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**

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

\* Non-income producing security.

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

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $35,458,241, represented 7.7% of the Portfolio's net assets at period end.

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

------

PACE International Emerging Markets Equity Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes—(concluded)**

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

<sup>5</sup> Floating or variable rate securities. The rates disclosed are as of July 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.

<sup>6</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Global Real Estate Securities Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—98.6%** | **Common stocks—98.6%** | **Common stocks—98.6%** |
| **Australia—8.8%** | **Australia—8.8%** | **Australia—8.8%** |
| Charter Hall Group | 57246 | $737521 |
| Goodman Group<sup>1</sup> | 105325 | 2354905 |
| National Storage REIT | 380015 | 582700 |
| Scentre Group<sup>1</sup> | 422201 | 1010428 |
|  |  | 4685554 |
| **Belgium—1.9%** | **Belgium—1.9%** | **Belgium—1.9%** |
| Shurgard Self Storage Ltd. | 25145 | 997811 |
| **Canada—1.7%** | **Canada—1.7%** | **Canada—1.7%** |
| Canadian Apartment Properties REIT | 28819 | 920353 |
| **France—1.9%** | **France—1.9%** | **France—1.9%** |
| Unibail-Rodamco-Westfield\* | 10160 | 984903 |
| **Germany—2.3%** | **Germany—2.3%** | **Germany—2.3%** |
| Vonovia SE | 39029 | 1211287 |
| **Hong Kong—2.7%** | **Hong Kong—2.7%** | **Hong Kong—2.7%** |
| Link REIT | 252600 | 1407425 |
| **Japan—7.5%** | **Japan—7.5%** | **Japan—7.5%** |
| Japan Metropolitan Fund Invest | 1085 | 789145 |
| KDX Realty Investment Corp. | 562 | 603961 |
| Mitsubishi Estate Co. Ltd. | 48600 | 909909 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 111200 | 993939 |
| Nippon Building Fund, Inc. | 423 | 388030 |
| Star Asia Investment Corp.<sup>1</sup> | 823 | 319636 |
|  |  | 4004620 |
| **Singapore—0.7%** | **Singapore—0.7%** | **Singapore—0.7%** |
| Parkway Life Real Estate Investment Trust | 118300 | 366454 |
| **Spain—1.4%** | **Spain—1.4%** | **Spain—1.4%** |
| Cellnex Telecom SA\*<sup>,1,2</sup> | 20614 | 727458 |
| **United Kingdom—7.5%** | **United Kingdom—7.5%** | **United Kingdom—7.5%** |
| Big Yellow Group PLC | 62655 | 772513 |
| Derwent London PLC<sup>1</sup> | 23308 | 592399 |
| Grainger PLC | 293121 | 792474 |
| Segro PLC | 105832 | 901978 |
| Shaftesbury Capital PLC | 343517 | 715848 |
| UNITE Group PLC | 22745 | 224252 |
|  |  | 3999464 |
| **United Republic Of Tanzania—0.7%** | **United Republic Of Tanzania—0.7%** | **United Republic Of Tanzania—0.7%** |
| Helios Towers PLC\* | 235716 | 369481 |
| **United States—61.5%** | **United States—61.5%** | **United States—61.5%** |
| American Homes 4 Rent, Class A | 34184 | 1185843 |
| American Tower Corp. | 2497 | 520350 |

---

---

| | | |
|:---|:---|:---|
| | **Number of <br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Americold Realty Trust, Inc. | 36983 | $594687 |
| BXP, Inc.<sup>1</sup> | 15135 | 990283 |
| Digital Realty Trust, Inc. | 12631 | 2228614 |
| DigitalBridge Group, Inc.<sup>1</sup> | 16898 | 181485 |
| Douglas Emmett, Inc. | 24528 | 371844 |
| Equinix, Inc. | 3405 | 2673504 |
| Equity LifeStyle Properties, Inc. | 19874 | 1190850 |
| Essex Property Trust, Inc. | 5674 | 1476261 |
| Extra Space Storage, Inc. | 11530 | 1549171 |
| Federal Realty Investment Trust | 12927 | 1191352 |
| Healthcare Realty Trust, Inc. | 73958 | 1135995 |
| Highwoods Properties, Inc. | 32776 | 950832 |
| Kimco Realty Corp. | 67278 | 1428312 |
| Lamar Advertising Co., Class A | 6872 | 840102 |
| Mid-America Apartment<br>Communities, Inc. | 10754 | 1531692 |
| NNN REIT, Inc. | 24567 | 1013634 |
| Prologis, Inc. | 33135 | 3538155 |
| Rexford Industrial Realty, Inc. | 32533 | 1188430 |
| Ryman Hospitality Properties, Inc. | 7421 | 705440 |
| SBA Communications Corp. | 2309 | 518878 |
| Simon Property Group, Inc. | 10091 | 1652805 |
| Sun Communities, Inc. | 5075 | 629452 |
| Sunstone Hotel Investors, Inc. | 61202 | 535518 |
| Ventas, Inc. | 26988 | 1813054 |
| Weyerhaeuser Co. | 38435 | 962797 |
|  |  | 32599340 |
| **Total common stocks** <br> (cost—$54,594,667) |  | **52274150** |
| **Short-term investments—0.4%** | **Short-term investments—0.4%** | **Short-term investments—0.4%** |
| **Investment companies—0.4%** | **Investment companies—0.4%** | **Investment companies—0.4%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<sup>3</sup>(cost—$211,516) | 211516 | 211516 |
| **Investment of cash collateral from securities loaned—8.7%** | **Investment of cash collateral from securities loaned—8.7%** | **Investment of cash collateral from securities loaned—8.7%** |
| **Money market funds—8.7%** | **Money market funds—8.7%** | **Money market funds—8.7%** |
| State Street Navigator Securities Lending <br>Government Money Market Portfolio, 4.276%<sup>3</sup>(cost—$4,626,110) | 4626110 | 4626110 |
| **Total investments** <br> (cost—$59,432,293)—107.7% | **Total investments** <br> (cost—$59,432,293)—107.7% | **57111776** |
| Liabilities in excess of other assets—(7.7)% |  | (4107290) |
| **Net assets—100.0%** | **Net assets—100.0%** | $**53004486** |

---

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—July 31, 2025

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted<br>quoted prices in<br>active market for<br>identical investments<br>(Level 1)** | **Other significant<br>observable inputs<br>(Level 2)** | **Unobservable<br>inputs<br>(Level 3)** | **Total** |
| Common stocks | $33519693 | $18754457 | $— | $52274150 |
| Short-term investments | 211516 |  |  | 211516 |
| Investment of cash collateral from securities loaned | 4626110 |  |  | 4626110 |
| **Total** | $**38357319** | $**18754457** | $**—** | $**57111776** |

---

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

**Portfolio footnotes**

\* Non-income producing security.

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

<sup>2</sup> 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 $727,458, represented 1.4% of the Portfolio's net assets at period end.

<sup>3</sup> Rate shown reflects yield at July 31, 2025.

