# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001752724-25-161632
**Filing Date:** 2025-6
**Character Count:** 1048887
**Document Hash:** 1b2a91b75689a47afd4fd1f9a9823990
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-161632.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001752724-25-161632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 251084221

**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

### 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           |

## Nport-Ex

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—7.9%** | **Asset-backed securities—7.9%** | **Asset-backed securities—7.9%** |
| Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-R1, Class M4, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.224%, |  |  |
| &nbsp;&nbsp;&nbsp;5.551%, due 03/25/35<sup>1</sup> | $119029 | $117111 |
| Amortizing Residential Collateral Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;5.441%, due 10/25/34<sup>1</sup> | 68340 | 67770 |
| Anchorage Capital CLO 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-28A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.970%, due 04/20/37<sup>1,2</sup> | 500000 | 500799 |
| Apex Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 04/20/36<sup>1,2</sup> | 500000 | 501357 |
| Bear Stearns Asset-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.314%, |  |  |
| &nbsp;&nbsp;&nbsp;5.641%, due 08/25/34<sup>1</sup> | 1023931 | 1025940 |
| Chase Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;5.081%, due 08/25/32<sup>1</sup> | 109643 | 107547 |
| &nbsp;&nbsp;&nbsp;Series 2002-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;5.181%, due 10/25/32<sup>1</sup> | 4202 | 4144 |
| Countrywide Asset-Backed Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class 3A4, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.941%, due 07/25/34<sup>1</sup> | 53125 | 52242 |
| Countrywide Asset-Backed Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-4, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.834%, |  |  |
| &nbsp;&nbsp;&nbsp;5.161%, due 07/25/34<sup>1</sup> | 13375 | 13687 |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.341%, due 10/25/34<sup>1</sup> | 36516 | 36248 |
| Diameter Capital CLO 6 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-6A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.610%, |  |  |
| &nbsp;&nbsp;&nbsp;5.866%, due 04/15/37<sup>1,2</sup> | 700000 | 700639 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| EMC Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.614%, |  |  |
| &nbsp;&nbsp;&nbsp;5.941%, due 08/25/40<sup>1,2</sup> | $45190 | $45279 |
| EquiFirst Loan Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.284%, |  |  |
| &nbsp;&nbsp;&nbsp;4.611%, due 04/25/37<sup>1,2</sup> | 997779 | 913190 |
| Gallatin CLO VIII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.352%, |  |  |
| &nbsp;&nbsp;&nbsp;5.608%, due 07/15/31<sup>1,2</sup> | 1054480 | 1052371 |
| Generate CLO 3 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 3A, Class A2R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.830%, |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 10/20/36<sup>1,2</sup> | 700000 | 701805 |
| KGS-Alpha SBA COOF Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.986%, due 04/25/38<sup>1,2,3,4</sup> | 4128890 | 82545 |
| KKR CLO 28 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 28A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.440%, |  |  |
| &nbsp;&nbsp;&nbsp;5.701%, due 02/09/35<sup>1,2</sup> | 500000 | 499549 |
| Option One Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.294%, |  |  |
| &nbsp;&nbsp;&nbsp;4.621%, due 04/25/37<sup>1</sup> | 43638 | 24188 |
| Palmer Square CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.320%, |  |  |
| &nbsp;&nbsp;&nbsp;5.592%, due 04/20/35<sup>1,2</sup> | 150000 | 150045 |
| PRET LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-RN2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.744%, due 07/25/51<sup>1,2</sup> | 2698210 | 2676199 |
| &nbsp;&nbsp;&nbsp;Series 2022-RN1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.721%, due 07/25/51<sup>1,2</sup> | 1087926 | 1088413 |
| Renaissance Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.994%, |  |  |
| &nbsp;&nbsp;&nbsp;3.597%, due 08/25/33<sup>1</sup> | 89574 | 81576 |
| Saxon Asset Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-3, Class M3, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;1.020%, due 11/25/35<sup>1</sup> | 199328 | 196642 |
| Soundview Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-OPT1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.314%, |  |  |
| &nbsp;&nbsp;&nbsp;4.641%, due 06/25/37<sup>1</sup> | 504006 | 336047 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount** | **amount** | **Value** | **Value** |
| **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** | **Asset-backed securities—(continued)** |
| Structured Asset Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR1, Class M2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.804%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.131%, due 09/25/35<sup>1</sup> | $| 680172 | $| 643243 |
| Sycamore Tree CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class AR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.680%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 01/20/37<sup>1,2</sup> |  | 400000 |  | 400334 |
| TCW CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.600%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.861%, due 01/16/37<sup>1,2</sup> |  | 500000 |  | 500505 |
| Trinitas CLO XII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-12A, Class A1R, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.370%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.652%, due 04/25/33<sup>1,2</sup> |  | 500000 |  | 499750 |
| Venture 33 CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-33A, Class A1LR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.322%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.578%, due 07/15/31<sup>1,2</sup> |  | 210063 |  | 209821 |
| Venture 36 CLO Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-36A, Class A1AR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.392%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.664%, due 04/20/32<sup>1,2</sup> |  | 550490 |  | 550416 |
| **Total asset-backed securities <br> (cost—$13,725,078)** |  |  |  | **13779402** |
| **Mortgage-backed securities—17.3%** | **Mortgage-backed securities—17.3%** | **Mortgage-backed securities—17.3%** | **Mortgage-backed securities—17.3%** | **Mortgage-backed securities—17.3%** |
| Adjustable Rate Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-8, Class 3A21, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 11/25/35<sup>1</sup> |  | 233120 |  | 161296 |
| BCAP LLC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-RR1, Class 1A4, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.773%, due 03/26/37<sup>1,2</sup> |  | 48031 |  | 38398 |
| &nbsp;&nbsp;&nbsp;Series 2013-RR1, Class 3A4, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/26/37<sup>1,2</sup> |  | 122152 |  | 82196 |
| Bear Stearns ARM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class 12A2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/25/34<sup>1</sup> |  | 18108 |  | 16458 |
| Bear Stearns Asset-Backed Securities I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-AC3, Class A2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/25/34<sup>1</sup> |  | 281255 |  | 270898 |
| Bear Stearns Asset-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-AC5, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/25/33<sup>1</sup> |  | 82781 |  | 92838 |
| Chevy Chase Funding LLC Mortgage-Backed Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1A, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.394%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 01/25/35<sup>1,2</sup> |  | 5783 |  | 5556 |
| CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-HYB1, Class 1A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.413%, due 05/19/33<sup>1</sup> |  | 2248 |  | 2027 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| &nbsp;&nbsp;&nbsp;Series 2007-15, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/37 | $23859 | $8510 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series KJ45, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.660%, due 01/25/31 | 600000 | 608312 |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 4265, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(3.200)\* 30 day USD SOFR Average + 13.394%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/43<sup>1</sup> | 828981 | 756817 |
| &nbsp;&nbsp;&nbsp;Series 2614, Class WO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/33<sup>5</sup> | 274738 | 239531 |
| &nbsp;&nbsp;&nbsp;Series 4839, Class UO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/56<sup>5</sup> | 381551 | 241822 |
| &nbsp;&nbsp;&nbsp;Series 4836, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/58<sup>5</sup> | 675847 | 418263 |
| &nbsp;&nbsp;&nbsp;Series 4263, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;0.376%, due 11/15/43<sup>1</sup> | 291253 | 257076 |
| &nbsp;&nbsp;&nbsp;Series 4255, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;0.400%, due 05/15/35<sup>1</sup> | 265242 | 263465 |
| &nbsp;&nbsp;&nbsp;Series 4076, Class SW, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 5.936%, |  |  |
| &nbsp;&nbsp;&nbsp;1.591%, due 07/15/42<sup>1</sup> | 813402 | 86823 |
| &nbsp;&nbsp;&nbsp;Series 3635, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.691%, due 10/15/37<sup>1</sup> | 32082 | 1531 |
| &nbsp;&nbsp;&nbsp;Series 4156, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.086%, |  |  |
| &nbsp;&nbsp;&nbsp;1.741%, due 01/15/33<sup>1</sup> | 432714 | 37736 |
| &nbsp;&nbsp;&nbsp;Series 3621, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.812%, due 05/15/37<sup>1</sup> | 18962 | 1012 |
| &nbsp;&nbsp;&nbsp;Series 3598, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.933%, due 10/15/37<sup>1</sup> | 11284 | 498 |
| &nbsp;&nbsp;&nbsp;Series 5034, Class MI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/25/50 | 625219 | 87227 |
| &nbsp;&nbsp;&nbsp;Series 3339, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.366%, |  |  |
| &nbsp;&nbsp;&nbsp;2.021%, due 07/15/37<sup>1</sup> | 419723 | 40086 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| &nbsp;&nbsp;&nbsp;Series 4367, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.044%, due 03/15/37<sup>1</sup> | $29401 | $1642 |
| &nbsp;&nbsp;&nbsp;Series 3684, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.185%, due 11/15/36<sup>1</sup> | 90247 | 5403 |
| &nbsp;&nbsp;&nbsp;Series 4394, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.241%, due 08/15/41<sup>1</sup> | 25320 | 1408 |
| &nbsp;&nbsp;&nbsp;Series 4438, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.242%, due 11/15/38<sup>1</sup> | 83399 | 4756 |
| &nbsp;&nbsp;&nbsp;Series 4463, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.266%, due 02/15/38<sup>1</sup> | 49288 | 2770 |
| &nbsp;&nbsp;&nbsp;Series 4338, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.312%, due 10/15/41<sup>1</sup> | 47109 | 2799 |
| &nbsp;&nbsp;&nbsp;Series 3962, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.328%, due 06/15/38<sup>1</sup> | 73357 | 4563 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/28 | 522651 | 13359 |
| &nbsp;&nbsp;&nbsp;Series 4324, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.600%, due 08/15/36<sup>1</sup> | 31103 | 1959 |
| &nbsp;&nbsp;&nbsp;Series 4100, Class HI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/15/27 | 38734 | 856 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class QI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/33 | 32935 | 1663 |
| &nbsp;&nbsp;&nbsp;Series 4165, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/15/42 | 408685 | 22172 |
| &nbsp;&nbsp;&nbsp;Series 2513, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 7.886%, |  |  |
| &nbsp;&nbsp;&nbsp;3.541%, due 02/15/32<sup>1</sup> | 87196 | 9571 |
| &nbsp;&nbsp;&nbsp;Series 4544, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/46 | 842312 | 147327 |
| &nbsp;&nbsp;&nbsp;Series 3442, Class MT, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.114%, |  |  |
| &nbsp;&nbsp;&nbsp;4.459%, due 07/15/34<sup>1</sup> | 22510 | 20995 |
| &nbsp;&nbsp;&nbsp;Series 2411, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.809%, due 12/15/29<sup>1</sup> | 3744 | 3731 |
| &nbsp;&nbsp;&nbsp;Series 4832, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.817%, due 04/15/38<sup>1</sup> | 556274 | 548771 |
| &nbsp;&nbsp;&nbsp;Series 3096, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.859%, due 01/15/36<sup>1</sup> | 45911 | 45342 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 3114, Class PF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.859%, due 02/15/36<sup>1</sup> | $268082 | $266342 |
| &nbsp;&nbsp;&nbsp;Series 3153, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.544%, |  |  |
| &nbsp;&nbsp;&nbsp;4.889%, due 05/15/36<sup>1</sup> | 66138 | 65769 |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.959%, due 01/15/32<sup>1</sup> | 6759 | 6756 |
| &nbsp;&nbsp;&nbsp;Series 4068, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.959%, due 06/15/42<sup>1</sup> | 344013 | 338392 |
| &nbsp;&nbsp;&nbsp;Series 4945, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, due 12/15/46<sup>1</sup> | 86017 | 84919 |
| &nbsp;&nbsp;&nbsp;Series 3667, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;5.009%, due 02/15/38<sup>1</sup> | 4050 | 4025 |
| &nbsp;&nbsp;&nbsp;Series 4940, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;5.018%, due 01/25/50<sup>1</sup> | 221769 | 215613 |
| &nbsp;&nbsp;&nbsp;Series 3671, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.964%, |  |  |
| &nbsp;&nbsp;&nbsp;5.309%, due 12/15/36<sup>1</sup> | 396425 | 399061 |
| &nbsp;&nbsp;&nbsp;Series 3864, Class NT, |  |  |
| &nbsp;&nbsp;&nbsp;(9.167)\* 30 day USD SOFR Average + 59.451%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/39<sup>1</sup> | 164663 | 166395 |
| &nbsp;&nbsp;&nbsp;Series 2136, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/29 | 239 | 16 |
| &nbsp;&nbsp;&nbsp;Series 2178, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 08/15/29 | 2165 | 214 |
| Federal Home Loan Mortgage Corp. STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 389, Class C40, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 10/15/52 | 4265088 | 658954 |
| &nbsp;&nbsp;&nbsp;Series 303, Class C19, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/43 | 354519 | 59303 |
| &nbsp;&nbsp;&nbsp;Series 345, Class C13, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/15/45 | 520270 | 79390 |
| &nbsp;&nbsp;&nbsp;Series 330, Class F4, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.817%, due 10/15/37<sup>1</sup> | 126490 | 124729 |
| &nbsp;&nbsp;&nbsp;Series 326, Class F2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;5.009%, due 03/15/44<sup>1</sup> | 209737 | 208948 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Federal Home Loan Mortgage Corp. Whole Loan Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-SC02, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/25/45 | $181083 | $157310 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/25/46 | 322277 | 278978 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/25/46 | 369215 | 324713 |
| Federal National Mortgage Association Interest STRIPS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 419, Class C3, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/25/43 | 75531 | 10300 |
| &nbsp;&nbsp;&nbsp;Series 413, Class 111, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/25/42<sup>1</sup> | 378078 | 53930 |
| &nbsp;&nbsp;&nbsp;Series 386, Class 14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/25/38 | 26142 | 5931 |
| Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-111, Class HS, |  |  |
| &nbsp;&nbsp;&nbsp;(0.833)\* 30 day USD SOFR Average + 3.571%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/42<sup>1</sup> | 36376 | 24172 |
| &nbsp;&nbsp;&nbsp;Series 2015-73, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 30 day USD SOFR Average + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/45<sup>1</sup> | 176805 | 112144 |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 2.550%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/25/52<sup>1</sup> | 3587528 | 26921 |
| &nbsp;&nbsp;&nbsp;Series 2014-84, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;0.200%, due 02/25/43<sup>1</sup> | 214686 | 1385 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 12/25/27 | 1662911 | 1610837 |
| &nbsp;&nbsp;&nbsp;Series 2019-62, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 5.886%, |  |  |
| &nbsp;&nbsp;&nbsp;1.532%, due 11/25/49<sup>1</sup> | 179038 | 24399 |
| &nbsp;&nbsp;&nbsp;Series 2013-28, Class YS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;1.682%, due 07/25/42<sup>1</sup> | 284968 | 36684 |
| &nbsp;&nbsp;&nbsp;Series 2013-34, Class PS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;1.682%, due 08/25/42<sup>1</sup> | 240849 | 21195 |
| &nbsp;&nbsp;&nbsp;Series 2014-42, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.720%, due 07/25/44<sup>1</sup> | 80723 | 3326 |
| &nbsp;&nbsp;&nbsp;Series 2012-77, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.767%, due 07/25/52<sup>1</sup> | 81639 | 4038 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-76, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.795%, due 10/25/46<sup>1</sup> | $31529 | $1394 |
| &nbsp;&nbsp;&nbsp;Series 2015-64, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.970%, due 09/25/45<sup>1</sup> | 78379 | 3236 |
| &nbsp;&nbsp;&nbsp;Series 2014-43, Class BS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.975%, due 07/25/44<sup>1</sup> | 146853 | 8226 |
| &nbsp;&nbsp;&nbsp;Series 2016-17, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.010%, due 04/25/46<sup>1</sup> | 57420 | 2789 |
| &nbsp;&nbsp;&nbsp;Series 2010-76, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.386%, |  |  |
| &nbsp;&nbsp;&nbsp;2.032%, due 07/25/40<sup>1</sup> | 292456 | 24336 |
| &nbsp;&nbsp;&nbsp;Series 2014-92, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.116%, due 01/25/45<sup>1</sup> | 74498 | 4057 |
| &nbsp;&nbsp;&nbsp;Series 2015-19, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.121%, due 04/25/55<sup>1</sup> | 134596 | 6731 |
| &nbsp;&nbsp;&nbsp;Series 2014-45, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.139%, due 08/25/44<sup>1</sup> | 71294 | 4584 |
| &nbsp;&nbsp;&nbsp;Series 2015-10, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.147%, due 03/25/45<sup>1</sup> | 175375 | 9691 |
| &nbsp;&nbsp;&nbsp;Series 2015-50, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.240%, due 07/25/45<sup>1</sup> | 451047 | 27616 |
| &nbsp;&nbsp;&nbsp;Series 2014-47, Class BI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/25/54<sup>1</sup> | 140820 | 7543 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/25/51 | 793382 | 129363 |
| &nbsp;&nbsp;&nbsp;Series 2015-58, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.505%, due 08/25/55<sup>1</sup> | 85531 | 4864 |
| &nbsp;&nbsp;&nbsp;Series 2020-70, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.509%, due 10/25/50<sup>1</sup> | 7618737 | 376702 |
| &nbsp;&nbsp;&nbsp;Series 2018-28, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/48 | 196151 | 175129 |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/43 | 551509 | 41399 |
| &nbsp;&nbsp;&nbsp;Series 2013-45, Class IK, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/25/43 | 413232 | 39211 |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/43 | 202786 | 23927 |
| &nbsp;&nbsp;&nbsp;Series 2013-116, Class IY, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/25/43 | 165202 | 10193 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/25/46 | $286700 | $35716 |
| &nbsp;&nbsp;&nbsp;Series 2016-20, Class EI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 98887 | 9860 |
| &nbsp;&nbsp;&nbsp;Series 2016-52, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 251621 | 27572 |
| &nbsp;&nbsp;&nbsp;Series 2016-64, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/46 | 238881 | 27704 |
| &nbsp;&nbsp;&nbsp;Series 2016-63, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/25/46 | 37757 | 2906 |
| &nbsp;&nbsp;&nbsp;Series 2015-47, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/25/44 | 25180 | 1561 |
| &nbsp;&nbsp;&nbsp;Series 2020-54, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.564%, |  |  |
| &nbsp;&nbsp;&nbsp;4.277%, due 08/25/50<sup>1</sup> | 331967 | 322751 |
| &nbsp;&nbsp;&nbsp;Series 2012-122, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/25/41 | 137894 | 8040 |
| &nbsp;&nbsp;&nbsp;Series 2018-85, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.768%, due 12/25/48<sup>1</sup> | 1217133 | 1201467 |
| &nbsp;&nbsp;&nbsp;Series 2007-67, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.434%, |  |  |
| &nbsp;&nbsp;&nbsp;4.788%, due 07/25/37<sup>1</sup> | 25921 | 25470 |
| &nbsp;&nbsp;&nbsp;Series 2012-128, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.818%, due 11/25/42<sup>1</sup> | 103281 | 100840 |
| &nbsp;&nbsp;&nbsp;Series 2002-60, Class F1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.868%, due 06/25/32<sup>1</sup> | 24980 | 24917 |
| &nbsp;&nbsp;&nbsp;Series 2019-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.868%, due 03/25/49<sup>1</sup> | 1918270 | 1898330 |
| &nbsp;&nbsp;&nbsp;Series 2012-90, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.554%, |  |  |
| &nbsp;&nbsp;&nbsp;4.908%, due 08/25/42<sup>1</sup> | 36691 | 36088 |
| &nbsp;&nbsp;&nbsp;Series 2010-141, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.968%, due 12/25/40<sup>1</sup> | 97666 | 96316 |
| &nbsp;&nbsp;&nbsp;Series 2024-38, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.152%, due 01/25/51<sup>1</sup> | 1582290 | 1581072 |
| &nbsp;&nbsp;&nbsp;Series 2024-10, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;5.252%, due 12/25/50<sup>1</sup> | 686804 | 684218 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2009-33, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;5.288%, due 03/25/37<sup>1</sup> | $216357 | $217453 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-M33, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.349%, due 01/25/31<sup>1</sup> | 583364 | 38978 |
| &nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;2.944%, due 07/25/39 | 415060 | 377638 |
| Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-A, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.939%, |  |  |
| &nbsp;&nbsp;&nbsp;5.266%, due 01/25/34<sup>1</sup> | 258673 | 242235 |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-126, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 1 mo. USD Term SOFR + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/20/45<sup>1</sup> | 323052 | 207027 |
| &nbsp;&nbsp;&nbsp;Series 2015-127, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/20/43<sup>1</sup> | 119948 | 6025 |
| &nbsp;&nbsp;&nbsp;Series 2016-138, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/20/45<sup>1</sup> | 107062 | 4271 |
| &nbsp;&nbsp;&nbsp;Series 2016-180, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/20/45<sup>1</sup> | 203765 | 8452 |
| &nbsp;&nbsp;&nbsp;Series 2017-15, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/20/45<sup>1</sup> | 122426 | 5417 |
| &nbsp;&nbsp;&nbsp;Series 2017-57, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/20/45<sup>1</sup> | 51551 | 2344 |
| &nbsp;&nbsp;&nbsp;Series 2007-18, Class CO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/20/35<sup>5</sup> | 9394 | 8905 |
| &nbsp;&nbsp;&nbsp;Series 2015-180, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.088%, due 06/20/42<sup>1</sup> | 126298 | 6320 |
| &nbsp;&nbsp;&nbsp;Series 2015-166, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.138%, due 06/20/42<sup>1</sup> | 116316 | 5798 |
| &nbsp;&nbsp;&nbsp;Series 2017-H23, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/67 | 540376 | 529987 |
| &nbsp;&nbsp;&nbsp;Series 2013-77, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | 626657 | 55080 |
| &nbsp;&nbsp;&nbsp;Series 2014-158, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/29 | 145123 | 6315 |
| &nbsp;&nbsp;&nbsp;Series 2013-23, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/42 | 499790 | 57800 |
| &nbsp;&nbsp;&nbsp;Series 2015-165, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/42 | 123244 | 11626 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-118, Class IE, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/46 | $26940 | $3943 |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.650%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/20/74<sup>1</sup> | 774570 | 773160 |
| &nbsp;&nbsp;&nbsp;Series 2013-H19, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.764%, |  |  |
| &nbsp;&nbsp;&nbsp;5.089%, due 05/20/63<sup>1</sup> | 124445 | 124577 |
| &nbsp;&nbsp;&nbsp;Series 2015-H30, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;5.119%, due 08/20/61<sup>1</sup> | 3144 | 3140 |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;5.119%, due 11/20/65<sup>1</sup> | 600323 | 600666 |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;5.139%, due 10/20/65<sup>1</sup> | 455 | 456 |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.790%, |  |  |
| &nbsp;&nbsp;&nbsp;5.140%, due 04/20/74<sup>1</sup> | 487881 | 487627 |
| &nbsp;&nbsp;&nbsp;Series 2013-H23, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.834%, |  |  |
| &nbsp;&nbsp;&nbsp;5.159%, due 09/20/63<sup>1</sup> | 36273 | 36390 |
| &nbsp;&nbsp;&nbsp;Series 2015-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;5.189%, due 09/20/65<sup>1</sup> | 781210 | 782139 |
| &nbsp;&nbsp;&nbsp;Series 2016-H14, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;5.239%, due 06/20/66<sup>1</sup> | 126851 | 127115 |
| &nbsp;&nbsp;&nbsp;Series 2024-H01, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/20/74<sup>1</sup> | 975518 | 981073 |
| &nbsp;&nbsp;&nbsp;Series 2010-H01, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;5.256%, due 01/20/60<sup>1</sup> | 207117 | 208321 |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.930%, |  |  |
| &nbsp;&nbsp;&nbsp;5.280%, due 01/20/74<sup>1</sup> | 1924096 | 1938044 |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 12/20/73<sup>1</sup> | 1454824 | 1454817 |
| &nbsp;&nbsp;&nbsp;Series 2013-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;5.439%, due 08/20/63<sup>1</sup> | 72672 | 73390 |
| GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-MM1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/25/52<sup>1,2</sup> | 1416834 | 1147565 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-14, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.444%, |  |  |
| &nbsp;&nbsp;&nbsp;4.771%, due 12/25/34<sup>1</sup> | $882 | $837 |
| IndyMac INDX Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR2, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;5.081%, due 02/25/35<sup>1</sup> | 135076 | 121238 |
| JP Morgan Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2008-R4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.936%, due 06/27/37<sup>1,2</sup> | 391020 | 230328 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-6, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.341%, due 12/25/49<sup>1,2</sup> | 271562 | 259089 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.341%, due 02/25/50<sup>1,2</sup> | 417132 | 397663 |
| Merrill Lynch Mortgage Investors Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.574%, |  |  |
| &nbsp;&nbsp;&nbsp;4.901%, due 04/25/29<sup>1</sup> | 8286 | 7571 |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.492%, due 12/25/34<sup>1</sup> | 44360 | 41429 |
| Morgan Stanley Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-11AR, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.434%, |  |  |
| &nbsp;&nbsp;&nbsp;4.761%, due 01/25/35<sup>1</sup> | 12242 | 11331 |
| Morgan Stanley Re-REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-R4, Class 4B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.344%, |  |  |
| &nbsp;&nbsp;&nbsp;3.043%, due 02/26/37<sup>1,2</sup> | 81578 | 69884 |
| Mortgage Equity Conversion Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-FF3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 0.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.510%, due 05/25/42<sup>1,2</sup> | 688936 | 624716 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-INV2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/52<sup>1,2</sup> | 502818 | 426374 |
| Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-A7CB, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.941%, due 07/25/36<sup>1</sup> | 184534 | 115039 |
| Sequoia Mortgage Trust 11, |  |  |
| &nbsp;&nbsp;&nbsp;Series 11, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.334%, due 12/20/32<sup>1</sup> | 66033 | 57205 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Sequoia Mortgage Trust 5, |  |  |
| &nbsp;&nbsp;&nbsp;Series 5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;5.134%, due 10/19/26<sup>1</sup> | $15173 | $14844 |
| Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.554%, |  |  |
| &nbsp;&nbsp;&nbsp;4.881%, due 05/25/37<sup>1</sup> | 74630 | 65772 |
| Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR3, Class 11A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.534%, |  |  |
| &nbsp;&nbsp;&nbsp;4.861%, due 04/25/36<sup>1</sup> | 122997 | 109488 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.699%, due 04/25/45<sup>1</sup> | 14482 | 13856 |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-AR9, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.640%, due 09/25/33<sup>1</sup> | 21307 | 20266 |
| &nbsp;&nbsp;&nbsp;**Total mortgage-backed securities<br> (cost—$34,252,405)**  |  | **30039395** |
| **U.S. government agency obligations: 184.7%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/01/36 | 583858 | 533098 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/31 | 49613 | 47860 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/31 | 20262 | 19456 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/32 | 32893 | 31418 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/32 | 155684 | 148453 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/32 | 208965 | 199135 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/32 | 6557 | 6251 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/32 | 192010 | 182736 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 47740 | 45413 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/50 | 988276 | 822869 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/51 | 4403991 | 3720591 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 757067 | 638086 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 1193045 | 999564 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 89605 | 75014 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | 4242 | 4198 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 22412 | 22181 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 125834 | 124466 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 69425 | 67321 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 356893 | 345855 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 243684 | 236019 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | 131468 | 127266 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/32 | 137273 | 132755 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 241414 | 233393 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/33 | 536289 | 517290 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/40 | 923488 | 857085 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 1355454 | 1239765 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 156726 | 143350 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/42 | 54541 | 49886 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 107764 | 98049 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 64049 | 58285 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/44 | $125651 | $113086 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/46 | 129702 | 113766 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 598835 | 532923 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/50 | 469379 | 415363 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 1435042 | 1244808 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/51 | 713144 | 618607 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/51 | 4824630 | 4237113 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 131879 | 115958 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 1171796 | 1016459 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 | 939823 | 819007 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 1660708 | 1446073 |
| &nbsp;&nbsp;&nbsp;3.050%, due 03/01/32 | 221351 | 201819 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | 140523 | 137824 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/33 | 84000 | 81961 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/34 | 52017 | 50686 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/34 | 21870 | 21311 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/35 | 329669 | 320317 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 172817 | 168115 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 656 | 614 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 573 | 536 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/48 | 562436 | 515177 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 230668 | 208910 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/37 | 124550 | 122226 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/43 | 456280 | 439570 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/43 | 70239 | 67667 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 1010733 | 973837 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 111657 | 105910 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 309638 | 293683 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 16221 | 15386 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 8997 | 8513 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/48 | 24850 | 23513 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/48 | 96927 | 91116 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/48 | 1401039 | 1323967 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 118643 | 111531 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/49 | 476456 | 449289 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/34 | 395572 | 398976 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/36 | 9145 | 9199 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/37 | 1023 | 1023 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/38 | 24329 | 24219 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/42 | 117804 | 116228 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/43 | 138140 | 136293 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/43 | 216591 | 213694 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | 344112 | 336572 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/49 | 36382 | 35315 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/50 | 267125 | 258606 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/52 | 424966 | 408777 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/53 | 468635 | 450206 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/53 | 189859 | 182088 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/25 | 792 | 790 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/27 | 969 | 972 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/33 | 43265 | 44167 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 2548 | 2600 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | $15945 | $16255 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/35 | 25543 | 26044 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 | 41624 | 42438 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/35 | 7057 | 7196 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | 6666 | 6797 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 194 | 198 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 108050 | 109884 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/38 | 66727 | 67883 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/39 | 15279 | 15539 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/40 | 1643 | 1665 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/40 | 77563 | 78625 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/40 | 70352 | 71413 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/40 | 11709 | 11869 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/41 | 82695 | 83642 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/41 | 16083 | 16267 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/41 | 32469 | 32835 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/41 | 25598 | 25890 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 15892 | 16074 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/44 | 14934 | 15192 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 532179 | 531865 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 511006 | 504599 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 263045 | 259642 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 584816 | 573856 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 1286052 | 1271224 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 387209 | 381974 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/32 | 419 | 429 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/32 | 859 | 883 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/33 | 18982 | 19566 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/33 | 203 | 209 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/33 | 80024 | 82520 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 14415 | 14862 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/34 | 11977 | 12427 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/35 | 197676 | 204352 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/35 | 1572 | 1620 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/35 | 63369 | 65671 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/35 | 21629 | 22415 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/36 | 114925 | 119237 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/36 | 177505 | 183701 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/37 | 18822 | 19430 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 29943 | 30907 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/37 | 878 | 907 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/38 | 34975 | 36195 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/38 | 3984 | 4107 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/38 | 619 | 638 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/39 | 16730 | 17271 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/39 | 54803 | 56561 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/40 | 2127 | 2192 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/40 | 2202 | 2270 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/40 | 31232 | 32195 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/41 | 33317 | 34346 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/37 | 341153 | 358159 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/55 | 6121069 | 6293190 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.137%, |  |  |
| &nbsp;&nbsp;&nbsp;6.262%, due 01/01/28<sup>1</sup> | $1440 | $1441 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.525%, |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 12/01/29<sup>1</sup> | 809 | 817 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;6.663%, due 07/01/28<sup>1</sup> | 13889 | 13933 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.415%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 11/01/25<sup>1</sup> | 1775 | 1768 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.415%, |  |  |
| &nbsp;&nbsp;&nbsp;6.735%, due 01/01/29<sup>1</sup> | 5338 | 5342 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.784%, due 11/01/27<sup>1</sup> | 12471 | 12470 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.768%, |  |  |
| &nbsp;&nbsp;&nbsp;6.907%, due 10/01/39<sup>1</sup> | 379320 | 385300 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/25 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.221%, |  |  |
| &nbsp;&nbsp;&nbsp;7.024%, due 11/01/29<sup>1</sup> | 16058 | 16108 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.625%, |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 01/01/30<sup>1</sup> | 11221 | 11373 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;7.157%, due 06/01/28<sup>1</sup> | 5296 | 5303 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.765%, |  |  |
| &nbsp;&nbsp;&nbsp;7.212%, due 11/01/36<sup>1</sup> | 147292 | 149960 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.344%, due 09/01/34<sup>1</sup> | 171155 | 175371 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.431%, |  |  |
| &nbsp;&nbsp;&nbsp;7.385%, due 10/01/27<sup>1</sup> | 7630 | 7650 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.860%, |  |  |
| &nbsp;&nbsp;&nbsp;7.418%, due 11/01/41<sup>1</sup> | 408517 | 418853 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.651%, |  |  |
| &nbsp;&nbsp;&nbsp;7.775%, due 10/01/27<sup>1</sup> | 1426 | 1435 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 08/01/51 | 463920 | 349792 |
| &nbsp;&nbsp;&nbsp;2.000%, due 05/01/28 | 46202 | 44801 |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/31 | 50429 | 47703 |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/31 | 163069 | 154343 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/32 | 28481 | 26963 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/01/28 | 26850 | 26302 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/28 | 270017 | 263819 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/28 | 93520 | 91399 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/30 | 8887 | 8583 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/30 | 12396 | 11959 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 152162 | 144553 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/50 | 381268 | 317470 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/51 | 1038984 | 865050 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/51 | 468154 | 391824 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/51 | 1350676 | 1131363 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 1513316 | 1271484 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/52 | 1515812 | 1268229 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 673808 | 564550 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 1228046 | 1028900 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | $5795 | $5729 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 116191 | 114859 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/26 | 10900 | 10772 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 117576 | 116172 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/27 | 25180 | 24876 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/28 | 31647 | 31176 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/30 | 38785 | 37939 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/30 | 18525 | 18063 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/30 | 22717 | 22147 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/30 | 7260 | 7061 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/31 | 489365 | 477457 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 68280 | 66181 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/32 | 66898 | 64770 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 327851 | 317349 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 98049 | 94876 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | 196669 | 190150 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/32 | 85650 | 82780 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 171990 | 166086 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/38 | 230832 | 216519 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/38 | 219484 | 205828 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/42 | 158636 | 145097 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 158588 | 145052 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 319060 | 291828 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/43 | 838387 | 762280 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 258900 | 235227 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 274678 | 249563 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/43 | 36161 | 32855 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/43 | 24214 | 22000 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/46 | 1011121 | 918214 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 2389442 | 2129298 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/47 | 191448 | 173943 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/49 | 740095 | 643141 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/49 | 201952 | 179171 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/50 | 1451565 | 1261407 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/50 | 3184495 | 2804865 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/50 | 536354 | 466808 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/50 | 418191 | 363723 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/51 | 1808663 | 1568901 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 3047948 | 2644758 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/51 | 3201324 | 2776945 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/51 | 392120 | 340181 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 163786 | 142074 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 387494 | 336127 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 115368 | 101009 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 1621923 | 1407456 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/52 | 427941 | 373618 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/57 | 509912 | 436621 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/58 | 530072 | 454019 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/25 | 6222 | 6185 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/26 | 40351 | 40059 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/28 | 47190 | 46739 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/29 | 8376 | 8260 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | $128786 | $127734 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/33 | 36234 | 35328 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/34 | 52524 | 51231 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/35 | 103754 | 100850 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/35 | 100942 | 98162 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 93295 | 90756 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/35 | 553651 | 540560 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 147741 | 138295 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/42 | 10358 | 9695 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/42 | 270 | 252 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/42 | 54272 | 50803 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/42 | 607263 | 568440 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/43 | 387922 | 362350 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/43 | 1626 | 1519 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 2191155 | 2050625 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/43 | 5165194 | 4834609 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/44 | 71529 | 66956 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/45 | 1153924 | 1064858 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/45 | 19569 | 18058 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/01/45 | 6791 | 6274 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/46 | 483180 | 447035 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/47 | 1349044 | 1260268 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/47 | 131444 | 120872 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/47 | 177446 | 163878 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/47 | 242578 | 223104 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/47 | 225638 | 207490 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/48 | 218221 | 198696 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/48 | 768981 | 700663 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 86807 | 78619 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/50 | 3615415 | 3277748 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/50 | 314744 | 285317 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/56 | 645825 | 585497 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/57 | 608747 | 547613 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/59 | 869729 | 775618 |
| &nbsp;&nbsp;&nbsp;3.575%, due 02/01/26 | 500000 | 496144 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/25 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/25 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/25 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/25 | 270 | 268 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/26 | 7600 | 7560 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/26 | 15231 | 15150 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/26 | 1852 | 1842 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/26 | 38691 | 38485 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/32 | 690 | 684 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/33 | 29304 | 29036 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/33 | 104728 | 103444 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/33 | 589020 | 583595 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/34 | 312529 | 307397 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/35 | 564754 | 556480 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/37 | 505468 | 496486 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/38 | 343050 | 337242 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/38 | 418110 | 409034 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/38 | $192467 | $188461 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/38 | 232830 | 227756 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/39 | 39332 | 38178 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/39 | 108712 | 105531 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/40 | 796627 | 773243 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/40 | 629542 | 611074 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/41 | 234527 | 227769 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/41 | 295988 | 287458 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/42 | 1389646 | 1344349 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/42 | 1927226 | 1858432 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/42 | 1714148 | 1652960 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 81164 | 78824 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/44 | 2517 | 2412 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/45 | 9469 | 9017 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/45 | 570581 | 543334 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/47 | 64685 | 61442 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/47 | 26138 | 24761 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/47 | 99287 | 94065 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/47 | 181536 | 171989 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/47 | 4539 | 4300 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 22145 | 20978 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 83609 | 79204 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 181258 | 170408 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 87431 | 82311 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 195525 | 183589 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49 | 641971 | 605896 |
| &nbsp;&nbsp;&nbsp;4.490%, due 04/01/33 | 300000 | 299771 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/29 | 5508 | 5549 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/35 | 11692 | 11747 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/38 | 118127 | 117967 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/39 | 475 | 472 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/39 | 45810 | 45707 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/39 | 2708 | 2692 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/39 | 19440 | 19324 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/39 | 1448 | 1440 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/39 | 50250 | 49949 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/39 | 1539 | 1530 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/39 | 112389 | 111718 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/40 | 1192 | 1185 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/40 | 1207 | 1200 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/40 | 26132 | 25966 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/40 | 20278 | 20150 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/40 | 216212 | 214847 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/41 | 144017 | 142850 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/41 | 251825 | 249784 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/42 | 695531 | 691132 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/42 | 1848 | 1827 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/42 | 82987 | 81594 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/43 | 437029 | 427534 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | 942021 | 921380 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/43 | 1691191 | 1651752 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/43 | 108337 | 107294 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/43 | $26282 | $26029 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/44 | 100676 | 99129 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/44 | 693 | 682 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/48 | 132767 | 128872 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/49 | 116346 | 113189 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/52 | 2760941 | 2648643 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | 118333 | 113430 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/53 | 173381 | 166371 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/53 | 4110665 | 3967253 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/59 | 599606 | 577912 |
| &nbsp;&nbsp;&nbsp;4.700%, due 04/01/33 | 313000 | 316458 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/37 | 3168 | 3219 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/37 | 5812 | 5906 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/38 | 30564 | 31043 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/48 | 83607 | 83434 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/48 | 34552 | 34505 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 27444 | 27375 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 732593 | 722673 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 82917 | 81800 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.103%, |  |  |
| &nbsp;&nbsp;&nbsp;5.287%, due 05/01/30<sup>1</sup> | 8734 | 8769 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/32 | 17491 | 17951 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 416 | 428 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/34 | 9167 | 9499 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/35 | 54560 | 56533 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/37 | 56335 | 58082 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 28811 | 29704 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/38 | 45776 | 47133 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/39 | 114054 | 117439 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/40 | 130870 | 134750 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/42 | 75244 | 77576 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/53 | 399193 | 399691 |
| &nbsp;&nbsp;&nbsp;5.610%, due 10/01/28 | 883000 | 914124 |
| &nbsp;&nbsp;&nbsp;5.810%, due 06/01/31 | 1700000 | 1799775 |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.835%, due 03/01/44<sup>1</sup> | 52652 | 52311 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/32 | 3030 | 3135 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33 | 5520 | 5711 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/34 | 38247 | 39818 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/35 | 8481 | 8859 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/35 | 4611 | 4816 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/35 | 13992 | 14613 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/35 | 468 | 489 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/36 | 7710 | 8055 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/36 | 175 | 183 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/36 | 12826 | 13425 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/36 | 44894 | 46992 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/37 | 2825 | 2963 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/37 | 15417 | 16166 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/38 | 117071 | 122765 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/39 | 14589 | 15299 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/40 | 157882 | 165558 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/49 | $282214 | $293087 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/53 | 434574 | 442548 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/36 | 174215 | 185571 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/37 | 2379 | 2534 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/37 | 24227 | 25877 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/37 | 11276 | 12046 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/37 | 11977 | 12792 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/37 | 30354 | 32422 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/40 | 332792 | 356979 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.114%, |  |  |
| &nbsp;&nbsp;&nbsp;6.567%, due 09/01/41<sup>1</sup> | 65927 | 66816 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.790%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 02/01/42<sup>1</sup> | 36828 | 37348 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.285%, |  |  |
| &nbsp;&nbsp;&nbsp;6.746%, due 05/01/35<sup>1</sup> | 55294 | 56379 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.598%, |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 12/01/27<sup>1</sup> | 4152 | 4189 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.243%, |  |  |
| &nbsp;&nbsp;&nbsp;7.014%, due 01/01/36<sup>1</sup> | 111175 | 114020 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.239%, |  |  |
| &nbsp;&nbsp;&nbsp;7.109%, due 10/01/37<sup>1</sup> | 545567 | 559903 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.729%, |  |  |
| &nbsp;&nbsp;&nbsp;7.182%, due 05/01/38<sup>1</sup> | 326339 | 332591 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.095%, |  |  |
| &nbsp;&nbsp;&nbsp;7.220%, due 09/01/26<sup>1</sup> | 3 | 3 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/20/51<sup>6</sup> | 4911017 | 4186145 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/42 | 25719 | 23343 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/20/43 | 377927 | 344642 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/43 | 346958 | 309809 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | 382300 | 348630 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/15/43 | 321655 | 290270 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/15/43 | 99885 | 90274 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/43 | 19895 | 17980 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/43 | 79474 | 72281 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/45 | 243584 | 215754 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/45 | 17490 | 15495 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/45 | 340637 | 301780 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/45 | 618318 | 551202 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/20/47 | 397467 | 356416 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/48 | 243248 | 217880 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/20/50 | 1452649 | 1292007 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/20/51 | 140418 | 124495 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/20/52 | 1905114 | 1687917 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/53 | 809528 | 719609 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/15/42 | 167950 | 156386 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/45 | 97712 | 89171 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/15/45 | 40760 | 37452 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/45 | 3065 | 2825 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/45 | 487943 | 449805 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/45 | 185415 | 170925 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/46 | $282107 | $258952 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/20/46 | 340077 | 312151 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/47 | 285939 | 262114 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/20/47 | 1941151 | 1779412 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/47 | 206120 | 188946 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/47 | 76612 | 70228 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/47 | 2671336 | 2462566 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/47 | 255198 | 233934 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/47 | 69690 | 63883 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/20/48 | 1222974 | 1121075 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/48 | 1002707 | 919161 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/20/48 | 1518149 | 1391655 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/48 | 427146 | 391556 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/20/49 | 1747622 | 1592070 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/53 | 332463 | 305996 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/54 | 99788 | 90625 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/20/30 | 221103 | 219497 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/40 | 106508 | 101293 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/41 | 40885 | 39241 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/41 | 586144 | 563402 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/47 | 30100 | 28485 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/47 | 155117 | 146797 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/47 | 303140 | 285467 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/47 | 50401 | 47622 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/47 | 19633 | 18551 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/47 | 44775 | 42306 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/15/47 | 84473 | 79815 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/47 | 14006 | 13234 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/47 | 53182 | 50267 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/20/48 | 137377 | 129840 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/20/48 | 170357 | 160711 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/20/48 | 362067 | 341238 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/20/48 | 106323 | 100318 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/20/48 | 135793 | 128135 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/48 | 39157 | 36938 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/49 | 15657 | 14668 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/39 | 178313 | 177778 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/40 | 86705 | 85940 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/40 | 15094 | 14959 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/40 | 10940 | 10842 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/40 | 45500 | 45093 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/40 | 12237 | 12127 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/41 | 58402 | 57879 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/41 | 14353 | 14253 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/20/41 | 87662 | 87023 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/41 | 11570 | 11490 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/41 | 100648 | 99946 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/41 | 25879 | 25699 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/41 | 2587 | 2569 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/20/41 | 23258 | 23095 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/43 | 5236 | 5189 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/43 | 3674 | 3648 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/44 | $52137 | $51053 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/45 | 61504 | 60543 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/45 | 6549 | 6431 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/46 | 7609 | 7435 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/46 | 133119 | 130084 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/15/46 | 111368 | 108822 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/47 | 196244 | 191770 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/48 | 17475 | 17093 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/48 | 49604 | 48519 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/48 | 121581 | 118679 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/48 | 162411 | 157444 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/49 | 117421 | 114618 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/49 | 204285 | 199409 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/20/25<sup>1</sup> | 181 | 180 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/20/25<sup>1</sup> | 297 | 296 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/20/26<sup>1</sup> | 486 | 485 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/20/26<sup>1</sup> | 1615 | 1609 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/20/27<sup>1</sup> | 12638 | 12648 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/20/27<sup>1</sup> | 945 | 945 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/20/27<sup>1</sup> | 820 | 818 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/20/28<sup>1</sup> | 1483 | 1486 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/20/28<sup>1</sup> | 436 | 436 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/20/30<sup>1</sup> | 7275 | 7303 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/20/26<sup>1</sup> | 5857 | 5844 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/20/26<sup>1</sup> | 2153 | 2147 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/20/27<sup>1</sup> | 2115 | 2113 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 04/20/30<sup>1</sup> | 1396 | 1402 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/20/30<sup>1</sup> | 14680 | 14762 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/33 | 52650 | 53335 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/20/34 | 27991 | 28355 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/34 | 3013 | 3008 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/20/38 | 39945 | 40478 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/38 | 44807 | 45480 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/20/38 | 46249 | 46854 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/39 | 3136 | 3191 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/40 | $69975 | $71041 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/41 | 29511 | 29966 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/41 | 6409 | 6511 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/42 | 8258 | 8376 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/43 | 703333 | 714577 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/48 | 70424 | 70037 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/48 | 126790 | 126157 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/20/48 | 166332 | 165200 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/48 | 152478 | 151440 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/20/25<sup>1</sup> | 3 | 3 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/26<sup>1</sup> | 205 | 204 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/20/27<sup>1</sup> | 421 | 420 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/27<sup>1</sup> | 3280 | 3275 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/20/30<sup>1</sup> | 1356 | 1359 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/20/30<sup>1</sup> | 54976 | 55266 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/20/30<sup>1</sup> | 3079 | 3099 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/30<sup>1</sup> | 10178 | 10192 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/35 | 8568 | 8909 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/15/38 | 728 | 760 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/38 | 68409 | 71556 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/38 | 72777 | 76153 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/38 | 42679 | 44657 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/38 | 189002 | 197545 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/38 | 9674 | 10124 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/15/38 | 2222 | 2323 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/39 | 25750 | 26185 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/39 | 17513 | 18321 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/39 | 91109 | 95321 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/40 | 3385 | 3507 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/40 | 115253 | 120292 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/20/48 | 11486 | 11599 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/20/25<sup>1</sup> | 29 | 29 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/20/25<sup>1</sup> | 81 | 81 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/20/30<sup>1</sup> | 2872 | 2880 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/20/30<sup>1</sup> | 818 | 820 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/20/30<sup>1</sup> | 2572 | 2580 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/20/38 | 881 | 926 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29 | 52 | 53 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/20/32 | $518 | $541 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/36 | 6863 | 7025 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/36 | 66429 | 70110 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/37 | 1028 | 1066 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/37 | 4135 | 4440 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/38 | 4575 | 4863 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/38 | 11471 | 12262 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/15/38 | 1677 | 1840 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/20/38 | 2162 | 2306 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/20/54 | 999900 | 1021632 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/20/27 | 2381 | 2391 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/20/30 | 611 | 623 |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/20/30 | 1816 | 1894 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% | 16700000 | 13611903 |
| &nbsp;&nbsp;&nbsp;3.000% | 20000000 | 17709960 |
| &nbsp;&nbsp;&nbsp;4.000% | 3050000 | 2841045 |
| &nbsp;&nbsp;&nbsp;4.500% | 11360000 | 10868430 |
| &nbsp;&nbsp;&nbsp;5.000% | 6000000 | 5880684 |
| &nbsp;&nbsp;&nbsp;5.500% | 2500000 | 2495117 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;1.500% | 3824000 | 2985717 |
| &nbsp;&nbsp;&nbsp;2.000% | 27150000 | 21710871 |
| &nbsp;&nbsp;&nbsp;2.500% | 13350000 | 11095145 |
| &nbsp;&nbsp;&nbsp;3.000%<sup>6</sup> | 1345000 | 1276874 |
| &nbsp;&nbsp;&nbsp;3.500%<sup>6</sup> | 8000000 | 7308132 |
| &nbsp;&nbsp;&nbsp;4.000%<sup>6</sup> | 875000 | 815077 |
| &nbsp;&nbsp;&nbsp;4.500%<sup>6</sup> | 5400000 | 5162827 |
| &nbsp;&nbsp;&nbsp;5.000%<sup>6</sup> | 2400000 | 2407158 |
| &nbsp;&nbsp;&nbsp;5.500%<sup>6</sup> | 1000000 | 1016010 |
| &nbsp;&nbsp;&nbsp;6.000%<sup>6</sup> | 40000000 | 40548800 |
| &nbsp;&nbsp;&nbsp;6.500% | 11750000 | 12089810 |
| &nbsp;&nbsp;&nbsp;7.000% | 1100000 | 1150050 |
| &nbsp;&nbsp;&nbsp;**Total U.S. government agency obligations**<br> (cost—$333,455,812) |  | **320979136** |