See accompanying notes to financial statements

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—31.5%** | **Common stocks—31.5%** | **Common stocks—31.5%** |
| **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** |
| Cochlear Ltd. | 14 | $2858 |
| Coles Group Ltd. | 112 | 1491 |
| Goodman Group | 2065 | 46170 |
| REA Group Ltd. | 61 | 9292 |
| Rio Tinto PLC | 73 | 4348 |
| Westpac Banking Corp. | 230 | 4966 |
|  |  | 69125 |
| **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** |
| Erste Group Bank AG | 24 | 2195 |
| **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** |
| Elia Group SA | 226 | 26074 |
| Groupe Bruxelles Lambert NV | 20 | 1672 |
| KBC Group NV | 18 | 1878 |
|  |  | 29624 |
| **Bermuda—0.0%<sup>†</sup>** | **Bermuda—0.0%<sup>†</sup>** | **Bermuda—0.0%<sup>†</sup>** |
| Teekay Corp. Ltd. | 818 | 5890 |
| **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** |
| Cosan SA\* | 823 | 872 |
| **Canada—8.5%** | **Canada—8.5%** | **Canada—8.5%** |
| ADENTRA, Inc.<sup>1</sup> | 19760 | 419415 |
| Advantage Energy Ltd.\*<sup>,1</sup> | 122590 | 977641 |
| Alimentation Couche-Tard, Inc.<sup>1</sup> | 4800 | 249423 |
| Aritzia, Inc.\*<sup>,1</sup> | 4090 | 219525 |
| AtkinsRealis Group, Inc.<sup>1</sup> | 8360 | 591945 |
| Bank of Nova Scotia | 83 | 4618 |
| Black Diamond Group Ltd.<sup>1</sup> | 150860 | 1289104 |
| Boralex, Inc., Class A | 63 | 1426 |
| Brookfield Business Partners LP<sup>1</sup> | 63120 | 1524348 |
| Brookfield Corp.<sup>1</sup> | 10170 | 681898 |
| Brookfield Infrastructure Partners LP<sup>1</sup> | 10870 | 339144 |
| CAE, Inc.\*<sup>,1</sup> | 27100 | 773144 |
| Canadian Natural Resources Ltd.<sup>1</sup> | 18410 | 583597 |
| Chartwell Retirement Residences<sup>1</sup> | 162648 | 2078880 |
| Coveo Solutions, Inc.\*<sup>,1</sup> | 40270 | 262150 |
| dentalcorp Holdings Ltd.<sup>1</sup> | 78110 | 454928 |
| Descartes Systems Group, Inc.\*<sup>,1</sup> | 4450 | 470632 |
| Dollarama, Inc. | 469 | 64102 |
| DREAM Unlimited Corp., Class A<sup>1</sup> | 25460 | 383664 |
| Dye & Durham Ltd. | 20690 | 167091 |
| Enerflex Ltd.<sup>1</sup> | 107740 | 859214 |
| European Residential Real Estate Investment Trust | 1184543 | 2188532 |
| Fairfax Financial Holdings Ltd. | 973 | 1726355 |
| Finning International, Inc.<sup>1</sup> | 6610 | 288043 |
| First Capital Real Estate Investment Trust<sup>1</sup> | 29380 | 394179 |
| Gildan Activewear, Inc. | 27 | 1364 |
| Headwater Exploration, Inc.<sup>1</sup> | 58300 | 305048 |
| Hydro One Ltd.<sup>2</sup> | 317 | 11210 |
| Kelt Exploration Ltd.\*<sup>,1</sup> | 65070 | 345637 |
| Keyera Corp.\*<sup>,1</sup> | 15420 | 477423 |
| Methanex Corp.<sup>1</sup> | 11510 | 384894 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** |
| Northwest Healthcare Properties Real Estate <br>Investment Trust<sup>1</sup> | 153710 | $| 525827 |
| Pan American Silver Corp.<sup>1</sup> | 4770 |  | 128885 |
| Parkland Corp. | 521 |  | 14706 |
| Pembina Pipeline Corp.<sup>1</sup> | 13640 |  | 507272 |
| Premium Brands Holdings Corp.<sup>1</sup> | 30360 |  | 1924670 |
| RB Global, Inc.<sup>1</sup> | 5430 |  | 587852 |
| Royal Bank of Canada | 146 |  | 18734 |
| Russel Metals, Inc.<sup>1</sup> | 2850 |  | 91284 |
| Shopify, Inc., Class A\* | 77 |  | 9412 |
| Sienna Senior Living, Inc.<sup>1</sup> | 36660 |  | 473595 |
| Sylogist Ltd. | 35420 |  | 236457 |
| Teekay Tankers Ltd., Class A | 141 |  | 5971 |
| Telesat Corp.\*<sup>,1</sup> | 5980 |  | 143371 |
| TELUS Corp. | 89 |  | 1434 |
| West Fraser Timber Co. Ltd. | 121 |  | 8389 |
| Westaim Corp.\*<sup>,1</sup> | 13400 |  | 289160 |
| WSP Global, Inc. | 258 |  | 53123 |
|  |  |  | 23538716 |
| **Cayman Islands—0.0%<sup>†</sup>** | **Cayman Islands—0.0%<sup>†</sup>** | **Cayman Islands—0.0%<sup>†</sup>** | **Cayman Islands—0.0%<sup>†</sup>** |
| Patria Investments Ltd., Class A | 444 |  | 6194 |
| **China—0.1%** | **China—0.1%** | **China—0.1%** | **China—0.1%** |
| Li Auto, Inc., ADR\* | 3859 |  | 100720 |
| PetroChina Co. Ltd., Class H | 108431 |  | 105962 |
| Tencent Holdings Ltd. | 1079 |  | 75543 |
|  |  |  | 282225 |
| **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** | **Denmark—0.1%** |
| Danske Bank AS | 500 |  | 19836 |
| DSV AS | 157 |  | 35181 |
| Netcompany Group AS\*<sup>,2</sup> | 262 |  | 9607 |
| Novo Nordisk AS, Class B | 647 |  | 30091 |
|  |  |  | 94715 |
| **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** | **Faeroe Islands—0.0%<sup>†</sup>** |
| Bakkafrost P | 159 |  | 6351 |
| **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** | **France—0.0%<sup>†</sup>** |
| Arkema SA | 17 |  | 1156 |
| Dassault Aviation SA | 60 |  | 18681 |
| Engie SA | 84 |  | 1888 |
| Gaztransport Et Technigaz SA | 77 |  | 14483 |
| Hermes International SCA | 9 |  | 22009 |
| LVMH Moet Hennessy Louis Vuitton SE | 18 |  | 9663 |
| SCOR SE | 54 |  | 1759 |
| Veolia Environnement SA | 46 |  | 1559 |
|  |  |  | 71198 |
| **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** | **Germany—0.3%** |
| adidas AG | 90 |  | 17201 |
| Bayer AG, Registered Shares | 127 |  | 3950 |
| Bayerische Motoren Werke AG | 4116 |  | 391643 |
| Deutsche Boerse AG | 7 |  | 2026 |
| E.ON SE | 1786 |  | 32582 |
| Rheinmetall AG | 38 |  | 75221 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** | **Germany—(concluded)** |
| RWE AG | 42 | $| 1723 |
| SAP SE | 93 |  | 26594 |
| Siemens AG, Registered Shares | 1196 |  | 304625 |
|  |  |  | 855565 |
| **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** | **Hong Kong—0.0%<sup>†</sup>** |
| AIA Group Ltd. | 715 |  | 6667 |
| **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| Accenture PLC, Class A | 60 |  | 16026 |
| AerCap Holdings NV | 3430 |  | 367867 |
| Ardmore Shipping Corp. | 606 |  | 6593 |
| Bank of Ireland Group PLC | 151 |  | 2025 |
| Kingspan Group PLC | 419 |  | 34774 |
|  |  |  | 427285 |
| **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** |
| Sapiens International Corp. NV | 212 |  | 5811 |
| **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** |
| Brunello Cucinelli SpA | 13 |  | 1458 |
| Enel SpA | 510 |  | 4497 |
| Prysmian SpA | 679 |  | 54227 |
| Terna—Rete Elettrica Nazionale | 2068 |  | 20010 |
| UniCredit SpA | 88 |  | 6475 |
|  |  |  | 86667 |
| **Japan—0.5%** | **Japan—0.5%** | **Japan—0.5%** | **Japan—0.5%** |
| Capcom Co. Ltd. | 58 |  | 1476 |
| Daiichi Sankyo Co. Ltd. | 843 |  | 20680 |
| Daikin Industries Ltd. | 12 |  | 1475 |
| Disco Corp. | 4 |  | 1182 |
| FANUC Corp. | 6545 |  | 182193 |
| Fast Retailing Co. Ltd. | 125 |  | 38129 |
| Fujikura Ltd. | 2139 |  | 145200 |
| IHI Corp. | 2430 |  | 270597 |
| ITOCHU Corp. | 76 |  | 3986 |
| Itochu Enex Co. Ltd. | 1250 |  | 16782 |
| KDDI Corp. | 206 |  | 3381 |
| Mitsubishi Electric Corp. | 25621 |  | 576274 |
| MS&AD Insurance Group Holdings, Inc. | 59 |  | 1261 |
| Nintendo Co. Ltd. | 317 |  | 26495 |
| Niterra Co. Ltd. | 44 |  | 1517 |
| Panasonic Holdings Corp. | 139 |  | 1315 |
| Recruit Holdings Co. Ltd. | 551 |  | 32691 |
| Sompo Holdings, Inc. | 49 |  | 1445 |
| Sony Group Corp. | 2989 |  | 71895 |
| Sumitomo Mitsui Financial Group, Inc. | 243 |  | 6130 |
| Tohoku Electric Power Co., Inc. | 171 |  | 1200 |
| Tokio Marine Holdings, Inc. | 119 |  | 4778 |
| Toyota Tsusho Corp. | 79 |  | 1811 |
| Unicharm Corp. | 3699 |  | 25587 |
|  |  |  | 1437480 |
| **Malta—0.0%<sup>†</sup>** | **Malta—0.0%<sup>†</sup>** | **Malta—0.0%<sup>†</sup>** | **Malta—0.0%<sup>†</sup>** |
| Gambling.com Group Ltd.\* | 551 |  | 5824 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Monaco—0.0%<sup>†</sup>** | **Monaco—0.0%<sup>†</sup>** | **Monaco—0.0%<sup>†</sup>** |
| Scorpio Tankers, Inc. | 97 | $4385 |
| **Netherlands—0.3%** | **Netherlands—0.3%** | **Netherlands—0.3%** |
| Adyen NV\*<sup>,2</sup> | 1 | 1715 |
| ASM International NV | 3 | 1452 |
| BE Semiconductor Industries NV | 81 | 10944 |
| NXP Semiconductors NV | 3966 | 847812 |
| SBM Offshore NV | 749 | 19533 |
| Wolters Kluwer NV | 9 | 1402 |
|  |  | 882858 |
| **Norway—0.0%<sup>†</sup>** | **Norway—0.0%<sup>†</sup>** | **Norway—0.0%<sup>†</sup>** |
| Aker Solutions ASA | 4307 | 12739 |
| Mowi ASA | 745 | 13878 |
| Salmar ASA | 114 | 4617 |
| TOMRA Systems ASA | 97 | 1347 |
|  |  | 32581 |
| **Spain—0.1%** | **Spain—0.1%** | **Spain—0.1%** |
| Amadeus IT Group SA | 35 | 2810 |
| Banco Santander SA | 8203 | 70470 |
| EDP Renovaveis SA | 217 | 2548 |
| Iberdrola SA | 1440 | 25310 |
| Industria de Diseno Textil SA | 66 | 3153 |
|  |  | 104291 |
| **Sweden—0.0%<sup>†</sup>** | **Sweden—0.0%<sup>†</sup>** | **Sweden—0.0%<sup>†</sup>** |
| Assa Abloy AB, Class B | 43 | 1423 |
| Atlas Copco AB, Class A | 169 | 2574 |
| Atlas Copco AB, Class B | 100 | 1353 |
| EQT AB | 46 | 1538 |
| Nibe Industrier AB, Class B | 633 | 2921 |
| Saab AB, Class B | 1377 | 74900 |
|  |  | 84709 |
| **Switzerland—0.0%<sup>†</sup>** | **Switzerland—0.0%<sup>†</sup>** | **Switzerland—0.0%<sup>†</sup>** |
| Kuehne & Nagel International AG, Registered <br>Shares | 6 | 1223 |
| Schindler Holding AG | 5 | 1808 |
| Zurich Insurance Group AG | 9 | 6139 |
|  |  | 9170 |
| **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br>ADR | 165 | 39867 |
| **Thailand—0.0%<sup>†</sup>** | **Thailand—0.0%<sup>†</sup>** | **Thailand—0.0%<sup>†</sup>** |
| Fabrinet\* | 20 | 6475 |
| **United Kingdom—0.2%** | **United Kingdom—0.2%** | **United Kingdom—0.2%** |
| 3i Group PLC | 38 | 2076 |
| Ashtead Group PLC | 17 | 1136 |
| AstraZeneca PLC | 99 | 14443 |
| Auto Trader Group PLC<sup>2</sup> | 128 | 1413 |
| Barclays PLC | 563 | 2752 |
| Compass Group PLC | 785 | 27584 |
| Computacenter PLC | 47 | 1421 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** | **United Kingdom—(concluded)** |
| Future PLC | 975 | $| 9119 |
| HSBC Holdings PLC | 2357 |  | 28715 |
| ICG PLC | 49 |  | 1403 |
| JD Sports Fashion PLC | 10943 |  | 12283 |
| Lloyds Banking Group PLC | 2380 |  | 2441 |
| London Stock Exchange Group PLC | 30 |  | 3657 |
| NatWest Group PLC | 260 |  | 1805 |
| Reckitt Benckiser Group PLC | 27 |  | 2024 |
| RELX PLC | 118 |  | 6131 |
| Rentokil Initial PLC, ADR | 17618 |  | 436398 |
| Rightmove PLC | 162 |  | 1748 |
| Savills PLC | 965 |  | 12451 |
| Segro PLC | 141 |  | 1202 |
| Softcat PLC | 68 |  | 1463 |
| SSE PLC | 849 |  | 20811 |
| Standard Chartered PLC | 2520 |  | 45176 |
| Unilever PLC | 162 |  | 9399 |
| UNITE Group PLC | 125 |  | 1232 |
|  |  |  | 648283 |
| **United States—21.2%** | **United States—21.2%** | **United States—21.2%** | **United States—21.2%** |
| 3M Co.<sup>1</sup> | 6697 |  | 999326 |
| A.O. Smith Corp. | 89 |  | 6300 |
| Abbott Laboratories | 113 |  | 14259 |
| AbbVie, Inc. | 197 |  | 37237 |
| Abercrombie & Fitch Co., Class A\* | 18554 |  | 1781555 |
| ABIOMED, Inc.\*<sup>,3</sup> | 42 |  | 70 |
| ACADIA Pharmaceuticals, Inc.\* | 277 |  | 6601 |
| ADMA Biologics, Inc.\* | 341 |  | 6377 |
| Adobe, Inc.\* | 40 |  | 14308 |
| Advanced Micro Devices, Inc.\* | 151 |  | 26623 |
| Air Products & Chemicals, Inc. | 2746 |  | 790518 |
| Airbnb, Inc., Class A\* | 233 |  | 30852 |
| Akamai Technologies, Inc.\* | 327 |  | 24953 |
| Albemarle Corp. | 846 |  | 57401 |
| Align Technology, Inc.\* | 31 |  | 3999 |
| Alkermes PLC\* | 216 |  | 5722 |
| Alliant Energy Corp. | 267 |  | 17358 |
| Allstate Corp. | 17 |  | 3455 |
| Alphabet, Inc., Class C | 473 |  | 91223 |
| Alphabet, Inc., Class A | 552 |  | 105929 |
| Amazon.com, Inc.\* | 939 |  | 219829 |
| Amcor PLC<sup>1</sup> | 89835 |  | 839957 |
| Ameren Corp. | 400 |  | 40452 |
| American Electric Power Co., Inc. | 166 |  | 18781 |
| American Express Co. | 131 |  | 39210 |
| American Water Works Co., Inc. | 279 |  | 39127 |
| AMETEK, Inc. | 249 |  | 46028 |
| Amgen, Inc. | 34 |  | 10033 |
| Amrize Ltd.\* | 33 |  | 1668 |
| Aon PLC, Class A | 135 |  | 48021 |
| Appfolio, Inc., Class A\* | 25 |  | 6685 |
| Apple, Inc. | 1439 |  | 298693 |
| Applied Industrial Technologies, Inc. | 24 |  | 6516 |
| Applied Materials, Inc. | 155 |  | 27909 |
| AptarGroup, Inc. | 178 |  | 27971 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Arch Capital Group Ltd. | 483 | $41567 |
| ARES Management Corp., Class A | 129 | 23933 |
| Argan, Inc. | 29 | 7104 |
| Array Technologies, Inc.\* | 22427 | 145776 |
| Arthur J Gallagher & Co. | 90 | 25853 |
| Artisan Partners Asset Management, Inc., Class A | 135 | 6109 |
| AT&T, Inc. | 442 | 12115 |
| Atlas Energy Solutions, Inc. | 20334 | 264342 |
| Autodesk, Inc.\* | 131 | 39707 |
| Automatic Data Processing, Inc. | 26 | 8047 |
| AutoZone, Inc.\* | 8 | 30147 |
| Axcelis Technologies, Inc.\* | 85 | 5754 |
| AZZ, Inc. | 38 | 4161 |
| Badger Meter, Inc. | 29 | 5474 |
| Baker Hughes Co. | 1071 | 48249 |
| Bank of America Corp. | 664 | 31387 |
| BellRing Brands, Inc.\* | 889 | 48522 |
| Blackrock, Inc. | 36 | 39816 |
| Blackstone, Inc. | 46 | 7956 |
| Bloom Energy Corp., Class A\* | 14 | 523 |
| Blue Bird Corp.\* | 139 | 6226 |
| Boeing Co.\* | 4306 | 955243 |
| Booz Allen Hamilton Holding Corp. | 9 | 966 |
| Boston Scientific Corp.\* | 474 | 49732 |
| Box, Inc., Class A\* | 191 | 6131 |
| Bristol-Myers Squibb Co. | 135 | 5847 |
| Broadcom, Inc. | 572 | 167996 |
| Broadridge Financial Solutions, Inc. | 6 | 1485 |
| Buckle, Inc. | 129 | 6369 |
| Build-A-Bear Workshop, Inc. | 119 | 6034 |
| Builders FirstSource, Inc.\* | 8 | 1017 |
| Burlington Stores, Inc.\*<sup>,1</sup> | 460 | 125562 |
| Cactus, Inc., Class A | 137 | 5796 |
| Cadence Design Systems, Inc.\* | 17 | 6198 |
| Cal-Maine Foods, Inc. | 59 | 6557 |
| Capital One Financial Corp.<sup>1</sup> | 6110 | 1313650 |
| Cardinal Health, Inc. | 887 | 137680 |
| CareDx, Inc.\* | 375 | 4607 |
| Carlisle Cos., Inc. | 15 | 5321 |
| Carrier Global Corp. | 452 | 31016 |
| Carvana Co.\*<sup>,1</sup> | 1930 | 753028 |
| Catalyst Pharmaceuticals, Inc.\* | 291 | 6207 |
| Cavco Industries, Inc.\* | 14 | 5651 |
| Celanese Corp. | 3618 | 188968 |
| Celsius Holdings, Inc.\* | 181 | 8207 |
| Cencora, Inc. | 622 | 177942 |
| Centene Corp.\* | 23 | 600 |
| Champion Homes, Inc.\* | 96 | 5846 |
| Charles Schwab Corp.<sup>1</sup> | 3730 | 364533 |
| Chemed Corp. | 14 | 5772 |
| Chewy, Inc., Class A\* | 162 | 5945 |
| Chipotle Mexican Grill, Inc.\* | 542 | 23241 |
| Chord Energy Corp. | 58 | 6399 |
| Church & Dwight Co., Inc. | 141 | 13222 |
| Cigna Group | 92 | 24599 |
| Cirrus Logic, Inc.\* | 59 | 5942 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Cisco Systems, Inc. | 380 | $25870 |
| Citigroup, Inc.<sup>1</sup> | 2841 | 266202 |
| Clear Secure, Inc., Class A | 211 | 6206 |
| Clearwater Analytics Holdings, Inc., Class A\* | 287 | 5815 |
| Climb Global Solutions, Inc. | 39 | 4602 |
| CME Group, Inc. | 22 | 6122 |
| CNX Resources Corp.\* | 793 | 24036 |
| Cognizant Technology Solutions Corp., Class A | 82 | 5884 |
| Colgate-Palmolive Co. | 101 | 8469 |
| Comcast Corp., Class A | 252 | 8374 |
| Comfort Systems USA, Inc. | 11 | 7736 |
| Commercial Metals Co. | 5099 | 264434 |
| Commvault Systems, Inc.\* | 35 | 6648 |
| Consolidated Edison, Inc. | 4681 | 484483 |
| Consolidated Water Co. Ltd. | 207 | 6022 |
| Constellation Energy Corp.<sup>1</sup> | 4360 | 1516582 |
| Corcept Therapeutics, Inc.\* | 87 | 5844 |
| Core Scientific, Inc.\*<sup>,1</sup> | 2392 | 32388 |
| Corpay, Inc.\* | 121 | 39089 |
| CorVel Corp.\* | 64 | 5670 |
| Costco Wholesale Corp. | 49 | 46042 |
| Crane Co. | 33 | 6460 |
| CRH PLC | 95 | 9003 |
| CRH PLC<sup>1</sup> | 22770 | 2173396 |
| Crocs, Inc.\* | 59 | 5884 |
| CSL Ltd. | 31 | 5363 |
| CSW Industrials, Inc. | 22 | 5709 |
| CVS Health Corp. | 84 | 5216 |
| Danaher Corp. | 199 | 39235 |
| Dave, Inc.\* | 28 | 6602 |
| Deckers Outdoor Corp.\* | 145 | 15395 |
| DHT Holdings, Inc. | 561 | 6221 |
| Diamond Hill Investment Group, Inc. | 41 | 5558 |
| Dillard's, Inc., Class A | 14 | 6537 |
| Docusign, Inc.\* | 81 | 6127 |
| Dolby Laboratories, Inc., Class A | 82 | 6178 |
| Doximity, Inc., Class A\* | 103 | 6051 |
| DR Horton, Inc. | 152 | 21712 |
| Duke Energy Corp. | 4094 | 497994 |
| Duolingo, Inc.\* | 17 | 5891 |
| Dynatrace, Inc.\* | 116 | 6103 |
| Edison International<sup>1</sup> | 4743 | 247205 |
| Edwards Lifesciences Corp.\* | 63 | 4997 |
| Elastic NV\* | 2110 | 176607 |
| Elevance Health, Inc. | 59 | 16702 |
| Eli Lilly & Co. | 116 | 85848 |
| EMCOR Group, Inc. | 11 | 6902 |
| Emerson Electric Co. | 264 | 38415 |
| Energizer Holdings, Inc. | 30913 | 696161 |
| Energy Recovery, Inc.\* | 466 | 6268 |
| Ennis, Inc. | 344 | 6123 |
| Enovix Corp.\* | 41700 | 558780 |
| Entergy Corp.<sup>1</sup> | 10367 | 937488 |
| EPAM Systems, Inc.\* | 36 | 5678 |
| ePlus, Inc.\* | 90 | 5830 |
| Equifax, Inc. | 5 | 1201 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Essent Group Ltd. | 108 | $6047 |
| Estee Lauder Cos., Inc., Class A | 17 | 1587 |
| Evercore, Inc., Class A | 4462 | 1343687 |
| Evergy, Inc. | 211 | 14939 |
| EverQuote, Inc., Class A\* | 255 | 6270 |
| Eversource Energy | 373 | 24655 |
| Exelixis, Inc.\* | 148 | 5361 |
| Exelon Corp. | 10993 | 494025 |
| ExlService Holdings, Inc.\* | 143 | 6210 |
| Expeditors International of Washington, Inc. | 54 | 6277 |
| Experian PLC | 36 | 1897 |
| Exponent, Inc. | 85 | 5862 |
| F5, Inc.\* | 21 | 6582 |
| FactSet Research Systems, Inc. | 3 | 1209 |
| Fair Isaac Corp.\* | 8 | 11494 |
| Fastenal Co. | 138 | 6366 |
| Federal Signal Corp. | 55 | 6961 |
| FirstEnergy Corp. | 764 | 32630 |
| Fiserv, Inc.\* | 312 | 43349 |
| Flotek Industries, Inc.\* | 474 | 5712 |
| Ford Motor Co. | 80237 | 888224 |
| Fortinet, Inc.\* | 41 | 4096 |
| Franklin Electric Co., Inc. | 45 | 4228 |
| Franklin Resources, Inc. | 39570 | 949680 |
| Frequency Electronics, Inc. | 105 | 2793 |
| Garmin Ltd. | 28 | 6125 |
| Gartner, Inc.\* | 17 | 5757 |
| GE Vernova, Inc. | 1032 | 681419 |
| Generac Holdings, Inc.\* | 602 | 117203 |
| General Electric Co.<sup>1</sup> | 1030 | 279212 |
| Gentex Corp. | 254 | 6711 |
| GEO Group, Inc.\* | 55588 | 1440841 |
| Gibraltar Industries, Inc.\* | 97 | 6405 |
| Goldman Sachs Group, Inc. | 20 | 14472 |
| Graco, Inc. | 72 | 6047 |
| Grand Canyon Education, Inc.\* | 35 | 5902 |
| Hackett Group, Inc. | 259 | 6058 |
| Hamilton Lane, Inc., Class A | 41 | 6244 |
| Harmony Biosciences Holdings, Inc.\* | 181 | 6368 |
| Healthcare Realty Trust, Inc. | 92597 | 1422290 |
| Hecla Mining Co. | 2377 | 13644 |
| Hims & Hers Health, Inc.\* | 115 | 7611 |
| Holcim AG | 33 | 2632 |
| Houlihan Lokey, Inc. | 33 | 6292 |
| Howmet Aerospace, Inc. | 1040 | 186961 |
| HubSpot, Inc.\* | 2 | 1039 |
| Hudson Pacific Properties, Inc.\* | 335000 | 820750 |
| Hudson Technologies, Inc.\* | 758 | 7118 |
| Humana, Inc. | 5 | 1249 |
| Ibotta, Inc., Class A\* | 170 | 6180 |
| Idaho Strategic Resources, Inc.\* | 389 | 6380 |
| IDEXX Laboratories, Inc.\* | 12 | 6412 |
| IDT Corp., Class B | 101 | 5950 |
| IES Holdings, Inc.\* | 19 | 6708 |
| Illumina, Inc.\* | 19 | 1951 |
| Incyte Corp.\* | 27 | 2022 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Ingersoll Rand, Inc. | 469 | $39691 |
| Innodata, Inc.\* | 128 | 7027 |
| Innovex International, Inc.\* | 384 | 6305 |
| Inspire Medical Systems, Inc.\* | 48 | 5978 |
| Insulet Corp.\* | 97 | 27975 |
| Interactive Brokers Group, Inc., Class A | 788 | 51661 |
| Intercontinental Exchange, Inc. | 37 | 6839 |
| InterDigital, Inc. | 26 | 6713 |
| International Business Machines Corp. | 83 | 21011 |
| International Flavors & Fragrances, Inc. | 17870 | 1269306 |
| International Seaways, Inc. | 9439 | 376616 |
| Interparfums, Inc. | 48 | 5789 |
| Intuit, Inc. | 17 | 13347 |
| Investors Title Co. | 30 | 6337 |
| Jack Henry & Associates, Inc. | 35 | 5944 |
| JAKKS Pacific, Inc. | 206 | 3648 |
| Jefferies Financial Group, Inc. | 24629 | 1420108 |
| Johnson & Johnson | 261 | 42997 |
| Johnson Controls International PLC | 6683 | 701715 |
| JPMorgan Chase & Co. | 3629 | 1075055 |
| KB Home | 17 | 939 |
| Kforce, Inc. | 153 | 5332 |
| Kinsale Capital Group, Inc. | 13 | 5729 |
| KLA Corp. | 9 | 7911 |
| Kontoor Brands, Inc. | 97 | 5399 |
| Kroger Co. | 1497 | 104940 |
| Krystal Biotech, Inc.\* | 42 | 6463 |
| Lam Research Corp. | 86 | 8156 |
| Landstar System, Inc. | 44 | 5868 |
| Lantheus Holdings, Inc.\* | 83 | 5909 |
| Lattice Semiconductor Corp.\* | 118 | 5880 |
| Laureate Education, Inc.\* | 179 | 4045 |
| Legalzoom.com, Inc.\* | 692 | 6221 |
| LeMaitre Vascular, Inc. | 75 | 6093 |
| Lennar Corp., Class A | 142 | 15930 |
| Lennox International, Inc. | 9 | 5481 |
| Lifevantage Corp. | 480 | 6024 |
| Linde PLC | 124 | 57072 |
| Liquidity Services, Inc.\* | 255 | 6089 |
| Lithia Motors, Inc. | 1539 | 443232 |
| Louisiana-Pacific Corp. | 69 | 6238 |
| Lowe's Cos., Inc. | 36 | 8049 |
| Lululemon Athletica, Inc.\* | 27 | 5414 |
| Magnolia Oil & Gas Corp., Class A | 264 | 6288 |
| Manhattan Associates, Inc.\* | 29 | 6370 |
| MannKind Corp.\* | 62032 | 234481 |
| Maplebear, Inc.\* | 132 | 6332 |
| MarketAxess Holdings, Inc. | 29 | 5960 |
| Marsh & McLennan Cos., Inc. | 32 | 6374 |
| Marzetti Co. | 34 | 6044 |
| MasTec, Inc.\*<sup>,1</sup> | 5128 | 970269 |
| Mastercard, Inc., Class A | 157 | 88936 |
| Matson, Inc. | 56 | 5980 |
| McDonald's Corp. | 66 | 19805 |
| McKesson Corp. | 255 | 176853 |
| Medpace Holdings, Inc.\* | 18 | 7690 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Merck & Co., Inc. | 280 | $21874 |
| Meta Platforms, Inc., Class A | 224 | 173251 |
| Mettler-Toledo International, Inc.\* | 17 | 20973 |
| MGIC Investment Corp. | 238 | 6164 |
| Microchip Technology, Inc. | 6413 | 433455 |
| Micron Technology, Inc. | 304 | 33179 |
| Microsoft Corp. | 700 | 373450 |
| Millrose Properties, Inc., Class A | 71 | 2129 |
| MiMedx Group, Inc.\* | 956 | 6874 |
| Moelis & Co., Class A | 89 | 6242 |
| MongoDB, Inc.\* | 2011 | 478397 |
| Monolithic Power Systems, Inc. | 9 | 6401 |
| Monster Beverage Corp.\* | 719 | 42241 |
| Morgan Stanley | 216 | 30771 |
| MSCI, Inc. | 23 | 12911 |
| Mueller Industries, Inc. | 73 | 6232 |
| Napco Security Technologies, Inc. | 203 | 6198 |
| Nathan's Famous, Inc. | 41 | 3895 |
| NerdWallet, Inc., Class A\* | 573 | 6068 |
| Nestle SA, Registered Shares | 169 | 14767 |
| Netflix, Inc.\* | 46 | 53332 |
| Neurocrine Biosciences, Inc.\* | 15 | 1923 |
| New York Times Co., Class A | 114 | 5915 |
| NewMarket Corp. | 9 | 6183 |
| Newmont Corp. | 44 | 2732 |
| NextEra Energy, Inc.<sup>1</sup> | 14302 | 1016300 |
| NEXTracker, Inc., Class A\* | 3552 | 206940 |
| Niagen Bioscience, Inc.\* | 561 | 5245 |
| NIKE, Inc., Class B | 6065 | 452995 |
| NMI Holdings, Inc.\* | 158 | 5897 |
| Novanta, Inc.\* | 8 | 984 |
| Novartis AG, Registered Shares | 129 | 14691 |
| Nucor Corp. | 1871 | 267684 |
| NVE Corp. | 59 | 3736 |
| nVent Electric PLC | 388 | 30427 |
| NVIDIA Corp. | 2393 | 425643 |
| Oceaneering International, Inc.\* | 478 | 10373 |
| Okta, Inc.\* | 15 | 1467 |
| Old Dominion Freight Line, Inc. | 39 | 5821 |
| Omnicom Group, Inc. | 13 | 937 |
| OneSpan, Inc. | 395 | 5826 |
| Onto Innovation, Inc.\* | 61 | 5780 |
| Oracle Corp. | 266 | 67503 |
| Palo Alto Networks, Inc.\* | 226 | 39234 |
| Paychex, Inc. | 21 | 3031 |
| Paycom Software, Inc. | 27 | 6252 |
| PayPal Holdings, Inc.\* | 83 | 5707 |
| PC Connection, Inc. | 95 | 5851 |
| Pebblebrook Hotel Trust | 71150 | 713634 |
| Pegasystems, Inc. | 115 | 6752 |
| Penn Entertainment, Inc.\* | 67755 | 1223655 |
| PepsiCo, Inc. | 177 | 24412 |
| Perdoceo Education Corp. | 208 | 5986 |
| PG&E Corp. | 12577 | 176330 |
| Photronics, Inc.\* | 307 | 6251 |
| Pinnacle West Capital Corp. | 294 | 26642 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Pinterest, Inc., Class A\* | 12011 | $463625 |
| Piper Sandler Cos. | 20 | 6306 |
| PJT Partners, Inc., Class A | 35 | 6252 |
| Powell Industries, Inc. | 28 | 6639 |
| Power Solutions International, Inc.\* | 77 | 7219 |
| PPL Corp. | 15008 | 535636 |
| PrimeEnergy Resources Corp.\* | 39 | 6574 |
| Procter & Gamble Co. | 383 | 57630 |
| Progressive Corp. | 251 | 60752 |
| Progyny, Inc.\* | 275 | 6465 |
| Prologis, Inc. | 60 | 6407 |
| Protagonist Therapeutics, Inc.\* | 116 | 6248 |
| PTC Therapeutics, Inc.\* | 126 | 6566 |
| PTC, Inc.\* | 69 | 14822 |
| Public Storage | 24 | 6527 |
| PulteGroup, Inc. | 66 | 7453 |
| PVH Corp. | 1397 | 102568 |
| QUALCOMM, Inc. | 103 | 15116 |
| Qualys, Inc.\* | 44 | 5855 |
| Quanta Services, Inc.<sup>1</sup> | 1416 | 575080 |
| Rambus, Inc.\* | 91 | 6728 |
| Red Violet, Inc. | 134 | 5940 |
| Republic Services, Inc. | 259 | 59738 |
| ResMed, Inc. | 23 | 6255 |
| Rigel Pharmaceuticals, Inc.\* | 316 | 6655 |
| ROBLOX Corp., Class A\* | 25 | 3445 |
| Roche Holding AG | 45 | 14043 |
| Rocket Cos., Inc., Class A | 88650 | 1309360 |
| Rollins, Inc. | 110 | 6300 |
| Roper Technologies, Inc. | 102 | 56141 |
| Royal Gold, Inc. | 245 | 37098 |
| S&P Global, Inc. | 76 | 41884 |
| Salesforce, Inc. | 83 | 21441 |
| Sanofi SA | 73 | 6553 |
| Schlumberger NV | 945 | 31941 |
| Schneider Electric SE | 127 | 32867 |
| SEI Investments Co. | 67 | 5904 |
| Sempra | 277 | 22625 |
| SentinelOne, Inc., Class A\* | 23206 | 425598 |
| ServiceNow, Inc.\* | 12 | 11317 |
| Sezzle, Inc.\* | 40 | 6194 |
| Shake Shack, Inc., Class A\* | 10265 | 1235290 |
| SIGA Technologies, Inc. | 614 | 4059 |
| Signet Jewelers Ltd. | 11881 | 939787 |
| SL Green Realty Corp. | 12100 | 692725 |
| Snap-on, Inc. | 19 | 6103 |
| SolarEdge Technologies, Inc.\* | 8634 | 221548 |
| Southern Co. | 142 | 13416 |
| Southwest Airlines Co. | 28308 | 875566 |
| Spotify Technology SA\* | 9 | 5639 |
| Sprinklr, Inc., Class A\* | 703 | 6334 |
| Sprouts Farmers Market, Inc.\* | 570 | 86378 |
| SPS Commerce, Inc.\* | 45 | 4899 |
| Starbucks Corp. | 73 | 6509 |
| Steel Dynamics, Inc. | 2104 | 268386 |
| Sterling Infrastructure, Inc.\* | 26 | 6957 |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Steven Madden Ltd. | 163 | $3913 |
| Stoke Therapeutics, Inc.\* | 513 | 6592 |
| Stride, Inc.\* | 31 | 3975 |
| Super Micro Computer, Inc.\* | 34 | 2005 |
| Swiss Re AG | 11 | 1969 |
| Synopsys, Inc.\* | 1 | 633 |
| T. Rowe Price Group, Inc. | 61 | 6188 |
| Take-Two Interactive Software, Inc.\* | 121 | 26950 |
| Tecnoglass, Inc. | 82 | 6398 |
| Teledyne Technologies, Inc.\* | 3 | 1653 |
| Teleflex, Inc. | 3949 | 471905 |
| Teradyne, Inc. | 64 | 6876 |
| Tesla, Inc.\* | 266 | 82000 |
| Texas Pacific Land Corp. | 6 | 5809 |
| Texas Roadhouse, Inc. | 11 | 2036 |
| Thermo Fisher Scientific, Inc. | 96 | 44897 |
| TJX Cos., Inc. | 202 | 25155 |
| T-Mobile U.S., Inc. | 35 | 8344 |
| Toast, Inc., Class A\* | 137 | 6691 |
| Toll Brothers, Inc. | 3655 | 432606 |
| Tootsie Roll Industries, Inc. | 168 | 6372 |
| Trade Desk, Inc., Class A\* | 105 | 9131 |
| Tradeweb Markets, Inc., Class A | 44 | 6096 |
| Trane Technologies PLC | 146 | 63960 |
| Travelers Cos., Inc. | 216 | 56212 |
| Tyler Technologies, Inc.\* | 2 | 1169 |
| U.S. Lime & Minerals, Inc. | 59 | 5875 |
| Uber Technologies, Inc.\* | 710 | 62303 |
| Ubiquiti, Inc. | 15 | 6532 |
| UL Solutions, Inc., Class A | 4405 | 322094 |
| Ulta Beauty, Inc.\* | 12 | 6180 |
| United Therapeutics Corp.\* | 21 | 5769 |
| UnitedHealth Group, Inc. | 100 | 24956 |
| Unity Software, Inc.\* | 39233 | 1308813 |
| Universal Display Corp. | 41 | 5920 |
| Upwork, Inc.\* | 480 | 5741 |
| Veeva Systems, Inc., Class A\* | 21 | 5968 |
| VeriSign, Inc. | 22 | 5915 |
| Verisk Analytics, Inc. | 123 | 34281 |
| Verizon Communications, Inc. | 278 | 11887 |
| Vicor Corp.\* | 45 | 2000 |
| Victoria's Secret & Co.\* | 22164 | 416683 |
| Visa, Inc., Class A | 294 | 101568 |
| Vishay Precision Group, Inc.\* | 6366 | 168826 |
| Vita Coco Co., Inc.\* | 165 | 5818 |
| Vital Farms, Inc.\* | 1263 | 46984 |
| Voya Financial, Inc. | 17 | 1190 |
| Walmart, Inc. | 1284 | 125806 |
| Walt Disney Co. | 182 | 21678 |
| Waste Connections, Inc. | 189 | 35293 |
| Waste Management, Inc. | 112 | 25666 |
| Watsco, Inc. | 14 | 6312 |
| Watts Water Technologies, Inc., Class A | 24 | 6296 |
| WD-40 Co. | 28 | 6003 |
| WEC Energy Group, Inc. | 140 | 15271 |
| Wells Fargo & Co.<sup>1</sup> | 4750 | 382993 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| West Pharmaceutical Services, Inc. | 26 | 6221 |
| WEX, Inc.\* | 168 | 28506 |
| Williams-Sonoma, Inc. | 36 | 6734 |
| Winmark Corp. | 16 | 6039 |
| Workday, Inc., Class A\* | 13 | 2982 |
| WW Grainger, Inc. | 6 | 6237 |
| Wynn Resorts Ltd. | 10329 | 1126171 |
| Xcel Energy, Inc. | 12074 | 886715 |
| XPEL, Inc.\*<sup>,2</sup> | 176 | 5753 |
| Yelp, Inc.\* | 178 | 6129 |
| YETI Holdings, Inc.\* | 178 | 6540 |
| Zebra Technologies Corp., Class A\* | 2027 | 687194 |
| Zoom Communications, Inc.\* | 12657 | 937251 |
|  |  | 58789867 |
| **Total common stocks**<br> (cost—$82,491,072) |  | **87534890** |
| **Exchange traded funds—1.0%** | **Exchange traded funds—1.0%** | **Exchange traded funds—1.0%** |
| iShares GSCI Commodity Dynamic Roll Strategy ETF | 80101 | 2138697 |
| SPDR Gold Shares | 2017 | 611070 |
| **Total exchange traded funds**<br> (cost—$2,545,270) |  | **2749767** |
| **Investment companies—6.9%** | **Investment companies—6.9%** | **Investment companies—6.9%** |
| AQR Style Premia Alternative Fund, Class R6 | 593919 | 5113640 |
| Carillon Reams Unconstrained Bond Fund, Class I | 1105062 | 14111642 |
| **Total investment companies**<br> (cost—$18,384,757) |  | **19225282** |
|  | **Number of<br>warrants** |  |
| **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** | **Warrant—0.0%<sup>†</sup>** |
| **United States—0.0%<sup>†</sup>** | **United States—0.0%<sup>†</sup>** | **United States—0.0%<sup>†</sup>** |
| Enovix Corp. expires 10/01/26\*<br>(cost—$16,206) | 5840 | 27273 |
|  | **Face<br>amount<sup>4</sup>** |  |
| **Corporate bonds—34.1%** | **Corporate bonds—34.1%** | **Corporate bonds—34.1%** |
| **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** |
| Flight Centre Travel Group Ltd.<br>1.625%, due 11/01/28<sup>5</sup> | 400000 | 249865 |
| 2.500%, due 11/17/27<sup>5</sup> | 200000 | 123740 |
|  |  | 373605 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Gol Finance, Inc.<sup>1</sup>14.375%, due 06/06/30<sup>2</sup> | 226220 | 219433 |
| **Cameroon—0.1%** | **Cameroon—0.1%** | **Cameroon—0.1%** |
| Golar LNG Ltd.<sup>1</sup>2.750%, due 12/15/30<sup>2</sup> | 198000 | 201540 |
| **Canada—0.4%** | **Canada—0.4%** | **Canada—0.4%** |
| B2Gold Corp.<sup>1</sup>2.750%, due 02/01/30<sup>2</sup> | 235000 | 301098 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** |
| Fortuna Mining Corp.<sup>1</sup>3.750%, due 06/30/29 |  | 155000 | $| 198167 |
| Rogers Sugar, Inc.<sup>1</sup>6.000%, due 06/30/30 | CAD | 49000 |  | 36690 |
| Shopify, Inc.<sup>1</sup>0.125%, due 11/01/25 |  | 368000 |  | 374179 |
| StorageVault Canada, Inc.<sup>1</sup>5.000%, due 03/31/28<sup>2</sup> | CAD | 298000 |  | 213994 |
|  |  |  |  | 1124128 |
| **China—1.3%** | **China—1.3%** | **China—1.3%** | **China—1.3%** | **China—1.3%** |
| Alibaba Group Holding Ltd.<sup>1</sup>0.500%, due 06/01/31 |  | 1399000 |  | 1855074 |
| H World Group Ltd.<sup>1</sup>3.000%, due 05/01/26 |  | 202000 |  | 204525 |
| Ping An Insurance Group Co. of China Ltd.<sup>1</sup>0.875%, due 07/22/29<sup>5</sup> |  | 200000 |  | 270512 |
| Qifu Technology, Inc.<sup>1</sup>0.500%, due 04/01/30<sup>2</sup> |  | 105000 |  | 92937 |
| Silvercorp Metals, Inc.<sup>1</sup>4.750%, due 12/15/29<sup>2</sup> |  | 113000 |  | 143462 |
| Trip.com Group Ltd.<sup>1</sup>0.750%, due 06/15/29 |  | 943000 |  | 1070267 |
|  |  |  |  | 3636777 |
| **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** |
| ABRA Global Finance<sup>1</sup>14.000%, due 10/22/29<sup>2,6</sup>6.000% Cash and 8.000% PIK |  | 109587 |  | 83594 |
| **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** |
| Nice Ltd.<sup>1</sup>0.000%, due 09/15/25<sup>7</sup> |  | 287000 |  | 283304 |
| **Netherlands—0.3%** | **Netherlands—0.3%** | **Netherlands—0.3%** | **Netherlands—0.3%** | **Netherlands—0.3%** |
| Nebius Group NV<br>2.000%, due 06/05/29<sup>2</sup> |  | 81000 |  | 108962 |
| 3.000%, due 06/05/31<sup>2</sup> |  | 324000 |  | 435936 |
| Pharming Group NV<sup>1</sup>4.500%, due 04/25/29<sup>5</sup> | EUR | 200000 |  | 248754 |
|  |  |  |  | 793652 |
| **Singapore—0.9%** | **Singapore—0.9%** | **Singapore—0.9%** | **Singapore—0.9%** | **Singapore—0.9%** |
| Sea Ltd.<br>0.250%, due 09/15/26 |  | 204000 |  | 192537 |
| 2.375%, due 12/01/25 |  | 1301000 |  | 2258523 |
|  |  |  |  | 2451060 |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| Immunocore Holdings PLC<sup>1</sup>2.500%, due 02/01/30 |  | 28000 |  | 24473 |
| Just Eat Takeaway.com NV<sup>1</sup>1.250%, due 04/30/26<sup>5</sup> | EUR | 300000 |  | 338693 |
|  |  |  |  | 363166 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—30.7%** | **United States—30.7%** | **United States—30.7%** |
| A10 Networks, Inc.<sup>1</sup>2.750%, due 04/01/30<sup>2</sup> | 296000 | $313005 |
| Advanced Energy Industries, Inc.<sup>1</sup>2.500%, due 09/15/28 | 85000 | 103939 |
| Affirm Holdings, Inc.<br>0.000%, due 11/15/26<sup>7</sup> | 738000 | 692445 |
| 0.750%, due 12/15/29<sup>2</sup> | 436000 | 459531 |
| Akamai Technologies, Inc.<br>0.250%, due 05/15/33<sup>2</sup> | 468000 | 469006 |
| 0.375%, due 09/01/27 | 789000 | 751286 |
| 1.125%, due 02/15/29 | 527000 | 493991 |
| Alarm.com Holdings, Inc.<sup>1</sup>2.250%, due 06/01/29 | 149000 | 144108 |
| Alkami Technology, Inc.<sup>1</sup>1.500%, due 03/15/30<sup>2</sup> | 282000 | 291238 |
| Alliant Energy Corp.<sup>1</sup>3.875%, due 03/15/26 | 173000 | 184273 |
| Alphatec Holdings, Inc.<br>0.750%, due 08/01/26 | 215000 | 210146 |
| 0.750%, due 03/15/30<sup>2</sup> | 322000 | 315349 |
| American Water Capital Corp.<sup>1</sup>3.625%, due 06/15/26 | 495000 | 494911 |
| Amphastar Pharmaceuticals, Inc.<sup>1</sup>2.000%, due 03/15/29 | 169000 | 145477 |
| ANI Pharmaceuticals, Inc.<sup>1</sup>2.250%, due 09/01/29<sup>2</sup> | 567000 | 628775 |
| Applied Digital Corp.<sup>1</sup>2.750%, due 06/01/30<sup>2</sup> | 118000 | 181814 |
| Applied Optoelectronics, Inc.<sup>1</sup>2.750%, due 01/15/30 | 199000 | 181248 |
| Array Technologies, Inc.<sup>1</sup>2.875%, due 07/01/31<sup>2</sup> | 17000 | 17895 |
| Astronics Corp.<sup>1</sup>5.500%, due 03/15/30<sup>2</sup> | 269000 | 491194 |
| Bentley Systems, Inc.<br>0.125%, due 01/15/26 | 71000 | 71731 |
| 0.375%, due 07/01/27 | 225000 | 216132 |
| BigBear.ai Holdings, Inc.<sup>1</sup>6.000%, due 12/15/29<sup>2</sup> | 174000 | 332662 |
| Bill Holdings, Inc.<sup>1</sup>0.000%, due 04/01/30<sup>2,7</sup> | 552000 | 466349 |
| BioMarin Pharmaceutical, Inc.<sup>1</sup>1.250%, due 05/15/27 | 388000 | 364962 |
| Bitdeer Technologies Group<sup>1</sup>5.250%, due 12/01/29<sup>2</sup> | 40000 | 43390 |
| BlackLine, Inc.<sup>1</sup>1.000%, due 06/01/29 | 169000 | 174831 |
| BlackSky Technology, Inc.<sup>1</sup>8.250%, due 08/01/33<sup>2</sup> | 16000 | 17185 |
| Block, Inc.<sup>1</sup>0.250%, due 11/01/27 | 169000 | 151768 |
| Bloom Energy Corp.<br>3.000%, due 06/01/28 | 320000 | 674400 |
| 3.000%, due 06/01/29 | 535000 | 1063526 |
| Box, Inc.<sup>1</sup>0.000%, due 01/15/26<sup>7</sup> | 382000 | 481507 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Bridgebio Pharma, Inc.<br>1.750%, due 03/01/31<sup>2</sup> | 107000 | $132439 |
| 2.250%, due 02/01/29 | 201000 | 192807 |
| 2.500%, due 03/15/27 | 576000 | 758022 |
| Carnival Corp.<sup>1</sup>5.750%, due 12/01/27 | 861000 | 1989177 |
| Cheesecake Factory, Inc.<br>0.375%, due 06/15/26 | 228000 | 234566 |
| 2.000%, due 03/15/30<sup>2</sup> | 743000 | 832799 |
| Chefs' Warehouse, Inc.<sup>1</sup>2.375%, due 12/15/28 | 50000 | 82616 |
| Cleanspark, Inc.<sup>1</sup>0.000%, due 06/15/30<sup>2,7</sup> | 16000 | 16513 |
| Cloudflare, Inc.<br>0.000%, due 08/15/26<sup>7</sup> | 367000 | 447564 |
| 0.000%, due 06/15/30<sup>2,7</sup> | 201000 | 223520 |
| CMS Energy Corp.<sup>1</sup>3.375%, due 05/01/28 | 42000 | 46169 |
| Coinbase Global, Inc.<br>0.250%, due 04/01/30 | 145000 | 201106 |
| 0.500%, due 06/01/26 | 421000 | 498523 |
| Collegium Pharmaceutical, Inc.<sup>1</sup>2.875%, due 02/15/29 | 628000 | 678297 |
| Confluent, Inc.<sup>1</sup>0.000%, due 01/15/27<sup>7</sup> | 682000 | 632555 |
| CONMED Corp.<sup>1</sup>2.250%, due 06/15/27 | 1000000 | 947494 |
| Core Scientific, Inc.<br>0.000%, due 06/15/31<sup>2,7</sup> | 16000 | 16087 |
| 3.000%, due 09/01/29<sup>2</sup> | 155000 | 226156 |
| Cracker Barrel Old Country Store, Inc.<sup>1</sup>1.750%, due 09/15/30<sup>2</sup> | 926000 | 997552 |
| CSG Systems International, Inc.<sup>1</sup>3.875%, due 09/15/28 | 40000 | 44222 |
| Cytokinetics, Inc.<sup>1</sup>3.500%, due 07/01/27 | 248000 | 273254 |
| Danimer Scientific, Inc.<br>0.000%, due 12/15/26<sup>2,13</sup> | 265000 | 663 |
| Dexcom, Inc.<br>0.250%, due 11/15/25 | 1100000 | 1083365 |
| 0.375%, due 05/15/28 | 428000 | 396189 |
| DraftKings Holdings, Inc.<sup>1</sup>0.000%, due 03/15/28<sup>7</sup> | 121000 | 109653 |
| Dropbox, Inc.<br>0.000%, due 03/01/26<sup>7</sup> | 759000 | 740529 |
| 0.000%, due 03/01/28<sup>7</sup> | 477000 | 471634 |
| Duke Energy Corp.<sup>1</sup>4.125%, due 04/15/26 | 264000 | 280577 |
| Dynavax Technologies Corp.<sup>1</sup>2.000%, due 03/15/30<sup>2</sup> | 378000 | 353441 |
| Encore Capital Group, Inc.<br>3.250%, due 10/01/25 | 391000 | 402175 |
| 4.000%, due 03/15/29 | 743000 | 692872 |
| Enovis Corp.<sup>1</sup>3.875%, due 10/15/28 | 85000 | 80822 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Enphase Energy, Inc.<sup>1</sup>0.000%, due 03/01/28<sup>7</sup> | 20000 | $16548 |
| Envista Holdings Corp.<sup>1</sup>1.750%, due 08/15/28 | 84000 | 77963 |
| Eos Energy Enterprises, Inc.<sup>1</sup>6.750%, due 06/15/30<sup>2</sup> | 8000 | 10296 |
| Etsy, Inc.<br>0.125%, due 10/01/26 | 83000 | 82307 |
| 0.125%, due 09/01/27 | 245000 | 220714 |
| 0.250%, due 06/15/28 | 243000 | 211645 |
| Evergy, Inc.<sup>1</sup>4.500%, due 12/15/27 | 502000 | 593364 |
| Evolent Health, Inc.<sup>1</sup>3.500%, due 12/01/29 | 135000 | 111281 |
| Exact Sciences Corp.<br>0.375%, due 03/15/27 | 930000 | 873437 |
| 0.375%, due 03/01/28 | 626000 | 560356 |
| 1.750%, due 04/15/31<sup>2</sup> | 84000 | 74065 |
| 2.000%, due 03/01/30<sup>2</sup> | 169000 | 163015 |
| Expedia Group, Inc.<sup>1</sup>0.000%, due 02/15/26<sup>7</sup> | 434000 | 425863 |
| EZCORP, Inc.<sup>1</sup>3.750%, due 12/15/29<sup>2</sup> | 146000 | 213267 |
| FARO Technologies, Inc.<sup>1</sup>5.500%, due 02/01/28 | 209000 | 263340 |
| Fastly, Inc.<sup>1</sup>7.750%, due 06/01/28<sup>2</sup> | 17000 | 17284 |
| Five9, Inc.<sup>1</sup>1.000%, due 03/15/29 | 288000 | 253092 |
| Ford Motor Co.<sup>1</sup>0.000%, due 03/15/26<sup>7</sup> | 1208000 | 1189601 |
| fuboTV, Inc.<sup>1</sup>3.250%, due 02/15/26 | 96000 | 94170 |
| GameStop Corp.<br>0.000%, due 04/01/30<sup>2,7</sup> | 451000 | 461504 |
| 0.000%, due 06/15/32<sup>2,7</sup> | 1006000 | 1024400 |
| Greenbrier Cos., Inc.<sup>1</sup>2.875%, due 04/15/28 | 405000 | 432143 |
| Groupon, Inc.<br>4.875%, due 06/30/30,<br>Series UNRS | 13000 | 12845 |
| 6.250%, due 03/15/27<sup>2</sup> | 101000 | 133057 |
| Guardant Health, Inc.<br>0.000%, due 11/15/27<sup>7</sup> | 1094000 | 975461 |
| 1.250%, due 02/15/31 | 40000 | 41783 |
| Guess?, Inc.<sup>1</sup>3.750%, due 04/15/28 | 437000 | 419798 |
| Guidewire Software, Inc.<sup>1</sup>1.250%, due 11/01/29<sup>2</sup> | 219000 | 251246 |
| Haemonetics Corp.<sup>1</sup>2.500%, due 06/01/29 | 16000 | 15914 |
| Halozyme Therapeutics, Inc.<br>0.250%, due 03/01/27 | 514000 | 530900 |
| 1.000%, due 08/15/28 | 42000 | 51660 |
| Hercules Capital, Inc.<sup>1</sup>4.750%, due 09/01/28<sup>2</sup> | 60000 | 58203 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Hims & Hers Health, Inc.<sup>1</sup>0.000%, due 05/15/30<sup>2,7</sup> | 126000 | $155217 |
| Impinj, Inc.<sup>1</sup>1.125%, due 05/15/27 | 330000 | 497802 |
| Innoviva, Inc.<sup>1</sup>2.125%, due 03/15/28 | 298000 | 287467 |
| Inotiv, Inc.<sup>1</sup>3.250%, due 10/15/27 | 298000 | 68809 |
| InterDigital, Inc.<sup>1</sup>3.500%, due 06/01/27 | 222000 | 743700 |
| iRhythm Technologies, Inc.<sup>1</sup>1.500%, due 09/01/29 | 41000 | 49241 |
| Itron, Inc.<sup>1</sup>1.375%, due 07/15/30 | 243000 | 279450 |
| Jazz Investments I Ltd.<sup>1</sup>2.000%, due 06/15/26 | 1052000 | 1073608 |
| JBT Marel Corp.<sup>1</sup>0.250%, due 05/15/26 | 156000 | 158193 |
| Kite Realty Group LP<sup>1</sup>0.750%, due 04/01/27<sup>2</sup> | 44000 | 44904 |
| Lantheus Holdings, Inc.<sup>1</sup>2.625%, due 12/15/27 | 550000 | 647889 |
| LCI Industries<sup>1</sup>3.000%, due 03/01/30<sup>2</sup> | 766000 | 789662 |
| Liberty Interactive LLC<br>3.750%, due 02/15/30 | 955000 | 85961 |
| 4.000%, due 11/15/29 | 220000 | 19803 |
| Liberty Media Corp.<sup>1</sup>2.375%, due 09/30/53<sup>2</sup> | 527000 | 792113 |
| Liberty Media Corp.-Liberty Formula One<sup>1</sup>2.250%, due 08/15/27 | 29000 | 37402 |
| LivaNova PLC<sup>1</sup>2.500%, due 03/15/29 | 170000 | 168889 |
| Live Nation Entertainment, Inc.<sup>1</sup>2.875%, due 01/15/30<sup>2</sup> | 162000 | 173922 |
| Lumentum Holdings, Inc.<br>0.500%, due 12/15/26 | 1292000 | 1635801 |
| 0.500%, due 06/15/28 | 312000 | 343905 |
| 1.500%, due 12/15/29 | 204000 | 350297 |
| Lyft, Inc.<sup>1</sup>0.625%, due 03/01/29 | 425000 | 435034 |
| MACOM Technology Solutions Holdings, Inc.<br>0.000%, due 12/15/29<sup>2,7</sup> | 254000 | 264394 |
| 0.250%, due 03/15/26 | 289000 | 482604 |
| MARA Holdings, Inc.<br>0.000%, due 03/01/30<sup>2,7</sup> | 17000 | 15338 |
| 0.000%, due 08/01/32<sup>2,7</sup> | 324000 | 309231 |
| Marriott Vacations Worldwide Corp.<br>0.000%, due 01/15/26<sup>7</sup> | 206000 | 196133 |
| 3.250%, due 12/15/27 | 283000 | 267435 |
| Match Group Financeco 2, Inc.<sup>1</sup>0.875%, due 06/15/26<sup>2</sup> | 24000 | 23143 |
| Match Group Financeco 3, Inc.<sup>1</sup>2.000%, due 01/15/30<sup>2</sup> | 382000 | 344080 |
| Merit Medical Systems, Inc.<sup>1</sup>3.000%, due 02/01/29<sup>2</sup> | 16000 | 18858 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| MGP Ingredients, Inc.<sup>1</sup>1.875%, due 11/15/41 | 523000 | $496849 |
| Microchip Technology, Inc.<sup>1</sup>0.750%, due 06/01/30 | 737000 | 721901 |
| MicroStrategy, Inc.<sup>1</sup>2.250%, due 06/15/32 | 191000 | 408274 |
| Mitek Systems, Inc.<sup>1</sup>0.750%, due 02/01/26 | 645000 | 623767 |
| MKS, Inc.<sup>1</sup>1.250%, due 06/01/30 | 75000 | 72410 |
| NCL Corp. Ltd.<br>0.875%, due 04/15/30<sup>2</sup> | 17000 | 20625 |
| 1.125%, due 02/15/27 | 284000 | 300884 |
| 2.500%, due 02/15/27 | 403000 | 432673 |
| Nutanix, Inc.<br>0.250%, due 10/01/27 | 592000 | 823182 |
| 0.500%, due 12/15/29<sup>2</sup> | 195000 | 219168 |
| Oddity Finance LLC<sup>1</sup> | Oddity Finance LLC<sup>1</sup> | Oddity Finance LLC<sup>1</sup> |
| 0.000%, due 06/15/30<sup>2,7</sup> | 166000 | 174806 |
| Okta, Inc.<sup>1</sup>0.375%, due 06/15/26 | 82000 | 78433 |
| ON Semiconductor Corp.<br>0.000%, due 05/01/27<sup>7</sup> | 435000 | 531788 |
| 0.500%, due 03/01/29 | 571000 | 542208 |
| Opendoor Technologies, Inc.<sup>1</sup>7.000%, due 05/15/30<sup>2</sup> | 259000 | 381675 |
| Ormat Technologies, Inc.<sup>1</sup>2.500%, due 07/15/27 | 174000 | 196507 |
| OSI Systems, Inc.<sup>1</sup>2.250%, due 08/01/29<sup>2</sup> | 424000 | 565429 |
| Pacira BioSciences, Inc.<sup>1</sup>2.125%, due 05/15/29 | 346000 | 328770 |
| Pagaya Technologies Ltd.<sup>1</sup>6.125%, due 10/01/29<sup>2</sup> | 126000 | 300850 |
| PAR Technology Corp.<br>1.000%, due 01/15/30<sup>2</sup> | 93000 | 88346 |
| 1.500%, due 10/15/27 | 247000 | 265592 |
| Parsons Corp.<sup>1</sup>2.625%, due 03/01/29 | 33000 | 35831 |
| Pebblebrook Hotel Trust<sup>1</sup>1.750%, due 12/15/26 | 648000 | 608767 |
| Peloton Interactive, Inc.<br>0.000%, due 02/15/26<sup>7</sup> | 278000 | 267846 |
| 5.500%, due 12/01/29 | 405000 | 750724 |
| Penguin Solutions, Inc.<br>2.000%, due 02/01/29 | 489000 | 627891 |
| 2.000%, due 08/15/30<sup>2</sup> | 462000 | 508177 |
| PG&E Corp.<sup>1</sup>4.250%, due 12/01/27 | 162000 | 161146 |
| Porch Group, Inc.<sup>1</sup>6.750%, due 10/01/28<sup>2</sup> | 252000 | 245763 |
| Progress Software Corp.<sup>1</sup>3.500%, due 03/01/30 | 747000 | 769410 |
| PROS Holdings, Inc.<br>2.250%, due 09/15/27 | 116000 | 109841 |
| 2.500%, due 07/01/30<sup>2</sup> | 421000 | 452689 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| PTC Therapeutics, Inc.<sup>1</sup>1.500%, due 09/15/26 | 656000 | $782162 |
| Q2 Holdings, Inc.<sup>1</sup>0.750%, due 06/01/26 | 629000 | 679867 |
| Rapid7, Inc.<sup>1</sup>0.250%, due 03/15/27 | 53000 | 48901 |
| RealReal, Inc.<sup>1</sup>1.000%, due 03/01/28 | 106000 | 84948 |
| Repay Holdings Corp.<br>0.000%, due 02/01/26<sup>2,7</sup> | 770000 | 740173 |
| 2.875%, due 07/15/29<sup>2</sup> | 30000 | 25587 |
| Repligen Corp.<sup>1</sup>1.000%, due 12/15/28 | 522000 | 506667 |
| Rexford Industrial Realty LP<sup>1</sup>4.375%, due 03/15/27<sup>2</sup> | 162000 | 160276 |
| Rubrik, Inc.<sup>1</sup>0.000%, due 06/15/30<sup>2,7</sup> | 483000 | 517834 |
| Semler Scientific, Inc.<sup>1</sup>4.250%, due 08/01/30<sup>2</sup> | 8000 | 6535 |
| Semtech Corp.<sup>1</sup>1.625%, due 11/01/27 | 266000 | 402336 |
| Shake Shack, Inc.<sup>1</sup>0.000%, due 03/01/28<sup>7</sup> | 75000 | 76875 |
| Shift4 Payments, Inc.<br>0.000%, due 12/15/25<sup>7</sup> | 472000 | 611915 |
| 0.500%, due 08/01/27 | 162000 | 176436 |
| Sirius XM Holdings, Inc.<sup>1</sup>3.750%, due 03/15/28 | 515000 | 517632 |
| Snap, Inc.<br>0.000%, due 05/01/27<sup>7</sup> | 185000 | 167487 |
| 0.125%, due 03/01/28 | 88000 | 76731 |
| 0.750%, due 08/01/26 | 862000 | 832148 |
| Snowflake, Inc.<br>0.000%, due 10/01/27<sup>2,7</sup> | 1269000 | 1927992 |
| 0.000%, due 10/01/29<sup>2,7</sup> | 327000 | 507497 |
| SoFi Technologies, Inc.<br>0.000%, due 10/15/26<sup>2,7</sup> | 81000 | 97712 |
| 1.250%, due 03/15/29<sup>2</sup> | 797000 | 1972575 |
| Solaris Energy Infrastructure, Inc.<sup>1</sup>4.750%, due 05/01/30 | 105000 | 153585 |
| Southern Co.<sup>1</sup>4.500%, due 06/15/27 | 254000 | 282047 |
| Sphere Entertainment Co.<sup>1</sup>3.500%, due 12/01/28 | 42000 | 60390 |
| Summit Hotel Properties, Inc.<sup>1</sup>1.500%, due 02/15/26 | 524000 | 503214 |
| Super Micro Computer, Inc.<br>0.000%, due 06/15/30<sup>2,7</sup> | 510000 | 646680 |
| 2.250%, due 07/15/28<sup>2</sup> | 514000 | 648411 |
| 3.500%, due 03/01/29 | 486000 | 540724 |
| Tandem Diabetes Care, Inc.<sup>1</sup>1.500%, due 03/15/29<br>Series 2024 | 69000 | 63406 |
| Teladoc Health, Inc.<sup>1</sup>1.250%, due 06/01/27 | 82000 | 75113 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Tempus AI, Inc.<sup>1</sup>0.750%, due 07/15/30<sup>2</sup> | 243000 | $243608 |
| Tetra Tech, Inc.<sup>1</sup>2.250%, due 08/15/28 | 302000 | 342574 |
| TransMedics Group, Inc.<sup>1</sup>1.500%, due 06/01/28 | 352000 | 527792 |
| Transocean, Inc.<sup>1</sup>4.625%, due 09/30/29 | 141000 | 159048 |
| Travere Therapeutics, Inc.<sup>1</sup>2.500%, due 09/15/25 | 264000 | 261885 |
| Trump Media & Technology Group Corp.<sup>1</sup>0.000%, due 05/29/28<sup>2,7</sup> | 340000 | 321381 |
| Uber Technologies, Inc.<br>0.000%, due 12/15/25<sup>7</sup> | 309000 | 350854 |
| 0.000%, due 05/15/28<sup>2,7</sup> | 81000 | 91530 |
| 0.875%, due 12/01/28,<br>Series 2028 | 40000 | 54520 |
| UGI Corp.<sup>1</sup>5.000%, due 06/01/28 | 366000 | 500220 |
| Unity Software, Inc.<br>0.000%, due 11/15/26<sup>7</sup> | 283000 | 265215 |
| 0.000%, due 03/15/30<sup>2,7</sup> | 57000 | 68987 |
| Upstart Holdings, Inc.<br>0.250%, due 08/15/26 | 602000 | 573203 |
| 2.000%, due 10/01/29<sup>2</sup> | 598000 | 1191108 |
| Veeco Instruments, Inc.<sup>1</sup>2.875%, due 06/01/29 | 536000 | 574758 |
| Ventas Realty LP<sup>1</sup>3.750%, due 06/01/26 | 46000 | 57113 |
| Verint Systems, Inc.<sup>1</sup>0.250%, due 04/15/26 | 412000 | 398878 |
| Vertex, Inc.<sup>1</sup>0.750%, due 05/01/29 | 518000 | 595705 |
| Viavi Solutions, Inc.<sup>1</sup>1.625%, due 03/15/26 | 8000 | 8006 |
| Vishay Intertechnology, Inc.<sup>1</sup>2.250%, due 09/15/30 | 810000 | 738573 |
| Wayfair, Inc.<br>3.250%, due 09/15/27 | 567000 | 727257 |
| 3.500%, due 11/15/28 | 234000 | 377215 |
| WEC Energy Group, Inc.<sup>1</sup>4.375%, due 06/01/27 | 330000 | 381150 |
| Western Digital Corp.<sup>1</sup>3.000%, due 11/15/28 | 1221000 | 2617006 |
| Winnebago Industries, Inc.<sup>1</sup>3.250%, due 01/15/30 | 162000 | 140743 |
| WisdomTree, Inc.<sup>1</sup>3.250%, due 08/15/29<sup>2</sup> | 754000 | 943608 |
| Workiva, Inc.<sup>1</sup>1.250%, due 08/15/28 | 41000 | 37649 |
| Xometry, Inc.<br>0.750%, due 06/15/30<sup>2</sup> | 225000 | 225313 |
| 1.000%, due 02/01/27 | 363000 | 365287 |
| Ziff Davis, Inc.<br>1.750%, due 11/01/26 | 296000 | 281953 |
| 3.625%, due 03/01/28<sup>2</sup> | 416000 | 389491 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount<sup>4</sup>** | **Value** | **Value** |
| **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** | **Corporate bonds—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Zscaler, Inc.<sup>1</sup>0.000%, due 07/15/28<sup>2,7</sup> | 40000 | $ | 39034 |
|  |  |  | 85188981 |
| **Total corporate bonds**<br> (cost—$89,794,544) |  |  | **94719240** |
| **Non-U.S. government agency obligations—0.3%** | **Non-U.S. government agency obligations—0.3%** | **Non-U.S. government agency obligations—0.3%** | **Non-U.S. government agency obligations—0.3%** |
| **Mexico—0.3%** | **Mexico—0.3%** | **Mexico—0.3%** | **Mexico—0.3%** |
| Mexico Bonos<br>Series M, 8.500%, due March 02, 2028 | 15030000 |  | 798086 |
| **Total non-U.S. government agency obligations**<br> (cost—$804,664) |  |  | **798086** |
| **U.S. Treasury obligations—0.2%** | **U.S. Treasury obligations—0.2%** | **U.S. Treasury obligations—0.2%** | **U.S. Treasury obligations—0.2%** |
| **United States—0.2%** | **United States—0.2%** | **United States—0.2%** | **United States—0.2%** |
| U.S. Treasury Notes<sup>1</sup>,<br>4.000, due 03/31/30<br>(cost—$519,712) | 519000 |  | 520196 |
| **Short term investments—45.7%** | **Short term investments—45.7%** | **Short term investments—45.7%** | **Short term investments—45.7%** |
| **Short-term U.S. Treasury obligations—4.6%** | **Short-term U.S. Treasury obligations—4.6%** | **Short-term U.S. Treasury obligations—4.6%** | **Short-term U.S. Treasury obligations—4.6%** |
| U.S. Treasury Bills<br>4.158%, due 08/14/25<sup>8</sup> | 60000 |  | 59908 |
| 4.330%, due 09/11/25<sup>8</sup> | 400000 |  | 398067 |
| 4.344%, due 09/16/25<sup>8</sup> | 800000 |  | 795648 |
| 4.347%, due 09/23/25<sup>8</sup> | 705000 |  | 700612 |
| 4.348%, due 09/23/25<sup>8</sup> | 805000 |  | 799988 |
| 4.350%, due 09/09/25<sup>8</sup> | 700000 |  | 696768 |
| 4.350%, due 09/16/25<sup>8</sup> | 400000 |  | 397821 |
| 4.351%, due 09/09/25<sup>8</sup> | 855000 |  | 851077 |
| 4.351%, due 09/23/25<sup>8</sup> | 364000 |  | 361732 |
| 4.352%, due 09/16/25<sup>1,8</sup> | 600000 |  | 596732 |
| 4.352%, due 10/09/25<sup>8</sup> | 900000 |  | 892674 |
| 4.353%, due 10/23/25<sup>8</sup> | 500000 |  | 495101 |
| 4.354%, due 09/11/25<sup>8</sup> | 80000 |  | 79611 |
| 4.355%, due 08/26/25<sup>8</sup> | 1000000 |  | 997035 |
| 4.355%, due 09/02/25<sup>8</sup> | 2005000 |  | 1997394 |
| 4.378%, due 08/26/25<sup>8</sup> | 600000 |  | 598212 |
| 4.392%, due 09/11/25<sup>8</sup> | 95000 |  | 94536 |
| 4.395%, due 09/11/25<sup>8</sup> | 400000 |  | 398047 |
| 4.415%, due 08/14/25<sup>8</sup> | 450000 |  | 449297 |
| 4.478%, due 08/19/25<sup>8</sup> | 600000 |  | 598684 |
| 4.492%, due 08/19/25<sup>8</sup> | 400000 |  | 399120 |
| **Total short-term U.S. treasury obligations**<br> (cost—$12,658,064) |  |  | **12658064** |
|  | **Number of<br>shares** |  |  |
| **Investment companies—41.1%** | **Investment companies—41.1%** | **Investment companies—41.1%** | **Investment companies—41.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 4.250%<br>(cost—$114,140,502) | 114140502 |  | 114140502 |
| **Total Short-term investments**<br> (cost—$126,798,566) |  |  | **126798566** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** | **Options purchased—0.0%<sup>†</sup>** |
| **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** | **Call options—0.0%<sup>†</sup>** |
| Eurex EURO STOXX 50 <br>Weekly Options <br>Week 1,strike<br>@5,550.000,<br>expires 08/01/25<br>(Counterparty: JPMCB) | 51 | $283050 | $116 |
| Long Gilt Futures,strike<br>@89.000, expires<br>08/22/25<br>(Counterparty: MSCI) | 1 | 89 | 53 |
| **Total** |  |  | 169 |
| **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** |
| 5 Year Interest Rate <br>Swap,strike<br>@1.150, expires<br>12/16/30<br>(Counterparty: BNP) | 2742306000 | 3153651900 | 76756 |
| CME 2 Year Mid-Curve <br>3 Month Eurodollar<br>Option,strike<br>@6,300.000,<br>expires 08/08/25<br>(Counterparty: MSCI) | 1 | 6300 | 1350 |
| **Total** |  |  | 78106 |
| **Total options purchased**<br> (cost—$8,671) |  |  | **78275** |
| **Foreign exchange options purchased—0.3%** | **Foreign exchange options purchased—0.3%** | **Foreign exchange options purchased—0.3%** | **Foreign exchange options purchased—0.3%** |
| **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** |
| Call AUD vs. Put NZD,<br>strike @1.200, expires <br>10/06/25<br>(Counterparty: JPMCB) | 325000 | 390000 | 11 |
| Call USD vs. Put CNY,<br>strike @8.000, expires <br>11/14/25<br>(Counterparty: JPMCB) | 268000 | 2144000 | 519 |
| Call USD vs. Put CNY,<br>strike @8.000, expires <br>08/14/25<br>(Counterparty: JPMCB) | 109000 | 872000 | 0 |
| Call USD vs. Put HKD,<br>strike @7.800, expires<br>11/24/25<br>(Counterparty: JPMCB) | 3584000 | 27955200 | 6207 |
| Call USD vs. Put HKD,<br>strike @7.850, expires<br>11/26/25<br>(Counterparty: JPMCB) | 7795000 | 61190750 | 4841 |
| Call USD vs. Put HKD,<br>strike @7.850, expires<br>02/13/26<br>(Counterparty: HSBC) | 5917000 | 46448450 | 3994 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call EUR vs. Put USD,<br>strike @1.200, expires <br>10/14/25<br>(Counterparty: BOA) | 4072000 | $4886400 | $8634 |
| Call EUR vs. Put USD,<br>strike @1.200, expires <br>10/22/25<br>(Counterparty: DB) | 5441000 | 6529200 | 13983 |
| Call USD vs. Put HKD,<br>strike @7.750, expires<br>02/11/26<br>(Counterparty: JPMCB) | 1132000 | 8773000 | 5127 |
| Call EUR vs. Put HUF,<br>strike @480.000, <br>expires 03/10/26<br>(Counterparty: JPMCB) | 606000 | 290880000 | 678 |
| Call EUR vs. Put HUF,<br>strike @470.000, <br>expires 03/11/26<br>(Counterparty: JPMCB) | 745000 | 350150000 | 1293 |
| Call USD vs. Put CHF,<br>strike @0.990, expires <br>12/15/25<br>(Counterparty: JPMCB) | 114000 | 112860 | 53 |
| Call USD vs. Put CNY,<br>strike @7.600, expires <br>01/06/26<br>(Counterparty: JPMCB) | 1336000 | 10153600 | 716 |
| Call USD vs. Put CNY,<br>strike @8.000, expires <br>01/06/26<br>(Counterparty: JPMCB) | 3365000 | 26920000 | 124 |
| Call USD vs. Put HKD,<br>strike @7.790, expires<br>10/07/25<br>(Counterparty: JPMCB) | 2019000 | 15728010 | 7567 |
| Call USD vs. Put CNY,<br>strike @7.800, expires <br>09/29/25<br>(Counterparty: JPMCB) | 52000 | 405600 | 0 |
| Call USD vs. Put HKD,<br>strike @7.800, expires<br>04/09/26<br>(Counterparty: JPMCB) | 3306000 | 25786800 | 3227 |
| Call AUD vs. Put USD,<br>strike @0.840, expires <br>04/15/26<br>(Counterparty: JPMCB) | 265000 | 222600 | 437 |
| Call USD vs. Put CHF,<br>strike @0.843, expires <br>11/05/25<br>(Counterparty: JPMCB) | 101000 | 85173 | 9693 |
| Call AUD vs. Put USD,<br>strike @0.700, expires <br>08/04/25<br>(Counterparty: JPMCB) | 266000 | 186200 | 0 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call USD vs. Put CHF,<br>strike @0.868, expires <br>08/06/25<br>(Counterparty: JPMCB) | 1809000 | $1569308 | $2 |
| Call USD vs. Put COP,<br>strike @4,500.000,<br>expires 11/19/25<br>(Counterparty: JPMCB) | 451000 | 2029500000 | 653 |
| Call MXN vs. Put JPY,<br>strike @8.000, expires <br>03/11/26<br>(Counterparty: JPMCB) | 19178000 | 153424000 | 19487 |
| Call EUR vs. Put USD,<br>strike @1.250, expires <br>12/12/25<br>(Counterparty: JPMCB) | 1727000 | 2158750 | 2596 |
| Call USD vs. Put TRY,<br>strike @50.000, <br>expires 08/25/25<br>(Counterparty: JPMCB) | 371000 | 18550000 | 329 |
| Call EUR vs. Put USD,<br>strike @1.190, expires <br>08/19/25<br>(Counterparty: JPMCB) | 564000 | 671160 | 95 |
| Call EUR vs. Put USD,<br>strike @1.425, expires <br>07/03/26<br>(Counterparty: JPMCB) | 287000 | 408975 | 4335 |
| Call MXN vs. Put JPY,<br>strike @8.880, expires <br>07/06/26<br>(Counterparty: JPMCB) | 1396000 | 12396480 | 5600 |
| Call AUD vs. Put USD,<br>strike @0.680, expires <br>08/07/25<br>(Counterparty: JPMCB) | 3279000 | 2229720 | 2 |
| Call USD vs. Put JPY,<br>strike @150.200, <br>expires 08/01/25<br>(Counterparty: JPMCB) | 2425000 | 364235000 | 12123 |
| Call USD vs. Put JPY,<br>strike @148.750, <br>expires 08/27/25<br>(Counterparty: JPMCB) | 1755000 | 261056250 | 2052 |
| Call EUR vs. Put USD,<br>strike @1.173, expires <br>08/27/25<br>(Counterparty: JPMCB) | 2788000 | 3268930 | 891 |
| Call EUR vs. Put USD,<br>strike @1.170, expires <br>08/27/25<br>(Counterparty: JPMCB) | 1991000 | 2329470 | 3458 |
| Call EUR vs. Put USD,<br>strike @1.190, expires <br>08/27/25<br>(Counterparty: JPMCB) | 1991000 | 2369290 | 857 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** |
| Call USD vs. Put BRL,<br>strike @5.700, expires <br>08/05/25<br>(Counterparty: JPMCB) | 406000 | $| 2314200 | $| 490 |
| Call USD vs. Put CNY,<br>strike @7.200, expires <br>08/06/25<br>(Counterparty: JPMCB) | 1434000 |  | 10324800 |  | 2910 |
| Call USD vs. Put JPY,<br>strike @150.000, <br>expires 08/01/25<br>(Counterparty: JPMCB) | 1593000 |  | 238950000 |  | 9595 |
| Call USD vs. Put JPY,<br>strike @152.000, <br>expires 08/07/25<br>(Counterparty: JPMCB) | 1598000 |  | 242896000 |  | 3570 |
| **Total** |  |  |  |  | 136149 |
| **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** | **Put options—0.2%** |
| Call JPY vs. Put USD,<br>strike @110.000, <br>expires 12/02/26<br>(Counterparty: JPMCB) | 292000 |  | 32120000 |  | 5005 |
| Call JPY vs. Put USD,<br>strike @110.000, <br>expires 12/02/26<br>(Counterparty: JPMCB) | 47000 |  | 5170000 |  | 806 |
| iShares MSCI USA <br>Equal Weighted <br>ETF vs. EUR/USD,<br>strike @21,030.000,<br>expires 09/25/25<br>(Counterparty: MSCI) | 542000 |  | 11398260000 |  | 216 |
| iShares MSCI USA <br>Equal Weighted<br>ETF vs. EUR/USD,<br>strike @21,030.000,<br>expires 09/11/25<br>(Counterparty: MSCI) | 542000 |  | 11398260000 |  | 31 |
| Call JPY vs. Put USD,<br>strike @120.000, <br>expires 09/03/25<br>(Counterparty: JPMCB) | 44000 |  | 5280000 |  | 1 |
| Call JPY vs. Put USD,<br>strike @120.500, <br>expires 09/09/25<br>(Counterparty: JPMCB) | 176000 |  | 21208000 |  | 18 |
| USD/CNY vs. SOFR,<br>strike @74,008.000,<br>expires 10/03/25<br>(Counterparty: GSI) | 181605 |  | 13440222840 |  | 802 |
| USD/CNY vs. SOFR,<br>strike @74,008.000,<br>expires 09/03/25<br>(Counterparty: GSI) | 181605 |  | 13440222840 |  | 118 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| USD/CNY vs. SOFR,<br>strike @74,008.000,<br>expires 11/03/25<br>(Counterparty: GSI) | 181605 | $13440222840 | $2138 |
| Call JPY vs. Put USD,<br>strike @130.000, <br>expires 11/18/25<br>(Counterparty: JPMCB) | 1195000 | 155350000 | 20425 |
| Call JPY vs. Put USD,<br>strike @130.000, <br>expires 11/04/25<br>(Counterparty: JPMCB) | 1194000 | 155220000 | 15239 |
| Call JPY vs. Put USD,<br>strike @135.000, <br>expires 12/18/25<br>(Counterparty: JPMCB) | 602000 | 81270000 | 35827 |
| Call JPY vs. Put USD,<br>strike @140.000, <br>expires 08/27/25<br>(Counterparty: MSCI) | 15000 | 2100000 | 153 |
| Call JPY vs. Put USD,<br>strike @110.000, <br>expires 11/26/25<br>(Counterparty: JPMCB) | 362000 | 39820000 | 265 |
| Call USD vs. Put EUR,<br>strike @1.000, expires <br>12/04/25<br>(Counterparty: JPMCB) | 14852000 | 14852000 | 1017 |
| Call TRY vs. Put EUR,<br>strike @38.000, <br>expires 10/02/25<br>(Counterparty: JPMCB) | 194000 | 7372000 | 77 |
| Call BRL vs. Put USD,<br>strike @5.500, expires <br>01/16/26<br>(Counterparty: JPMCB) | 133000 | 731500 | 34019 |
| Call TRY vs. Put EUR,<br>strike @41.200, <br>expires 10/29/25<br>(Counterparty: JPMCB) | 77000 | 3172400 | 133 |
| USD/JPY vs. S&P 500,<br>strike @467,528.000,<br>expires 11/21/25<br>(Counterparty: GSI) | 230000 | 107531440000 | 3201 |
| USD/JPY vs. S&P 500,<br>strike @467,528.000,<br>expires 12/19/25<br>(Counterparty: GSI) | 230000 | 107531440000 | 2303 |
| EUR/CHF vs. EUR/JPY,<br>strike @0.915, expires<br>08/14/25<br>(Counterparty: GSI) | 46000 | 42090 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| USD/JPY vs. JPY 10 Year <br>Overnight Indexed <br>Swap, strike @139.000, <br>expires 04/17/26<br>(Counterparty: GSI) | 51000 | $7089000 | $3500 |
| Call BRL vs. Put USD,<br>strike @5.600, <br>expires 08/11/26<br>(Counterparty: JPMCB) | 157000 | 879200 | 39609 |
| Call BRL vs. Put USD,<br>strike @5.600, expires <br>02/11/26<br>(Counterparty: JPMCB) | 157000 | 879200 | 51224 |
| Call BRL vs. Put USD,<br>strike @5.600, expires <br>05/11/26<br>(Counterparty: JPMCB) | 157000 | 879200 | 45156 |
| Call BRL vs. Put USD,<br>strike @5.200, expires <br>01/22/26<br>(Counterparty: JPMCB) | 113000 | 587600 | 8938 |
| Call TRY vs. Put USD,<br>strike @39.500, <br>expires 12/03/25<br>(Counterparty: JPMCB) | 39000 | 1540500 | 230 |
| Call TRY vs. Put USD,<br>strike @39.000, <br>expires 12/09/25<br>(Counterparty: JPMCB) | 49000 | 1911000 | 199 |
| Call TRY vs. Put USD,<br>strike @42.000, <br>expires 03/13/26<br>(Counterparty: JPMCB) | 571000 | 23982000 | 1028 |
| Call JPY vs. Put USD,<br>strike @101.000, <br>expires 04/09/26<br>(Counterparty: JPMCB) | 727000 | 73427000 | 1064 |
| Call JPY vs. Put USD,<br>strike @109.000, <br>expires 01/08/26<br>(Counterparty: JPMCB) | 327000 | 35643000 | 401 |
| Call CNY vs. Put USD,<br>strike @6.800, <br>expires 11/04/25<br>(Counterparty: JPMCB) | 2245000 | 15266000 | 595 |
| Call GBP vs. Put EUR,<br>strike @0.830, <br>expires 08/04/25<br>(Counterparty: JPMCB) | 341000 | 283030 | 0 |
| Call GBP vs. Put EUR,<br>strike @0.830, <br>expires 09/04/25<br>(Counterparty: JPMCB) | 342000 | 283860 | 1845 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call BRL vs. Put USD,<br>strike @5.630, <br>expires 11/05/25<br>(Counterparty: JPMCB) | 97000 | $546110 | $41715 |
| Call COP vs. Put USD,<br>strike @4,185.000, <br>expires 11/05/25<br>(Counterparty: JPMCB) | 64000 | 267840000 | 29327 |
| S&P 500 Index vs. <br>EUR/USD, <br>strike @5,406.000,<br>expires 08/01/25<br>(Counterparty: GSI) | 299000 | 1616394000 | 0 |
| S&P 500 Index vs. <br>EUR/USD,<br>strike @5,406.000,<br>expires 08/29/25<br>(Counterparty: GSI) | 299000 | 1616394000 | 521 |
| S&P 500 Index vs. <br>AUD/USD,<br>strike @5,652.000,<br>expires 08/15/25<br>(Counterparty: MSCI) | 108000 | 610416000 | 5 |
| USD/JPY vs. SOFR Index,<br>strike @13,895.000,<br>expires 08/21/25<br>(Counterparty: CITI) | 125000 | 1736875000 | 0 |
| Call KRW vs. Put USD,<br>strike @1,300.000,<br>expires 08/08/25<br>(Counterparty: JPMCB) | 1008000 | 1310400000 | 1 |
| Call CNY vs. Put USD,<br>strike @6.750, <br>expires 11/05/25<br>(Counterparty: JPMCB) | 2745000 | 18528750 | 464 |
| Call AUD vs. Put GBP,<br>strike @2.010, <br>expires 11/06/25<br>(Counterparty: JPMCB) | 29000 | 58290 | 9523 |
| Call KRW vs. Put USD,<br>strike @1,050.000, <br>expires 05/07/26<br>(Counterparty: JPMCB) | 344000 | 361200000 | 909 |
| Call JPY vs. Put USD,<br>strike @127.000, <br>expires 05/12/27<br>(Counterparty: JPMCB) | 153000 | 19431000 | 20552 |
| Call ZAR vs. Put USD,<br>strike @17.930, <br>expires 02/13/26<br>(Counterparty: JPMCB) | 62000 | 1111660 | 23329 |
| Call MXN vs. Put USD,<br>strike @17.300, <br>expires 05/13/26<br>(Counterparty: JPMCB) | 127000 | 2197100 | 10344 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call NOK vs. Put CHF,<br>strike @12.030, <br>expires 11/13/25<br>(Counterparty: JPMCB) | 28000 | $336840 | $2196 |
| Call MXN vs. Put USD,<br>strike @18.000, <br>expires 11/14/25<br>(Counterparty: JPMCB) | 125000 | 2250000 | 12745 |
| Call CNY vs. Put USD,<br>strike @6.500, <br>expires 05/19/26<br>(Counterparty: JPMCB) | 2726000 | 17719000 | 2508 |
| Call HKD vs. Put USD,<br>strike @7.500, <br>expires 11/20/25<br>(Counterparty: JPMCB) | 1706000 | 12795000 | 955 |
| Call SGD vs. Put GBP,<br>strike @1.600, <br>expires 05/21/26<br>(Counterparty: JPMCB) | 63000 | 100800 | 10338 |
| Call MXN vs. Put USD,<br>strike @18.400, <br>expires 09/04/25<br>(Counterparty: JPMCB) | 44000 | 809600 | 4912 |
| Call CNY vs. Put USD,<br>strike @6.950, <br>expires 09/08/25<br>(Counterparty: JPMCB) | 61000 | 423950 | 644 |
| Call ZAR vs. Put USD,<br>strike @17.000, <br>expires 09/11/25<br>(Counterparty: JPMCB) | 52000 | 884000 | 1286 |
| Call TRY vs. Put USD,<br>strike @42.100, <br>expires 11/05/25<br>(Counterparty: JPMCB) | 31000 | 1305100 | 6082 |
| Call MXN vs. Put USD,<br>strike @18.100, <br>expires 09/23/25<br>(Counterparty: JPMCB) | 54000 | 977400 | 3067 |
| S&P 500 Index vs. <br>EUR/USD,<br>strike @5,406.000, <br>expires 08/15/25<br>(Counterparty: GSI) | 299000 | 1616394000 | 75 |
| Call CNY vs. Put USD,<br>strike @7.000, <br>expires 09/29/25<br>(Counterparty: JPMCB) | 2690000 | 18830000 | 1695 |
| Call BRL vs. Put USD,<br>strike @5.100, <br>expires 08/29/25<br>(Counterparty: JPMCB) | 105000 | 535500 | 77 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** | **Foreign exchange options purchased—(concluded)** |
| **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** | **Put options—(concluded)** |
| Call BRL vs. Put USD,<br>strike @5.000, <br>expires 01/06/26<br>(Counterparty: JPMCB) | 1230000 | $6150000 | $1125 |
| Call USD vs. Put GBP,<br>strike @1.270, <br>expires 01/08/26<br>(Counterparty: JPMCB) | 57000 | 72390 | 12740 |
| Call ZAR vs. Put USD,<br>strike @17.350, <br>expires 08/07/25<br>(Counterparty: JPMCB) | 663000 | 11503050 | 4 |
| Call BRL vs. Put USD,<br>strike @5.480, <br>expires 08/12/25<br>(Counterparty: JPMCB) | 660000 | 3616800 | 744 |
| Call AUD vs. Put GBP,<br>strike @1.950, <br>expires 01/13/26<br>(Counterparty: JPMCB) | 61000 | 118950 | 10060 |
| Call BRL vs. Put USD,<br>strike @5.500, <br>expires 08/13/25<br>(Counterparty: JPMCB) | 1616000 | 8888000 | 1293 |
| Call JPY vs. Put USD,<br>strike @146.000, <br>expires 08/01/25<br>(Counterparty: JPMCB) | 1314000 | 191844000 | 1 |
| Call USD vs. Put GBP,<br>strike @1.290, <br>expires 08/27/25<br>(Counterparty: JPMCB) | 65000 | 83850 | 8983 |
| Call BRL vs. Put USD,<br>strike @5.500, <br>expires 08/27/25<br>(Counterparty: JPMCB) | 724000 | 3982000 | 2509 |
| Call HUF vs. Put EUR,<br>strike @381.000, <br>expires 05/20/26<br>(Counterparty: JPMCB) | 90000 | 34290000 | 7427 |
| Call HUF vs. Put EUR,<br>strike @382.000, <br>expires 05/27/26<br>(Counterparty: JPMCB) | 106000 | 40492000 | 9643 |
| Call CNY vs. Put USD,<br>strike @6.750, <br>expires 12/08/25<br>(Counterparty: JPMCB) | 203000 | 1370250 | 4348 |
| Call ZAR vs. Put USD,<br>strike @17.150, <br>expires 12/19/25<br>(Counterparty: JPMCB) | 53000 | 908950 | 8706 |
| **Total** |  |  | 526436 |
| **Total foreign exchange options purchased**<br> (cost—$1,679,883) |  |  | **662585** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Value** |
| **Equity options purchased—0.1%** | **Equity options purchased—0.1%** | **Equity options purchased—0.1%** | **Equity options purchased—0.1%** |
| **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** |
| American Airlines <br>Group, Inc.,strike<br>@12.000, expires<br>08/01/25<br>(Counterparty: CS) | 16 | $192 | $16 |
| HKG Hang Seng China <br>Enterprises Index <br>Futures,strike <br>@9,000.000, expires <br>08/15/25<br>(Counterparty: MSCI) | 7 | 63000 | 4458 |
| HKG Hang Seng China <br>Enterprises Index <br>Futures,strike <br>@8,300.000, expires <br>12/19/25<br>(Counterparty: JPMCB) | 33 | 273900 | 181395 |
| HKG Hang Seng Index <br>Futures,strike <br>@27,000.000,<br>expires 08/15/25<br>(Counterparty: MSCI) | 4 | 108000 | 408 |
| IREN Ltd.,strike <br>@23.000, expires <br>08/01/25<br>(Counterparty: MCM) | 7 | 161 | 7 |
| IREN Ltd.,strike <br>@24.000, expires<br>08/01/25<br>(Counterparty: MCM) | 8 | 192 | 16 |
| Opendoor Technologies, <br>Inc.,strike @5.000, <br>expires 08/15/25<br>(Counterparty: MCM) | 48 | 240 | 192 |
| Porch Group, Inc.,<br>strike @12.500, <br>expires 12/19/25<br>(Counterparty: MCM) | 8 | 100 | 2120 |
| Porch Group, Inc.,<br>strike @15.000, <br>expires 01/16/26<br>(Counterparty: MCM) | 20 | 300 | 4800 |
| S&P 500 Index,<br>strike @6,435.000,<br>expires 08/01/25<br>(Counterparty: MSCI) | 3 | 19305 | 315 |
| S&P 500 Index,<br>strike @6,500.000,<br>expires 08/15/25<br>(Counterparty: JPMCB) | 30 | 195000 | 25770 |
| Sarepta Therapeutics, <br>Inc.,strike @30.000, <br>expires 11/21/25<br>(Counterparty: SGS) | 2 | 60 | 320 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** | **Equity options purchased—(concluded)** |
| **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** | **Call options—(concluded)** |
| Sarepta Therapeutics, <br>Inc.,strike @30.000, <br>expires 01/16/26<br>(Counterparty: WF) | 4 | $| 120 | $ | 920 |
| **Total** |  |  |  | 220737 | 220737 |
| **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** | **Put options—0.0%<sup>†</sup>** |
| BigBear.ai Holdings, <br>Inc.,strike @6.500, <br>expires 08/15/25<br>(Counterparty: MCM) | 16 |  | 104 |  | 1200 |
| Bloom Energy Corp.,<br>strike @19.000, <br>expires 01/16/26<br>(Counterparty: CS) | 3 |  | 57 |  | 90 |
| CME E-mini S&P 500 <br>Index Futures,<br>strike @5,900.000,<br>expires 09/19/25<br>(Counterparty: MSCI) | 49 |  | 289100 |  | 74725 |
| FTSE 100 Index,<br>strike @8,000.000,<br>expires 09/19/25<br>(Counterparty: JPMCB) | 14 |  | 112000 |  | 1941 |
| NASDAQ 100 Stock <br>Index,strike <br>@18,000.000,<br>expires 09/19/25<br>(Counterparty: JPMCB) | 1 |  | 18000 |  | 2413 |
| Opendoor Technologies, <br>Inc.,strike @1.500, <br>expires 01/16/26<br>(Counterparty: MCM) | 32 |  | 48 |  | 1344 |
| S&P 500 Index,strike <br>@5,250.000,<br>expires 09/19/25<br>(Counterparty: JPMCB) | 3 |  | 15750 |  | 2643 |
| SPDR S&P 500 ETF Trust,<br>strike @620.000, <br>expires 08/29/25<br>(Counterparty: WF) | 13 |  | 8060 |  | 7150 |
| Swiss Market Index,<br>strike @11,200.000,<br>expires 09/19/25<br>(Counterparty: JPMCB) | 21 |  | 235200 |  | 15797 |
| **Total** |  |  |  |  | 107303 |
| **Total equity options purchased**<br> (cost—$636,651) |  |  |  |  | **328040** |
| **Swaptions purchased—0.1%** | **Swaptions purchased—0.1%** | **Swaptions purchased—0.1%** | **Swaptions purchased—0.1%** | **Swaptions purchased—0.1%** | **Swaptions purchased—0.1%** |
| **Call swaptions—0.1%** | **Call swaptions—0.1%** | **Call swaptions—0.1%** | **Call swaptions—0.1%** | **Call swaptions—0.1%** | **Call swaptions—0.1%** |
| 1 Year Interest Rate <br>Swap,strike @3.450, <br>expires 01/07/26<br>(Counterparty: MSCI) | 143467000 |  | 494961150 |  | 187251 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of<br>contracts** | **Notional<br>amount** | **Notional<br>amount** | **Value** | **Value** |
| **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** | **Swaptions purchased—(concluded)** |
| **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** | **Call swaptions—(concluded)** |
| 2 Year Interest Rate <br>Swap,strike<br>@3.200, expires<br>08/07/25<br>(Counterparty: MSCI) | 56381000 | $| 180419200 | $| 26 |
| 2 Year Interest Rate <br>Swap,strike<br>@3.500, expires<br>08/07/25<br>(Counterparty: GS) | 56381000 |  | 197333500 |  | 2885 |
| **Total** |  |  |  |  | 190162 |
| **Put swaptions—0.0%<sup>†</sup>** | **Put swaptions—0.0%<sup>†</sup>** | **Put swaptions—0.0%<sup>†</sup>** | **Put swaptions—0.0%<sup>†</sup>** | **Put swaptions—0.0%<sup>†</sup>** | **Put swaptions—0.0%<sup>†</sup>** |
| 2 Year Interest Rate <br>Swap,strike<br>@3.500, expires<br>08/07/25<br>(Counterparty: MSCI) | 26965000 |  | 94377500 |  | 118491 |
| **Total** |  |  |  |  | 118491 |
| **Total swaptions purchased**<br> (cost—$0) |  |  |  |  | **308653** |
| **Total investments before <br>investments sold short**<br> (cost—$323,679,996)—120.2% |  |  |  |  | **333750853** |
|  |  | **Number of<br>shares** | **Number of<br>shares** |  |  |
| **Investments sold short—(38.0)%** | **Investments sold short—(38.0)%** | **Investments sold short—(38.0)%** | **Investments sold short—(38.0)%** | **Investments sold short—(38.0)%** | **Investments sold short—(38.0)%** |
| **Common stocks—(27.3)%** | **Common stocks—(27.3)%** | **Common stocks—(27.3)%** | **Common stocks—(27.3)%** | **Common stocks—(27.3)%** | **Common stocks—(27.3)%** |
| **Australia—(0.0)%<sup>†</sup>** | **Australia—(0.0)%<sup>†</sup>** | **Australia—(0.0)%<sup>†</sup>** | **Australia—(0.0)%<sup>†</sup>** | **Australia—(0.0)%<sup>†</sup>** | **Australia—(0.0)%<sup>†</sup>** |
| Flight Centre Travel Group Ltd. |  |  | (4201) |  | (32040) |
| **Cameroon—(0.0)%<sup>†</sup>** | **Cameroon—(0.0)%<sup>†</sup>** | **Cameroon—(0.0)%<sup>†</sup>** | **Cameroon—(0.0)%<sup>†</sup>** | **Cameroon—(0.0)%<sup>†</sup>** | **Cameroon—(0.0)%<sup>†</sup>** |
| Golar LNG Ltd. |  |  | (2237) |  | (92075) |
| **Canada—(4.1)%** | **Canada—(4.1)%** | **Canada—(4.1)%** | **Canada—(4.1)%** | **Canada—(4.1)%** | **Canada—(4.1)%** |
| Allied Properties Real Estate Investment Trust |  |  | (14620) |  | (182539) |
| ARC Resources Ltd. |  |  | (16080) |  | (313917) |
| B2Gold Corp. |  |  | (55743) |  | (187854) |
| Bank of Nova Scotia |  |  | (2660) |  | (147993) |
| Baytex Energy Corp. |  |  | (65140) |  | (138216) |
| BCE, Inc. |  |  | (16380) |  | (382074) |
| Canadian National Railway Co. |  |  | (4120) |  | (384704) |
| Canadian Tire Corp. Ltd. |  |  | (1370) |  | (183491) |
| Cargojet, Inc. |  |  | (4000) |  | (285595) |
| Choice Properties Real Estate Investment Trust |  |  | (25240) |  | (258484) |
| CT Real Estate Investment Trust |  |  | (48660) |  | (541525) |
| Definity Financial Corp. |  |  | (2640) |  | (142232) |
| Dollarama, Inc. |  |  | (1690) |  | (230985) |
| EQB, Inc. |  |  | (7810) |  | (580564) |
| Fiera Capital Corp. |  |  | (35460) |  | (167626) |
| FirstService Corp. |  |  | (540) |  | (106441) |
| Fortuna Mining Corp. |  |  | (18045) |  | (116390) |
| goeasy Ltd. |  |  | (1350) |  | (178298) |
| IGM Financial, Inc. |  |  | (13620) |  | (450986) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **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)** |
| **Canada—(concluded)** | **Canada—(concluded)** | **Canada—(concluded)** |
| Imperial Oil Ltd. | (10930) | (911333) |
| Keyera Corp. | (28830) | (905099) |
| Loblaw Cos. Ltd. | (1370) | (221547) |
| Metro, Inc. | (2730) | (208750) |
| PrairieSky Royalty Ltd. | (27350) | (470374) |
| Quebecor, Inc. | (5550) | (156134) |
| Restaurant Brands International, Inc. | (5450) | (369810) |
| Richelieu Hardware Ltd. | (6510) | (162891) |
| RioCan Real Estate Investment Trust | (14070) | (179226) |
| Rogers Sugar, Inc. | (2006) | (8165) |
| Saputo, Inc. | (5340) | (111995) |
| Secure Waste Infrastructure Corp. | (13790) | (150679) |
| Shopify, Inc. | (800) | (97768) |
| Stantec, Inc. | (3650) | (398982) |
| Stella-Jones, Inc. | (4910) | (279908) |
| StorageVault Canada, Inc. | (195926) | (656103) |
| TELUS Corp. | (8150) | (131285) |
| Toromont Industries Ltd. | (3980) | (403544) |
| Trican Well Service Ltd. | (10140) | (41640) |
| Vermilion Energy, Inc. | (15840) | (129980) |
| Whitecap Resources, Inc. | (55290) | (417388) |
|  |  | (11392515) |
| **China—(0.9)%** | **China—(0.9)%** | **China—(0.9)%** |
| Alibaba Group Holding Ltd. | (11094) | (1338269) |
| H World Group Ltd. | (1997) | (62346) |
| Ping An Insurance Group Co. of China Ltd. | (31500) | (216259) |
| Qifu Technology, Inc. | (1018) | (34948) |
| Silvercorp Metals, Inc. | (19673) | (85971) |
| Trip.com Group Ltd. | (9671) | (599119) |
|  |  | (2336912) |
| **Colombia—(0.0)%<sup>†</sup>** | **Colombia—(0.0)%<sup>†</sup>** | **Colombia—(0.0)%<sup>†</sup>** |
| Gran Tierra Energy, Inc. | (24330) | (109042) |
| **Germany—(0.1)%** | **Germany—(0.1)%** | **Germany—(0.1)%** |
| Mercedes-Benz Group AG | (4202) | (237918) |
| **Ireland—(0.1)%** | **Ireland—(0.1)%** | **Ireland—(0.1)%** |
| Accenture PLC | (550) | (146905) |
| **Israel—(0.0)%<sup>†</sup>** | **Israel—(0.0)%<sup>†</sup>** | **Israel—(0.0)%<sup>†</sup>** |
| Oddity Tech Ltd. | (1287) | (90180) |
| **Japan—(0.0)%<sup>†</sup>** | **Japan—(0.0)%<sup>†</sup>** | **Japan—(0.0)%<sup>†</sup>** |
| Allegro MicroSystems, Inc. | (3577) | (112354) |
| **Netherlands—(0.2)%** | **Netherlands—(0.2)%** | **Netherlands—(0.2)%** |
| Nebius Group NV | (5983) | (325655) |
| Pharming Group NV | (83275) | (91521) |
|  |  | (417176) |
| **Singapore—(0.8)%** | **Singapore—(0.8)%** | **Singapore—(0.8)%** |
| Sea Ltd. | (14128) | (2213151) |
| **Switzerland—(0.4)%** | **Switzerland—(0.4)%** | **Switzerland—(0.4)%** |
| ABB Ltd. | (4309) | (281370) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Number of<br>shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Switzerland—(concluded)** | **Switzerland—(concluded)** | **Switzerland—(concluded)** | **Switzerland—(concluded)** |
| On Holding AG | (15439) | $ | (749872) |
|  |  |  | (1031242) |
| **United Kingdom—(0.0)%<sup>†</sup>** | **United Kingdom—(0.0)%<sup>†</sup>** | **United Kingdom—(0.0)%<sup>†</sup>** | **United Kingdom—(0.0)%<sup>†</sup>** |
| Immunocore Holdings PLC | (117) |  | (3834) |
| **United States—(20.7)%** | **United States—(20.7)%** | **United States—(20.7)%** | **United States—(20.7)%** |
| 3M Co. | (2620) |  | (390956) |
| A10 Networks, Inc. | (8316) |  | (153181) |
| Adobe, Inc. | (2129) |  | (761522) |
| Advanced Drainage Systems, Inc. | (2360) |  | (270810) |
| Advanced Energy Industries, Inc. | (451) |  | (62653) |
| AECOM | (1670) |  | (188276) |
| AES Corp. | (4075) |  | (53586) |
| Affirm Holdings, Inc. | (3505) |  | (240303) |
| Akamai Technologies, Inc. | (7493) |  | (571791) |
| Alarm.com Holdings, Inc. | (775) |  | (42338) |
| Alkami Technology, Inc. | (5343) |  | (119095) |
| Alliant Energy Corp. | (1627) |  | (105771) |
| Alphatec Holdings, Inc. | (17645) |  | (186684) |
| Amentum Holdings, Inc. | (5897) |  | (147248) |
| Ameren Corp. | (2355) |  | (238161) |
| American Electric Power Co., Inc. | (2394) |  | (270857) |
| American Water Works Co., Inc. | (1720) |  | (241213) |
| Amphastar Pharmaceuticals, Inc. | (583) |  | (12214) |
| ANI Pharmaceuticals, Inc. | (5314) |  | (336642) |
| Apple, Inc. | (1660) |  | (344566) |
| Applied Digital Corp. | (10701) |  | (140611) |
| Applied Optoelectronics, Inc. | (3456) |  | (79039) |
| Array Technologies, Inc. | (1804) |  | (11726) |
| Astronics Corp. | (10416) |  | (376226) |
| Aurora Innovation, Inc. | (6082) |  | (35336) |
| Automatic Data Processing, Inc. | (2286) |  | (707517) |
| Badger Meter, Inc. | (3098) |  | (584778) |
| Bentley Systems, Inc. | (1219) |  | (70678) |
| BigBear.ai Holdings, Inc. | (44477) |  | (282429) |
| Bill Holdings, Inc. | (2155) |  | (92342) |
| Bitdeer Technologies Group | (2198) |  | (28332) |
| BlackLine, Inc. | (1535) |  | (82552) |
| BlackSky Technology, Inc. | (350) |  | (6734) |
| Bloom Energy Corp. | (38455) |  | (1437832) |
| Box, Inc. | (14402) |  | (462304) |
| Bridgebio Pharma, Inc. | (12190) |  | (576221) |
| CarMax, Inc. | (1920) |  | (108691) |
| Carnival Corp. | (60965) |  | (1814928) |
| Caterpillar, Inc. | (554) |  | (242663) |
| Cheesecake Factory, Inc. | (8615) |  | (550585) |
| Chefs' Warehouse, Inc. | (989) |  | (67806) |
| Chubb Ltd. | (400) |  | (106416) |
| Cirrus Logic, Inc. | (2211) |  | (222670) |
| Cleanspark, Inc. | (899) |  | (10222) |
| Cloudflare, Inc. | (1897) |  | (393969) |
| CMS Energy Corp. | (317) |  | (23395) |
| Coinbase Global, Inc. | (1029) |  | (388715) |
| Collegium Pharmaceutical, Inc. | (11434) |  | (341419) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| CONMED Corp. | (668) | $(34168) |
| Copart, Inc. | (5340) | (242062) |
| Core Scientific, Inc. | (12930) | (175072) |
| Cracker Barrel Old Country Store, Inc. | (9035) | (560170) |
| CSG Systems International, Inc. | (314) | (19612) |
| Cytokinetics, Inc. | (2451) | (92256) |
| Dexcom, Inc. | (871) | (70351) |
| Dow, Inc. | (4104) | (95582) |
| DraftKings, Inc. | (411) | (18511) |
| Dropbox, Inc. | (8698) | (236325) |
| Duke Energy Corp. | (4737) | (576209) |
| Dynavax Technologies Corp. | (11396) | (125128) |
| Encore Capital Group, Inc. | (8101) | (298765) |
| Enovis Corp. | (486) | (13025) |
| Enphase Energy, Inc. | (2659) | (86045) |
| Envista Holdings Corp. | (464) | (8765) |
| Eos Energy Enterprises, Inc. | (1278) | (7285) |
| Etsy, Inc. | (351) | (20453) |
| Evergy, Inc. | (5890) | (417012) |
| Evolent Health, Inc. | (1640) | (16482) |
| Exact Sciences Corp. | (4376) | (205453) |
| Expedia Group, Inc. | (223) | (40189) |
| EZCORP, Inc. | (11671) | (167129) |
| Fastly, Inc. | (395) | (2682) |
| FedEx Corp. | (538) | (120238) |
| Five9, Inc. | (1011) | (26114) |
| Ford Motor Co. | (21737) | (240629) |
| Franklin Resources, Inc. | (6730) | (161520) |
| GameStop Corp. | (35114) | (788309) |
| Goldman Sachs Group, Inc. | (1074) | (777136) |
| Graphic Packaging Holding Co. | (3270) | (73117) |
| Greenbrier Cos., Inc. | (3854) | (175357) |
| Groupon, Inc. | (2724) | (84008) |
| Guardant Health, Inc. | (2132) | (87369) |
| Guess?, Inc. | (3151) | (40963) |
| Guidewire Software, Inc. | (615) | (139125) |
| Haemonetics Corp. | (69) | (5109) |
| Halozyme Therapeutics, Inc. | (3606) | (216252) |
| Hecla Mining Co. | (23110) | (132651) |
| Hercules Capital, Inc. | (1035) | (19417) |
| Hershey Co. | (1470) | (273611) |
| Hilton Worldwide Holdings, Inc. | (1244) | (333492) |
| Hims & Hers Health, Inc. | (1525) | (100924) |
| Honeywell International, Inc. | (1201) | (267042) |
| Illinois Tool Works, Inc. | (2428) | (621495) |
| Impinj, Inc. | (2265) | (350124) |
| Innoviva, Inc. | (3751) | (68156) |
| Inotiv, Inc. | (19033) | (38256) |
| InterDigital, Inc. | (2865) | (739743) |
| International Flavors & Fragrances, Inc. | (2070) | (147032) |
| iRhythm Technologies, Inc. | (204) | (28597) |
| Itron, Inc. | (1380) | (171865) |
| Jazz Pharmaceuticals PLC | (1767) | (202551) |
| JBT Marel Corp. | (327) | (45061) |
| Kinder Morgan, Inc. | (12280) | (344577) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Kite Realty Group Trust | (967) | $(21255) |
| Lantheus Holdings, Inc. | (4131) | (294086) |
| LCI Industries | (3956) | (375820) |
| Lennar Corp. | (1633) | (183190) |
| Lennox International, Inc. | (83) | (50547) |
| Liberty Media Corp.-Liberty Formula One | (279) | (27998) |
| Linde PLC | (479) | (220465) |
| LivaNova PLC | (1252) | (52822) |
| Live Nation Entertainment, Inc. | (4886) | (721662) |
| Louisiana-Pacific Corp. | (2690) | (243203) |
| Lululemon Athletica, Inc. | (810) | (162429) |
| Lumentum Holdings, Inc. | (12913) | (1421463) |
| Lyft, Inc. | (12124) | (170463) |
| MACOM Technology Solutions Holdings, Inc. | (4500) | (617130) |
| MannKind Corp. | (62032) | (234481) |
| MARA Holdings, Inc. | (13309) | (214009) |
| Marriott International, Inc. | (1243) | (327941) |
| Marriott Vacations Worldwide Corp. | (233) | (17352) |
| Martin Marietta Materials, Inc. | (1310) | (753093) |
| Match Group, Inc. | (1555) | (53290) |
| Merit Medical Systems, Inc. | (129) | (10947) |
| Microchip Technology, Inc. | (2085) | (140925) |
| MicroStrategy, Inc. | (858) | (344796) |
| Miller Industries, Inc. | (5070) | (206602) |
| MKS, Inc. | (277) | (26365) |
| New York Times Co. | (12061) | (625845) |
| Norwegian Cruise Line Holdings Ltd. | (9674) | (247267) |
| Nutanix, Inc. | (9547) | (717648) |
| Ollie's Bargain Outlet Holdings, Inc. | (660) | (90176) |
| Omnicom Group, Inc. | (10753) | (774754) |
| ON Semiconductor Corp. | (7825) | (441017) |
| Opendoor Technologies, Inc. | (147808) | (271967) |
| Ormat Technologies, Inc. | (1280) | (114445) |
| OSI Systems, Inc. | (1739) | (384336) |
| Pacira BioSciences, Inc. | (4763) | (100452) |
| Packaging Corp. of America | (1020) | (197625) |
| Pagaya Technologies Ltd. | (8338) | (250557) |
| PAR Technology Corp. | (2292) | (139308) |
| Parsons Corp. | (200) | (14840) |
| Paychex, Inc. | (1614) | (232949) |
| Paycom Software, Inc. | (1005) | (232698) |
| Pebblebrook Hotel Trust | (168) | (1685) |
| Peloton Interactive, Inc. | (76884) | (548952) |
| Penguin Solutions, Inc. | (30290) | (713935) |
| PG&E Corp. | (1986) | (27844) |
| Porch Group, Inc. | (3933) | (49634) |
| Progress Software Corp. | (5899) | (283624) |
| PROS Holdings, Inc. | (14183) | (222531) |
| PTC Therapeutics, Inc. | (7604) | (396244) |
| Public Service Enterprise Group, Inc. | (3144) | (282300) |
| Q2 Holdings, Inc. | (3755) | (304906) |
| QuantumScape Corp. | (4450) | (38270) |
| RealReal, Inc. | (901) | (4739) |
| Repay Holdings Corp. | (922) | (4536) |
| Repligen Corp. | (1233) | (144347) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| ResMed, Inc. | (2137) | $(581136) |
| Rexford Industrial Realty, Inc. | (282) | (10301) |
| Reynolds Consumer Products, Inc. | (3410) | (76691) |
| RH | (1081) | (222275) |
| Rollins, Inc. | (4021) | (230283) |
| Rubrik, Inc. | (2736) | (259783) |
| Semler Scientific, Inc. | (86) | (3083) |
| Semtech Corp. | (5275) | (269552) |
| Shake Shack, Inc. | (236) | (28400) |
| Shift4 Payments, Inc. | (5982) | (616146) |
| Silgan Holdings, Inc. | (9570) | (445292) |
| Sirius XM Holdings, Inc. | (6564) | (138632) |
| Snap, Inc. | (3156) | (29761) |
| Snowflake, Inc. | (8440) | (1886340) |
| SoFi Technologies, Inc. | (81167) | (1832751) |
| Solaris Energy Infrastructure, Inc. | (3379) | (110392) |
| Southern Co. | (5028) | (475045) |
| Southwest Airlines Co. | (3370) | (104234) |
| Sphere Entertainment Co. | (944) | (40639) |
| Stellantis NV | (13540) | (119492) |
| Super Micro Computer, Inc. | (17412) | (1026786) |
| Synchrony Financial | (2460) | (171388) |
| Tandem Diabetes Care, Inc. | (1105) | (17216) |
| Tempus AI, Inc. | (1890) | (106955) |
| Tesla, Inc. | (400) | (123308) |
| Tetra Tech, Inc. | (5008) | (183994) |
| TKO Group Holdings, Inc. | (1342) | (225469) |
| TransMedics Group, Inc. | (3026) | (360003) |
| Transocean Ltd. | (31397) | (91679) |
| Travel & Leisure Co. | (3600) | (213300) |
| Trump Media & Technology Group Corp. | (3948) | (69445) |
| Tyson Foods, Inc. | (695) | (36348) |
| Uber Technologies, Inc. | (3089) | (271060) |
| UGI Corp. | (10809) | (391070) |
| Unity Software, Inc. | (1241) | (41400) |
| Upstart Holdings, Inc. | (12089) | (988155) |
| Veeco Instruments, Inc. | (10967) | (227894) |
| Ventas, Inc. | (746) | (50116) |
| Vertex, Inc. | (10200) | (338334) |
| Viavi Solutions, Inc. | (158) | (1588) |
| Vishay Intertechnology, Inc. | (13486) | (221036) |
| Vistra Corp. | (681) | (142016) |
| Vulcan Materials Co. | (2800) | (769076) |
| W.R. Berkley Corp. | (1700) | (116977) |
| Waste Connections, Inc. | (1620) | (302511) |
| Wayfair, Inc. | (9974) | (654693) |
| WEC Energy Group, Inc. | (2267) | (247284) |
| Western Digital Corp. | (30107) | (2369120) |
| Western Union Co. | (13941) | (112225) |
| Williams-Sonoma, Inc. | (1181) | (220906) |
| Winnebago Industries, Inc. | (497) | (14771) |
| WisdomTree, Inc. | (49143) | (652128) |
| Workiva, Inc. | (95) | (6064) |
| Xometry, Inc. | (5794) | (187378) |

---

---

| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Value** |
| **Investments sold short—(concluded)** | **Investments sold short—(concluded)** | **Investments sold short—(concluded)** |
| **Common stocks—(concluded)** | **Common stocks—(concluded)** | **Common stocks—(concluded)** |
| **United States—(concluded)** | **United States—(concluded)** | **United States—(concluded)** |
| Ziff Davis, Inc. | (506) | $(15747) |
| Zscaler, Inc. | (44) | (12565) |
|  |  | (57544572) |
| **Total common stocks**<br> (proceeds—$(70019917)) |  | **(75759916)** |
| **Exchange traded funds—(5.3)%** | **Exchange traded funds—(5.3)%** | **Exchange traded funds—(5.3)%** |
| SPDR S&P Retail ETF | (2120) | (166335) |
| SPDR S&P Oil & Gas Exploration & Production ETF | (2040) | (261426) |
| BMO S&P 500 Index ETF | (9980) | (692535) |
| iShares MSCI USA Momentum Factor ETF | (3800) | (916902) |
| SPDR S&P 500 ETF Trust | (6180) | (3906255) |
| Industrial Select Sector SPDR Fund | (3669) | (557725) |
| iShares iBoxx $ High Yield Corporate Bond ETF | (6604) | (530830) |
| iShares Russell 2000 ETF | (13640) | (2992480) |
| iShares Core S&P/TSX Capped Composite Index ETF | (80540) | (2532569) |
| Materials Select Sector SPDR Fund | (3403) | (298545) |
| iShares MSCI Brazil ETF | (5086) | (135033) |
| iShares S&P/TSX Capped Energy Index ETF | (15610) | (198843) |
| iShares S&P/TSX Capped REIT Index ETF | (84980) | (964734) |
| iShares U.S. Consumer Staples ETF | (10280) | (703974) |
| **Total exchange traded funds**<br> (proceeds—$(13815842)) |  | **(14858186)** |
|  | **Face<br>amount<sup>4</sup>** |  |
| **U.S. Treasury obligations—(1.3)%** | **U.S. Treasury obligations—(1.3)%** | **U.S. Treasury obligations—(1.3)%** |
| U.S. Treasury Notes<br>3.875%, due 03/31/27 | (453000) | (452098) |
| U.S. Treasury Notes<br>3.750%, due 04/30/27 | (598000) | (595641) |
| U.S. Treasury Notes<br>3.875%, due 04/30/30 | (1197000) | (1193353) |
| U.S. Treasury Notes<br>3.875%, due 06/30/30 | (422000) | (420483) |
| U.S. Treasury Notes<br>3.750%, due 06/30/27 | (853000) | (849801) |
| **Total U.S. Treasury obligations**<br> (proceeds—$(3508386)) |  | **(3511376)** |
| **Short-term U.S. Treasury obligations—(4.1)%** | **Short-term U.S. Treasury obligations—(4.1)%** | **Short-term U.S. Treasury obligations—(4.1)%** |
| U.S. Treasury Bills<br>4.158%, due 02/19/26<sup>8</sup> | (400000) | (391157) |
| U.S. Treasury Bills<br>4.323%, due 08/05/25<sup>8</sup> | (11000000) | (10963639) |
| **Total short-term U.S. treasury obligations**<br> (proceeds—$(11354796)) |  | **(11354796)** |
| **Total investments sold short**<br> (proceeds—$(98698941)) |  | **(105484274)** |
| **Total investments**<br> (cost—$224,981,055)—82.2% |  | **228266579** |
| Other assets in excess of liabilities—17.8% |  | 49576632 |
| **Net assets—100.0%** |  | $**277843211** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount** | **<br>Notional<br>amount** | **Number of<br>contracts** | **Call options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| HKD | 56000 | 2 | HKG Hang Seng Index Futures, <br>strike @ 28,000.000 | MSCI | 08/15/25 | $(739) | $(51) | $688 |
| HKD | 313500 | 33 | HKG Hang Seng China Enterprises Index <br>Futures, strike @ 9,500.000 | JPMCB | 12/19/25 | (94347) | (58853) | 35494 |
| JPY | 1051217300 | 914102000 | 5 Year Interest Rate Swap, <br>strike @ 1.150 | BNP | 12/16/30 |  | (45647) | (45647) |
| **Total** | **Total** |  |  |  |  | $**(95086)** | $**(104551)** | $**(9465)** |
|  |  |  | **Put options** |  |  |  |  |  |
| HKD | 91300 | 11 | HKG Hang Seng China Enterprises Index <br>Futures, strike @ 8,300.000 | JPMCB | 12/19/25 | $(54064) | $(17306) | $36758 |
| JPY | 4113459000 | 2742306000 | 5 Year Interest Rate Swap, <br>strike @ 1.500 | BNP | 12/16/30 |  | (16357) | (16357) |
| USD | 6200 | 1 | CME 2 Year Mid-Curve 3 Month Eurodollar <br>Option, strike @ 6,200.000 | MSCI | 08/08/25 | (436) | (613) | (177) |
| USD | 144 | 48 | Opendoor Technologies, Inc., <br>strike @ 3.000 | MCM | 08/15/25 | (4370) | (6000) | (1630) |
| USD | 7657 | 13 | SPDR S&P 500 ETF Trust, <br>strike @ 589.000 | WF | 08/29/25 | (3437) | (2405) | 1032 |
| USD | 300 | 30 | Porch Group, Inc., <br>strike @ 10.000 | MCM | 01/16/26 | (4562) | (3150) | 1412 |
| **Total** | **Total** |  |  |  |  | $**(66869)** | $**(45831)** | $**21038** |
| **Total options written** | **Total options written** |  |  |  |  | $**(161955)** | $**(150382)** | $**11573** |

---

**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 | 5090 | 4072000 | Call EUR vs. Put USD, 0.000, 1.250 | BOA | 10/14/25 | $(22116) | $(1148) | $20968 |
| EUR | 6801 | 5441000 | Call EUR vs. Put USD, 0.000, 1.250 | DB | 10/22/25 | (37625) | (2173) | 35452 |
| USD | 48 | 6000 | Call USD vs. Put CNY, 0.000, 8.000 | JPMCB | 09/29/25 | (10) |  | 10 |
| USD | 27363 | 3337000 | Call USD vs. Put CNY, 0.000, 8.200 | JPMCB | 01/06/26 | (7742) | (27) | 7715 |
| EUR | 366030 | 747000 | Call EUR vs. Put HUF, 0.000, 490.000 | JPMCB | 03/11/26 | (3439) | (557) | 2882 |
| EUR | 297500 | 595000 | Call EUR vs. Put HUF, 0.000, 500.000 | JPMCB | 03/10/26 | (1914) | (278) | 1636 |
| USD | 25536 | 3253000 | Call USD vs. Put HKD, 0.000, 7.850 | JPMCB | 04/09/26 | (2619) | (2297) | 322 |
| USD | 13380 | 1711000 | Call USD vs. Put HKD, 0.000, 7.820 | JPMCB | 10/07/25 | (821) | (2389) | (1568) |
| EUR | 1177 | 981000 | Call EUR vs. Put USD, 0.000, 1.200 | JPMCB | 08/19/25 | (2876) | (125) | 2751 |
| EUR | 4699 | 3982000 | Call EUR vs. Put USD, 0.000, 1.180 | JPMCB | 08/27/25 | (11866) | (3494) | 8372 |
| USD | 307 | 16000 | Call USD vs. Put MXN, 0.000, 19.210 | JPMCB | 08/29/25 | (5752) | (3424) | 2328 |
| **Total** | **Total** |  |  |  |  | $**(96780)** | $**(15912)** | $**80868** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Foreign exchange options written—(concluded)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Number of<br>contracts** | **Put options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 1066800 | 840000 | Call KRW vs. Put USD, 0.000, 1,270.000 | JPMCB | 08/08/25 | $(2092) | $(1) | $2091 |
| USD | 3556 | 661000 | Call BRL vs. Put USD, 0.000, 5.380 | JPMCB | 08/12/25 | (1580) | (96) | 1484 |
| USD | 7036 | 1303000 | Call BRL vs. Put USD, 0.000, 5.400 | JPMCB | 08/27/25 | (2059) | (1221) | 838 |
| USD | 2233 | 406000 | Call BRL vs. Put USD, 0.000, 5.500 | JPMCB | 08/05/25 | (710) | (130) | 580 |
| EUR | 40492 | 106000 | Call HUF vs. Put EUR, 0.000, 382.000 | JPMCB | 03/27/26 | (15742) | (7874) | 7868 |
| **Total** | **Total** |  |  |  |  | $**(22183)** | $**(9322)** | $**12861** |
| **Total foreign exchange options written** | **Total foreign exchange options written** |  |  |  |  | $**(118963)** | $**(25234)** | $**93729** |

---

**Equity options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Notional<br>amount\*** | **<br>Notional<br>amount\*** | **Number of<br>contracts** | **Put options** | **Counterparty** | **Expiration<br>date** | **Premiums<br>received** | **Current<br>value** | **Unrealized<br>appreciation<br>(depreciation)** |
| CHF | 214200 | 21 | Swiss Market Index, <br>strike @ 10,200.000 | JPMCB | 09/19/25 | $(19126) | $(4421) | $14705 |
| USD | 16000 | 1 | NASDAQ 100 Stock Index, <br>strike @ 16,000.000 | JPMCB | 09/19/25 | (33385) | (1140) | 32245 |
| USD | 14250 | 3 | S&P 500 Index, <br>strike @ 4,750.000 | JPMCB | 09/19/25 | (27710) | (1470) | 26240 |
| **Total equity options written** | **Total equity options written** |  |  |  |  | $**(80221)** | $**(7031)** | $**73190** |

---

\* For disclosure purposes. Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by the contract multiplier.

**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 | 56381 | 56381000 | 2 Year Interest Rate Swap <br>strike @ 3.500 terminating | MSCI | Receive | 08/07/25 | $— | $(2885) | $(2885) |
| GBP | 56381 | 56381000 | 2 Year Interest Rate Swap <br>strike @ 3.200 terminating | GS | Receive | 08/07/25 |  | (26) | (26) |
| GBP | 143467 | 143467000 | 1 Year Interest Rate Swap <br>strike @ 3.000 terminating | MSCI | Receive | 01/07/26 |  | (53567) | (53567) |
| **Total** | **Total** |  |  |  |  |  | $**—** | $**(56478)** | $**(56478)** |
|  |  |  | **Put Swaptions** |  |  |  |  |  |  |
| GBP | 26965 | 26965000 | 2 Year Interest Rate Swap <br>strike @ 3.500 terminating | GS | Pay | 08/07/25 | $— | $(118491) | $(118491) |
| GBP | 71734 | 71734000 | 1 Year Interest Rate Swap <br>strike @ 3.450 terminating | MSCI | Pay | 01/07/26 |  | (241568) | (241568) |
| **Total** | **Total** |  |  |  |  |  | $**—** | $**(360059)** | $**(360059)** |
| **Total swaptions written** | **Total swaptions written** |  |  |  |  |  | $**—** | $**(416537)** | $**(416537)** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| **Index futures buy contracts:** | | | | | | |
| 22 | EUR | Euro Bund 10 Year Index Futures | September 2025 | $3256469 | $3256299 | $(170) |
| 15 | EUR | EURO Schatz 2 Year Index Futures | September 2025 | 1832251 | 1832481 | 230 |
| 6 | EUR | EURO STOXX 50 Index Futures | September 2025 | 368237 | 365640 | (2597) |
| 3 | EUR | Euronext CAC 40 Index Futures | August 2025 | 267670 | 266305 | (1365) |
| 15 | GBP | FTSE 100 Index Futures | September 2025 | 1792229 | 1807441 | 15212 |
| 2 | ZAR | FTSE/JSE Top 40 Index Futures | September 2025 | 97901 | 100027 | 2126 |
| 10 | HKD | Hang Seng China Enterprises Index Futures | August 2025 | 585108 | 565924 | (19184) |
| 10 | HKD | Hang Seng China Enterprises Index Futures | August 2025 | 1628981 | 1576178 | (52803) |
| 2 | KRW | KOSPI 200 Index Futures | September 2025 | 150896 | 157881 | 6985 |
| 1 | EUR | MEFF Madrid IBEX 35 Index Futures | August 2025 | 159873 | 164519 | 4646 |
| 3 | EUR | Mini-DAX Index Futures | September 2025 | 405613 | 413588 | 7975 |
| 7 | SGD | MSCI Singapore Index Futures | August 2025 | 230065 | 227619 | (2446) |
| 4 | SEK | OML Stockholm OMXS30 Index Futures | August 2025 | 105009 | 105473 | 464 |
| 2 | JPY | OSE Nikkei 225 Mini Index Futures | September 2025 | 54443 | 54642 | 199 |
| 11 | USD | S&P 500 E-Mini Index Futures | September 2025 | 3510737 | 3505837 | (4900) |
| 3 | AUD | S&P ASX Share Price Index 200 Futures | September 2025 | 416919 | 419474 | 2555 |
| 3 | CAD | S&P/TSX 60 Index Futures | September 2025 | 692908 | 702064 | 9156 |
| **Interest rate futures buy contracts:** |  |  |  |  |  |  |
| 15 | CAD | Canadian Bond 10 Year Futures | September 2025 | $1300048 | $1304706 | $4658 |
| 9 | EUR | Italian Government Bond Futures | September 2025 | 1241870 | 1240301 | (1569) |
| 29 | GBP | United Kingdom Long Gilt Bond Futures | September 2025 | 3518813 | 3529621 | 10808 |
| **U.S. Treasury futures buy contracts:** |  |  |  |  |  |  |
| 5 | AUD | Australian Bond 10 Year Futures | September 2025 | $363730 | $365625 | $1895 |
| 3 | AUD | Australian Bond 3 Year Futures | September 2025 | 206821 | 206892 | 71 |
| 17 | EUR | Eurex Short-term Euro-BTP Futures | September 2025 | 2098241 | 2090101 | (8140) |
| 7 | EUR | EURO Bobl 5 Year Index Future | September 2025 | 938602 | 936799 | (1803) |
| 6 | EUR | French Government Bond Futures | September 2025 | 845655 | 844191 | (1464) |
| 3 | JPY | Japan Government Bond 10 Year Futures | September 2025 | 2765318 | 2745955 | (19363) |
| 1 | USD | Japanese Yen Currency Futures | September 2025 | 83555 | 83325 | (230) |
| 3 | KRW | Korea Treasury Bond 10 Year Futures | September 2025 | 256174 | 256432 | 258 |
| 18 | KRW | Korea Treasury Bond 3 Year Futures | September 2025 | 1393120 | 1392054 | (1066) |
| 13 | USD | Mexican Peso Currency Futures | September 2025 | 344747 | 343590 | (1157) |
| 68 | USD | U.S. Treasury Note 10 Year Futures | September 2025 | 7563599 | 7552250 | (11349) |
| 79 | USD | U.S. Treasury Note 5 Year Futures | September 2025 | 8601917 | 8545578 | (56339) |
| 7 | USD | Ultra U.S. Treasury Note 10 Year Futures | September 2025 | 792874 | 791547 | (1327) |
| **Total** |  |  |  | $**47870393** | $**47750359** | $**(120034)** |
| **Index futures sell contracts:** |  |  |  |  |  |  |
| 17 | EUR | EURO STOXX 50 Index Futures | December 2027 | $(300512) | $(302646) | $(2134) |
| 2 | EUR | Euronext CAC 40 Index Futures | August 2025 | (177440) | (177536) | (96) |
| 4 | GBP | FTSE 250 Index Futures | September 2025 | (228913) | (231927) | (3014) |
| 9 | USD | FTSE China A50 Futures | August 2025 | (125761) | (123993) | 1768 |
| 4 | EUR | FVSA index—Mini-Index Futures on VSTOXX | August 2025 | (8314) | (8148) | 166 |
| 3 | USD | MSCI World Index Futures USD Net Total Return | September 2025 | (378862) | (394620) | (15758) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Futures contracts—(concluded)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>contracts** | **Currency** | | **Expiration<br>date** | **Current<br>notional<br>amount** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| 1 | USD | NIFTY 50 Index Futures | August 2025 | $(49576) | $(49673) | $(97) |
| 1 | JPY | OSE Nikkei 225 Mini Index Futures | September 2025 | (269496) | (273210) | (3714) |
| 14 | USD | Russell 2000 Value Index Futures | September 2025 | (1495966) | (1554140) | (58174) |
| 12 | JPY | TSE Mini Topix Index Futures | September 2025 | (222149) | (234669) | (12520) |
| **U.S. Treasury futures sell contracts:** |  |  |  |  |  |  |
| 40 | USD | Australian Dollar Currency Futures | September 2025 | $(2612879) | $(2574600) | $38279 |
| 5 | USD | British Pound Currency Futures | September 2025 | (416055) | (413250) | 2805 |
| 13 | USD | Canadian Dollar Currency Futures | September 2025 | (951742) | (941005) | 10737 |
| 11 | USD | Euro Foreign Exchange Currency Futures | September 2025 | (1608739) | (1575819) | 32920 |
| 23 | USD | New Zealand Dollar Currency Futures | September 2025 | (1372914) | (1357690) | 15224 |
| 4 | USD | Swedish Krona Currency Futures | September 2025 | (837226) | (821000) | 16226 |
| 1 | USD | Swiss Franc Currency Futures | September 2025 | (155162) | (154719) | 443 |
| 1 | USD | U.S. Long Bond Futures | September 2025 | (114521) | (114187) | 334 |
| 5 | USD | U.S. Treasury Note 2 Year Futures | September 2025 | (1035191) | (1034922) | 269 |
| 19 | USD | Ultra U.S. Treasury Bond Futures | September 2025 | (2234108) | (2228938) | 5170 |
| **Total** |  |  |  | $**(14595526)** | $**(14566692)** | $**28834** |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(91200)** |

---

**Centrally cleared credit default swap agreements on credit indices—buy protection<sup>10</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Referenced obligations** | **Implied<br>credit<br>spread as of<br>July 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>9</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| iTraxx Europe Crossover S43 | N/A | EUR | 538 | 06/20/30 | Quarterly | (5.000)% | $(57781) | $(63731) | $(5950) |
| CDX.NA.HY.S44 | N/A | USD | 508 | 06/20/30 | Quarterly | (5.000) | (38730) | (39520) | (790) |
| **Total** |  |  |  |  |  |  | $**(96511)** | $**(103251)** | $**(6740)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>12</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Referenced obligations** | **Implied<br>credit<br>spread as of<br>July 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>9</sup>** | **Upfront<br>payments<br>(received)<br>made** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| iTraxx Europe S43 | N/A | EUR | 317 | 06/20/30 | Quarterly | (1.000)% | $5983 | $8145 | $2162 |
| CDX.EM.S43 | N/A | USD | 89 | 06/20/30 | Quarterly | (1.000) | (3023) | (1961) | 1062 |
| CDX.NA.IG.S44 | N/A | USD | 602 | 06/20/30 | Quarterly | (5.000) | 13388 | 16523 | 3135 |
| **Total** |  |  |  |  |  |  | $**16348** | $**22707** | $**6359** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by <br>the Portfolio<sup>9</sup>** | **Payments<br>received by<br>the Portfolio<sup>9</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BRL | 5935 | 01/04/27 | At Maturity | 1 day BRL CDI | 15.220% | $15211 | $11597 |
| BRL | 46048 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.260 | (70786) | (47109) |
| CAD | 409 | 06/18/35 | Semi-annual | 2.914% | 1 day CAD CORRA | 5914 | (1365) |
| CHF | 3197 | 05/19/27 | Annual | 0.1468 | 1 day CHF SARON | (16125) | (16125) |
| CHF | 3198 | 05/19/27 | Annual | 0.1403 | 1 day CHF SARON | (15716) | (15716) |
| CHF | 671 | 09/17/27 | Annual | 1 day CHF SARON | 0.198 | 4616 | 4616 |
| CHF | 1290 | 05/19/30 | Annual | 0.1107 | 1 day CHF SARON | 2982 | 2982 |
| CHF | 1290 | 05/19/30 | Annual | 0.1127 | 1 day CHF SARON | 2821 | 2821 |
| CHF | 73 | 09/17/35 | Annual | 1 day CHF SARON | 0.436 | (881) | (378) |
| CNY | 3758 | 09/17/30 | Quarterly | 1.441 | 7 day CNY Repo Fixing | 3248 | (672) |
| COP | 1175773 | 09/17/35 | Quarterly | 1 day COP IBR | 9.420 | 3060 | (159) |
| CZK | 20764 | 09/17/27 | Annual | 6 mo. CZK PRIBOR | 3.466 | (4109) | (3647) |
| CZK | 17838 | 09/17/30 | Annual | 6 mo. CZK PRIBOR | 3.608 | (10326) | (7872) |
| CZK | 6410 | 09/17/35 | Annual | 6 mo. CZK PRIBOR | 3.757 | (8646) | (2421) |
| EUR | 240 | 09/17/35 | Annual | 1 day EUR STR | 2.397 | (2642) | 231 |
| EUR | 201 | 09/17/75 | Annual | 2.428 | 1 day EUR STR | 14767 | 10591 |
| EUR | 1420 | 07/15/30 | At Maturity | Eurostat Eurozone HICP ex-Tobacco NSA | 1.870 | 196 | (716) |
| GBP | 205 | 09/17/27 | Annual | 3.756 | 1 day GBP SONIA | (604) | 121 |
| GBP | 227 | 09/17/35 | Annual | 4.129 | 1 day GBP SONIA | (1308) | 229 |
| GBP | 77 | 09/17/55 | Annual | 4.496 | 1 day GBP SONIA | 751 | (1330) |
| HUF | 179485 | 09/17/30 | Annual | 6 mo. HUF BIBOR | 6.395 | (45) | (45) |
| HUF | 208805 | 09/17/35 | Annual | 6 mo. HUF BIBOR | 6.704 | (3472) | (3026) |
| ILS | 2341 | 09/17/30 | Annual | 1 day ILS SHIR | 3.804 | (6252) | (3992) |
| ILS | 1027 | 09/17/35 | Annual | 1 day ILS SHIR | 4.421 | 5011 | (2032) |
| INR | 250734 | 09/17/30 | Semi-annual | 1 day INR MIBOR | 5.706 | (1018) | (3948) |
| JPY | 650744 | 04/23/27 | Annual | 1 day JPY TONA | 0.739 | (6238) | (2516) |
| JPY | 656010 | 04/23/28 | Annual | 0.822 | 1 day JPY TONA | 9699 | 3985 |
| JPY | 42667 | 09/17/65 | Annual | 2.315 | 1 day JPY TONA | 16553 | 15263 |
| KRW | 859198 | 09/17/35 | Quarterly | 2.624 | 3 mo. KRW COD Rate | 1123 | (1559) |
| MXN | 86886 | 07/16/27 | Monthly | 28 day TIIE-Banxico | 7.489 | (939) | (1165) |
| MXN | 6793 | 09/05/35 | Monthly | 8.225 | 28 day TIIE-Banxico | 909 | (751) |
| NOK | 43826 | 09/17/27 | Annual | 6 mo. NOK NIBOR | 4.079 | 11373 | (2177) |
| NOK | 10774 | 09/17/30 | Annual | 6 mo. NOK NIBOR | 3.922 | 2339 | 1747 |
| NOK | 3165 | 09/17/45 | Semi-annual | 3.852 | 6 mo. NOK NIBOR | (3244) | (3054) |
| NZD | 702 | 09/17/30 | Quarterly | 3.709 | 3 mo. NZD Bank Bill | (2695) | (225) |
| NZD | 495 | 09/17/35 | Quarterly | 4.215 | 3 mo. NZD Bank Bill | (3501) | (145) |
| NZD | 4305 | 09/17/27 | Semi-annual | 3 mo. NZD Bank Bill | 3.197 | 1205 | 1183 |
| PLN | 1139 | 09/17/35 | Annual | 6 mo. PLN WIBOR | 4.552 | 1093 | 1209 |
| SEK | 2722 | 09/17/35 | Annual | 3 mo. SEK STIBOR | 2.640 | (2772) | (1282) |
| SGD | 1120 | 09/17/27 | Semi-annual | 1 day SGD SORA | 1.594 | 1820 | 1808 |
| SGD | 531 | 09/17/35 | Semi-annual | 2.151 | 1 day SGD SORA | (5042) | (2584) |
| THB | 1313 | 09/17/30 | Quarterly | 1 day THB THOR | 1.353 | 99 | 109 |
| THB | 8545 | 09/17/35 | Quarterly | 1.700 | 1 day THB THOR | (2310) | 262 |
| TWD | 7539 | 09/17/35 | Quarterly | 3 mo. TWD TAIBOR | 1.867 | (631) | (790) |
| USD |  | 09/17/30 | Annual | 1 day USD SOFR | 3.726 |  |  |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payments<br>made by <br>the Portfolio<sup>9</sup>** | **Payments<br>received by<br>the Portfolio<sup>9</sup>** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| USD | 3457 | 07/15/27 | At Maturity | 2.940% | U.S. CPI Urban Consumers NSA | $1084 | $(2310) |
| USD | 1041 | 07/07/30 | At Maturity | 2.550 | U.S. CPI Urban Consumers NSA | 4540 | 2679 |
| ZAR | 8891 | 09/17/35 | Quarterly | 3 mo. ZAR JIBAR | 8.655% | 11463 | 3846 |
| **Total** | **Total** |  |  |  |  | $**(47425)** | $**(63832)** |