---

---

| | | |
|:---|:---|:---|
| **Short-term U.S. treasury obligations—0.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.296% due 07/10/25<sup>6,7</sup> | 374000.0 | 370949 |
| &nbsp;&nbsp;&nbsp;4.298% due 06/26/25<sup>6,7</sup> | 192000.0 | 190747 |
| &nbsp;&nbsp;&nbsp;4.316% due 06/03/25<sup>7</sup> | 269000.0 | 267957 |
| &nbsp;&nbsp;&nbsp;**Total short-term U.S. treasury obligations**<br> (cost—$829,653) |  | **829653** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—0.5%** | | |
| **Investment companies: 0.0%<sup>†</sup>** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>7</sup> (cost $5,654) | 5654 | 5654 |
| **Total Short-term investments** <br> (cost—$835,307) |  | **835307** |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br>**contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **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>** | **Call options: 0.0%<sup>†</sup>** |
| UMBS TBA strike @ 102.750, expires 06/05/25 (Counterparty: CITI) | 1500000 | USD | 154125000 | 240 |
| UMBS TBA strike @ 102.609, expires 06/05/25 (Counterparty: GS) | 2500000 | USD | 256523437 | 628 |
| UMBS TBA strike @ 102.617, expires 06/05/25 (Counterparty: CITI) | 1000000 | USD | 102617188 | 245 |
| UMBS TBA strike @ 102.742, expires 06/05/25 (Counterparty: GS) | 1500000 | USD | 154113281 | 246 |
| UMBS TBA strike @ 98.434, expires 07/07/25 (Counterparty: MSCI) | 1500000 | USD | 147650391 | 9102 |
| **Total Call options** |  |  |  | **10461** |
| **Put options: 0.0%<sup>†</sup>** |  |  |  |  |
| UMBS TBA strike @ 98.266, expires 05/06/25 (Counterparty: GS) | 1700000 | USD | 167051563 | $0 |
| UMBS TBA strike @ 100.359, expires 05/06/25 (Counterparty: GS) | 4500000 | USD | 451617187 | 187 |
| **Total Put options** |  |  |  | **187** |
| **Total options purchased** |  |  |  | **10648** |
| &nbsp;&nbsp;&nbsp;**Total Options Purchased**<br> (cost—$21,000) |  |  |  | **10648** |
| **Swaptions Purchased: 0.1%** |  |  |  |  |
| **Call swaptions: 0.0%<sup>†</sup>** |  |  |  |  |
| 7 Year USD SOFR Interest Rate Swap strike @ 3.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | 43631 |
| 7 Year USD SOFR Interest Rate Swap strike @ 3.081, expires 12/08/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/10/32 | 2000000 | USD | 2000000 | 23724 |
| 7 Year USD SOFR Interest Rate Swap strike @ 2.750, expires 02/05/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/09/33 | 2500000 | USD | 2500000 | 20738 |
| 10 Year USD SOFR Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 | 26178 |
| 7 Year USD SOFR Interest Rate Swap strike @ 3.163, expires 05/06/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 05/08/32 | 900000 | USD | 900000 | 138 |
| **Total call swaptions** |  |  |  | **114409** |
| **Put swaptions: 0.1%** | **Put swaptions: 0.1%** | **Put swaptions: 0.1%** | **Put swaptions: 0.1%** | **Put swaptions: 0.1%** |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/25/25 (Counterparty: CITI; pay floating rate); underlying swap terminates 09/29/26 | 14300000 | USD | 14300000 | 686 |
| 10 Year USD SOFR Interest Rate Swap strike @ 6.000, expires 10/17/25 (Counterparty: GS; pay floating rate); underlying swap terminates 10/21/35 | 5500000 | USD | 5500000 | 854 |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 10/17/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/21/26 | 5500000 | USD | 5500000 | 120 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** |  |  |  |  |
| **Put swaptions—(continued)** |  |  |  |  |
| 10 Year USD SOFR Interest Rate Swap strike @ 6.000, expires 10/17/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 10/21/35 | 2500000 | USD | 2500000 | $388 |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 10/17/25 (Counterparty: BNP; pay floating rate); underlying swap terminates 10/21/26 | 2500000 | USD | 2500000 | 54 |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.500, expires 11/03/25 (Counterparty: DB; pay floating rate); underlying swap terminates 11/05/26 | 2700000 | USD | 2700000 | 73 |
| 7 Year USD SOFR Interest Rate Swap strike @ 4.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | 20965 |
| 1 Year USD SOFR Interest Rate Swap strike @ 4.308, expires 05/14/25 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 05/16/26 | 12600000 | USD | 12600000 | 120 |
| 10 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/10/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/12/35 | 7100000 | USD | 7100000 | 5439 |
| 10 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/11/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 09/15/35 | 3800000 | USD | 3800000 | 2994 |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/12/25 (Counterparty: BB; pay floating rate); underlying swap terminates 09/16/26 | 11200000 | USD | 11200000 | 448 |
| 10 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/12/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/16/35 | 3300000 | USD | 3300000 | 2668 |
| 10 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/16/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/18/35 | 3300000 | USD | 3300000 | 2808 |
| 10 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 09/26/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 09/30/35 | 4300000 | USD | 4300000 | 4434 |
| 1 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 10/24/25 (Counterparty: BB; pay floating rate); underlying swap terminates 10/28/26 | 7500000 | USD | 7500000 | 498 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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)** |
| 1 Year USD SOFR Interest Rate Swap strike @ 4.750, expires 10/31/25 (Counterparty: CITI; pay floating rate); underlying swap terminates 11/04/26 | 4000000 | USD | 4000000 | $486 |
| 10 Year USD SOFR Interest Rate Swap strike @ 4.250, expires 11/28/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/02/35 | 4200000 | USD | 4200000 | 37219 |
| 10 Year USD SOFR Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 | 30456 |
| 7 Year USD SOFR Interest Rate Swap strike @ 5.000, expires 10/08/25 (Counterparty: CITI; pay floating rate); underlying swap terminates 10/10/32 | 20000000 | USD | 20000000 | 14358 |
| **Total put swaptions** |  |  |  | **125068** |
| **Total Swaptions Purchased**<br> (cost—$468,004) |  |  |  | **239477** |
| **Total investments before investments sold short**<br> (cost—$382,757,606)—210.5% |  |  |  | **365883365** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Investments sold short: (56.4)%** | **Investments sold short: (56.4)%** | **Investments sold short: (56.4)%** |
| **U.S. government agency obligations: (56.4)%** |  |  |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% | $(3300000) | (2810663) |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% | (42250000) | (36636074) |
| &nbsp;&nbsp;&nbsp;3.500% | (6500000) | (5863403) |
| &nbsp;&nbsp;&nbsp;3.500% | (11250000) | (10148580) |
| &nbsp;&nbsp;&nbsp;4.000% | (625000) | (582163) |
| &nbsp;&nbsp;&nbsp;4.000% | (20875000) | (19445417) |
| &nbsp;&nbsp;&nbsp;4.500% | (6100000) | (5830868) |
| &nbsp;&nbsp;&nbsp;4.500% | (800000) | (793927) |
| &nbsp;&nbsp;&nbsp;5.000% | (4000000) | (3915688) |
| &nbsp;&nbsp;&nbsp;5.500% | (5150000) | (5134849) |
| &nbsp;&nbsp;&nbsp;6.000% | (6800000) | (6897648) |
| **Total U.S. government agency obligations**<br> (cost—$(97610339)) |  | **(98059280)** |
| **Total investments sold short**<br> (Proceeds—$(97610339)) |  | **(98059280)** |
| **Total investments**<br> (cost—$285,147,267)—154.1% |  | **267824085** |
| Liabilities in excess of other assets—(54.1)% |  | (94022371) |
| **Net assets—100.0%** |  | $**173801714** |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Reverse Repurchase Agreement: (15.8)%** |  |  |
| Reverse repurchase agreement dated 04/11/25 with Wells Fargo, 4.480% to be repurchased 05/8/25 for $(24681067), collateralized by $4,911,017 Government Mortgage Association Obligation, 2.500% due 09/20/51 and $23,791,906 Federal National Mortgage Association Obligations, 3.000% to 4.500% due 09/01/42 to 08/01/53: (value -$28,702,923); (proceeds -$(24598416)) | $(24598416) | $(24598416) |
| Reverse repurchase agreement dated 04/11/25 with Citigroup, Inc., 4.480% to be repurchased 05/08/25 for $(2919796), collateralized by $1,518,149 Government Mortgage Association Obligation, 3.500% due 03/20/48 and $1,691,190 Federal National Mortgage Association Obligation, 4.500% due 07/01/43: (value -$(3209339)); (proceeds -$(2910018)) | (2910018) | (2910018) |
| **Total Reverse Repurchase Agreement**<br> (cost—$(27508434)) |  | **(27508434)** |

---

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

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 199906000 | 2000000 | UMBS TBA, strike @ 99.953 | BOA | 05/06/25 | $(2969) | $(7) | $2962 |
| USD | 199891000 | 2000000 | UMBS TBA, strike @ 99.945 | MSCI | 05/06/25 | (3125) | (8) | 3117 |
| USD | 190312000 | 2000000 | UMBS TBA, strike @ 95.156 | GS | 05/06/25 | (6875) | (132) | 6743 |
| USD | 191344000 | 2000000 | UMBS TBA, strike @ 95.672 | JPMCB | 05/06/25 | (6875) | (34) | 6841 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 191844000 | 2000000 | UMBS TBA, strike @ 95.922 | JPMCB | 05/06/25 | $(7187) | $(17) | $7170 |
| USD | 383750000 | 4000000 | UMBS TBA, strike @ 95.938 | MSCI | 05/06/25 | (13906) | (34) | 13872 |
| USD | 96469000 | 1000000 | UMBS TBA, strike @ 96.469 | CITI | 07/07/25 | (4688) | (6195) | (1507) |
| USD | 494062000 | 5000000 | UMBS TBA, strike @ 98.813 | MSCI | 07/07/25 | (17187) | (22786) | (5599) |
| **Total** | **Total** |  |  |  |  | $**(62812)** | $**(29213)** | $**33599** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 182313000 | 2000000 | UMBS TBA, strike @ 91.156 | GS | 05/06/25 | $(8125) | $(144) | $7981 |
| USD | 183344000 | 2000000 | UMBS TBA, strike @ 91.672 | JPMCB | 05/06/25 | (8750) | (448) | 8302 |
| USD | 183844000 | 2000000 | UMBS TBA, strike @ 91.922 | JPMCB | 05/06/25 | (8750) | (753) | 7997 |
| USD | 367750000 | 4000000 | UMBS TBA, strike @ 91.938 | MSCI | 05/06/25 | (18750) | (1556) | 17194 |
| USD | 255879000 | 2500000 | UMBS TBA, strike @ 102.352 | MSCI | 05/06/25 | (1660) | (14) | 1646 |
| USD | 96781000 | 1000000 | UMBS TBA, strike @ 96.781 | JPMCB | 05/06/25 | (3594) | (284) | 3310 |
| USD | 92469000 | 1000000 | UMBS TBA, strike @ 92.469 | CITI | 07/07/25 | (5469) | (2310) | 3159 |
| USD | 474062000 | 5000000 | UMBS TBA, strike @ 94.813 | MSCI | 07/07/25 | (19531) | (10831) | 8700 |
| **Total** | **Total** |  |  |  |  | $**(74629)** | $**(16340)** | $**58289** |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**(137441)** | $**(45553)** | $**91888** |

---

**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 | 500 | 500000 | 5 Year USD SOFR Interest Rate Swap strike @ 2.602 terminating 06/09/30 | JPMCB | Pay | 06/05/25 | $(975) | $(280) | $695 |
| USD | 500 | 500000 | 5 Year USD SOFR Interest Rate Swap strike @ 2.629 terminating 06/09/30 | BOA | Pay | 06/05/25 | (1100) | (309) | 791 |
| USD | 300 | 300000 | 5 Year USD SOFR Interest Rate Swap strike @ 2.666 terminating 06/09/30 | BOA | Pay | 06/05/25 | (660) | (212) | 448 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 800 | 800000 | 5 Year USD SOFR Interest Rate Swap strike @ 2.676 terminating 06/09/30 | BOA | Pay | 06/05/25 | $(1760) | $(586) | $1174 |
| USD | 1000 | 1000000 | 10 Year USD SOFR Interest Rate Swap strike @ 3.395 terminating 07/09/35 | MSCI | Pay | 07/07/25 | (5325) | (7849) | (2524) |
| **Total** | **Total** |  |  |  |  |  | $**(9820)** | $**(9236)** | $**584** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Put Swaptions** |  |  |  | | | |
| USD | 1100 | 1100000 | 7 Year USD SOFR Interest Rate Swap strike @ 4.613 terminating 05/08/32 | BOA | Pay | 05/06/25 | $(2420) | $— | $2420 |
| USD | 2300 | 2300000 | 7 Year USD SOFR Interest Rate Swap strike @ 4.013 terminating 05/08/32 | MSCI | Pay | 05/06/25 | (8901) | (4) | 8897 |
| **Total** | **Total** |  |  |  |  |  | $**(11321)** | $**(4)** | $**11317** |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  |  | $**(21141)** | $**(9240)** | $**11901** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 165 | USD | U.S. Treasury Note 10 Year Futures | June 2025 | $18144459 | $18516094 | $371635 |
| 1 | USD | U.S. Treasury Note 5 Year Futures | June 2025 | 106329 | 109195 | 2866 |
| **Total** |  |  |  | $**18250788** | $**18625289** | $**374501** |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 72 | USD | 3 Month SOFR Futures | June 2025 | $(17270973) | $(17217000) | $53973 |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 15 | USD | U.S. Treasury Note 2 Year Futures | June 2025 | $(3087520) | $(3122227) | $(34707) |
| **Total** |  |  |  | $**(20358493)** | $**(20339227)** | $**19266** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**393767** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>8</sup>** | **Payments<br> received by<br> the portfolio<sup>8</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 18600 | 06/21/25 | Annual | 3.750% | 1 day USD SOFR | $182296 | $170260 |
| USD | 1700 | 06/21/26 | Annual | 3.500 | 1 day USD SOFR | 21895 | 21998 |
| USD | 5000 | 12/18/26 | Annual | 1 day USD SOFR | 3.750% | 10379 | (12831) |
| USD | 3000 | 12/21/27 | Annual | 2.000 | 1 day USD SOFR | 125433 | 14206 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>8</sup>** | **Payments<br> received by<br> the portfolio<sup>8</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 4400 | 03/20/29 | Annual | 4.250% | 1 day USD SOFR | $(146894) | $(41529) |
| USD | 4200 | 04/10/29 | Annual | 1 day USD SOFR | 3.940% | 98161 | 98161 |
| USD | 17500 | 06/15/29 | Annual | 1 day USD SOFR | 1.750 | (1533604) | (757144) |
| USD | 2300 | 11/09/29 | Annual | 3.205 | 1 day USD SOFR | 24760 | 24760 |
| USD | 2300 | 11/09/29 | Annual | 3.218 | 1 day USD SOFR | 23418 | 23418 |
| USD | 2400 | 11/09/29 | Annual | 3.217 | 1 day USD SOFR | 24492 | 24492 |
| USD | 4200 | 12/18/29 | Annual | 1 day USD SOFR | 3.750 | 66392 | 14940 |
| USD | 1300 | 12/21/29 | Annual | 2.000 | 1 day USD SOFR | 86824 | 11167 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | (9315) | (9315) |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | (9283) | (9283) |
| USD | 500 | 03/08/30 | Annual | 3.635 | 1 day USD SOFR | (6143) | (6143) |
| USD | 2900 | 04/10/30 | Annual | 1 day USD SOFR | 3.560 | 27695 | 27695 |
| USD | 2900 | 05/08/30 | Annual | 1 day USD SOFR | 3.560 | (7457) | (7457) |
| USD | 400 | 05/08/30 | Annual | 1 day USD SOFR | 3.546 | (1337) | (1337) |
| USD | 6400 | 06/21/30 | Annual | 3.000 | 1 day USD SOFR | 213964 | 151233 |
| USD | 350 | 07/10/30 | Annual | 1 day USD SOFR | 3.740 | 3596 | 3595 |
| USD | 2200 | 10/06/30 | Annual | 1 day USD SOFR | 4.123 | 77336 | 77336 |
| USD | 4900 | 10/10/30 | Annual | 4.185 | 1 day USD SOFR | (189586) | (189586) |
| USD | 1300 | 10/10/30 | Annual | 1 day USD SOFR | 4.145 | 47426 | 47426 |
| USD | 3000 | 10/10/30 | Annual | 1 day USD SOFR | 4.135 | 107788 | 107788 |
| USD | 3200 | 10/10/30 | Annual | 1 day USD SOFR | 4.118 | 111881 | 111881 |
| USD | 3900 | 10/10/30 | Annual | 1 day USD SOFR | 4.155 | 144433 | 144433 |
| USD | 500 | 10/10/30 | Annual | 1 day USD SOFR | 4.320 | 23074 | 23074 |
| USD | 3700 | 11/08/30 | Annual | 1 day USD SOFR | 4.012 | 110896 | 110896 |
| USD | 4000 | 11/08/30 | Annual | 1 day USD SOFR | 4.180 | 156904 | 156904 |
| USD | 1000 | 11/08/30 | Annual | 1 day USD SOFR | 4.192 | 39887 | 39887 |
| USD | 7000 | 12/20/30 | Annual | 3.500 | 1 day USD SOFR | (8278) | (14278) |
| USD | 2200 | 12/22/30 | Annual | 3.550 | 1 day USD SOFR | (12484) | (12484) |
| USD | 4300 | 01/10/31 | Annual | 1 day USD SOFR | 3.705 | 62308 | 62308 |
| USD | 1100 | 03/12/31 | Annual | 3.710 | 1 day USD SOFR | (17366) | (17366) |
| USD | 1200 | 04/08/31 | Annual | 1 day USD SOFR | 3.990 | 37751 | 37751 |
| USD | 1800 | 04/08/31 | Annual | 1 day USD SOFR | 3.959 | 53595 | 53595 |
| USD | 2200 | 04/09/31 | Annual | 3.013 | 1 day USD SOFR | 47581 | 47581 |
| USD | 2300 | 04/15/31 | Annual | 3.170 | 1 day USD SOFR | 29777 | 29777 |
| USD | 1600 | 04/26/31 | Annual | 3.232 | 1 day USD SOFR | 14926 | 14926 |
| USD | 5100 | 06/10/31 | Annual | 1 day USD SOFR | 3.916 | 102354 | 102353 |
| USD | 7600 | 06/20/31 | Annual | 3.750 | 1 day USD SOFR | (62296) | (146693) |
| USD | 3300 | 02/07/32 | Annual | 3.480 | 1 day USD SOFR | 1274 | 1274 |
| USD | 1400 | 06/08/32 | Annual | 2.451 | 1 day USD SOFR | 119567 | 119567 |
| USD | 7100 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 974014 | 272293 |
| USD | 500 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 67775 | 41378 |
| USD | 4000 | 06/15/32 | Annual | 2.552 | 1 day USD SOFR | 311061 | 311061 |
| USD | 3000 | 06/18/32 | Annual | 1 day USD SOFR | 3.250 | (42968) | 36508 |
| USD | 2300 | 09/16/32 | Annual | 2.998 | 1 day USD SOFR | 95466 | 95466 |
| USD | 5500 | 10/06/32 | Annual | 3.275 | 1 day USD SOFR | 116272 | 116272 |
| USD | 2800 | 11/28/32 | Annual | 3.368 | 1 day USD SOFR | 36878 | 36878 |
| USD | 600 | 12/21/32 | Annual | 2.000 | 1 day USD SOFR | 66662 | 10392 |
| USD | 1400 | 03/08/33 | Annual | 3.453 | 1 day USD SOFR | 7672 | 7672 |
| USD | 3100 | 03/08/33 | Annual | 3.505 | 1 day USD SOFR | 5564 | 5564 |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>8</sup>** | **Payments<br> received by<br> the portfolio<sup>8</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1000 | 03/08/33 | Annual | 1 day USD SOFR | 3.510% | $(1444) | $(1444) |
| USD | 700 | 06/08/33 | Annual | 3.260% | 1 day USD SOFR | 22716 | 22716 |
| USD | 5600 | 12/20/33 | Annual | 1 day USD SOFR | 3.500 | (52119) | 97964 |
| USD | 8500 | 06/20/34 | Annual | 3.750 | 1 day USD SOFR | (21169) | (259107) |
| USD | 1200 | 12/18/34 | Annual | 3.750 | 1 day USD SOFR | (8947) | 31830 |
| USD | 2200 | 03/19/35 | Annual | 3.250 | 1 day USD SOFR | 74586 | (66432) |
| USD | 2400 | 06/18/35 | Annual | 3.250 | 1 day USD SOFR | 78380 | (22230) |
| USD | 2000 | 12/20/53 | Annual | 3.500 | 1 day USD SOFR | 208052 | 91566 |
| USD | 600 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 40145 | 6582 |
| USD | 1000 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 60346 | 71877 |
| USD | 5900 | 05/30/25 | At Maturity | 5.000 | 1 day USD SOFR | (13643) | (13643) |
| USD | 8500 | 06/18/25 | At Maturity | 5.000 | 1 day USD SOFR | (18389) | (18389) |
| USD | 8900 | 05/04/25 | Quarterly | 1.500 | 1 day USD SOFR | 34470 | 34470 |
| **Total** | **Total** |  |  |  |  | $**2235400** | $**1558480** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Asset-backed securities | $— | $13696857 | $82545 | $13779402 |
| Mortgage-backed securities |  | 30039395 |  | 30039395 |
| U.S. government agency obligations |  | 320979136 |  | 320979136 |
| Short-term investments |  | 5654 |  | 5654 |
| Short-term U.S. treasury obligations |  | 829653 |  | 829653 |
| Options purchased |  | 10648 |  | 10648 |
| Swaptions Purchased |  | 239477 |  | 239477 |
| Futures contracts | 428474 |  |  | 428474 |
| Swap agreements |  | 4398122 |  | 4398122 |
| **Total** | $**428474** | $**370198942** | $**82545** | $**370709961** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| U.S. government agency obligations | $— | $(98059280) | $— | $(98059280) |
| Reverse Repurchase Agreement |  | (27508434) |  | (27508434) |
| Options written |  | (45553) |  | (45553) |
| Swaptions written |  | (9240) |  | (9240) |
| Futures contracts | (34707) |  |  | (34707) |

---

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

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| Swap agreements | $— | $(2162722) | $— | $(2162722) |
| **Total** | $**(34707)** | $**(127785229)** | $**—** | $**(127819936)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