---

**OTC interest rate swap agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA<br> CHF | 1961 | 05/19/30 | Annual | 1 day CHF<br>SARON | 0.000% | $(46095) | $(76) | $46019 |
| BOA<br> CHF | 1961 | 05/19/30 | Annual | 1 day CHF<br>SARON | 0.000 | (371) | (77) | 294 |
|  |  |  |  |  |  | $**(46466)** | $**(153)** | $**46313** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | EUR | 183 | 03/19/26 | At Maturity | 1 mo. EUR<br>EURIBOR | BCIISHDF Index | $— | $(1536) | $(1536) |
| BB | EUR | (124) | 07/07/26 | At Maturity | BC EU Low Yield | 1 mo. EUR<br>EURIBOR |  | (850) | (850) |
| BB | EUR | (414) | 07/07/26 | At Maturity | BC EU High<br>Momentum | 1 mo. EUR<br>EURIBOR |  | (9827) | (9827) |
| BB | USD | 228 | 04/29/26 | At Maturity | 1 Day USD SOFR | Services PCE<br>Sensitivity Index |  | 3275 | 3275 |
| BB | EUR | 60 | 07/07/26 | At Maturity | 1 mo. EUR<br>EURIBOR | BC EU Small <br>Size Index |  | (505) | (505) |
| BB | EUR | 176 | 07/07/26 | At Maturity | 1 mo. EUR<br>EURIBOR | BC EU Low<br>Quality Index |  | 1675 | 1675 |
| BB | EUR | 61 | 07/07/26 | At Maturity | 1 mo. EUR<br>EURIBOR | BC EU High<br>Volatility Index |  | 1396 | 1396 |
| BB | EUR | 136 | 07/07/26 | At Maturity | BC EU High<br>Yield Index | 1 mo. EUR<br>EURIBOR |  | (2823) | (2823) |
| BB | EUR | 107 | 07/07/26 | At Maturity | 1 mo. EUR<br>EURIBOR | BC EU Small Size<br>SWAP COMP |  | 1004 | 1004 |
| BB | USD | (385) | 04/29/26 | At Maturity | BC US High<br>Momentum | 1 Day USD SOFR |  | (7084) | (7084) |
| BB | USD | (584) | 06/12/26 | At Maturity | BCIISOXD Index | 1 day USD SOFR |  | 26009 | 26009 |
| BB | USD | (87) | 08/11/25 | At Maturity | BCIICOPP Index | 1 day USD SOFR |  | 3078 | 3078 |
| BB | USD | (1782) | 04/29/26 | At Maturity | U.S. Discretionary Basket | 1 day USD SOFR |  | 7195 | 7195 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | USD | (380) | 03/13/26 | At Maturity | Barclays Short<br>Processed Food | 1 day USD SOFR | $— | $(7576) | $(7576) |
| BB | USD | 330 | 03/19/26 | At Maturity | 1 day USD SOFR | Barclays Private Equity Basket |  | 5578 | 5578 |
| BB | USD | 120 | 09/04/25 | At Maturity | 1 Day USD SOFR | BCIICROS<br>SWAP COMP |  | 1111 | 1111 |
| BB | USD | 271 | 04/29/26 | At Maturity | BC US Low<br>Momentum | 1 Day USD SOFR |  | (9541) | (9541) |
| BB | USD | (224) | 04/29/26 | At Maturity | JP11DXYL Index | 1 day USD SOFR |  | 759 | 759 |
| BB | USD | 142 | 04/29/26 | At Maturity | JP11DXYL Index | 1 day USD SOFR |  | 619 | 619 |
| BB | USD | (98) | 04/29/26 | At Maturity | DM Pharma<br>Hedge Index | 1 Day USD SOFR |  | 1075 | 1075 |
| BB | EUR | (25) | 03/19/26 | At Maturity | Forvia SE | 1 mo. EUR<br>EURIBOR |  | (3836) | (3836) |
| BB | EUR | (45) | 03/19/26 | At Maturity | LVMH Moet<br>Hennessy Louis<br>Vuitton SE | 1 mo. EUR<br>EURIBOR |  | 14694 | 14694 |
| BB | EUR | (20) | 03/19/26 | At Maturity | Volkswagen AG | 1 mo. EUR<br>EURIBOR |  | 1206 | 1206 |
| BB | EUR | 17 | 05/08/26 | At Maturity | 1 mo. EUR<br>EURIBOR | Airbus SE |  | 3622 | 3622 |
| BNP | USD | 950 | 11/18/25 | At Maturity | 0.000% | Match Group<br>Financeco 2, Inc. |  | 7133 | 7133 |
| BNP | USD | 1002 | 11/18/25 | At Maturity | 0.000 | Marriott<br>Vacations<br>Worldwide Corp. |  | (5646) | (5646) |
| BNP | USD | 1178 | 11/18/25 | At Maturity | 0.000 | Dayforce, Inc. |  | 14163 | 14163 |
| BNP | USD | 1185 | 11/18/25 | At Maturity | 0.000 | DigitalOcean<br>Holdings, Inc. |  | 4695 | 4695 |
| CITI | USD | 327 | 06/12/26 | At Maturity | CGFCBVRG<br>Index | 1 day USD SOFR |  | 37233 | 37233 |
| CITI | USD | 135 | 07/03/26 | At Maturity | Citi EU Short Est <br>Momentum Index | 1 mo. EUR<br>EURIBOR |  | 1224 | 1224 |
| GS | USD | 103 | 06/05/28 | At Maturity |  | GS US<br>URANIUM<br>SWAP COMP |  | 3924 | 3924 |
| GS | USD | 38 | 09/30/27 | At Maturity | 1 mo. EUR<br>EURIBOR | GS Custom<br>Luxury (EUR)<br>Swap |  | (1769) | (1769) |
| GS | USD | 96 | 10/14/27 | At Maturity | 1 day USD SOFR | Autos Long<br>Basket |  | (2695) | (2695) |
| GS | USD | 6 | 11/16/27 | At Maturity | GSCBICLN Index | 1 day USD SOFR |  | 313 | 313 |
| GS | USD | 131 | 07/19/27 | At Maturity | 1 day USD SOFR | GSMBEXC0<br>Index |  | (464) | (464) |
| GS | USD | 1006 | 07/25/28 | At Maturity | GS Retailers | 1 day USD SOFR |  | 76614 | 76614 |
| GS | USD | 134 | 01/25/28 | At Maturity | 1 day USD SOFR | Athleisure DM |  | 677 | 677 |
| GS | USD | 151 | 07/29/27 | At Maturity | GSMBHLUX<br>Index | 1 day USD SOFR |  | (776) | (776) |
| GS | USD | 43 | 06/06/28 | At Maturity | 1 Day USD SOFR | GS Power Up<br>America Swap |  | 3425 | 3425 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | USD | 1529 | 07/25/28 | At Maturity | 1 day USD SOFR | AI Conviction | $— | $58786 | $58786 |
| GS | USD | 50 | 05/23/28 | At Maturity | 1 mo. EUR<br>EURIBOR | GS EU Cyclicals |  | 133 | 133 |
| GS | USD | 269 | 04/12/28 | At Maturity | DM Pharma<br>Hedge Index | 1 Day USD SOFR |  | (1064) | (1064) |
| GS | USD | 201 | 07/12/28 | At Maturity | 1 day USD SOFR | Custom<br>Basket/Unknown Index/ID |  | 3334 | 3334 |
| GS | USD | 163 | 07/25/28 | At Maturity | 1 day USD SOFR | SH China<br>Stimulus SWAP COMP |  | (8813) | (8813) |
| GS | USD | 424 | 05/31/28 | At Maturity | 1 day USD SOFR | GS U.S. Cyclicals Index |  | (1066) | (1066) |
| GS | USD | 81 | 05/31/28 | At Maturity | 1 day USD SOFR | GSMEGTOP<br>Index |  | 1609 | 1609 |
| GS | USD | 67 | 05/02/28 | At Maturity | 1 Day USD SOFR | GS TMT AI<br>Basket Swap |  | 1936 | 1936 |
| JPMCB | USD | 1 | 10/30/26 | At Maturity | JPFJBRL1 Index | 1 mo. BRL<br>LIBOR |  | (6) | (6) |
| JPMCB | USD | 44 | 05/25/26 | At Maturity | 1 mo. EUR<br>EURIBOR+0.168 | Rheinmetall AG |  | 23774 | 23774 |
| JPMCB | USD | 4 | 05/26/26 | At Maturity | China Eastern<br>Airlines Corp. Ltd. | 1 mo. HKD<br>LIBOR-6.911 |  | (172) | (172) |
| JPMCB | USD | 21 | 05/26/26 | At Maturity | Air China Ltd. | 1 mo. HKD<br>LIBOR-14.995 |  | 1701 | 1701 |
| JPMCB | USD | 15 | 05/25/26 | At Maturity | Fujitsu Ltd. | 1 mo. JPY<br>LIBOR-0.150 |  | (1726) | (1726) |
| JPMCB | USD | 31 | 05/25/26 | At Maturity | 1 mo. SEK<br>STIBOR+0.187 | Saab AB |  | 16717 | 16717 |
| JPMCB | USD | 11 | 05/26/26 | At Maturity | Eva Airways<br>Corp. | 1 day USD<br>SOFR-1.941 |  | 198 | 198 |
| JPMCB | USD | 829 | 07/31/26 | At Maturity | JP U.S. Inflation <br>Laggards Index | 1 Day USD SOFR |  | (25719) | (25719) |
| JPMCB | USD | 457 | 05/22/26 | At Maturity | 1 day USD SOFR | S&P 500<br>Consumer Staples Index |  | (14046) | (14046) |
| JPMCB | USD | 81 | 05/26/26 | At Maturity | JPFUNOI1 Index | 1 day USD SOFR |  | 7853 | 7853 |
| JPMCB | USD | 169 | 05/22/26 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | 20843 | 20843 |
| JPMCB | USD | 143 | 05/22/26 | At Maturity | 1 day USD SOFR | JPFJCRED Index |  | 34124 | 34124 |
| JPMCB | USD | 177 | 05/25/26 | At Maturity | 1 mo. EUR EURIBOR | Mirror for JPEBPLEY |  | 2806 | 2806 |
| JPMCB | USD | 25 | 08/03/26 | At Maturity | 1 mo. JPY LIBOR | Nippon Sanso<br>Holdings Corp. |  | 3944 | 3944 |
| JPMCB | USD | 50 | 10/15/26 | At Maturity | 1 mo. JPY<br>LIBOR+0.150 | Capcom Co. Ltd. |  | (5309) | (5309) |
| JPMCB | USD | 65 | 08/05/26 | At Maturity | 1 mo. JPY LIBOR | Tokyo Stock<br>Exchange TOPIX Banks Index |  | 14058 | 14058 |
| JPMCB | USD | 28 | 10/14/26 | At Maturity | 1 mo. SEK<br>STIBOR+0.200 | Evolution AB |  | 3739 | 3739 |
| JPMCB | USD | 38 | 10/06/26 | At Maturity | 1 day USD<br>SOFR+0.250 | Morgan Stanley |  | (330) | (330) |
| JPMCB | USD | 25 | 10/06/26 | At Maturity | 1 Day USD<br>SOFR+0.200 | HEICO Corp. |  | 629 | 629 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**OTC Total return swap agreements—(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 137 | 10/13/26 | At Maturity | 1 day USD<br>SOFR+0.250 | Netflix, Inc. | $— | $(5905) | $(5905) |
| JPMCB | USD | 79 | 10/08/26 | At Maturity | Franco-Nevada Corp. | 1 Day USD<br>SOFR-0.150 |  | 1585 | 1585 |
| JPMCB | USD | 39 | 10/13/26 | At Maturity | 1 Day USD<br>SOFR+0.200 | Trade Desk, Inc. |  | 5075 | 5075 |
| JPMCB | USD | 20 | 10/05/26 | At Maturity | 1 day USD<br>SOFR+0.250 | DraftKings, Inc. |  | 364 | 364 |
| JPMCB | USD | 66 | 10/13/26 | At Maturity | 1 day USD<br>SOFR+0.250 | Reddit, Inc. |  | 8179 | 8179 |
| JPMCB | USD | 62 | 10/13/26 | At Maturity | 1 day USD<br>SOFR+0.250 | ROBLOX Corp. |  | 19492 | 19492 |
| JPMCB | USD |  | 08/26/26 | At Maturity | 1 day USD SOFR | GCI Liberty, Inc. |  | 329 | 329 |
| JPMCB | USD | 12 | 08/25/26 | At Maturity | 1 day USD SOFR | Chinook Therapeutics, Inc. |  | (289) | (289) |
| JPMCB | USD |  | 08/26/26 | At Maturity | 1 day USD SOFR | Mirati Therapeutics, Inc. |  | 14093 | 14093 |
| JPMCB | USD | 384 | 04/29/26 | At Maturity | JP11DXYL Index | 1 day USD SOFR |  | (1224) | (1224) |
| JPMCB | USD | 112 | 08/14/26 | At Maturity | Interest Rate<br>Winners | 1 day USD SOFR |  | (1960) | (1960) |
| JPMCB | USD | 95 | 10/26/26 | At Maturity | 1 day USD SOFR | U.S. Pure Quality Laggards |  | (4281) | (4281) |
| JPMCB | USD | 8 | 08/07/26 | At Maturity | 1 day USD SOFR | U.S. Pure Quality Winners |  | 426 | 426 |
| JPMCB | USD | 103 | 10/01/26 | At Maturity | U.S. Pure Size<br>Laggards | 1 day USD SOFR |  | (662) | (662) |
| MSCI | USD | 7 | 07/16/26 | At Maturity | Gerdau SA | 1 mo. BRL<br>LIBOR-0.675 |  | (160) | (160) |
| MSCI | USD | 7 | 07/16/26 | At Maturity | 1 mo. BRL<br>LIBOR+0.167 | CPFL Energia SA |  | 24 | 24 |
| MSCI | USD | 9 | 07/16/26 | At Maturity | CSN Mineracao SA | 1 mo. BRL<br>LIBOR-3.277 |  | 68 | 68 |
| MSCI | USD | 6 | 07/17/26 | At Maturity | 1 day USD<br>SOFR+0.500 | Banca<br>Transilvania SA |  | 2 | 2 |
| MSCI | USD | 9 | 03/24/27 | At Maturity | 1 day USD<br>SOFR+0.375 | Hanwha Ocean Co. Ltd. |  | 3996 | 3996 |
| MSCI | USD | 11 | 07/17/26 | At Maturity | 1 day USD<br>SOFR+0.500 | Qatar Gas<br>Transport Co. Ltd. |  | 64 | 64 |
| MSCI | USD | 17 | 01/25/27 | At Maturity | Petronas<br>Chemicals Group Bhd. | 1 day USD<br>SOFR-1.5 |  | (3441) | (3441) |
| MSCI | USD | 47 | 07/17/26 | At Maturity | Saudi Arabian Oil Co. | 1 day USD<br>SOFR-0.887 |  | 576 | 576 |
| MSCI | USD | 16 | 03/24/27 | At Maturity | 1 day USD<br>SOFR+0.375 | HD Hyundai<br>Heavy Industries Co. Ltd. |  | 3706 | 3706 |
| MSCI | USD | 30 | 07/17/26 | At Maturity | 1 day USD<br>SOFR+0.500 | ADNOC Drilling Co. PJSC |  | 750 | 750 |
| MSCI | USD | 25568 | 04/22/26 | At Maturity | 1 day USD SOFR | MSFPACEALS SWAP COMP |  | 184792 | 184792 |
| MSCI | USD | 11 | 07/17/26 | At Maturity | China Steel Corp. | 1 Day USD<br>SOFR-0.938 |  | (102) | (102) |
| MSCI | USD | 8 | 07/17/26 | At Maturity | 1 Day USD<br>SOFR+0.475 | Aselsan<br>Elektronik Sanayi Ve Ticaret AS |  | 1474 | 1474 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**OTC Total return swap agreements—(concluded)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br>amount<br>(000)** | **Notional<br>amount<br>(000)** | **Maturity<br>date** | **Payment<br>frequency** | **Payment<br>made by <br>the Portfolio<sup>10</sup>** | **Payments<br>received by<br>the Portfolio<sup>10</sup>** | **Upfront<br>payments<br>received<br>(made)** | **Value** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 673 | 02/24/26 | At Maturity | 3.991% | Veolia<br>Environnement SA | $— | $(12627) | $(12627) |
| MSCI | USD | 1112 | 02/24/26 | At Maturity | 3.250 | Siemens Energy AG |  | 101241 | 101241 |
| MSCI | USD | 662 | 02/24/26 | At Maturity | 0.000 | ENEL SPA |  | (13293) | (13293) |
| MSCI | USD | 427 | 02/24/26 | At Maturity | 1 mo. EUR<br>EURIBOR | Legrand SA |  | 38434 | 38434 |
| MSCI | USD | 16 | 07/17/26 | At Maturity | Evergreen Marine <br>Corp. Taiwan Ltd. | 1 day USD SOFR |  | 431 | 431 |
| MSCI | USD | 423 | 02/24/26 | At Maturity | 3.991 | Engie SA |  | 2601 | 2601 |
| MSCI | USD | 222 | 03/06/26 | At Maturity | STOXX Europe <br>600 Industrial<br>Goods & Services Index | 3.250% |  | (3331) | (3331) |
| MSCI | USD | 298 | 03/06/26 | At Maturity | STOXX Europe 600 <br>Utilities Index | 3.250 |  | 317 | 317 |
| MSCI | USD | 32 | 03/24/27 | At Maturity | LG Energy Solution Ltd. | 4.830 |  | (6409) | (6409) |
| MSCI | USD | 504 | 03/06/26 | At Maturity | 4.950 | National Grid PLC |  | 6872 | 6872 |
| MSCI | USD | 521 | 07/20/26 | At Maturity | 0.000 | Cia de Saneamento<br>Basico do Estado de <br>Sao Paulo<br>SABESP |  | (16847) | (16847) |
| MSCI | USD | 136 | 02/24/26 | At Maturity | 0.000 | Heidelberg<br>Materials AG |  | 430 | 430 |
| MSCI | USD | 54 | 02/08/27 | At Maturity | 0.000 | Zhejiang Sanhua Intelligent<br>Controls Co.,Ltd |  | (633) | (633) |
| MSCI | USD | 551 | 02/08/27 | At Maturity | 0.000 | Contemporary<br>Amperex<br>Technology Co. Ltd. |  | (11104) | (11104) |
| MSCI | USD | 45 | 02/08/27 | At Maturity | 0.000 | Ningbo Tuopu<br>Group Co. Ltd. |  | (749) | (749) |
| MSCI | USD | 67 | 06/14/27 | At Maturity | 1 Day USD SOFR | JBS N V CL A ORD |  | 4252 | 4252 |
|  |  |  |  |  |  |  | $**—** | $**621258** | $**621258** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BB | CHF | 45000 | USD | 55099 | 08/04/25 | $(303) |
| BB | EUR | 48000 | USD | 54984 | 08/04/25 | 206 |
| BNP | CLP | 51950000 | USD | 55062 | 08/04/25 | 1649 |
| BNP | INR | 4691000 | USD | 53578 | 08/04/25 | 27 |
| BNP | USD | 53184 | CLP | 51950000 | 08/04/25 | 229 |
| BNP | USD | 54659 | INR | 4691000 | 08/04/25 | (1108) |
| BNP | NZD | 92000 | USD | 55324 | 08/08/25 | 1120 |
| BNP | GBP | 41000 | USD | 55330 | 08/15/25 | 1178 |
| BNP | USD | 107458 | COP | 453734000 | 08/22/25 | 760 |
| BNP | COP | 227569000 | USD | 54989 | 09/05/25 | 783 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BNP | USD | 54777 | NZD | 91000 | 09/05/25 | $(1107) |
| BNP | USD | 53852 | COP | 226787000 | 09/12/25 | 123 |
| BNP | KRW | 27329769 | USD | 20000 | 09/17/25 | 245 |
| BNP | USD | 250000 | CLP | 234232687 | 09/17/25 | (9159) |
| BNP | USD | 20000 | MXN | 374809 | 09/17/25 | (226) |
| BNP | CHF | 7858 | USD | 10000 | 10/15/25 | 240 |
| BNP | GBP | 10000 | USD | 13540 | 10/15/25 | 324 |
| BNP | MXN | 375992 | USD | 20000 | 10/15/25 | 222 |
| BNP | USD | 30000 | COP | 121376000 | 10/15/25 | (1224) |
| BNP | USD | 10000 | IDR | 163577300 | 10/15/25 | (77) |
| BNP | USD | 20000 | INR | 1730094 | 10/15/25 | (315) |
| BNP | USD | 20000 | KRW | 27285027 | 10/15/25 | (246) |
| BNP | USD | 10000 | PEN | 35419 | 10/15/25 | (161) |
| BOA | USD | 55513 | AUD | 86000 | 08/01/25 | (245) |
| BOA | NOK | 570000 | USD | 56224 | 08/04/25 | 1091 |
| BOA | USD | 112332 | SGD | 144000 | 08/04/25 | (1426) |
| BOA | ZAR | 1021000 | USD | 56778 | 08/04/25 | 729 |
| BOA | CNY | 400000 | USD | 55923 | 08/06/25 | 304 |
| BOA | USD | 55418 | CNY | 400000 | 08/06/25 | 201 |
| BOA | GBP | 41000 | USD | 55404 | 08/08/25 | 1255 |
| BOA | HUF | 19665000 | USD | 54722 | 08/08/25 | (1374) |
| BOA | MXN | 1087000 | USD | 56113 | 08/08/25 | (1480) |
| BOA | NOK | 572000 | USD | 56472 | 08/08/25 | 1145 |
| BOA | SGD | 142000 | USD | 110624 | 08/08/25 | 1226 |
| BOA | USD | 54962 | AUD | 85000 | 08/08/25 | (335) |
| BOA | USD | 55425 | CNY | 397000 | 08/08/25 | (214) |
| BOA | USD | 55410 | HUF | 19665000 | 08/08/25 | 687 |
| BOA | USD | 110766 | SGD | 142000 | 08/08/25 | (1368) |
| BOA | USD | 54641 | ZAR | 1005000 | 08/08/25 | 515 |
| BOA | ZAR | 1005000 | USD | 55919 | 08/08/25 | 764 |
| BOA | CNY | 394000 | USD | 55085 | 08/15/25 | 262 |
| BOA | HUF | 19978000 | USD | 54570 | 08/15/25 | (2398) |
| BOA | SGD | 144000 | USD | 110938 | 08/15/25 | (60) |
| BOA | USD | 56089 | AUD | 86000 | 08/15/25 | (813) |
| BOA | USD | 55170 | CNY | 394000 | 08/15/25 | (347) |
| BOA | USD | 112394 | SGD | 144000 | 08/15/25 | (1396) |
| BOA | USD | 54378 | ZAR | 1002000 | 08/15/25 | 586 |
| BOA | PLN | 210000 | USD | 54796 | 08/18/25 | (1227) |
| BOA | SGD | 140000 | USD | 108704 | 08/22/25 | 730 |
| BOA | USD | 54849 | CNY | 393000 | 08/22/25 | (137) |
| BOA | USD | 109720 | SGD | 140000 | 08/22/25 | (1746) |
| BOA | USD | 54047 | ZAR | 981000 | 08/22/25 | (261) |
| BOA | CZK | 1195000 | USD | 54594 | 08/29/25 | (925) |
| BOA | HUF | 19399000 | USD | 54193 | 08/29/25 | (1083) |
| BOA | SGD | 140000 | USD | 109392 | 08/29/25 | 1358 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| BOA | USD | 54906 | CNY | 392000 | 08/29/25 | $(304) |
| BOA | USD | 108894 | NOK | 1104000 | 08/29/25 | (2096) |
| BOA | USD | 109774 | SGD | 140000 | 08/29/25 | (1740) |
| BOA | USD | 54068 | ZAR | 974000 | 08/29/25 | (691) |
| BOA | CZK | 1193000 | USD | 54799 | 09/05/25 | (638) |
| BOA | HUF | 19328000 | USD | 54387 | 09/05/25 | (668) |
| BOA | SGD | 140000 | USD | 109404 | 09/05/25 | 1312 |
| BOA | USD | 54140 | MXN | 1052000 | 09/05/25 | 1433 |
| BOA | USD | 109388 | NOK | 1108000 | 09/05/25 | (2196) |
| BOA | USD | 109826 | SGD | 140000 | 09/05/25 | (1734) |
| BOA | USD | 54311 | ZAR | 978000 | 09/05/25 | (741) |
| BOA | EUR | 48000 | USD | 55098 | 09/12/25 | 179 |
| BOA | SGD | 140000 | USD | 109482 | 09/12/25 | 1334 |
| BOA | USD | 55204 | CNY | 394000 | 09/12/25 | (267) |
| BOA | USD | 109880 | SGD | 140000 | 09/12/25 | (1730) |
| BOA | JPY | 1450811 | USD | 10000 | 09/17/25 | 332 |
| BOA | MXN | 375030 | USD | 20000 | 09/17/25 | 214 |
| BOA | PLN | 36175 | USD | 10000 | 09/17/25 | 354 |
| BOA | USD | 260000 | BRL | 1441638 | 09/17/25 | (5405) |
| BOA | USD | 10000 | NOK | 100902 | 09/17/25 | (238) |
| BOA | AUD | 40000 | USD | 26183 | 10/15/25 | 442 |
| BOA | CHF | 15736 | USD | 20000 | 10/15/25 | 454 |
| BOA | CZK | 210460 | USD | 10000 | 10/15/25 | 209 |
| BOA | GBP | 10000 | USD | 13261 | 10/15/25 | 45 |
| BOA | HUF | 10293165 | USD | 30000 | 10/15/25 | 739 |
| BOA | MXN | 188765 | USD | 10000 | 10/15/25 | 71 |
| BOA | PLN | 73045 | USD | 20000 | 10/15/25 | 530 |
| BOA | USD | 30000 | NOK | 304422 | 10/15/25 | (540) |
| BOA | USD | 10000 | PHP | 566450 | 10/15/25 | (307) |
| BOA | USD | 20000 | SEK | 190281 | 10/15/25 | (471) |
| BOA | USD | 60000 | ZAR | 1075174 | 10/15/25 | (1269) |
| CITI | THB | 1836000 | USD | 55347 | 08/04/25 | (834) |
| CITI | INR | 4648000 | USD | 54125 | 08/08/25 | 1079 |
| CITI | USD | 54201 | GBP | 41000 | 08/15/25 | (49) |
| CITI | USD | 109830 | PEN | 400000 | 08/15/25 | 1474 |
| CITI | USD | 54339 | INR | 4671000 | 08/18/25 | (1056) |
| CITI | GBP | 40000 | USD | 54256 | 08/29/25 | 1417 |
| CITI | USD | 54437 | INR | 4682000 | 09/08/25 | (1074) |
| CITI | PEN | 398000 | USD | 109212 | 09/12/25 | (1444) |
| DB | GBP | 41000 | USD | 55545 | 08/01/25 | 1398 |
| DB | INR | 4691000 | USD | 54736 | 08/04/25 | 1185 |
| DB | USD | 53578 | INR | 4691000 | 08/04/25 | (27) |
| DB | USD | 54718 | INR | 4648000 | 08/08/25 | (1672) |
| DB | AUD | 86000 | USD | 55229 | 08/15/25 | (47) |
| DB | MXN | 1072000 | USD | 55886 | 08/15/25 | (870) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| DB | USD | 109466 | NOK | 1140000 | 08/15/25 | $806 |
| DB | CAD | 76000 | USD | 54798 | 08/21/25 | (106) |
| DB | NOK | 1116000 | USD | 112718 | 08/22/25 | 4762 |
| DB | USD | 55530 | HUF | 19432000 | 08/22/25 | (139) |
| DB | USD | 108210 | IDR | 1784804000 | 08/22/25 | 206 |
| DB | USD | 54002 | INR | 4651000 | 08/22/25 | (955) |
| DB | NOK | 1104000 | USD | 111506 | 08/29/25 | 4706 |
| DB | PEN | 398000 | USD | 108796 | 08/29/25 | (1902) |
| DB | USD | 54199 | GBP | 40000 | 08/29/25 | (1360) |
| DB | USD | 55417 | HUF | 19399000 | 08/29/25 | (140) |
| DB | USD | 54180 | INR | 4650000 | 08/29/25 | (1159) |
| DB | EUR | 48000 | USD | 55059 | 09/05/25 | 165 |
| DB | NOK | 1108000 | USD | 111910 | 09/05/25 | 4720 |
| DB | USD | 55194 | HUF | 19328000 | 09/05/25 | (140) |
| DB | USD | 55284 | PLN | 205000 | 09/05/25 | (612) |
| DB | NOK | 1106000 | USD | 111708 | 09/12/25 | 4706 |
| DB | USD | 54214 | MXN | 1043000 | 09/12/25 | 843 |
| DB | USD | 55278 | PLN | 205000 | 09/12/25 | (612) |
| DB | CAD | 13626 | USD | 10000 | 09/17/25 | 143 |
| DB | CHF | 15790 | USD | 20000 | 09/17/25 | 456 |
| DB | CLP | 237755000 | USD | 250000 | 09/17/25 | 5537 |
| DB | COP | 927571600 | USD | 230000 | 09/17/25 | 9372 |
| DB | USD | 20000 | BRL | 111105 | 09/17/25 | (379) |
| DB | USD | 190000 | NOK | 1923214 | 09/17/25 | (3927) |
| DB | USD | 10000 | ZAR | 178756 | 09/17/25 | (217) |
| DB | CHF | 15947 | USD | 20000 | 10/15/25 | 193 |
| DB | USD | 20000 | BRL | 113767 | 10/15/25 | (42) |
| DB | USD | 250000 | CLP | 237755000 | 10/15/25 | (5539) |
| DB | USD | 230000 | COP | 930743300 | 10/15/25 | (9342) |
| DB | USD | 20000 | INR | 1732290 | 10/15/25 | (289) |
| DB | USD | 20000 | PEN | 71053 | 10/15/25 | (263) |
| DB | USD | 20000 | PHP | 1169620 | 10/15/25 | 15 |
| GS | PHP | 3091000 | USD | 55561 | 07/31/25 | 2576 |
| GS | USD | 54949 | PHP | 3091000 | 07/31/25 | (1965) |
| GS | CLP | 51950000 | USD | 53184 | 08/04/25 | (229) |
| GS | IDR | 1845226000 | USD | 113024 | 08/04/25 | 886 |
| GS | IDR | 1845226000 | USD | 112110 | 08/04/25 | (28) |
| GS | PLN | 206000 | USD | 54850 | 08/04/25 | (120) |
| GS | USD | 55410 | CLP | 51950000 | 08/04/25 | (1997) |
| GS | USD | 221820 | IDR | 3690452000 | 08/04/25 | 2454 |
| GS | USD | 55010 | NOK | 570000 | 08/04/25 | 122 |
| GS | USD | 54897 | PLN | 206000 | 08/04/25 | 73 |
| GS | USD | 54953 | PHP | 3062000 | 08/07/25 | (2466) |
| GS | PLN | 208000 | USD | 54965 | 08/08/25 | (535) |
| GS | THB | 1798000 | USD | 55496 | 08/08/25 | 461 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | USD | 55685 | PEN | 202000 | 08/08/25 | $536 |
| GS | USD | 55393 | PLN | 208000 | 08/08/25 | 106 |
| GS | USD | 55485 | THB | 1798000 | 08/08/25 | (450) |
| GS | BRL | 311000 | USD | 55164 | 08/15/25 | (218) |
| GS | THB | 1821000 | USD | 55173 | 08/15/25 | (596) |
| GS | USD | 53846 | BRL | 311000 | 08/15/25 | 1536 |
| GS | USD | 54045 | IDR | 904390000 | 08/15/25 | 902 |
| GS | USD | 54192 | MXN | 1072000 | 08/15/25 | 2564 |
| GS | USD | 55997 | THB | 1821000 | 08/15/25 | (229) |
| GS | ZAR | 1002000 | USD | 56274 | 08/15/25 | 1309 |
| GS | INR | 4671000 | USD | 54396 | 08/18/25 | 1112 |
| GS | USD | 56172 | PLN | 210000 | 08/18/25 | (149) |
| GS | BRL | 307000 | USD | 55070 | 08/22/25 | 502 |
| GS | CNY | 393000 | USD | 54961 | 08/22/25 | 248 |
| GS | COP | 453734000 | USD | 110114 | 08/22/25 | 1894 |
| GS | HUF | 19432000 | USD | 54091 | 08/22/25 | (1300) |
| GS | INR | 4651000 | USD | 53773 | 08/22/25 | 726 |
| GS | PEN | 402000 | USD | 108612 | 08/22/25 | (3224) |
| GS | USD | 55593 | AUD | 85000 | 08/22/25 | (952) |
| GS | USD | 53049 | BRL | 307000 | 08/22/25 | 1519 |
| GS | USD | 53727 | MXN | 1047000 | 08/22/25 | 1664 |
| GS | USD | 108600 | NOK | 1116000 | 08/22/25 | (644) |
| GS | BRL | 309000 | USD | 55334 | 08/29/25 | 512 |
| GS | CNY | 392000 | USD | 54851 | 08/29/25 | 249 |
| GS | COP | 452186000 | USD | 109636 | 08/29/25 | 1856 |
| GS | INR | 4650000 | USD | 53745 | 08/29/25 | 724 |
| GS | SEK | 521000 | USD | 54768 | 08/29/25 | 1461 |
| GS | USD | 53518 | BRL | 309000 | 08/29/25 | 1304 |
| GS | USD | 53887 | MXN | 1049000 | 08/29/25 | 1568 |
| GS | USD | 108445 | IDR | 1772643000 | 09/02/25 | (800) |
| GS | BRL | 310000 | USD | 55418 | 09/05/25 | 520 |
| GS | CNY | 393000 | USD | 55020 | 09/05/25 | 250 |
| GS | KRW | 75441000 | USD | 55510 | 09/05/25 | 1016 |
| GS | PEN | 396000 | USD | 109080 | 09/05/25 | (1040) |
| GS | PLN | 205000 | USD | 54565 | 09/05/25 | (106) |
| GS | USD | 53164 | BRL | 310000 | 09/05/25 | 1734 |
| GS | USD | 54251 | COP | 227569000 | 09/05/25 | (45) |
| GS | INR | 4682000 | USD | 54090 | 09/08/25 | 726 |
| GS | BRL | 304000 | USD | 54251 | 09/12/25 | 502 |
| GS | CNY | 394000 | USD | 55190 | 09/12/25 | 253 |
| GS | COP | 226787000 | USD | 54637 | 09/12/25 | 662 |
| GS | INR | 4688000 | USD | 54149 | 09/12/25 | 726 |
| GS | PLN | 205000 | USD | 54807 | 09/12/25 | 141 |
| GS | SEK | 526000 | USD | 55129 | 09/12/25 | 1262 |
| GS | USD | 53552 | BRL | 304000 | 09/12/25 | 197 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| GS | USD | 54535 | INR | 4688000 | 09/12/25 | $(1112) |
| GS | USD | 108856 | ZAR | 1942000 | 09/12/25 | (2532) |
| GS | BRL | 1645240 | USD | 290000 | 09/17/25 | (551) |
| GS | IDR | 7806240000 | USD | 480000 | 09/17/25 | 6139 |
| GS | INR | 40383340 | USD | 470000 | 09/17/25 | 9912 |
| GS | MYR | 295947 | USD | 70000 | 09/17/25 | 490 |
| GS | NOK | 2010479 | USD | 200000 | 09/17/25 | 5484 |
| GS | PLN | 326337 | USD | 90000 | 09/17/25 | 2983 |
| GS | SGD | 585269 | USD | 460000 | 09/17/25 | 7713 |
| GS | THB | 1297672 | USD | 40000 | 09/17/25 | 154 |
| GS | TWD | 2576970 | USD | 90000 | 09/17/25 | 3356 |
| GS | USD | 10000 | BRL | 55507 | 09/17/25 | (197) |
| GS | USD | 230000 | COP | 928976100 | 09/17/25 | (9038) |
| GS | USD | 10000 | CZK | 209421 | 09/17/25 | (265) |
| GS | USD | 10000 | HUF | 3418015 | 09/17/25 | (270) |
| GS | USD | 50000 | IDR | 814490000 | 09/17/25 | (558) |
| GS | USD | 20000 | INR | 1719260 | 09/17/25 | (412) |
| GS | USD | 20000 | KRW | 27263539 | 09/17/25 | (293) |
| GS | USD | 70000 | MYR | 296344 | 09/17/25 | (397) |
| GS | USD | 180000 | PHP | 10208160 | 09/17/25 | (5202) |
| GS | USD | 100000 | PLN | 362228 | 09/17/25 | (3413) |
| GS | USD | 90000 | SEK | 851360 | 09/17/25 | (2784) |
| GS | USD | 90000 | TWD | 2587500 | 09/17/25 | (3002) |
| GS | USD | 160000 | ZAR | 2853252 | 09/17/25 | (3842) |
| GS | CLP | 28871360 | USD | 30000 | 10/15/25 | 314 |
| GS | CLP | 9770664 | USD | 10000 | 10/15/25 | (46) |
| GS | HUF | 3436470 | USD | 10000 | 10/15/25 | 231 |
| GS | KRW | 13705220 | USD | 10000 | 10/15/25 | 78 |
| GS | MYR | 1225436 | USD | 290000 | 10/15/25 | 1862 |
| GS | NZD | 20000 | USD | 11858 | 10/15/25 | 45 |
| GS | PLN | 399712 | USD | 110000 | 10/15/25 | 3459 |
| GS | SEK | 849790 | USD | 90000 | 10/15/25 | 2787 |
| GS | THB | 641478 | USD | 20000 | 10/15/25 | 258 |
| GS | THB | 325318 | USD | 10000 | 10/15/25 | (12) |
| GS | TWD | 3151350 | USD | 110000 | 10/15/25 | 3813 |
| GS | USD | 290000 | BRL | 1656634 | 10/15/25 | 619 |
| GS | USD | 40000 | COP | 162736400 | 10/15/25 | (1419) |
| GS | USD | 540000 | IDR | 8792550000 | 10/15/25 | (6640) |
| GS | USD | 500000 | INR | 43028110 | 10/15/25 | (10423) |
| GS | USD | 210000 | NOK | 2110589 | 10/15/25 | (5754) |
| GS | USD | 50000 | PEN | 178415 | 10/15/25 | (439) |
| GS | USD | 20000 | PHP | 1136340 | 10/15/25 | (554) |
| GS | USD | 40000 | THB | 1295108 | 10/15/25 | (142) |
| HSBC | SGD | 144000 | USD | 110556 | 08/04/25 | (350) |
| HSBC | USD | 54713 | EUR | 48000 | 08/04/25 | 64 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| HSBC | USD | 56427 | THB | 1836000 | 08/04/25 | $(245) |
| HSBC | IDR | 905579000 | USD | 55376 | 08/08/25 | 347 |
| HSBC | USD | 55031 | NOK | 572000 | 08/08/25 | 297 |
| HSBC | IDR | 904390000 | USD | 55417 | 08/15/25 | 470 |
| HSBC | AUD | 85000 | USD | 54617 | 08/22/25 | (24) |
| HSBC | THB | 1800000 | USD | 54804 | 08/22/25 | (352) |
| HSBC | USD | 55459 | THB | 1800000 | 08/22/25 | (303) |
| HSBC | THB | 1782000 | USD | 54862 | 08/29/25 | 227 |
| HSBC | USD | 107870 | COP | 452186000 | 08/29/25 | (88) |
| HSBC | USD | 55125 | SEK | 521000 | 08/29/25 | (1818) |
| HSBC | USD | 54930 | THB | 1782000 | 08/29/25 | (296) |
| HSBC | PHP | 3049000 | USD | 53547 | 09/04/25 | 1322 |
| HSBC | SEK | 523000 | USD | 54879 | 09/05/25 | 1343 |
| HSBC | USD | 55363 | SEK | 523000 | 09/05/25 | (1827) |
| HSBC | USD | 54435 | IDR | 891084000 | 09/08/25 | (332) |
| HSBC | PHP | 3057000 | USD | 53680 | 09/11/25 | 1326 |
| HSBC | USD | 54666 | PHP | 3057000 | 09/11/25 | (2313) |
| HSBC | USD | 54551 | IDR | 891096000 | 09/12/25 | (452) |
| HSBC | USD | 55706 | SEK | 526000 | 09/12/25 | (1839) |
| HSBC | USD | 40000 | THB | 1297720 | 09/17/25 | (152) |
| JPMCB | TRY | 5806800 | USD | 120223 | 03/16/26 | 2073 |
| JPMCB | USD | 120000 | TRY | 5806800 | 03/16/26 | (1850) |
| JPMCB | USD | 557167 | EGP | 31975191 | 03/18/26 | 33317 |
| JPMCB | HKD | 3189175 | USD | 415278 | 05/08/26 | 3215 |
| JPMCB | USD | 412497 | HKD | 3189174 | 05/08/26 | (433) |
| JPMCB | EUR | 13780 | USD | 15806 | 08/01/25 | 81 |
| JPMCB | USD | 27844 | EUR | 24274 | 08/01/25 | (142) |
| JPMCB | USD | 276604 | MXN | 5207146 | 08/01/25 | (582) |
| JPMCB | NZD | 375 | USD | 221 | 08/04/25 | 0 |
| JPMCB | AUD | 25 | USD | 16 | 08/05/25 | 0 |
| JPMCB | USD | 1357000 | JPY | 204036495 | 08/05/25 | (3825) |
| JPMCB | USD | 311000 | CNH | 2233307 | 08/08/25 | (1177) |
| JPMCB | CNH | 8201348 | USD | 1145457 | 08/29/25 | 5846 |
| JPMCB | HUF | 84922748 | EUR | 212000 | 08/29/25 | 351 |
| JPMCB | HUF | 13581907 | USD | 39000 | 08/29/25 | 299 |
| JPMCB | MXN | 22567198 | USD | 1200170 | 08/29/25 | 7147 |
| JPMCB | NOK | 102335 | USD | 10000 | 08/29/25 | 100 |
| JPMCB | PLN | 122730 | USD | 33000 | 08/29/25 | 264 |
| JPMCB | SEK | 185015 | USD | 19000 | 08/29/25 | 70 |
| JPMCB | SGD | 506925 | USD | 395752 | 08/29/25 | 4575 |
| JPMCB | USD | 730794 | HUF | 249074246 | 08/29/25 | (21067) |
| JPMCB | USD | 672000 | MXN | 12641113 | 08/29/25 | (3724) |
| JPMCB | USD | 369183 | NOK | 3766459 | 08/29/25 | (4822) |
| JPMCB | USD | 600387 | PLN | 2191413 | 08/29/25 | (15884) |
| JPMCB | USD | 364257 | SEK | 3473883 | 08/29/25 | (8820) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| JPMCB | USD | 1654350 | ZAR | 29600455 | 08/29/25 | $(32198) |
| JPMCB | BRL | 14999154 | USD | 2666234 | 09/17/25 | 17363 |
| JPMCB | BRL | 4075654 | USD | 717037 | 09/17/25 | (2729) |
| JPMCB | CLP | 310889766 | USD | 330440 | 09/17/25 | 10780 |
| JPMCB | CLP | 19558300 | USD | 20000 | 09/17/25 | (110) |
| JPMCB | IDR | 4198553170 | USD | 257581 | 09/17/25 | 2715 |
| JPMCB | INR | 61263026 | USD | 711730 | 09/17/25 | 13760 |
| JPMCB | INR | 10028369 | USD | 114000 | 09/17/25 | (254) |
| JPMCB | KRW | 4017204796 | USD | 2953782 | 09/17/25 | 50000 |
| JPMCB | KRW | 208100152 | USD | 150325 | 09/17/25 | (98) |
| JPMCB | PHP | 23692579 | USD | 415000 | 09/17/25 | 9303 |
| JPMCB | RON | 633258 | EUR | 124298 | 09/17/25 | 232 |
| JPMCB | THB | 25524253 | USD | 788112 | 09/17/25 | 4366 |
| JPMCB | THB | 9711522 | USD | 298000 | 09/17/25 | (202) |
| JPMCB | TRY | 6615851 | USD | 154574 | 09/17/25 | (2205) |
| JPMCB | TWD | 22274749 | USD | 767216 | 09/17/25 | 18289 |
| JPMCB | USD | 429247 | BRL | 2435755 | 09/17/25 | 912 |
| JPMCB | USD | 4582206 | BRL | 25786039 | 09/17/25 | (28359) |
| JPMCB | USD | 184000 | CLP | 174482559 | 09/17/25 | (4594) |
| JPMCB | USD | 48000 | EGP | 2456642 | 09/17/25 | 1323 |
| JPMCB | USD | 10000 | IDR | 165158000 | 09/17/25 | 26 |
| JPMCB | USD | 236982 | IDR | 3874128160 | 09/17/25 | (1811) |
| JPMCB | USD | 1133602 | INR | 98011834 | 09/17/25 | (16951) |
| JPMCB | USD | 400000 | KRW | 553988019 | 09/17/25 | 443 |
| JPMCB | USD | 4655788 | KRW | 6319882684 | 09/17/25 | (87545) |
| JPMCB | USD | 596084 | PHP | 33458383 | 09/17/25 | (23164) |
| JPMCB | USD | 472000 | THB | 15222782 | 09/17/25 | (4569) |
| JPMCB | USD | 155104 | TRY | 6615851 | 09/17/25 | 1677 |
| JPMCB | USD | 846646 | TWD | 24589114 | 09/17/25 | (19904) |
| JPMCB | TRY | 10007760 | USD | 222000 | 11/06/25 | (4540) |
| JPMCB | USD | 221617 | TRY | 10007760 | 11/06/25 | 4923 |
| JPMCB | BRL | 1104147 | USD | 187780 | 11/07/25 | (4807) |
| JPMCB | USD | 187671 | BRL | 1104146 | 11/07/25 | 4916 |
| MSCI | USD | 54988 | GBP | 41000 | 08/01/25 | (842) |
| MSCI | USD | 54931 | CHF | 45000 | 08/04/25 | 471 |
| MSCI | USD | 54621 | ZAR | 1021000 | 08/04/25 | 1428 |
| MSCI | USD | 110680 | CHF | 90000 | 08/08/25 | 166 |
| MSCI | CHF | 92000 | USD | 110638 | 08/15/25 | (2770) |
| MSCI | CNY | 6558566 | USD | 914476 | 08/15/25 | 1891 |
| MSCI | CNY | 715333 | USD | 99300 | 08/15/25 | (234) |
| MSCI | NOK | 1140000 | USD | 112932 | 08/15/25 | 2658 |
| MSCI | USD | 112963 | CHF | 92000 | 08/15/25 | 444 |
| MSCI | USD | 376234 | CNY | 2676010 | 08/15/25 | (3883) |
| MSCI | USD | 56579 | HUF | 19978000 | 08/15/25 | 389 |
| MSCI | KRW | 17500224 | USD | 12560 | 08/20/25 | (70) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 63207 | KRW | 89099647 | 08/20/25 | $1097 |
| MSCI | CHF | 90000 | USD | 109270 | 08/22/25 | (1770) |
| MSCI | JPY | 7855000 | USD | 54916 | 08/22/25 | 2724 |
| MSCI | MXN | 1047000 | USD | 54906 | 08/22/25 | (485) |
| MSCI | USD | 111654 | CHF | 90000 | 08/22/25 | (616) |
| MSCI | ZAR | 981000 | USD | 54779 | 08/22/25 | 993 |
| MSCI | CAD | 75000 | USD | 54756 | 08/28/25 | 556 |
| MSCI | CHF | 90000 | USD | 110210 | 08/29/25 | (928) |
| MSCI | MXN | 1049000 | USD | 54969 | 08/29/25 | (487) |
| MSCI | USD | 111752 | CHF | 90000 | 08/29/25 | (616) |
| MSCI | USD | 55773 | CZK | 1195000 | 08/29/25 | (254) |
| MSCI | ZAR | 974000 | USD | 54362 | 08/29/25 | 985 |
| MSCI | CHF | 90000 | USD | 111072 | 09/05/25 | (164) |
| MSCI | MXN | 1052000 | USD | 55084 | 09/05/25 | (489) |
| MSCI | NZD | 91000 | USD | 55364 | 09/05/25 | 1695 |
| MSCI | USD | 111852 | CHF | 90000 | 09/05/25 | (618) |
| MSCI | USD | 55692 | CZK | 1193000 | 09/05/25 | (255) |
| MSCI | USD | 55251 | KRW | 75441000 | 09/05/25 | (756) |
| MSCI | ZAR | 978000 | USD | 54558 | 09/05/25 | 988 |
| MSCI | CHF | 90000 | USD | 110898 | 09/12/25 | (434) |
| MSCI | MXN | 1043000 | USD | 54572 | 09/12/25 | (485) |
| MSCI | USD | 111952 | CHF | 90000 | 09/12/25 | (618) |
| MSCI | USD | 109562 | NOK | 1106000 | 09/12/25 | (2560) |
| MSCI | ZAR | 1942000 | USD | 108282 | 09/12/25 | 1960 |
| MSCI | AUD | 60000 | USD | 39406 | 09/17/25 | 817 |
| MSCI | CAD | 109011 | USD | 80000 | 09/17/25 | 1145 |
| MSCI | CHF | 189587 | USD | 240000 | 09/17/25 | 5328 |
| MSCI | GBP | 40000 | USD | 54466 | 09/17/25 | 1618 |
| MSCI | HUF | 3412542 | USD | 10000 | 09/17/25 | 285 |
| MSCI | NZD | 90000 | USD | 54281 | 09/17/25 | 1179 |
| MSCI | PEN | 285058 | USD | 80000 | 09/17/25 | 756 |
| MSCI | SEK | 852853 | USD | 90000 | 09/17/25 | 2631 |
| MSCI | USD | 54513 | GBP | 40000 | 09/17/25 | (1665) |
| MSCI | USD | 50000 | JPY | 7256668 | 09/17/25 | (1643) |
| MSCI | USD | 460000 | SGD | 585528 | 09/17/25 | (7513) |
| MSCI | ZAR | 3024014 | USD | 170000 | 09/17/25 | 4496 |
| MSCI | AUD | 30000 | USD | 19414 | 10/15/25 | 109 |
| MSCI | BRL | 1795728 | USD | 316166 | 10/15/25 | 1146 |
| MSCI | CHF | 7883 | USD | 10000 | 10/15/25 | 208 |
| MSCI | CLP | 48222100 | USD | 50000 | 10/15/25 | 418 |
| MSCI | JPY | 8706318 | USD | 60000 | 10/15/25 | 1802 |
| MSCI | MXN | 376289 | USD | 20000 | 10/15/25 | 207 |
| MSCI | MYR | 84552 | USD | 20000 | 10/15/25 | 120 |
| MSCI | NZD | 10000 | USD | 5984 | 10/15/25 | 78 |
| MSCI | SGD | 622541 | USD | 490000 | 10/15/25 | 7897 |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| MSCI | USD | 39425 | AUD | 60000 | 10/15/25 | $(814) |
| MSCI | USD | 10000 | BRL | 56901 | 10/15/25 | (18) |
| MSCI | USD | 110000 | CAD | 149905 | 10/15/25 | (1417) |
| MSCI | USD | 54478 | GBP | 40000 | 10/15/25 | (1615) |
| MSCI | USD | 20000 | HUF | 6885893 | 10/15/25 | (425) |
| MSCI | USD | 54332 | NZD | 90000 | 10/15/25 | (1176) |
| MSCI | USD | 80000 | PEN | 285276 | 10/15/25 | (755) |
| MSCI | USD | 20000 | SEK | 192903 | 10/15/25 | (202) |
| MSCI | USD | 210000 | ZAR | 3746914 | 10/15/25 | (5329) |
| SCB | PHP | 3062000 | USD | 54939 | 08/07/25 | 2451 |
| SCB | CNY | 397000 | USD | 55492 | 08/08/25 | 282 |
| SCB | PEN | 202000 | USD | 55009 | 08/08/25 | (1211) |
| SCB | USD | 54613 | GBP | 41000 | 08/08/25 | (465) |
| SCB | USD | 54851 | IDR | 905579000 | 08/08/25 | 177 |
| SCB | USD | 55116 | NZD | 92000 | 08/08/25 | (912) |
| SCB | NZD | 93000 | USD | 56316 | 08/15/25 | 1509 |
| SCB | PEN | 400000 | USD | 109430 | 08/15/25 | (1872) |
| SCB | USD | 54996 | NZD | 93000 | 08/15/25 | (189) |
| SCB | USD | 56186 | CAD | 76000 | 08/21/25 | (1283) |
| SCB | IDR | 1784804000 | USD | 109190 | 08/22/25 | 774 |
| SCB | USD | 54586 | JPY | 7855000 | 08/22/25 | (2394) |
| SCB | USD | 111194 | PEN | 402000 | 08/22/25 | 642 |
| SCB | USD | 55466 | CAD | 75000 | 08/28/25 | (1266) |
| SCB | JPY | 7836000 | USD | 55010 | 08/29/25 | 2903 |
| SCB | USD | 54497 | JPY | 7836000 | 08/29/25 | (2390) |
| SCB | USD | 110060 | PEN | 398000 | 08/29/25 | 638 |
| SCB | IDR | 1772643000 | USD | 108405 | 09/02/25 | 760 |
| SCB | USD | 54676 | PHP | 3049000 | 09/04/25 | (2452) |
| SCB | USD | 55054 | CNY | 393000 | 09/05/25 | (284) |
| SCB | USD | 55754 | EUR | 48000 | 09/05/25 | (861) |
| SCB | USD | 109490 | PEN | 396000 | 09/05/25 | 630 |
| SCB | IDR | 891084000 | USD | 54481 | 09/08/25 | 377 |
| SCB | IDR | 891096000 | USD | 54475 | 09/12/25 | 376 |
| SCB | USD | 55780 | EUR | 48000 | 09/12/25 | (861) |
| SCB | USD | 110026 | PEN | 398000 | 09/12/25 | 628 |
| SCB | AUD | 20000 | USD | 13106 | 09/17/25 | 243 |
| SCB | CZK | 209623 | USD | 10000 | 09/17/25 | 256 |
| SCB | JPY | 5785867 | USD | 40000 | 09/17/25 | 1444 |
| SCB | PHP | 10199772 | USD | 180000 | 09/17/25 | 5346 |
| SCB | USD | 52115 | AUD | 80000 | 09/17/25 | (662) |
| SCB | USD | 90000 | CAD | 122459 | 09/17/25 | (1417) |
| SCB | USD | 430000 | IDR | 7005560000 | 09/17/25 | (4742) |
| SCB | USD | 450000 | INR | 38779875 | 09/17/25 | (8180) |
| SCB | USD | 54169 | NZD | 90000 | 09/17/25 | (1067) |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br>date** | **Unrealized<br>appreciation<br>(depreciation)** |
| SCB | USD | 80000 | PEN | 285448 | 09/17/25 | $(648) |
| SCB | AUD | 20000 | USD | 13031 | 10/15/25 | 161 |
| SCB | CHF | 31604 | USD | 40000 | 10/15/25 | 743 |
| SCB | JPY | 4369028 | USD | 30000 | 10/15/25 | 795 |
| SCB | KRW | 13804400 | USD | 10000 | 10/15/25 | 6 |
| SCB | NZD | 50000 | USD | 29812 | 10/15/25 | 281 |
| SCB | SGD | 101785 | USD | 80000 | 10/15/25 | 1177 |
| SCB | THB | 645132 | USD | 20000 | 10/15/25 | 145 |
| SCB | TWD | 290981 | USD | 10000 | 10/15/25 | 195 |
| SCB | USD | 10000 | BRL | 57138 | 10/15/25 | 24 |
| SCB | USD | 80000 | CAD | 108899 | 10/15/25 | (1120) |
| SCB | USD | 20000 | CHF | 16109 | 10/15/25 | 9 |
| SCB | USD | 10000 | CZK | 209462 | 10/15/25 | (256) |
| SCB | USD | 40000 | IDR | 653499000 | 10/15/25 | (358) |
| SCB | USD | 10000 | INR | 862557 | 10/15/25 | (186) |
| SCB | USD | 180000 | PHP | 10206522 | 10/15/25 | (5343) |
| SG | AUD | 86000 | USD | 55243 | 08/01/25 | (24) |
| SG | AUD | 85000 | USD | 54851 | 08/08/25 | 224 |
| SG | CHF | 90000 | USD | 110518 | 08/08/25 | (326) |
| SG | USD | 54466 | MXN | 1087000 | 08/08/25 | 3127 |
| SG | USD | 260000 | CHF | 204900 | 09/17/25 | (6374) |
| SG | CHF | 212053 | USD | 270000 | 10/15/25 | 6605 |
| SG | CLP | 9544132 | USD | 10000 | 10/15/25 | 187 |
| SG | GBP | 10000 | USD | 13408 | 10/15/25 | 192 |
| SG | MXN | 187364 | USD | 10000 | 10/15/25 | 144 |
| SG | PLN | 36521 | USD | 10000 | 10/15/25 | 266 |
| SG | USD | 10000 | BRL | 57093 | 10/15/25 | 16 |
| SG | USD | 40000 | BRL | 226820 | 10/15/25 | (210) |
| SG | USD | 30000 | INR | 2590680 | 10/15/25 | (523) |
| SSB | AUD | 340000 | USD | 218814 | 09/25/25 | 104 |
| SSB | CAD | 377000 | USD | 275544 | 09/25/25 | 2728 |
| SSB | EUR | 515000 | USD | 596835 | 09/25/25 | 7092 |
| SSC | EUR | 2312 | USD | 2637 | 08/04/25 | (1) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | $**(107478)** |

---

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Fair valuation summary**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<br>Description** | **Unadjusted <br>quoted prices in <br>active market for <br>identical investments <br>(Level 1)** | **Other significant <br>observable inputs <br>(Level 2)** | **Unobservable <br>inputs <br>(Level 3)** | **Total** |
| Corporate bonds | $— | $94719240 | $— | $94719240 |
| Non-U.S. government agency obligations |  | 798086 |  | 798086 |
| U.S. Treasury obligations |  | 520196 |  | 520196 |
| Common stocks | 84075462 | 3459428 |  | 87534890 |
| Exchange traded funds | 2749767 |  |  | 2749767 |
| Investment companies | 19225282 |  |  | 19225282 |
| Warrant | 27273 |  |  | 27273 |
| Short-term U.S. Treasury obligations |  | 12658064 |  | 12658064 |
| Investment companies | 114140502 |  |  | 114140502 |
| Options purchased | 1519 | 76756 |  | 78275 |
| Foreign exchange options purchased |  | 662585 |  | 662585 |
| Equity options purchased | 328040 |  |  | 328040 |
| Swaptions Purchased |  | 308653 |  | 308653 |
| Futures contracts | 161515 | 30064 |  | 191579 |
| Swap agreements |  | 963999 |  | 963999 |
| Forward foreign currency contracts |  | 451444 |  | 451444 |
| **Total** | $**220709360** | $**114648515** | $**—** | $**335357875** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| Investments sold short | Investments sold short | Investments sold short | Investments sold short | Investments sold short |
| Common stocks | $(74781316) | $(978600) | $— | $(75759916) |
| Exchange traded funds | (14858186) |  |  | (14858186) |
| U.S. Treasury obligations |  | (3511376) |  | (3511376) |
| Short-term U.S. Treasury obligations |  | (11354796) |  | (11354796) |
| Options written | (88378) | (62004) |  | (150382) |
| Foreign exchange options written |  | (25234) |  | (25234) |
| Equity options written | (7031) |  |  | (7031) |
| Swaptions written |  | (416537) |  | (416537) |
| Futures contracts | (190553) | (92226) |  | (282779) |
| Swap agreements |  | (470863) |  | (470863) |
| Forward foreign currency contracts |  | (558922) |  | (558922) |
| **Total** | $**(89925464)** | $**(17470558)** | $**—** | $**(107396022)** |

---

At July 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**

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

\* Non-income producing security.

<sup>1</sup> Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

------

PACE Alternative Strategies Investments

Portfolio of investments—July 31, 2025

**Portfolio footnotes—(concluded)**

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $27,717,276, represented 10.0% of the Portfolio's net assets at period end.

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

<sup>4</sup> In U.S. dollars unless otherwise indicated.

<sup>5</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

<sup>6</sup> Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

<sup>7</sup> Zero coupon bond.

<sup>8</sup> Rate shown reflects yield at July 31, 2025.

<sup>9</sup> Payments made or received are based on the notional amount.

<sup>10</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

<sup>11</sup> Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

<sup>12</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

<sup>13</sup> Bond interest in default.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments

July 31, 2025 (unaudited)

**Portfolio acronyms:**

ABS Asset-backed Security

ACES Alternative Credit Enhancement Securities

ADR American Depositary Receipt

AGM Assured Guaranty Municipal

AID Anticipation Certificates of Indebtedness

AMBAC American Municipal Bond Assurance Corporation

AMT Alternative Minimum Tax

ARM Adjustable Rate Mortgage

BAM Build Americal Mutual

BBSW Bank Bill Swap Rate

BOBL Bundesobligationen

CAC Cotation Assistée en Continu

CBOE Chicago Board Options Exchange

CDO Collateralized Debt Obligation

CDI Certificado de Depósito Interbancário

CDX.EM.S Markit Emerging Markets Index

CDX.NA.HY.S Markit North American High Yield

CJSC Closed Joint Stock Company

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury Index

COFI Cost of Funds Index

COP Certificate of Participation

CORRA Canadian Overnight Repo Rate Average

CPI Consumer Price Index

CS Citadel Securities LLC

DAC Designated Activity Company

DIP Debtor-in-possession

ETF Exchange Traded Fund

EURIBOR Euro Interbank Offered Rate

FHA Federal Housing Administration

FHLB Federal Home Loan Bank

FHLMC Federal Home Loan Mortgage Corporation

FNMA Federal National Mortgage Association

FRN Floating Rate Note

GDR Global Depositary Receipt

GMAC General Motors Acceptance Corporation

GNMA Government National Mortgage Association

GO General Obligation

GSAMP Goldman Sachs Asset Mortgage Passthrough

GTD Guaranteed

IO Interest Only

JSC Joint Stock Company

LIBOR London Interbank Offered Rate

MGIC Mortgage Guaranty Insurance Corporation

MTA Monthly Treasury Average Index

NIBOR Norway Three Month Interbank Rate

NVDR Non-Voting Depository Receipt

OAT Obligation Assimilables du Trésor (French Government Bonds)

OBFR Overnight Bank Funding Rate

OTC Over The Counter

PJSC Private Joint Stock Company

PLC Public Limited Company

PO Principal Only

PRIBOR Prague Interbank Offered Rate

PSF Permanent School Fund

RASC Retirement Administration Service Center

RBA IOCR RBA Interbank Overnight Cash Rate

REIT Real Estate Investment Trust

REMIC Real Estate Mortgage Investment Conduit

RFUCCT Refinitiv USD IBOR Consumer Cash Fallbacks

RPI Retail Price Index

SARON Swiss Average Rate Overnight

SBA Small Business Administration

SIFMA Municipal Swap Index Yield

MCM Marex Capital Markets Inc

MKM MKM Partners

SOFR Secured Overnight Financing Rate

SONIA Sterling Overnight Index Average

SPDR Standard and Poor's Depository Receipts

STR Short-term rate

STRIP Separate Trading of Registered Interest and Principal of Securities

SGS Seaport Group Securities LLC

TBA To-Be-Announced Security

TIPS Treasury inflation protected securities

TONA Tokyo Overnight Average Rate

UMBS Uniform Mortgage-Backed Securities

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

WIBOR Warsaw Interbank Offer Rate

**Currency type abbreviations:**

ARS Argentine Peso

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Yuan Renminbi Offshore

CNY Chinese Yuan Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD Taiwan Dollar

USD United States Dollar

ZAR South African Rand

**Counterparty acronyms:**

ANZ Australia and New Zealand Banking Group

BB Barclays Bank PLC

BNP BNP Paribas

BOA Bank of America

CIBC Canadian Imperial Bank of Commerce

CITI Citibank NA

CSI Credit Suisse International

DB Deutsche Bank AG

GS Goldman Sachs

GSI Goldman Sachs International

HSBC HSBC Bank PLC

JPMCB JPMorgan Chase Bank

MSCI Morgan Stanley & Co. International PLC

NW National Westminster

RBC Royal Bank of Canada

RBS Royal Bank of Scotland PLC

SCB Standard Chartered Bank

SG Societe Generale

SSB State Street Bank and Trust Co.

TD Toronto-Dominion Bank

WBC Westpac Banking Corp.

WF Wells Fargo Investment LLC

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>Government <br>Money Market <br>Investments Fund** | **PACE <br>Mortgage-Backed <br>Securities <br>Fixed Income <br>Investments** | **PACE <br>Intermediate <br>Fixed Income <br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $1446150075 | $364731683 | $198823139 |
| Repurchase agreements | 1523120000 |  |  |
| Foreign currency |  |  | 32 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $1446150075 | $345105348 | $200608312 |
| Repurchase agreements | 1523120000 |  |  |
| Foreign currency |  |  | 32 |
| Cash | 190 |  |  |
| Cash collateral on futures |  | 676594 | 1853588 |
| Cash collateral on swap agreements |  | 1481000 |  |
| Receivable for investments sold |  | 210269908 | 1243119 |
| Receivable for TBAs |  | 217556231 |  |
| Receivable for fund shares sold | 17156341 | 79767 | 51482 |
| Receivable for interest and dividends | 2424130 | 739879 | 1688472 |
| Unrealized appreciation on forward foreign currency contracts |  | 3489 |  |
| Other assets | 142507 | 17666 | 18607 |
| **Total assets** | **2988993243** | **775929882** | **205463612** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Reverse repurchase agreements, at value (cost—$0, $36,508,560 and <br>$0, respectively) |  | 36508560 |  |
| Investments sold short, at value (proceeds—$0, $80,335,142, and <br>$0, respectively) |  | 80215708 |  |
| Options and swaptions written, at value (premiums received $0, $124,169 and <br>$0, respectively) |  | 43821 |  |
| Due to broker |  | 540000 |  |
| Payable for cash collateral from securities loaned |  |  | 4750353 |
| Payable for investments purchased | 29582508 | 822525 | 780000 |
| Payable for TBA when issued |  | 488335550 |  |
| Payable for fund shares redeemed | 14547900 | 125953 | 108113 |
| Payable for dividend and interest expense on investments sold short |  | 81644 |  |
| Dividends payable to shareholders | 5378308 |  |  |
| Payable to affiliate | 302956 | 38016 | 53349 |
| Payable to custodian | 31919 | 52932 | 6250 |
| Payable for variation margin on futures contracts |  | 292826 | 1710078 |
| Accrued expenses and other liabilities | 220317 | 201568 | 189944 |
| **Total liabilities** | **50063908** | **607259103** | **7598087** |
| **Net assets** | $**2938929335** | $**168670779** | $**197865525** |

---

<sup>1</sup> Includes $0; $0 and $5,352,980, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS <br>Government <br>Money Market <br>Investments Fund** | **PACE <br>Mortgage-Backed <br>Securities <br>Fixed Income <br>Investments** | **PACE <br>Intermediate <br>Fixed Income <br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $2938927200 | $245694586 | $239764520 |
| Distributable earnings (accumulated losses) | 2135 | (77023807) | (41898995) |
| **Net assets** | $**2938929335** | $**168670779** | $**197865525** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $— | $15264998 | $7020717 |
| Shares outstanding |  | 1500488 | 669541 |
| Net asset value per share | $— | $10.17 | $10.49 |
| Maximum offering price per share | $— | $10.57 | $10.90 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $2938929335 | $153405781 | $190844808 |
| Shares outstanding | 2938925633 | 15073286 | 18195663 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $1.00 | $10.18 | $10.49 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>Strategic <br>Fixed Income <br>Investments** | **PACE <br>Municipal <br>Fixed Income <br>Investments** | **PACE <br>Global <br>Fixed Income <br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $457210487 | $158726445 | $165997483 |
| Foreign currency | 821808 |  | 565354 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $454168027 | $152739573 | $166680283 |
| Foreign currency | 808019 |  | 550082 |
| Cash collateral on futures | 3071512 |  | 872372 |
| Cash collateral on swap agreements | 1169000 |  |  |
| Cash collateral for forward foreign currency contracts | 70000 |  |  |
| Due from broker | 123899 |  |  |
| Receivable for investments sold | 1241047 |  |  |
| Receivable for investments sold short | 2217000 |  |  |
| Receivable for TBAs | 23802443 |  |  |
| Receivable for fund shares sold | 110748 | 13735 | 33028 |
| Receivable for interest and dividends | 3570196 | 1652804 | 1529225 |
| Receivable for foreign tax reclaims | 4427 |  |  |
| Receivable for variation margin on futures contracts |  |  | 1131 |
| Receivable for variation margin on swap agreements | 67590 |  |  |
| Deferred receivable for funds borrowed | 3150 |  |  |
| OTC swap agreements, at value<sup>2</sup> | 259392 |  |  |
| Unrealized appreciation on forward foreign currency contracts | 319979 |  | 470804 |
| Other assets | 20044 | 17746 | 17693 |
| **Total assets** | **491026473** | **154423858** | **170154618** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Options and swaptions written, at value (premiums received $29,258, $0 and <br>$0, respectively) | 5594 |  |  |
| Payable for cash collateral from securities loaned | 11763235 |  | 1174033 |
| Payable for investments purchased | 3069551 | 1816900 | 155009 |
| Payable for TBA when issued | 44449079 |  |  |
| Payable for fund shares redeemed | 160642 | 227871 | 98652 |
| Payable to affiliate | 127386 | 37516 | 75090 |
| Payable to custodian | 241955 | 1448 | 81772 |
| Payable for foreign withholding taxes and foreign capital gains taxes |  |  | 6379 |
| Payable for dollar roll transactions | 9812545 |  |  |
| Payable for variation margin on futures contracts | 2205120 |  |  |
| Unrealized depreciation on forward foreign currency contracts | 247111 |  | 740632 |
| Accrued expenses and other liabilities | 239101 | 132069 | 208849 |
| **Total liabilities** | **72321319** | **2215804** | **2540416** |
| **Net assets** | $**418705154** | $**152208054** | $**167614202** |

---

<sup>1</sup> Includes $16,075,926; $0 and $1,477,521, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Net upfront payments received by PACE Strategic Fixed Income Investments was $213,949. Net upfront payment made by PACE Strategic Fixed Income Investments was $429.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>Strategic <br>Fixed Income <br>Investments** | **PACE <br>Municipal <br>Fixed Income <br>Investments** | **PACE <br>Global <br>Fixed Income <br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $523772788 | $161418160 | $204008674 |
| Distributable earnings (accumulated losses) | (105067634) | (9210106) | (36394472) |
| **Net assets** | $**418705154** | $**152208054** | $**167614202** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $6614338 | $19377801 | $12395459 |
| Shares outstanding | 561885 | 1619982 | 1547733 |
| Net asset value per share | $11.77 | $11.96 | $8.01 |
| Maximum offering price per share | $12.23 | $12.24 | $8.32 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $412090816 | $132830253 | $155218743 |
| Shares outstanding | 35037868 | 11097917 | 19489063 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $11.76 | $11.97 | $7.96 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $175307592 | $670305266 | $565840154 |
| Foreign currency | 804778 | 63 |  |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $168089337 | $765230191 | $767751850 |
| Foreign currency | 798572 | 62 |  |
| Cash | 15218 |  |  |
| Receivable for investments sold | 361452 |  | 6130610 |
| Receivable for fund shares sold | 34041 | 31169 | 82276 |
| Receivable for interest and dividends | 2911805 | 559755 | 338473 |
| Receivable for foreign tax reclaims | 2292 | 247815 | 16342 |
| Unrealized appreciation on forward foreign currency contracts | 1224075 | 50798 |  |
| Other assets | 19494 | 21380 | 21556 |
| **Total assets** | **173456286** | **766141170** | **774341107** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Payable for cash collateral from securities loaned |  | 11316395 |  |
| Payable for investments purchased | 1150054 | 50306 | 4290573 |
| Payable for fund shares redeemed | 70905 | 329283 | 398509 |
| Payable to affiliate | 103243 | 502219 | 504398 |
| Payable to custodian | 9480 | 16646 | 11119 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 282 | 12580 | 95 |
| Unrealized depreciation on forward foreign currency contracts | 34683 | 111771 |  |
| Accrued expenses and other liabilities | 168739 | 265527 | 212382 |
| **Total liabilities** | **1537386** | **12604727** | **5417076** |
| **Net assets** | $**171918900** | $**753536443** | $**768924031** |

---

<sup>1</sup> Includes $0; $29,091,101 and $8,733,735, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $212534968 | $593402898 | $473243407 |
| Distributable earnings (accumulated losses) | (40616068) | 160133545 | 295680624 |
| **Net assets** | $**171918900** | $**753536443** | $**768924031** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $1965737 | $87755430 | $45702186 |
| Shares outstanding | 222138 | 3949978 | 2806181 |
| Net asset value per share | $8.85 | $22.22 | $16.29 |
| Maximum offering price per share | $9.19 | $23.51 | $17.24 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $162291453 | $665781013 | $723221845 |
| Shares outstanding | 18425506 | 30137415 | 37690670 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $8.81 | $22.09 | $19.19 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $7661710 | $— | $— |
| Shares outstanding | 845323 |  |  |
| Net asset value and offering price per share | $9.06 | $— | $— |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $233826630 | $231208856 | $700388972 |
| Foreign currency |  |  | 1133454 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $252251706 | $245942663 | $863943307 |
| Foreign currency |  |  | 1112123 |
| Cash |  | 1227 |  |
| Receivable for investments sold | 168952 | 1001252 | 19705328 |
| Receivable for fund shares sold | 57408 | 42690 | 50222 |
| Receivable for interest and dividends | 99397 | 25125 | 926371 |
| Receivable for foreign tax reclaims | 13305 | 352 | 6219656 |
| Other assets | 18373 | 19156 | 30014 |
| **Total assets** | **252609141** | **247032465** | **891987021** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments sold short, at value (proceeds—$0, $0, and $90,781,976, respectively) |  |  | 89104449 |
| Payable for cash collateral from securities loaned | 110100 | 2217767 | 68858551 |
| Payable for investments purchased | 598838 | 1008559 | 15338212 |
| Payable for fund shares redeemed | 112111 | 88596 | 511562 |
| Payable for dividend and interest expense on investments sold short |  |  | 48451 |
| Payable to affiliate | 173908 | 164827 | 492050 |
| Payable to custodian | 860 | 17274 | 606161 |
| Payable for foreign withholding taxes and foreign capital gains taxes |  |  | 109846 |
| Accrued expenses and other liabilities | 161640 | 153259 | 394290 |
| **Total liabilities** | **1157457** | **3650282** | **175463572** |
| **Net assets** | $**251451684** | $**243382183** | $**716523449** |

---

<sup>1</sup> Includes $28,167,142; $11,705,396 and $70,516,632, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $228961459 | $217035409 | $507790219 |
| Distributable earnings (accumulated losses) | 22490225 | 26346774 | 208733230 |
| **Net assets** | $**251451684** | $**243382183** | $**716523449** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $11010876 | $14421175 | $24404816 |
| Shares outstanding | 690895 | 1180819 | 1261101 |
| Net asset value per share | $15.94 | $12.21 | $19.35 |
| Maximum offering price per share | $16.87 | $12.92 | $20.48 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $240440808 | $228961008 | $674924418 |
| Shares outstanding | 14250614 | 15837477 | 35237290 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $16.87 | $14.46 | $19.15 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $— | $— | $17194215 |
| Shares outstanding |  |  | 880662 |
| Net asset value and offering price per share | $— | $— | $19.52 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (continued) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>International<br>Emerging <br>Markets Equity<br>Investments** | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| **Investments, at cost** | **Investments, at cost** | **Investments, at cost** | **Investments, at cost** |
| Investments | $393318851 | $59432293 | $323679996 |
| Foreign currency | 310388 | 9 | 1340883 |
| **Investments, at value** | **Investments, at value** | **Investments, at value** | **Investments, at value** |
| Investments<sup>1</sup> | $464245307 | $57111776 | $333750853 |
| Foreign currency | 310163 | 9 | 1329832 |
| Cash collateral on options |  |  | 16053401 |
| Cash collateral on swap agreements |  |  | 2280435 |
| Cash collateral for short sales |  |  | 29975231 |
| Cash collateral for forward foreign currency contracts |  |  | 160000 |
| Receivable for investments sold | 2563065 | 593356 | 2318491 |
| Receivable for investments sold short |  |  | 599225 |
| Receivable for fund shares sold | 305463 | 16733 | 36665 |
| Receivable for interest and dividends | 1409644 | 105710 | 881727 |
| Receivable for foreign tax reclaims | 25267 | 24693 | 184248 |
| Receivable from affiliate |  |  | 111333 |
| Receivable for variation margin on futures contracts |  |  | 2978257 |
| Receivable for variation margin on swap agreements |  |  | 777791 |
| Unrealized appreciation on OTC swap agreements<sup>2</sup> |  |  | 863767 |
| Unrealized appreciation on forward foreign currency contracts |  |  | 451444 |
| Other assets | 26158 | 8036 | 26118 |
| **Total assets** | **468885067** | **57860313** | **392778818** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Investments sold short, at value (proceeds—$0, $0, and $98,698,941, respectively) |  |  | 105484274 |
| Options and swaptions written, at value (premiums received $0, $0 and <br>$361,139, respectively) |  |  | 599184 |
| Cash collateral on futures due to broker |  |  | 819954 |
| Due to broker |  |  | 171122 |
| Payable for cash collateral from securities loaned | 2781572 | 4626110 |  |
| Payable for investments purchased | 3128737 |  | 5409603 |
| Payable for fund shares redeemed | 274809 | 15473 | 223175 |
| Payable for dividend and interest expense on investments sold short |  |  | 95952 |
| Payable to affiliate | 307504 | 10408 |  |
| Payable to custodian | 190172 | 5816 | 848664 |
| Payable for foreign withholding taxes and foreign capital gains taxes | 1678287 | 16392 | 3153 |
| Payable for variation margin on futures contracts |  |  | 90049 |
| Payable for variation margin on swap agreements |  |  | 44962 |
| Unrealized depreciation on OTC swap agreements<sup>2</sup> |  |  | 196196 |
| Unrealized depreciation on forward foreign currency contracts |  |  | 558922 |
| Accrued expenses and other liabilities | 353213 | 181628 | 390397 |
| **Total liabilities** | **8714294** | **4855827** | **114935607** |
| **Net assets** | $**460170773** | $**53004486** | $**277843211** |

---

<sup>1</sup> Includes $12,264,117; $4,725,166 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

<sup>2</sup> Net upfront payment made by PACE Alternative Strategies Investments was $46,466.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of assets and liabilities (concluded) July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE <br>International<br>Emerging <br>Markets Equity<br>Investments** | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest shares of $0.001 par value (unlimited amount authorized) | $394311086 | $71259375 | $268895086 |
| Distributable earnings (accumulated losses) | 65859687 | (18254889) | 8948125 |
| **Net assets** | $**460170773** | $**53004486** | $**277843211** |
| **Class A** | **Class A** | **Class A** | **Class A** |
| Net assets | $2886461 | $120486 | $3357163 |
| Shares outstanding | 190375 | 18442 | 307541 |
| Net asset value per share | $15.16 | $6.53 | $10.92 |
| Maximum offering price per share | $16.04 | $6.91 | $11.56 |
| **Class P** | **Class P** | **Class P** | **Class P** |
| Net assets | $240243549 | $52884000 | $257349758 |
| Shares outstanding | 15778891 | 8490093 | 23557239 |
| Net asset value, offering price and redemption value per share<sup>2</sup> | $15.23 | $6.23 | $10.92 |
| **Class P2** | **Class P2** | **Class P2** | **Class P2** |
| Net assets | $217040763 | $— | $17136290 |
| Shares outstanding | 14039308 |  | 1552317 |
| Net asset value and offering price per share | $15.46 | $— | $11.04 |

---

<sup>2</sup> Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations For the year ended July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **UBS<br>Government<br>Money Market<br>Investments Fund** | **PACE<br>Mortgage-Backed<br>Securities<br>Fixed Income<br>Investments** | **PACE<br>Intermediate<br>Fixed Income<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $— | $— | $345396 |
| Interest | 134499699 | 8985767 | 12421423 |
| Securities lending |  |  | 46192 |
| Foreign tax withheld |  | (67739) |  |
| **Total income** | **134499699** | **8918028** | **12813011** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 7271761 | 975076 | 1111240 |
| Service fees—Class A |  | 39991 | 18047 |
| Transfer agency fees | 337673 | 275382 | 256067 |
| Custody and fund accounting fees | 103579 | 117935 | 42543 |
| Trustees fees | 43379 | 25125 | 25299 |
| Professional services fees | 91485 | 183179 | 181058 |
| Printing and shareholder report fees | 184936 | 31885 | 32391 |
| Federal and state registration fees | 179356 | 55126 | 55216 |
| Insurance expense | 17562 | 2240 | 1267 |
| Interest expense |  | 1771304 |  |
| Other expenses | 83654 | 83735 | 65355 |
| **Total expenses** | **8313385** | **3560978** | **1788483** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (3781316) | (473220) | (537970) |
| **Net expenses** | **4532069** | **3087758** | **1250513** |
| **Net investment income (loss)** | **129967630** | **5830270** | **11562498** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 5084 | 48292 | 957812 |
| Securities sold short |  | 53690 |  |
| Options and swaptions written |  | 594102 |  |
| Futures contracts |  | (126754) | (3070785) |
| Swap agreements |  | 2020876 |  |
| Net realized gain (loss) | 5084 | 2590206 | (2112973) |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments |  | (3121205) | (101402) |
| Investments sold short |  | 545466 |  |
| Options and swaptions written |  | 137441 |  |
| Futures contracts |  | (70143) | 59642 |
| Swap agreements |  | (973164) |  |
| Translation of other assets and liabilities denominated in foreign currency |  |  | 1 |
| Net change in unrealized appreciation (depreciation) |  | (3481605) | (41759) |
| Net realized and unrealized gain (loss) | 5084 | (891399) | (2154732) |
| **Net increase (decrease) in net assets resulting from operations** | $**129972714** | $**4938871** | $**9407766** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the year ended July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>Strategic<br>Fixed Income<br>Investments** | **PACE<br>Municipal<br>Fixed Income<br>Investments** | **PACE<br>Global<br>Fixed Income<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $547766 | $— | $— |
| Interest | 25403155 | 5540333 | 7473485 |
| Securities lending | 79594 |  | 7002 |
| Foreign tax withheld | (11352) |  | (23235) |
| **Total income** | **26019163** | **5540333** | **7457252** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 2269827 | 847988 | 1051108 |
| Service fees—Class A | 21610 | 53516 | 35294 |
| Transfer agency fees | 327603 | 51107 | 289858 |
| Custody and fund accounting fees | 304939 | 26674 | 158508 |
| Trustees fees | 26769 | 25049 | 25104 |
| Professional services fees | 211885 | 145335 | 194434 |
| Printing and shareholder report fees | 23369 | 22366 | 57482 |
| Federal and state registration fees | 56638 | 54658 | 54749 |
| Insurance expense | 2876 | 1151 | 1151 |
| Interest expense | 588797 |  |  |
| Other expenses | 101422 | 60303 | 65949 |
| **Total expenses** | **3935735** | **1288147** | **1933637** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (537054) | (267924) | (435160) |
| **Net expenses** | **3398681** | **1020223** | **1498477** |
| **Net investment income (loss)** | **22620482** | **4520110** | **5958775** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (991154) | (976456) | (1037265) |
| Options and swaptions written | 152214 |  |  |
| Futures contracts | (2339956) |  | (1054299) |
| Swap agreements | 417728 |  |  |
| Forward foreign currency contracts | (316744) |  | 1643497 |
| Foreign currency transactions | 325 |  | (63803) |
| Net realized gain (loss) | (3077587) | (976456) | (511870) |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments | 527500 | (2214987) | 1649592 |
| Options and swaptions written | 27671 |  |  |
| Futures contracts | (699285) |  | (162077) |
| Swap agreements | 202959 |  |  |
| Forward foreign currency contracts | 69382 |  | (1053673) |
| Translation of other assets and liabilities denominated in foreign currency | 831115 |  | (3721) |
| Net change in unrealized appreciation (depreciation) | 959342 | (2214987) | 430121 |
| Net realized and unrealized gain (loss) | (2118245) | (3191443) | (81749) |
| **Net increase (decrease) in net assets resulting from operations** | $**20502237** | $**1328667** | $**5877026** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the year ended July 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **PACE<br>High Yield<br>Investments** | **PACE<br>Large Co<br>Value Equity<br>Investments** | **PACE<br>Large Co<br>Growth Equity<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $35937 | $16862144 | $5860865 |
| Interest | 12722083 | 1349996 | 1128383 |
| Securities lending | 77 | 38324 | 2948 |
| Foreign tax withheld | (766) | (172352) | (14484) |
| **Total income** | **12757331** | **18078112** | **6977712** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 1246157 | 5898478 | 6163750 |
| Service fees—Class A | 5714 | 225726 | 116114 |
| Transfer agency fees | 241613 | 387342 | 369649 |
| Custody and fund accounting fees | 49280 | 204956 | 156530 |
| Trustees fees | 25131 | 29024 | 29069 |
| Professional services fees | 149269 | 152987 | 144906 |
| Printing and shareholder report fees | 42626 | 38819 | 35851 |
| Federal and state registration fees | 63444 | 57221 | 57496 |
| Insurance expense | 1151 | 4787 | 4739 |
| Interest expense |  | 1079 | 1207 |
| Other expenses | 97481 | 101176 | 94860 |
| **Total expenses** | **1921866** | **7101595** | **7174171** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (375097) | (26499) | (199947) |
| **Net expenses** | **1546769** | **7075096** | **6974224** |
| **Net investment income (loss)** | **11210562** | **11003016** | **3488** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (1353495) | 90962632 | 136317129 |
| Forward foreign currency contracts | (4191805) |  |  |
| Foreign currency transactions | 1518568 | (14152) |  |
| Net realized gain (loss) | (4026732) | 90948480 | 136317129 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments  | 5711822 | (15476119) | (19209966) |
| Forward foreign currency contracts | 1508483 | (60973) |  |
| Translation of other assets and liabilities denominated in foreign currency | 7304 | 10102 |  |
| Net change in unrealized appreciation (depreciation) | 7227609 | (15526990) | (19209966) |
| Net realized and unrealized gain (loss) | 3200877 | 75421490 | 117107163 |
| **Net increase (decrease) in net assets resulting from operations** | $**14411439** | $**86424506** | $**117110651** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (continued) For the year ended July 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE<br>Small/Medium Co<br>Value Equity<br>Investments** | **PACE<br>Small/Medium Co<br>Growth Equity<br>Investments** | **PACE<br>International<br>Equity<br>Investments** | **PACE <br>International<br>Emerging<br>Markets Equity<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $5443867 | $1072658 | $26881710 | $11778215 |
| Interest | 203404 | 135297 | 297169 | 312355 |
| Securities lending | 22885 | 26867 | 136265 | 35222 |
| Foreign tax withheld | (683) | (14279) | (669993) | (1190438) |
| **Total income** | **5669473** | **1220543** | **26645151** | **10935354** |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 2161349 | 2065809 | 6286020 | 4096848 |
| Service fees—Class A | 31361 | 39548 | 57402 | 7135 |
| Transfer agency fees | 351718 | 344830 | 369721 | 365234 |
| Custody and fund accounting fees | 90938 | 116936 | 383271 | 523513 |
| Trustees fees | 25674 | 25601 | 28622 | 26782 |
| Professional services fees | 138101 | 144470 | 206191 | 199419 |
| Printing and shareholder report fees | 49651 | 30821 | 39510 | 42895 |
| Federal and state registration fees | 55271 | 54304 | 67675 | 69605 |
| Insurance expense | 1756 | 1581 | 4549 | 2342 |
| Interest expense | 1177 |  | 10956 | 7572 |
| Dividend expense |  |  | 3845447 |  |
| Prime services fees |  |  | 796500 |  |
| Other expenses | 71048 | 74583 | 173355 | 186193 |
| **Total expenses** | **2978044** | **2898483** | **12269219** | **5527538** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (137060) | (78510) | (604619) | (1145577) |
| **Net expenses** | **2840984** | **2819973** | **11664600** | **4381961** |
| **Net investment income (loss)** | **2828489** | **(1599430)** | **14980551** | **6553393** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments (including foreign capital gain tax expense of $0, $0, <br>$36,701, and $811,739, respectively) | 9260206 | 17074921 | 71520466 | 17739528 |
| Securities sold short |  |  | (3225403) |  |
| Foreign currency transactions |  |  | 88864 | (364437) |
| Net realized gain (loss) | 9260206 | 17074921 | 68383927 | 17375091 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments (net of change in deferred foreign capital gain taxes <br>of $0,$0, $188,305 and $(315807), respectively) | (22203232) | (9867870) | 16835091 | 50353606 |
| Investments sold short |  |  | 3776999 |  |
| Translation of other assets and liabilities denominated in <br>foreign currency |  |  | 335587 | 12592 |
| Net change in unrealized appreciation (depreciation) | (22203232) | (9867870) | 20947677 | 50366198 |
| Net realized and unrealized gain (loss) | (12943026) | 7207051 | 89331604 | 67741289 |
| **Net increase (decrease) in net assets resulting from operations** | $**(10114537)** | $**5607621** | $**104312155** | $**74294682** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of operations (concluded) For the year ended July 31, 2025**

---

| | | |
|:---|:---|:---|
| | **PACE<br>Global<br>Real Estate<br>Securities<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| **Investment income:** | **Investment income:** | **Investment income:** |
| Dividends | $1837559 | $4727215 |
| Interest | 35813 | 8124142 |
| Securities lending | 5701 |  |
| Foreign tax withheld | (39272) | (285062) |
| **Total income** | **1839801** | **12566295** |
| **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory and administration fees | 460254 | 4378716 |
| Service fees—Class A | 341 | 8424 |
| Transfer agency fees | 242313 | 204837 |
| Custody and fund accounting fees | 22853 | 1815047 |
| Trustees fees | 24346 | 25928 |
| Professional services fees | 151859 | 327085 |
| Printing and shareholder report fees | 28208 | 97307 |
| Federal and state registration fees | 45473 | 64758 |
| Insurance expense | 369 | 3094 |
| Interest expense |  | 14548 |
| Dividend expense |  | 2148147 |
| Prime services fees |  | 91341 |
| Other expenses | 85779 | 206026 |
| **Total expenses** | **1061795** | **9385258** |
| Fee waivers and/or expense reimbursements by investment manager <br>and administrator\* | (371073) | (2250615) |
| **Net expenses** | **690722** | **7134643** |
| **Net investment income (loss)** | **1149079** | **5431652** |
| **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** | **Net realized and unrealized gains (loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | (573724) | 19182454 |
| Securities sold short |  | (6269233) |
| Options and swaptions written |  | 264244 |
| Futures contracts |  | 729829 |
| Swap agreements |  | 1840115 |
| Forward foreign currency contracts |  | (442416) |
| Foreign currency transactions | 3756 | (26957) |
| Net realized gain (loss) | (569968) | 15278036 |
| Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: | Change in net unrealized appreciation (depreciation) on: |
| Investments | (2608649) | (362853) |
| Investments sold short |  | (1861476) |
| Options and swaptions written |  | (21331) |
| Futures contracts |  | 383784 |
| Swap agreements |  | 242758 |
| Forward foreign currency contracts |  | 3672 |
| Translation of other assets and liabilities denominated in foreign currency | 4349 | (30396) |
| Net change in unrealized appreciation (depreciation) | (2604300) | (1645842) |
| Net realized and unrealized gain (loss) | (3174268) | 13632194 |
| **Net increase (decrease) in net assets resulting from operations** | $**(2025189)** | $**19063846** |

---

\* Refer to note Investment advisory fees and other transactions with affiliates for additional details.

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **UBS <br>Government Money Market <br>Investments Fund** | **UBS <br>Government Money Market <br>Investments Fund** | **PACE <br>Mortgage-Backed Securities <br>Fixed Income Investments** | **PACE <br>Mortgage-Backed Securities <br>Fixed Income Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $129967630 | $147258779 | $5830270 | $5850816 |
| Net realized gain (loss) | 5084 | (1232) | 2590206 | (638281) |
| Net change in unrealized appreciation (depreciation) |  |  | (3481605) | 4034897 |
| Net increase (decrease) in net assets resulting from operations | 129972714 | 147257547 | 4938871 | 9247432 |
| Total distributions—Class A |  |  | (760385) | (857917) |
| Total distributions—Class Y |  |  | (86881) | (362007) |
| Total distributions—Class P | (129967630) | (147258779) | (7983119) | (8508688) |
| **Total distributions** | **(129967630)** | **(147258779)** | **(8830385)** | **(9728612)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 5296775259 | 5136195095 | 28099228 | 25481124 |
| Cost of shares redeemed | (5213637557) | (5025749896) | (49047851) | (51302602) |
| Shares issued on reinvestment of dividends and distributions | 117941419 | 127049584 | 7931441 | 8733738 |
| Net increase (decrease) in net assets from beneficial interest transactions | 201079121 | 237494783 | (13017182) | (17087740) |
| **Net increase (decrease) in net assets** | **201084205** | **237493551** | **(16908696)** | **(17568920)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 2737845130 | 2500351579 | 185579475 | 203148395 |
| End of year | $2938929335 | $2737845130 | $168670779 | $185579475 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Intermediate Fixed Income <br>Investments** | **PACE <br>Intermediate Fixed Income <br>Investments** | **PACE <br>Strategic Fixed Income <br>Investments** | **PACE <br>Strategic Fixed Income <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $11562498 | $12298107 | $22620482 | $23876731 |
| Net realized gain (loss) | (2112973) | (4047257) | (3077587) | (9500972) |
| Net change in unrealized appreciation (depreciation) | (41759) | 7546487 | 959342 | 17745393 |
| Net increase (decrease) in net assets resulting from operations | 9407766 | 15797337 | 20502237 | 32121152 |
| Total distributions—Class A | (396948) | (438572) | (446098) | (467653) |
| Total distributions—Class Y | (2469) | (9910) | (9217) | (39962) |
| Total distributions—Class P | (11171610) | (11880062) | (22752331) | (22555796) |
| Return of capital—Class A |  |  |  | (32726) |
| Return of capital—Class Y |  |  |  | (2796) |
| Return of capital—Class P |  |  |  | (1578416) |
| **Total distributions** | **(11571027)** | **(12328544)** | **(23207646)** | **(24677349)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 28419539 | 29416000 | 38842518 | 45770805 |
| Cost of shares redeemed | (44985381) | (52900967) | (82665842) | (96746917) |
| Shares issued on reinvestment of dividends and distributions | 10414359 | 11084633 | 21358193 | 22691664 |
| Net increase (decrease) in net assets from beneficial interest transactions | (6151483) | (12400334) | (22465131) | (28284448) |
| **Net increase (decrease) in net assets** | **(8314744)** | **(8931541)** | **(25170540)** | **(20840645)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 206180269 | 215111810 | 443875694 | 464716339 |
| End of year | $197865525 | $206180269 | $418705154 | $443875694 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Municipal Fixed Income <br>Investments** | **PACE <br>Municipal Fixed Income <br>Investments** | **PACE <br>Global Fixed Income <br>Investments** | **PACE <br>Global Fixed Income <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $4520110 | $4909827 | $5958775 | $6380225 |
| Net realized gain (loss) | (976456) | (1856777) | (511870) | (5693652) |
| Net change in unrealized appreciation (depreciation) | (2214987) | 3341206 | 430121 | 4482633 |
| Net increase (decrease) in net assets resulting from operations | 1328667 | 6394256 | 5877026 | 5169206 |
| Total distributions—Class A | (521090) | (548106) | (384439) | (204957) |
| Total distributions—Class Y | (24) | (95) | (8379) | (17837) |
| Total distributions—Class P | (3979748) | (4299554) | (4746932) | (2425443) |
| Return of capital—Class A |  |  | (87767) | (316138) |
| Return of capital—Class Y |  |  | (1913) | (27512) |
| Return of capital—Class P |  |  | (1083720) | (3741148) |
| **Total distributions** | **(4500862)** | **(4847755)** | **(6313150)** | **(6733035)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 17581632 | 18029424 | 16346461 | 22691971 |
| Cost of shares redeemed | (50636565) | (51093076) | (37869382) | (44631643) |
| Shares issued on reinvestment of dividends and distributions | 3760477 | 4094749 | 5724769 | 6137298 |
| Net increase (decrease) in net assets from beneficial interest transactions | (29294456) | (28968903) | (15798152) | (15802374) |
| **Net increase (decrease) in net assets** | **(32466651)** | **(27422402)** | **(16234276)** | **(17366203)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 184674705 | 212097107 | 183848478 | 201214681 |
| End of year | $152208054 | $184674705 | $167614202 | $183848478 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>High Yield <br>Investments** | **PACE <br>High Yield <br>Investments** | **PACE <br>Large Co Value Equity <br>Investments** | **PACE <br>Large Co Value Equity <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $11210562 | $12023094 | $11003016 | $13649569 |
| Net realized gain (loss) | (4026732) | (5421658) | 90948480 | 49968882 |
| Net change in unrealized appreciation (depreciation) | 7227609 | 12743723 | (15526990) | 41737796 |
| Net increase (decrease) in net assets resulting from operations | 14411439 | 19345159 | 86424506 | 105356247 |
| Total distributions—Class A | (138264) | (160394) | (8062238) | (4337084) |
| Total distributions—Class Y | (10940) | (35179) |  | (887988) |
| Total distributions—Class P | (10698830) | (9930191) | (62100377) | (35356800) |
| Total distributions—Class P2 | (460435) | (456055) |  |  |
| Return of capital—Class A |  | (23050) |  |  |
| Return of capital—Class Y |  | (5055) |  |  |
| Return of capital—Class P |  | (1427031) |  |  |
| Return of capital—Class P2 |  | (65538) |  |  |
| **Total distributions** | **(11308469)** | **(12102493)** | **(70162615)** | **(40581872)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 10442765 | 12720083 | 38279046 | 27114621 |
| Cost of shares redeemed | (39110078) | (41095243) | (164689387) | (172631257) |
| Shares issued on reinvestment of dividends and distributions | 10333220 | 11096262 | 65302677 | 37815027 |
| Net increase (decrease) in net assets from beneficial interest transactions | (18334093) | (17278898) | (61107664) | (107701609) |
| **Net increase (decrease) in net assets** | **(15231123)** | **(10036232)** | **(44845773)** | **(42927234)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 187150023 | 197186255 | 798382216 | 841309450 |
| End of year | $171918900 | $187150023 | $753536443 | $798382216 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Large Co Growth Equity <br>Investments** | **PACE <br>Large Co Growth Equity <br>Investments** | **PACE <br>Small/Medium Co Value <br>Equity Investments** | **PACE <br>Small/Medium Co Value <br>Equity Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $3488 | $(2072467) | $2828489 | $2177387 |
| Net realized gain (loss) | 136317129 | 81431424 | 9260206 | 43248618 |
| Net change in unrealized appreciation (depreciation) | (19209966) | 91807883 | (22203232) | (12080730) |
| Net increase (decrease) in net assets resulting from operations | 117110651 | 171166840 | (10114537) | 33345275 |
| Total distributions—Class A | (6035709) | (1036657) | (2160847) | (76345) |
| Total distributions—Class Y |  | (401826) |  | (717) |
| Total distributions—Class P | (82098203) | (14972014) | (42388322) | (2016290) |
| **Total distributions** | **(88133912)** | **(16410497)** | **(44549169)** | **(2093352)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 42520283 | 25094372 | 18034000 | 15175101 |
| Cost of shares redeemed | (190229874) | (200176823) | (56128330) | (64753085) |
| Shares issued on reinvestment of dividends and distributions | 83292735 | 15596769 | 41096065 | 1920146 |
| Net increase (decrease) in net assets from beneficial interest transactions | (64416856) | (159485682) | 3001735 | (47657838) |
| **Net increase (decrease) in net assets** | **(35440117)** | **(4729339)** | **(51661971)** | **(16405915)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 804364148 | 809093487 | 303113655 | 319519570 |
| End of year | $768924031 | $804364148 | $251451684 | $303113655 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>Small/Medium Co Growth <br>Equity Investments** | **PACE <br>Small/Medium Co Growth <br>Equity Investments** | **PACE <br>International Equity <br>Investments** | **PACE <br>International Equity <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $(1599430) | $(1710154) | $14980551 | $13928445 |
| Net realized gain (loss) | 17074921 | 22472460 | 68383927 | 50373322 |
| Net change in unrealized appreciation (depreciation) | (9867870) | (9961489) | 20947677 | 22281008 |
| Net increase (decrease) in net assets resulting from operations | 5607621 | 10800817 | 104312155 | 86582775 |
| Total distributions—Class A | (589242) |  | (2494669) | (851608) |
| Total distributions—Class Y |  |  |  | (435494) |
| Total distributions—Class P | (7601230) |  | (75905054) | (28233058) |
| Total distributions—Class P2 |  |  | (1515048) | (591278) |
| **Total distributions** | **(8190472)** | **—** | **(79914771)** | **(30111438)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 14176754 | 17406070 | 39638085 | 23784555 |
| Cost of shares redeemed | (46325395) | (52938293) | (151372315) | (151352116) |
| Shares issued on reinvestment of dividends and distributions | 7682435 |  | 74260948 | 27953823 |
| Net increase (decrease) in net assets from beneficial interest transactions | (24466206) | (35532223) | (37473282) | (99613738) |
| **Net increase (decrease) in net assets** | **(27049057)** | **(24731406)** | **(13075898)** | **(43142401)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 270431240 | 295162646 | 729599347 | 772741748 |
| End of year | $243382183 | $270431240 | $716523449 | $729599347 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PACE <br>International Emerging Markets <br>Equity Investments** | **PACE <br>International Emerging Markets <br>Equity Investments** | **PACE <br>Global Real Estate Securities <br>Investments** | **PACE <br>Global Real Estate Securities <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $6553393 | $5479613 | $1149079 | $1038695 |
| Net realized gain (loss) | 17375091 | 4236580 | (569968) | (4629822) |
| Net change in unrealized appreciation (depreciation) | 50366198 | (6945182) | (2604300) | 7074621 |
| Net increase (decrease) in net assets resulting from operations | 74294682 | 2771011 | (2025189) | 3483494 |
| Total distributions—Class A | (26436) | (37074) | (2355) | (1964) |
| Total distributions—Class Y |  | (57770) |  |  |
| Total distributions—Class P | (2706267) | (3437147) | (1117110) | (1017632) |
| Total distributions—Class P2 | (992647) | (1596581) |  |  |
| **Total distributions** | **(3725350)** | **(5128572)** | **(1119465)** | **(1019596)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 113730225 | 85328727 | 4614081 | 5471721 |
| Cost of shares redeemed | (111515761) | (83836942) | (11705969) | (14333891) |
| Shares issued on reinvestment of dividends and distributions | 2958859 | 3835876 | 1030379 | 949458 |
| Net increase (decrease) in net assets from beneficial interest transactions | 5173323 | 5327661 | (6061509) | (7912712) |
| **Net increase (decrease) in net assets** | **75742655** | **2970100** | **(9206163)** | **(5448814)** |
| **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 384428118 | 381458018 | 62210649 | 67659463 |
| End of year | $460170773 | $384428118 | $53004486 | $62210649 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of changes in net assets (concluded)**