---

| | |
|:---|:---|
| 1 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $14,354,786, represented 8.3% of the Portfolio's net assets at period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | Zero coupon bond. |
| 6 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 7 | Rate shown reflects yield at April 30, 2025. |
| 8 | Payments made or received are based on the notional amount. |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Asset-backed securities—20.3%** |  |  |
| Adams Outdoor Advertising LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.967%, due 07/15/53<sup>1</sup> | $760000 | $783585 |
| Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 10/15/47<sup>1</sup> | 2300000 | 2308495 |
| Antares CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class BR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.620%, due 01/20/36<sup>1,2</sup> | 1730000 | 1744302 |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 06/20/29<sup>1</sup> | 1620000 | 1655411 |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>1</sup> | 1349403 | 1350647 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>1</sup> | 1114788 | 1107038 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>1</sup> | 1117052 | 1110391 |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>1</sup> | 882750 | 894613 |
| CLI Funding VIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.310%, due 06/18/48<sup>1</sup> | 850345 | 851462 |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>1</sup> | 1830000 | 1908447 |
| College Avenue Student Loans LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.214%, |  |  |
| &nbsp;&nbsp;&nbsp;5.541%, due 07/25/51<sup>1,2</sup> | 39224 | 38901 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1.760%, due 06/25/52<sup>1</sup> | 52558 | 46775 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;5.341%, due 07/26/55<sup>1,2</sup> | 163713 | 161448 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.720%, due 07/26/55<sup>1</sup> | 72504 | 65916 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.320%, due 07/26/55<sup>1</sup> | 82467 | 74458 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 02/15/33<sup>1</sup> | 2300000 | 2349368 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>1</sup> | 995000 | 973213 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Asset-backed securities—(continued)** |  |  |
| Edgeconnex Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/27/54<sup>1,3</sup> | $827925 | $829651 |
| EDvestinU Private Education Loan Issue No. 3 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 11/25/45<sup>1</sup> | 43743 | 40279 |
| GoodLeap Sustainable Home Solutions Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-4GS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.930%, due 07/20/48<sup>1</sup> | 152982 | 121590 |
| &nbsp;&nbsp;&nbsp;Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 10/20/48<sup>1</sup> | 85345 | 66870 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 11/20/31<sup>1</sup> | 210000 | 200797 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>1</sup> | 1280000 | 1268595 |
| Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.860%, due 03/20/36<sup>1</sup> | 180000 | 173111 |
| Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.640%, due 01/20/53<sup>1</sup> | 138300 | 121469 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-D, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.164%, |  |  |
| &nbsp;&nbsp;&nbsp;5.486%, due 12/15/59<sup>1,2</sup> | 89138 | 89031 |
| &nbsp;&nbsp;&nbsp;Series 2020-IA, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/69<sup>1</sup> | 100000 | 86409 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.840%, due 05/15/69<sup>1</sup> | 38328 | 35010 |
| &nbsp;&nbsp;&nbsp;Series 2021-DA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;U.S. (Fed) Prime Rate + -1.990%, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 04/15/60<sup>1,2</sup> | 192527 | 190432 |
| Navient Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-EA, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/59<sup>1</sup> | 6681 | 6655 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;1.360%, due 04/20/62<sup>1</sup> | 265059 | 246585 |
| &nbsp;&nbsp;&nbsp;Series 2021-BA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.894%, |  |  |
| &nbsp;&nbsp;&nbsp;5.214%, due 04/20/62<sup>1,2</sup> | 375643 | 373614 |
| &nbsp;&nbsp;&nbsp;Series 2021-CA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;5.174%, due 04/20/62<sup>1,2</sup> | 240604 | 239295 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Asset-backed securities—(continued)** |  |  |
| New Economy Assets - Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.910%, due 10/20/61<sup>1</sup> | $1150000 | $1079883 |
| NextGear Floorplan Master Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 03/15/28<sup>1</sup> | 1740000 | 1758296 |
| NFAS2 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.590%, due 09/15/28<sup>1</sup> | 1090000 | 1097172 |
| NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 06/15/29<sup>1</sup> | 418160 | 419069 |
| OnDeck Asset Securitization Trust IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, due 06/17/31<sup>1</sup> | 1090000 | 1106156 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>1</sup> | 1198657 | 1204501 |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>1</sup> | 1823116 | 1846721 |
| Prodigy Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.364%, |  |  |
| &nbsp;&nbsp;&nbsp;5.691%, due 07/25/51<sup>1,2</sup> | 71318 | 71249 |
| Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 08/15/33<sup>1</sup> | 245000 | 232074 |
| Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 08/20/32<sup>1</sup> | 1490000 | 1513852 |
| Retained Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/48<sup>1</sup> | 1370000 | 1359465 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-7, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.690%, due 03/17/31 | 2200000 | 2259076 |
| Sesac Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.216%, due 07/25/49<sup>1</sup> | 113100 | 111995 |
| SLM Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-C, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.864%, |  |  |
| &nbsp;&nbsp;&nbsp;9.186%, due 10/15/41<sup>1,2</sup> | 272238 | 285829 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Asset-backed securities—(continued)** |  |  |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-B, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;5.186%, due 10/15/35<sup>1,2</sup> | $18969 | $18932 |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;5.236%, due 02/15/36<sup>1,2</sup> | 97482 | 97421 |
| &nbsp;&nbsp;&nbsp;Series 2018-C, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;5.186%, due 11/15/35<sup>1,2</sup> | 138897 | 138574 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.844%, |  |  |
| &nbsp;&nbsp;&nbsp;5.166%, due 01/15/53<sup>1,2</sup> | 337578 | 334733 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 01/15/53<sup>1</sup> | 71196 | 68775 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class APT1, |  |  |
| &nbsp;&nbsp;&nbsp;1.390%, due 01/15/53<sup>1</sup> | 107561 | 98342 |
| SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 02/25/42<sup>1</sup> | 8214 | 8172 |
| &nbsp;&nbsp;&nbsp;Series 2020-C, Class AFX, |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 02/15/46<sup>1</sup> | 57497 | 53873 |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/25/48<sup>1</sup> | 740000 | 741596 |
| Store Master Funding I-VII XIV XIX XX, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.120%, due 06/20/51<sup>1</sup> | 1000450 | 924612 |
| TierPoint Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/25/53<sup>1</sup> | 131667 | 131862 |
| Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 03/16/48<sup>1</sup> | 1070000 | 1079452 |
| Willis Engine Structured Trust VII, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/48<sup>1</sup> | 509588 | 530588 |
| Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>1</sup> | 790000 | 793592 |
| **Total asset-backed securities**<br> (cost—$40,153,161) |  | **40879725** |
| **Corporate bonds—41.8%** |  |  |
| **Agriculture: 0.4%** |  |  |
| Cargill, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/11/32<sup>1</sup> | 810000 | 819261 |
| **Airlines: 0.2%** |  |  |
| Air Canada Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/15/30<sup>1</sup> | 37363 | 34895 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Airlines—(continued)** |  |  |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/28 | $77179 | $72531 |
| &nbsp;&nbsp;&nbsp;Series 2016-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.575%, due 01/15/28 | 41697 | 40167 |
| &nbsp;&nbsp;&nbsp;Series 2017-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 02/15/29 | 25215 | 24029 |
| Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/10/28 | 47510 | 44493 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 05/01/32 | 39121 | 34655 |
| &nbsp;&nbsp;&nbsp;Series 2015-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 12/01/27 | 27683 | 26756 |
| &nbsp;&nbsp;&nbsp;Series 2018-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/30 | 13606 | 12821 |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 08/25/31 | 49319 | 47371 |
|  |  | 337718 |
| **Banks: 14.5%** |  |  |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.284%, due 06/17/32<sup>1,2</sup> | 1500000 | 1506911 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>1</sup> | 1260000 | 1294336 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.824%, due 01/20/28<sup>2</sup> | 840000 | 830471 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/07/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.442%, due 02/07/28<sup>2</sup> | 1400000 | 1381891 |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>1</sup> | 1075000 | 1089047 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/09/31<sup>2</sup> | 600000 | 599030 |
| Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/27/25 | 800000 | 796044 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1280000 | 1210135 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/28/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.772%, due 07/28/30<sup>2</sup> | 25000 | 24916 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.361%, due 10/27/28<sup>2</sup> | 1885000 | 1959574 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.848%, due 06/04/31<sup>2</sup> | 1800000 | 1627147 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 905000 | 962053 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.443%, due 08/04/28<sup>2</sup> | 647000 | 642909 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Huntington National Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 01/10/30 | $1240000 | $1279442 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.782%, due 02/01/28<sup>2</sup> | 793000 | 784020 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | 1080000 | 1109138 |
| Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/18/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/18/28<sup>2</sup> | 1420000 | 1397809 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> | 610000 | 693193 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/32), |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 10/18/33<sup>2</sup> | 885000 | 947677 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;5.661%, due 11/15/28<sup>2</sup> | 940000 | 941618 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/25), |  |  |
| &nbsp;&nbsp;&nbsp;7.472%, due 11/10/26<sup>2</sup> | 1030000 | 1044266 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 09/15/26<sup>2,4</sup> | 775000 | 728881 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/09/25), |  |  |
| &nbsp;&nbsp;&nbsp;5.807%, due 09/09/26<sup>2</sup> | 855000 | 857556 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 755000 | 782794 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>1</sup> | 680000 | 701227 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 11/04/28<sup>2</sup> | 555000 | 575719 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.123%, due 06/06/28<sup>2</sup> | 1370000 | 1362908 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/28/32), |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, due 10/28/33<sup>2</sup> | 580000 | 606480 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 03/02/33<sup>2</sup> | 1525000 | 1369260 |
|  |  | 29106452 |
| **Chemicals: 0.4%** |  |  |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>1</sup> | 885000 | 839734 |
| **Commercial services: 1.0%** |  |  |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/11/32<sup>1</sup> | 1500000 | 1487399 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>1,5</sup> | 625000 | 623563 |
|  |  | 2110962 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services: 2.9%** |  |  |
| Acadian Asset Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 07/27/26 | $585000 | $572357 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/03/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 01/03/30<sup>2</sup> | 1005000 | 1043096 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>1</sup> | 1410000 | 1483353 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.927%, due 05/10/28<sup>2</sup> | 1400000 | 1405669 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.268%, due 05/10/33<sup>2</sup> | 164000 | 161186 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>1</sup> | 1250000 | 1245661 |
|  |  | 5911322 |
| **Electric: 2.7%** |  |  |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>1</sup> | 1145000 | 1215693 |
| Atlantica Sustainable Infrastructure PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>1</sup> | 1110000 | 1054704 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>2,4</sup> | 1360000 | 1274719 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 | 204000 | 199914 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 585000 | 595994 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>1,5</sup> | 1020000 | 1017852 |
|  |  | 5358876 |
| **Energy-Alternate Sources: 1.0%** |  |  |
| XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/25<sup>1,6</sup> | 615000 | 584403 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>1,5</sup> | 1490000 | 1404724 |
|  |  | 1989127 |
| **Food: 0.4%** |  |  |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>1</sup> | 795000 | 801371 |
| **Gas: 0.4%** |  |  |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | 850000 | 841466 |
| **Insurance: 8.9%** |  |  |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>1</sup> | 355000 | 362884 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/01/29 | 222000 | 225619 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>1</sup> | 675000 | 669246 |
| Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 02/01/33 | 580000 | 615738 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/52<sup>2</sup> | 1280000 | 1294198 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>1</sup> | $425000 | $419716 |
| Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/42<sup>2</sup> | 1655000 | 1587690 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 06/01/29 | 695000 | 691059 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>1,2</sup> | 600000 | 601662 |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2110000 | 2203914 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 06/15/33<sup>1</sup> | 1065000 | 1180380 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 10/15/54<sup>1,2</sup> | 395000 | 401130 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>1</sup> | 845000 | 839245 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/23/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/23/42<sup>1,2</sup> | 800000 | 808252 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/05/33 | 1645000 | 1678858 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 | 795000 | 824149 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 | 1030000 | 924282 |
| Swiss Re Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/02/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/02/49<sup>1,2</sup> | 2600000 | 2558387 |
|  |  | 17886409 |
| **Investment companies: 3.7%** |  |  |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>5</sup> | 440000 | 441000 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 03/15/27 | 209000 | 201309 |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 | 1525000 | 1613416 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27 | 710000 | 735805 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>1</sup> | 395000 | 392105 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 01/15/29 | 1830000 | 1914660 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34<sup>1</sup> | 1085000 | 1041838 |
| Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29<sup>5</sup> | 1060000 | 1077638 |
|  |  | 7417771 |
| **Media: 0.5%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>1</sup> | 1005000 | 1035100 |
| **Oil & gas: 0.5%** |  |  |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>1</sup> | 915000 | 940769 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Real estate investment trusts: 2.7%** |  |  |
| Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>1</sup> | $1790000 | $1683048 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>1</sup> | 1515000 | 1469695 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>1</sup> | 2300000 | 2353201 |
|  |  | 5505944 |
| **Retail: 0.4%** |  |  |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>1,5</sup> | 865000 | 805566 |
| **Semiconductors: 0.7%** |  |  |
| ams-OSRAM AG |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>1,5</sup> | 1400000 | 1418599 |
| **Telecommunications: 0.5%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>1</sup> | 1050000 | 982242 |
| &nbsp;&nbsp;&nbsp;**Total corporate bonds**<br> (cost—$82,432,355) |  | **84108689** |
| **Loan assignments—14.2%** |  |  |
| **Aerospace & defense: 0.4%** |  |  |
| Propulsion BC Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 09/14/29<sup>2</sup> | 864029 | 863623 |
| **Agriculture: 0.3%** |  |  |
| A-AG U.S. GSI Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |
| &nbsp;&nbsp;&nbsp;9.299%, due 10/31/31<sup>2</sup> | 525000 | 519750 |
| **Airlines: 0.5%** |  |  |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.275%, due 02/22/31<sup>2</sup> | 976195 | 972231 |
| **Chemicals: 0.5%** |  |  |
| GEON Performance Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.811%, due 08/18/28<sup>2</sup> | 1012572 | 972707 |
| **Commercial services: 1.4%** |  |  |
| Priority Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |
| &nbsp;&nbsp;&nbsp;9.072%, due 05/16/31<sup>2</sup> | 1043546 | 1038328 |
| System One Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.049%, due 03/02/28<sup>2</sup> | 1712500 | 1708218 |
|  |  | **2746546** |
| **Distribution/wholesale: 0.2%** |  |  |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/17/32<sup>7</sup> | 530000 | 505090 |
| **Electric: 0.7%** |  |  |
| Eastern Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.572%, due 04/03/28<sup>2</sup> | 1514312 | 1490341 |
| **Environmental control: 0.9%** |  |  |
| MIP V Waste Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.237%, due 12/08/28<sup>2</sup> | 1109269 | 1108581 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Loan assignments—(continued)** |  |  |
| **Environmental control—(continued)** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.799%, due 10/24/31<sup>2</sup> | $622000 | $621739 |
|  |  | **1730320** |
| **Health care products: 0.8%** |  |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 10/23/28<sup>2</sup> | 1101368 | 1093218 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 05/30/31<sup>2</sup> | 616900 | 614204 |
|  |  | **1707422** |
| **Healthcare-services: 1.0%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.049%, due 01/02/31<sup>2</sup> | 987525 | 986044 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.030%, due 12/31/30<sup>2</sup> | 136765 | 134713 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;9.141%, due 12/31/30<sup>2</sup> | 1133690 | 895615 |
|  |  | **2016372** |
| **Home Furnishings: 0.9%** |  |  |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.672%, due 09/23/25<sup>2,3,8</sup> | 1855000 | 1852681 |
| **Internet: 0.9%** |  |  |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.561%, due 11/12/27<sup>2</sup> | 523633 | 521345 |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;8.436%, due 09/15/28<sup>2</sup> | 1216847 | 1203157 |
|  |  | **1724502** |
| **Media: 0.5%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.828%, due 08/16/31<sup>2</sup> | 1064650 | 1060658 |
| **Oil & gas: 0.2%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.321%, due 02/11/30<sup>2</sup> | 375000 | 368438 |
| **Pharmaceuticals: 0.4%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 05/05/28<sup>2</sup> | 833377 | 829952 |
| **Pipelines: 2.4%** |  |  |
| AL NGPL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.785%, due 04/13/28<sup>2</sup> | 1111319 | 1107851 |
| BCP Renaissance Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.299%, due 10/31/28<sup>2</sup> | 996238 | 993000 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Loan assignments—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.299%, due 09/18/31<sup>2</sup> | $1596000 | $1574550 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.822%, due 02/22/30<sup>2</sup> | 1155344 | 1152167 |
|  |  | **4827568** |
| **Real estate investment trusts: 0.4%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 11/18/27<sup>2</sup> | 747854 | 745985 |
| **Software: 0.5%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 07/06/29<sup>2</sup> | 1135668 | 943718 |
| **Telecommunications: 0.8%** |  |  |
| Connect Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.822%, due 12/11/26<sup>2</sup> | 299007 | 296579 |
| Iridium Satellite LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 09/20/30<sup>2</sup> | 1078340 | 1067729 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.000%, |  |  |
| &nbsp;&nbsp;&nbsp;10.322%, due 06/01/28<sup>2</sup> | 314483 | 312911 |
|  |  | **1677219** |
| **Transportation: 0.5%** |  |  |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/09/32<sup>7</sup> | 985000 | 966738 |
| &nbsp;&nbsp;&nbsp;**Total loan assignments**<br> (cost—$29,056,938) |  | **28521861** |
| **Mortgage-backed securities—11.3%** |  |  |
| Arbor Multifamily Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-MF1, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;2.756%, due 05/15/53<sup>1</sup> | 465000 | 426921 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.069%, due 12/10/41<sup>1,2</sup> | 1090000 | 1114104 |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-BNK42, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.493%, due 06/15/55<sup>2</sup> | 220000 | 211918 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.096%, due 05/15/52 | 90000 | 84502 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.564%, due 12/15/72 | 210000 | 180253 |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.831%, due 12/15/72<sup>2</sup> | 111000 | 87223 |
| &nbsp;&nbsp;&nbsp;Series 2022-B35, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.591%, due 05/15/55<sup>2</sup> | 270000 | 258895 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-XL2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.803%, |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/38<sup>1,2</sup> | $127955 | $127315 |
| &nbsp;&nbsp;&nbsp;Series 2021-CIP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.035%, |  |  |
| &nbsp;&nbsp;&nbsp;5.358%, due 12/15/38<sup>1,2</sup> | 196970 | 196231 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>1</sup> | 2020000 | 2033582 |
| Cantor Commercial Real Estate Lending, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-CF3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/53<sup>2</sup> | 101000 | 89896 |
| CD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CD3, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.631%, due 02/10/50 | 300000 | 286768 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 07/10/28<sup>1,2</sup> | 880000 | 907402 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-CR25, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;3.505%, due 08/10/48 | 20997 | 20965 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.913%, due 07/10/28<sup>2</sup> | 880000 | 918389 |
| DC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-DC, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.804%, due 09/12/40<sup>1</sup> | 660000 | 681324 |
| Extended Stay America Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-ESH, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.194%, |  |  |
| &nbsp;&nbsp;&nbsp;5.517%, due 07/15/38<sup>1,2</sup> | 352387 | 351947 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series K121, Class X1, IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.113%, due 10/25/30<sup>2</sup> | 1169647 | 51341 |
| &nbsp;&nbsp;&nbsp;Series KL06, Class XFX, IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.465%, due 12/25/29<sup>2</sup> | 715530 | 29166 |
| &nbsp;&nbsp;&nbsp;Series K142, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.400%, due 03/25/32 | 385000 | 340567 |
| &nbsp;&nbsp;&nbsp;Series K144, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 04/25/32 | 270000 | 239022 |
| &nbsp;&nbsp;&nbsp;Series K145, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.580%, due 05/25/32 | 605000 | 539215 |
| &nbsp;&nbsp;&nbsp;Series KC02, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.370%, due 07/25/25 | 284209 | 283048 |
| Federal Home Loan Mortgage Corp. Multifamily WI Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series K146, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.920%, due 07/25/32 | 170000 | 154815 |

---

**PACE Intermediate Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-M5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.425%, due 01/01/34<sup>2</sup> | $325000 | $273753 |
| FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-SB60, Class A10H, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/25/39<sup>2</sup> | 153219 | 149516 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.672%, due 03/15/42<sup>1,2</sup> | 1310000 | 1291987 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-MHC, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.164%, |  |  |
| &nbsp;&nbsp;&nbsp;5.487%, due 04/15/38<sup>1,2</sup> | 85041 | 84881 |
| &nbsp;&nbsp;&nbsp;Series 2022-ACB, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;5.745%, due 03/15/39<sup>1,2</sup> | 360000 | 359775 |
| MF1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.070%, |  |  |
| &nbsp;&nbsp;&nbsp;5.392%, due 12/15/34<sup>1,2</sup> | 100000 | 99455 |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.370%, |  |  |
| &nbsp;&nbsp;&nbsp;5.692%, due 12/15/34<sup>1,2</sup> | 370000 | 365549 |
| Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-MS1, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.779%, due 05/15/48<sup>2</sup> | 520000 | 518782 |
| MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-LPFL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.397%, |  |  |
| &nbsp;&nbsp;&nbsp;5.727%, due 03/15/39<sup>1,2</sup> | 2000000 | 1997500 |
| OAKST Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NLP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.298%, due 03/15/40<sup>1,2</sup> | 2050000 | 2092166 |
| One Bryant Park Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.516%, due 09/15/54<sup>1</sup> | 2300000 | 2054267 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>1</sup> | 870000 | 889698 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C46, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.152%, due 08/15/51 | 135000 | 132211 |
| &nbsp;&nbsp;&nbsp;Series 2018-C44, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.212%, due 05/15/51 | 445000 | 439024 |

---

**PACE Intermediate Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face <br> amount** | **Face <br> amount** | **Value** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| WMRK Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-WMRK, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.083%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.405%, due 11/15/27<sup>1,2</sup> | $| 2330000 | $| 2324175 |
| **Total mortgage-backed securities<br> (cost—$22,708,793)** |  |  |  | **22687548** |
| **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 Power System Revenue, Build America Bonds, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.574%, due 07/01/45 |  | 145000 |  | 151212 |
| State of California, GO Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 04/01/39 |  | 70000 |  | 84526 |
|  |  |  |  | 235738 |
| **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, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.504%, due 04/01/52 |  | 93000 |  | 69121 |
| **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, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.048%, due 04/01/52 |  | 78000 |  | 63627 |
| **New Jersey: 0.1%** | **New Jersey: 0.1%** | **New Jersey: 0.1%** | **New Jersey: 0.1%** | **New Jersey: 0.1%** |
| New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.561%, due 12/15/40 |  | 105000 |  | 114029 |
| New Jersey Turnpike Authority, Taxable Refunding, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.782%, due 01/01/40 |  | 25000 |  | 18427 |
|  |  |  |  | 132456 |
| **New York: 0.1%** | **New York: 0.1%** | **New York: 0.1%** | **New York: 0.1%** | **New York: 0.1%** |
| New York State Dormitory Authority, Personal Income Tax, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.052%, due 03/15/30 |  | 120000 |  | 108445 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.152%, due 03/15/31 |  | 165000 |  | 146043 |
|  |  |  |  | 254488 |
| **Texas: 0.1%** | **Texas: 0.1%** | **Texas: 0.1%** | **Texas: 0.1%** | **Texas: 0.1%** |
| City of Houston TX, GO Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.961%, due 03/01/47 |  | 85000 |  | 71123 |
| State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.754%, due 10/01/41 |  | 50000 |  | 37283 |
|  |  |  |  | 108406 |
| **Total municipal bonds<br> (cost—$1,040,171)** |  |  |  | **863836** |

---

**PACE Intermediate Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Preferred stocks: 2.2%** |  |  |
| **Capital markets: 1.1%** |  |  |
| CION Investment Corp. | $36000 | $894600 |
| Trinity Capital, Inc. | 50000 | 1262000 |
|  |  | 2156600 |
| **Mortgage real estate investment: 1.1%** |  |  |
| Ellington Financial, Inc.<sup>2,4</sup> Series C | 93400 | 2300442 |
| **Total preferred stocks<br> (cost—$4,485,000)** |  | **4457042** |

---

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount** | |
| **U.S. Treasury obligations: 6.5%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 6450000 | 3216685 |
| &nbsp;&nbsp;&nbsp;3.625% due 02/15/53 | 1775000 | 1469090 |
| &nbsp;&nbsp;&nbsp;3.875% due 02/15/43 | 2125000 | 1923291 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.500% due 09/30/29 | 2445000 | 2426185 |
| &nbsp;&nbsp;&nbsp;3.875% due 08/15/34 | 1125000 | 1101973 |
| &nbsp;&nbsp;&nbsp;4.125% due 02/28/27 | 1500000 | 1512656 |
| &nbsp;&nbsp;&nbsp;4.125% due 07/31/31 | 1350000 | 1368352 |
| **Total U.S. Treasury obligations<br> (cost—$13,576,540)** |  | **13018232** |
| **Short-term U.S. treasury obligations—1.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.139% due 10/09/25<sup>9</sup> | 1200000 | 1178176 |
| &nbsp;&nbsp;&nbsp;4.316% due 07/17/25<sup>9</sup> | 1250000 | 1238820 |
| &nbsp;&nbsp;&nbsp;**Total short-term U.S. treasury obligations**<br> (cost—$2,417,383) |  | **2416996** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments—3.6%** |  |  |
| **Investment companies: 2.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>9</sup><br> (cost $4,961,428) | 4961428 | 4961428 |
| **Total Short-term investments<br> (cost—$7,378,811)** |  | **7378424** |
| **Investment of cash collateral from securities loaned—2.9%** |  |  |
| **Money market funds: 2.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>9</sup> (cost—$5,805,138) | 5805138 | 5805138 |
| **Total investments<br> (cost—$206,636,907)<sup>10</sup>—103.2%** |  | **207720495** |
| Liabilities in excess of other assets—(3.2)% |  | (6508264) |
| **Net assets—100.0%** |  | $**201212231** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 93 | USD | &nbsp;&nbsp;U.S. Long Bond Futures | June 2025 | $10762415 | $10846125 | $83710 |
| 135 | USD | &nbsp;&nbsp;U.S. Treasury Note 10 Year Futures | June 2025 | 14809208 | 15149531 | 340323 |
| 12 | USD | &nbsp;&nbsp;U.S. Treasury Note 2 Year Futures | June 2025 | 2470529 | 2497781 | 27252 |

---

**PACE Intermediate Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 153 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Bond Futures | June 2025 | $18539703 | $18517781 | $(21922) |
| 247 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Note 10 Year Futures | June 2025 | 27620236 | 28339391 | 719155 |
| **Total** |  |  |  | $**74202091** | $**75350609** | $**1148518** |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 145 | USD | &nbsp;&nbsp;U.S. Treasury Note 5 Year Futures | June 2025 | (15527104) | (15833320) | $(306216) |
| **Total** |  |  |  | $**(15527104)** | $**(15833320)** | $**(306216)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**842302** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Preferred stocks | $4457042 | $— | $— | $4457042 |
| Asset-backed securities |  | 40879725 |  | 40879725 |
| Corporate bonds |  | 84108689 |  | 84108689 |
| Loan assignments |  | 26669180 | 1852681 | 28521861 |
| Mortgage-backed securities |  | 22687548 |  | 22687548 |
| Municipal bonds |  | 863836 |  | 863836 |
| U.S. Treasury obligations |  | 13018232 |  | 13018232 |
| Short-term investments |  | 4961428 |  | 4961428 |
| Short-term U.S. treasury obligations |  | 2416996 |  | 2416996 |
| Investment of cash collateral from securities loaned |  | 5805138 |  | 5805138 |
| Futures contracts | 1170440 |  |  | 1170440 |
| **Total** | $**5627482** | $**201410772** | $**1852681** | $**208890935** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(328138) | $— | $— | $(328138) |
| **Total** | $**(328138)** | $**—** | $**—** | $**(328138)** |

---

At April 30, 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**

---

| | |
|:---|:---|
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $93,186,127, represented 46.3% of the Portfolio's net assets at period end. |