---

| | | |
|:---|:---|:---|
| | **PACE <br>Alternative Strategies <br>Investments** | **PACE <br>Alternative Strategies <br>Investments** |
| | **For the years ended July 31,** | **For the years ended July 31,** |
| | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $5431652 | $7962562 |
| Net realized gain (loss) | 15278036 | 22493721 |
| Net change in unrealized appreciation (depreciation) | (1645842) | 961225 |
| Net increase (decrease) in net assets resulting from operations | 19063846 | 31417508 |
| Total distributions—Class A | (248065) | (127522) |
| Total distributions—Class Y |  | (12140) |
| Total distributions—Class P | (20914130) | (11095120) |
| Total distributions—Class P2 | (3791774) | (1802676) |
| **Total distributions** | **(24953969)** | **(13037458)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 19987598 | 20199241 |
| Cost of shares redeemed | (102206551) | (80061856) |
| Shares issued on reinvestment of dividends and distributions | 23399295 | 12211834 |
| Net increase (decrease) in net assets from beneficial interest transactions | (58819658) | (47650781) |
| **Net increase (decrease) in net assets** | **(64709781)** | **(29270731)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 342552992 | 371823723 |
| End of year | $277843211 | $342552992 |

---

See accompanying notes to financial statements

------

PACE Select Advisors Trust

**Statement of cash flows For the period ended July 31, 2025**

---

| | |
|:---|:---|
| | **PACE International <br>Equity Investments** |
| **Cash flows from operating activites** | **Cash flows from operating activites** |
| Net increase (decrease) in net assets resulting from operations | $104312155 |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from <br>operations to net cash used/provided from operating activities:** | **Adjustments to reconcile net increase (decrease) in net assets resulting from <br>operations to net cash used/provided from operating activities:** |
| Purchases of long-term investments | (335170257) |
| Purchases to cover investments sold short | (126070217) |
| Proceeds from disposition of long-term investments | 445462166 |
| Sales of investments sold short | 118109314 |
| Net purchases of short-term investments | (27713929) |
| Net realized (gains) losses from investments in securities | (71520466) |
| Net realized (gains) losses from investments sold short | 3225403 |
| Net change in unrealized appreciation/depreciation of investments in securities | (16835091) |
| Net change in unrealized appreciation/depreciation of investments sold short | (3776999) |
| Changes in assets and liabilities: | Changes in assets and liabilities: |
| (Increase) decrease in assets: | (Increase) decrease in assets: |
| Receivable for interest and dividends | (263442) |
| Receivable for foreign tax reclaims | (854216) |
| Other assets | (1183) |
| Increase (decrease) in liabilities: | Increase (decrease) in liabilities: |
| Credit facility payable | (646917) |
| Payable for cash collateral from securities loaned | 29988926 |
| Payable for dividends and interest on investments sold short | (60579) |
| Payable to affiliate | 15841 |
| Payable to custodian | 441538 |
| Payable for foreign withholding taxes and foreign capital gains taxes | (183002) |
| Accrued expenses and other liabilities | 49162 |
| **Net cash provided from operating activities** | **118508207** |
| **Cash flows from financing activities** | **Cash flows from financing activities** |
| Proceeds from borrowings | 17035570 |
| Payments from borrowings | (17035570) |
| Proceeds from shares sold | 39984637 |
| Cost of shares repurchased | (151920005) |
| Dividends paid to shareholders | (5653823) |
| **Net cash used in financing activities** | **(117589191)** |
| **Net increase (decrease) in cash and foreign currency** | **919016** |
| **Cash and foreign currency, beginning of year** | **193107** |
| **Cash and foreign currency, end of year** | $**1112123** |
| **Supplemental disclosure of cash flow information:** | **Supplemental disclosure of cash flow information:** |
| Reinvestment of dividends | $(74260948) |
| Cash paid during the year for interest | $10956 |

---

See accompanying notes to financial statements

------

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| Net investment income (loss) | 0.045 | 0.053 | 0.036 | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Net realized and unrealized gains (losses) | 0.000<sup>1</sup> |  | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> | 0.000<sup>1</sup> |
| Net increase (decrease) from operations | 0.045 | 0.053 | 0.036 | 0.000<sup>1</sup> | 0.000<sup>1</sup> |
| Dividends from net investment income | (0.045) | (0.053) | (0.036) | (0.000)<sup>1</sup> | (0.000)<sup>1</sup> |
| **Net asset value, end of year** | $**1.00** | $**1.00** | $**1.00** | $**1.00** | $**1.00** |
| **Total investment return<sup>2</sup>** | **4.57%** | **5.39%** | **3.84%** | **0.12%** | **0.01%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 0.29% | 0.28% | 0.31% | 0.64% | 0.65% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 0.16% | 0.15% | 0.21% | 0.26% | 0.10% |
| Net investment income (loss) | 4.47% | 5.26% | 4.32% | 0.16% | 0.01% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $2938929 | $2737845 | $2500352 | $420920 | $262353 |

---

<sup>1</sup> Amount represents less than $0.0005 or $(0.0005) per share.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each year reported. The figures do not include program fees; results would be lower if these fees were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

See accompanying notes to financial statements

------

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**10.40** | $**10.40** | $**11.47** | $**12.83** | $**13.03** |
| Net investment income (loss)<sup>1</sup> | 0.31 | 0.29 | 0.26 | 0.14 | 0.13 |
| Net realized and unrealized gain (loss) | (0.05) | 0.20 | (0.84) | (1.20) | 0.04 |
| Net increase (decrease) from operations | 0.26 | 0.49 | (0.58) | (1.06) | 0.17 |
| Dividends from net investment income | (0.49) | (0.49) | (0.49) | (0.30) | (0.37) |
| **Net asset value, end of year** | $**10.17** | $**10.40** | $**10.40** | $**11.47** | $**12.83** |
| **Total investment return<sup>2</sup>** | **2.58%** | **4.89%** | **(5.04)%** | **(8.25)%** | **1.20%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments, <br>including interest expense | 2.19% | 2.30% | 1.13% | 1.19%<sup>3</sup> | 1.14% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, <br>including interest expense | 1.97% | 2.08% | 0.97% | 0.97%<sup>3</sup> | 0.98% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, <br>excluding interest expense | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
| Net investment income (loss) | 3.06% | 2.82% | 2.44% | 1.15% | 0.98% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $15265 | $17255 | $18968 | $23265 | $28960 |
| Portfolio turnover | 945% | 977% | 919% | 817% | 796% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**10.40** | $**10.40** | $**11.48** | $**12.84** | $**13.04** |
| Net investment income (loss)<sup>1</sup> | 0.34 | 0.31 | 0.29 | 0.17 | 0.16 |
| Net realized and unrealized gains (losses) | (0.05) | 0.21 | (0.85) | (1.20) | 0.04 |
| Net increase (decrease) from operations | 0.29 | 0.52 | (0.56) | (1.03) | 0.20 |
| Dividends from net investment income | (0.51) | (0.52) | (0.52) | (0.33) | (0.40) |
| **Net asset value, end of year** | $**10.18** | $**10.40** | $**10.40** | $**11.48** | $**12.84** |
| **Total investment return<sup>2</sup>** | **2.93%** | **5.15%** | **(4.80)%** | **(8.09)%** | **1.53%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments, <br>including interest expense | 1.99% | 2.11% | 0.94% | 1.00%<sup>3</sup> | 0.96% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, <br>including interest expense | 1.72% | 1.83% | 0.72% | 0.72%<sup>3</sup> | 0.73% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, <br>excluding interest expense | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Net investment income (loss) | 3.31% | 3.07% | 2.69% | 1.41% | 1.23% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $153406 | $161965 | $176784 | $230495 | $273956 |
| Portfolio turnover | 945% | 977% | 919% | 817% | 796% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**10.60** | $**10.43** | $**11.16** | $**12.78** | $**13.36** |
| Net investment income (loss)<sup>1</sup> | 0.58 | 0.59 | 0.46 | 0.13 | 0.12 |
| Net realized and unrealized gain (loss) | (0.11) | 0.17 | (0.72) | (1.40) | (0.22) |
| Net increase (decrease) from operations | 0.47 | 0.76 | (0.26) | (1.27) | (0.10) |
| Dividends from net investment income | (0.58) | (0.59) | (0.47) | (0.16) | (0.17) |
| Distributions from net realized gain |  |  |  | (0.19) | (0.31) |
| Total dividends and distributions | (0.58) | (0.59) | (0.47) | (0.35) | (0.48) |
| **Net asset value, end of year** | $**10.49** | $**10.60** | $**10.43** | $**11.16** | $**12.78** |
| **Total investment return<sup>2</sup>** | **4.58%** | **7.61%** | **(2.28)%** | **(10.08)%** | **(0.72)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.11% | 1.11% | 1.09% | 1.14% | 1.06% |
| Expenses after fee waivers and/or expense reimbursements | 0.86% | 0.86% | 0.86% | 0.91% | 0.91% |
| Net investment income (loss) | 5.48% | 5.69% | 4.36% | 1.09% | 0.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $7021 | $7522 | $8043 | $9475 | $12045 |
| Portfolio turnover | 34% | 35% | 214% | 124% | 416% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**10.61** | $**10.43** | $**11.16** | $**12.79** | $**13.36** |
| Net investment income (loss)<sup>1</sup> | 0.60 | 0.62 | 0.49 | 0.16 | 0.15 |
| Net realized and unrealized gains (losses) | (0.11) | 0.18 | (0.72) | (1.41) | (0.20) |
| Net increase (decrease) from operations | 0.49 | 0.80 | (0.23) | (1.25) | (0.05) |
| Dividends from net investment income | (0.61) | (0.62) | (0.50) | (0.19) | (0.21) |
| Distributions from net realized gains |  |  |  | (0.19) | (0.31) |
| Total dividends and distributions | (0.61) | (0.62) | (0.50) | (0.38) | (0.52) |
| **Net asset value, end of year** | $**10.49** | $**10.61** | $**10.43** | $**11.16** | $**12.79** |
| **Total investment return<sup>2</sup>** | **4.84%** | **7.88%** | **(2.04)%** | **(9.92)%** | **(0.39)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.88% | 0.88% | 0.87% | 0.92% | 0.85% |
| Expenses after fee waivers and/or expense reimbursements | 0.61% | 0.61% | 0.61% | 0.66% | 0.66% |
| Net investment income (loss) | 5.73% | 5.94% | 4.60% | 1.35% | 1.20% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $190845 | $198496 | $206899 | $255082 | $309129 |
| Portfolio turnover | 34% | 35% | 214% | 124% | 416% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

------

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**11.85** | $**11.64** | $**12.31** | $**14.33** | $**14.91** |
| Net investment income (loss)<sup>1</sup> | 0.59 | 0.59 | 0.49 | 0.28 | 0.32 |
| Net realized and unrealized gain (loss) | (0.06) | 0.23 | (0.66) | (1.81) | (0.14) |
| Net increase (decrease) from operations | 0.53 | 0.82 | (0.17) | (1.53) | 0.18 |
| Dividends from net investment income | (0.61) | (0.57) | (0.47) | (0.32) | (0.33) |
| Distributions from net realized gain |  |  |  | (0.17) | (0.43) |
| Return of capital |  | (0.04) | (0.03) |  |  |
| Total dividends, distributions and return of capital | (0.61) | (0.61) | (0.50) | (0.49) | (0.76) |
| **Net asset value, end of year** | $**11.77** | $**11.85** | $**11.64** | $**12.31** | $**14.33** |
| **Total investment return<sup>2</sup>** | **4.61%** | **7.34%** | **(1.30)%** | **(10.95)%** | **1.25%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 1.15% | 1.18% | 1.12% | 1.03%<sup>3</sup> | 1.00% |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 1.04% | 1.09% | 1.05% | 0.90%<sup>3</sup> | 0.94% |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 0.90% | 0.90% | 0.90% | 0.90% | 0.93% |
| Net investment income (loss) | 5.03% | 5.10% | 4.15% | 2.06% | 2.19% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $6614 | $9445 | $9612 | $12073 | $15976 |
| Portfolio turnover | 219% | 190% | 376% | 65% | 147% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**11.84** | $**11.63** | $**12.30** | $**14.32** | $**14.90** |
| Net investment income (loss)<sup>1</sup> | 0.62 | 0.62 | 0.52 | 0.31 | 0.35 |
| Net realized and unrealized gains (losses) | (0.06) | 0.23 | (0.66) | (1.81) | (0.14) |
| Net increase (decrease) from operations | 0.56 | 0.85 | (0.14) | (1.50) | 0.21 |
| Dividends from net investment income | (0.64) | (0.60) | (0.50) | (0.35) | (0.36) |
| Distributions from net realized gains |  |  |  | (0.17) | (0.43) |
| Return of capital |  | (0.04) | (0.03) |  |  |
| Total dividends, distributions and return of capital | (0.64) | (0.64) | (0.53) | (0.52) | (0.79) |
| **Net asset value, end of year** | $**11.76** | $**11.84** | $**11.63** | $**12.30** | $**14.32** |
| **Total investment return<sup>2</sup>** | **4.88%** | **7.52%** | **(0.97)%** | **(10.74)%** | **1.51%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 0.91% | 0.95% | 0.89% | 0.81%<sup>3</sup> | 0.78% |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 0.79% | 0.84% | 0.80% | 0.65%<sup>3</sup> | 0.69% |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% |
| Net investment income (loss) | 5.28% | 5.35% | 4.44% | 2.32% | 2.44% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $412091 | $433768 | $454270 | $562834 | $678031 |
| Portfolio turnover | 219% | 190% | 376% | 65% | 147% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**12.19** | $**12.08** | $**12.28** | $**13.45** | $**13.40** |
| Net investment income (loss)<sup>1</sup> | 0.30 | 0.28 | 0.26 | 0.24 | 0.26 |
| Net realized and unrealized gain (loss) | (0.23) | 0.10 | (0.20) | (1.12) | 0.11 |
| Net increase (decrease) from operations | 0.07 | 0.38 | 0.06 | (0.88) | 0.37 |
| Dividends from net investment income | (0.30) | (0.27) | (0.26) | (0.24) | (0.24) |
| Distributions from net realized gain |  |  |  | (0.05) | (0.08) |
| Total dividends and distributions | (0.30) | (0.27) | (0.26) | (0.29) | (0.32) |
| **Net asset value, end of year** | $**11.96** | $**12.19** | $**12.08** | $**12.28** | $**13.45** |
| **Total investment return<sup>2</sup>** | **0.55%** | **3.23%** | **0.48%** | **(6.68)%** | **2.81%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.99% | 0.96% | 0.90% | 0.92% | 0.93% |
| Expenses after fee waivers and/or expense reimbursements | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
| Net investment income (loss) | 2.45% | 2.29% | 2.14% | 1.90% | 1.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $19378 | $23013 | $26381 | $30590 | $37068 |
| Portfolio turnover | 11% | 23% | 11% | 14% | 9% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**12.20** | $**12.09** | $**12.29** | $**13.46** | $**13.41** |
| Net investment income (loss)<sup>1</sup> | 0.33 | 0.31 | 0.29 | 0.28 | 0.29 |
| Net realized and unrealized gains (losses) | (0.24) | 0.10 | (0.20) | (1.13) | 0.12 |
| Net increase (decrease) from operations | 0.09 | 0.41 | 0.09 | (0.85) | 0.41 |
| Dividends from net investment income | (0.32) | (0.30) | (0.29) | (0.27) | (0.28) |
| Distributions from net realized gains |  |  |  | (0.05) | (0.08) |
| Total dividends and distributions | (0.32) | (0.30) | (0.29) | (0.32) | (0.36) |
| **Net asset value, end of year** | $**11.97** | $**12.20** | $**12.09** | $**12.29** | $**13.46** |
| **Total investment return<sup>2</sup>** | **0.81%** | **3.49%** | **0.74%** | **(6.43)%** | **3.06%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.73% | 0.70% | 0.64% | 0.67% | 0.68% |
| Expenses after fee waivers and/or expense reimbursements | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
| Net investment income (loss) | 2.70% | 2.54% | 2.39% | 2.15% | 2.20% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $132830 | $161658 | $185715 | $241502 | $281012 |
| Portfolio turnover | 11% | 23% | 11% | 14% | 9% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

------

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**8.02** | $**8.07** | $**8.59** | $**10.48** | $**10.58** |
| Net investment income (loss)<sup>1</sup> | 0.26 | 0.25 | 0.19 | 0.06 | 0.07 |
| Net realized and unrealized gain (loss) |  | (0.04) | (0.50) | (1.50) | 0.14 |
| Net increase (decrease) from operations | 0.26 | 0.21 | (0.31) | (1.44) | 0.21 |
| Dividends from net investment income | (0.22) | (0.10) |  | (0.18) | (0.11) |
| Distributions from net realized gain |  |  |  | (0.12) | (0.20) |
| Return of capital | (0.05) | (0.16) | (0.21) | (0.15) |  |
| Total dividends, distributions and return of capital | (0.27) | (0.26) | (0.21) | (0.45) | (0.31) |
| **Net asset value, end of year** | $**8.01** | $**8.02** | $**8.07** | $**8.59** | $**10.48** |
| **Total investment return<sup>2</sup>** | **3.30%** | **2.77%** | **(3.57)%** | **(14.31)%** | **2.04%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.30% | 1.30% | 1.23% | 1.33% | 1.28% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| Net investment income (loss) | 3.23% | 3.22% | 2.37% | 0.67% | 0.67% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $12395 | $15117 | $16861 | $20077 | $26309 |
| Portfolio turnover | 136% | 137% | 189% | 188% | 132% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**7.99** | $**8.04** | $**8.57** | $**10.46** | $**10.56** |
| Net investment income (loss)<sup>1</sup> | 0.27 | 0.27 | 0.21 | 0.08 | 0.09 |
| Net realized and unrealized gains (losses) | (0.01) | (0.04) | (0.51) | (1.50) | 0.15 |
| Net increase (decrease) from operations | 0.26 | 0.23 | (0.30) | (1.42) | 0.24 |
| Dividends from net investment income | (0.24) | (0.11) |  | (0.20) | (0.14) |
| Distributions from net realized gains |  |  |  | (0.11) | (0.20) |
| Return of capital | (0.05) | (0.17) | (0.23) | (0.16) |  |
| Total dividends, distributions and return of capital | (0.29) | (0.28) | (0.23) | (0.47) | (0.34) |
| **Net asset value, end of year** | $**7.96** | $**7.99** | $**8.04** | $**8.57** | $**10.46** |
| **Total investment return<sup>2</sup>** | **3.31%** | **3.04%** | **(3.45)%** | **(14.04)%** | **2.20%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.09% | 1.10% | 1.04% | 1.13% | 1.09% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
| Net investment income (loss) | 3.42% | 3.41% | 2.55% | 0.86% | 0.85% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $155219 | $167619 | $182970 | $229783 | $290345 |
| Portfolio turnover | 136% | 137% | 189% | 188% | 132% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

See accompanying notes to financial statements

------

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**8.69** | $**8.36** | $**8.39** | $**10.01** | $**9.28** |
| Net investment income (loss)<sup>1</sup> | 0.53 | 0.52 | 0.48 | 0.46 | 0.50 |
| Net realized and unrealized gain (loss) | 0.17 | 0.33 | (0.02) | (1.56) | 0.73 |
| Net increase (decrease) from operations | 0.70 | 0.85 | 0.46 | (1.10) | 1.23 |
| Dividends from net investment income | (0.54) | (0.45) | (0.34) | (0.52) | (0.50) |
| Return of capital |  | (0.07) | (0.15) |  |  |
| Total dividends and distributions | (0.54) | (0.52) | (0.49) | (0.52) | (0.50) |
| **Net asset value, end of year** | $**8.85** | $**8.69** | $**8.36** | $**8.39** | $**10.01** |
| **Total investment return<sup>2</sup>** | **8.15%** | **10.52%** | **5.77%** | **(11.39)%** | **13.48%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.26% | 1.26% | 1.20%<sup>3</sup> | 1.26% | 1.25% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.06% | 1.06% | 1.06%<sup>3</sup> | 1.06% | 1.06% |
| Net investment income (loss) | 6.10% | 6.12% | 5.85% | 4.90% | 5.12% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $1966 | $2804 | $3241 | $3347 | $4662 |
| Portfolio turnover | 62% | 44% | 33% | 51% | 75% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**8.66** | $**8.34** | $**8.38** | $**10.01** | $**9.28** |
| Net investment income (loss)<sup>1</sup> | 0.55 | 0.53 | 0.49 | 0.47 | 0.51 |
| Net realized and unrealized gains (losses) | 0.16 | 0.33 | (0.02) | (1.55) | 0.74 |
| Net increase (decrease) from operations | 0.71 | 0.86 | 0.47 | (1.08) | 1.25 |
| Dividends from net investment income | (0.56) | (0.47) | (0.35) | (0.55) | (0.52) |
| Return of capital |  | (0.07) | (0.16) |  |  |
| Total dividends and distributions | (0.56) | (0.54) | (0.51) | (0.55) | (0.52) |
| **Net asset value, end of year** | $**8.81** | $**8.66** | $**8.34** | $**8.38** | $**10.01** |
| **Total investment return<sup>2</sup>** | **8.34%** | **10.70%** | **5.89%** | **(11.27)%** | **13.78%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.08% | 1.11% | 1.06%<sup>3</sup> | 1.11% | 1.11% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 0.88% | 0.88% | 0.91%<sup>3</sup> | 0.91% | 0.91% |
| Net investment income (loss) | 6.29% | 6.30% | 6.01% | 5.06% | 5.21% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $162291 | $174429 | $184550 | $220172 | $272938 |
| Portfolio turnover | 62% | 44% | 33% | 51% | 75% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

------

PACE High Yield Investments

Financial highlights (continued)

**Class P2**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | |
| | **2025** | **2024** | **2023** | **Period ended**<br>**July 31, 2022<sup>5</sup>** |
| **Net asset value, beginning of period** | $**8.84** | $**8.45** | $**8.43** | $**10.06** |
| Net investment income (loss)<sup>1</sup> | 0.59 | 0.57 | 0.53 | 0.42 |
| Net realized and unrealized gains (losses) | 0.16 | 0.33 | (0.02) | (1.60) |
| Net increase (decrease) from operations | 0.75 | 0.90 | 0.51 | (1.18) |
| Dividends from net investment income | (0.53) | (0.45) | (0.34) | (0.45) |
| Return of capital |  | (0.06) | (0.15) |  |
| Total dividends and distributions | (0.53) | (0.51) | (0.49) | (0.45) |
| **Net asset value, end of period** | $**9.06** | $**8.84** | $**8.45** | $**8.43** |
| **Total investment return<sup>2</sup>** | **8.62%** | **11.05%** | **6.28%** | **(11.96)%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 0.95% | 0.96% | 0.89%<sup>3</sup> | 0.95%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements | 0.57% | 0.58% | 0.50%<sup>3</sup> | 0.44%<sup>4</sup> |
| Net investment income (loss) | 6.59% | 6.60% | 6.38% | 5.45%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $7662 | $9248 | $8788 | $20233 |
| Portfolio turnover | 62% | 44% | 33% | 51% |

---

<sup>4</sup> Annualized.

<sup>5</sup> For the period from September 16, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements

------

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**21.79** | $**20.04** | $**20.72** | $**25.34** | $**17.87** |
| Net investment income (loss)<sup>1</sup> | 0.26 | 0.30 | 0.27 | 0.24 | 0.21 |
| Net realized and unrealized gain (loss) | 2.15 | 2.44 | 2.08 | (0.57) | 7.51 |
| Net increase (decrease) from operations | 2.41 | 2.74 | 2.35 | (0.33) | 7.72 |
| Dividends from net investment income | (0.33) | (0.35) | (0.27) | (0.17) | (0.25) |
| Distributions from net realized gain | (1.65) | (0.64) | (2.76) | (4.12) |  |
| Total dividends and distributions | (1.98) | (0.99) | (3.03) | (4.29) | (0.25) |
| **Net asset value, end of year** | $**22.22** | $**21.79** | $**20.04** | $**20.72** | $**25.34** |
| **Total investment return<sup>2</sup>** | **11.66%** | **14.33%** | **13.25%** | **(1.88)%** | **43.50%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.13%<sup>3</sup> | 1.14%<sup>3</sup> | 1.13%<sup>3</sup> | 1.10%<sup>3</sup> | 1.32%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/ recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 1.13%<sup>3,4</sup> | 1.14%<sup>3</sup> | 1.13%<sup>3</sup> | 1.10%<sup>3,4</sup> | 1.32%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments, excluding <br>dividend expense, interest expense and other borrowing costs for investments sold short | 1.13% | 1.14% | 1.13% | 1.10%<sup>4</sup> | 1.12% |
| Net investment income (loss) | 1.22% | 1.51% | 1.38% | 1.03% | 0.95% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $87755 | $92833 | $91624 | $93283 | $103828 |
| Portfolio turnover | 55% | 43% | 42% | 42% | 117% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**21.68** | $**19.95** | $**20.64** | $**25.27** | $**17.81** |
| Net investment income (loss)<sup>1</sup> | 0.31 | 0.35 | 0.31 | 0.29 | 0.26 |
| Net realized and unrealized gains (losses) | 2.13 | 2.41 | 2.08 | (0.57) | 7.50 |
| Net increase (decrease) from operations | 2.44 | 2.76 | 2.39 | (0.28) | 7.76 |
| Dividends from net investment income | (0.38) | (0.39) | (0.32) | (0.23) | (0.30) |
| Distributions from net realized gains | (1.65) | (0.64) | (2.76) | (4.12) |  |
| Total dividends and distributions | (2.03) | (1.03) | (3.08) | (4.35) | (0.30) |
| **Net asset value, end of year** | $**22.09** | $**21.68** | $**19.95** | $**20.64** | $**25.27** |
| **Total investment return<sup>2</sup>** | **11.91%** | **14.57%** | **13.56%** | **(1.66)%** | **43.92%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 0.89%<sup>3</sup> | 0.90%<sup>3</sup> | 0.89%<sup>3</sup> | 0.86%<sup>3</sup> | 1.07%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/ recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 0.89%<sup>3</sup> | 0.89%<sup>3</sup> | 0.89%<sup>3</sup> | 0.87%<sup>3,4</sup> | 1.07%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments, excluding <br>dividend expense, interest expense and other borrowing costs for investments sold short | 0.89% | 0.89% | 0.89% | 0.87%<sup>4</sup> | 0.88% |
| Net investment income (loss) | 1.46% | 1.76% | 1.61% | 1.27% | 1.19% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $665781 | $687752 | $732118 | $850709 | $1018933 |
| Portfolio turnover | 55% | 43% | 42% | 42% | 117% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

<sup>4</sup> The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements

------

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**15.97** | $**13.24** | $**19.50** | $**28.94** | $**26.11** |
| Net investment income (loss)<sup>1</sup> | (0.04) | (0.07) | (0.02) | (0.08) | (0.19) |
| Net realized and unrealized gain (loss) | 2.52 | 3.13 | 0.89 | (3.35) | 7.99 |
| Net increase (decrease) from operations | 2.48 | 3.06 | 0.87 | (3.43) | 7.80 |
| Distributions from net realized gain | (2.16) | (0.33) | (7.13) | (6.01) | (4.97) |
| **Net asset value, end of year** | $**16.29** | $**15.97** | $**13.24** | $**19.50** | $**28.94** |
| **Total investment return<sup>2</sup>** | **15.74%** | **23.56%** | **14.26%** | **(15.45)%** | **32.62%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.14%<sup>3</sup> | 1.15%<sup>3</sup> | 1.15%<sup>3</sup> | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> |
| Net investment income (loss) | (0.23)% | (0.50)% | (0.18)% | (0.35)% | (0.69)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $45702 | $47595 | $43495 | $47702 | $63320 |
| Portfolio turnover | 69% | 48% | 67% | 78% | 39% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**18.43** | $**15.19** | $**21.21** | $**30.89** | $**27.52** |
| Net investment income (loss)<sup>1</sup> | 0.00<sup>4</sup> | (0.04) | 0.01 | (0.03) | (0.12) |
| Net realized and unrealized gains (losses) | 2.92 | 3.61 | 1.13 | (3.64) | 8.46 |
| Net increase (decrease) from operations | 2.92 | 3.57 | 1.14 | (3.67) | 8.34 |
| Dividends from net investment income |  |  | (0.03) |  |  |
| Distributions from net realized gains | (2.16) | (0.33) | (7.13) | (6.01) | (4.97) |
| Total dividends and distributions | (2.16) | (0.33) | (7.16) | (6.01) | (4.97) |
| **Net asset value, end of year** | $**19.19** | $**18.43** | $**15.19** | $**21.21** | $**30.89** |
| **Total investment return<sup>2</sup>** | **16.04%** | **23.90%** | **14.49%** | **(15.22)%** | **32.89%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 0.91%<sup>3</sup> | 0.91%<sup>3</sup> | 0.91%<sup>3</sup> | 0.89%<sup>3</sup> | 0.90%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 0.88%<sup>3</sup> | 0.88%<sup>3</sup> | 0.88%<sup>3</sup> | 0.88%<sup>3</sup> | 0.88%<sup>3</sup> |
| Net investment income (loss) | 0.02% | (0.25)% | 0.07% | (0.10)% | (0.43)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $723222 | $734608 | $746123 | $867605 | $1202262 |
| Portfolio turnover | 69% | 48% | 67% | 78% | 39% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

<sup>4</sup> Amount represents less than $0.005 per share.

See accompanying notes to financial statements

------

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**19.58** | $**17.59** | $**21.11** | $**26.33** | $**16.88** |
| Net investment income (loss)<sup>1</sup> | 0.14 | 0.09 | 0.08 | 0.06 | 0.02 |
| Net realized and unrealized gain (loss) | (0.66) | 1.99 | 0.20 | (1.41) | 9.53 |
| Net increase (decrease) from operations | (0.52) | 2.08 | 0.28 | (1.35) | 9.55 |
| Dividends from net investment income | (0.13) | (0.09) | (0.11) | (0.05) | (0.10) |
| Distributions from net realized gain | (2.99) | (0.00)<sup>2</sup> | (3.69) | (3.82) |  |
| Total dividends and distributions | (3.12) | (0.09) | (3.80) | (3.87) | (0.10) |
| **Net asset value, end of year** | $**15.94** | $**19.58** | $**17.59** | $**21.11** | $**26.33** |
| **Total investment return<sup>3</sup>** | **(3.71)%** | **11.89%** | **2.90%** | **(5.92)%** | **56.72%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.28%<sup>4</sup> | 1.29% | 1.25%<sup>4</sup> | 1.20%<sup>4</sup> | 1.20% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.28%<sup>4</sup> | 1.29% | 1.25%<sup>4</sup> | 1.20%<sup>4</sup> | 1.20% |
| Net investment income (loss) | 0.82% | 0.49% | 0.45% | 0.24% | 0.09% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $11011 | $14269 | $15198 | $17436 | $19885 |
| Portfolio turnover | 42% | 119% | 36% | 37% | 50% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**20.55** | $**18.45** | $**21.94** | $**27.22** | $**17.45** |
| Net investment income (loss)<sup>1</sup> | 0.19 | 0.14 | 0.12 | 0.10 | 0.06 |
| Net realized and unrealized gains (losses) | (0.69) | 2.09 | 0.22 | (1.47) | 9.85 |
| Net increase (decrease) from operations | (0.50) | 2.23 | 0.34 | (1.37) | 9.91 |
| Dividends from net investment income | (0.19) | (0.13) | (0.14) | (0.09) | (0.14) |
| Distributions from net realized gains | (2.99) | (0.00)<sup>2</sup> | (3.69) | (3.82) |  |
| Total dividends and distributions | (3.18) | (0.13) | (3.83) | (3.91) | (0.14) |
| **Net asset value, end of year** | $**16.87** | $**20.55** | $**18.45** | $**21.94** | $**27.22** |
| **Total investment return<sup>3</sup>** | **(3.49)%** | **12.16%** | **3.12%** | **(5.78)%** | **56.95%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.09%<sup>4</sup> | 1.11% | 1.07%<sup>4</sup> | 1.01%<sup>4</sup> | 1.02% |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.04%<sup>4</sup> | 1.04% | 1.04%<sup>4</sup> | 1.04%<sup>4,5</sup> | 1.02% |
| Net investment income (loss) | 1.06% | 0.75% | 0.66% | 0.41% | 0.28% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $240441 | $288762 | $304200 | $381341 | $478837 |
| Portfolio turnover | 42% | 119% | 36% | 37% | 50% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.005 per share.

<sup>3</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>4</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**12.42** | $**11.89** | $**10.77** | $**21.72** | $**15.82** |
| Net investment income (loss)<sup>1</sup> | (0.10) | (0.09) | (0.07) | (0.09) | (0.15) |
| Net realized and unrealized gain (loss) | 0.35 | 0.62 | 1.19 | (3.38) | 7.42 |
| Net increase (decrease) from operations | 0.25 | 0.53 | 1.12 | (3.47) | 7.27 |
| Distributions from net realized gain | (0.46) |  |  | (7.48) | (1.37) |
| **Net asset value, end of year** | $**12.21** | $**12.42** | $**11.89** | $**10.77** | $**21.72** |
| **Total investment return<sup>2</sup>** | **1.67%** | **4.46%** | **10.40%** | **(22.59)%** | **47.35%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.28% | 1.28%<sup>3</sup> | 1.26%<sup>3</sup> | 1.20%<sup>3</sup> | 1.19%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursement/recoupments | 1.28% | 1.28%<sup>3</sup> | 1.26%<sup>3</sup> | 1.20%<sup>3</sup> | 1.19%<sup>3</sup> |
| Net investment income (loss) | (0.80)% | (0.82)% | (0.65)% | (0.60)% | (0.77)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $14421 | $17003 | $19984 | $21148 | $31412 |
| Portfolio turnover | 76% | 87% | 94% | 78% | 98% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**14.60** | $**13.95** | $**12.61** | $**24.07** | $**17.39** |
| Net investment income (loss)<sup>1</sup> | (0.09) | (0.08) | (0.06) | (0.08) | (0.13) |
| Net realized and unrealized gains (losses) | 0.41 | 0.73 | 1.40 | (3.90) | 8.18 |
| Net increase (decrease) from operations | 0.32 | 0.65 | 1.34 | (3.98) | 8.05 |
| Distributions from net realized gains | (0.46) |  |  | (7.48) | (1.37) |
| **Net asset value, end of year** | $**14.46** | $**14.60** | $**13.95** | $**12.61** | $**24.07** |
| **Total investment return<sup>2</sup>** | **1.90%** | **4.66%** | **10.63%** | **(22.47)%** | **47.57%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments | 1.11% | 1.13%<sup>3</sup> | 1.13%<sup>3</sup> | 1.04%<sup>3</sup> | 1.03%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements/recoupments | 1.08% | 1.08%<sup>3</sup> | 1.08%<sup>3</sup> | 1.04%<sup>3</sup> | 1.03%<sup>3</sup> |
| Net investment income (loss) | (0.61)% | (0.63)% | (0.47)% | (0.45)% | (0.60)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $228961 | $253428 | $275171 | $315222 | $475618 |
| Portfolio turnover | 76% | 87% | 94% | 78% | 98% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**18.86** | $**17.41** | $**15.50** | $**19.03** | $**14.64** |
| Net investment income (loss)<sup>1</sup> | 0.35 | 0.29 | 0.28 | 0.32 | 0.24 |
| Net realized and unrealized gain (loss) | 2.26 | 1.83 | 2.07 | (2.46) | 4.34 |
| Net increase (decrease) from operations | 2.61 | 2.12 | 2.35 | (2.14) | 4.58 |
| Dividends from net investment income | (0.33) | (0.59) | (0.13) | (0.37) | (0.19) |
| Distributions from net realized gain | (1.79) | (0.08) | (0.31) | (1.02) |  |
| Total dividends and distributions | (2.12) | (0.67) | (0.44) | (1.39) | (0.19) |
| **Net asset value, end of year** | $**19.35** | $**18.86** | $**17.41** | $**15.50** | $**19.03** |
| **Total investment return<sup>2</sup>** | **15.71%** | **12.67%** | **15.68%** | **(12.06)%** | **31.41%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, <br>interest expense and other borrowing costs for investments sold short | 2.01% | 1.82% | 1.87% | 1.77% | 1.64% |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, <br>interest expense and other borrowing costs for investments sold short | 1.91% | 1.70% | 1.75% | 1.69% | 1.58% |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, <br>interest expense and other borrowing costs for investments sold short | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Net investment income (loss) | 1.89% | 1.67% | 1.78% | 1.80% | 1.40% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $24405 | $23282 | $22999 | $22049 | $28773 |
| Portfolio turnover | 44% | 37% | 40% | 36% | 48% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**18.69** | $**17.26** | $**15.38** | $**18.90** | $**14.54** |
| Net investment income (loss)<sup>1</sup> | 0.39 | 0.33 | 0.31 | 0.36 | 0.28 |
| Net realized and unrealized gains (losses) | 2.24 | 1.82 | 2.05 | (2.44) | 4.31 |
| Net increase (decrease) from operations | 2.63 | 2.15 | 2.36 | (2.08) | 4.59 |
| Dividends from net investment income | (0.38) | (0.64) | (0.17) | (0.42) | (0.23) |
| Distributions from net realized gains | (1.79) | (0.08) | (0.31) | (1.02) |  |
| Total dividends and distributions | (2.17) | (0.72) | (0.48) | (1.44) | (0.23) |
| **Net asset value, end of year** | $**19.15** | $**18.69** | $**17.26** | $**15.38** | $**18.90** |
| **Total investment return<sup>2</sup>** | **16.02%** | **12.95%** | **15.93%** | **(11.84)%** | **31.74%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, <br>interest expense and other borrowing costs for investments sold short | 1.73% | 1.53% | 1.59% | 1.49% | 1.36% |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, <br>interest expense and other borrowing costs for investments sold short | 1.66% | 1.45% | 1.50% | 1.44% | 1.33% |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, <br>interest expense and other borrowing costs for investments sold short | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Net investment income (loss) | 2.13% | 1.92% | 2.02% | 2.07% | 1.65% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $674924 | $680809 | $719730 | $781868 | $995293 |
| Portfolio turnover | 44% | 37% | 40% | 36% | 48% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

------

PACE International Equity Investments

Financial highlights (continued)

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | |
| | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>3</sup>** |
| **Net asset value, beginning of period** | $**18.85** | $**17.27** | $**15.67** |
| Net investment income (loss)<sup>1</sup> | 0.51 | 0.42 | 0.12 |
| Net realized and unrealized gains (losses) | 2.28 | 1.84 | 1.48 |
| Net increase (decrease) from operations | 2.79 | 2.26 | 1.60 |
| Dividends from net investment income | (0.33) | (0.60) |  |
| Distributions from net realized gains | (1.79) | (0.08) |  |
| Total dividends and distributions | (2.12) | (0.68) |  |
| **Net asset value, end of period** | $**19.52** | $**18.85** | $**17.27** |
| **Total investment return<sup>2</sup>** | **16.69%** | **13.58%** | **10.21%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.68% | 1.47% | 1.46%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.07% | 0.85% | 0.85%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and <br>other borrowing costs for investments sold short | 0.42% | 0.41% | 0.43%<sup>4</sup> |
| Net investment income (loss) | 2.79% | 2.45% | 2.12%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $17194 | $14903 | $19398 |
| Portfolio turnover | 44% | 37% | 40% |

---

<sup>3</sup> For the period from March 28, 2023 (commencement of operations) through July 31, 2023.

<sup>4</sup> Annualized.

See accompanying notes to financial statements

------

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**12.95** | $**13.06** | $**12.01** | $**16.87** | $**13.79** |
| Net investment income (loss)<sup>1</sup> | 0.16 | 0.14 | 0.18 | 0.22 | 0.05 |
| Net realized and unrealized gain (loss) | 2.17 | (0.10) | 1.13 | (3.42) | 3.18 |
| Net increase (decrease) from operations | 2.33 | 0.04 | 1.31 | (3.20) | 3.23 |
| Dividends from net investment income | (0.12) | (0.15) | (0.26) | (0.23) | (0.15) |
| Distributions from net realized gain |  |  |  | (1.43) |  |
| Total dividends and distributions | (0.12) | (0.15) | (0.26) | (1.66) | (0.15) |
| **Net asset value, end of year** | $**15.16** | $**12.95** | $**13.06** | $**12.01** | $**16.87** |
| **Total investment return<sup>2</sup>** | **18.15%** | **0.35%** | **11.14%** | **(20.49)%** | **23.45%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 1.61%<sup>3</sup> | 1.68%<sup>3</sup> | 1.68% | 1.75%<sup>3</sup> | 1.66%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 1.45%<sup>3</sup> | 1.45%<sup>3</sup> | 1.46% | 1.45%<sup>3</sup> | 1.55%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 1.45% | 1.45% | 1.45% | 1.45% | 1.55% |
| Net investment income (loss) | 1.16% | 1.10% | 1.54% | 1.53% | 0.33% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $2886 | $2984 | $3462 | $3456 | $5033 |
| Portfolio turnover | 70% | 66% | 81% | 57% | 82% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**13.00** | $**13.12** | $**12.07** | $**16.95** | $**13.85** |
| Net investment income (loss)<sup>1</sup> | 0.20 | 0.17 | 0.21 | 0.26 | 0.10 |
| Net realized and unrealized gains (losses) | 2.19 | (0.11) | 1.13 | (3.43) | 3.18 |
| Net increase (decrease) from operations | 2.39 | 0.06 | 1.34 | (3.17) | 3.28 |
| Dividends from net investment income | (0.16) | (0.18) | (0.29) | (0.28) | (0.18) |
| Distributions from net realized gains |  |  |  | (1.43) |  |
| Total dividends and distributions | (0.16) | (0.18) | (0.29) | (1.71) | (0.18) |
| **Net asset value, end of year** | $**15.23** | $**13.00** | $**13.12** | $**12.07** | $**16.95** |
| **Total investment return<sup>2</sup>** | **18.55%** | **0.54%** | **11.43%** | **(20.28)%** | **23.75%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 1.39%<sup>3</sup> | 1.46%<sup>3</sup> | 1.46% | 1.54%<sup>3</sup> | 1.44%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 1.20%<sup>3</sup> | 1.20%<sup>3</sup> | 1.21% | 1.20%<sup>3</sup> | 1.30%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 1.20% | 1.20% | 1.20% | 1.20% | 1.30% |
| Net investment income (loss) | 1.44% | 1.36% | 1.77% | 1.81% | 0.59% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $240244 | $230611 | $262098 | $288057 | $386507 |
| Portfolio turnover | 70% | 66% | 81% | 57% | 82% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

<sup>4</sup> For the period from March 17, 2023 (commencement of operations) through July 31, 2023.

<sup>5</sup> Annualized.

------

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | |
| | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>4</sup>** |
| **Net asset value, beginning of period** | $**13.08** | $**13.14** | $**11.61** |
| Net investment income (loss)<sup>1</sup> | 0.25 | 0.22 | 0.15 |
| Net realized and unrealized gains (losses) | 2.21 | (0.12) | 1.38 |
| Net increase (decrease) from operations | 2.46 | 0.10 | 1.53 |
| Dividends from net investment income | (0.08) | (0.16) |  |
| Total dividends and distributions | (0.08) | (0.16) | 0.00 |
| **Net asset value, end of period** | $**15.46** | $**13.08** | $**13.14** |
| **Total investment return<sup>2</sup>** | **18.83%** | **0.89%** | **13.18%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including interest expense | 1.29%<sup>3</sup> | 1.34%<sup>3</sup> | 1.31%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements, including interest expense | 0.89%<sup>3</sup> | 0.93%<sup>3</sup> | 0.92%<sup>5</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding interest expense | 0.89% | 0.93% | 0.91%<sup>5</sup> |
| Net investment income (loss) | 1.83% | 1.72% | 3.14%<sup>5</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $217041 | $147133 | $111478 |
| Portfolio turnover | 70% | 66% | 81% |

---

See accompanying notes to financial statements

------

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each year is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**6.90** | $**6.59** | $**7.26** | $**8.42** | $**6.13** |
| Net investment income (loss)<sup>1</sup> | 0.12 | 0.09 | 0.08 | 0.06 | 0.08 |
| Net realized and unrealized gain (loss) | (0.38) | 0.30 | (0.71) | (0.98) | 2.38 |
| Net increase (decrease) from operations | (0.26) | 0.39 | (0.63) | (0.92) | 2.46 |
| Dividends from net investment income | (0.11) | (0.08) | (0.04) | (0.22) | (0.17) |
| Return of capital |  |  |  | (0.02) |  |
| Total dividends, distributions and return of capital | (0.11) | (0.08) | (0.04) | (0.24) | (0.17) |
| **Net asset value, end of year** | $**6.53** | $**6.90** | $**6.59** | $**7.26** | $**8.42** |
| **Total investment return<sup>2</sup>** | **(3.84)%** | **5.96%** | **(8.63)%** | **(11.29)%** | **40.73%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.89% | 1.97%<sup>3</sup> | 1.71%<sup>3</sup> | 1.58%<sup>3</sup> | 1.62%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.45% | 1.45%<sup>3</sup> | 1.45%<sup>3</sup> | 1.45%<sup>3</sup> | 1.45%<sup>3</sup> |
| Net investment income (loss) | 1.72% | 1.39% | 1.29% | 0.72% | 1.06% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $120 | $151 | $208 | $321 | $409 |
| Portfolio turnover | 29% | 46% | 18% | 76% | 117% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**6.59** | $**6.30** | $**6.96** | $**8.08** | $**5.89** |
| Net investment income (loss)<sup>1</sup> | 0.13 | 0.10 | 0.10 | 0.07 | 0.09 |
| Net realized and unrealized gains (losses) | (0.37) | 0.29 | (0.69) | (0.93) | 2.28 |
| Net increase (decrease) from operations | (0.24) | 0.39 | (0.59) | (0.86) | 2.37 |
| Dividends from net investment income | (0.12) | (0.10) | (0.07) | (0.24) | (0.18) |
| Return of capital |  |  |  | (0.02) |  |
| Total dividends, distributions and return of capital | (0.12) | (0.10) | (0.07) | (0.26) | (0.18) |
| **Net asset value, end of year** | $**6.23** | $**6.59** | $**6.30** | $**6.96** | $**8.08** |
| **Total investment return<sup>2</sup>** | **(3.61)%** | **6.24%** | **(8.44)%** | **(11.04)%** | **41.05%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements | 1.85% | 1.92%<sup>3</sup> | 1.74%<sup>3</sup> | 1.56%<sup>3</sup> | 1.65%<sup>3</sup> |
| Expenses after fee waivers and/or expense reimbursements | 1.20% | 1.20%<sup>3</sup> | 1.20%<sup>3</sup> | 1.20%<sup>3</sup> | 1.20%<sup>3</sup> |
| Net investment income (loss) | 2.00% | 1.68% | 1.68% | 0.97% | 1.32% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $52884 | $62060 | $67451 | $90302 | $114494 |
| Portfolio turnover | 29% | 46% | 18% | 76% | 117% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

<sup>3</sup> Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements

------

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------

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

**Class A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**11.09** | $**10.54** | $**10.48** | $**11.30** | $**11.05** |
| Net investment income (loss)<sup>1</sup> | 0.16 | 0.21 | 0.18 | (0.14) | (0.17) |
| Net realized and unrealized gain (loss) | 0.50 | 0.72 | 0.13 | 0.01 | 0.96 |
| Net increase (decrease) from operations | 0.66 | 0.93 | 0.31 | (0.13) | 0.79 |
| Dividends from net investment income | (0.48) | (0.38) |  |  | (0.14) |
| Distributions from net realized gain | (0.35) |  | (0.25) | (0.69) | (0.40) |
| Total dividends and distributions | (0.83) | (0.38) | (0.25) | (0.69) | (0.54) |
| **Net asset value, end of year** | $**10.92** | $**11.09** | $**10.54** | $**10.48** | $**11.30** |
| **Total investment return<sup>2</sup>** | **6.05%** | **9.19%** | **3.01%** | **(1.17)%** | **7.21%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 3.29% | 2.75% | 2.95% | 2.92% | 2.93% |
| Expenses after fee waivers and/or expense reimbursements/ recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 2.55% | 2.44% | 2.62% | 2.65% | 2.81% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, excluding <br>dividend expense, interest expense and other borrowing costs for investments sold short | 1.83% | 1.83% | 1.83% | 1.88% | 1.88% |
| Net investment income (loss) | 1.45% | 1.95% | 1.69% | (1.27)% | (1.47)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $3357 | $3379 | $3798 | $4727 | $5995 |
| Portfolio turnover | 497% | 368% | 423% | 406% | 418% |

---

**Class P**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** | **Years ended July 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**11.10** | $**10.55** | $**10.47** | $**11.26** | $**11.01** |
| Net investment income (loss)<sup>1</sup> | 0.19 | 0.24 | 0.21 | (0.11) | (0.14) |
| Net realized and unrealized gains (losses) | 0.49 | 0.72 | 0.12 | 0.01 | 0.96 |
| Net increase (decrease) from operations | 0.68 | 0.96 | 0.33 | (0.10) | 0.82 |
| Dividends from net investment income | (0.51) | (0.41) |  |  | (0.17) |
| Distributions from net realized gains | (0.35) |  | (0.25) | (0.69) | (0.40) |
| Total dividends and distributions | (0.86) | (0.41) | (0.25) | (0.69) | (0.57) |
| **Net asset value, end of year** | $**10.92** | $**11.10** | $**10.55** | $**10.47** | $**11.26** |
| **Total investment return<sup>2</sup>** | **6.42%** | **9.37%** | **3.21%** | **(0.90)%** | **7.53%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements/recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 3.02% | 2.48% | 2.69% | 2.67% | 2.68% |
| Expenses after fee waivers and/or expense reimbursements/ recoupments, including <br>dividend expense, interest expense and other borrowing costs for investments sold short | 2.30% | 2.19% | 2.37% | 2.40% | 2.57% |
| Expenses after fee waivers and/or expense reimbursements/recoupments, excluding <br>dividend expense, interest expense and other borrowing costs for investments sold short | 1.58% | 1.58% | 1.58% | 1.63% | 1.63% |
| Net investment income (loss) | 1.70% | 2.19% | 1.96% | (1.01)% | (1.22)% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $257350 | $281029 | $314136 | $391351 | $447508 |
| Portfolio turnover | 497% | 368% | 423% | 406% | 418% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

------

PACE Alternative Strategies Investments

Financial highlights (concluded)

**Class P2**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended July 31,** | **Years ended July 31,** | |
| | **2025** | **2024** | **Period ended**<br>**July 31, 2023<sup>3</sup>** |
| **Net asset value, beginning of period** | $**11.12** | $**10.48** | $**10.56** |
| Net investment income (loss)<sup>1</sup> | 0.22 | 0.28 | 0.18 |
| Net realized and unrealized gains (losses) | 0.47 | 0.72 | (0.01) |
| Net increase (decrease) from operations | 0.69 | 1.00 | 0.17 |
| Dividends from net investment income | (0.42) | (0.36) |  |
| Distributions from net realized gains | (0.35) |  | (0.25) |
| Total dividends and distributions | (0.77) | (0.36) | (0.25) |
| **Net asset value, end of period** | $**11.04** | $**11.12** | $**10.48** |
| **Total investment return<sup>2</sup>** | **6.34%** | **9.85%** | **1.65%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Expenses before fee waivers and/or expense reimbursements, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 2.85% | 2.53% | 1.96%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, including dividend expense, interest expense and <br>other borrowing costs for investments sold short | 2.14% | 1.73% | 1.27%<sup>4</sup> |
| Expenses after fee waivers and/or expense reimbursements, excluding dividend expense, interest expense and <br>other borrowing costs for investments sold short | 1.41% | 1.12% | 0.86%<sup>4</sup> |
| Net investment income (loss) | 1.98% | 2.62% | 2.26%<sup>4</sup> |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of period (000's) | $17136 | $57846 | $53575 |
| Portfolio turnover | 497% | 368% | 423% |

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<sup>3</sup> For the period from November 14, 2022 (commencement of operations) through July 31, 2023

<sup>4</sup> Annualized.

See accompanying notes to financial statements

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PACE Select Advisors Trust

Notes to financial statements

**Organization and significant accounting policies**

PACE Select Advisors Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies: UBS Government Money Market Investments Fund, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (each a "Portfolio" and collectively, the "Portfolios"). Each of the Portfolios is classified as a diversified investment company for purposes of the 1940 Act.

UBS Asset Management (Americas) LLC ("UBS AM"), serves as the investment manager and administrator for the Portfolios and also as the investment advisor for UBS Government Money Market Investments Fund and a portion of PACE Alternative Strategies Investments' assets. Subject to the approval and oversight of the Portfolios' Board of Trustees (the "Board"), UBS AM selects and oversees other investment subadvisors, who provide advisory services for the Portfolios. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Portfolios. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Each Portfolio currently offers Class A, Class P, and Class P2 shares, with the exception of UBS Government Money Market Investments Fund, which currently offers Class P shares only. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges, certain transfer agency and related services expenses and class specific fee/expense waiver arrangements. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class P and Class P2 shares have no service or distribution plan. The Portfolios' Class P shares currently are available for purchase only to participants in the PACE<sup>SM</sup> Select Advisors Program and certain other advisory programs offered through select sponsors, except that UBS Government Money Market Investments Fund shares are also available to participants in the PACE<sup>SM</sup> Multi Advisor Program. Class P2 shares are only available for purchase by a limited group of investors, including on behalf of certain investors of a fee-based program or other advisory programs in which UBS AM exercises investment discretion and for which such investors pay UBS AM a fee, or pay an affiliate of UBS AM a fee, and UBS AM receives compensation, to participate in such programs; on behalf of institutional clients with which UBS AM or its affiliates has signed a separate investment management agreement, pursuant to which such investors pay an advisory fee; and by other registered investment companies managed by UBS AM that pay a management fee at the investing/acquiring fund level.

Prior to August 30, 2024, the Portfolios offered Class Y shares. At the recommendation of UBS AM, the Board of Trustees of the Trust approved the closure of Class Y of each Portfolio and the automatic conversion of Class Y shares of each Portfolio into Class P shares of the same Portfolio (the "Conversion").

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PACE Select Advisors Trust

Notes to financial statements

Effective on August 30, 2024 (the "Closure Date"), the Portfolios ceased offering Class Y shares. New or additional investments into Class Y shares, including investments through an automatic investment plan, were not permitted after the Closure Date.

On November 15, 2024 (the "Conversion Date"), all outstanding Class Y shares of each Portfolio were automatically converted into Class P shares of the same Portfolio.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

UBS Government Money Market Investments Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share. In addition, by operating as a "government money market fund", the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Portfolio's Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' portfolio management teams act as the Funds' CODM. Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each of the Funds as a whole, and the Funds' long-term strategic asset allocation is pre-determined in accordance with the Funds' single investment objective which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of operations.

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PACE Select Advisors Trust

Notes to financial statements

The following is a summary of significant accounting policies:

**Investment transactions, investment income and expenses—**Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio, using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

**Dividends and distributions—**Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Foreign currency translation—**The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

**Concentration of risk—**Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Portfolios in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

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PACE Select Advisors Trust

Notes to financial statements

The ability of the issuers of debt securities held by the Portfolios' to meet their obligations may be affected by economic, political and other developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

At July 31, 2025, PACE International Emerging Markets Equity Investments had exposure to Russian or Ukrainian securities. Such exposure was limited to less than 1% of each such Portfolio's assets as of such date. PACE International Emerging Markets Equity Investments had 3.8% of its assets in such securities as of January 31, 2022, which holdings were subsequently sold or declined in value to represent under 1% of that Portfolio's assets. The escalating conflict between Ukraine and the Russian Federation, especially after Russia invaded Ukraine in March 2022, has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

**Valuation of investments**

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern Time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), UBS Government Money Market Investments Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", UBS Government Money Market Investments Fund values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than UBS Government Money Market Investments Fund) calculates its net asset value based on the current market value, where available, for its Portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

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PACE Select Advisors Trust

Notes to financial statements

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, *Fair Value Measurement*, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness

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PACE Select Advisors Trust

Notes to financial statements

of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's portfolio of investments.

**Investments**

**Asset-backed securities—**Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

**Loan assignments and participations—**Certain Portfolio's may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations")

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PACE Select Advisors Trust

Notes to financial statements

in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

**Mortgage-backed securities—**Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the

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PACE Select Advisors Trust

Notes to financial statements

principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

**Real estate investment trusts—**Certain Portfolios may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Portfolio estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

**Repurchase agreements—**The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. Certain Portfolios obtain securities on terms that allow it to resell or repledge the securities to others.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolios upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolios to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or sub-advised by UBS AM. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its Portfolios at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

**Restricted securities—**The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

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PACE Select Advisors Trust

Notes to financial statements

**Reverse repurchase agreements—**Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's custodian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

During the period ended July 31, 2025, only PACE Mortgage-Backed Securities Fixed Income Investments utilized reverse repurchase agreement transactions.

The table below represents the remaining contractual maturity as of July 31, 2025, of the reverse repurchase agreement transactions accounted for as secured borrowings.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of securities being bought back** | **Overnight and<br>continuous** | **Up to 30 days** | **31-90 days** | **Greater than<br>90 days** | **Total** |
| Reverse repurchase agreements | $— | $36508560 | $— | $— | $36508560 |

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**Securities traded on to-be-announced basis—**Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio, normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**Short sales "against the box"—**Each Portfolio (other than UBS Government Money Market Investments Fund and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio.

**Treasury Inflation Protected Securities—**The Portfolios may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied

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Notes to financial statements

decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

**Treasury roll transactions—**Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of the borrowing. The Portfolio will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Portfolio. If the interest expense exceeds the income earned, the Portfolio's net investment income and dividends to shareholders may be adversely impacted.

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase may decline below the agreed upon repurchase price of those securities. During the period ended July 31, 2025, PACE Strategic Fixed Income Investments utilized treasury roll transactions.

**PACE Strategic Fixed Income Investments**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of securities being bought back** | **Overnight and<br>continuous** | **Up to 30 days** | **31-90 days** | **Greater than<br>90 days** | **Total** |
| US government obligations | $— | $9812545 | $— | $— | $9812545 |

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**Uncovered short sales—**PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and

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PACE Select Advisors Trust

Notes to financial statements

PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the period ended July 31, 2025, PACE Large Co Value Equity Investments and PACE Global Real Estate Securities Investments did not engage in any short sale transactions.

**Unfunded loan commitments—**A Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statement of assets and liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Portfolio's NAV as if the Portfolio had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments.

Under the terms of the contract, the Portfolio has the option to assign (sell) all or portion of the unfunded loan commitment. Upon the completion of such assignment, the Portfolio is released from its rights and obligations pertaining to the portion of the unfunded loan commitment assigned. When the Portfolio sells a portion of an unfunded loan commitment, the portion sold is removed from the Portfolio of investments and the unsettled amount is reflected as unfunded loan commitments sold on the Statement of assets and liabilities until settlement date. Once settled, the portion of the unfunded loan commitment assigned is relieved from the Portfolio's unfunded loan commitments liability.

Unfunded loan commitments, if any, are disclosed within the Portfolio of investments and Statement of assets and liabilities.

**Derivative instruments**

**Purchased options—**Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolios pay a premium which is included in the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

**Option writing—**Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

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PACE Select Advisors Trust

Notes to financial statements

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Portfolio has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

In the normal course of trading activities, the Portfolio trades and holds certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Portfolio will be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Portfolio will be obligated to enter into a swap agreement.

The maximum payout for written put options is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. At July 31, 2025, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Strategic Fixed Income Investment and PACE Alternative Strategies Investments had maximum payout amounts of approximately $549,055,000, and $547,500 and $27,303,511 respectively, relating to written put option contracts.

**Futures contracts—**Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Portfolio will not achieve the anticipated benefits of the futures contractor may realize a loss.

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PACE Select Advisors Trust

Notes to financial statements

Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in receivable or payable for variation margin on futures contracts within the Statement of assets and liabilities.

**Swap agreements—**Certain Portfolios may engage in swap agreements, including, but not limited to, interest rate, credit default, total return. A Portfolio expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the Portfolio's duration, to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Portfolios accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap agreements, in addition to realized gain/loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as change in unrealized appreciation or depreciation on swap agreements.

Certain Portfolios may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Portfolios typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolios would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolios will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Portfolio typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Portfolios had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit

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PACE Select Advisors Trust

Notes to financial statements

default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Portfolio is the seller of protection are disclosed under the section "Credit default swap agreements on corporate issues and credit indices—sell protection" in the Portfolio of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on notional amounts. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the realized price variance of the underlying asset is less than the strike price. As a payer of the realized price variance the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Portfolio will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually

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PACE Select Advisors Trust

Notes to financial statements

entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Portfolio's exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

**Forward foreign currency contracts—**Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar.

**Derivatives by underlying risk—**Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though a Portfolio's investments in derivatives may represent economic hedges, they are considered to be "non-hedge transactions" for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Portfolio's portfolio of investments is representative of the volume of derivatives outstanding during the period ended July 31, 2025.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Portfolios may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts that are in a net liability position that contain these triggers can be found in the Portfolio's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of July 31, 2025 is reflected in the Statement of assets and liabilities.

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PACE Select Advisors Trust

Notes to financial statements

At July 31, 2025, the Portfolios had the following derivatives categorized by underlying risk:

**Asset derivatives<sup>1</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $724627 | $— | $— | $— | $724627 |
| Futures contracts | 201522 |  |  |  | 201522 |
| Swap contracts | 4261549 |  |  |  | 4261549 |
| Total value | $5187698 | $— | $— | $— | $5187698 |
| **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** |
| Futures contracts | $1522761 | $— | $— | $— | $1522761 |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $165 | $— | $— | $— | $165 |
| Futures contracts | 1848585 |  |  |  | 1848585 |
| Swap contracts | 499376 |  | 299337 |  | 798713 |
| Forward foreign currency contracts |  | 319979 |  |  | 319979 |
| Total value | $2348126 | $319979 | $299337 | $— | $2967442 |
| **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** |
| Futures contracts | $238934 | $— | $— | $— | $238934 |
| Forward foreign currency contracts |  | 470804 |  |  | 470804 |
| Total value | $238934 | $470804 | $— | $— | $709738 |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $1224075 | $— | $— | $1224075 |
| **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** |
| Forward foreign currency contracts | $— | $50798 | $— | $— | $50798 |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $386928 | $662585 | $— | $328040 | $1377553 |
| Futures contracts | 140097 |  |  | 51482 | 191579 |
| Swap contracts | 121877 |  | 24668 | 817454 | 963999 |
| Forward foreign currency contracts |  | 451444 |  |  | 451444 |
| Total value | $648902 | $1114029 | $24668 | $1196976 | $2984575 |

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<sup>1</sup> In the Statement of assets and liabilities, options and swaptions purchased, if any, are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown using unrealized appreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

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PACE Select Advisors Trust

Notes to financial statements

**Liability derivatives<sup>1</sup>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions written | $(43821) | $— | $— | $— | $(43821) |
| Swap Contracts | (1761714) |  |  |  | (1761714) |
| Total | $(1805535) | $— | $— | $— | $(1805535) |
| **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** |
| Futures Contracts | $(41898) | $— | $— | $— | $(41898) |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions written | $(5594) | $— | $— | $— | $(5594) |
| Futures Contracts | (218959) |  |  |  | (218959) |
| Swap Contracts | (210715) |  |  |  | (210715) |
| Forward foreign currency contracts |  | (247111) |  |  | (247111) |
| Total | $(435268) | $(247111) | $— | $— | $(682379) |
| **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** |
| Futures Contracts | $(296987) | $— | $— | $— | $(296987) |
| Forward foreign currency contracts |  | (740632) |  |  | (740632) |
| Total | $(296987) | $(740632) | $— | $— | $(1037619) |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $(34683) | $— | $— | $(34683) |
| **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** |
| Forward foreign currency contracts | $— | $(111771) | $— | $— | $(111771) |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions written | $(566919) | $(25234) | $— | $(7031) | $(599184) |
| Futures Contracts | (103807) |  |  | (178972) | (282779) |
| Swap Contracts | (169455) |  | (105212) | (196196) | (470863) |
| Forward foreign currency contracts |  | (558922) |  |  | (558922) |
| Total | $(840181) | $(584156) | $(105212) | $(382199) | $(1911748) |

---

<sup>1</sup> In the Statement of assets and liabilities, options and swaptions written, if any, are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

------

PACE Select Advisors Trust

Notes to financial statements

During the period ended July 31, 2025, net realized gain (loss) from derivatives were as follows:

**Realized gain (loss)<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $(925345) | $— | $— | $— | $(925345) |
| Options and swaptions written | 594102 |  |  |  | 594102 |
| Futures contracts | (126754) |  |  |  | (126754) |
| Swap contracts | 2020876 |  |  |  | 2020876 |
| Total net realized gains (loss) | $1562879 | $— | $— | $— | $1562879 |
| **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** |
| Futures contracts | $(3070785) | $— | $— | $— | $(3070785) |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $(7218) | $14953 | $— | $— | $7735 |
| Options and swaptions written | 152214 |  |  |  | 152214 |
| Futures contracts | (2339956) |  |  |  | (2339956) |
| Swap contracts | 439350 |  | (21622) |  | 417728 |
| Forward foreign currency contracts |  | (316744) |  |  | (316744) |
| Total net realized gains (loss) | $(1755610) | $(301791) | $(21622) | $— | $(2079023) |
| **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** |
| Futures contracts | $(1054299) | $— | $— | $— | $(1054299) |
| Forward foreign currency contracts |  | 1643497 |  |  | 1643497 |
| Total net realized gains (loss) | $(1054299) | $1643497 | $— | $— | $589198 |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $(4191805) | $— | $— | $(4191805) |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $705170 | $(431565) | $— | $2221483 | $2495088 |
| Options and swaptions written | 419685 | 265494 |  | (420935) | 264244 |
| Futures contracts | 301476 | (352610) |  | 780963 | 729829 |
| Swap contracts | 2624576 |  | (101283) | (683178) | 1840115 |
| Forward foreign currency contracts |  | (442416) |  |  | (442416) |
| Total net realized gains (loss) | $4050907 | $(961097) | $(101283) | $1898333 | $4886860 |

---

<sup>1</sup> The net realized gain (loss) is shown in the Statement of operations in net realized gain (loss) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gain (loss) on investments.

------

PACE Select Advisors Trust

Notes to financial statements

During the period ended July 31, 2025, net unrealized appreciation (depreciation) from derivatives were as follows:

**Net change in unrealized appreciation (depreciation)<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Interest<br>rate risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total value** |
| **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** | **PACE Mortgage-Backed Securities Fixed Income Investments** |
| Options and swaptions purchased | $(207249) | $— | $— | $— | $(207249) |
| Options and swaptions written | 137441 |  |  |  | 137441 |
| Futures contracts | (70143) |  |  |  | (70143) |
| Swap contracts | (973164) |  |  |  | (973164) |
| Net change in appreciation (depreciation) | $(1113115) | $— | $— | $— | $(1113115) |
| **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** | **PACE Intermediate Fixed Income Investments** |
| Futures contracts | $59642 | $— | $— | $— | $59642 |
| **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** | **PACE Strategic Fixed Income Investments** |
| Options and swaptions purchased | $(37555) | $36632 | $— | $— | $(923) |
| Options and swaptions written | 31770 | (4099) |  |  | 27671 |
| Futures contracts | (670551) |  |  | (28734) | (699285) |
| Swap contracts | 179996 |  | 22963 |  | 202959 |
| Forward foreign currency contracts |  | 69382 |  |  | 69382 |
| Net change in appreciation (depreciation) | $(496340) | $101915 | $22963 | $(28734) | $(400196) |
| **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** | **PACE Global Fixed Income Investments** |
| Futures contracts | $(162077) | $— | $— | $— | $(162077) |
| Forward foreign currency contracts |  | (1053673) |  |  | (1053673) |
| Net change in appreciation (depreciation) | $(162077) | $(1053673) | $— | $— | $(1215750) |
| **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** | **PACE High Yield Investments** |
| Forward foreign currency contracts | $— | $1508483 | $— | $— | $1508483 |
| **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** | **PACE Large Co Value Equity Investments** |
| Forward foreign currency contracts | $— | $(60973) | $— | $— | $(60973) |
| **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** | **PACE Alternative Strategies Investments** |
| Options and swaptions purchased | $379106 | $(1009074) | $— | $(808753) | $(1438721) |
| Options and swaptions written | (404964) | 94253 |  | 289380 | (21331) |
| Futures contracts | 40491 |  |  | 343293 | 383784 |
| Swap contracts | 239060 |  | 3133 | 565 | 242758 |
| Forward foreign currency contracts |  | 3672 |  |  | 3672 |
| Net change in appreciation (depreciation) | $253693 | $(911149) | $3133 | $(175515) | $(829838) |

---

<sup>1</sup> The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

------

PACE Select Advisors Trust

Notes to financial statements

**Offsetting of certain derivatives—**The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counter parties in order to, among other things, reduce their credit risk to counter parties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

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

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $5187698 | $(1805535) |
| Derivatives not subject to a MNA or similar agreements | (4463071) | 1761714 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $724627 | $(43821) |

---

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $14 | $— | $— | $14 |
| BOA | 472930 | (5906) |  | 467024 |
| CITI | 350 | (350) |  |  |
| DB | 190097 | (5471) |  | 184626 |
| GS | 13899 | (4909) |  | 8990 |
| JPMCB | 4967 | (4967) |  |  |
| MSCI | 42370 | (9941) |  | 32429 |
| Total | $724627 | $(31544) | $— | $693083 |
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BNP | $(1973) | $— | $— | $(1973) |
| BOA | (5906) | 5906 |  |  |
| CITI | (5799) | 350 |  | (5449) |
| DB | (5471) | 5471 |  |  |
| GS | (4909) | 4909 |  |  |
| JPMCB | (9822) | 4967 |  | (4855) |
| MSCI | (9941) | 9941 |  |  |
| Total | $(43821) | $31544 | $— | $(12277) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency

------

PACE Select Advisors Trust

Notes to financial statements

contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE Intermediate Fixed Income Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $1522761 | $(41898) |
| Derivatives not subject to a MNA or similar agreements | (1522761) | 41898 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $— |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE Strategic Fixed Income Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $2967442 | $(682379) |
| Derivatives not subject to a MNA or similar agreements | (2387905) | 429674 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $579537 | $(252705) |

---

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $18081 | $— | $— | $18081 |
| BNP | 51056 | (47894) |  | 3162 |
| BOA | 4887 | (4807) |  | 80 |
| CITI | 78758 | (78758) |  |  |
| DB | 60671 | (5121) |  | 55550 |
| GS | 1166 | (1166) |  |  |
| GSI | 196992 | (23938) |  | 173054 |
| HSBC | 10667 | (10667) |  |  |
| JPMCB | 157258 | (27887) |  | 129371 |
| MSCI | 1 | (1) |  |  |
| Total | $579537 | $(200239) | $— | $379298 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(926) | $— | $— | $(926) |
| BNP | (47894) | 47894 |  |  |
| BOA | (4807) | 4807 |  |  |
| CITI | (103811) | 78758 |  | (25053) |
| DB | (5121) | 5121 |  |  |
| GS | (9933) | 1166 | 8767 |  |
| GSI | (23938) | 23938 |  |  |
| HSBC | (27624) | 10667 |  | (16957) |
| JPMCB | (27887) | 27887 |  |  |
| MSCI | (764) | 1 |  | (763) |
| Total | $(252705) | $200239 | $8767 | $(43699) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE Global Fixed Income Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $709738 | $(1037619) |
| Derivatives not subject to a MNA or similar agreements | (238934) | 296987 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $470804 | $(740632) |

---

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $4879 | $(4879) | $— | $— |
| BNP | 159767 | (159767) |  |  |
| CITI | 43579 | (16918) |  | 26661 |
| GSI | 94190 | (48532) |  | 45658 |
| HSBC | 45174 | (1453) |  | 43721 |
| MSCI | 77596 | (77596) |  |  |
| SSB | 45619 | (45619) |  |  |
| Total | $470804 | $(354764) | $— | $116040 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(56125) | $4879 | $— | $(51246) |
| BNP | (202931) | 159767 |  | (43164) |
| CITI | (16918) | 16918 |  |  |
| GSI | (48532) | 48532 |  |  |
| HSBC | (1453) | 1453 |  |  |
| MSCI | (121485) | 77596 |  | (43889) |
| SSB | (293188) | 45619 |  | (247569) |
| Total | $(740632) | $354764 | $— | $(385868) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE High Yield Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $1224075 | $(34683) |
| Derivatives not subject to a MNA or similar agreements | (1224075) | 34683 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $— |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE Large Co Value Equity Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $50798 | $(111771) |
| Derivatives not subject to a MNA or similar agreements | (50798) | 111771 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $— | $— |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the

------

PACE Select Advisors Trust

Notes to financial statements

futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

At July 31, 2025, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

**PACE Alternative Strategies Investments**

---

| | | |
|:---|:---|:---|
| **Derivative Financial Instruments:** | **Assets** | **Liabilities** |
| Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities<sup>1</sup> | $2984575 | $(1911748) |
| Derivatives not subject to a MNA or similar agreements | (338124) | 557293 |
| Total gross amount of assets and liabilities subject to MNA or similar agreements | $2646451 | $(1354455) |

---

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>assets** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>received<sup>2</sup>** | **Net amount<br>of assets** |
| BB | $72502 | $(43881) | $28621 | $— |
| BNP | 109647 | (81273) |  | 28374 |
| BOA | 27135 | (27135) |  |  |
| CITI | 42427 | (4457) | 37970 |  |
| CS | 106 |  |  | 106 |
| DB | 53196 | (31912) |  | 21284 |
| GS | 240186 | (211554) | 28632 |  |
| GSI | 12658 | -— |  | 12658 |
| HSBC | 9390 | (9390) |  |  |
| JPMCB | 1231200 | (462374) | 768710 | 116 |
| MCM | 9679 | (9150) |  | 529 |
| MSCI | 786197 | (409286) |  | 376911 |
| SCB | 22972 | (22972) |  |  |
| SG | 10761 | (7457) |  | 3304 |
| SGS | 320 |  |  | 320 |
| SSB | 10005 | (724) |  | 9281 |
| WF | 8070 |  |  | 8070 |
| Total | $2646451 | $(1321565) | $863933 | $460953 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross amount of<br>liabilities** | **Financial<br>instruments<br>and derivatives<br>available for<br>offset** | **Collateral<br>pledged<sup>2</sup>** | **Net amount<br>of liabilities** |
| BB | $(43881) | $43881 | $— | $— |
| BNP | (81273) | 81273 |  |  |
| BOA | (39171) | 27135 |  | (12036) |
| CITI | (4457) | 4457 |  |  |
| CS |  |  |  |  |
| DB | (31912) | 31912 |  |  |
| GS | (211554) | 211554 |  |  |
| GSI |  |  |  |  |
| HSBC | (10391) | 9390 |  | (1001) |
| JPMCB | (462374) | 462374 |  |  |
| MCM | (9150) | 9150 |  |  |
| MSCI | (409286) | 409286 |  |  |
| SCB | (40419) | 22972 |  | (17447) |
| SG | (7457) | 7457 |  |  |
| SGS |  |  |  |  |
| SSB | (724) | 724 |  |  |
| SSC | (1) |  |  | (1) |
| WF | (2405) |  |  | (2405) |
| Total | $(1354455) | $1321565 | $— | $(32890) |

---

<sup>1</sup> In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, at value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value while forward foreign currency contracts and OTC swap agreements are shown within unrealized appreciation/depreciation of forward foreign currency contracts and unrealized appreciation/depreciation on OTC swap agreements. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

<sup>2</sup> In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

**Investment management and administration fees and other transactions with affiliates**

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of July 31, 2025:

---

| | |
|:---|:---|
| **Portfolio** | **Annual rate as a percentage of<br>each Portfolio's average daily net assets** |
| UBS Government Money Market Investments Fund | 0.250% |
| PACE Mortgage-Backed Securities Fixed Income Investments | 0.550% up to $250 million<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to $1 billion<br>0.425% above $1 billion |
| PACE Intermediate Fixed Income Investments | 0.550% up to $250 million<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to $1 billion<br>0.425% above $1 billion |

---

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PACE Select Advisors Trust

Notes to financial statements

---

| | |
|:---|:---|
| **Portfolio** | **Annual rate as a percentage of<br>each Portfolio's average daily net assets** |
| PACE Strategic Fixed Income Investments | 0.550% up to $250 million<br>0.500% above $250 million up to $500 million<br>0.475% above $500 million up to $750 million<br>0.450% above $750 million up to 1 billion<br>0.425% above $1 billion up to $1.25 billion<br>0.400% above $1.25 billion |
| PACE Municipal Fixed Income Investments | 0.500% up to $250 million<br>0.450% above $250 million up to $500 million<br>0.425% above $500 million up to $750 million<br>0.400% above $750 million up to $1 billion<br>0.375% above $1 billion |
| PACE Global Fixed Income Investments | 0.600% up to $500 million<br>0.575% above $500 million up to $1 billion<br>0.550% above $1 billion |
| PACE High Yield Investments | 0.700% up to $500 million<br>0.650% above $500 million on up to $1 billion<br>0.625% above $1 billion up to $1.5 billion<br>0.600% above $1.5 billion up to $2 billion<br>0.575% above $2 billion |
| PACE Large Co Value Equity Investments | 0.800% up to $250 million<br>0.770% above $250 million up to $500 million<br>0.730% above $500 million up to $1 billion<br>0.700% above $1 billion |
| PACE Large Co Growth Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million up to $1 billion<br>0.750% above $1 billion up to $1.5 billion<br>0.725% above $1.5 billion up to $2 billion<br>0.700% above $2 billion |
| PACE Small/Medium Co Value Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million |
| PACE Small/Medium Co Growth Equity Investments | 0.800% up to $500 million<br>0.775% above $500 million |
| PACE International Equity Investments | 0.900% up to $500 million<br>0.875% above $500 million up to $1 billion<br>0.850% above $1 billion up to $1.5 billion<br>0.825% above $1.5 billion up to $2 billion<br>0.800% above $2 billion |
| PACE International Emerging Markets Equity Investments | 1.000% up to $500 million<br>0.975% above $500 million up to $1 billion<br>0.950% above $1 billion up to $1.5 billion<br>0.925% above $1.5 billion up to $2 billion<br>0.900% above $2 billion |
| PACE Global Real Estate Securities Investments | 0.800% up to $500 million<br>0.750% above $500 million up to $1 billion<br>0.725% above $1 billion up to $1.5 billion<br>0.700% above $1.5 billion up to $2 billion<br>0.675% above $2 billion |
| PACE Alternative Strategies Investments | 1.400% up to $500 million<br>1.350% above $500 million up to $1 billion<br>1.300% above $1 billion up to $1.5 billion<br>1.275% above $1.5 billion up to $2 billion<br>1.250% above $2 billion |

---

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PACE Select Advisors Trust

Notes to financial statements

Under separate Subadvisory Agreements, with the exception of UBS Government Money Market Investments Fund, UBS AM (not the Portfolios) pays the following investment subadvisors a fee from the investment management and administration fees which UBS AM receives, which is accrued daily and paid monthly:

---

| | |
|:---|:---|
| **Portfolio** | **Investment subadvisor** |
| PACE Mortgage-Backed Securities Fixed Income Investments | Pacific Investment Management Company LLC |
| PACE Intermediate Fixed Income Investments | Brown Brothers Harriman & Co. |
| PACE Strategic Fixed Income Investments | Brown Brothers Harriman & Co.<br>Neuberger Berman Investment Advisers LLC<br>Pacific Investment Management Company LLC |
| PACE Municipal Fixed Income Investments | Insight North America LLC |
| PACE Global Fixed Income Investments | J.P. Morgan Investment Management Inc. |
| PACE High Yield Investments | Nomura Corporate Research and Asset Management, Inc. |
| PACE Large Co Value Equity Investments | Artisan Partners, LP<br>Hotchkis & Wiley Capital Management, LLC<br>Wellington Management Company LLP |
| PACE Large Co Growth Equity Investments | GQG Partners LLC<br>J.P. Morgan Investment Management Inc.<br>Polen Capital Management, LLC |
| PACE Small/Medium Co Value Equity Investments | ARGA Investment Management, LP<br>Victory Capital Management Inc.<br>Kayne Anderson Rudnick, LLC |
| PACE Small/Medium Co Growth Equity Investments | Calamos Advisors LLC<br>Jacobs Levy Equity Management, Inc<br>Riverbridge Partners, LLC |
| PACE International Equity Investments | Los Angeles Capital Management and Equity Research, Inc.<br>Mondrian Investment Partners Ltd.<br>Robert W. Baird & Co. Incorporated |
| PACE International Emerging Markets Equity Investments | ARGA Investment Management, LP<br>RWC Asset Advisors (US) LLC<br>William Blair & Company LLC |
| PACE Global Real Estate Securities Investments | MFS Investment Management |
| PACE Alternative Strategies Investments<sup>1</sup> | Aviva Investors Canada Inc.<br>Lazard Asset Management LLC<br>Fulcrum Asset Management LLP<br>Kettle Hill Capital Management, LLC<br>PCJ Investment Counsel Ltd.<br>Electron Capital Partners, LLC |

---

<sup>1</sup> UBS Asset Management (Americas) LLC has the authority to allocate a portion of the Portfolio's assets to unaffiliated actively- and passively managed pooled investment vehicles and index futures.

At July 31, 2025, certain Portfolios owe, or are (owed by) UBS AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amounts due <br>to (owed by) <br>UBS AM** |
| UBS Government Money Market Investments Fund | $302956 |
| PACE Mortgage-Backed Securities Fixed Income Investments | 34788 |
| PACE Intermediate Fixed Income Investments | 51866 |
| PACE Strategic Fixed Income Investments | 125975 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | |
|:---|:---|
| **Portfolio** | **Amounts due <br>to (owed by) <br>UBS AM** |
| PACE Municipal Fixed Income Investments | $33407 |
| PACE Global Fixed Income Investments | 72330 |
| PACE High Yield Investments | 102828 |
| PACE Large Co Value Equity Investments | 483373 |
| PACE Large Co Growth Equity Investments | 494791 |
| PACE Small/Medium Co Value Equity Investments | 171485 |
| PACE Small/Medium Co Growth Equity Investments | 161726 |
| PACE International Equity Investments | 486751 |
| PACE International Emerging Markets Equity Investments | 306887 |
| PACE Global Real Estate Securities Investments | 10382 |
| PACE Alternative Strategies Investments | (112050) |

---

PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is obligated to waive its management fees to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver agreement may be terminated by the Portfolio's Board at any time and also will be terminated automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. For the period ended July 31, 2025, UBS AM was contractually obligated to waive $178,954 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

The UBS Government Money Market Investments Fund and UBS AM have also entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2025 in an amount equal to 0.13% of the fund's average daily net assets. For the period ended July 31, 2025, UBS AM waived $3,781,316 in investment management fees. This management fee waiver will not be subject to future recoupment.

For PACE High Yield Investments Class P2, PACE International Equity Investments Class P2, PACE International Emerging Markets Equity Investments Class P2, and PACE Alternative Strategies Investments Class P2, UBS AM has entered into a written agreement pursuant to which UBS AM has agreed to waive a portion of its investment management and administration fees. For the period ended July 31, 2025, the fees waived were $29,681, $90,640, $698,493 and $268,936, respectively. Such amounts are not subject to future recoupment.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2025 at a level not to exceed the amounts in the table below.

Each Portfolio will repay UBS AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2022, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. For the period ended July 31, 2025, UBS AM had the following contractual fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are

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PACE Select Advisors Trust

Notes to financial statements

subject to repayment by the Portfolios through July 31, 2028, and recoupments for the period ended July 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Class A<br>expense<br>cap** | **Class P<br>expense<br>cap** | **Class P2<br>expense<br>cap** | **Fee waivers/<br>expense<br>reimbursements** | **Recoupments** |
| UBS Government Money Market Investments Fund | N/A | 0.60% | N/A | $— | $— |
| PACE Mortgage-Backed Securities Fixed Income Investments | 0.97% | 0.72 | N/A | 473220 |  |
| PACE Intermediate Fixed Income Investments | 0.86 | 0.61 | N/A | 537970 |  |
| PACE Strategic Fixed Income Investments | 0.90 | 0.65 | N/A | 537054 |  |
| PACE Municipal Fixed Income Investments | 0.82 | 0.57 | N/A | 267924 |  |
| PACE Global Fixed Income Investments | 1.03 | 0.84 | N/A | 435160 |  |
| PACE High Yield Investments | 1.06 | 0.88 | N/A | 345416 |  |
| PACE Large Co Value Equity Investments | 1.14 | 0.89 | N/A | 26499 | (1164) |
| PACE Large Co Growth Equity Investments | 1.13 | 0.88 | N/A | 199947 |  |
| PACE Small/Medium Co Value Equity Investments | 1.29 | 1.04 | N/A | 137060 |  |
| PACE Small/Medium Co Growth Equity Investments | 1.33 | 1.08 | N/A | 78510 |  |
| PACE International Equity Investments | 1.25 | 1.00 | N/A | 513979 |  |
| PACE International Emerging Markets Equity Investments | 1.45 | 1.20 | N/A | 447084 |  |
| PACE Global Real Estate Securities Investments | 1.45 | 1.20 | N/A | 371073 |  |
| PACE Alternative Strategies Investments | 1.83 | 1.58 | N/A | 1802725 |  |

---

At July 31, 2025, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>July 31,<br>2026** | **Expires<br>July 31,<br>2027** | **Expires<br>July 31,<br>2028** |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class A | $107157 | $32440 | $39207 | $35510 |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class P | 1343668 | 440677 | 471515 | 431476 |
| PACE Intermediate Fixed Income Investments—Class A | 57377 | 19727 | 19319 | 18331 |
| PACE Intermediate Fixed Income Investments—Class P | 1652593 | 585319 | 547890 | 519384 |
| PACE Strategic Fixed Income Investments—Class A | 25980 | 7549 | 8854 | 9577 |
| PACE Strategic Fixed Income Investments—Class P | 1444372 | 441695 | 475928 | 526749 |
| PACE Municipal Fixed Income Investments—Class A | 91612 | 22497 | 33521 | 35594 |
| PACE Municipal Fixed Income Investments—Class P | 605676 | 153457 | 219899 | 232320 |
| PACE Global Fixed Income Investments—Class A | 116344 | 36478 | 41820 | 38046 |
| PACE Global Fixed Income Investments—Class P | 1238020 | 402655 | 439473 | 395892 |
| PACE High Yield Investments—Class A | 15207 | 4515 | 6106 | 4586 |
| PACE High Yield Investments—Class P | 1037359 | 286741 | 409936 | 340682 |
| PACE Large Co Value Equity Investments—Class P | 144372 | 25387 | 92486 | 26499 |
| PACE Large Co Growth Equity Investments—Class A | 23839 | 7130 | 9933 | 6776 |
| PACE Large Co Growth Equity Investments—Class P | 661702 | 229983 | 238918 | 192801 |
| PACE Small/Medium Co Value Equity Investments—Class A | 262 |  | 262 |  |
| PACE Small/Medium Co Value Equity Investments—Class P | 442314 | 98336 | 206931 | 137047 |
| PACE Small/Medium Co Growth Equity Investments—Class P | 316175 | 121570 | 116097 | 78508 |
| PACE International Equity Investments—Class A | 75223 | 26095 | 26226 | 22902 |
| PACE International Equity Investments—Class P | 1659926 | 595879 | 575824 | 488223 |
| PACE International Emerging Markets Equity Investments—Class A | 18907 | 7487 | 6816 | 4604 |
| PACE International Emerging Markets Equity Investments—Class P | 1705437 | 664984 | 600827 | 439626 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Fee waivers/<br>expense<br>reimbursements<br>subject to<br>repayment** | **Expires<br>July 31,<br>2026** | **Expires<br>July 31,<br>2027** | **Expires<br>July 31,<br>2028** |
| PACE Global Real Estate Securities Investments—Class A | $2061 | $661 | $798 | $602 |
| PACE Global Real Estate Securities Investments—Class P | 1205797 | 390016 | 445310 | 370471 |
| PACE Alternative Strategies Investments—Class A | 41866 | 10998 | 7759 | 23109 |
| PACE Alternative Strategies Investments—Class P | 3251230 | 870904 | 600931 | 1779395 |

---

UBS AM may voluntarily undertake to waive fees and/or reimburse expenses in the event that the yields on UBS Government Money Market Investments Fund drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. For the period ended July 31, 2025, the UBS Government Money Market Investments Fund did not incur this additional waiver.

For the period ended July 31, 2025, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation (depreciation) of investments and/or futures.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated broker** | **PACE<br>Large Co<br>Value<br>Equity<br>Investments** | **PACE<br>Large Co<br>Growth<br>Equity<br>Investments** | **PACE<br>Small/<br>Medium Co<br>Growth<br>Equity<br>Investments** | **PACE<br>International<br>Emerging<br>Markets<br>Equity<br>Investments** | **PACE<br>Alternative<br>Strategies<br>Investments** |
| UBS AG | $— | $— | $— | $4981 | $17 |
| UBS Securities Asia Ltd. |  |  |  | 3808 | 66 |
| UBS Securities India Private Ltd. |  |  |  | 966 |  |
| UBS Securities LLC | 715 | 290 | 374 | 4075 | 50107 |
| UBS Securities Pte Ltd. |  |  |  | 1281 |  |
| UBS Securities Pte Ltd., Seoul |  |  |  | 4690 |  |
| UBS AG London Branch |  |  |  |  | 143 |

---

During the period ended July 31, 2025, some of the Portfolios engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated and each trade was approved by the board.

**Shareholder services plans**

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Trust has adopted a shareholder services plan (the "Plan") with respect to each Portfolio (with the exception of UBS Government Money Market Investments Fund, which only offers Class P shares) pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plan governs the payments made for the expenses incurred in the service of Class A shares. Annual fees under the Plan as a percentage of the average daily net assets of Class A shares of each applicable Portfolio are 0.25%.

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A shares. At July 31, 2025, certain Portfolios owed UBS AM (US) service fees, and for the period ended July 31, 2025, certain Portfolios were informed by UBS AM (US) that it had earned sales charges as follows:

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PACE Select Advisors Trust

Notes to financial statements

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Service<br>fees owed** | **Sales charges<br>earned by <br>distributor** |
| PACE Mortgage-Backed Securities Fixed Income Investments—Class A | $3228 | $— |
| PACE Intermediate Fixed Income Investments—Class A | 1483 | 1755 |
| PACE Strategic Fixed Income Investments—Class A | 1411 |  |
| PACE Municipal Fixed Income Investments—Class A | 4109 |  |
| PACE Global Fixed Income Investments—Class A | 2760 |  |
| PACE High Yield Investments—Class A | 415 |  |
| PACE Large Co Value Equity Investments—Class A | 18846 | 500 |
| PACE Large Co Growth Equity Investments—Class A | 9607 | 125 |
| PACE Small/Medium Co Value Equity Investments—Class A | 2423 | 255 |
| PACE Small/Medium Co Growth Equity Investments—Class A | 3101 |  |
| PACE International Equity Investments—Class A | 5299 |  |
| PACE International Emerging Markets Equity Investments—Class A | 617 |  |
| PACE Global Real Estate Securities Investments—Class A | 26 |  |
| PACE Alternative Strategies Investments—Class A | 717 |  |

---

**Transfer agency and related services fees**

UBS Financial Services Inc. provides certain services to the Portfolios pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolios' transfer agent, and is compensated for these services by BNY Mellon, not the Portfolios.

For the period ended July 31, 2025, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

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| | |
|:---|:---|
| **Portfolio** | **Delegated <br>service<br>fees earned** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $142263 |
| PACE Intermediate Fixed Income Investments | 139449 |
| PACE Strategic Fixed Income Investments | 175929 |
| PACE Municipal Fixed Income Investments | 26083 |
| PACE Global Fixed Income Investments | 155312 |
| PACE High Yield Investments | 133562 |
| PACE Large Co Value Equity Investments | 202084 |
| PACE Large Co Growth Equity Investments | 193747 |
| PACE Small/Medium Co Value Equity Investments | 190725 |
| PACE Small/Medium Co Growth Equity Investments | 188598 |
| PACE International Equity Investments | 192402 |
| PACE International Emerging Markets Equity Investments | 197022 |
| PACE Global Real Estate Securities Investments | 134628 |
| PACE Alternative Strategies Investments | 102884 |

---

**Securities lending**

Each Portfolio may lend securities up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured at all times by cash, US government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, US government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, US government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

------

PACE Select Advisors Trust

Notes to financial statements

Each Portfolio will retain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Portfolio, which is included in each Portfolio of investments. State Street Bank and Trust Company serves as the Portfolios' lending agent.

In addition, PACE International Equity Investments and PACE Alternative Strategies Investments participate in State Street's prime services program (formerly known as enhanced custody program). Through this program, State Street is capable of facilitating the Portfolios' short selling activity at a lower cost. A portion of the cash collateral received in connection with the Portfolios' securities lending activity is pledged back to State Street for the financing of short sales. This amount is shown as cash collateral for short sales in the Statement of assets and liabilities.

At July 31, 2025, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Value of<br>securities<br>on loan** | **Cash<br>collateral** | **Non-cash<br>collateral\*** | **Total<br>collateral** | **Security types<br>held as non-cash collateral** |
| PACE Intermediate Fixed Income Investments | $5352980 | $4750353 | $714049 | $5464402 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Strategic Fixed Income Investments | 16075926 | 11763235 | 4663036 | 16426271 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Global Fixed Income Investments | 1477521 | 1174033 | 329824 | 1503857 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Large Co Value Equity Investments | 29091101 | 11316395 | 18804591 | 30120986 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Large Co Growth Equity Investments | 8733735 |  | 8941320 | 8941320 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Small/Medium Co Value Equity Investments | 28167142 | 110100 | 29081752 | 29191852 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Small/Medium Co Growth Equity Investments | 11705396 | 2217767 | 9781998 | 11999765 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE International Equity Investments\*\* | 70516632 | 68858551 | 5790116 | 74648667 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE International Emerging Markets Equity Investments | 12264117 | 2781572 | 10401212 | 13182784 | U.S. Treasury Notes and U.S. Treasury Bills |
| PACE Global Real Estate Securities Investments | 4725166 | 4626110 | 361788 | 4987898 | U.S. Treasury Notes and U.S. Treasury Bills |

---

\* These securities are held for the benefit of the Portfolio's custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

\*\* This Portfolio participates in the prime services program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions.

The table below represents the disaggregation at July 31, 2025 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Portfolios or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

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| | | | |
|:---|:---|:---|:---|
| | **Type of securities loaned** | **Type of securities loaned** | |
|<br>**Portfolio** | **Equity<br>securities** | **Corporate<br>Bonds** | **Total gross<br>amount of<br>recognized<br>liabilities for**<br>**securities lending<br>transactions** |
| PACE Intermediate Fixed Income Investments | $— | $4750353 | $4750353 |
| PACE Strategic Fixed Income Investments |  | 11763235 | 11763235 |
| PACE Global Fixed Income Investments |  | 1174033 | 1174033 |

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PACE Select Advisors Trust

Notes to financial statements

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| | | | |
|:---|:---|:---|:---|
| | **Type of securities loaned** | **Type of securities loaned** | |
|<br>**Portfolio** | **Equity<br>securities** | **Corporate<br>Bonds** | **Total gross<br>amount of<br>recognized<br>liabilities for**<br>**securities lending<br>transactions** |
| PACE Large Co Value Equity Investments | $11316395 | $— | $11316395 |
| PACE Small/Medium Co Value Equity Investments | 110100 |  | 110100 |
| PACE Small/Medium Co Growth Equity Investments | 2217767 |  | 2217767 |
| PACE International Equity Investments | 68858551 |  | 68858551 |
| PACE International Emerging Markets Equity Investments | 2781571 |  | 2781571 |
| PACE Global Real Estate Securities Investments | 4626110 |  | 4626110 |

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**Bank line of credit**

With the exception of UBS Government Money Market Investments Fund, the Portfolios participate with other Portfolios managed, advised or sub advised by UBS AM in a $185 million committed credit facility (the "Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Portfolio at the request of shareholders and other temporary or emergency purposes. The expiration date of the line of credit agreement was March 31, 2025 and was renewed on April 1, 2025 with the same fees and terms expiring March 30, 2026.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. The Portfolios covered by the Committed Credit Facility have agreed to pay an annual 25 basis point commitment fee on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the Portfolios in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of Portfolios and the other 50% of the allocation is based on utilization.