---

---

| | |
|:---|:---|
| 2 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Perpetual investment. Date shown reflects the next call date. |
| 5 | Security, or portion thereof, was on loan at the period end. |
| 6 | Zero coupon bond. |
| 7 | Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement. |
| 8 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 9 | Rate shown reflects yield at April 30, 2025. |
| 10 | Includes $6,379,200 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,805,138 and non-cash collateral of $705,723. |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—15.0%** |  |  |
| Accredited Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.404%, |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, due 07/25/34<sup>2</sup> | 216050 | $211780 |
| Adams Outdoor Advertising LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.967%, due 07/15/53<sup>3</sup> | 980000 | 1010412 |
| Aligned Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 10/15/47<sup>3</sup> | 3000000 | 3011081 |
| Ally Bank Auto Credit-Linked Notes, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 05/17/32<sup>3</sup> | 167346 | 169049 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.678%, due 09/15/32<sup>3</sup> | 201359 | 201432 |
| Antares CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1A, Class BR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.620%, due 01/20/36<sup>2,3</sup> | 2270000 | 2288766 |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.180%, due 10/20/27<sup>3</sup> | 135000 | 135523 |
| &nbsp;&nbsp;&nbsp;Series 2023-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 06/20/29<sup>3</sup> | 2100000 | 2145904 |
| Bayview Opportunity Master Fund VII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-EDU1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.104%, due 06/25/47<sup>2,3</sup> | 15904 | 16209 |
| &nbsp;&nbsp;&nbsp;Series 2024-EDU1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;6.154%, due 06/25/47<sup>2,3</sup> | 36830 | 36608 |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>3</sup> | 1804345 | 1806008 |
| Blue Stream Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.408%, due 11/20/54<sup>3</sup> | 104000 | 104083 |
| BMW Vehicle Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;4.430%, due 10/25/27 | 195000 | 195028 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.924%, due 05/15/39<sup>3</sup> | 85093 | 86153 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.197%, due 05/15/39<sup>3</sup> | 99559 | 100841 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>3</sup> | 1445446 | 1435396 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>3</sup> | 1443271 | 1434664 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>3</sup> | 1157383 | $1172938 |
| Castlelake Aircraft Structured Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.504%, due 02/15/50<sup>3</sup> | 246691 | 247423 |
| CCG Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.220%, due 03/15/32<sup>3</sup> | 100000 | 101113 |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.890%, due 10/14/32<sup>3</sup> | 100000 | 100074 |
| CHEC Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.074%, |  |  |
| &nbsp;&nbsp;&nbsp;5.401%, due 06/25/34<sup>2</sup> | 177758 | 179188 |
| CLI Funding VIII LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.310%, due 06/18/48<sup>3</sup> | 1079938 | 1081356 |
| Cloud Capital Holdco LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.781%, due 11/22/49<sup>3</sup> | 121000 | 121297 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.923%, due 11/22/49<sup>3</sup> | 78000 | 77240 |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>3</sup> | 2360000 | 2461166 |
| Compass Datacenters Issuer II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/25/49<sup>3</sup> | 102000 | 104025 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 02/15/33<sup>3</sup> | 3050000 | 3115466 |
| Crockett Partners Equipment Co. IIA LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.780%, due 01/20/31<sup>3</sup> | 85907 | 87222 |
| &nbsp;&nbsp;&nbsp;Series 2024-1C, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, due 01/20/31<sup>3</sup> | 85907 | 87333 |
| CyrusOne Data Centers Issuer I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 04/20/48<sup>3</sup> | 58000 | 56419 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>3</sup> | 1285000 | 1256863 |
| Dell Equipment Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.730%, due 03/22/30<sup>3</sup> | 100000 | 101360 |
| Delta Funding Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-3, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;5.256%, due 09/15/29<sup>2</sup> | 22573 | 21856 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Edgeconnex Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/27/54<sup>3</sup> | 1074331 | $1076571 |
| ELFI Graduate Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 08/25/49<sup>3</sup> | 85455 | 86853 |
| First Franklin Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-FF13, Class A2D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.594%, |  |  |
| &nbsp;&nbsp;&nbsp;4.921%, due 10/25/36<sup>2</sup> | 934231 | 603503 |
| Foundation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.590%, due 03/15/50<sup>3</sup> | 100000 | 101481 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/50<sup>3</sup> | 98089 | 98363 |
| Frontier Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 08/20/53<sup>3</sup> | 139000 | 141191 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.020%, due 06/20/54<sup>3</sup> | 140000 | 145085 |
| FS Rialto Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL4, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/19/39<sup>2,3</sup> | 271355 | 271355 |
| GLS Auto Receivables Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 12/17/29<sup>3</sup> | 61000 | 62058 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 12/15/27<sup>3</sup> | 273000 | 272911 |
| GLS Auto Select Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.280%, due 10/15/31<sup>3</sup> | 34000 | 33596 |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/15/30<sup>3</sup> | 33000 | 32885 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 03/15/31<sup>3</sup> | 38000 | 38498 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 02/15/31<sup>3</sup> | 32000 | 32436 |
| GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 05/20/27 | 209000 | 209301 |
| Gracie Point International Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;90 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.122%, due 03/01/28<sup>2,3</sup> | 108000 | 107506 |
| GreenSky Home Improvement Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.690%, due 03/25/60<sup>3</sup> | 100000 | 100273 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| GSAMP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-HE4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.394%, |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 06/25/36<sup>2</sup> | 383467 | $373806 |
| HGI CRE CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.047%, due 04/20/37<sup>2,3</sup> | 580491 | 580127 |
| Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1D, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.790%, due 06/20/34<sup>3</sup> | 38255 | 37707 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.740%, due 01/25/37<sup>3</sup> | 41482 | 41272 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.620%, due 09/15/39<sup>3</sup> | 36547 | 37293 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 09/15/39<sup>3</sup> | 15663 | 15965 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 03/25/38<sup>3</sup> | 94567 | 95926 |
| Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.530%, due 08/23/27 | 294000 | 294369 |
| HPEFS Equipment Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/32<sup>3</sup> | 114000 | 115946 |
| Huntington Bank Auto Credit-Linked Notes, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;6.153%, due 05/20/32<sup>3</sup> | 165486 | 167553 |
| Island Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.540%, due 03/19/35<sup>3</sup> | 100000 | 101597 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-HE3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.100%, |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 05/25/54<sup>2,3</sup> | 95000 | 95430 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/25/54<sup>2,3</sup> | 36000 | 36250 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 08/25/54<sup>2,3</sup> | 47000 | 47219 |
| KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.450%, |  |  |
| &nbsp;&nbsp;&nbsp;5.769%, due 02/17/39<sup>2,3</sup> | 460883 | 459729 |
| Kubota Credit Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.610%, due 12/15/27<sup>3</sup> | 212000 | 212654 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>3</sup> | 1640000 | 1625388 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| LoanCore Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CRE6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.414%, |  |  |
| &nbsp;&nbsp;&nbsp;5.736%, due 11/15/38<sup>2,3</sup> | 322308 | $321074 |
| M360 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CRE3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.614%, |  |  |
| &nbsp;&nbsp;&nbsp;5.933%, due 11/22/38<sup>2,3</sup> | 132260 | 132169 |
| MetroNet Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 10/20/52<sup>3</sup> | 173643 | 177017 |
| MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL8, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.669%, due 02/19/37<sup>2,3</sup> | 486362 | 484780 |
| Morgan Stanley ABS Capital I, Inc. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.819%, |  |  |
| &nbsp;&nbsp;&nbsp;5.146%, due 12/25/34<sup>2</sup> | 118714 | 114933 |
| MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 11/21/39<sup>3</sup> | 73286 | 72529 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.060%, due 11/20/40<sup>3</sup> | 65130 | 67272 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.920%, due 03/20/42<sup>3</sup> | 87195 | 85128 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.580%, due 03/20/42<sup>3</sup> | 108993 | 107162 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.210%, due 09/22/42<sup>3,4</sup> | 120000 | 120738 |
| Navient Private Education Refi Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-EA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.970%, due 12/16/69<sup>3</sup> | 187885 | 165429 |
| &nbsp;&nbsp;&nbsp;Series 2021-FA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.110%, due 02/18/70<sup>3</sup> | 137119 | 122062 |
| &nbsp;&nbsp;&nbsp;Series 2021-GA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.580%, due 04/15/70<sup>3</sup> | 151559 | 136245 |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.660%, due 10/15/72<sup>3</sup> | 187592 | 191431 |
| New Economy Assets - Phase 1 Sponsor LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.910%, due 10/20/61<sup>3</sup> | 1500000 | 1408542 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| NextGear Floorplan Master Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 03/15/28<sup>3</sup> | 2250000 | $2273659 |
| NFAS2 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.590%, due 09/15/28<sup>3</sup> | 1460000 | 1469607 |
| NMEF Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 06/15/29<sup>3</sup> | 558718 | 559933 |
| NRM FNT1 Excess LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-FNT1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;7.398%, due 11/25/31<sup>2,3</sup> | 118358 | 119284 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.254%, due 02/25/55<sup>2,3</sup> | 100000 | 99453 |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.954%, due 02/25/55<sup>2,3</sup> | 113742 | 113336 |
| OnDeck Asset Securitization Trust IV LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, due 06/17/31<sup>3</sup> | 1410000 | 1430899 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>3</sup> | 1578356 | 1586051 |
| OWN Equipment Fund I LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2M, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 12/20/32<sup>3</sup> | 127818 | 129106 |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>3</sup> | 2369126 | 2399800 |
| Pagaya AI Debt Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.258%, due 10/15/31<sup>3</sup> | 201576 | 203332 |
| PEAC Solutions Receivables LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.940%, due 10/20/28<sup>3</sup> | 100000 | 100148 |
| PFS Financing Corp., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-B, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 02/15/30<sup>3</sup> | 100000 | 101160 |
| Prestige Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;2.080%, due 02/15/28<sup>3</sup> | 179000 | 174635 |
| Republic Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 08/20/32<sup>3</sup> | 1920000 | 1950735 |
| Retained Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/48<sup>3</sup> | 1790000 | 1776235 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-7, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.690%, due 03/17/31 | 3000000 | $3080558 |
| &nbsp;&nbsp;&nbsp;Series 2023-5, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.310%, due 07/15/27 | 17205 | 17216 |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/15/30 | 50000 | 50531 |
| Saxon Asset Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.909%, |  |  |
| &nbsp;&nbsp;&nbsp;1.981%, due 03/25/35<sup>2</sup> | 40159 | 35952 |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.579%, |  |  |
| &nbsp;&nbsp;&nbsp;4.906%, due 03/25/36<sup>2</sup> | 589435 | 570439 |
| SFS Auto Receivables Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 01/20/32<sup>3</sup> | 68000 | 69192 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 06/21/27<sup>3</sup> | 99449 | 99536 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 05/22/28<sup>3</sup> | 320000 | 319759 |
| Sierra Timeshare Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 09/20/38<sup>3</sup> | 33639 | 32667 |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 09/20/38<sup>3</sup> | 14254 | 13888 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 06/20/40<sup>3</sup> | 65981 | 65685 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.300%, due 04/20/40<sup>3</sup> | 52314 | 54091 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.120%, due 09/20/40<sup>3</sup> | 58544 | 60418 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 01/20/43<sup>3</sup> | 57968 | 58735 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.830%, due 06/20/41<sup>3</sup> | 73499 | 74163 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 08/20/41<sup>3</sup> | 154588 | 154315 |
| SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C, Class BFX, |  |  |
| &nbsp;&nbsp;&nbsp;3.050%, due 11/16/48<sup>3</sup> | 158000 | 138583 |
| Sotheby's Artfi Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 12/22/31<sup>3</sup> | 171000 | 172629 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/25/48<sup>3</sup> | 950000 | $952049 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 10/25/48<sup>3</sup> | 124000 | 125404 |
| Store Master Funding I-VII XIV XIX XX, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.120%, due 06/20/51<sup>3</sup> | 1343742 | 1241880 |
| Structured Asset Securities Corp. Mortgage Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2001-SB1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 08/25/31 | 5491 | 5470 |
| Subway Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2I, |  |  |
| &nbsp;&nbsp;&nbsp;6.028%, due 07/30/54<sup>3</sup> | 99500 | 100633 |
| TierPoint Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/25/53<sup>3</sup> | 170000 | 170252 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CES1, Class A1B, |  |  |
| &nbsp;&nbsp;&nbsp;6.049%, due 01/25/64<sup>2,3</sup> | 73498 | 73846 |
| &nbsp;&nbsp;&nbsp;Series 2024-CES1, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.848%, due 01/25/64<sup>2,3</sup> | 106572 | 106987 |
| &nbsp;&nbsp;&nbsp;Series 2024-CES2, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/25/64<sup>2,3</sup> | 165429 | 166760 |
| Trafigura Securitisation Finance PLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.290%, due 11/15/27<sup>3</sup> | 200000 | 200872 |
| TRTX Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-FL6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.537%, |  |  |
| &nbsp;&nbsp;&nbsp;5.873%, due 09/18/42<sup>2,3</sup> | 130000 | 127481 |
| U.S. Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.789%, due 08/25/32<sup>3</sup> | 103211 | 104556 |
| &nbsp;&nbsp;&nbsp;Series 2025-SUP1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.254%, due 02/25/32<sup>2,3</sup> | 234044 | 232661 |
| U.S. Small Business Administration, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-20H, Class 1, |  |  |
| &nbsp;&nbsp;&nbsp;5.110%, due 08/01/25 | 5072 | 5069 |
| &nbsp;&nbsp;&nbsp;Series 2007-20D, Class 1, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 04/01/27 | 61694 | 61401 |
| Uniti Fiber ABS Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.369%, due 04/20/55<sup>3</sup> | 115000 | 117235 |
| Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 03/16/48<sup>3</sup> | 1370000 | 1382103 |
| Volofin Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.935%, due 06/15/37<sup>3</sup> | 217458 | 219041 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | **Value** | **Value** |
| **Asset-backed securities—(continued)** |  |  |  |
| Westlake Automobile Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.540%, due 11/15/30<sup>3</sup> | 116000 | $| 116667 |
| Willis Engine Structured Trust VII, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/48<sup>3</sup> | 668312 |  | 695854 |
| Zayo Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>3</sup> | 1010000 |  | 1014593 |
| Ziply Fiber Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.810%, due 04/20/54<sup>3</sup> | 155000 |  | 161226 |
| **Total asset-backed securities** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$61,852,416) |  |  | **63157654** |
| **Corporate bonds—46.0%** | **Corporate bonds—46.0%** | **Corporate bonds—46.0%** | **Corporate bonds—46.0%** |
| **Aerospace & defense: 0.5%** |  |  |  |
| AAR Escrow Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/29<sup>3</sup> | 20000 |  | 20474 |
| Boeing Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.196%, due 02/04/26 | 100000 |  | 97977 |
| &nbsp;&nbsp;&nbsp;2.700%, due 02/01/27 | 100000 |  | 96610 |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/26 | 300000 |  | 294902 |
| &nbsp;&nbsp;&nbsp;3.450%, due 11/01/28 | 200000 |  | 191147 |
| &nbsp;&nbsp;&nbsp;5.805%, due 05/01/50 | 275000 |  | 257761 |
| &nbsp;&nbsp;&nbsp;5.930%, due 05/01/60 | 100000 |  | 92234 |
| Goat Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>3</sup> | 105000 |  | 102638 |
| Rolls-Royce PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/27<sup>3</sup> | 200000 |  | 204567 |
| RTX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/08/26 | 100000 |  | 101915 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/29 | 10000 |  | 9618 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/29<sup>3</sup> | 70000 |  | 71310 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>3</sup> | 35000 |  | 35852 |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/30<sup>3</sup> | 415000 |  | 427596 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>3</sup> | 10000 |  | 10394 |
|  |  |  | 2014995 |
| **Agriculture: 0.4%** |  |  |  |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.343%, due 08/02/30 | 200000 |  | 213768 |
| Cargill, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/11/32<sup>3,5</sup> | 1085000 |  | 1097405 |
| Imperial Brands Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/26/26<sup>3</sup> | 200000 |  | 197519 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/01/34<sup>3</sup> | 200000 |  | 202915 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/20/35<sup>3</sup> | 30000 |  | 30872 |
|  |  |  | 1742479 |
| **Airlines: 0.1%** |  |  |  |
| American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-2, Class AA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 06/15/28 | 188850 |  | 179400 |
| &nbsp;&nbsp;&nbsp;Series 2015-2, Class AA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 09/22/27 | 172084 |  | 166730 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Airlines—(continued)** | **Airlines—(continued)** | **Airlines—(continued)** | **Airlines—(continued)** | **Airlines—(continued)** |
| JetBlue Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-1, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/15/28 |  | 230501 | $| 211737 |
| Spirit Airlines Pass-Through Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 04/01/28<sup>6</sup> |  | 49081 |  | 44888 |
|  |  |  |  | 602755 |
| **Apparel: 0.1%** | **Apparel: 0.1%** | **Apparel: 0.1%** | **Apparel: 0.1%** | **Apparel: 0.1%** |
| Birkenstock Financing SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/30/29<sup>7</sup> | EUR | 100000 |  | 114418 |
| Tapestry, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/11/35 |  | 105000 |  | 102261 |
|  |  |  |  | 216679 |
| **Auto manufacturers: 0.8%** | **Auto manufacturers: 0.8%** | **Auto manufacturers: 0.8%** | **Auto manufacturers: 0.8%** | **Auto manufacturers: 0.8%** |
| BMW U.S. Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/21/30<sup>3,5</sup> |  | 200000 |  | 202357 |
| Daimler Truck Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 12/14/26<sup>3</sup> |  | 200000 |  | 192217 |
| Ford Motor Credit Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 11/13/25 |  | 200000 |  | 197663 |
| &nbsp;&nbsp;&nbsp;5.800%, due 03/05/27 |  | 200000 |  | 198838 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/07/35 |  | 200000 |  | 193564 |
| General Motors Financial Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/04/32 |  | 140000 |  | 138925 |
| Hyundai Capital America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/27/30<sup>3,5</sup> |  | 100000 |  | 99880 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/08/27<sup>3</sup> |  | 200000 |  | 201384 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/21/26<sup>3</sup> |  | 100000 |  | 101553 |
| Mercedes-Benz Finance North America LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/31/28<sup>3</sup> |  | 200000 |  | 200803 |
| Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/09/26<sup>3</sup> |  | 100000 |  | 96108 |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/09/28<sup>3</sup> |  | 200000 |  | 182192 |
| Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.522%, due 09/17/25<sup>3</sup> |  | 200000 |  | 198062 |
| &nbsp;&nbsp;&nbsp;4.810%, due 09/17/30<sup>3</sup> |  | 200000 |  | 184815 |
| Volkswagen Bank GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/31/26<sup>7</sup> | EUR | 700000 |  | 792488 |
|  |  |  |  | 3180849 |
| **Auto parts & equipment: 0.0%<sup>†</sup>** | **Auto parts & equipment: 0.0%<sup>†</sup>** | **Auto parts & equipment: 0.0%<sup>†</sup>** | **Auto parts & equipment: 0.0%<sup>†</sup>** | **Auto parts & equipment: 0.0%<sup>†</sup>** |
| Adient Global Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 04/15/31<sup>3</sup> |  | 10000 |  | 9900 |
| ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/23/29<sup>7</sup> | EUR | 100000 |  | 97425 |
| ZF North America Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/23/32<sup>3</sup> |  | 50000 |  | 43884 |
|  |  |  |  | 151209 |
| **Banks: 12.9%** | **Banks: 12.9%** | **Banks: 12.9%** | **Banks: 12.9%** | **Banks: 12.9%** |
| ABN AMRO Bank NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/34), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.515%, due 12/03/35<sup>2,3</sup> |  | 200000 |  | 201281 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/13/25), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.575%, due 10/13/26<sup>2,3</sup> |  | 200000 |  | 201459 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.284%, due 06/17/32<sup>2,3</sup> | 1700000 | $1707833 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>3</sup> | 1680000 | 1725781 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/14/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/14/32<sup>2,8</sup> | 200000 | 195728 |
| Banco Mercantil del Norte SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/35), |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/20/35<sup>2,3,8</sup> | 15000 | 14880 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand |  |  |
| &nbsp;&nbsp;&nbsp;5.621%, due 12/10/29<sup>3</sup> | 10000 | 10125 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;4.379%, due 04/12/28 | 200000 | 198804 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/12/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/12/26<sup>2,8</sup> | 200000 | 188674 |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 07/05/34<sup>3</sup> | 25000 | 25561 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/29/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.592%, due 04/29/31<sup>2</sup> | 200000 | 180710 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.705%, due 04/24/28<sup>2</sup> | 100000 | 98564 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.824%, due 01/20/28<sup>2</sup> | 200000 | 197731 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.376%, due 04/27/28<sup>2</sup> | 250000 | 249588 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 01/20/27<sup>2</sup> | 200000 | 200788 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.511%, due 01/24/36<sup>2,5</sup> | 85000 | 86157 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.819%, due 09/15/29<sup>2</sup> | 200000 | 208317 |
| &nbsp;&nbsp;&nbsp;Series OO, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/30<sup>2,8</sup> | 80000 | 80037 |
| Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/07/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.442%, due 02/07/28<sup>2</sup> | 1760000 | 1737234 |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/20/26<sup>2,8</sup> | 170000 | 160687 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/14/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.975%, due 03/14/30<sup>2</sup> | 200000 | 204510 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>3</sup> | 1390000 | $1408163 |
| Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/16/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.972%, due 05/16/29<sup>2</sup> | 200000 | 200877 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.437%, due 11/02/33<sup>2</sup> | 400000 | 446385 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/29<sup>2,8</sup> | 200000 | 204324 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/09/31<sup>2,4</sup> | 755000 | 753779 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/12/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/12/27<sup>2,3,8</sup> | 200000 | 188993 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.497%, due 05/20/30<sup>2,3</sup> | 200000 | 203836 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29<sup>2,3</sup> | 250000 | 264072 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3,5</sup> | 200000 | 206241 |
| Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.864%, due 09/29/25 | 100000 | 100382 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series X, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/18/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/18/26<sup>2,8</sup> | 128000 | 124487 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.020%, due 01/24/36<sup>2</sup> | 205000 | 205565 |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.265%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 07/06/25<sup>2,8</sup> | 60000 | 58555 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.419%, |  |  |
| &nbsp;&nbsp;&nbsp;7.703%, due 07/06/25<sup>2,8</sup> | 80000 | 78685 |
| Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/27/25 | 1020000 | 1014956 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1690000 | 1597757 |
| Danske Bank AS |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.705%, due 03/01/30<sup>2,3</sup> | 200000 | 206291 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/08/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.706%, due 02/08/28<sup>2</sup> | 200000 | 203091 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>2</sup> | 200000 | 212496 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/28/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.772%, due 07/28/30<sup>2</sup> | 35000 | 34882 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.361%, due 10/27/28<sup>2</sup> | 2430000 | 2526135 |
| &nbsp;&nbsp;&nbsp;Series H, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.295%, |  |  |
| &nbsp;&nbsp;&nbsp;7.594%, due 05/31/25<sup>2,8</sup> | 115000 | 112595 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.114%, due 05/21/27<sup>2</sup> | 250000 | $249459 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.770%, |  |  |
| &nbsp;&nbsp;&nbsp;5.141%, due 03/18/27<sup>2</sup> | 200000 | 199479 |
| Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/26), |  |  |
| &nbsp;&nbsp;&nbsp;1.948%, due 10/21/27<sup>2</sup> | 100000 | 96324 |
| &nbsp;&nbsp;&nbsp;Series U, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 08/10/26<sup>2,8</sup> | 45000 | 43012 |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 05/10/26<sup>2,8</sup> | 20000 | 19303 |
| &nbsp;&nbsp;&nbsp;Series V, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/10/26<sup>2,8</sup> | 50000 | 47756 |
| &nbsp;&nbsp;&nbsp;Series Y, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/10/34<sup>2,8</sup> | 70000 | 65998 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.012%, |  |  |
| &nbsp;&nbsp;&nbsp;6.294%, due 10/28/27<sup>2</sup> | 200000 | 203231 |
| &nbsp;&nbsp;&nbsp;Series X, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/10/29<sup>2,8</sup> | 95000 | 96878 |
| Grupo Aval Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/04/30<sup>3</sup> | 70000 | 61338 |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.848%, due 06/04/31<sup>2</sup> | 2000000 | 1807941 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/11/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 08/11/33<sup>2</sup> | 200000 | 202212 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.254%, due 03/09/34<sup>2</sup> | 600000 | 634440 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 1205000 | 1280965 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.443%, due 08/04/28<sup>2</sup> | 830000 | 824752 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 10/15/27<sup>2,8</sup> | 50000 | 47605 |
| &nbsp;&nbsp;&nbsp;Series F, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/15/30<sup>2,8</sup> | 19000 | 18690 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/02/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, due 02/02/35<sup>2</sup> | 85000 | 85154 |
| Huntington National Bank |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 01/10/30 | 1645000 | 1697324 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 05/16/27<sup>2,8</sup> | 227000 | $204545 |
| &nbsp;&nbsp;&nbsp;Series NC10, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/16/31<sup>2,8</sup> | 200000 | 161455 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/25/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.066%, due 03/25/31<sup>2</sup> | 200000 | 201583 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/19/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.335%, due 03/19/30<sup>2</sup> | 200000 | 204195 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/26<sup>2,5,8</sup> | 200000 | 196731 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.560%, |  |  |
| &nbsp;&nbsp;&nbsp;5.928%, due 09/11/27<sup>2</sup> | 200000 | 201534 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;Series XR, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/23/29<sup>3</sup> | 200000 | 192866 |
| &nbsp;&nbsp;&nbsp;7.200%, due 11/28/33<sup>3</sup> | 200000 | 221712 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;1.470%, due 09/22/27<sup>2</sup> | 200000 | 191969 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.947%, due 02/24/28<sup>2</sup> | 200000 | 194891 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;3.509%, due 01/23/29<sup>2</sup> | 200000 | 195140 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.960%, due 01/29/27<sup>2</sup> | 100000 | 99648 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.299%, due 07/24/29<sup>2</sup> | 200000 | 204942 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.502%, due 01/24/36<sup>2</sup> | 80000 | 81397 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 10/22/27<sup>2</sup> | 200000 | 205016 |
| &nbsp;&nbsp;&nbsp;Series CC, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.842%, |  |  |
| &nbsp;&nbsp;&nbsp;7.132%, due 08/01/25<sup>2,5,8</sup> | 45000 | 44927 |
| KeyBank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | 1435000 | 1473715 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/02/32<sup>2,7</sup> | 800000 | 564742 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Banks—(continued)** |  |  |  |
| Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/18/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/18/28<sup>2</sup> |  | 1785000 | $1757105 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> |  | 810000 | 920470 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/27/29<sup>2,8</sup> |  | 200000 | 205032 |
| M&T Bank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/26<sup>2,8</sup> |  | 190000 | 173857 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/01/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.304%, due 08/01/25<sup>2,8</sup> |  | 56000 | 55255 |
| Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/22/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.261%, due 05/22/30<sup>2</sup> |  | 200000 | 189590 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/10/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.382%, due 07/10/30<sup>2</sup> |  | 200000 | 204559 |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/21/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.790%, due 03/21/30<sup>2</sup> | EUR | 100000 | 116026 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.123%, due 02/01/29<sup>2</sup> |  | 200000 | 203168 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 07/19/35<sup>2</sup> |  | 85000 | 84616 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.449%, due 07/20/29<sup>2</sup> |  | 200000 | 205316 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/18/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.466%, due 01/18/35<sup>2</sup> |  | 45000 | 45457 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 10/18/33<sup>2</sup> |  | 1380000 | 1477734 |
| Morgan Stanley Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.080%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.457%, due 01/14/28<sup>2</sup> |  | 250000 | 250547 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/26/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 05/26/28<sup>2</sup> |  | 250000 | 254987 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/22/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.073%, due 05/22/28<sup>2</sup> | 200000 | $194094 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/28/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/28/31<sup>2,8</sup> | 200000 | 165749 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;5.661%, due 11/15/28<sup>2</sup> | 1220000 | 1222100 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.016%, due 03/02/34<sup>2</sup> | 200000 | 208385 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/25), |  |  |
| &nbsp;&nbsp;&nbsp;7.472%, due 11/10/26<sup>2</sup> | 1370000 | 1388974 |
| PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series T, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 09/15/26<sup>2,5,8</sup> | 1149000 | 1080624 |
| &nbsp;&nbsp;&nbsp;Series S, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/26<sup>2,5,8</sup> | 22000 | 21675 |
| &nbsp;&nbsp;&nbsp;Series W, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/30<sup>2,8</sup> | 75000 | 73788 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.490%, due 01/06/28<sup>2,5</sup> | 1200000 | 1151729 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.741%, due 03/20/31<sup>2</sup> | 200000 | 202062 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/09/25), |  |  |
| &nbsp;&nbsp;&nbsp;5.807%, due 09/09/26<sup>2,5</sup> | 1140000 | 1143408 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 970000 | 1005709 |
| Santander U.K. Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/10/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.534%, due 01/10/29<sup>2</sup> | 100000 | 104181 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/21/25), |  |  |
| &nbsp;&nbsp;&nbsp;6.833%, due 11/21/26<sup>2</sup> | 200000 | 202017 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/13/25), |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/13/25<sup>2,7,8</sup> | 200000 | 200000 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>3</sup> | 885000 | 912627 |
| Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/10/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.691%, due 01/10/34<sup>2,3</sup> | 300000 | 316264 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.853%, due 12/03/27 | 250000 | 252823 |
| Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/06/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.187%, due 07/06/27<sup>2,3</sup> | 100000 | 101546 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| State Street Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/04/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 11/04/28<sup>2</sup> |  | 740000 | $| 767625 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.902%, due 09/17/28 |  | 200000 |  | 184320 |
| &nbsp;&nbsp;&nbsp;5.316%, due 07/09/29 |  | 200000 |  | 205377 |
| Truist Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/06/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.123%, due 06/06/28<sup>2,5</sup> |  | 1720000 |  | 1711097 |
| &nbsp;&nbsp;&nbsp;Series Q, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/01/30<sup>2,8</sup> |  | 15000 |  | 14362 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/26/33), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, due 01/26/34<sup>2</sup> |  | 200000 |  | 195773 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/28/32), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, due 10/28/33<sup>2</sup> |  | 770000 |  | 805154 |
| &nbsp;&nbsp;&nbsp;Series N, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.669%, due 09/01/25<sup>2,8</sup> |  | 110000 |  | 108043 |
| U.S. Bancorp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series N, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/15/27<sup>2,5,8</sup> |  | 445000 |  | 415716 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/33), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.839%, due 02/01/34<sup>2</sup> |  | 200000 |  | 194237 |
| Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/30/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.879%, due 10/30/30<sup>2</sup> |  | 200000 |  | 185315 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.196%, due 06/17/27<sup>2</sup> |  | 200000 |  | 197196 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/32), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 03/02/33<sup>2</sup> |  | 1915000 |  | 1719432 |
| &nbsp;&nbsp;&nbsp;Series BB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, due 03/15/26<sup>2,8</sup> |  | 115000 |  | 112949 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/28), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.574%, due 07/25/29<sup>2</sup> |  | 200000 |  | 205764 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/23/33), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.491%, due 10/23/34<sup>2</sup> |  | 220000 |  | 236597 |
| Wells Fargo Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 08/07/26 |  | 100000 |  | 101430 |
| &nbsp;&nbsp;&nbsp;5.550%, due 08/01/25 |  | 100000 |  | 100163 |
|  |  |  |  | 54301889 |
| **Beverages: 0.1%** | **Beverages: 0.1%** | **Beverages: 0.1%** | **Beverages: 0.1%** | **Beverages: 0.1%** |
| Constellation Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 01/15/29 |  | 100000 |  | 100652 |
| JDE Peet's NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/23/34<sup>7</sup> | EUR | 200000 |  | 236648 |
|  |  |  |  | 337300 |
| **Biotechnology: 0.1%** | **Biotechnology: 0.1%** | **Biotechnology: 0.1%** | **Biotechnology: 0.1%** | **Biotechnology: 0.1%** |
| Amgen, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 |  | 240000 |  | 228238 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Biotechnology—(continued)** | **Biotechnology—(continued)** | **Biotechnology—(continued)** | **Biotechnology—(continued)** |
| Regeneron Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/15/30 |  | 300000 | $256484 |
|  |  |  | 484722 |
| **Building Materials: 0.1%** |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>3</sup> |  | 245000 | 248457 |
| JELD-WEN, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/15/27<sup>3</sup> |  | 25000 | 23091 |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/01/32<sup>3,5</sup> |  | 45000 | 39521 |
| MIWD Holdco II LLC/MIWD Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/30<sup>3</sup> |  | 20000 | 18023 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>3,5</sup> |  | 105000 | 105393 |
| Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>3</sup> |  | 55000 | 51294 |
|  |  |  | 485779 |
| **Chemicals: 0.4%** |  |  |  |
| Avient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/30<sup>3</sup> |  | 10000 | 10196 |
| Celanese U.S. Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/33<sup>5</sup> |  | 15000 | 14080 |
| &nbsp;&nbsp;&nbsp;Steps to 7.050% on 05/15/25, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 11/15/30 |  | 30000 | 29990 |
| International Flavors & Fragrances, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/01/30<sup>3</sup> |  | 200000 | 174052 |
| Olin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>3</sup> |  | 1115000 | 1057970 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 10/01/28<sup>3</sup> |  | 65000 | 60049 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/31<sup>3,5</sup> |  | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/15/28<sup>7</sup> | EUR | 100000 | 118100 |
| &nbsp;&nbsp;&nbsp;9.750%, due 11/15/28<sup>3</sup> |  | 165000 | 171923 |
| Sociedad Quimica y Minera de Chile SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/10/34<sup>3</sup> |  | 20000 | 19265 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/07/33<sup>3</sup> |  | 15000 | 15535 |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/27<sup>3</sup> |  | 110000 | 106490 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>3</sup> |  | 10000 | 10053 |
|  |  |  | 1807703 |
| **Commercial services: 0.9%** |  |  |  |
| AMN Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>3,5</sup> |  | 10000 | 8967 |
| Ashtead Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/11/32<sup>3</sup> |  | 1700000 | 1685719 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>3,5</sup> |  | 805000 | 803149 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32<sup>3</sup> |  | 200000 | 204056 |
| Boost Newco Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/15/31<sup>3</sup> |  | 235000 | 247985 |
| Champions Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>3,5</sup> |  | 80000 | 70433 |
| Duke University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.682%, due 10/01/44 |  | 300000 | 212436 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** |  |  |  |
| Emory University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.143%, due 09/01/30 |  | 200000 | $178273 |
| Equifax, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/29 |  | 200000 | 200767 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/28<sup>3</sup> |  | 75000 | 74938 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/32<sup>3</sup> |  | 40000 | 40570 |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/34<sup>3</sup> |  | 55000 | 55593 |
| Verisure Midholding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/29<sup>7</sup> | EUR | 100000 | 113802 |
| VM Consolidated, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>3</sup> |  | 20000 | 19284 |
| Williams Scotsman, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/31<sup>3</sup> |  | 55000 | 57048 |
|  |  |  | 3973020 |
| **Computers: 0.1%** |  |  |  |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>3</sup> |  | 10000 | 10172 |
| Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/35 |  | 215000 | 211119 |
|  |  |  | 221291 |
| **Cosmetics/Personal Care: 0.0%<sup>†</sup>** |  |  |  |
| Perrigo Finance Unlimited Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32<sup>5</sup> |  | 35000 | 34743 |
| **Distribution & wholesale: 0.0%<sup>†</sup>** |  |  |  |
| Gates Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>3</sup> |  | 25000 | 25366 |
| Resideo Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/29<sup>3</sup> |  | 20000 | 18409 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>3</sup> |  | 10000 | 9920 |
|  |  |  | 53695 |
| **Diversified financial services: 2.5%** |  |  |  |
| Acadian Asset Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 07/27/26 |  | 755000 | 738683 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 04/03/26 |  | 200000 | 199098 |
| &nbsp;&nbsp;&nbsp;5.100%, due 01/19/29 |  | 50000 | 50538 |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 11/02/28 |  | 200000 | 181213 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/28<sup>2,8</sup> |  | 104000 | 87999 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/17/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.543%, due 01/17/31<sup>2</sup> |  | 40000 | 39627 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/03/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.848%, due 01/03/30<sup>2</sup> |  | 1285000 | 1333710 |
| American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.645%, due 04/23/27<sup>2</sup> |  | 200000 | 202097 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/30/25), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.338%, due 10/30/26<sup>2</sup> |  | 200000 | 201784 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** |  |  |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/29<sup>3</sup> | 200000 | $201884 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/28<sup>3</sup> | 200000 | 206955 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>3</sup> | 200000 | 202752 |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/30<sup>3</sup> | 15000 | 14869 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>3</sup> | 1805000 | 1898903 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.927%, due 05/10/28<sup>2</sup> | 1700000 | 1706885 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 02/01/30<sup>2</sup> | 100000 | 102433 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/26/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.884%, due 07/26/35<sup>2</sup> | 110000 | 111313 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/30/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.183%, due 01/30/36<sup>2</sup> | 295000 | 291326 |
| Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/26<sup>2,8</sup> | 132000 | 127827 |
| &nbsp;&nbsp;&nbsp;Series K, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/27<sup>2,5,8</sup> | 55000 | 53646 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/25), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/25<sup>2,8</sup> | 15000 | 14950 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/31<sup>3</sup> | 20000 | 20626 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/11/29 | 100000 | 97984 |
| Lehman Brothers Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/24/13<sup>6</sup> | 4500000 | 1800 |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/13<sup>6</sup> | 1900000 | 760 |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/49<sup>6</sup> | 900000 | 360 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>3</sup> | 145000 | 147377 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29<sup>5</sup> | 160000 | 151477 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.627%, due 07/02/27<sup>2</sup> | 200000 | 200334 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 | 125000 | 125516 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>3</sup> | 1660000 | 1654237 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/30<sup>3</sup> | 155000 | 157624 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>3</sup> | 20000 | 20852 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/31/30 | 10000 | 10323 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/30<sup>3</sup> | 20000 | 19777 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** |  |  |  |
| XP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/02/29<sup>3</sup> |  | 35000 | $35350 |
|  |  |  | 10612889 |
| **Electric: 5.7%** |  |  |  |
| Adani Electricity Mumbai Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.949%, due 02/12/30<sup>3</sup> |  | 262000 | 225844 |
| AES Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 01/15/31 |  | 200000 | 171185 |
| Alexander Funding Trust II |  |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>3</sup> |  | 1475000 | 1566067 |
| Algonquin Power & Utilities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.365%, due 06/15/26 |  | 200000 | 201299 |
| Alliant Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 03/30/29<sup>3</sup> |  | 100000 | 104268 |
| Alpha Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>3</sup> |  | 205000 | 208918 |
| Ameren Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29 |  | 200000 | 202904 |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 |  | 195000 | 203672 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>2</sup> |  | 135000 | 136223 |
| Appalachian Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 04/01/31 |  | 200000 | 177678 |
| Atlantica Sustainable Infrastructure PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>3</sup> |  | 1495000 | 1420524 |
| AusNet Services Holdings Pty. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 03/11/81<sup>2,7</sup> | EUR | 100000 | 109767 |
| Avangrid, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 06/01/29 |  | 200000 | 193770 |
| Black Hills Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/30 |  | 200000 | 178430 |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/01/29<sup>3</sup> |  | 10000 | 9669 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31<sup>3</sup> |  | 20000 | 19238 |
| CenterPoint Energy Houston Electric LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 10/01/28 |  | 200000 | 206170 |
| CenterPoint Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 05/15/55<sup>2</sup> |  | 170000 | 167761 |
| CMS Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/55<sup>2</sup> |  | 180000 | 175489 |
| Comision Federal de Electricidad |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 01/24/30<sup>3</sup> |  | 30000 | 29415 |
| &nbsp;&nbsp;&nbsp;6.450%, due 01/24/35<sup>3</sup> |  | 30000 | 28717 |
| Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/34 |  | 200000 | 210136 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/53 |  | 50000 | 51735 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/31 |  | 200000 | $171172 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 01/15/27<sup>2,8</sup> |  | 60000 | 58179 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/32 |  | 270000 | 273404 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/55<sup>2</sup> |  | 205000 | 201554 |
| DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/01/29 |  | 300000 | 304242 |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 09/01/54<sup>2,5</sup> |  | 70000 | 70147 |
| Duke Energy Progress LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 08/15/31<sup>5</sup> |  | 1200000 | 1032860 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/26<sup>2,8</sup> |  | 79000 | 69887 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>2,8</sup> |  | 1810000 | 1696501 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/29 |  | 200000 | 198642 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/17/35<sup>2,7,8</sup> | GBP | 100000 | 134469 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/06/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/06/28<sup>2,7,8</sup> | EUR | 200000 | 249511 |
| Elia Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 03/15/28<sup>2,7,8</sup> |  | 100000 | 117848 |
| Entergy Mississippi LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 04/15/55 |  | 60000 | 58694 |
| EPH Financing International AS |  |  |  |
| &nbsp;&nbsp;&nbsp;6.651%, due 11/13/28<sup>7</sup> | EUR | 200000 | 243110 |
| Evergy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 06/01/55<sup>2</sup> |  | 75000 | 72911 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 02/01/29 |  | 100000 | 104269 |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/15/27 |  | 200000 | 194365 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/15/29 |  | 200000 | 204468 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/55<sup>2</sup> |  | 120000 | 119305 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/31/41<sup>3</sup> |  | 9942 | 9845 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.004%, due 02/23/27 |  | 200000 | 203082 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 0.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.111%, due 05/08/25<sup>2</sup> |  | 200000 | 200011 |
| IPALCO Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/01/30 |  | 200000 | 190716 |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/32<sup>3</sup> |  | 150000 | 155405 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| MidAmerican Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 |  | 1400000 | $1371959 |
| Monongahela Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/15/27<sup>3</sup> |  | 1800000 | 1770364 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/15/28 |  | 100000 | 101702 |
| New York State Electric & Gas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150%, due 10/01/31<sup>3</sup> |  | 1400000 | 1186599 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/01/27 |  | 300000 | 295279 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/55<sup>2</sup> |  | 50000 | 50105 |
| Niagara Mohawk Power Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.278%, due 12/15/28<sup>3</sup> |  | 300000 | 297702 |
| NorthWestern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.073%, due 03/21/30<sup>3</sup> |  | 200000 | 203463 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>3</sup> |  | 60000 | 53926 |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/32<sup>3</sup> |  | 3000 | 2683 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>3</sup> |  | 75000 | 74647 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>3</sup> |  | 25000 | 24738 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,3,8</sup> |  | 335000 | 367008 |
| Orsted AS |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/14/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/14/3024<sup>2,7,8</sup> | EUR | 100000 | 113353 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 01/01/26 |  | 100000 | 98752 |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/01/50 |  | 52830 | 42556 |
| &nbsp;&nbsp;&nbsp;5.550%, due 05/15/29 |  | 200000 | 203221 |
| &nbsp;&nbsp;&nbsp;5.700%, due 03/01/35 |  | 45000 | 44378 |
| &nbsp;&nbsp;&nbsp;6.150%, due 03/01/55 |  | 57000 | 53419 |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/15/33 |  | 200000 | 206795 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/34 |  | 100000 | 107240 |
| PacifiCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 09/15/30 |  | 100000 | 89956 |
| &nbsp;&nbsp;&nbsp;5.100%, due 02/15/29 |  | 200000 | 203990 |
| Pinnacle West Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.820%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.187%, due 06/10/26<sup>2</sup> |  | 200000 | 199934 |
| Saavi Energia SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>3</sup> |  | 35000 | 35044 |
| Sempra |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 10/01/54<sup>2</sup> |  | 175000 | 159616 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 06/01/29 |  | 200000 | 202394 |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/01/27 |  | 100000 | 102270 |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 |  | 775000 | 789565 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 04/30/30 |  | 200000 | $191943 |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/51<sup>2</sup> |  | 435000 | 428618 |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/55<sup>2</sup> |  | 25000 | 25468 |
| Southwestern Electric Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series M, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 09/15/28 |  | 200000 | 196544 |
| SSE PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/21/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/21/28<sup>2,5,7,8</sup> | EUR | 100000 | 113489 |
| System Energy Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 12/15/34 |  | 200000 | 197545 |
| Vattenfall AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/17/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/17/83<sup>2,7</sup> | GBP | 100000 | 135604 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>3</sup> |  | 430000 | 445385 |
| WEC Energy Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 10/15/30 |  | 69000 | 59826 |
| XPLR Infrastructure Operating Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>3,5</sup> |  | 1280000 | 1277304 |
|  |  |  | 23857860 |
| **Electrical components & equipment: 0.0%<sup>†</sup>** |  |  |  |
| WESCO Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/15/32<sup>3</sup> |  | 55000 | 55947 |
| **Electronics: 0.1%** |  |  |  |
| Arrow Electronics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 08/21/29 |  | 200000 | 201636 |
| Honeywell International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/02/34 | EUR | 200000 | 234783 |
| Imola Merger Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>3</sup> |  | 25000 | 23872 |
| TD SYNNEX Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 04/12/34 |  | 100000 | 100569 |
|  |  |  | 560860 |
| **Energy-Alternate Sources: 0.6%** |  |  |  |
| XPLR Infrastructure LP |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/25<sup>3,9</sup> |  | 760000 | 722188 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>3,5</sup> |  | 1910000 | 1800687 |
|  |  |  | 2522875 |
| **Engineering & construction: 0.0%<sup>†</sup>** |  |  |  |
| Abertis Infraestructuras Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/24/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.248%, due 11/24/25<sup>2,7,8</sup> | EUR | 100000 | 112762 |
| **Entertainment: 0.4%** |  |  |  |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>3,5</sup> |  | 20000 | 18463 |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>3</sup> |  | 45000 | 44009 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/31<sup>3</sup> |  | 270000 | 272694 |
| Cirsa Finance International SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>7</sup> | EUR | 100000 | 118792 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/27<sup>3</sup> |  | 55000 | $53834 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>3</sup> |  | 235000 | 221854 |
| Penn Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/29<sup>3,5</sup> |  | 20000 | 17542 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/32<sup>3,5</sup> |  | 55000 | 55493 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/29 |  | 125000 | 118839 |
| Warnermedia Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 |  | 300000 | 280225 |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 |  | 830000 | 625624 |
|  |  |  | 1827369 |
| **Environmental control: 0.0%<sup>†</sup>** |  |  |  |
| Ambipar Lux SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/06/31<sup>3</sup> |  | 20000 | 19225 |
| **Food: 0.5%** |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/52 |  | 45000 | 46328 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/25/55<sup>3</sup> |  | 320000 | 325110 |
| Kroger Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 01/15/49 |  | 115000 | 106126 |
| Mars, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/30<sup>3</sup> |  | 200000 | 202441 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>3</sup> |  | 1005000 | 1013054 |
| Minerva Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/13/33<sup>3</sup> |  | 45000 | 47861 |
| Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/15/32<sup>3</sup> |  | 75000 | 75581 |
| Sysco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/01/50 |  | 184000 | 195061 |
| U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>3</sup> |  | 55000 | 53873 |
|  |  |  | 2065435 |
| **Food service: 0.0%<sup>†</sup>** |  |  |  |
| TKC Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/28<sup>3</sup> |  | 15000 | 15001 |
| **Forest products & paper: 0.0%<sup>†</sup>** |  |  |  |
| Celulosa Arauco y Constitucion SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 01/29/30<sup>3</sup> |  | 40000 | 37300 |
| **Gas: 0.5%** |  |  |  |
| APA Infrastructure Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/09/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/09/83<sup>2,7</sup> | EUR | 100000 | 124047 |
| National Fuel Gas Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 03/01/31 |  | 300000 | 265649 |
| NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/30 |  | 200000 | 190756 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Gas—(continued)** | **Gas—(continued)** | **Gas—(continued)** |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/27 | 100000 | $97513 |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | 1100000 | 1088957 |
| Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 03/15/32 | 200000 | 187323 |
|  |  | 1954245 |
| **Healthcare-products: 0.1%** |  |  |
| Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>3</sup> | 130000 | 135044 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/01/29<sup>3</sup> | 245000 | 228541 |
| Zimmer Biomet Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 12/01/28 | 200000 | 205152 |
|  |  | 568737 |
| **Healthcare-services: 0.3%** |  |  |
| Acadia Healthcare Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>3,5</sup> | 15000 | 14180 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/33<sup>3</sup> | 10000 | 9991 |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 08/01/31 | 300000 | 253397 |
| Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/28 | 200000 | 199658 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 03/15/27 | 200000 | 194915 |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/29 | 49000 | 47666 |
| &nbsp;&nbsp;&nbsp;5.450%, due 04/01/31 | 60000 | 61149 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/33 | 95000 | 95607 |
| Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;5.809%, due 05/08/27 | 200000 | 203992 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>3</sup> | 50000 | 49624 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/28 | 15000 | 14964 |
|  |  | 1145143 |
| **Holding companies-divers: 0.0%<sup>†</sup>** |  |  |
| Benteler International AG |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/28<sup>3</sup> | 90000 | 91878 |
| **Home builders: 0.0%<sup>†</sup>** |  |  |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29<sup>5</sup> | 30000 | 29122 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/15/27<sup>3</sup> | 10000 | 9714 |
| Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/28<sup>3</sup> | 20000 | 20009 |
|  |  | 58845 |
| **Insurance: 6.7%** |  |  |
| 200 Park Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.740%, due 02/15/55<sup>3</sup> | 100000 | 97576 |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 11/06/30<sup>3</sup> | 15000 | 15281 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/28<sup>3</sup> | 330000 | 332376 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/31<sup>3</sup> | 280000 | 284171 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>3</sup> | 455000 | 465105 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/01/29 | 285000 | 289646 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** |
| Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 02/15/55 | 45000 | $42388 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>3</sup> | 870000 | 862583 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.030%, |  |  |
| &nbsp;&nbsp;&nbsp;5.394%, due 08/27/26<sup>2,3</sup> | 100000 | 100167 |
| &nbsp;&nbsp;&nbsp;5.583%, due 01/09/29<sup>3</sup> | 200000 | 204675 |
| &nbsp;&nbsp;&nbsp;5.684%, due 02/23/26<sup>3</sup> | 200000 | 201706 |
| Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 02/01/33<sup>5</sup> | 770000 | 817446 |
| Corebridge Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/52<sup>2</sup> | 1690000 | 1708745 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/02/26<sup>3</sup> | 100000 | 101541 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>3</sup> | 540000 | 533287 |
| Enstar Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/42<sup>2</sup> | 2165000 | 2076948 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 06/01/29 | 915000 | 909812 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>2,3</sup> | 755000 | 757091 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 04/20/28 | 300000 | 298469 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/28/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 03/28/55<sup>2,5</sup> | 110000 | 108597 |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2715000 | 2835842 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/10/27<sup>3</sup> | 100000 | 102549 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 06/15/30 | 67000 | 61594 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 12/09/31<sup>3</sup> | 300000 | 299006 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 06/15/33<sup>3,5</sup> | 1360000 | 1507340 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 10/15/54<sup>2,3</sup> | 600000 | 609311 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>3</sup> | 475000 | 492690 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/15/51<sup>2,3</sup> | 110000 | 103882 |
| MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.980%, |  |  |
| &nbsp;&nbsp;&nbsp;5.357%, due 07/10/26<sup>2,3</sup> | 200000 | 201125 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—(continued)** | **Insurance—(continued)** | **Insurance—(continued)** |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 03/15/55<sup>2,5</sup> | 55000 | $54637 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>3</sup> | 1120000 | 1112372 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/23/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/23/42<sup>2,3</sup> | 1000000 | 1010315 |
| Mutual of Omaha Cos Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30<sup>3</sup> | 100000 | 101926 |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/09/27<sup>3</sup> | 250000 | 254185 |
| Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/15/27<sup>3</sup> | 985000 | 989195 |
| Pacific Life Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/18/28<sup>3</sup> | 100000 | 103572 |
| Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>3</sup> | 130000 | 133184 |
| Protective Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.215%, due 06/12/29<sup>3</sup> | 200000 | 205445 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/28/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/01/52<sup>2</sup> | 70000 | 65788 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/54<sup>2</sup> | 50000 | 50157 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.650%, due 09/15/55<sup>2</sup> | 30000 | 29069 |
| RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/05/33 | 2105000 | 2148326 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/21/28<sup>3</sup> | 200000 | 210119 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 | 1025000 | 1062582 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 | 1215000 | 1090294 |
| Swiss Re Finance Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/02/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/02/49<sup>2,3</sup> | 3400000 | 3345583 |
|  |  | 28387698 |
| **Internet: 0.1%** |  |  |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 02/15/28 | 100000 | 98117 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/33<sup>3</sup> | 20000 | 19946 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/34 | 85000 | 82348 |
| &nbsp;&nbsp;&nbsp;5.350%, due 09/15/54 | 180000 | 164857 |
|  |  | 365268 |
| **Investment companies: 2.6%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/02/31<sup>3</sup> | 200000 | 196626 |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>5</sup> | 565000 | 566284 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Investment companies—(continued)** |  |  |  |
| Blackstone Private Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/29/32 |  | 55000 | $54542 |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 |  | 1975000 | 2089506 |
| Blue Owl Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/11/28 |  | 1100000 | 1003382 |
| Blue Owl Credit Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27<sup>5</sup> |  | 950000 | 984528 |
| Blue Owl Technology Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>3</sup> |  | 505000 | 501298 |
| FS KKR Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 01/15/29 |  | 2390000 | 2500567 |
| Golub Capital BDC, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/05/28 |  | 200000 | 208558 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34<sup>3</sup> |  | 1400000 | 1344307 |
| Oaktree Strategic Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29<sup>5</sup> |  | 1365000 | 1387713 |
|  |  |  | 10837311 |
| **Iron & steel: 0.1%** |  |  |  |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/29<sup>3</sup> |  | 55000 | 53269 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>3,5</sup> |  | 20000 | 18790 |
| Metinvest BV |  |  |  |
| &nbsp;&nbsp;&nbsp;7.650%, due 10/01/27<sup>3</sup> |  | 25000 | 20625 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/17/29<sup>3</sup> |  | 110000 | 84700 |
| Vale Overseas Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/28/54 |  | 55000 | 52908 |
|  |  |  | 230292 |
| **Leisure time: 0.1%** |  |  |  |
| Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/29<sup>3</sup> |  | 45000 | 44735 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>3</sup> |  | 45000 | 44619 |
| NCL Corp. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>3</sup> |  | 10000 | 10320 |
| Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>3</sup> |  | 160000 | 160575 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>3</sup> |  | 10000 | 9900 |
|  |  |  | 270149 |
| **Lodging: 0.2%** |  |  |  |
| Las Vegas Sands Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/29 |  | 200000 | 202226 |
| &nbsp;&nbsp;&nbsp;6.200%, due 08/15/34 |  | 55000 | 53894 |
| Marriott International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/15/28 |  | 200000 | 206634 |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/17/27<sup>3</sup> |  | 105000 | 100800 |
| MGM Resorts International |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>5</sup> |  | 50000 | 49270 |
| Wynn Macau Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/26<sup>3</sup> |  | 75000 | 74602 |
|  |  |  | 687426 |
| **Machinery-construction & mining: 0.0%<sup>†</sup>** |  |  |  |
| Terex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/32<sup>3</sup> |  | 80000 | 76563 |
| **Machinery-diversified: 0.1%** |  |  |  |
| TK Elevator Midco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/27<sup>7</sup> | EUR | 200000 | 225957 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media: 0.8%** | **Media: 0.8%** | **Media: 0.8%** | **Media: 0.8%** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/30<sup>3</sup> |  | 190000 | $176431 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>3</sup> |  | 65000 | 61362 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>3</sup> |  | 120000 | 108595 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>3</sup> |  | 20000 | 19564 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>3</sup> |  | 1300000 | 1338935 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 |  | 200000 | 181467 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 |  | 200000 | 136683 |
| &nbsp;&nbsp;&nbsp;3.900%, due 06/01/52 |  | 100000 | 63337 |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/50 |  | 565000 | 420854 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/48 |  | 55000 | 46954 |
| Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.576%, due 01/25/49 |  | 310000 | 282469 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/13/33 |  | 170000 | 180837 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/01/28<sup>3</sup> |  | 135000 | 132247 |
| Midcontinent Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>3</sup> |  | 35000 | 35683 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>3,5</sup> |  | 55000 | 47195 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/32<sup>7</sup> | GBP | 100000 | 129954 |
|  |  |  | 3362567 |
| **Mining: 0.1%** |  |  |  |
| Constellium SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/15/28<sup>3</sup> |  | 20000 | 19680 |
| Corp. Nacional del Cobre de Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 01/14/30<sup>3</sup> |  | 125000 | 114570 |
| Kaiser Aluminum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/31<sup>3</sup> |  | 85000 | 76383 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/28<sup>3</sup> |  | 15000 | 14432 |
| Minera Mexico SA de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/12/32<sup>3,5</sup> |  | 35000 | 34773 |
| Novelis Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>3</sup> |  | 20000 | 18552 |
| Rio Tinto Finance USA PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/14/65 |  | 20000 | 19753 |
| Taseko Mines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>3</sup> |  | 15000 | 15146 |
|  |  |  | 313289 |
| **Miscellaneous manufacturers: 0.0%<sup>†</sup>** |  |  |  |
| Amsted Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/33<sup>3</sup> |  | 55000 | 55248 |
| Axon Enterprise, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>3</sup> |  | 55000 | 56057 |
|  |  |  | 111305 |
| **Office & business equipment: 0.0%<sup>†</sup>** |  |  |  |
| Zebra Technologies Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>3</sup> |  | 55000 | 55256 |
| **Oil & gas: 0.9%** |  |  |  |
| 3R Lux SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 02/05/31<sup>3</sup> |  | 30000 | 29475 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>3</sup> |  | 20000 | 19407 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>3</sup> |  | 35000 | 34633 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |  |
| BP Capital Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/22/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 03/22/26<sup>2,7,8</sup> | EUR | 200000 | $225726 |
| Canadian Natural Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>3</sup> |  | 100000 | 99673 |
| ConocoPhillips Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/55 |  | 75000 | 69511 |
| Continental Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/31<sup>3</sup> |  | 200000 | 196916 |
| Crescent Energy Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>3</sup> |  | 20000 | 17700 |
| Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 09/15/34<sup>5</sup> |  | 87000 | 81572 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/54<sup>5</sup> |  | 80000 | 68175 |
| Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 04/01/35 |  | 85000 | 83543 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/18/54 |  | 65000 | 58081 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/53 |  | 85000 | 80378 |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/31 |  | 50000 | 40650 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/28/45 |  | 65000 | 43257 |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/19/36 |  | 20000 | 18760 |
| EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 12/01/54 |  | 60000 | 56897 |
| FORESEA Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>7</sup> |  | 20272 | 19280 |
| Gran Tierra Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/15/29<sup>3</sup> |  | 45000 | 35213 |
| Harbour Energy PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.327%, due 04/01/35<sup>3</sup> |  | 200000 | 190067 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>3</sup> |  | 20000 | 18726 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/34<sup>3</sup> |  | 90000 | 76483 |
| KazMunayGas National Co. JSC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/19/47<sup>3</sup> |  | 65000 | 54397 |
| Medco Bell Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 01/30/27<sup>3</sup> |  | 55000 | 54285 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/01/32 |  | 100000 | 95129 |
| &nbsp;&nbsp;&nbsp;6.050%, due 10/01/54 |  | 180000 | 155285 |
| Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/32<sup>3</sup> |  | 120000 | 120803 |
| Pertamina Persero PT |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 05/30/44<sup>3</sup> |  | 40000 | 40412 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/12/48<sup>5</sup> |  | 85000 | 53898 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/32 |  | 20000 | 17128 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/21/47 |  | 55000 | 36768 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 |  | 125000 | 91250 |
| Pioneer Natural Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/29/26 |  | 100000 | 100607 |
| Raizen Fuels Finance SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/05/54<sup>3</sup> |  | 30000 | 28350 |
| Saudi Arabian Oil Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/17/54<sup>3</sup> |  | 30000 | 27975 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |  |
| SierraCol Energy Andina LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/28<sup>3</sup> |  | 30000 | $27570 |
| Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>3</sup> |  | 1185000 | 1218373 |
| TGNR Intermediate Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>3</sup> |  | 40000 | 36758 |
| TotalEnergies SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/19/34<sup>2,7,8</sup> | EUR | 200000 | 222870 |
|  |  |  | 3945981 |
| **Oil & gas services: 0.0%<sup>†</sup>** |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/01/32<sup>3</sup> |  | 10000 | 9944 |
| Aris Water Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/01/30<sup>3</sup> |  | 75000 | 74424 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>3</sup> |  | 20000 | 20194 |
|  |  |  | 104562 |
| **Packaging & containers: 0.1%** |  |  |  |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/27<sup>3</sup> |  | 300000 | 300792 |
| Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>3,5</sup> |  | 50000 | 50857 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/33<sup>3</sup> |  | 10000 | 10381 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/31<sup>3</sup> |  | 5000 | 5207 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/26<sup>3</sup> |  | 20000 | 19803 |
| WRKCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 03/15/29 |  | 100000 | 100476 |
|  |  |  | 487516 |
| **Pharmaceuticals: 0.8%** |  |  |  |
| Bayer AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/25/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/25/82<sup>2,7</sup> | EUR | 100000 | 111303 |
| Bayer U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/21/26<sup>3</sup> |  | 400000 | 407170 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/25/48 |  | 95000 | 80739 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/53 |  | 30000 | 27206 |
| CVS Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2013, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.704%, due 01/10/36<sup>3</sup> |  | 2210425 | 2152743 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>7</sup> | EUR | 100000 | 119142 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/19/33 |  | 200000 | 197500 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 | EUR | 200000 | 228591 |
|  |  |  | 3324394 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines: 1.1%** | **Pipelines: 1.1%** | **Pipelines: 1.1%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>3</sup> | 135000 | $131747 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>3</sup> | 325000 | 328360 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>3</sup> | 15000 | 15259 |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>3</sup> | 15000 | 15263 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 01/31/32 | 200000 | 175590 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 12/15/33<sup>3</sup> | 180000 | 189393 |
| DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/29<sup>3</sup> | 20000 | 18771 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 | 200000 | 204795 |
| &nbsp;&nbsp;&nbsp;Series NC5, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/84<sup>2</sup> | 100000 | 103748 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29 | 200000 | 202552 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/01/29 | 200000 | 202685 |
| &nbsp;&nbsp;&nbsp;5.950%, due 05/15/54 | 150000 | 136366 |
| &nbsp;&nbsp;&nbsp;6.100%, due 12/01/28 | 200000 | 209201 |
| &nbsp;&nbsp;&nbsp;6.200%, due 04/01/55 | 130000 | 121972 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 02/23/36<sup>3</sup> | 200000 | 201376 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>3</sup> | 30000 | 30366 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>3</sup> | 15000 | 15266 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>3</sup> | 90000 | 92123 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 06/01/45 | 100000 | 91551 |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/15/32 | 200000 | 226810 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>3</sup> | 20000 | 19541 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 04/15/48 | 378000 | 295755 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/33 | 200000 | 193213 |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/01/55 | 55000 | 50613 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 11/01/34 | 300000 | 284473 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29 | 200000 | 203196 |
| &nbsp;&nbsp;&nbsp;5.650%, due 11/01/28 | 200000 | 206198 |
| &nbsp;&nbsp;&nbsp;5.850%, due 01/15/26 | 200000 | 200990 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/33<sup>3</sup> | 35000 | 35561 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>3</sup> | 100000 | 91582 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>3</sup> | 25000 | 24827 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>3</sup> | 50000 | 48216 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>3</sup> | 25000 | 25906 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>3</sup> | 25000 | 25384 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Williams Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/15/29 |  | 200000 | $201286 |
|  |  |  | 4619935 |
| **Private Equity : 0.1%** |  |  |  |
| Carlyle Finance Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/19/29<sup>3</sup> |  | 200000 | 191971 |
| **Real estate: 0.2%** |  |  |  |
| CBRE Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/29 |  | 200000 | 205205 |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 07/15/30<sup>3</sup> |  | 200000 | 177234 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/16/25), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/16/25<sup>2,7,8</sup> | EUR | 100000 | 108709 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/27<sup>2,7,8</sup> |  | 100000 | 101970 |
| Newmark Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/12/29 |  | 200000 | 209091 |
|  |  |  | 802209 |
| **Real estate investment trusts: 1.9%** |  |  |  |
| Arbor Realty SR, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>3</sup> |  | 2395000 | 2251899 |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>3</sup> |  | 10000 | 9505 |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/29<sup>3</sup> |  | 45000 | 46738 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>3</sup> |  | 1900000 | 1843182 |
| Necessity Retail REIT, Inc./American Finance Operating Partner LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/30/28<sup>3</sup> |  | 30000 | 28289 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/28<sup>3</sup> |  | 15000 | 14638 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>3</sup> |  | 200000 | 200177 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>3</sup> |  | 20000 | 19640 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>3</sup> |  | 230000 | 229233 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/28<sup>3</sup> |  | 35000 | 35969 |
| RLJ Lodging Trust LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>3</sup> |  | 5000 | 4519 |
| SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>3</sup> |  | 3100000 | 3171706 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>3</sup> |  | 95000 | 95551 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/28<sup>3</sup> |  | 25000 | 23927 |
| XHR LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>3</sup> |  | 15000 | 14099 |
|  |  |  | 7989072 |
| **Retail: 0.3%** |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/28<sup>3</sup> |  | 10000 | 9681 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| Ceconomy AG |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/29<sup>7</sup> | EUR | 100000 | $117821 |
| Cougar JV Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/32<sup>3</sup> |  | 100000 | 103694 |
| Eroski S Coop |  |  |  |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>7</sup> | EUR | 100000 | 122079 |
| GYP Holdings III Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/01/29<sup>3</sup> |  | 15000 | 14106 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>3,5</sup> |  | 1127000 | 1049565 |
|  |  |  | 1416946 |
| **Savings & loans: 0.1%** |  |  |  |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/16/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.972%, due 02/16/28<sup>2,3</sup> |  | 200000 | 194692 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.557%, due 10/18/27<sup>2,3</sup> |  | 250000 | 256898 |
|  |  |  | 451590 |
| **Semiconductors: 0.9%** |  |  |  |
| ams-OSRAM AG |  |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>3,5</sup> |  | 1800000 | 1823913 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.137%, due 11/15/35<sup>3</sup> |  | 512000 | 424221 |
| &nbsp;&nbsp;&nbsp;4.926%, due 05/15/37<sup>3</sup> |  | 268000 | 256676 |
| &nbsp;&nbsp;&nbsp;5.050%, due 07/12/29 |  | 200000 | 203916 |
| Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/25/35<sup>3</sup> |  | 200000 | 206784 |
| &nbsp;&nbsp;&nbsp;6.300%, due 01/25/39<sup>3</sup> |  | 200000 | 207567 |
| Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/15/49 |  | 170000 | 103843 |
| &nbsp;&nbsp;&nbsp;4.900%, due 08/05/52 |  | 105000 | 83571 |
| &nbsp;&nbsp;&nbsp;5.600%, due 02/21/54 |  | 105000 | 92656 |
| Marvell Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/15/33 |  | 185000 | 191443 |
|  |  |  | 3594590 |
| **Shipbuilding: 0.0%<sup>†</sup>** |  |  |  |
| Huntington Ingalls Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.043%, due 08/16/28 |  | 200000 | 183940 |
| **Software: 0.5%** |  |  |  |
| AppLovin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/34 |  | 185000 | 184816 |
| &nbsp;&nbsp;&nbsp;5.950%, due 12/01/54 |  | 29000 | 27693 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/15/34 |  | 200000 | 200724 |
| Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/30<sup>3</sup> |  | 20000 | 18482 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 03/25/31 |  | 200000 | 179946 |
| &nbsp;&nbsp;&nbsp;3.850%, due 04/01/60 |  | 200000 | 133834 |
| &nbsp;&nbsp;&nbsp;3.950%, due 03/25/51 |  | 215000 | 155243 |
| &nbsp;&nbsp;&nbsp;4.200%, due 09/27/29 |  | 200000 | 197092 |
| &nbsp;&nbsp;&nbsp;4.650%, due 05/06/30 |  | 100000 | 100237 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/03/55 |  | 85000 | 82680 |
| Paychex, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/15/32 |  | 200000 | 203156 |
| &nbsp;&nbsp;&nbsp;5.600%, due 04/15/35 |  | 55000 | 56016 |
| Synopsys, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 04/01/55 |  | 105000 | 101489 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Software—(continued)** | **Software—(continued)** | **Software—(continued)** | **Software—(continued)** |
| UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/01/31<sup>3</sup> |  | 315000 | $324070 |
|  |  |  | 1965478 |
| **Telecommunications: 1.1%** |  |  |  |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/01/27<sup>3</sup> | EUR | 200000 | 201060 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/15/53 |  | 490000 | 327970 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/55<sup>2</sup> |  | 75000 | 74912 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 12/20/83<sup>2,7</sup> | GBP | 230000 | 326828 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>3</sup> |  | 1350000 | 1262882 |
| Crown Castle Towers LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.241%, due 07/15/28<sup>3</sup> |  | 81000 | 79540 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2033, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/33<sup>3</sup> |  | 30000 | 28628 |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>7</sup> | EUR | 200000 | 251258 |
| Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 10/15/28<sup>7</sup> |  | 200000 | 230535 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 04/15/29<sup>3</sup> |  | 20000 | 22145 |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/30<sup>3</sup> |  | 25000 | 27027 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/18/27<sup>7</sup> | EUR | 200000 | 226570 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/15/30 |  | 200000 | 176203 |
| Oztel Holdings SPC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/24/28<sup>3</sup> |  | 110000 | 113094 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 03/15/32 |  | 114000 | 104189 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>2</sup> |  | 90000 | 90672 |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.050%, due 02/15/28 |  | 100000 | 94035 |
| &nbsp;&nbsp;&nbsp;2.550%, due 02/15/31 |  | 200000 | 177469 |
| &nbsp;&nbsp;&nbsp;3.400%, due 10/15/52 |  | 370000 | 245465 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/15/50 |  | 205000 | 166307 |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/23/54 |  | 55000 | 52759 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/19/49 |  | 275000 | 231260 |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/28/54 |  | 70000 | 66167 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/30/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/30/84<sup>2,5,7</sup> | EUR | 100000 | 122509 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>3</sup> |  | 20000 | 20474 |
|  |  |  | 4719958 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Transportation: 0.0%<sup>†</sup>** | **Transportation: 0.0%<sup>†</sup>** | **Transportation: 0.0%<sup>†</sup>** | **Transportation: 0.0%<sup>†</sup>** |
| MV24 Capital BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 06/01/34<sup>3</sup> |  | 30084 | $28730 |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>3</sup> |  | 55000 | 56340 |
|  |  |  | 85070 |
| **Water: 0.0%<sup>†</sup>** |  |  |  |
| Veolia Environnement SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/22/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.993%, due 11/22/28<sup>2,7,8</sup> | EUR | 100000 | 120026 |
| **Total corporate bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$195,753,641) |  |  | **194041798** |
| **Loan assignments—8.7%** |  |  |  |
| **Aerospace & defense: 0.3%** |  |  |  |
| Propulsion BC Finco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 09/14/29<sup>2</sup> |  | 1120770 | 1120243 |
| **Agriculture: 0.2%** |  |  |  |
| A-AG U.S. GSI Bidco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.299%, due 10/31/31<sup>2</sup> |  | 675000 | 668250 |
| **Airlines: 0.3%** |  |  |  |
| United Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.275%, due 02/22/31<sup>2</sup> |  | 1266976 | 1261832 |
| **Chemicals: 0.3%** |  |  |  |
| GEON Performance Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.811%, due 08/18/28<sup>2</sup> |  | 1276938 | 1226665 |
| **Commercial services: 0.8%** |  |  |  |
| Priority Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.072%, due 05/16/31<sup>2</sup> |  | 1348733 | 1341990 |
| System One Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.049%, due 03/02/28<sup>2</sup> |  | 2213408 | 2207874 |
|  |  |  | **3549864** |
| **Distribution/wholesale: 0.1%** |  |  |  |
| Gloves Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/17/32<sup>10</sup> |  | 675000 | 643275 |
| **Electric: 0.5%** |  |  |  |
| Eastern Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.572%, due 04/03/28<sup>2</sup> |  | 1954576 | 1923635 |
| Lightstone Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2022 Extended Term Loan B, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.030%, due 01/29/27<sup>2</sup> |  | 87363 | 86991 |
| &nbsp;&nbsp;&nbsp;2022 Extended Term Loan C, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.030%, due 01/29/27<sup>2</sup> |  | 4941 | 4920 |
|  |  |  | **2015546** |
| **Environmental control: 0.5%** |  |  |  |
| MIP V Waste Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.237%, due 12/08/28<sup>2</sup> |  | 1426901 | 1426016 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Environmental control—(continued)** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.799%, due 10/24/31<sup>2</sup> | 798000 | $797665 |
|  |  | **2223681** |
| **Health care products: 0.5%** |  |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 10/23/28<sup>2</sup> | 1447766 | 1437052 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 05/30/31<sup>2</sup> | 796000 | 792522 |
|  |  | **2229574** |
| **Healthcare-services: 0.6%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.049%, due 01/02/31<sup>2</sup> | 1224531 | 1222694 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.030%, due 12/31/30<sup>2</sup> | 178847 | 176164 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;9.141%, due 12/31/30<sup>2</sup> | 1482517 | 1171189 |
|  |  | **2570047** |
| **Home Furnishings: 0.6%** |  |  |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.672%, due 09/23/25<sup>2,11,12</sup> | 2400000 | 2397000 |
| **Internet: 0.5%** |  |  |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.561%, due 11/12/27<sup>2</sup> | 658281 | 655405 |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;8.436%, due 09/15/28<sup>2</sup> | 1578480 | 1560722 |
|  |  | **2216127** |
| **Media: 0.3%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.828%, due 08/16/31<sup>2</sup> | 1373100 | 1367951 |
| **Oil & gas: 0.1%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.321%, due 02/11/30<sup>2</sup> | 475000 | 466687 |
| **Pharmaceuticals: 0.3%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 05/05/28<sup>2</sup> | 1092494 | 1088004 |
| **Pipelines: 1.5%** |  |  |
| AL NGPL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.785%, due 04/13/28<sup>2</sup> | 1422860 | 1418421 |
| BCP Renaissance Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.299%, due 10/31/28<sup>2</sup> | 1299853 | 1295628 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.299%, due 09/18/31<sup>2</sup> | 2044875 | $2017392 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.822%, due 02/22/30<sup>2</sup> | 1516085 | 1511916 |
|  |  | **6243357** |
| **Real estate investment trusts: 0.2%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 11/18/27<sup>2</sup> | 997139 | 994646 |
| **Software: 0.3%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.549%, due 07/06/29<sup>2</sup> | 1481306 | 1230936 |
| **Telecommunications: 0.5%** |  |  |
| Connect Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.822%, due 12/11/26<sup>2</sup> | 382965 | 379855 |
| Iridium Satellite LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 09/20/30<sup>2</sup> | 1378700 | 1365133 |
| Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.000%, |  |  |
| &nbsp;&nbsp;&nbsp;10.322%, due 06/01/28<sup>2</sup> | 405482 | 403455 |
|  |  | **2148443** |
| **Transportation: 0.3%** |  |  |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/09/32<sup>10</sup> | 1245000 | 1221918 |
| **Total loan assignments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$37,576,730) |  | **36884046** |
| **Mortgage-backed securities—11.4%** |  |  |
| 1211 Avenue of the Americas Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-1211, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.230%, due 08/10/35<sup>2,3</sup> | 124000 | 118122 |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.746%, due 09/25/35<sup>2</sup> | 24124 | 20719 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.069%, due 12/10/41<sup>2,3</sup> | 1400000 | 1430959 |
| BAMLL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-BHP, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;7.222%, due 08/15/39<sup>2,3</sup> | 136000 | 135973 |
| Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-D, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.687%, due 05/25/35<sup>2</sup> | 113994 | 104059 |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-BN38, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.325%, due 12/15/64<sup>2</sup> | 51000 | 41085 |
| &nbsp;&nbsp;&nbsp;Series 2019-BN17, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.660%, due 04/15/52<sup>2</sup> | 72000 | 66833 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Bank of America Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-G, Class 1A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/20/32<sup>2</sup> | 60 | $57 |
| Bank5, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-5YR5, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.539%, due 02/15/29<sup>2</sup> | 37000 | 37901 |
| &nbsp;&nbsp;&nbsp;Series 2023-5YR3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.559%, due 09/15/56<sup>2</sup> | 43000 | 44311 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C17, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.324%, due 09/15/55<sup>2</sup> | 1296512 | 90002 |
| &nbsp;&nbsp;&nbsp;Series 2018-TALL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.919%, |  |  |
| &nbsp;&nbsp;&nbsp;5.241%, due 03/15/37<sup>2,3</sup> | 100000 | 94125 |
| &nbsp;&nbsp;&nbsp;Series 2024-5C31, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.756%, due 12/15/57<sup>2</sup> | 34000 | 33106 |
| BCP Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-330N, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.913%, |  |  |
| &nbsp;&nbsp;&nbsp;5.236%, due 06/15/38<sup>2,3</sup> | 500000 | 453335 |
| Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class 21A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.587%, due 02/25/36<sup>2</sup> | 235234 | 161054 |
| &nbsp;&nbsp;&nbsp;Series 2004-9, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.915%, due 09/25/34<sup>2</sup> | 43826 | 38351 |
| &nbsp;&nbsp;&nbsp;Series 2005-7, Class 22A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.031%, due 09/25/35<sup>2</sup> | 229297 | 131638 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-7, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/34<sup>2</sup> | 37268 | 27990 |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.208%, due 09/25/34<sup>2</sup> | 103165 | 91393 |
| &nbsp;&nbsp;&nbsp;Series 2004-3, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.235%, due 07/25/34<sup>2</sup> | 33904 | 31450 |
| &nbsp;&nbsp;&nbsp;Series 2003-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.246%, due 08/25/33<sup>2</sup> | 32557 | 29452 |
| &nbsp;&nbsp;&nbsp;Series 2003-1, Class 6A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.575%, due 04/25/33<sup>2</sup> | 2769 | 2752 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-B19, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;2.148%, due 09/15/53 | 53000 | 43318 |
| &nbsp;&nbsp;&nbsp;Series 2020-B19, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.351%, due 09/15/53 | 47000 | 36011 |
| &nbsp;&nbsp;&nbsp;Series 2020-B17, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.371%, due 03/15/53<sup>2</sup> | 57000 | 43318 |
| &nbsp;&nbsp;&nbsp;Series 2020-B16, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.523%, due 02/15/53<sup>2</sup> | 59000 | 47192 |
| &nbsp;&nbsp;&nbsp;Series 2023-B40, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.661%, due 12/15/56<sup>2</sup> | 41000 | 42771 |
| BPR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-OANA, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.695%, |  |  |
| &nbsp;&nbsp;&nbsp;8.017%, due 04/15/37<sup>2,3</sup> | 156979 | 155408 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.764%, |  |  |
| &nbsp;&nbsp;&nbsp;6.086%, due 09/15/36<sup>2,3</sup> | 11071 | $10905 |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.940%, |  |  |
| &nbsp;&nbsp;&nbsp;6.262%, due 05/15/34<sup>2,3</sup> | 103636 | 101822 |
| &nbsp;&nbsp;&nbsp;Series 2024-MF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.941%, |  |  |
| &nbsp;&nbsp;&nbsp;6.263%, due 02/15/39<sup>2,3</sup> | 143444 | 142995 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.114%, |  |  |
| &nbsp;&nbsp;&nbsp;6.436%, due 09/15/36<sup>2,3</sup> | 100000 | 98375 |
| &nbsp;&nbsp;&nbsp;Series 2024-GPA2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.191%, |  |  |
| &nbsp;&nbsp;&nbsp;6.513%, due 11/15/41<sup>2,3</sup> | 121000 | 120698 |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.490%, |  |  |
| &nbsp;&nbsp;&nbsp;6.812%, due 05/15/34<sup>2,3</sup> | 118441 | 115998 |
| &nbsp;&nbsp;&nbsp;Series 2021-VOLT, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.514%, |  |  |
| &nbsp;&nbsp;&nbsp;6.836%, due 09/15/36<sup>2,3</sup> | 100000 | 97922 |
| &nbsp;&nbsp;&nbsp;Series 2024-XL5, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.690%, |  |  |
| &nbsp;&nbsp;&nbsp;7.012%, due 03/15/41<sup>2,3</sup> | 140947 | 139097 |
| &nbsp;&nbsp;&nbsp;Series 2023-XL3, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.589%, |  |  |
| &nbsp;&nbsp;&nbsp;7.911%, due 12/09/40<sup>2,3</sup> | 71601 | 71623 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OC11, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;4.076%, due 12/09/41<sup>2,3</sup> | 100000 | 92734 |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>3</sup> | 2700000 | 2718154 |
| &nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.993%, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 03/15/30<sup>2,3</sup> | 197000 | 189866 |
| &nbsp;&nbsp;&nbsp;Series 2024-BIO, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.640%, |  |  |
| &nbsp;&nbsp;&nbsp;6.962%, due 02/15/41<sup>2,3</sup> | 100000 | 98250 |
| &nbsp;&nbsp;&nbsp;Series 2024-VLT4, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.889%, |  |  |
| &nbsp;&nbsp;&nbsp;7.211%, due 07/15/29<sup>2,3</sup> | 136000 | 130555 |
| CAMB Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.047%, |  |  |
| &nbsp;&nbsp;&nbsp;6.369%, due 12/15/37<sup>2,3</sup> | 127000 | 126286 |
| &nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.847%, |  |  |
| &nbsp;&nbsp;&nbsp;7.169%, due 12/15/37<sup>2,3</sup> | 100000 | 98940 |
| Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A6A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 94173 | 94602 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A6, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 148969 | $149720 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A6, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/25/55<sup>2,3</sup> | 160825 | 162270 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/55<sup>2,3</sup> | 121321 | 122502 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/55<sup>2,3</sup> | 45161 | 45206 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 11/25/55<sup>2,3</sup> | 24022 | 24525 |
| Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-S6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/22 | 475237 | 175988 |
| &nbsp;&nbsp;&nbsp;Series 2005-S3, Class A10, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/25/35 | 701786 | 499590 |
| CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HYB9, Class 5A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD Term SOFR + 2.465%, |  |  |
| &nbsp;&nbsp;&nbsp;6.248%, due 02/20/36<sup>2</sup> | 80739 | 73056 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-P8, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.395%, due 09/15/50<sup>2</sup> | 68000 | 59512 |
| &nbsp;&nbsp;&nbsp;Series 2023-SMRT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.048%, due 10/12/40<sup>2,3</sup> | 100000 | 100894 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 07/10/28<sup>2,3</sup> | 100000 | 102243 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 07/10/28<sup>2,3</sup> | 1120000 | 1154875 |
| Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.840%, due 09/25/35<sup>2</sup> | 286 | 278 |
| &nbsp;&nbsp;&nbsp;Series 2005-11, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.490%, due 05/25/35<sup>2</sup> | 17767 | 17425 |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.722%, due 08/25/35<sup>2</sup> | 29765 | 29465 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.828%, due 09/25/35<sup>2</sup> | 3963 | 3832 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-UBS3, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.765%, due 06/10/47<sup>2</sup> | 125000 | 2 |
| &nbsp;&nbsp;&nbsp;Series 2024-277P, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.232%, due 08/10/44<sup>2,3</sup> | 134000 | 142166 |
| &nbsp;&nbsp;&nbsp;Series 2024-CBM, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;8.190%, due 12/10/41<sup>2,3</sup> | 100000 | 100510 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| CONE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.642%, |  |  |
| &nbsp;&nbsp;&nbsp;5.964%, due 08/15/41<sup>2,3</sup> | 54000 | $53730 |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.040%, |  |  |
| &nbsp;&nbsp;&nbsp;7.362%, due 08/15/41<sup>2,3</sup> | 57000 | 56433 |
| Countrywide Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-62, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.575%, due 12/25/35<sup>2</sup> | 65832 | 55163 |
| &nbsp;&nbsp;&nbsp;Series 2006-14CB, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/25/36 | 1138664 | 613939 |
| &nbsp;&nbsp;&nbsp;Series 2006-41CB, Class 1A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/25/37 | 287588 | 143432 |
| &nbsp;&nbsp;&nbsp;Series 2003-J3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/25/33 | 8472 | 9321 |
| Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-H8, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.549%, due 12/25/69<sup>2,3,11</sup> | 97608 | 97857 |
| &nbsp;&nbsp;&nbsp;Series 2024-H8, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 12/25/69<sup>2,3,11</sup> | 100000 | 99961 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.913%, due 07/10/28<sup>2</sup> | 1130000 | 1179295 |
| DC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-DC, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.804%, due 09/12/40<sup>3</sup> | 860000 | 887785 |
| DSLA Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR4, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.634%, |  |  |
| &nbsp;&nbsp;&nbsp;4.954%, due 08/19/45<sup>2</sup> | 91694 | 79920 |
| EFMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.441%, due 10/25/69<sup>2,3</sup> | 96740 | 96180 |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.726%, due 10/25/69<sup>2,3</sup> | 100000 | 98934 |
| Eleven Madison Trust Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-11MD, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.673%, due 09/10/35<sup>2,3</sup> | 155000 | 153283 |
| ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D10, |  |  |
| &nbsp;&nbsp;&nbsp;6.847%, due 06/10/39<sup>2,3</sup> | 100000 | 100615 |
| &nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D15, |  |  |
| &nbsp;&nbsp;&nbsp;6.897%, due 06/10/39<sup>2,3</sup> | 100000 | 100614 |
| Fashion Show Mall LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-SHOW, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.276%, due 10/10/41<sup>2,3</sup> | 100000 | 100281 |
| Federal Home Loan Mortgage Corp. Multiclass Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-RR04, Class X, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.126%, due 02/27/29<sup>2</sup> | 3460000 | 204378 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2764, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/34 | 164823 | $165582 |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.959%, due 01/15/32<sup>2</sup> | 2251 | 2249 |
| &nbsp;&nbsp;&nbsp;Series 2921, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/35 | 384929 | 384968 |
| &nbsp;&nbsp;&nbsp;Series 5475, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.100%, |  |  |
| &nbsp;&nbsp;&nbsp;5.454%, due 11/25/54<sup>2</sup> | 211593 | 209613 |
| &nbsp;&nbsp;&nbsp;Series 2764, Class ZG, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/34 | 123813 | 128540 |
| &nbsp;&nbsp;&nbsp;Series 5471, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 08/25/54<sup>2</sup> | 255789 | 253591 |
| &nbsp;&nbsp;&nbsp;Series 5474, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 11/25/54<sup>2</sup> | 258682 | 256509 |
| &nbsp;&nbsp;&nbsp;Series 2983, Class TZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/35 | 416291 | 438700 |
| &nbsp;&nbsp;&nbsp;Series 3149, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/36 | 497965 | 526574 |
| &nbsp;&nbsp;&nbsp;Series 5521, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/25/55<sup>2</sup> | 243954 | 244299 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/54<sup>2</sup> | 244319 | 244776 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;6.154%, due 11/25/41<sup>2,3</sup> | 130000 | 130387 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.354%, due 03/25/44<sup>2,3</sup> | 210000 | 210262 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.854%, due 01/25/42<sup>2,3</sup> | 417000 | 422734 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;7.254%, due 04/25/42<sup>2,3</sup> | 99000 | 101611 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.704%, due 05/25/42<sup>2,3</sup> | 283000 | 293259 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.400%, |  |  |
| &nbsp;&nbsp;&nbsp;7.754%, due 10/25/41<sup>2,3</sup> | 200000 | 204944 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.700%, |  |  |
| &nbsp;&nbsp;&nbsp;8.054%, due 09/25/42<sup>2,3</sup> | 178000 | 186334 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.104%, due 02/25/42<sup>2,3</sup> | 439000 | $455275 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.350%, |  |  |
| &nbsp;&nbsp;&nbsp;8.704%, due 04/25/42<sup>2,3</sup> | 111000 | 116651 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.854%, due 06/25/42<sup>2,3</sup> | 192000 | 203086 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.604%, due 03/25/42<sup>2,3</sup> | 383000 | 405830 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;10.604%, due 05/25/42<sup>2,3</sup> | 81000 | 86999 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 7.000%, |  |  |
| &nbsp;&nbsp;&nbsp;11.354%, due 03/25/42<sup>2,3</sup> | 200000 | 216500 |
| Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series T-54, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/25/43 | 291317 | 293108 |
| &nbsp;&nbsp;&nbsp;Series T-58, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/43 | 125512 | 128020 |
| Federal National Mortgage Association Connecticut Avenue Securities, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.953%, due 02/25/45<sup>2,3</sup> | 108000 | 107460 |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.950%, |  |  |
| &nbsp;&nbsp;&nbsp;6.303%, due 02/25/45<sup>2,3</sup> | 75000 | 73679 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.053%, due 01/25/45<sup>2,3</sup> | 90000 | 87866 |
| &nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.100%, |  |  |
| &nbsp;&nbsp;&nbsp;7.454%, due 03/25/42<sup>2,3</sup> | 191000 | 196118 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.150%, |  |  |
| &nbsp;&nbsp;&nbsp;7.504%, due 12/25/41<sup>2,3</sup> | 178000 | 181338 |
| &nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.704%, due 01/25/43<sup>2,3</sup> | 144000 | 149580 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.854%, due 03/25/42<sup>2,3</sup> | 82000 | 84717 |
| &nbsp;&nbsp;&nbsp;Series 2023-R01, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.103%, due 12/25/42<sup>2,3</sup> | 133000 | 139359 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.600%, |  |  |
| &nbsp;&nbsp;&nbsp;9.954%, due 07/25/42<sup>2,3</sup> | 336000 | $360360 |
| Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-40, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 03/25/54<sup>2</sup> | 225664 | 223964 |
| &nbsp;&nbsp;&nbsp;Series 2024-67, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;5.524%, due 09/25/54<sup>2</sup> | 241688 | 240449 |
| &nbsp;&nbsp;&nbsp;Series 2024-76, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.604%, due 11/25/54<sup>2</sup> | 239557 | 239013 |
| &nbsp;&nbsp;&nbsp;Series 2006-65, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/26 | 5142 | 5148 |
| &nbsp;&nbsp;&nbsp;Series 2003-64, Class AH, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/33 | 494594 | 513189 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class LF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2</sup> | 241604 | 242143 |
| Federal National Mortgage Association REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-W4, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/25/29 | 34154 | 34571 |
| Federal National Mortgage Association Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-W8, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/25/44 | 122368 | 125217 |
| First Horizon Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.738%, due 08/25/35<sup>2</sup> | 7662 | 5413 |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-86, Class WK, |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/20/50 | 208709 | 159721 |
| &nbsp;&nbsp;&nbsp;Series 2021-119, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 07/20/51 | 191450 | 157997 |
| &nbsp;&nbsp;&nbsp;Series 2021-103, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/20/51 | 185232 | 152710 |
| &nbsp;&nbsp;&nbsp;Series 2018-38, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.738%, due 10/20/43<sup>2</sup> | 551738 | 532787 |
| &nbsp;&nbsp;&nbsp;Series 2017-182, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.788%, due 05/20/47<sup>2</sup> | 181689 | 174568 |
| &nbsp;&nbsp;&nbsp;Series 2015-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.714%, |  |  |
| &nbsp;&nbsp;&nbsp;5.039%, due 08/20/65<sup>2</sup> | 359581 | 359427 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 01/20/55<sup>2</sup> | 230903 | $230969 |
| Great Wolf Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-WOLF, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.890%, |  |  |
| &nbsp;&nbsp;&nbsp;7.212%, due 03/15/39<sup>2,3</sup> | 110000 | 109484 |
| GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-GC42, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.822%, due 09/10/52<sup>2</sup> | 105000 | 89374 |
| &nbsp;&nbsp;&nbsp;Series 2015-GS1, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;4.037%, due 11/10/48<sup>2</sup> | 80000 | 77504 |
| &nbsp;&nbsp;&nbsp;Series 2016-GS2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.852%, due 05/10/49<sup>2</sup> | 70000 | 67284 |
| GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.324%, due 09/25/35<sup>2</sup> | 67848 | 63651 |
| HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.029%, due 07/19/35<sup>2</sup> | 95524 | 70088 |
| &nbsp;&nbsp;&nbsp;Series 2004-11, Class 3A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;5.134%, due 01/19/35<sup>2</sup> | 13776 | 12892 |
| Hudson Yards Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.551%, due 01/13/40<sup>2,3</sup> | 100000 | 102904 |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.901%, due 01/13/40<sup>2,3</sup> | 100000 | 102070 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.672%, due 03/15/42<sup>2,3</sup> | 1660000 | 1637175 |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 03/15/42<sup>2,3</sup> | 260000 | 254475 |
| IRV Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-200P, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.921%, due 03/14/47<sup>2,3</sup> | 131000 | 129297 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NINE, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.949%, due 09/06/38<sup>2,3</sup> | 125000 | 120571 |
| &nbsp;&nbsp;&nbsp;Series 2022-OPO, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.565%, due 01/05/39<sup>2,3</sup> | 144000 | 118020 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-A8, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.133%, due 11/25/35<sup>2</sup> | 215713 | 166235 |
| &nbsp;&nbsp;&nbsp;Series 2006-A4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.948%, due 06/25/36<sup>2</sup> | 114647 | 78118 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A6A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/25/54<sup>2,3</sup> | 67709 | 68011 |
| LHOME Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.921%, due 07/25/39<sup>2,3</sup> | 217000 | 217900 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Manhattan West Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1MW, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;2.413%, due 09/10/39<sup>2,3</sup> | 100000 | $91936 |
| MED Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MOB, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.291%, |  |  |
| &nbsp;&nbsp;&nbsp;6.612%, due 05/15/41<sup>2,3</sup> | 100000 | 98229 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C33, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.558%, due 05/15/50<sup>2</sup> | 103000 | 98243 |
| Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.075%, due 06/15/50 | 19000 | 18118 |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.281%, due 06/15/50<sup>2</sup> | 50000 | 46493 |
| &nbsp;&nbsp;&nbsp;Series 2018-L1, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;4.637%, due 10/15/51<sup>2</sup> | 63000 | 61702 |
| &nbsp;&nbsp;&nbsp;Series 2018-H4, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.216%, due 12/15/51<sup>2</sup> | 80000 | 72940 |
| &nbsp;&nbsp;&nbsp;Series 2021-230P, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.563%, |  |  |
| &nbsp;&nbsp;&nbsp;5.885%, due 12/15/38<sup>2,3</sup> | 63000 | 58721 |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.609%, due 07/25/69<sup>2,3</sup> | 100000 | 98395 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/54<sup>2,3</sup> | 101577 | 102026 |
| MSWF Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.906%, due 05/15/56<sup>2</sup> | 42000 | 42388 |
| &nbsp;&nbsp;&nbsp;Series 2023-2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.252%, due 12/15/56<sup>2</sup> | 32000 | 32737 |
| MTN Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-LPFL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.397%, |  |  |
| &nbsp;&nbsp;&nbsp;5.727%, due 03/15/39<sup>2,3</sup> | 2650000 | 2646687 |
| NAAC Reperforming Loan REMICS Trust Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-R3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/25/35<sup>3</sup> | 319583 | 273600 |
| New Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-RTL2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.443%, due 09/25/39<sup>2,3</sup> | 112000 | 111588 |
| NRM FHT1 Excess Owner LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-FHT1, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.545%, due 03/25/32<sup>2,3</sup> | 126076 | 125252 |
| NYC Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3BP, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.441%, |  |  |
| &nbsp;&nbsp;&nbsp;6.763%, due 02/15/42<sup>2,3</sup> | 100000 | 96744 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| NYMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, due 06/25/69<sup>2,3</sup> | 104750 | $105096 |
| OAKST Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NLP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.298%, due 03/15/40<sup>2,3</sup> | 2640000 | 2694302 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.957%, due 10/25/61<sup>2,3</sup> | 263792 | 222242 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.864%, due 05/25/55<sup>2,3</sup> | 100000 | 100415 |
| One Bryant Park Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.516%, due 09/15/54<sup>3</sup> | 3100000 | 2768794 |
| One Market Plaza Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-1MKT, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.614%, due 02/10/32<sup>3</sup> | 73045 | 68883 |
| &nbsp;&nbsp;&nbsp;Series 2017-1MKT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.016%, due 02/10/32<sup>3</sup> | 100000 | 89558 |
| ONNI Commerical Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-APT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.645%, due 07/15/39<sup>2,3</sup> | 136000 | 140367 |
| ORL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.791%, |  |  |
| &nbsp;&nbsp;&nbsp;7.113%, due 12/15/39<sup>2,3</sup> | 100000 | 98875 |
| Reperforming Loan Trust REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-R4, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;4.745%, due 01/25/34<sup>2,3</sup> | 317864 | 284042 |
| &nbsp;&nbsp;&nbsp;Series 2006-R1, Class AF1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.454%, |  |  |
| &nbsp;&nbsp;&nbsp;4.781%, due 01/25/36<sup>2,3</sup> | 210670 | 197219 |
| RFMSI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-S9, Class 1A23, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/34 | 138991 | 133283 |
| ROCK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;7.109%, due 11/13/41<sup>3</sup> | 209000 | 218011 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>3</sup> | 1125000 | 1150472 |
| SDAL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-DAL, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.939%, |  |  |
| &nbsp;&nbsp;&nbsp;8.239%, due 04/15/42<sup>2,3</sup> | 132000 | 131793 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-3, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.834%, due 07/20/36<sup>2</sup> | 31856 | 27250 |
| &nbsp;&nbsp;&nbsp;Series 2024-4, Class A10, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/25/54<sup>2,3</sup> | 138794 | 139208 |
| SFO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-555, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.514%, |  |  |
| &nbsp;&nbsp;&nbsp;6.837%, due 05/15/38<sup>2,3</sup> | 28000 | 26741 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| SG Residential Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.737%, due 12/25/61<sup>2,3</sup> | 303283 | $259578 |
| Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-8, Class 3A, |  |  |
| &nbsp;&nbsp;&nbsp;6.053%, due 07/25/34<sup>2</sup> | 104557 | 101910 |
| Structured Asset Mortgage Investments II Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR3, Class 11A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.534%, |  |  |
| &nbsp;&nbsp;&nbsp;4.861%, due 04/25/36<sup>2</sup> | 270593 | 240873 |
| Structured Asset Mortgage Investments Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-AR3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.774%, |  |  |
| &nbsp;&nbsp;&nbsp;5.094%, due 09/19/32<sup>2</sup> | 10388 | 9947 |
| TCO Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DPM, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.992%, |  |  |
| &nbsp;&nbsp;&nbsp;6.314%, due 12/15/39<sup>2,3</sup> | 100000 | 97222 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.554%, due 09/25/37<sup>2</sup> | 76284 | 75040 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/25/62<sup>3</sup> | 195057 | 185309 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.630%, due 10/25/66<sup>2,3</sup> | 337514 | 290558 |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.887%, due 10/25/66<sup>2,3</sup> | 198514 | 170981 |
| &nbsp;&nbsp;&nbsp;Series 2022-4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;4.740%, due 04/25/67<sup>2,3</sup> | 101145 | 98394 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.095%, due 09/25/69<sup>2,3</sup> | 115589 | 114960 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 09/25/69<sup>2,3</sup> | 90304 | 89784 |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR2, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.979%, due 03/25/36<sup>2</sup> | 304949 | 258020 |
| &nbsp;&nbsp;&nbsp;Series 2005-AR13, Class A1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.694%, |  |  |
| &nbsp;&nbsp;&nbsp;5.021%, due 10/25/45<sup>2</sup> | 148804 | 145640 |
| &nbsp;&nbsp;&nbsp;Series 2006-AR9, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.575%, due 08/25/46<sup>2</sup> | 199460 | 180988 |
| &nbsp;&nbsp;&nbsp;Series 2002-AR6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;5.975%, due 06/25/42<sup>2</sup> | 3859 | 3534 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS6, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.811%, due 11/15/49 | 143000 | $137891 |
| &nbsp;&nbsp;&nbsp;Series 2017-C39, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.118%, due 09/15/50 | 76000 | 69942 |
| &nbsp;&nbsp;&nbsp;Series 2024-1CHI, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.434%, due 07/15/35<sup>2,3</sup> | 132000 | 132098 |
| WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.393%, due 09/15/57<sup>2</sup> | 637682 | 126 |
| WMRK Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-WMRK, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.083%, |  |  |
| &nbsp;&nbsp;&nbsp;8.405%, due 11/15/27<sup>2,3</sup> | 3100000 | 3092250 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$48,724,161) |  | **48097299** |
| **Municipal bonds—0.5%** |  |  |
| **California: 0.0%<sup>†</sup>** |  |  |
| Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;3.714%, due 06/01/41 | 200000 | 151827 |
| **Florida: 0.1%** |  |  |
| State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.526%, due 07/01/34 | 200000 | 204194 |
| **Illinois: 0.3%** |  |  |
| Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3.057%, due 01/01/34 | 1400000 | 1218116 |
| **New York: 0.1%** |  |  |
| City of New York NY, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series H, |  |  |
| &nbsp;&nbsp;&nbsp;6.291%, due 02/01/45 | 200000 | 207719 |
| New York City Transitional Finance Authority, Future Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C-2, |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/01/37 | 200000 | 188056 |
|  |  | 395775 |
| **Texas: 0.0%<sup>†</sup>** |  |  |
| Texas Natural Gas Securitization Finance Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1,Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;5.102%, due 04/01/35 | 88267 | 90104 |
| **Total municipal bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$2,104,929) |  | **2060016** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations: 1.3%** | **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: 0.0%<sup>†</sup>** |
| Angola Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/26/29<sup>3</sup> |  | 10000 | $7972 |
| &nbsp;&nbsp;&nbsp;8.750%, due 04/14/32<sup>3</sup> |  | 10000 | 7703 |
| &nbsp;&nbsp;&nbsp;9.125%, due 11/26/49<sup>3</sup> |  | 40000 | 27180 |
| &nbsp;&nbsp;&nbsp;9.375%, due 05/08/48<sup>3</sup> |  | 35000 | 24511 |
|  |  |  | **67366** |
| **Brazil: 0.1%** |  |  |  |
| Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/25<sup>9</sup> | BRL | 2100000 | 348994 |
| **Chile: 0.0%<sup>†</sup>** |  |  |  |
| Chile Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 01/13/37 |  | 75000 | 76575 |
| **Colombia: 0.0%<sup>†</sup>** |  |  |  |
| Colombia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/30/30 |  | 50000 | 42300 |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/14/35 |  | 30000 | 29520 |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/07/54 |  | 15000 | 13733 |
|  |  |  | **85553** |
| **Costa Rica: 0.0%<sup>†</sup>** |  |  |  |
| Costa Rica Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.158%, due 03/12/45<sup>7</sup> |  | 30000 | 30578 |
| **Dominican Republic: 0.0%<sup>†</sup>** |  |  |  |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 01/27/45<sup>3</sup> |  | 60000 | 57675 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/37<sup>3</sup> |  | 50000 | 49675 |
| &nbsp;&nbsp;&nbsp;7.150%, due 02/24/55<sup>3</sup> |  | 30000 | 29325 |
|  |  |  | **136675** |
| **El Salvador: 0.0%<sup>†</sup>** |  |  |  |
| El Salvador Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/52<sup>3</sup> |  | 25000 | 24961 |
| **Hungary: 0.0%<sup>†</sup>** |  |  |  |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/26/36<sup>3</sup> |  | 30000 | 28380 |
| **Indonesia: 0.1%** |  |  |  |
| Indonesia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/43<sup>3</sup> |  | 165000 | 145117 |
| **Israel: 0.1%** |  |  |  |
| Israel Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/12/34 |  | 200000 | 198400 |
| **Ivory Coast: 0.0%<sup>†</sup>** |  |  |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.075%, due 04/01/36<sup>3</sup> |  | 20000 | 18325 |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/30/37<sup>3</sup> |  | 25000 | 22938 |
|  |  |  | **41263** |
| **Japan: 0.2%** |  |  |  |
| Japan Bank for International Cooperation |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 07/21/27 |  | 300000 | 293954 |
| Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/27/27 |  | 300000 | 292844 |
|  |  |  | **586798** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Mexico: 0.1%** | **Mexico: 0.1%** | **Mexico: 0.1%** | **Mexico: 0.1%** |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 02/12/52 |  | 175000 | $117381 |
| &nbsp;&nbsp;&nbsp;6.338%, due 05/04/53 |  | 45000 | 39510 |
| &nbsp;&nbsp;&nbsp;6.400%, due 05/07/54 |  | 15000 | 13238 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/13/37 |  | 65000 | 65845 |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/13/55 |  | 130000 | 128586 |
|  |  |  | **364560** |
| **Oman: 0.0%<sup>†</sup>** |  |  |  |
| Oman Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/08/47<sup>3</sup> |  | 15000 | 14812 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/25/51<sup>3</sup> |  | 45000 | 46828 |
|  |  |  | **61640** |
| **Panama: 0.0%<sup>†</sup>** |  |  |  |
| Panama Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.252%, due 09/29/32 |  | 80000 | 58600 |
| &nbsp;&nbsp;&nbsp;4.300%, due 04/29/53 |  | 45000 | 27574 |
| &nbsp;&nbsp;&nbsp;6.400%, due 02/14/35 |  | 60000 | 56632 |
|  |  |  | **142806** |
| **Paraguay: 0.0%<sup>†</sup>** |  |  |  |
| Paraguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 03/30/50<sup>3</sup> |  | 60000 | 50947 |
| **Peru: 0.1%** |  |  |  |
| Peru Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, due 08/12/32<sup>3</sup> | PEN | 600000 | 166831 |
| &nbsp;&nbsp;&nbsp;6.950%, due 08/12/31<sup>7</sup> |  | 100000 | 29622 |
|  |  |  | **196453** |
| **Poland: 0.0%<sup>†</sup>** |  |  |  |
| Republic of Poland Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 09/18/34 |  | 100000 | 99394 |
| **Qatar: 0.0%<sup>†</sup>** |  |  |  |
| Qatar Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 04/16/50<sup>3</sup> |  | 60000 | 50730 |
| **Romania: 0.1%** |  |  |  |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/14/31<sup>7</sup> |  | 104000 | 86126 |
| &nbsp;&nbsp;&nbsp;3.625%, due 03/27/32<sup>3</sup> |  | 50000 | 41451 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/22/31<sup>3</sup> | EUR | 250000 | 277194 |
|  |  |  | **404771** |
| **Saudi Arabia: 0.1%** |  |  |  |
| Saudi Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/17/51<sup>3</sup> |  | 120000 | 75000 |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/21/55<sup>3</sup> |  | 50000 | 33675 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/18/33<sup>3</sup> |  | 200000 | 198000 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/18/53<sup>3</sup> |  | 200000 | 169438 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/13/35<sup>3</sup> |  | 35000 | 36190 |
|  |  |  | **512303** |
| **Serbia: 0.0%<sup>†</sup>** |  |  |  |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/12/34<sup>3</sup> |  | 15000 | 14813 |
| **South Africa: 0.2%** |  |  |  |
| Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/28/35 |  | 7400000 | 356613 |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/27/47 |  | 90000 | 64154 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/49 |  | 45000 | 31932 |
| &nbsp;&nbsp;&nbsp;7.100%, due 11/19/36<sup>3</sup> |  | 220000 | 208946 |
| &nbsp;&nbsp;&nbsp;7.950%, due 11/19/54<sup>3</sup> |  | 80000 | 72260 |
|  |  |  | **733905** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Supranationals: 0.1%** | **Supranationals: 0.1%** | **Supranationals: 0.1%** | **Supranationals: 0.1%** |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/05/29<sup>7</sup> | EUR | 400000 | $463911 |
| **Turkey: 0.0%<sup>†</sup>** |  |  |  |
| Turkiye Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/11/47 |  | 40000 | 28760 |
| **United Kingdom: 0.1%** |  |  |  |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/54<sup>7</sup> |  | 295000 | 343767 |
| **Uruguay: 0.0%<sup>†</sup>** |  |  |  |
| Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 06/18/50 |  | 95000 | 87258 |
| **Total non-U.S. government agency obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost $5,624,340) |  |  | **5326678** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Preferred stocks: 1.3%** | **Preferred stocks: 1.3%** | **Preferred stocks: 1.3%** |
| **Capital markets: 0.6%** |  |  |
| CION Investment Corp. | 48000 | 1192800 |
| Trinity Capital, Inc. | 50000 | 1262000 |
|  |  | 2454800 |
| **Mortgage real estate investment: 0.7%** |  |  |
| Ellington Financial, Inc.<sup>2,8</sup> Series C | 121000 | 2980230 |
| **Total preferred stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$5,475,000) |  | **5435030** |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | |
| **U.S. government agency obligations: 8.2%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/52 | 460055 | 415716 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/52 | 73660 | 66674 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/52 | 479241 | 447652 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 | 91744 | 85682 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/52 | 734242 | 704103 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 | 212918 | 204519 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 | 205035 | 201603 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/52 | 282647 | 277976 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 | 403907 | 398001 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 207636 | 204043 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/53 | 148071 | 145435 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 179580 | 176346 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/54 | 197976 | 193959 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/53 | 486572 | 486730 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/53 | 248612 | 249113 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/53 | 180167 | 179954 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/53 | 130643 | 130866 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/53 | 411743 | 411230 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/54 | 118111 | 118641 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 122208 | 122399 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 34330 | 34394 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 192024 | 195915 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 388922 | 395232 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 161735 | 164346 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/53 | 269807 | 274123 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/53 | 51585 | 52402 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/54 | 174820 | 177417 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 917125 | 800193 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/53 | 44275 | 38420 |
| &nbsp;&nbsp;&nbsp;3.750%, due 11/01/26<sup>2,11,12</sup> | 1428 | 1428 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/52 | 257161 | 240830 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 | 80933 | $76427 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 | 214230 | 205240 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | 173998 | 166876 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 | 246558 | 241951 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 | 481222 | 472962 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 419220 | 412183 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 193689 | 189982 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/53 | 396396 | 389558 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 87069 | 85527 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 451750 | 443645 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/53 | 178277 | 175827 |
| &nbsp;&nbsp;&nbsp;5.188%, due 11/01/34<sup>2</sup> | 1049862 | 1049861 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.103%, |  |  |
| &nbsp;&nbsp;&nbsp;5.287%, due 05/01/30<sup>2</sup> | 8734 | 8769 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/53 | 393542 | 394127 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/53 | 199099 | 199388 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/53 | 54833 | 54875 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/53 | 129587 | 129621 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 159240 | 159236 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 140772 | 140891 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 354718 | 360636 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 402577 | 409109 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 40180 | 40829 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/53 | 287088 | 291702 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/53 | 287645 | 292245 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/53 | 51470 | 52289 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/54 | 121236 | 123705 |
| &nbsp;&nbsp;&nbsp;6 mo. USD RFUCCT + 1.538%, |  |  |
| &nbsp;&nbsp;&nbsp;6.163%, due 01/01/36<sup>2</sup> | 2345 | 2359 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.780%, |  |  |
| &nbsp;&nbsp;&nbsp;6.405%, due 11/01/35<sup>2</sup> | 2700 | 2724 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.603%, |  |  |
| &nbsp;&nbsp;&nbsp;6.478%, due 12/01/35<sup>2</sup> | 11739 | 11789 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.815%, |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 03/01/36<sup>2</sup> | 14004 | 14151 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.229%, |  |  |
| &nbsp;&nbsp;&nbsp;6.827%, due 04/01/27<sup>2</sup> | 1997 | 2004 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.827%, |  |  |
| &nbsp;&nbsp;&nbsp;6.828%, due 03/01/36<sup>2</sup> | 12541 | 12684 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.912%, |  |  |
| &nbsp;&nbsp;&nbsp;6.912%, due 02/01/36<sup>2</sup> | 8217 | 8331 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/20/25<sup>2</sup> | 23 | 23 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/20/26<sup>2</sup> | 128 | 128 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/20/26<sup>2</sup> | 527 | 526 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/49 | 38099 | 37976 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.500% | 455000 | 413276 |
| &nbsp;&nbsp;&nbsp;4.000% | 500000 | 465243 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500% | 400000 | $382691 |
| &nbsp;&nbsp;&nbsp;5.000% | 400000 | 392093 |
| &nbsp;&nbsp;&nbsp;6.000% | 325000 | 328549 |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.500% | 890000 | 739676 |
| &nbsp;&nbsp;&nbsp;3.500% | 910000 | 820890 |
| &nbsp;&nbsp;&nbsp;4.000% | 5710000 | 5318962 |
| &nbsp;&nbsp;&nbsp;4.500% | 400000 | 382432 |
| &nbsp;&nbsp;&nbsp;5.000%<sup>13</sup> | 1400000 | 1370037 |
| &nbsp;&nbsp;&nbsp;5.500% | 7475000 | 7453365 |
| &nbsp;&nbsp;&nbsp;6.000%<sup>13</sup> | 2440000 | 2474654 |
| **Total U.S. government agency obligations**<br> (cost—$34,665,719) |  | **34797366** |
| **U.S. Treasury obligations: 11.3%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 11020000 | 5495795 |
| &nbsp;&nbsp;&nbsp;1.625% due 11/15/50 | 2000000 | 1066172 |
| &nbsp;&nbsp;&nbsp;2.000% due 02/15/50 | 800000 | 475063 |
| &nbsp;&nbsp;&nbsp;2.250% due 08/15/49 | 300000 | 190008 |
| &nbsp;&nbsp;&nbsp;2.375% due 02/15/42 | 500000 | 366582 |
| &nbsp;&nbsp;&nbsp;2.375% due 11/15/49 | 100000 | 64973 |
| &nbsp;&nbsp;&nbsp;2.875% due 08/15/45 | 500000 | 377617 |
| &nbsp;&nbsp;&nbsp;2.875% due 05/15/49 | 500000 | 362402 |
| &nbsp;&nbsp;&nbsp;2.875% due 05/15/52 | 750000 | 534316 |
| &nbsp;&nbsp;&nbsp;3.000% due 11/15/44 | 500000 | 388809 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/48 | 1200000 | 900750 |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/48 | 100000 | 74711 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/49 | 400000 | 297703 |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/52 | 2400000 | 1754625 |
| &nbsp;&nbsp;&nbsp;3.250% due 05/15/42 | 8600000 | 7179656 |
| &nbsp;&nbsp;&nbsp;3.375% due 11/15/48 | 100000 | 79879 |
| &nbsp;&nbsp;&nbsp;3.625% due 02/15/53 | 10225000 | 8462785 |
| &nbsp;&nbsp;&nbsp;3.875% due 02/15/43 | 1650000 | 1493379 |
| &nbsp;&nbsp;&nbsp;3.875% due 05/15/43 | 400000 | 361141 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/54 | 300000 | 278109 |
| &nbsp;&nbsp;&nbsp;4.375% due 08/15/43 | 200000 | 192844 |
| &nbsp;&nbsp;&nbsp;4.500% due 11/15/54 | 100000 | 96797 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/44 | 100000 | 99215 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/54 | 200000 | 197164 |
| &nbsp;&nbsp;&nbsp;4.625% due 02/15/55 | 100000 | 98953 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.125% due 02/15/51 | 122540 | 67341 |
| &nbsp;&nbsp;&nbsp;0.750% due 02/15/45 | 406446 | 298636 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/46 | 336613 | 256347 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/49 | 126785 | 92704 |
| &nbsp;&nbsp;&nbsp;1.500% due 02/15/53 | 906913 | 724803 |
| &nbsp;&nbsp;&nbsp;2.125% due 02/15/54 | 376310 | 346835 |
| &nbsp;&nbsp;&nbsp;2.375% due 02/15/55 | 434752 | 423196 |
| U.S. Treasury Inflation-Indexed Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.125% due 10/15/25 | 122956 | 122898 |
| &nbsp;&nbsp;&nbsp;0.125% due 07/15/31 | 714204 | 655354 |
| &nbsp;&nbsp;&nbsp;0.125% due 01/15/32 | 345273 | 311696 |
| &nbsp;&nbsp;&nbsp;0.375% due 07/15/25 | 1210788 | 1209556 |
| &nbsp;&nbsp;&nbsp;0.625% due 01/15/26 | 134268 | 134158 |
| &nbsp;&nbsp;&nbsp;1.250% due 04/15/28 | 1489082 | 1495958 |
| &nbsp;&nbsp;&nbsp;2.125% due 01/15/35 | 2001641 | 2036895 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.500% due 08/31/27 | 5900000 | 5494836 |
| &nbsp;&nbsp;&nbsp;2.625% due 07/31/29<sup>13</sup> | 700000 | 671234 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.875% due 08/15/34 | 2350000 | $2301898 |
| U.S. Treasury STRIPS Coupon |  |  |
| &nbsp;&nbsp;&nbsp;0.000% due 05/15/41<sup>9</sup> | 300000 | 138314 |
| &nbsp;&nbsp;&nbsp;0.000% due 08/15/41<sup>9</sup> | 400000 | 181921 |
| **Total U.S. Treasury obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$49,094,336) |  | **47854028** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Exchange traded funds: 0.4%** |  |  |
| Invesco Senior Loan ETF<br> (cost—$1,876,499) | 82474 | 1708861 |