For the period ended July 31, 2025, the following Portfolios had borrowings as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Average daily<br>amount of<br>borrowing<br>outstanding** | **Days<br>outstanding** | **Interest<br>expense** | **Weighted average<br>annualized<br>interest rate** |
| PACE Large Co Value Equity Investments | $692181 | 9 | $1079 | 6.233% |
| PACE Large Co Growth Equity Investments | 2453705 | 3 | 1207 | 5.901 |
| PACE Small/Medium Co Value Equity Investments | 1066082 | 7 | 1177 | 5.680 |
| PACE International Equity Investments | 909269 | 74 | 10956 | 5.862 |
| PACE International Emerging Markets Equity Investments | 803926 | 59 | 7572 | 5.751 |
| PACE Alternative Strategies Investments | 2297083 | 37 | 14548 | 6.162 |

---

**Purchases and sales of securities**

For the period ended July 31, 2025, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $3482036598 | $3491854192 |
| PACE Intermediate Fixed Income Investments | 66280120 | 78852138 |
| PACE Strategic Fixed Income Investments | 986940887 | 1000527411 |
| PACE Municipal Fixed Income Investments | 17638604 | 48118209 |
| PACE Global Fixed Income Investments | 228772976 | 239159962 |
| PACE High Yield Investments | 107857075 | 130506569 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| PACE Large Co Value Equity Investments | $406290422 | $524894567 |
| PACE Large Co Growth Equity Investments | 523032186 | 663964017 |
| PACE Small/Medium Co Value Equity Investments | 112668544 | 152830389 |
| PACE Small/Medium Co Growth Equity Investments | 195277712 | 231278843 |
| PACE International Equity Investments | 348340316 | 462399981 |
| PACE International Emerging Markets Equity Investments | 291730722 | 283192000 |
| PACE Global Real Estate Securities Investments | 16654574 | 21896759 |
| PACE Alternative Strategies Investments (long transactions) | 1034612168 | 1092747128 |
| PACE Alternative Strategies Investments (short transactions) | 742407370 | 740051260 |

---

**Shares of beneficial interest**

There are an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except UBS Government Money Market Investments Fund, which transacts at $1.00 per share, were as follows:

**PACE Mortgage-Backed Securities Fixed Income Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 879 | $9186 |
| Shares repurchased | (218970) | (2243238) |
| Dividends reinvested | 59204 | 604355 |
| Net increase (decrease) | (158887) | $(1629697) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 41294 | $428122 | 2127968 | $21750147 |
| Shares repurchased | (78928) | (817004) | (3915852) | (40075836) |
| Shares converted | (582160) | (5911773) | 581867 | 5911773 |
| Dividends reinvested | 8325 | 86881 | 709419 | 7240205 |
| Net increase (decrease) | (611469) | $(6213774) | (496598) | $(5173711) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 6483 | $66724 |
| Shares repurchased | (236134) | (2402757) |
| Dividends reinvested | 65306 | 661352 |
| Net increase (decrease) | (164345) | $(1674681) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 173159 | $1747710 | 2330009 | $23666690 |
| Shares repurchased | (308738) | (3158271) | (4512365) | (45741574) |
| Dividends reinvested | 35781 | 362007 | 761156 | 7710379 |
| Net increase (decrease) | (99798) | $(1048554) | (1421200) | $(14364505) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Intermediate Fixed Income Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 12106 | $129430 |
| Shares repurchased | (79731) | (840946) |
| Dividends reinvested | 27816 | 291934 |
| Net increase (decrease) | (39809) | $(419582) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 2677233 | $28126974 |
| Shares repurchased | (19) | (200) | (4175370) | (43981100) |
| Shares converted | (15535) | (163135) | 15522 | 163135 |
| Dividends reinvested | 231 | 2469 | 964289 | 10119956 |
| Net increase (decrease) | (15323) | $(160866) | (518326) | $(5571035) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3812 | $39298 |
| Shares repurchased | (96334) | (996691) |
| Dividends reinvested | 30550 | 315263 |
| Net increase (decrease) | (61972) | $(642130) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 2839724 | $29376702 |
| Shares repurchased | (1920) | (19890) | (5005412) | (51884386) |
| Dividends reinvested | 960 | 9910 | 1042235 | 10759460 |
| Net increase (decrease) | (960) | $(9980) | (1123453) | $(11748224) |

---

**PACE Strategic Fixed Income Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 12845 | $151748 |
| Shares repurchased | (281936) | (3317834) |
| Dividends reinvested | 33813 | 397548 |
| Net increase (decrease) | (235278) | $(2768538) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 421 | $5025 | 3232177 | $38015039 |
| Shares repurchased | (18) | (224) | (6675306) | (78677078) |
| Shares converted | (57200) | (670706) | 57130 | 670706 |
| Dividends reinvested | 772 | 9217 | 1784084 | 20951428 |
| Net increase (decrease) | (56025) | $(656688) | (1601916) | $(19039905) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 52433 | $620530 |
| Shares repurchased | (117991) | (1362409) |
| Dividends reinvested | 37245 | 429572 |
| Net increase (decrease) | (28313) | $(312307) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1793 | $20309 | 3905472 | $45129966 |
| Shares repurchased | (21229) | (246416) | (8238571) | (95138092) |
| Dividends reinvested | 3717 | 42758 | 1929208 | 22219334 |
| Net increase (decrease) | (15719) | $(183349) | (2403891) | $(27788792) |

---

**PACE Municipal Fixed Income Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 194 | $2330 |
| Shares repurchased | (292409) | (3536655) |
| Dividends reinvested | 24705 | 298270 |
| Net increase (decrease) | (267510) | $(3236055) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1446045 | $17575684 |
| Shares repurchased | (7) | (91) | (3886109) | (47096201) |
| Shares converted | (297) | (3618) | 297 | 3618 |
| Dividends reinvested | 2 | 24 | 286650 | 3462183 |
| Net increase (decrease) | (302) | $(3685) | (2153117) | $(26054716) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 21223 | $251932 |
| Shares repurchased | (345988) | (4131982) |
| Dividends reinvested | 28102 | 338578 |
| Net increase (decrease) | (296663) | $(3541472) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1469703 | $17777492 |
| Shares repurchased | (19) | (226) | (3896861) | (46960868) |
| Dividends reinvested | 8 | 95 | 311450 | 3756076 |
| Net increase (decrease) | (11) | $(131) | (2115708) | $(25427300) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Global Fixed Income Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 4257 | $34193 |
| Shares repurchased | (385562) | (3099053) |
| Dividends reinvested | 45161 | 361209 |
| Net increase (decrease) | (336144) | $(2703651) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1918300 | $15205699 |
| Shares repurchased | (136) | (1090) | (4232048) | (33665670) |
| Shares converted | (141374) | (1103569) | 140403 | 1106569 |
| Dividends reinvested | 1275 | 10292 | 672674 | 5353268 |
| Net increase (decrease) | (140235) | $(1094367) | (1500671) | $(12000134) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3791 | $29690 |
| Shares repurchased | (259476) | (2051767) |
| Dividends reinvested | 51151 | 402502 |
| Net increase (decrease) | (204534) | $(1619575) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1543 | $11886 | 2892099 | $22650395 |
| Shares repurchased | (40161) | (316262) | (5382384) | (42263614) |
| Dividends reinvested | 5822 | 45349 | 726289 | 5689447 |
| Net increase (decrease) | (32796) | $(259027) | (1763996) | $(13923772) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE High Yield Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3827 | $33625 |
| Shares repurchased | (115546) | (1016655) |
| Dividends reinvested | 11319 | 99017 |
| Net increase (decrease) | (100400) | $(884013) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1113453 | $9723383 |
| Shares repurchased | (440) | (3876) | (4027521) | (35153790) |
| Shares converted | (77652) | (685757) | 78194 | 685757 |
| Dividends reinvested | 1243 | 10940 | 1121237 | 9762828 |
| Net increase (decrease) | (76849) | $(678693) | (1714637) | $(14981822) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P2** | **Class P2** |
|  | **Shares** | **Amount** |
| Shares sold |  | $— |
| Shares repurchased | (252019) | (2250000) |
| Shares converted |  |  |
| Dividends reinvested | 51571 | 460435 |
| Net increase (decrease) | (200448) | $(1789565) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 8797 | $75527 |
| Shares repurchased | (89144) | (753022) |
| Dividends reinvested | 15261 | 128874 |
| Net increase (decrease) | (65086) | $(548621) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold |  | $— | 1493799 | $12644556 |
| Shares repurchased | (316) | (2743) | (4725986) | (39879478) |
| Dividends reinvested | 4743 | 40234 | 1236155 | 10405561 |
| Net increase (decrease) | 4427 | $37491 | (1996032) | $(16829361) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold |  | $— |
| Shares repurchased | (55090) | (460000) |
| Dividends reinvested | 60861 | 521593 |
| Net increase (decrease) | 5771 | $61593 |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Large Co Value Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 28195 | $578063 |
| Shares repurchased | (687156) | (14743648) |
| Dividends reinvested | 347735 | 7246800 |
| Net increase (decrease) | (311226) | $(6918785) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 381 | $8288 | 904230 | $19324421 |
| Shares repurchased | (13759) | (311638) | (6108349) | (131265827) |
| Shares converted | (801307) | (18368274) | 807752 | 18368274 |
| Dividends reinvested |  |  | 2805987 | 58055877 |
| Net increase (decrease) | (814685) | $(18671624) | (1590380) | $(35517255) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 13843 | $271871 |
| Shares repurchased | (526055) | (10473259) |
| Dividends reinvested | 201556 | 3877930 |
| Net increase (decrease) | (310656) | $(6323458) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 11159 | $224940 | 1349516 | $26617810 |
| Shares repurchased | (116695) | (2406093) | (8057829) | (159751905) |
| Dividends reinvested | 46105 | 887988 | 1729414 | 33049109 |
| Net increase (decrease) | (59431) | $(1293165) | (4978899) | $(100084986) |

---

**PACE Large Co Growth Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3020 | $48870 |
| Shares repurchased | (523665) | (8186644) |
| Dividends reinvested | 345717 | 5541845 |
| Net increase (decrease) | (174928) | $(2595929) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 264 | $5111 | 1098221 | $20086636 |
| Shares repurchased | (74079) | (1473641) | (8517965) | (158189923) |
| Shares converted | (1097634) | (22379666) | 1126871 | 22379666 |
| Dividends reinvested |  |  | 4122529 | 77750890 |
| Net increase (decrease) | (1171449) | $(23848196) | (2170344) | $(37972731) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 739 | $10494 |
| Shares repurchased | (377434) | (5457567) |
| Dividends reinvested | 71847 | 969938 |
| Net increase (decrease) | (304848) | $(4477135) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2587 | $42933 | 1532853 | $25040945 |
| Shares repurchased | (105853) | (1803781) | (11694838) | (192915475) |
| Dividends reinvested | 25161 | 401826 | 914203 | 14225005 |
| Net increase (decrease) | (78105) | $(1359022) | (9247782) | $(153649525) |

---

**PACE Small/Medium Co Value Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 14647 | $268398 |
| Shares repurchased | (158788) | (2684816) |
| Dividends reinvested | 106134 | 1817008 |
| Net increase (decrease) | (38007) | $(599410) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 9 | $181 | 1019415 | $17680630 |
| Shares repurchased |  |  | (2993536) | (53358723) |
| Shares converted | (3939) | (84791) | 4018 | 84791 |
| Dividends reinvested |  |  | 2170114 | 39279057 |
| Net increase (decrease) | (3930) | $(84610) | 200011 | $3685755 |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 4274 | $76114 |
| Shares repurchased | (143029) | (2576638) |
| Dividends reinvested | 3446 | 61687 |
| Net increase (decrease) | (135309) | $(2438837) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 218 | $4146 | 812453 | $15094841 |
| Shares repurchased | (2820) | (54022) | (3349911) | (62122425) |
| Dividends reinvested | 36 | 691 | 99028 | 1857768 |
| Net increase (decrease) | (2566) | $(49185) | (2438430) | $(45169816) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Small/Medium Co Growth Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 10627 | $139146 |
| Shares repurchased | (237216) | (3002979) |
| Dividends reinvested | 38829 | 524969 |
| Net increase (decrease) | (187760) | $(2338864) |

---

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 969375 | $14037608 |
| Shares repurchased | (2934530) | (43322416) |
| Dividends reinvested | 447902 | 7157466 |
| Net increase (decrease) | (1517253) | $(22127342) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 7559 | $87295 |
| Shares repurchased | (319423) | (3680634) |
| Dividends reinvested |  |  |
| Net increase (decrease) | (311864) | $(3593339) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 1275016 | $17318775 |
| Shares repurchased | (3646698) | (49257659) |
| Dividends reinvested |  |  |
| Net increase (decrease) | (2371682) | $(31938884) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE International Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 44402 | $839849 |
| Shares repurchased | (155685) | (2854466) |
| Dividends reinvested | 137859 | 2289845 |
| Net increase (decrease) | 26576 | $275228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 283 | $5322 | 1456216 | $25800323 |
| Shares repurchased | (41786) | (807303) | (7457904) | (134642817) |
| Shares converted | (524111) | (9592591) | 525621 | 9592591 |
| Dividends reinvested |  |  | 4293483 | 70456055 |
| Net increase (decrease) | (565614) | $(10394572) | (1182584) | $(28793848) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P2** | **Class P2** |
|  | **Shares** | **Amount** |
| Shares sold | 193903 | $3400000 |
| Shares repurchased | (194554) | (3475138) |
| Shares converted |  |  |
| Dividends reinvested | 90885 | 1515048 |
| Net increase (decrease) | 90234 | $1439910 |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 6531 | $117635 |
| Shares repurchased | (138947) | (2400163) |
| Dividends reinvested | 45885 | 774541 |
| Net increase (decrease) | (86531) | $(1507987) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 13987 | $238002 | 1365866 | $23428918 |
| Shares repurchased | (87392) | (1579579) | (8199725) | (141086674) |
| Dividends reinvested | 25966 | 434926 | 1566053 | 26153078 |
| Net increase (decrease) | (47439) | $(906651) | (5267806) | $(91504678) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold |  | $— |
| Shares repurchased | (368208) | (6285700) |
| Dividends reinvested | 35237 | 591278 |
| Net increase (decrease) | (332971) | $(5694422) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE International Emerging Markets Equity Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 1329 | $18425 |
| Shares repurchased | (43348) | (585757) |
| Dividends reinvested | 1877 | 24871 |
| Net increase (decrease) | (40142) | $(542461) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 503 | $6721 | 932251 | $12587966 |
| Shares repurchased | (7592) | (107187) | (3358562) | (45931779) |
| Shares converted | (275826) | (3683293) | 277565 | 3683293 |
| Dividends reinvested |  |  | 189901 | 2521882 |
| Net increase (decrease) | (282915) | $(3783759) | (1958845) | $(27138638) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P2** | **Class P2** |
|  | **Shares** | **Amount** |
| Shares sold | 7232377 | $97433820 |
| Shares repurchased | (4468513) | (61207745) |
| Shares converted |  |  |
| Dividends reinvested | 30617 | 412106 |
| Net increase (decrease) | 2794481 | $36638181 |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 3176 | $40018 |
| Shares repurchased | (40589) | (503422) |
| Dividends reinvested | 2839 | 35009 |
| Net increase (decrease) | (34574) | $(428395) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6866 | $86955 | 1559373 | $19298501 |
| Shares repurchased | (63536) | (824396) | (4063887) | (50560862) |
| Dividends reinvested | 4644 | 57769 | 260576 | 3223318 |
| Net increase (decrease) | (52026) | $(679672) | (2243938) | $(28039043) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold | 5315552 | $65903253 |
| Shares repurchased | (2595950) | (31948262) |
| Dividends reinvested | 41817 | 519780 |
| Net increase (decrease) | 2761419 | $34474771 |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Global Real Estate Securities Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 201 | $1465 |
| Shares repurchased | (3862) | (25094) |
| Dividends reinvested | 235 | 1572 |
| Net increase (decrease) | (3426) | $(22057) |

---

---

| | | |
|:---|:---|:---|
| | **Class P** | **Class P** |
| | **Shares** | **Amount** |
| Shares sold | 723663 | $4612616 |
| Shares repurchased | (1817915) | (11680875) |
| Dividends reinvested | 161255 | 1028807 |
| Net increase (decrease) | (932997) | $(6039452) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 956 | $6347 |
| Shares repurchased | (10854) | (69569) |
| Dividends reinvested | 165 | 1118 |
| Net increase (decrease) | (9733) | $(62104) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P** | **Class P** |
|  | **Shares** | **Amount** |
| Shares sold | 889085 | $5465374 |
| Shares repurchased | (2323693) | (14264322) |
| Dividends reinvested | 147258 | 948340 |
| Net increase (decrease) | (1287350) | $(7850608) |

---

------

PACE Select Advisors Trust

Notes to financial statements

**PACE Alternative Strategies Investments For the year ended July 31, 2025:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 11438 | $123167 |
| Shares repurchased | (30909) | (336696) |
| Dividends reinvested | 22356 | 236073 |
| Net increase (decrease) | 2885 | $22544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 60 | $674 | 1412724 | $15388195 |
| Shares repurchased |  |  | (5040840) | (54635523) |
| Shares converted | (26839) | (305545) | 26968 | 305545 |
| Dividends reinvested |  |  | 1838616 | 19415786 |
| Net increase (decrease) | (26779) | $(304871) | (1762532) | $(19525997) |

---

---

| | | |
|:---|:---|:---|
|  | **Class P2** | **Class P2** |
|  | **Shares** | **Amount** |
| Shares sold | 378799 | $4170017 |
| Shares repurchased | (4380922) | (46928787) |
| Shares converted |  |  |
| Dividends reinvested | 350555 | 3747436 |
| Net increase (decrease) | (3651568) | $(39011334) |

---

**For the year ended July 31, 2024:**

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class A** |
| | **Shares** | **Amount** |
| Shares sold | 6663 | $73290 |
| Shares repurchased | (73809) | (793447) |
| Dividends reinvested | 11546 | 121812 |
| Net increase (decrease) | (55600) | $(598345) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class Y** | **Class Y** | **Class P** | **Class P** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 845 | $9129 | 1071164 | $11546854 |
| Shares repurchased | (4985) | (55053) | (6501303) | (69780151) |
| Dividends reinvested | 1146 | 12140 | 975136 | 10277929 |
| Net increase (decrease) | (2994) | $(33784) | (4455003) | $(47955368) |

---

---

| | | |
|:---|:---|:---|
| | **Class P2** | **Class P2** |
| | **Shares** | **Amount** |
| Shares sold | 799785 | $8569968 |
| Shares repurchased | (881257) | (9433205) |
| Dividends reinvested | 171098 | 1799953 |
| Net increase (decrease) | 89626 | $936716 |

---

------

PACE Select Advisors Trust

Notes to financial statements

**Federal tax status**

Each of the Portfolios intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal years ended July 31, 2025 and July 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| <br>**Portfolio** | **Tax-<br>exempt<br>income** | **Ordinary<br>income** | **Long term<br>realized<br>capital gains** | **Return <br>of <br>capital** | **Tax-<br>exempt<br>income** | **Ordinary<br>income** | **Long term<br>realized<br>capital gains** | **Return <br>of <br>capital** |
| UBS Government Money Market <br>Investments Fund | $— | $129967630 | $— | $— | $— | $147258779 | $— | $— |
| PACE Mortgage-Backed Securities Fixed <br>Income Investments |  | 8830385 |  |  |  | 9728612 |  |  |
| PACE Intermediate Fixed Income <br>Investments |  | 11571027 |  |  |  | 12328544 |  |  |
| PACE Strategic Fixed Income Investments |  | 23207646 |  |  |  | 23063411 |  | 1613938 |
| PACE Municipal Fixed Income Investments | 4432624 | 68238 |  |  | 4776615 | 71140 |  |  |
| PACE Global Fixed Income Investments |  | 5139750 |  | 1173400 |  | 2648237 |  | 4084798 |
| PACE High Yield Investments |  | 11308469 |  |  |  | 10581819 |  | 1520674 |
| PACE Large Co Value Equity Investments |  | 15793959 | 54368656 |  |  | 28209437 | 12372435 |  |
| PACE Large Co Growth Equity Investments |  | 8815569 | 79318343 |  |  | 92 | 16410405 |  |
| PACE Small/Medium Co Value Equity <br>Investments |  | 8995027 | 35554142 |  |  | 2043099 | 50253 |  |
| PACE Small/Medium Co Growth Equity <br>Investments |  | 66 | 8190406 |  |  |  |  |  |
| PACE International Equity Investments |  | 17510346 | 62404425 |  |  | 26624845 | 3486593 |  |
| PACE International Emerging Markets <br>Equity Investments |  | 3725350 |  |  |  | 5128572 |  |  |
| PACE Global Real Estate Securities <br>Investments |  | 1119465 |  |  |  | 1019596 |  |  |
| PACE Alternative Strategies Investments |  | 18716248 | 6237721 |  |  | 13037458 |  |  |

---

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at July 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost of <br>investments** | **Gross unrealized <br>appreciation** | **Gross unrealized <br>depreciation** | **Net unrealized <br>appreciation <br>(depreciation) <br>on investments** |
| UBS Government Money Market Investments Fund | $2969270075 | $— | $— | $— |
| PACE Mortgage-Backed Securities Fixed Income Investments | 249355240 | 3959780 | (23245111) | (19285331) |
| PACE Intermediate Fixed Income Investments | 198921254 | 4010172 | (2323114) | 1687058 |
| PACE Strategic Fixed Income Investments | 456574129 | 8668798 | (10913099) | (2244301) |
| PACE Municipal Fixed Income Investments | 158726445 | 253233 | (6240105) | (5986872) |
| PACE Global Fixed Income Investments | 166859400 | 3814299 | (3968572) | (154273) |
| PACE High Yield Investments | 175799764 | 4619063 | (12329490) | (7710427) |
| PACE Large Co Value Equity Investments | 678960163 | 125231182 | (38961154) | 86270028 |
| PACE Large Co Growth Equity Investments | 575362550 | 205783541 | (13394241) | 192389300 |
| PACE Small/Medium Co Value Equity Investments | 234363248 | 53634839 | (35746381) | 17888458 |
| PACE Small/Medium Co Growth Equity Investments | 233207581 | 39107572 | (26372490) | 12735082 |
| PACE International Equity Investments | 617748896 | 182162318 | (25072202) | 157090116 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Cost of <br>investments** | **Gross unrealized <br>appreciation** | **Gross unrealized <br>depreciation** | **Net unrealized <br>appreciation <br>(depreciation) <br>on investments** |
| PACE International Emerging Markets Equity Investments | $403068568 | $73187687 | $(12020211) | $61167476 |
| PACE Global Real Estate Securities Investments | 60096387 | 2350921 | (5335532) | (2984611) |
| PACE Alternative Strategies Investments | 234166460 | 12638639 | (18389337) | (5750698) |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax deferral of losses on wash sales, tax treatment of certain derivatives, mark-to-market of passive foreign investment companies, non-taxable special dividends, mortgage dollar roll adjustments, Section 305(c) adjustments, and constructive sales.

At July 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br>tax-exempt <br>income** | **Undistributed <br>ordinary <br>income** | **Undistributed <br>long-term <br>capital gains** | **Accumulated <br>capital and <br>other losses** | **Unrealized <br>appreciation <br>(depreciation)** | **Other <br>temporary <br>differences** | **Total** |
| UBS Government Money Market <br>Investments Fund | $— | $5380443 | $— | $— | $— | $(5378308) | $2135 |
| PACE Mortgage-Backed Securities <br>Fixed Income Investments |  | 334186 |  | (57508084) | (19285461) | (564448) | (77023807) |
| PACE Intermediate Fixed Income <br>Investments |  | 1499518 |  | (45085571) | 1687058 |  | (41898995) |
| PACE Strategic Fixed Income <br>Investments |  | 85676 |  | (95945839) | (9113739) | (93732) | (105067634) |
| PACE Municipal Fixed Income <br>Investments | 1287474 |  |  | (4510708) | (5986872) |  | (9210106) |
| PACE Global Fixed Income <br>Investments |  |  |  | (35960932) | (160319) | (273221) | (36394472) |
| PACE High Yield Investments |  | 436277 |  | (33199752) | (7702453) | (150140) | (40616068) |
| PACE Large Co Value Equity Investments |  | 13913184 | 59936949 |  | 86283412 |  | 160133545 |
| PACE Large Co Growth Equity Investments |  | 67382 | 103223942 |  | 192389300 |  | 295680624 |
| PACE Small/Medium Co Value Equity <br>Investments |  |  | 4634338 |  | 17855887 |  | 22490225 |
| PACE Small/Medium Co Growth Equity <br>Investments |  | 3632097 | 9979595 |  | 12735082 |  | 26346774 |
| PACE International Equity Investments |  | 6589171 | 48530203 |  | 157511899 | (3898043) | 208733230 |
| PACE International Emerging Markets <br>Equity Investments |  | 7969667 |  | (1803305) | 59693325 |  | 65859687 |
| PACE Global Real Estate Securities <br>Investments |  | 359350 |  | (15629228) | (2985011) |  | (18254889) |
| PACE Alternative Strategies Investments |  | 13613030 | 1845341 |  | (5836795) | (673451) | 8948125 |

---

Net capital losses recognized by the Portfolios may be carried forward indefinitely, and retain their character as short term and/or long-term losses. Capital losses incurred that will be carried forward indefinitely are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-term<br>losses** | **Long-term<br>losses** | **Net capital<br>losses** |
| PACE Mortgage-Backed Securities Fixed Income Investments | $23753174 | $33754910 | $57508084 |
| PACE Intermediate Fixed Income Investments | 17900638 | 27184933 | 45085571 |
| PACE Strategic Fixed Income Investments | 23255391 | 72690448 | 95945839 |
| PACE Municipal Fixed Income Investments | 1027210 | 3483498 | 4510708 |

---

------

PACE Select Advisors Trust

Notes to financial statements

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-term<br>losses** | **Long-term<br>losses** | **Net capital<br>losses** |
| PACE Global Fixed Income Investments | $17702748 | $18258184 | $35960932 |
| PACE High Yield Investments | 1666995 | 31532757 | 33199752 |
| PACE International Emerging Markets Equity Investments | 1803305 |  | 1803305 |
| PACE Global Real Estate Securities Investments | 91297 | 15537931 | 15629228 |

---

During the fiscal year, the following Portfolios utilized capital loss carryforwards to offset current year realized gains:

---

| | |
|:---|:---|
|  | **Capital loss<br>carryforwards<br>utilized** |
| UBS Government Money Market Investments Fund | $2357 |
| PACE International Emerging Markets Equity Investments | 17343010 |

---

At July 31, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Distributable <br>earnings <br>(losses)** | **Beneficial <br>interest** |
| PACE Strategic Fixed Income Investments | $1568 | $(1568) |
| PACE High Yield Investments | 1656 | (1656) |
| PACE Small/Medium Co Growth Equity Investments | 11288 | (11288) |

---

These differences are primarily due to net operating losses and distributions in excess of net investment income.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of July 31, 2025, there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Portfolio's policy to record any significant foreign tax exposures in the financial statements. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the period ended July 31, 2025, the Portfolios did not incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

PACE Select Advisors Trust

Report of independent registered public accounting firm

To the Shareholders and the Board of Trustees of

PACE Select Advisors Trust

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of PACE Select Advisors Trust (the "Trust"), (comprising UBS Government Money Market Investments Fund, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (collectively referred to as the "Funds")), including the schedules of investments, as of July 31, 2025, the related statements of operations and cash flows (for PACE International Equity Investments) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising PACE Select Advisors Trust at July 31, 2025, the results of their operations and cash flows (for PACE International Equity Investments) for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j25197742_ha002.jpg)

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

September 25, 2025

------

PACE Select Advisors Trust

Tax information (unaudited)

We are required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise you in writing as to the federal tax status of distributions received by shareholders during the fiscal year. Accordingly, the amount of ordinary dividends paid that qualify for the dividends received deduction for corporate shareholders and the amount of foreign tax credit to be passed through to shareholders are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Dividends<br>received<br>deduction** | **Long-term<br>capital<br>gain** | **Foreign<br>tax<br>credit** |
| PACE Intermediate Fixed Income Investments | $132321 | $— | $— |
| PACE Strategic Fixed Income Investments | 162190 |  |  |
| PACE Large Co Value Equity Investments | 11039825 | 54368656 |  |
| PACE Large Co Growth Equity Investments | 2800541 | 79318343 |  |
| PACE Small/Medium Co Value Equity Investments | 6094491 | 35554142 |  |
| PACE Small/Medium Co Growth Equity Investments | 11 | 8190406 |  |
| PACE International Equity Investments |  | 62404425 | 713219 |
| PACE International Emerging Markets Equity Investments | 27839 |  | 1940559 |
| PACE Global Real Estate Securities Investments | 2914 |  |  |
| PACE Alternative Strategies Investments | 997517 | 6237721 |  |

---

Also, for the fiscal year ended July 31, 2025, the foreign source income for information reporting purposes for PACE International Equity Investments and PACE International Emerging Markets Equity Investments is $10,256,130, and $4,807,845 respectively.

For the taxable year ended July 31, 2025, the Portfolios designate the amounts below as the maximum amount that may be considered qualified dividend income for individual shareholders

---

| | |
|:---|:---|
| **Portfolio** | **Maximum amount<br>considered qualified<br>dividend income** |
| PACE Intermediate Fixed Income Investments | $132356 |
| PACE Strategic Fixed Income Investments | 162221 |
| PACE High Yield Investments | 34604 |
| PACE Large Co Value Equity Investments | 13390878 |
| PACE Large Co Growth Equity Investments | 3181803 |
| PACE Small/Medium Co Value Equity Investments | 6742202 |
| PACE Small/Medium Co Growth Equity Investments | 12 |
| PACE International Equity Investments | 17682247 |
| PACE International Emerging Markets Equity Investments | 5023738 |
| PACE Global Real Estate Securities Investments | 255937 |
| PACE Alternative Strategies Investments | 2338783 |

---

Dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income. Some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders should not use the above information to prepare their tax returns. Since the Portfolios' fiscal year end is not the calendar year end, another notification will be sent with respect to calendar year 2025. Such notification, which will reflect the amount to be used by calendar year taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and will be mailed in February 2026. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in each of the Portfolios.

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**Trustees**

Virginia G. Breen

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

*Chair*

David R. Malpass

**Investment Manager and Administrator**

UBS Asset Management (Americas) LLC

787 Seventh Avenue

New York, New York 10019

**Principal Underwriter**

UBS Asset Management (US) Inc.

787 Seventh Avenue

New York, New York 10019

This report is not to be used in connection with the offering of shares of the Portfolios unless accompanied or preceded by an effective prospectus.©UBS 2025. All rights reserved.

UBS Asset Management (Americas) LLC

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PRESORTED

STANDARD

U.S. POSTAGE

PAID

COMPUTERSHARE

![](j25197742_za003.jpg)

**UBS Asset Management (Americas) LLC**

787 Seventh Avenue

New York, NY 10019

S003

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

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

(1) All board members and all members of any advisory board for regular compensation: $402,565.

(2) Each board member and each member of an advisory board for special compensation: Not applicable.

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

**Background—**At a meeting of the board of PACE Select Advisors Trust (the "Trust") on July 15-16, 2025, the members of the board, including the trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended, of the Trust (the "Independent Trustees"), considered and approved the continuance of the investment management and administration agreement, as amended (the "Investment Management and Administration Agreement"), between UBS Asset Management (Americas) LLC ("UBS AM") and the Trust, on behalf of each series of the Trust (each a "Portfolio" and together the "Portfolios"), and, for those Portfolios with subadvisor(s), the subadvisory agreements for the Portfolios. (Throughout this discussion, each subadvisor to a Portfolio is referred to as a "Subadvisor" and each subadvisory agreement is referred to as a "Subadvisory Agreement.") In preparing for the meeting, the Independent Trustees requested and received extensive information from UBS AM to assist them, including information about UBS AM and the Portfolios' Subadvisors, as well as the management, subadvisory, administrative and distribution arrangements for the Portfolios. The board reviewed and discussed with management the materials provided by UBS AM prior to the scheduled board meeting. The Independent Trustees also met in executive session, joined by their independent legal counsel, to review the disclosure that had been made to them. The Independent Trustees also received a memorandum from their independent legal counsel discussing the duties of board members in considering the approval of management, subadvisory, administration and distribution agreements.

In its consideration of the approval of the Investment Management and Administration Agreement and the Subadvisory Agreements, the board reviewed the following factors:

**Nature, extent and quality of the services under the Investment Management and Administration Agreement and the Subadvisory Agreements—**The board received and considered information regarding the nature, extent and quality of management services provided to the Portfolios by UBS AM and, for those Portfolios with Subadvisor(s), subadvisory services provided by each Subadvisor during the past year. The board also considered the nature, extent and quality of administrative, distribution and shareholder services performed by UBS AM and its affiliates for the Portfolios and the resources devoted to, and the record of compliance with, each Portfolio's compliance policies and procedures. The board noted that it received information at regular meetings throughout the year regarding the services rendered by UBS AM concerning the management of each Portfolio's affairs and UBS AM's role in coordinating and overseeing providers of other services to the Portfolios. The board noted the complexity of this process for the Portfolios, given their broad range of investment strategies. The board noted that UBS AM provided extensive oversight of the Subadvisors for the Portfolios and reported to the board at each regular meeting on the Subadvisors' performance and compliance with applicable requirements. The board also noted that UBS AM considered and made recommendations with respect to Subadvisor changes (both in terms of the allocation of Portfolio assets to Subadvisors and their hiring and termination) from time to time based on the performance of the Subadvisors and other relevant factors. The board's evaluation of the services provided by UBS AM and the

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Subadvisors took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the scope and quality of UBS AM's investment management and other capabilities and the quality of its administrative and other services. The board observed that the scope of services provided by UBS AM had expanded over time as a result of regulatory and other developments, including (i) maintaining and monitoring its own and the Portfolios' expanded compliance programs and (ii) hiring and replacing Subadvisors, monitoring current Subadvisors (including adjusting their Portfolio asset allocations) and coordinating strategies among Subadvisors to continue to optimize the implementation and effectuation of the Portfolios' investment strategies.

The board had available to it the qualifications, backgrounds and responsibilities of the senior personnel at UBS AM responsible for the Portfolios, and had previously met with and received information regarding the person(s) or portfolio management team from each Subadvisor and/or UBS AM primarily responsible for the day-to-day management of each Portfolio. The board recognized that several senior personnel at UBS AM report to the board regularly, and that at each regular meeting the board receives a detailed report from UBS AM on each Portfolio's performance and receives more extensive information periodically from each Subadvisor. The board also considered, based on its knowledge of UBS AM and its affiliates, the financial resources available to UBS AM and its parent organization, UBS Group AG. In that regard, the board received extensive financial information regarding UBS AM and noted that it was a wholly owned, indirect subsidiary of one of the largest financial services firms in the world. It also was noted that UBS AM had approximately $538 billion in assets under management as of March 31, 2025 and was part of the UBS Asset Management Division, which had approximately $1.8 trillion in assets under management worldwide as of March 31, 2025. The board also considered management's discussions regarding recent financial combination transactions and organizational changes involving UBS AM and its affiliates. The board also was cognizant of, and considered, regulatory and litigation actions and investigations occurring in the past few years involving UBS Group AG, UBS AM and certain of their affiliates.

The board concluded that, overall, it was satisfied with the nature, extent and quality of services provided (and expected to be provided) to the Portfolios under the Investment Management and Administration Agreement as well as under the Subadvisory Agreements.

**Management and subadvisory fees and expense ratios—**For each Portfolio, the board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Portfolio to UBS AM in light of the nature, extent and quality of the services provided by UBS AM pursuant to the Investment Management and Administration Agreement. The board also reviewed and considered the fee waiver and/or expense reimbursement arrangements for each Portfolio (if any) and considered the actual fee rate (after taking any waivers and reimbursements into account) (the "Actual Management Fee") payable by the Portfolio. The board considered whether UBS AM had entered into one or more fee waiver and/or expense reimbursement agreements with a Portfolio under which UBS AM was contractually obligated to waive its management fees and/or reimburse the Portfolio so that the total ordinary operating expenses of certain or all classes of that Portfolio through a certain date (excluding dividend expense, borrowing costs, interest expense relating to short sales, expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, expenses related to shareholders' meetings, and extraordinary expenses) would not exceed specified limits for each class (or, with respect to certain Portfolios, an agreement to waive a portion of its management fee). The board also considered that, with respect to certain share classes, each Portfolio with such a fee waiver/reimbursement agreement had agreed to repay UBS AM for those waived fees and/or reimbursed expenses if the Portfolio can do so over the following three fiscal years without causing its expenses in any of those years to exceed the expense caps. With respect to fee waiver/expense reimbursement arrangements, the board also considered the basis for UBS AM's determination that any such waivers and/or reimbursements do not and will not result in cross-subsidization by one share class of another share class of a Portfolio. Additionally, the board received and considered information comparing each Portfolio's Contractual Management Fee, Actual Management Fee and total expenses with those of funds in a group of funds selected and provided by Broadridge, an independent provider of investment company data (the "Expense Group"). The board

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also received from Broadridge comparative data on a supplemental expense group of subadvised peers (which may include certain of the subadvised peers contained within the primary Expense Group) (the "Supplemental Expense Group"). A discussion of the board's considerations with respect to each Portfolio's fees is set forth below.

In connection with its consideration of each Portfolio's management fees, the board also received information on UBS AM's standard institutional account fees for accounts of a similar investment type to each of the Portfolios. The board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of mutual funds, such as the Portfolios, versus those accounts and the differences in the levels of services required by the Portfolios and those accounts. The board also received information on fees charged to other mutual funds managed by UBS AM. The board observed that it had received certain information regarding fees, compensation from other similar funds, and economies of scale from certain Subadvisors as part of the summary of each Subadvisor's responses to requests for due diligence materials in connection with the board's annual reconsideration of the Subadvisory Agreements; however, the board also observed that the compensation paid to a Subadvisor is paid by UBS AM, not by the particular Portfolio, and, accordingly, that the retention of a Subadvisor generally does not increase the fees otherwise incurred by a Portfolio's shareholders (unless a management fee waiver level was affected by a subadvisory fee increase or a reallocation of assets).

**Portfolio performance—**For each Portfolio, the board received and considered (a) annualized total return information of the Portfolio compared to other funds (the "Performance Universe") selected by Broadridge over the one-, three-, five-, ten-year and since inception periods ended March 31, 2025, and (b) annualized performance information for each year in the ten-year period ended March 31, 2025. The board was provided with a description of the methodology Broadridge used to determine the similarity of a Portfolio with the funds included in its Performance Universe. The board also considered UBS AM's emphasis on longer-term performance, such as the three- and five-year periods, as well as UBS AM's statement that while management believed that the Broadridge peer groups were useful in evaluating Portfolio expenses relative to peers, they were less useful in evaluating performance, as in many cases they were broad-based and consisted of funds that did not necessarily have similar investment parameters to the applicable Portfolio. The board also noted that it had received information periodically throughout the year about each Portfolio's performance, including with respect to each Subadvisor's performance, in most cases compared to certain benchmark indices. The board also considered each Portfolio's performance in light of the investment strategies of each Portfolio and prevailing market conditions. Further discussion of the board's considerations with respect to each Portfolio's performance is set forth below.

**Advisor profitability—**The board received and considered a profitability analysis of UBS AM and its affiliates in providing services to each Portfolio, and was provided information on UBS AM's expense allocation methodology. The board also received profitability information with respect to the UBS New York fund complex as a whole. The board observed that the profitability and expense analyses are substantially similar to those used by UBS AM for many internal purposes, and are subject to regular review with respect to how certain revenue and expenses should be allocated, and the board considered management's explanation of changes to the methodology as a result of internal restructuring at UBS AM. UBS AM's profitability was considered not excessive in light of the nature, extent and quality of the services provided to the Portfolios. A Subadvisor's profitability in providing services to a Portfolio was not a significant factor considered by the board, as the subadvisory fees are paid by UBS AM rather than by the relevant Portfolio.

**Economies of scale—**The board received and considered information from management regarding whether UBS AM realized economies of scale as the Portfolios' assets grew, whether the Portfolios have appropriately benefited from any material unshared economies of scale over time, and whether there is potential for realization of any further economies of scale for the Portfolios. The board considered whether economies of scale in the provision of services to the Portfolios were being passed along to each Portfolio's shareholders. The board noted that each Portfolio's Contractual Management Fee contained breakpoints, with the exception of UBS Government Money

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Market Investments Fund. The board also noted as of March 31, 2025, for those Portfolios having breakpoints, which Portfolio's asset level exceeded at least its first breakpoint. Accordingly, the board determined that actual economies of scale existed for those Portfolios whose assets had reached the first breakpoint level and potential economies of scale existed for those Portfolios whose assets had not yet reached their first breakpoint level. The board also noted that to the extent a Portfolio's assets have increased over time, it has realized other economies of scale as certain expenses, such as fees for trustees, auditor and legal fees and printing and postage, become a smaller percentage of overall assets. The board also took note of the relationship between any breakpoints in a subadvisory fee and the breakpoints in fees paid by the Portfolios to UBS AM.

Generally, in light of UBS AM's profitability data, the Actual Management Fees, the Contractual Management Fees, the breakpoints currently in place for the Portfolios and the current assets of the Portfolios, the board believed that UBS AM's arrangement for sharing of potential and current economies of scale with the Portfolios was acceptable.

**Other benefits to UBS AM and the Subadvisors—**The board was informed by management that the Subadvisors' relationships with the Portfolios were limited to their provision of subadvisory services to these Portfolios, and that therefore, management believed that the Subadvisors and their affiliates did not receive tangible ancillary benefits as a result of the Subadvisors' relationships with the Portfolios, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the equity Portfolios (which also would potentially benefit such Portfolios) and possible limited benefits to certain affiliates of a Subadvisor, such as broker-dealers (e.g., an affiliate's execution of portfolio transactions subject to detailed restrictions in SEC rules and board oversight procedures). The board recognized that certain Subadvisors could receive intangible benefits from their association with the Trust, such as increased name recognition or publicity from being selected as Subadvisors to the Trust after an extensive review process. Similarly, a Portfolio could benefit from having a Subadvisor with an established or well-regarded reputation. The board also considered other benefits received by UBS AM and its affiliates as a result of its relationship with the Portfolios. In light of the costs of providing investment management, administrative and other services to the Portfolios and UBS AM's ongoing commitment to the Portfolios, the profits and other ancillary benefits that UBS AM and its affiliates received were considered reasonable.

In the discussions that follow, reference is made to the "median" in the Broadridge Expense Group, Supplemental Expense Group and Broadridge Performance Universe categories. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. Broadridge information is calculated on a share class basis and references appearing below relate to Class P shares. Management also provided information relevant to other share classes (e.g., Class A shares) for the board's consideration.

**PACE Large Co Growth Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of J.P. Morgan Investment Management, Inc. ("J.P. Morgan"), Polen Capital Management, LLC, and GQG Partners LLC, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-year period and since inception, but above the Performance Universe median for the three-, five-, and ten-year periods.

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**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board noted that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were within the range of the fees and expenses of the Expense Group and concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Large Co Value Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Artisan Partners, LP, Hotchkis & Wiley Capital Management, LLC, and Wellington Management Company LLP, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the ten-year period and since inception, but above the Performance Universe median for the one-, three-, and five-year periods.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Small/Medium Co Growth Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Calamos Advisors LLC, Jacobs Levy Equity Management, Inc., and Riverbridge Partners, LLC, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, and ten-year periods and since inception, but above the Performance Universe median for the five-year period.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses were above, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Small/Medium Co Value Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of ARGA Investment Management, LP ("ARGA"), Kayne Anderson Rudnick Investment Management, LLC, and Victory Capital Management, Inc., the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and Actual Management Fee were below, and total expenses

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were above, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE International Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Chautauqua Capital Management—a division of Robert W. Baird & Co. Incorporated, Los Angeles Capital Management LLC, and Mondrian Investment Partners Limited, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, five- and ten-year periods, ranking in the first quintile for each period, but below the Performance Universe median for the since inception period.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE International Emerging Markets Equity Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of ARGA, RWC Asset Advisors (US) LLC, and William Blair Investment Management, LLC, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one- and five-year periods, but below the Performance Universe median for the three- and ten-year periods and since inception.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were above, and Actual Management Fee was below, the median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Alternative Strategies Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of Aviva Investors Canada Inc., Electron Capital Partners, LLC, Fulcrum Asset Management LLP, Kettle Hill Capital Management, LLC, and PCJ Investment Counsel Ltd., the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-year period, and above the Performance Universe median for the three-, five-, and ten-year periods and since inception, ranking in the first quintile for the since-inception period.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time. It

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was noted that the Subadvisory Agreement with Lazard Asset Management LLC, which had recently commenced as an additional subadvisor to the Portfolio, was within the initial two-year period and not yet subject to the annual contract reconsideration process.

**PACE Global Real Estate Securities Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with MFS Investment Management, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee was equal to, Actual Management Fee was below, and total expenses were above, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

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

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Pacific Investment Management Company LLC ("PIMCO"), the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-year period, but below the Performance Universe median for the three-, five-, and ten-year periods and since inception.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were above, and the Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE High Yield Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Nomura Corporate Research and Asset Management Inc., the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all periods reported, ranking in the first quintile for the since inception period.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

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**PACE Intermediate Fixed Income Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Brown Brothers Harriman & Co. ("BBH"), the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for the one-, three-, and ten-year periods, ranking in the first quintile for the one- and three-year periods, but below the Performance Universe median for the five-year period and since inception.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were each above, and the Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Global Fixed Income Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with J.P. Morgan, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for all periods reported.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Contractual Management Fee and total expenses were above, and the Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Municipal Fixed Income Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreement with Insight North America LLC, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was below the Performance Universe median for the one-, three-, and five-year periods and since inception, but equal to the Performance Universe median for the ten-year period.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee and total expenses were each above, and the Actual Management Fee was below, the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**PACE Strategic Fixed Income Investments**

In approving the Investment Management and Administration Agreement and the Subadvisory Agreements with each of BBH, Neuberger Berman Investment Advisers LLC, and PIMCO, the board, including the Independent Trustees, also considered the following factors:

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**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all periods reported, ranking in the first quintile for the one-, three-, and ten-year periods and since inception.

**Management and subadvisory fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each above the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report. The board concluded that the amount of the difference was not sufficient so as to warrant any changes at the time.

**UBS Government Money Market Investments Fund**

In approving the Investment Management and Administration Agreement, the board, including the Independent Trustees, also considered the following factors:

**Portfolio performance—**The comparative Broadridge information showed that the Portfolio's performance was above the Performance Universe median for all comparative periods, ranking in the first quintile for the one-, three-, and five-year periods and since inception.

**Management fees and expense ratios—**The comparative Broadridge information showed that the Portfolio's Contractual Management Fee, Actual Management Fee and total expenses were each below the respective median in the Portfolio's Expense Group for the comparison periods utilized in the Broadridge report.

**Conclusion**

Based on its review and, in certain instances, management's explanations upon further questioning, the board concluded that each Portfolio's investment performance was satisfactory or acceptable under the circumstances and that each management fee and subadvisory fee, as proposed by management after questions and/or suggestions posed by the board, continued to be appropriate under the circumstances and in light of the nature, extent and quality of the services provided to the Portfolio under the applicable Investment Management and Administration Agreement and Subadvisory Agreement or Subadvisory Agreements, respectively.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the Investment Management and Administration Agreement for each Portfolio and, for those Portfolios with Subadvisors, the Subadvisory Agreement(s). No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Investment Management and Administration Agreement or, for the subadvised Portfolios, the Subadvisory Agreement(s). The Independent Trustees were advised by separate independent legal counsel throughout the process. The board discussed the proposed continuance of the Investment Management and Administration Agreement and the Subadvisory Agreements in private sessions with their independent legal counsel at which no representatives of UBS AM or the Subadvisors were present.

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**<u>**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management**</u> <u>Investment Companies.</u>**

Not applicable to the registrant.

<u>**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**</u>

Not applicable to the registrant.

**<u>**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and**</u> <u>Affiliated Purchasers.</u>**

Not applicable to the registrant.

<u>**Item 15. Submission of Matters to a Vote of Security Holders.**</u>

The registrant's Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not "interested persons" as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Keith A. Weller, Secretary, and indicate on the envelope "Nominating and Corporate Governance Committee." The shareholder's letter should state the nominee's name and should include the nominee's resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

<u>**Item 16. Controls and Procedures.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing
date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer
are aware of no changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.

**<u>**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment**</u> <u>Companies.</u>**

Not applicable to the registrant.

<u>**Item 18. Recovery of Erroneously Awarded Compensation.**</u>

Not applicable.

<u>**Item 19. Exhibits.**</u>

[(a)](tm2519774d1_ex99-codeeth.htm) [(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a "Code of Conduct") is filed herewith as Exhibit EX-99.CODE ETH.](tm2519774d1_ex99-codeeth.htm)

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable to the registrant.

[(a)](tm2519774d1_ex99-cert.htm) [(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.](tm2519774d1_ex99-cert.htm)

(a) (4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to the registrant.

(a) (5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

[(b)](tm2519774d1_ex99-906cert.htm) [Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.](tm2519774d1_ex99-906cert.htm)

[(c)](tm2519774d1_ex99-irannotice.htm) [Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99. IRANNOTICE.](tm2519774d1_ex99-irannotice.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PACE Select Advisors Trust

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | October 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | October 6, 2025 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |
| Date: | October 6, 2025 |

---

## Ex-99.Codeeth

**Exhibit EX-99.CODEETH**

**UBS ASSET MANAGEMENT FUNDS** 

**Code of Conduct**

**Introduction**

This Code of Conduct ("Code") applies to U.S. registered investment companies ("Funds") for which UBS Asset Management ("UBS AM") acts as advisor, sub-advisor and/or manager where UBS AM employees serve as officers of the Funds. This Code shall serve as the code of ethics required by Section 406 of the Sarbanes-Oxley Act.

This Code applies to a Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

**Compliance with Laws, Rules and Regulations**

Each person to whom this Code applies (a "Covered Person") must respect, and comply with, the laws, rules and regulations applicable to a Fund.

It is the personal responsibility of each Covered Person to adhere to the standards and restrictions imposed by those laws, rules and regulations.

**Integrity and Conflicts of Interest**

Each Covered Person must act ethically, with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. A conflict of interest exists when a person's private interest interferes, or appears to interfere, in any way with the interests of a Fund.

Any Covered Person who becomes aware of a conflict of interest or potential conflict of interest not addressed by existing policies or procedures (e.g., Rule 17e-1 Procedures) must promptly consult the Compliance Procedure described in this Code.

**Fair Dealing**

A Covered Person must not take unfair advantage of a Fund through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.

A Covered Person must respect and promote compliance with applicable insider trading laws, rules and regulations as well as with the internal directives and policies of UBS AM concerning illegal or unethical trading while in possession of material non-public information.

**Fund Opportunities**

A Covered Person must abstain from taking for himself or herself personally, or directing to third parties, opportunities that are discovered through the use of Fund property, information or position, or otherwise competing with the interests of a Fund, unless a Fund has already been offered the opportunity and turned it down or such actions are otherwise consistent with the policies and practices disclosed in the Fund's disclosure documents or approved by the Fund's board or otherwise permissible under securities laws and regulations (e.g., soft dollars, trade allocation policies).

**Protection and Proper Use of Fund Assets**

A Covered Person must endeavor to protect a Fund's assets.

Fund property should not be used for personal use.

**Disclosure in Reports and Documents**

A Covered Person must see that a Fund discloses information fully, fairly, accurately, timely and understandably in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by a Fund.

**Reporting Any Violations of the Code**

A Covered Person must promptly consult the Compliance Procedure described in this Code about any observed violations of this Code, including any violations of laws, rules, regulations or other legal requirements or when in doubt about the best course of action in a particular situation.

It is the policy of UBS AM not to allow retaliation for reports of misconduct by others made in good faith.

Reports may be made anonymously if the situation requires that identity be kept secret. UBS AM has established an ethics hotline that permits the anonymous reporting of ethical violations.

**Waivers of this Code**

Any waiver of this Code may be made only by the Board of the relevant Fund or the General Counsel or a Deputy General Counsel of UBS AM and will be disclosed as required by applicable law or regulations. Any waiver by the General Counsel or a Deputy General Counsel of UBS AM must be reported to the Board of the relevant Fund no later than their next regularly scheduled meeting.

For purposes of this provision, the term "waiver" means the approval of a material departure from a provision in this Code. It also includes an "implicit waiver," which means the failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of a fund or the General Counsel or a Deputy General Counsel of UBS AM.

Any person granting a waiver is responsible for promptly alerting the persons responsible for preparing SEC filings so that required disclosure regarding a waiver may be timely included in filings (e.g., Form N-CSR filings).

**Compliance Procedure**

If you are unsure about how to handle a situation with regard to this Code or are aware of any violations or apparent violations of this Code promptly contact the General Counsel or a Deputy General Counsel of UBS AM.

A Fund's Board, the General Counsel or a Deputy General Counsel of UBS AM has the authority to interpret this Code in any particular situation.

**Accountability for Adherence to this Code**

Those who violate the standards in this Code will be subject to disciplinary proceedings or dismissal by UBS AM.

A copy of this Code shall be provided to each Covered Person.

**Note Regarding Interplay with Other Requirements**

This Code deals with the required standards of fairness, honesty and integrity in a universal and general manner. UBS AM and its affiliates have issued, and will issue from time to time, more specific directives, policies, principals and procedures to implement such values while reflecting the specific requirements of a business group, business area or a particular jurisdiction. If there is any inconsistency between the requirements of this Code or any other applicable policy, the higher standard shall apply.

This Code is supplemental to, and does not replace, any other code applicable to Covered Persons, such as a code of ethics regarding personal investing or restrictions on the receipt of gifts from third-party vendors or service contractors.

[7/16 Version]

## Ex-99.Cert

Exhibit EX-99.CERT

<u>**Certifications**</u>

I, Mark E. Carver, President of PACE Select Advisors Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PACE Select Advisors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Date: | October 6, 2025 |

---

I, Joanne M. Kilkeary, Vice President, Treasurer and Principal Accounting Officer of PACE Select Advisors Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PACE Select Advisors Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls
and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements, for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |
| Date: | October 6, 2025 |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of PACE Select Advisors Trust (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Dated: | October 6, 2025 |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | President |
| Dated: | October 6, 2025 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Vice President, Treasurer and Principal Accounting Officer |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Ex-99.Irannotice

Exhibit EX-99.IRANNOTICE

**Disclosure Pursuant To Section 219 of the Iran Threat Reduction And Syrian Human Rights Act**

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. The corrected gross revenues for this UN-related account in 2023 were approximately USD 79,646 (CHF 67,022) and in 2022 approximately USD24,540 (CHF 22,702). In 2024, the gross revenues for this UN-related account were approximately USD 87,553 (CHF 79,481).We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

As previously reported, UBS had certain outstanding legacy trade finance arrangements issued on behalf of Swiss client exporters in favor of their Iranian counterparties. In February 2012 UBS ceased accepting payments on these outstanding export trade finance arrangements and worked with the Swiss government who insured these contracts (Swiss Export Risk Insurance "SERV"). On December 21, 2012, UBS and the SERV entered into certain Transfer and Assignment Agreements under which SERV purchased all of UBS's remaining receivables under or in connection with Iran-related export finance transactions. Hence, the SERV is the sole beneficiary of said receivables. There was no financial activity involving Iran in connection with these trade finance arrangements in 2024, and no gross revenue or net profit.

In connection with these trade finance arrangements, UBS Switzerland AG has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016.Client assets as of 31 December 2024 were CHF 3,097.40. Gross revenues were USD 15 equivalent (CHF 14).

In addition to the above, during 2024, up until the merger with UBS AG, Credit Suisse AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. After the merger, UBS continued to process these payments originally associated with Credit Suisse. Processing these payments is permitted under Swiss law. Revenues and profits from these activities are not calculated but would be negligible.