---

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | |
| **Short-term U.S. treasury obligations—0.6%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.139% due 10/09/25<sup>14</sup> | 1300000 | 1276358 |
| &nbsp;&nbsp;&nbsp;4.284% due 07/17/25<sup>14</sup> | 1450000 | 1437031 |
| **Total short-term U.S. treasury obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$2,713,823) |  | **2713389** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—2.9%** | **Short-term investments—2.9%** | **Short-term investments—2.9%** |
| **Investment companies: 2.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>14</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $9,737,140) | 9737140 | 9737140 |
| **Total Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$12,450,963) |  | **12450529** |
| **Investment of cash collateral from securities loaned—2.3%** |  |  |
| **Money market funds: 2.3%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>14</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$9,611,416) | 9611416 | 9611416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Notional** | **Notional** | |
|  | **Number of**<br>**contracts** | **amount** | **amount** |<br>**Value** |
| **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 Rate Swap, strike @ 3.460, expires 06/16/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/18/26 | 900000 | USD | 900000 | $1078 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.570, expires 06/20/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/24/26 | 2600000 | USD | 2600000 | 4628 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.650, expires 08/04/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/06/26 | 9600000 | USD | 9600000 | 34675 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.650, expires 08/12/25 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/14/26 | 8900000 | USD | 8900000 | 34498 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.600, expires 06/09/25 (Counterparty: DB; pay floating rate); underlying swap terminates 06/11/26 | 3500000 | USD | 3500000 | 5225 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.360, expires 07/14/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/16/26 | 2500000 | USD | 2500000 | 3985 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** |
| **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.450, expires 07/17/25 (Counterparty: MSCI; pay floating rate); underlying swap terminates 07/21/26 | 4200000 | USD | 4200000 | $8652 |
| 1 Year USD SOFR Interest Rate Swap, strike @ 3.500, expires 07/21/25 (Counterparty: CITI; pay floating rate); underlying swap terminates 07/23/26 | 4700000 | USD | 4700000 | 11062 |
| **Total call swaptions** |  |  |  | **103803** |
| **Total Swaptions Purchased**<br> (cost—$37,290) |  |  |  | **103803** |
| **Total investments before investments sold short**<br> (cost—$464,847,440)—109.3% |  |  |  | **461528524** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Investments sold short: (0.1)%** | **Investments sold short: (0.1)%** | **Investments sold short: (0.1)%** |
| **U.S. government agency obligations: (0.1)%** |  |  |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;5.000% | $(300000) | (293676) |
| &nbsp;&nbsp;&nbsp;6.000% | (100000) | (101436) |
| **Total U.S. government agency obligations**<br> (cost—$(390062)) |  | **(395112)** |
| **Total investments sold short** <br> (Proceeds—$(390062)) |  | **(395112)** |
| **Total investments**<br> (cost—$464,457,378)<sup>15</sup>—109.2% |  | **461133412** |
| Liabilities in excess of other assets—(9.2)% |  | (39032860) |
| **Net assets—100.0%** |  | $**422100552** |

---

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

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of <br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums <br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 100000 | 100000 | iTraxx Europe S43, strike @ 1.000 | JPMCB | 06/18/25 | $(199) | $(67) | $132 |
| USD | (61410938) | 600000 | UMBS TBA, strike @ 102.352 | MSCI | 05/06/25 | (398) | (3) | 395 |
| USD | 70000 | 100000 | CDX.NA.IG.S43, strike @ 0.700 | GSI | 05/21/25 | (138) | (57) | 81 |
| USD | (339) | 3000 | CBOT 10 Year U.S. Treasury Notes, strike @ 113.000 | GS | 05/23/25 | (1227) | (1641) | (414) |
| USD | (109) | 1000 | CBOT 10 Year U.S. Treasury Notes, strike @ 108.500 | GS | 05/23/25 | (396) | (31) | 365 |
| USD | (218) | 2000 | CBOT 10 Year U.S. Treasury Notes, strike @ 109.000 | GS | 05/23/25 | (612) | (94) | 518 |
| USD | (110) | 1000 | CBOT 5 Year U.S. Treasury Notes, strike @ 110.000 | GS | 05/23/25 | (217) | (281) | (64) |
| USD | (107) | 1000 | CBOT 5 Year U.S. Treasury Notes, strike @ 107.000 | GS | 05/23/25 | (202) | (31) | 171 |
| USD | 225000 | 300000 | CDX.NA.IG.S43, strike @ 0.750 | GSI | 06/18/25 | (393) | (284) | 109 |
| USD | 70000 | 100000 | CDX.NA.IG.S43, strike @ 0.700 | GSI | 06/18/25 | (190) | (134) | 56 |
| USD | 255000 | 300000 | CDX.NA.IG.S44, strike @ 0.850 | GSI | 06/18/25 | (263) | (269) | (6) |
| USD | 270000 | 300000 | CDX.NA.IG.S44, strike @ 0.900 | GSI | 07/16/25 | (339) | (405) | (66) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of <br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums <br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 100000 | 100000 | CDX.NA.IG.S44, strike @ 1.000 | JPMCB | 07/16/25 | $(103) | $(94) | $9 |
| USD | 85000 | 100000 | CDX.NA.IG.S44, strike @ 0.850 | GSI | 07/16/25 | (137) | (164) | (27) |
| **Total** | **Total** |  |  |  |  | $**(4814)** | $**(3555)** | $**1259** |

---

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 349 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.490 terminating 06/18/35 | MSCI | Pay | 06/16/25 | $(941) | $(825) | $116 |
| USD | 1074 | 300000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.580 terminating 06/24/35 | MSCI | Pay | 06/20/25 | (2898) | (3561) | (663) |
| USD | 4449 | 1200000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.708 terminating 08/06/35 | MSCI | Pay | 08/04/25 | (12352) | (26455) | (14103) |
| USD | 3739 | 1000000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.739 terminating 08/14/35 | JPMCB | Pay | 08/12/25 | (7234) | (24329) | (17095) |
| USD | 1450 | 400000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.626 terminating 06/11/35 | DB | Pay | 06/09/25 | (3361) | (4816) | (1455) |
| USD | 1056 | 300000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.519 terminating 07/16/35 | BOA | Pay | 07/14/25 | (2521) | (3661) | (1140) |
| USD | 1758 | 500000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.515 terminating 07/21/35 | MSCI | Pay | 07/17/25 | (3992) | (6247) | (2255) |
| USD | 2093 | 600000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.489 terminating 07/23/35 | CITI | Pay | 07/21/25 | (4285) | (7150) | (2865) |
| USD | 357 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.566 terminating 05/06/35 | MSCI | Pay | 05/02/25 | (456) | (136) | 320 |
| USD | 392 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.916 terminating 05/06/35 | MSCI | Pay | 05/02/25 | (457) | (1) | 456 |
| USD | 408 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 4.082 terminating 05/16/35 | BOA | Pay | 05/14/25 | (447) | (29) | 418 |
| USD | 358 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.582 terminating 05/16/35 | BOA | Pay | 05/14/25 | (447) | (610) | (163) |
| USD | 409 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 4.090 terminating 05/19/35 | JPMCB | Pay | 05/15/25 | (400) | (33) | 367 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 359 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.590 terminating 05/19/35 | JPMCB | Pay | 05/15/25 | $(400) | $(668) | $(268) |
| USD | 411 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 4.110 terminating 05/19/35 | JPMCB | Pay | 05/15/25 | (418) | (29) | 389 |
| USD | 361 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.610 terminating 05/19/35 | JPMCB | Pay | 05/15/25 | (417) | (744) | (327) |
| USD | 394 | 100000 | 7 Year USD SOFR Interest Rate Swap, strike @ 3.940 terminating 05/19/32 | JPMCB | Pay | 05/15/25 | (317) | (27) | 290 |
| USD | 344 | 100000 | 7 Year USD SOFR Interest Rate Swap, strike @ 3.440 terminating 05/19/32 | JPMCB | Pay | 05/15/25 | (318) | (571) | (253) |
| USD | 796 | 200000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.982 terminating 05/21/35 | BB | Pay | 05/19/25 | (795) | (190) | 605 |
| USD | 706 | 200000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.532 terminating 05/21/35 | BB | Pay | 05/19/25 | (795) | (1064) | (269) |
| USD | 693 | 200000 | 7 Year USD SOFR Interest Rate Swap, strike @ 3.463 terminating 05/27/32 | GS | Pay | 05/22/25 | (690) | (1488) | (798) |
| USD | 783 | 200000 | 7 Year USD SOFR Interest Rate Swap, strike @ 3.913 terminating 05/27/32 | GS | Pay | 05/22/25 | (690) | (120) | 570 |
| USD | 404 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 4.038 terminating 05/27/35 | GS | Pay | 05/22/25 | (440) | (89) | 351 |
| USD | 364 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.638 terminating 05/27/35 | GS | Pay | 05/22/25 | (440) | (995) | (555) |
| USD | 405 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 4.046 terminating 05/28/35 | MSCI | Pay | 05/23/25 | (428) | (93) | 335 |
| USD | 365 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.646 terminating 05/28/35 | MSCI | Pay | 05/23/25 | (428) | (1053) | (625) |
| USD | 397 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.970 terminating 05/29/35 | GS | Pay | 05/27/25 | (388) | (158) | 230 |
| USD | 397 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.970 terminating 05/30/35 | MSCI | Pay | 05/27/25 | (388) | (158) | 230 |
| USD | 357 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.570 terminating 05/30/35 | GS | Pay | 05/27/25 | (388) | (775) | (387) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 357 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.570 terminating 05/29/35 | MSCI | Pay | 05/27/25 | $(388) | $(775) | $(387) |
| USD | 384 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.840 terminating 05/30/25 | MSCI | Pay | 05/30/25 | (412) | (412) |  |
| USD | 344 | 100000 | 10 Year USD SOFR Interest Rate Swap, strike @ 3.440 terminating 05/30/25 | MSCI | Pay | 05/30/25 | (412) | (412) |  |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  | $**(48743)** | $**(87674)** | $**(38931)** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized <br> appreciation <br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 4 | EUR | Euro Bund 10 Year Index Futures | June 2025 | $575135 | $597148 | $22013 |
| 14 | EUR | EURO Schatz 2 Year Index Futures | June 2025 | 1695612 | 1706050 | 10438 |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 12 | CAD | Canadian Bond 10 Year Futures | June 2025 | $1064764 | $1076396 | $11632 |
| 5 | GBP | United Kingdom Long Gilt Bond Futures | June 2025 | 616966 | 623171 | 6205 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 80 | USD | U.S. Long Bond Futures | June 2025 | $9294584 | $9330000 | $35416 |
| 281 | USD | U.S. Treasury Note 10 Year Futures | June 2025 | 30875250 | 31533469 | 658219 |
| 89 | USD | U.S. Treasury Note 2 Year Futures | June 2025 | 18359661 | 18525211 | 165550 |
| 172 | USD | U.S. Treasury Note 5 Year Futures | June 2025 | 18461703 | 18781594 | 319891 |
| 234 | USD | Ultra U.S. Treasury Bond Futures | June 2025 | 28354840 | 28321312 | (33528) |
| 172 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2025 | 19321723 | 19734313 | 412590 |
| **Total** |  |  |  | $**128620238** | $**130228664** | $**1608426** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 4 | EUR | EURO Bobl 5 Year Index Future | June 2025 | $(536736) | $(542092) | $(5356) |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 6 | USD | U.S. Long Bond Futures | June 2025 | $(691610) | $(699750) | $(8140) |
| 165 | USD | U.S. Treasury Note 5 Year Futures | June 2025 | (17668774) | (18017227) | (348453) |
| 47 | USD | Ultra U.S. Treasury Bond Futures | June 2025 | (5644096) | (5688469) | (44373) |
| 23 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2025 | (2593936) | (2638890) | (44954) |
| **Total** |  |  |  | $**(27135152)** | $**(27586428)** | $**(451276)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**1157150** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2025<sup>17</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> received by<br> the<br> Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.HY.S44 | N/A | USD | 4980 | 06/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (5.000)% | $227376 | $216869 | $(10507) |
| CDX.NA.IG.S44 | N/A | USD | 100 | 06/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (1.000) | 1770 | 1621 | (149) |
| **Total** |  |  |  |  |  |  | $**229146** | $**218490** | $**(10656)** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2025<sup>17</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the<br> Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AT&T, Inc., 3.800%, due 06/20/28 | N/A | USD | 400000 | 06/20/28 | Quarterly | 1.000% | $(987) | $6260 | $7247 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 100000 | 06/20/26 | Quarterly | 1.000 | 193 | 768 | 575 |
| Boeing Co. 2.600%, due 06/20/26 | N/A | USD | 300 | 06/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (1.000) | 798 | 909 | 111 |
| T-Mobile USA, Inc., 4.750%, due 06/20/28 | N/A | USD | 200000 | 06/20/28 | Quarterly | 5.000 | 21626 | 29237 | 7611 |
| Verizon Communications, Inc., 4.125%, due 06/20/28 | N/A | USD | 400000 | 06/20/28 | Quarterly | 1.000 | (665) | 6200 | 6865 |
| Verizon Communications, Inc., 4.125%, due 06/20/28 | N/A | USD | 100000 | 12/20/28 | Quarterly | 1.000 | (172) | 1596 | 1768 |
| **Total** |  |  |  |  |  |  | $**20793** | $**44970** | $**24177** |

---

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>18</sup>** | **Payments <br> received by<br> the portfolio<sup>18</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AUD | 500 | 09/20/33 | Semi-annual | 6 Month AUD Bank Bill Swap | 4.500% | $13438 | $19827 |
| AUD | 300 | 03/20/34 | Semi-annual | 6 Month AUD Bank Bill Swap | 4.500 | 7905 | 15361 |
| AUD | 500 | 09/18/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | 12931 | 10824 |
| AUD | 300 | 03/19/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.000 | (427) | (119) |
| BRL | 4300 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.548 | (22242) | (22242) |
| BRL | 1050 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.528 | (5523) | (5523) |
| CAD | 1100 | 06/01/32 | Semi-annual | 3.500% | 1 day CAD CORRA | (48482) | (40500) |
| CAD | 300 | 12/20/33 | Semi-annual | 3.750 | 1 day CAD CORRA | (18095) | (17064) |
| EUR | 200 | 10/05/29 | Annual | 2.063 | 1 day EUR STR | (1163) | (1163) |
| EUR | 100 | 10/05/29 | Annual | 2.050 | 1 day EUR STR | (526) | (526) |
| EUR | 100 | 10/05/29 | Annual | 2.056 | 1 day EUR STR | (560) | (560) |
| EUR | 200 | 03/09/33 | Annual | 6 Month EURIBOR | 2.547 | 3704 | 3704 |
| EUR | 100 | 11/05/34 | Annual | 6 mo. EURIBOR | 2.410 | (259) | (259) |
| EUR | 1760 | 09/17/35 | Annual | 6 mo. EURIBOR | 2.250 | (35545) | 38667 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>18</sup>** | **Payments<br> received by<br> the portfolio<sup>18</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 100 | 08/13/29 | Semi-annual | 2.700% | 6 mo. EURIBOR | $(4399) | $(4399) |
| EUR | 100 | 08/14/29 | Semi-annual | 2.650 | 6 mo. EURIBOR | (4124) | (4125) |
| EUR | 100 | 09/25/29 | Semi-annual | 2.300 | 6 mo. EURIBOR | (2196) | (2196) |
| EUR | 100 | 04/09/30 | Semi-annual | 2.400 | 6 mo. EURIBOR | (1492) | (1492) |
| EUR | 100 | 04/29/30 | Semi-annual | 2.350 | 6 mo. EURIBOR | (1261) | (1261) |
| EUR | 810 | 09/17/55 | Semi-annual | 2.250 | 6 mo. EURIBOR | 33241 | (34041) |
| GBP | 310 | 03/19/30 | Annual | 1 day GBP SONIA | 3.500% | (2406) | 5800 |
| JPY | 70000 | 06/18/32 | Annual | 1.250 | 1 day JPY TONA | (12456) | 438 |
| JPY | 10000 | 06/18/45 | Annual | 1 day JPY TONA | 2.000 | 4142 | 2512 |
| JPY | 10000 | 06/18/55 | Annual | 1 day JPY TONA | 2.000 | 1542 | 2003 |
| USD | 400 | 05/31/28 | Annual | 3.807 | 1 day USD SOFR | (2384) | (2384) |
| USD | 200 | 06/20/29 | Annual | 3.750 | 1 day USD SOFR | (1655) | (357) |
| USD | 800 | 12/18/29 | Annual | 3.750 | 1 day USD SOFR | (12649) | 932 |
| USD | 100 | 10/31/30 | Annual | 3.727 | 1 day USD SOFR | (1402) | (1402) |
| USD | 100 | 10/31/30 | Annual | 3.722 | 1 day USD SOFR | (1374) | (1374) |
| USD | 200 | 10/31/30 | Annual | 3.739 | 1 day USD SOFR | (2939) | (2939) |
| USD | 100 | 10/31/30 | Annual | 3.732 | 1 day USD SOFR | (1429) | (1429) |
| USD | 675 | 04/30/31 | Annual | 3.694 | 1 day USD SOFR | (5530) | (5530) |
| USD | 700 | 12/31/31 | Annual | 4.100 | 1 day USD SOFR | (27635) | (14267) |
| USD | 200 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 27437 | 5456 |
| USD | 1200 | 06/21/33 | Annual | 3.000 | 1 day USD SOFR | 63285 | 45567 |
| USD | 1690 | 08/15/33 | Annual | 3.687 | 1 day USD SOFR | (6712) | (6712) |
| USD | 700 | 08/15/33 | Annual | 3.734 | 1 day USD SOFR | (5379) | (5379) |
| USD | 300 | 08/15/33 | Annual | 3.763 | 1 day USD SOFR | (2990) | (2990) |
| USD | 200 | 08/15/33 | Annual | 3.753 | 1 day USD SOFR | (1833) | (1833) |
| USD | 700 | 08/15/33 | Annual | 3.717 | 1 day USD SOFR | (4421) | (4421) |
| USD | 300 | 08/15/33 | Annual | 3.745 | 1 day USD SOFR | (2562) | (2562) |
| USD | 300 | 08/15/33 | Annual | 3.754 | 1 day USD SOFR | (2778) | (2778) |
| USD | 100 | 11/22/33 | Annual | 4.250 | 1 day USD SOFR | (5096) | (5096) |
| USD | 30 | 12/19/33 | Annual | 3.950 | 1 day USD SOFR | (836) | (836) |
| USD | 600 | 12/20/33 | Annual | 3.500 | 1 day USD SOFR | 4367 | 1686 |
| USD | 200 | 11/15/34 | Annual | 3.883 | 1 day USD SOFR | (4697) | (4697) |
| USD | 100 | 11/15/34 | Annual | 3.750 | 1 day USD SOFR | (1290) | (1290) |
| USD | 300 | 02/18/35 | Annual | 4.095 | 1 day USD SOFR | (11765) | (11765) |
| USD | 100 | 03/11/35 | Annual | 3.899 | 1 day USD SOFR | (2276) | (2276) |
| USD | 100 | 03/12/35 | Annual | 3.905 | 1 day USD SOFR | (2329) | (2329) |
| USD | 200 | 03/24/35 | Annual | 3.930 | 1 day USD SOFR | (5094) | (5094) |
| USD | 1800 | 06/20/54 | Annual | 3.500 | 1 day USD SOFR | 123266 | 79302 |
| USD | 100 | 12/17/54 | Annual | 3.765 | 1 day USD SOFR | 1254 | 1254 |
| USD | 200 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 12065 | 7415 |
| USD | 100 | 02/15/55 | Annual | 3.642 | 1 day USD SOFR | 3209 | 3209 |
| USD | 1600 | 05/31/25 | At Maturity | 5.160 | 1 day USD SOFR | (6343) | (6338) |
| USD | 800 | 12/18/25 | At Maturity | 3.500 | 1 day USD SOFR | 5220 | 5043 |
| **Total** | **Total** |  |  |  |  | $**32452** | $**17452** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied <br> credit <br> spread as <br> of <br> April 30,<br> 2025<sup>17</sup>** | **Referenced obligations** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the <br> Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | N/A | iTraxx Europe Crossover S42 | 689 | 12/20/29 | Quarterly | 5.000% | $133008 | $139956 | $6948 |
| GSI | N/A | iTraxx Europe Crossover S42 | 197 | 12/20/29 | Quarterly | 5.000 | 56056 | 60011 | 3955 |
| BNP | N/A | iTraxx Europe Crossover S42 | 295 | 12/20/29 | Quarterly | 5.000 | 38057 | 40003 | 1946 |
|  |  |  |  |  |  |  | $**227121** | $**239970** | $**12849** |

---

**OTC credit default swap agreements on Non-U.S. government agency obligations issues—sell protection<sup>16</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied<br> credit<br> spread as<br> of<br> April 30,<br> 2025<sup>17</sup>** | **Referenced<br> obligations** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> madeby<br> the<br> Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | N/A | Turkiye Government International Bonds | 200 | 06/20/25 | Quarterly | (1.000) | $29 | $226 | $197 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied<br> credit<br> spread as<br> of<br> April 30,<br> 2025<sup>17</sup>** | **Referenced<br> obligations** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> madeby<br> the<br> Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br>(made)** | **Value** | **Unrealized<br> appreciation<br>(depreciation)** |
| CITI | N/A | Schlumberger Oilfield U.K. Ltd. | USD | 200 | 06/20/25 | Quarterly | (1.000)% | $215 | $475 | $260 |
| DB | N/A | Petroleos Mexicanos | USD | 88 | 07/6/26 | Monthly | (4.750) |  | 370 | 370 |
| GSI | N/A | SoftBank Group Corp. | USD | 100 | 06/20/26 | Quarterly | (1.000) | (551) | (324) | 227 |
| **Total** | N/A |  |  |  |  |  |  | $**(336)** | $**521** | $**857** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>18</sup>** | **Payments <br> received by<br> the Portfolio<sup>18</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| GSI | USD | 16 | 06/11/25 | At Maturity | 1 day USD SOFR | (0.950)% | $— | $(13552) | $(13552) |
| GSI | USD | 13 | 06/17/25 | At Maturity | 1 day USD SOFR | (0.800) |  | (10436) | (10436) |
|  |  |  |  |  |  |  | $**—** | $**(23988)** | $**(23988)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | GBP | 217000 | USD | 281168 | 05/02/25 | $(8028) |
| BB | USD | 16337 | JPY | 2434747 | 05/02/25 | 692 |
| BB | USD | 27602 | TRY | 1071379 | 05/05/25 | 230 |
| BB | INR | 5261466 | USD | 61229 | 05/06/25 | (1044) |
| BB | USD | 11345 | TRY | 442107 | 05/12/25 | 45 |
| BB | USD | 82219 | TRY | 3207182 | 05/13/25 | 308 |
| BB | MYR | 34610 | USD | 7703 | 05/21/25 | (322) |
| BB | USD | 51330 | TRY | 2018622 | 05/21/25 | 119 |
| BB | USD | 24664 | TRY | 971345 | 05/22/25 | 64 |
| BB | USD | 105633 | TRY | 4177248 | 05/27/25 | 82 |
| BB | USD | 66607 | TRY | 2631389 | 05/27/25 | (14) |
| BB | USD | 109095 | IDR | 1833003281 | 05/28/25 | 1224 |
| BB | USD | 16457 | JPY | 2339035 | 06/03/25 | (39) |
| BB | USD | 24403 | TRY | 962246 | 06/05/25 | (307) |
| BB | USD | 22707 | PLN | 87976 | 06/06/25 | 547 |
| BB | TRY | 259641 | USD | 6213 | 06/11/25 | (247) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement <br> date** | **Unrealized <br> appreciation<br> (depreciation)** |
| BB | USD | 30087 | TRY | 1185923 | 06/11/25 | $(583) |
| BB | TRY | 9469878 | USD | 231532 | 06/16/25 | (2801) |
| BB | USD | 76200 | TRY | 3093841 | 06/16/25 | 358 |
| BB | USD | 27640 | TRY | 1093127 | 06/16/25 | (590) |
| BB | CNH | 4358000 | USD | 604458 | 06/18/25 | 3006 |
| BB | USD | 44944 | CNH | 328000 | 06/18/25 | 324 |
| BB | USD | 13720 | TRY | 542721 | 06/20/25 | (348) |
| BB | TRY | 287701 | USD | 6787 | 06/25/25 | (264) |
| BB | USD | 62779 | TRY | 2532803 | 06/25/25 | (707) |
| BB | USD | 73940 | CNH | 537000 | 08/20/25 | 519 |
| BNP | EUR | 26000 | USD | 28132 | 05/02/25 | (1322) |
| BNP | INR | 3913186 | USD | 45929 | 05/02/25 | (390) |
| BNP | JPY | 43781004 | USD | 304939 | 05/02/25 | (1265) |
| BNP | USD | 520948 | CAD | 722190 | 05/02/25 | 2936 |
| BNP | USD | 52652 | CHF | 43000 | 05/02/25 | (553) |
| BNP | USD | 45558 | INR | 3913186 | 05/02/25 | 761 |
| BNP | USD | 48636 | JPY | 7286154 | 05/02/25 | 2323 |
| BNP | USD | 231604 | JPY | 32972553 | 05/02/25 | (994) |
| BNP | BRL | 1625549 | USD | 281587 | 05/05/25 | (4845) |
| BNP | USD | 287108 | BRL | 1625549 | 05/05/25 | (676) |
| BNP | INR | 2066771 | USD | 24000 | 05/06/25 | (462) |
| BNP | USD | 113339 | INR | 9697403 | 05/07/25 | 1429 |
| BNP | IDR | 3349142216 | USD | 200000 | 05/09/25 | (1716) |
| BNP | USD | 86661 | INR | 7461820 | 05/09/25 | 1635 |
| BNP | CNH | 122268 | USD | 16855 | 05/12/25 | 28 |
| BNP | CNH | 246756 | USD | 33878 | 05/12/25 | (80) |
| BNP | USD | 23038 | CNH | 166725 | 05/12/25 | (93) |
| BNP | USD | 30379 | KRW | 44786772 | 05/12/25 | 1138 |
| BNP | USD | 36955 | TWD | 1211442 | 05/12/25 | 945 |
| BNP | IDR | 103002689 | USD | 6062 | 05/14/25 | (141) |
| BNP | IDR | 232223087 | USD | 13759 | 05/15/25 | (224) |
| BNP | INR | 1659051 | USD | 19096 | 05/15/25 | (527) |
| BNP | USD | 32268 | KRW | 46056759 | 05/15/25 | 149 |
| BNP | USD | 39880 | TWD | 1277471 | 05/15/25 | 96 |
| BNP | INR | 1822010 | USD | 21111 | 05/16/25 | (438) |
| BNP | USD | 150000 | INR | 12895350 | 05/19/25 | 2478 |
| BNP | ILS | 169297 | USD | 45683 | 05/21/25 | (856) |
| BNP | USD | 50000 | INR | 4291935 | 05/21/25 | 742 |
| BNP | IDR | 1690781000 | USD | 100000 | 05/27/25 | (1763) |
| BNP | USD | 100000 | INR | 8557644 | 05/27/25 | 1128 |
| BNP | BRL | 961354 | USD | 168595 | 06/03/25 | 445 |
| BNP | CAD | 721052 | USD | 520948 | 06/03/25 | (2944) |
| BNP | CHF | 190686 | USD | 232528 | 06/03/25 | 683 |
| BNP | USD | 304939 | JPY | 43623233 | 06/03/25 | 1261 |
| BNP | USD | 185812 | PLN | 718870 | 06/06/25 | 4195 |
| BNP | USD | 12761 | TRY | 518744 | 06/16/25 | 75 |
| BNP | CNH | 274748 | USD | 37616 | 06/18/25 | (302) |
| BNP | USD | 1063618 | CNH | 7735555 | 06/18/25 | 3975 |
| BNP | USD | 550213 | CNH | 3978012 | 06/18/25 | (1203) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized <br> appreciation<br> (depreciation)** |
| BNP | TWD | 2241064 | USD | 68882 | 07/16/25 | $(1613) |
| BNP | TWD | 3856925 | USD | 118303 | 08/20/25 | (3360) |
| BNP | BRL | 2000000 | USD | 326321 | 10/02/25 | (13416) |
| BOA | SGD | 127991 | USD | 97507 | 05/02/25 | (488) |
| BOA | USD | 2886655 | EUR | 2546000 | 05/02/25 | (2417) |
| BOA | USD | 7606 | SGD | 9972 | 05/02/25 | 29 |
| BOA | INR | 4668129 | USD | 54885 | 05/05/25 | (370) |
| BOA | USD | 54442 | INR | 4668129 | 05/05/25 | 813 |
| BOA | KRW | 146876583 | USD | 102742 | 05/07/25 | (583) |
| BOA | USD | 100015 | KRW | 146876583 | 05/07/25 | 3310 |
| BOA | CNH | 126896 | USD | 17336 | 05/12/25 | (128) |
| BOA | ILS | 187936 | USD | 50927 | 05/21/25 | (735) |
| BOA | EUR | 2546000 | USD | 2892231 | 06/03/25 | 2942 |
| BOA | SGD | 18890 | USD | 14446 | 06/03/25 | (41) |
| BOA | CNH | 180000 | USD | 24892 | 06/18/25 | 50 |
| BOA | CNH | 452922 | USD | 61996 | 06/18/25 | (513) |
| BOA | USD | 102742 | KRW | 146497463 | 06/18/25 | 595 |
| BOA | ZAR | 3579929 | USD | 189566 | 06/23/25 | (2155) |
| BOA | USD | 15850 | INR | 1363558 | 06/30/25 | 226 |
| BOA | TWD | 19389 | USD | 595 | 08/20/25 | (17) |
| CITI | CAD | 723180 | USD | 508437 | 05/02/25 | (16165) |
| CITI | GBP | 12000 | USD | 15813 | 05/02/25 | (180) |
| CITI | USD | 143353 | AUD | 225000 | 05/02/25 | 771 |
| CITI | USD | 304235 | GBP | 229000 | 05/02/25 | 954 |
| CITI | INR | 1362808 | USD | 15943 | 05/05/25 | (188) |
| CITI | USD | 16023 | INR | 1362808 | 05/05/25 | 108 |
| CITI | USD | 100103 | INR | 8648539 | 05/09/25 | 2236 |
| CITI | USD | 5656 | IDR | 95399904 | 05/14/25 | 89 |
| CITI | IDR | 95428184 | USD | 5656 | 05/21/25 | (89) |
| CITI | ILS | 172039 | USD | 46251 | 05/21/25 | (1042) |
| CITI | USD | 109642 | IDR | 1851250349 | 05/21/25 | 1804 |
| CITI | USD | 78478 | IDR | 1336794252 | 05/28/25 | 1977 |
| CITI | GBP | 147000 | USD | 195690 | 06/03/25 | (239) |
| CITI | PEN | 426274 | USD | 113983 | 06/16/25 | (2131) |
| CITI | CNH | 185000 | USD | 25529 | 06/18/25 | (3) |
| CITI | USD | 31207 | KRW | 44923871 | 06/18/25 | 482 |
| CITI | ZAR | 487661 | USD | 25711 | 06/23/25 | (405) |
| CITI | USD | 49955 | INR | 4318749 | 06/30/25 | 962 |
| CITI | AUD | 4633 | USD | 2804 | 07/16/25 | (166) |
| CITI | EUR | 3265218 | USD | 3586827 | 07/16/25 | (128767) |
| CITI | GBP | 450000 | USD | 573735 | 07/16/25 | (26152) |
| CITI | TWD | 2495624 | USD | 76716 | 07/16/25 | (1787) |
| CITI | ZAR | 3557899 | USD | 181227 | 07/16/25 | (8971) |
| CITI | TWD | 6399919 | USD | 195961 | 08/20/25 | (5918) |
| DB | AUD | 733000 | USD | 462262 | 05/02/25 | (7261) |
| DB | USD | 7195 | SGD | 9449 | 05/02/25 | 40 |
| DB | BRL | 220378 | USD | 36216 | 05/05/25 | (2616) |
| DB | USD | 38930 | BRL | 220378 | 05/05/25 | (98) |
| DB | USD | 197834 | IDR | 3306993144 | 05/09/25 | 1345 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized <br> appreciation<br> (depreciation)** |
| DB | IDR | 3308279065 | USD | 197834 | 05/21/25 | $(1326) |
| DB | ILS | 326606 | USD | 88801 | 05/21/25 | (981) |
| DB | USD | 76272 | IDR | 1284688274 | 05/28/25 | 1047 |
| DB | SGD | 9432 | USD | 7195 | 06/03/25 | (38) |
| DB | KRW | 1073712699 | USD | 747770 | 06/05/25 | (8970) |
| DB | USD | 11211 | KRW | 16255027 | 06/18/25 | 255 |
| DB | USD | 65157 | INR | 5631194 | 06/30/25 | 1233 |
| GS | CNH | 123387 | USD | 16847 | 05/12/25 | (134) |
| GS | USD | 11668 | IDR | 195088960 | 05/15/25 | 79 |
| GS | IDR | 195123964 | USD | 11668 | 05/21/25 | (79) |
| GS | MYR | 68388 | USD | 15334 | 05/21/25 | (524) |
| GS | USD | 108557 | IDR | 1825863606 | 05/28/25 | 1332 |
| GS | USD | 199889 | PLN | 771875 | 06/13/25 | 4097 |
| GS | CNH | 18119000 | USD | 2498321 | 06/18/25 | (2303) |
| GS | TWD | 786891 | USD | 24191 | 07/16/25 | (561) |
| GS | BRL | 100000 | USD | 16394 | 10/02/25 | (593) |
| GSI | MXN | 5422000 | USD | 262980 | 07/16/25 | (10888) |
| GSI | USD | 380 | CAD | 536 | 07/16/25 | 11 |
| GSI | USD | 602994 | EUR | 540000 | 07/16/25 | 11489 |
| GSI | USD | 439367 | JPY | 63967739 | 07/16/25 | 11781 |
| GSI | USD | 245866 | MXN | 5137377 | 07/16/25 | 13626 |
| HSBC | CHF | 399649 | USD | 454031 | 05/02/25 | (30187) |
| HSBC | EUR | 21000 | USD | 24150 | 05/02/25 | 360 |
| HSBC | JPY | 3223527 | USD | 22584 | 05/02/25 | 39 |
| HSBC | JPY | 3418611 | USD | 23853 | 05/02/25 | (57) |
| HSBC | USD | 200841 | CHF | 165000 | 05/02/25 | (925) |
| HSBC | USD | 77379 | SGD | 101111 | 05/02/25 | 36 |
| HSBC | BRL | 1036918 | USD | 183175 | 05/05/25 | 463 |
| HSBC | USD | 182620 | BRL | 1036918 | 05/05/25 | 92 |
| HSBC | CNH | 128669 | USD | 17715 | 05/12/25 | 7 |
| HSBC | USD | 41136 | CNH | 297972 | 05/12/25 | (129) |
| HSBC | IDR | 126057386 | USD | 7423 | 05/14/25 | (168) |
| HSBC | BRL | 1044058 | USD | 182620 | 06/03/25 | 4 |
| HSBC | SGD | 100931 | USD | 77379 | 06/03/25 | (24) |
| HSBC | USD | 23853 | JPY | 3406275 | 06/03/25 | 56 |
| HSBC | USD | 22584 | JPY | 3211907 | 06/03/25 | (39) |
| HSBC | USD | 7678 | KRW | 11047260 | 06/18/25 | 115 |
| HSBC | CNH | 64455 | USD | 8944 | 07/16/25 | 29 |
| HSBC | TWD | 2100555 | USD | 64452 | 07/16/25 | (1623) |
| HSBC | CNH | 64635 | USD | 8946 | 08/20/25 | (16) |
| HSBC | TWD | 2299917 | USD | 70293 | 08/20/25 | (2256) |
| JPMCB | EUR | 2499000 | USD | 2699805 | 05/02/25 | (131189) |
| JPMCB | INR | 3917138 | USD | 45788 | 05/02/25 | (578) |
| JPMCB | SGD | 132000 | USD | 100700 | 05/02/25 | (365) |
| JPMCB | USD | 325679 | AUD | 508000 | 05/02/25 | (279) |
| JPMCB | USD | 45976 | INR | 3917138 | 05/02/25 | 390 |
| JPMCB | USD | 67016 | JPY | 10079474 | 05/02/25 | 3480 |
| JPMCB | USD | 95196 | SGD | 125062 | 05/02/25 | 556 |
| JPMCB | BRL | 146787 | USD | 25000 | 05/05/25 | (865) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement <br> date** | **Unrealized <br> appreciation<br> (depreciation)** |
| JPMCB | INR | 3283359 | USD | 38512 | 05/05/25 | $(351) |
| JPMCB | USD | 25930 | BRL | 146788 | 05/05/25 | (66) |
| JPMCB | USD | 38603 | INR | 3283358 | 05/05/25 | 260 |
| JPMCB | INR | 258365 | USD | 3000 | 05/06/25 | (58) |
| JPMCB | USD | 89013 | INR | 7587565 | 05/06/25 | 791 |
| JPMCB | USD | 24414 | TRY | 1087400 | 05/06/25 | 3800 |
| JPMCB | IDR | 102285254 | USD | 6079 | 05/07/25 | (82) |
| JPMCB | INR 9 | ,888861 | USD | 115983 | 05/07/25 | (1050) |
| JPMCB | USD | 25024 | TRY | 1112198 | 05/08/25 | 3765 |
| JPMCB | CNH | 131888 | USD | 18056 | 05/12/25 | (95) |
| JPMCB | KRW | 36012438 | USD | 25068 | 05/12/25 | (274) |
| JPMCB | USD | 11724 | CNH | 85280 | 05/12/25 | 12 |
| JPMCB | USD | 32430 | CNH | 234732 | 05/12/25 | (126) |
| JPMCB | IDR | 116827699 | USD | 6947 | 05/21/25 | (86) |
| JPMCB | AUD | 508000 | USD | 325784 | 06/03/25 | 276 |
| JPMCB | SGD | 124833 | USD | 95196 | 06/03/25 | (537) |
| JPMCB | USD | 1163019 | BRL | 6859106 | 06/03/25 | 36704 |
| JPMCB | PLN | 96000 | USD | 25578 | 06/06/25 | 204 |
| JPMCB | PLN | 93000 | USD | 24085 | 06/06/25 | (496) |
| JPMCB | USD | 115778 | PLN | 448725 | 06/13/25 | 2808 |
| JPMCB | USD | 869545 | CNH | 6346548 | 06/18/25 | 6349 |
| JPMCB | USD | 25068 | KRW | 35928962 | 06/18/25 | 276 |
| JPMCB | USD | 120722 | MXN | 2440000 | 06/18/25 | 2968 |
| JPMCB | ZAR | 1094299 | USD | 56743 | 06/23/25 | (1862) |
| JPMCB | USD | 111270 | INR | 9539379 | 06/30/25 | 1198 |
| JPMCB | CNH | 102015 | USD | 14135 | 07/16/25 | 25 |
| JPMCB | TWD | 2258887 | USD | 69391 | 07/16/25 | (1665) |
| JPMCB | CNH | 131607 | USD | 18295 | 08/20/25 | 47 |
| JPMCB | CNH | 84801 | USD | 11724 | 08/20/25 | (34) |
| JPMCB | TWD | 5349178 | USD | 163979 | 08/20/25 | (4756) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(308004)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Preferred stocks | $5435030 | $— | $— | $5435030 |
| Exchange traded funds | 1708861 |  |  | 1708861 |
| Asset-backed securities |  | 63157654 |  | 63157654 |
| Corporate bonds |  | 194041798 |  | 194041798 |
| Loan assignments |  | 34487046 | 2397000 | 36884046 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted <br> quoted prices in <br> active market for <br> identical investments <br> (Level 1)** | **Other significant <br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| Mortgage-backed securities | $— | $48097299 | $— | $48097299 |
| Municipal bonds |  | 2060016 |  | 2060016 |
| Non-U.S. government agency obligations |  | 5326678 |  | 5326678 |
| U.S. government agency obligations |  | 34795938 | 1428 | 34797366 |
| U.S. Treasury obligations |  | 47854028 |  | 47854028 |
| Short-term investments |  | 9737140 |  | 9737140 |
| Short-term U.S. treasury obligations |  | 2713389 |  | 2713389 |
| Investment of cash collateral from securities loaned |  | 9611416 |  | 9611416 |
| Swaptions Purchased |  | 103803 |  | 103803 |
| Futures contracts | 1641954 |  |  | 1641954 |
| Swap agreements |  | 821507 |  | 821507 |
| Forward foreign currency contracts |  | 162733 |  | 162733 |
| **Total** | $**8785845** | $**452970445** | $**2398428** | $**464154718** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| U.S. government agency obligations | $— | $(395112) | $— | $(395112) |
| Options written | (2078) | (1477) |  | (3555) |
| Swaptions written |  | (87674) |  | (87674) |
| Futures contracts | (484804) |  |  | (484804) |
| Swap agreements |  | (308866) |  | (308866) |
| Forward foreign currency contracts |  | (470737) |  | (470737) |
| **Total** | $**(486882)** | $**(1263867)** | $**—** | $**(1750748)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 3 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $172,896,881, represented 41.0% of the Portfolio's net assets at period end. |
| 4 | Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued. |
| 5 | Security, or portion thereof, was on loan at the period end. |
| 6 | Bond interest in default. |
| 7 | 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. |
| 8 | Perpetual investment. Date shown reflects the next call date. |
| 9 | Zero coupon bond. |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | |
|:---|:---|
| 10 | Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement. |
| 11 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 12 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 13 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 14 | Rate shown reflects yield at April 30, 2025. |
| 15 | Includes $19,974,007 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $9,611,416 and non-cash collateral of $10,802,351. |
| 16 | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 17 | Implied credit spreads, represented in absolute terms, used in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likeli-hood or risk of default for the credit derivative. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the reference entity's credit soundness and greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| 18 | Payments made or received are based on the notional amount. |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—99.0%** | **Municipal bonds—99.0%** | **Municipal bonds—99.0%** |
| **Alabama: 4.7%** | **Alabama: 4.7%** | **Alabama: 4.7%** |
| Black Belt Energy Gas District, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/34 | $1000000 | $1053355 |
| County of Jefferson AL Sewer Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | 1000000 | 1083153 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/38 | 1000000 | 1053335 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 1000000 | 1039291 |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/40 | 750000 | 786785 |
| Lower Alabama Gas District, Gas Project, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/50<sup>1</sup> | 2500000 | 2501076 |
|  |  | 7516995 |
| **Arizona: 3.5%** |  |  |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/35 | 2000000 | 1951789 |
| Arizona Industrial Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2,Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/20/33 | 795669 | 745615 |
| Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49<sup>1</sup> | 750000 | 745822 |
| City of Phoenix Civic Improvement Corp., City of Phoenix AZ Airport, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/30 | 1000000 | 1044499 |
| Salt Verde Financial Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/32 | 1000000 | 1051130 |
|  |  | 5538855 |
| **Arkansas: 0.9%** |  |  |
| City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/34 | 1320000 | 1364530 |
| **California: 2.1%** |  |  |
| California Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1,Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/35 | 1405643 | 1336752 |
| Los Angeles Department of Water & Power, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/37 | 850000 | 882852 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A- SAN FRANCIS, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/39 | 1000000 | 1036799 |
|  |  | 3256403 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Colorado: 0.1%** | **Colorado: 0.1%** | **Colorado: 0.1%** |
| Colorado Heakth Facilities Authority, AdventHealth Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/49<sup>1,2</sup> | $140000 | $143588 |
| **Connecticut: 1.7%** |  |  |
| State of Connecticut Special Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/36 | 1000000 | 1003162 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/39 | 1650000 | 1632517 |
|  |  | 2635679 |
| **District of Columbia: 1.0%** |  |  |
| District of Columbia, Income Tax Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 1500000 | 1580290 |
| **Florida: 2.4%** |  |  |
| Central Florida Expressway Authority Senior Lien, Revenue Bonds, (Assured Guaranty Municipal Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 | 1500000 | 1608458 |
| City of Jacksonville FL, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 750000 | 801543 |
| County of Miami-Dade FL Water & Sewer System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/40 | 1250000 | 1341641 |
|  |  | 3751642 |
| **Georgia: 3.9%** |  |  |
| Development Authority for Fulton County, WellStar Health System Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/36 | 1000000 | 1016417 |
| Georgia Ports Authority, Houston Methodist Hospital Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 1500000 | 1588392 |
| Main Street Natural Gas, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/28 | 1500000 | 1572825 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/53<sup>1</sup> | 1000000 | 1045526 |
| Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/33 | 1000000 | 1043889 |
|  |  | 6267049 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Hawaii: 0.7%** | **Hawaii: 0.7%** | **Hawaii: 0.7%** |
| Hawaii Airports System, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/29 | $1000000 | $1034091 |
| **Illinois: 7.9%** |  |  |
| Chicago Midway International Airport, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/34 | 1500000 | 1593638 |
| Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/35 | 1000000 | 1004332 |
| City of Chicago IL Wastewater Transmission Revenue, Refunding, Revenue Bonds, (Build America Mutual Assurance Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/38 | 1700000 | 1819777 |
| City of Chicago IL, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/44 | 500000 | 490216 |
| City of Chicago IL, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/35 | 1250000 | 1175241 |
| Illinois County of Cook Sales Tax, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/35 | 2500000 | 2572804 |
| Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/01/43 | 900000 | 949637 |
| Regional Transportation Authority, Revenue Bonds, (NATL), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30 | 1000000 | 1106435 |
| Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/36 | 1770000 | 1851708 |
|  |  | 12563788 |
| **Indiana: 6.5%** |  |  |
| Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/36 | 2020000 | 2020391 |
| Indiana Finance Authority, Indiana University Health, Inc. Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 12/01/58<sup>1</sup> | 5250000 | 5226218 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Indiana—(continued)** | **Indiana—(continued)** | **Indiana—(continued)** |
| Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/01/35 | $1000000 | $1002526 |
| Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/30 | 2055000 | 2056270 |
|  |  | 10305405 |
| **Iowa: 0.3%** |  |  |
| Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2,Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/33 | 500000 | 526290 |
| **Kentucky: 1.3%** |  |  |
| Kentucky Public Energy Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/01/54<sup>1</sup> | 2000000 | 2124963 |
| **Louisiana: 1.8%** |  |  |
| Jefferson Sales Tax District, Revenue Bonds, (Assured Guaranty Municipal Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/32 | 1895000 | 1913318 |
| Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-3, |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 06/01/37<sup>1</sup> | 1000000 | 981177 |
|  |  | 2894495 |
| **Massachusetts: 1.3%** |  |  |
| Commonwealth of Massachusetts, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/34 | 2000000 | 2028163 |
| **Michigan: 2.8%** |  |  |
| Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 1000000 | 1070085 |
| Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/32 | 3300000 | 3382607 |
|  |  | 4452692 |
| **Missouri: 1.3%** |  |  |
| Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/34 | 2000000 | 2007298 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Nevada: 0.3%** | **Nevada: 0.3%** | **Nevada: 0.3%** |
| City of Reno Reno First Lien, County of Washoe NV Sales Tax Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/33 | $500000 | $521350 |
| **New Jersey: 4.5%** |  |  |
| New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/33 | 1000000 | 1051974 |
| Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 6000000 | 6110814 |
|  |  | 7162788 |
| **New Mexico: 1.3%** |  |  |
| New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/28 | 2000000 | 2061210 |
| **New York: 7.5%** |  |  |
| City Of New York NY, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Subseries B-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/41 | 1180000 | 1264211 |
| New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/42 | 2860000 | 2703401 |
| New York State Urban Development Corp., Personal Income Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/39 | 1890000 | 1834693 |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 2000000 | 2071788 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/36 | 1000000 | 1029865 |
| New York Transportation Development Corp., JFK NTO LLC, Revenue Bonds, (Assured Guaranty Municipal Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/30/42 | 1000000 | 933466 |
| New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-P3, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/34 | 1000000 | 1000119 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount** | **amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(continued)** |  |  |  |  |
| TSASC, Inc., Refunding, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | $| 1000000 | $| 1009757 |
|  |  |  |  | 11847300 |
| **North Carolina: 1.0%** |  |  |  |  |
| Charlotte NC Airport Revenue, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/36 |  | 1540000 |  | 1612235 |
| **North Dakota: 0.9%** |  |  |  |  |
| North Dakota Housing Finance Agency, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/42 |  | 1330000 |  | 1384826 |
| **Ohio: 3.3%** |  |  |  |  |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/41 |  | 1500000 |  | 1616479 |
| Ohio Water Development Authority, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/39 |  | 1500000 |  | 1634824 |
| State of Ohio, Cleveland Clinic Health System Obligated Group, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/01/52<sup>1</sup> |  | 1980000 |  | 1931148 |
|  |  |  |  | 5182451 |
| **Oklahoma: 0.4%** | **Oklahoma: 0.4%** | **Oklahoma: 0.4%** | **Oklahoma: 0.4%** | **Oklahoma: 0.4%** |
| Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (Assured Guaranty Municipal Corp.), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/33 |  | 650000 |  | 657566 |
| **Pennsylvania: 10.5%** |  |  |  |  |
| Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group, Refunding, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/29 |  | 3190000 |  | 3304092 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/31 |  | 1500000 |  | 1544629 |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/34 |  | 2200000 |  | 2316844 |
| Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/27 |  | 1250000 |  | 1284176 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(continued)** | **Pennsylvania—(continued)** | **Pennsylvania—(continued)** |
| Philadelphia Airport PA, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/32 | $1250000 | $1269541 |
| Philadelphia Authority for Industrial Development, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/38 | 2300000 | 2469163 |
| Philadelphia School District Prerefunded, GO Bonds, (State Aid Withholding), |  |  |
| &nbsp;&nbsp;&nbsp;Series F, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30<sup>2</sup> | 10000 | 10261 |
| Philadelphia School District, GO Bonds, (State Aid Withholding), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/35 | 1500000 | 1457363 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/31 | 1000000 | 1046371 |
| Southeastern Pennsylvania Transportation Authority,Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/40 | 1750000 | 1885621 |
|  |  | 16588061 |
| **Rhode Island: 2.1%** |  |  |
| Rhode Island Health and Educational Building Corp., State of Rhode Island, Revenue Bonds, (Short-Term Appropriation), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/42 | 2300000 | 2174941 |
| Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-SENIOR BONDS, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/30 | 1125000 | 1166765 |
|  |  | 3341706 |
| **South Carolina: 0.9%** |  |  |
| Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/34 | 1500000 | 1496145 |
| **Tennessee: 0.9%** |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | 1350000 | 1377822 |
| **Texas: 11.2%** |  |  |
| Board of Regents of the University of Texas System, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/37 | 1000000 | 1103296 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(continued)** | **Texas—(continued)** | **Texas—(continued)** |
| Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30 | $1000000 | $1038444 |
| Central Texas Turnpike System, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/37 | 2500000 | 2694606 |
| City of El Paso TX, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/34 | 2000000 | 2028183 |
| Dayton Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/40 | 1000000 | 947812 |
| Garland Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/42 | 2000000 | 2105593 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/35 | 1750000 | 1683418 |
| Katy Independent School District, CIB, Refunding, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/32 | 2375000 | 2263406 |
| Midland Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/37 | 1680000 | 1828745 |
| Plano Independent School District, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/43 | 1000000 | 1043374 |
| Texas Municipal Gas Acquisition & Supply Corp. IV, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/54<sup>1</sup> | 1000000 | 1073518 |
|  |  | 17810395 |
| **Virginia: 1.5%** |  |  |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/31/42 | 1000000 | 1009192 |
| Winchester Economic Development Authority, Valley Health Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/39 | 1350000 | 1432998 |
|  |  | 2442190 |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Washington: 3.4%** | **Washington: 3.4%** | **Washington: 3.4%** |
| Grant County Public Utility District No. 2 Electric Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/44<sup>1</sup> | $1000000 | $989705 |
| Port of Seattle, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/32 | 1000000 | 1000435 |
| State of Washington, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/43 | 1000000 | 1050765 |
| State of Washington, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2022-C, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/36 | 1500000 | 1521108 |
| Washington State Housing Finance Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/35 | 940502 | 865745 |
|  |  | 5427758 |
| **Wisconsin: 5.1%** |  |  |
| City of Milwaukee WI , GO Bonds, (Assured Guaranty Municipal Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series B4, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | 2000000 | 2154447 |
| Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/34 | 1500000 | 1512763 |
| Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 10/01/46<sup>1</sup> | 2330000 | 2305879 |
| Public Finance Authority, Kahala Senior Living Community, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/40 | 425000 | 442875 |
| Sparta Area School District, GO Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/39 | 2000000 | 1699386 |
|  |  | 8115350 |
| **Total municipal bonds**<br> (cost—$163,242,978) |  | **157021369** |

---

**PACE Municipal Fixed Income Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** |<br>**Value** |
| **Short-term investments—0.2%** | **Short-term investments—0.2%** | **Short-term investments—0.2%** |
| **Investment companies: 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>3</sup><br> (cost $315,615) | $315615 | $315615 |
| **Total investments**<br> (cost—$163,558,593)—99.2% |  | **157336984** |
| Other assets in excess of liabilities—0.8% |  | 1318018 |
| **Net assets—100.0%** |  | $**158655002** |

---

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 April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Municipal bonds | $— | $157021369 | $— | $157021369 |
| Short-term investments |  | 315615 |  | 315615 |
| **Total** | $**—** | $**157336984** | $**—** | $**157336984** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| 1 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 2 | Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call. |
| 3 | Rate shown reflects yield at April 30, 2025. |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** **<sup>1</sup>** | **Value** |
| **Asset-backed securities: 2.1%** |  |  |
| **Ireland: 1.0%** |  |  |
| ARES European CLO XXI DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 21A, Class A, 3 mo. |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR + 1.220%, |  |  |
| &nbsp;&nbsp;&nbsp;3.667%, due 04/15/38<sup>2,3</sup> | 394000 | $442282 |
| Avoca CLO XXXII DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 32A, Class A1, 3 mo. |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.334%, due 04/15/39<sup>2,3</sup> | 396000 | 443792 |
| Ravensdale Park CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, Class A, 3 mo. |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.447%, due 04/25/38<sup>2,3</sup> | 287000 | 321776 |
| RRE 24 Loan Management DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 24A, Class A1, 3 mo. |  |  |
| &nbsp;&nbsp;&nbsp;EURIBOR + 1.160%, |  |  |
| &nbsp;&nbsp;&nbsp;3.529%, due 04/15/40<sup>2,3</sup> | 400000 | 447494 |
|  |  | 1655344 |
| **United States: 1.1%** |  |  |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.680%, due 03/15/34<sup>2</sup> | 571000 | 578883 |
| GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.090%, due 03/22/27 | 438000 | 439849 |
| Merchants Fleet Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/37<sup>2</sup> | 395520 | 398333 |
| Tesla Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/21/27<sup>2</sup> | 219000 | 219847 |
| Toyota Lease Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/20/27<sup>2</sup> | 331000 | 332892 |
|  |  | 1969804 |
| **Total asset-backed securities**<br> (cost—$3,510,182) |  | **3625148** |
| **Corporate bonds: 31.7%** |  |  |
| **Australia: 1.8%** |  |  |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.634%, due 04/04/34<sup>2</sup> | 461000 | 461035 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/06/30<sup>2</sup> | 87000 | 92672 |
| Santos Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/19/33<sup>2</sup> | 152000 | 160184 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount** **<sup>1</sup>** | **Face<br> amount** **<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Australia—(continued)** |  |  |  |
| Westpac Banking Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.079%, due 04/05/27<sup>4</sup> | EUR | 2150000 | $2384152 |
|  |  |  | 3098043 |
| **Belgium: 0.3%** |  |  |  |
| KBC Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/05/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/05/28<sup>3,4,5</sup> | EUR | 200000 | 246988 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/16/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.932%, due 10/16/30<sup>2,3</sup> |  | 225000 | 226863 |
|  |  |  | 473851 |
| **Brazil: 0.3%** |  |  |  |
| Braskem Netherlands Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/10/28<sup>4</sup> |  | 200000 | 179300 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/31/30<sup>2</sup> |  | 429000 | 355941 |
|  |  |  | 535241 |
| **Canada: 3.6%** |  |  |  |
| Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 01/26/27<sup>4</sup> | EUR | 715000 | 783348 |
| Emera, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 16-A, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/76<sup>3</sup> |  | 95000 | 95129 |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 |  | 260000 | 266233 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/83<sup>3,6</sup> |  | 530000 | 531521 |
| &nbsp;&nbsp;&nbsp;Series 2017-A, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/15/77<sup>3</sup> |  | 190000 | 181763 |
| Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;0.864%, due 03/24/27<sup>4</sup> | EUR | 2950000 | 3263374 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Canada—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;3.666%, due 09/08/31<sup>4</sup> | EUR | 700000 | $834324 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/31/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 10/31/82<sup>3</sup> |  | 275000 | 284236 |
|  |  |  | 6239928 |
| **Colombia: 0.2%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/19/29 |  | 200000 | 208500 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/30/30<sup>4</sup> |  | 200000 | 171312 |
|  |  |  | 379812 |
| **Denmark: 0.4%** |  |  |  |
| Danske Bank AS |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.705%, due 03/01/30<sup>2,3</sup> |  | 230000 | 237235 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/25), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.621%, due 09/11/26<sup>2,3</sup> |  | 460000 | 454613 |
|  |  |  | 691848 |
| **France: 2.4%** |  |  |  |
| Alstom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/29/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.868%, due 05/29/29<sup>3,4,5</sup> | EUR | 100000 | 116260 |
| BNP Paribas SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/13/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.786%, due 01/13/33<sup>2,3</sup> |  | 200000 | 204835 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/16/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/16/29<sup>2,3,5</sup> |  | 425000 | 436853 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.283%, due 11/19/30<sup>2,3</sup> |  | 290000 | 293264 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **France—(continued)** |  |  |  |
| BPCE SA |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 02/24/27<sup>4</sup> | EUR | 100000 | $109014 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/18/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.975%, due 01/18/27<sup>2,3</sup> |  | 370000 | 372959 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29<sup>2,3</sup> |  | 830000 | 876718 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.003%, due 10/19/34<sup>2,3</sup> |  | 250000 | 271824 |
| Credit Agricole SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.631%, due 09/11/28<sup>2,3</sup> |  | 250000 | 249748 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/03/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.316%, due 10/03/29<sup>2,3</sup> |  | 355000 | 372680 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.900%, due 05/23/53<sup>2</sup> |  | 200000 | 210896 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/30<sup>3,4,5</sup> | EUR | 200000 | 211216 |
| Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/13/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 04/13/33<sup>2,3</sup> |  | 250000 | 256750 |
| TotalEnergies Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.275%, due 09/10/54 |  | 100000 | 92144 |
|  |  |  | 4075161 |
| **Germany: 0.8%** |  |  |  |
| Commerzbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/09/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/09/31<sup>3,4,5</sup> | EUR | 200000 | 244129 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Germany—(continued)** |  |  |  |
| Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>3</sup> |  | 185000 | $196559 |
| RWE Finance U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/16/34<sup>2</sup> |  | 150000 | 152680 |
| Volkswagen Leasing GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 07/19/29<sup>4</sup> | EUR | 200000 | 202992 |
| Vonovia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 12/14/29<sup>4</sup> | EUR | 400000 | 406882 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/23/30<sup>4</sup> | EUR | 100000 | 122737 |
|  |  |  | 1325979 |
| **Hong Kong: 0.1%** |  |  |  |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/26/26<sup>2</sup> |  | 200000 | 196100 |
| **India: 0.4%** |  |  |  |
| India Clean Energy Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/18/27<sup>4</sup> |  | 200000 | 186900 |
| India Green Power Holdings |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/22/27<sup>4</sup> |  | 216650 | 205818 |
| Muthoot Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/14/28<sup>2</sup> |  | 340000 | 336175 |
|  |  |  | 728893 |
| **Ireland: 1.7%** |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/30/32 |  | 150000 | 132536 |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/06/28 |  | 175000 | 180205 |
| AIB Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 04/04/28<sup>3,4</sup> | EUR | 500000 | 560553 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Ireland—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/30/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/30/29<sup>3,4,5</sup> | EUR | 200000 | $235067 |
| Avolon Holdings Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 01/15/30<sup>2</sup> |  | 695000 | 687355 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>2</sup> |  | 741000 | 751196 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/29<sup>2</sup> |  | 165000 | 166632 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/04/28<sup>2</sup> |  | 155000 | 159338 |
|  |  |  | 2872882 |
| **Italy: 0.9%** |  |  |  |
| Enel Finance International NV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/52<sup>2</sup> |  | 200000 | 181423 |
| Enel SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/16/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/16/28<sup>3,4,5</sup> | EUR | 100000 | 121215 |
| Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/20/33<sup>2,6</sup> |  | 405000 | 434743 |
| UniCredit SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;0.850%, due 01/19/31<sup>4</sup> | EUR | 350000 | 346469 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.731%, due 01/15/32<sup>3,4</sup> | EUR | 400000 | 447567 |
|  |  |  | 1531417 |
| **Japan: 0.1%** |  |  |  |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.250%, due 02/15/27<sup>2</sup> |  | 248000 | 265042 |
| **Mexico: 0.6%** |  |  |  |
| Alpek SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/29<sup>4</sup> |  | 200000 | 186338 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.700%, due 02/16/32 |  | 1000000 | 856400 |
|  |  |  | 1042738 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Netherlands: 0.4%** |  |  |  |
| Cooperatieve Rabobank UA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/01/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 12/01/27<sup>3,4</sup> | EUR | 100000 | $109422 |
| ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/26<sup>3,5,6</sup> |  | 580000 | 570520 |
|  |  |  | 679942 |
| **New Zealand: 0.7%** |  |  |  |
| Westpac Securities NZ Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/20/28<sup>4</sup> | EUR | 1039000 | 1222453 |
| **Spain: 1.3%** |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/19/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 03/19/29<sup>3,5</sup> |  | 200000 | 215401 |
| Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/21/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/21/28<sup>3,5</sup> |  | 400000 | 435741 |
| CaixaBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3,6</sup> |  | 415000 | 427949 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/16/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/16/30<sup>3,4,5</sup> | EUR | 400000 | 488825 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/19/29<sup>3,4</sup> | EUR | 400000 | 482672 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/13/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.840%, due 09/13/34<sup>2,3</sup> |  | 230000 | 250001 |
|  |  |  | 2300589 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Turkey: 0.2%** |  |  |  |
| Mersin Uluslararasi Liman Isletmeciligi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/28<sup>4</sup> |  | 200000 | $205250 |
| Turkiye Varlik Fonu Yonetimi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/14/29<sup>4</sup> |  | 210000 | 214134 |
|  |  |  | 419384 |
| **United Kingdom: 4.1%** |  |  |  |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 08/15/47 |  | 157000 | 123550 |
| Eversholt Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.359%, due 12/02/25<sup>4</sup> | GBP | 301000 | 403951 |
| Gatwick Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/02/26<sup>4</sup> | GBP | 100000 | 134715 |
| Heathrow Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 12/10/31<sup>4</sup> | GBP | 350000 | 494668 |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/03/26<sup>4</sup> | GBP | 478000 | 654420 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/04/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.546%, due 03/04/30<sup>3</sup> |  | 440000 | 451034 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 12/17/30<sup>3,5</sup> |  | 365000 | 319146 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/18/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.874%, due 11/18/35<sup>3</sup> |  | 200000 | 197687 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.130%, due 11/19/28<sup>3</sup> |  | 200000 | 202156 |
| Lloyds Banking Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/07/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.985%, due 08/07/27<sup>3</sup> |  | 240000 | 243751 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United Kingdom—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/27/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/27/31<sup>3,5,6</sup> |  | 275000 | $257642 |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/28/27<sup>4</sup> | EUR | 300000 | 336644 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/20/27<sup>3,4,5</sup> | GBP | 200000 | 257819 |
| NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/29/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/29/25<sup>3,5</sup> |  | 370000 | 367721 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/06/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.067%, due 09/06/28<sup>3,4</sup> | EUR | 505000 | 589721 |
| Segro Capital SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/23/26<sup>4</sup> | EUR | 200000 | 223872 |
| Standard Chartered PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/12/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.608%, due 01/12/28<sup>2,3</sup> |  | 343000 | 330769 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/08/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/08/28<sup>2,3,6</sup> |  | 819000 | 845675 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/27<sup>2,3,5</sup> |  | 200000 | 202500 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/23/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, due 09/23/31<sup>3,4</sup> | EUR | 200000 | 218731 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.005%, due 10/15/30<sup>2,3</sup> |  | 200000 | 200306 |
|  |  |  | 7056478 |
| **United States: 11.4%** |  |  |  |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 11/21/39 |  | 81000 | 70171 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 11/21/49 | 390000 | $316295 |
| Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 12/01/52 | 40000 | 40914 |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/28 | 47831 | 44648 |
| &nbsp;&nbsp;&nbsp;Series 2017-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 10/15/29 | 59009 | 54760 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/25/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.667%, due 04/25/36<sup>3</sup> | 80000 | 82116 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 | 139000 | 132188 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.162%, due 01/24/31<sup>3</sup> | 645000 | 657020 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/20/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.572%, due 10/20/32<sup>3</sup> | 311000 | 270268 |
| Baxter International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.539%, due 02/01/32<sup>6</sup> | 370000 | 316199 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 01/15/34 | 130000 | 130984 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/34 | 240000 | 207059 |
| &nbsp;&nbsp;&nbsp;6.858%, due 05/01/54 | 215000 | 229625 |
| BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 12/01/33<sup>3,5,6</sup> | 280000 | 278799 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.419%, due 04/15/33<sup>2</sup> | 180000 | $160525 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 03/15/31 | 337000 | 301532 |
| &nbsp;&nbsp;&nbsp;2.800%, due 05/15/30 | 76000 | 70039 |
| CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 06/01/43 | 159000 | 135591 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 | 250000 | 226834 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 | 275000 | 187939 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29 | 440000 | 429841 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/13/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.174%, due 02/13/30<sup>3</sup> | 580000 | 588530 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, due 03/20/30<sup>3</sup> | 460000 | 447694 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.561%, due 05/01/32<sup>3</sup> | 210000 | 183502 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.927%, due 08/15/30<sup>2</sup> | 65000 | 67976 |
| &nbsp;&nbsp;&nbsp;6.036%, due 11/15/33<sup>2</sup> | 230000 | 237654 |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.937%, due 11/01/56 | 300000 | 174148 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/54 | 130000 | 121498 |
| Constellation Energy Generation LLC |  |  |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/39 | 175000 | $181925 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 02/15/55 | 100000 | 90925 |
| Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 01/15/54 | 22000 | 20967 |
| Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/35 | 143000 | 142554 |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/55 | 7000 | 6762 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>3,6</sup> | 175000 | 166625 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/09/26<sup>3,5</sup> | 205000 | 192145 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 02/15/28<sup>6</sup> | 402000 | 411997 |
| &nbsp;&nbsp;&nbsp;5.600%, due 09/01/34 | 80000 | 79285 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/01/54<sup>3,6</sup> | 355000 | 352504 |
| Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/01/54 | 45000 | 44196 |
| Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/54<sup>3</sup> | 85000 | 85462 |
| Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 04/15/55 | 22000 | 21521 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| Entergy Texas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 09/15/54 |  | 30000 | $28360 |
| Enterprise Products Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 02/15/78<sup>3</sup> |  | 74000 | 71401 |
| FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.866%, due 09/15/28<sup>2</sup> |  | 210000 | 199056 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.867%, due 08/03/27 | EUR | 677000 | 791950 |
| &nbsp;&nbsp;&nbsp;5.800%, due 03/08/29 |  | 270000 | 265087 |
| General Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 09/19/35<sup>4</sup> | EUR | 88000 | 103600 |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/28/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.207%, due 01/28/31<sup>3</sup> |  | 660000 | 671248 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/25/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.727%, due 04/25/30<sup>3</sup> |  | 345000 | 357608 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/23/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.016%, due 10/23/35<sup>3</sup> |  | 73000 | 70734 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/30 |  | 117000 | 109329 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/15/51 |  | 190000 | 122799 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/52 |  | 105000 | 82292 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/49 |  | 10000 | 8676 |
| &nbsp;&nbsp;&nbsp;5.450%, due 09/15/34 |  | 235000 | 233178 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/15/54 |  | 6000 | 5677 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/01/27<sup>2</sup> | 360000 | $360241 |
| ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/14/30<sup>2</sup> | 45000 | 41432 |
| &nbsp;&nbsp;&nbsp;5.400%, due 06/01/33<sup>2</sup> | 370000 | 370243 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/09/34<sup>2</sup> | 140000 | 141275 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/53 | 120000 | 134687 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/01/32<sup>2</sup> | 330000 | 284721 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/06/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.401%, due 03/06/35<sup>3</sup> | 94000 | 98468 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/16/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.833%, due 01/16/29<sup>3,6</sup> | 245000 | 245528 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 03/01/35<sup>2</sup> | 150000 | 150589 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/01/45<sup>2</sup> | 34000 | 33765 |
| &nbsp;&nbsp;&nbsp;5.700%, due 05/01/55<sup>2</sup> | 145000 | 142921 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/31 | 179000 | 160738 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/15/54 | 120000 | 115465 |
| Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 02/15/34<sup>2</sup> | 60000 | 61713 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| **Morgan Stanley** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.230%, due 01/15/31<sup>3</sup> |  | 245000 | $249799 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.831%, due 04/19/35<sup>3</sup> |  | 170000 | 175532 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.424%, due 07/21/34<sup>3</sup> |  | 250000 | 252630 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.654%, due 10/18/30<sup>3</sup> |  | 480000 | 478468 |
| Netflix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/29 | EUR | 700000 | 850472 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/54<sup>3</sup> |  | 365000 | 368718 |
| NiSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/30/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 11/30/54<sup>3</sup> |  | 190000 | 192519 |
| Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/15/45 |  | 72000 | 51769 |
| ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/30<sup>2</sup> |  | 245000 | 258847 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/27/54 |  | 80000 | 70905 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/03/55 |  | 60000 | 58363 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 05/15/34 |  | 265000 | 264511 |
| &nbsp;&nbsp;&nbsp;6.150%, due 01/15/33 |  | 210000 | 214157 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/53 |  | 143000 | 143955 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/55<sup>3</sup> |  | 65000 | $63101 |
| PNC Financial Services Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.812%, due 10/21/32<sup>3</sup> |  | 155000 | 153656 |
| Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/54<sup>3</sup> |  | 124000 | 124389 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 07/06/34 | EUR | 100000 | 124206 |
| San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/01/53 |  | 170000 | 156615 |
| Solventum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/13/31 |  | 290000 | 296106 |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 06/01/34 |  | 37000 | 35545 |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/01/35 |  | 77000 | 74751 |
| &nbsp;&nbsp;&nbsp;5.900%, due 03/01/55 |  | 22000 | 20218 |
| Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/33 |  | 100000 | 103149 |
| &nbsp;&nbsp;&nbsp;Series 20-A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 01/15/31 |  | 220000 | 187158 |
| Take-Two Interactive Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 06/12/29 |  | 8000 | 8231 |
| &nbsp;&nbsp;&nbsp;5.600%, due 06/12/34 |  | 32000 | 32585 |
| U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.678%, due 01/23/35<sup>3</sup> |  | 65000 | 66232 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/34 |  | 16000 | $15501 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/30/27<sup>2</sup> |  | 209000 | 205387 |
| &nbsp;&nbsp;&nbsp;5.700%, due 12/30/34<sup>2</sup> |  | 135000 | 134366 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/34<sup>2</sup> |  | 65000 | 65576 |
| Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.244%, due 01/24/31<sup>3</sup> |  | 155000 | 158214 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.557%, due 07/25/34<sup>3</sup> |  | 106000 | 107446 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.211%, due 12/03/35<sup>3</sup> |  | 304000 | 300058 |
| WPC Eurobond BV |  |  |  |
| &nbsp;&nbsp;&nbsp;1.350%, due 04/15/28 | EUR | 200000 | 216463 |
|  |  |  | 19703596 |
| **Total corporate bonds**<br> (cost—$53,115,433) |  |  | **54839377** |
| **Mortgage-backed securities: 2.6%** |  |  |  |
| **Spain: 0.1%** |  |  |  |
| Fondo de Titulizacion de Activos Santander Hipotecario 2, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 0.150%, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.386%, due 01/18/49<sup>3,4</sup> | EUR | 162226 | 181766 |
|  |  |  | 181766 |
| **United Kingdom: 0.5%** |  |  |  |
| Gemgarto PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day GBP SONIA + 0.590%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.367%, due 12/16/67<sup>2,3</sup> | GBP | 81937 | 109230 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |  |
| **United Kingdom—(continued)** |  |  |  |
| Silverstone Master Issuer PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class 2A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day GBP SONIA + 0.290%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.773%, due 01/21/70<sup>2,3</sup> | GBP | 600000 | $796698 |
|  |  |  | 905928 |
| **United States: 2.0%** |  |  |  |
| Angel Oak Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.466%, due 12/25/59<sup>2,3</sup> |  | 48026 | 46466 |
| Citigroup Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-GC33, Class B, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.720%, due 09/10/58<sup>3</sup> |  | 470000 | 438817 |
| CSAIL Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-C6, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.081%, due 01/15/49<sup>3</sup> |  | 320000 | 299991 |
| Federal National Mortgage Association REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-86, Class T, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/25/48 |  | 1435938 | 1275240 |
| GS Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-GS6, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.322%, due 05/10/50<sup>3</sup> |  | 350000 | 270949 |
| OBX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-EXP1, Class 2A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.191%, due 02/25/60<sup>2,3</sup> |  | 58036 | 57739 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-NQM1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.120%, due 11/25/62<sup>2,3</sup> | 171169 | $171085 |
| Starwood Mortgage Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;2.275%, due 02/25/50<sup>2,3</sup> | 12797 | 12209 |
| UBS Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.579%, due 11/15/50<sup>3</sup> | 360000 | 331901 |
| &nbsp;&nbsp;&nbsp;Series 2018-C11, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.713%, due 06/15/51<sup>3</sup> | 440000 | 412308 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.417%, due 01/25/60<sup>2,3</sup> | 40087 | 39294 |
|  |  | 3355999 |
| **Total mortgage-backed securities**<br> (cost—$4,760,872) |  | **4443693** |
| **Non-U.S. government agency obligations: 33.4%** |  |  |
| **Bahrain: 0.3%** |  |  |
| Bahrain Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/20/29<sup>4</sup> | 545000 | 551131 |
| **Bermuda: 0.5%** |  |  |
| Bermuda Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/29<sup>2</sup> | 910000 | 903594 |
| **Canada: 3.8%** |  |  |
| Hydro-Quebec |  |  |
| &nbsp;&nbsp;&nbsp;Series 19, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/35 CAD | 750000 | 658907 |
| Province of British Columbia |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 06/18/48 CAD | 300000 | 165960 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Canada—(continued)** |  |  |  |
| Province of Ontario |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 06/02/33 | CAD | 3430000 | $2515201 |
| Province of Quebec |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 09/01/33 | CAD | 3360000 | 2447321 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/41 | CAD | 1100000 | 864129 |
|  |  |  | 6651518 |
| **China: 6.9%** |  |  |  |
| China Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.040%, due 11/25/34 | CNY | 52000000 | 7385923 |
| &nbsp;&nbsp;&nbsp;Series INBK, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.110%, due 08/25/34 | CNY | 24700000 | 3525734 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/22/34<sup>4</sup> | CNY | 6000000 | 1003325 |
|  |  |  | 11914982 |
| **Czech Republic: 1.1%** |  |  |  |
| Czech Republic Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 151, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 04/14/34 | CZK | 39050000 | 1896393 |
| **Dominican Republic: 0.6%** |  |  |  |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/23/32<sup>4</sup> |  | 720000 | 647323 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/37<sup>2</sup> |  | 393000 | 390446 |
|  |  |  | 1037769 |
| **Egypt: 0.1%** |  |  |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/16/31<sup>2</sup> |  | 200000 | 161300 |
| **France: 3.2%** |  |  |  |
| French Republic Government Bonds OAT |  |  |  |
| &nbsp;&nbsp;&nbsp;Series OAT, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/25/30<sup>4</sup> | EUR | 2070000 | 2381442 |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/25/35<sup>4</sup> | EUR | 2420000 | 3115713 |
|  |  |  | 5497155 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Germany: 1.4%** |  |  |  |
| Bundesschatzanweisungen |  |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 03/11/27<sup>4</sup> | EUR | 2145000 | $2452247 |
| **Hungary: 0.9%** |  |  |  |
| Hungary Government Bonds Series 35/A, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/24/35 | HUF | 431560000 | 1221842 |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/26/36<sup>2</sup> |  | 321000 | 303666 |
|  |  |  | 1525508 |
| **Indonesia: 0.8%** |  |  |  |
| Indonesia Treasury Bonds Series FR73, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/15/31 | IDR | 19821000000 | 1309714 |
| **Israel: 0.6%** |  |  |  |
| Israel Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/12/34 |  | 967000 | 959264 |
| **Italy: 0.8%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 11Y, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.850%, due 02/01/35<sup>4</sup> | EUR | 1195000 | 1394992 |
| **Japan: 3.4%** |  |  |  |
| Japan Government Thirty Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 74, 1.000%, due 03/20/52 | JPY | 53950000 | 262747 |
| &nbsp;&nbsp;&nbsp;Series 84, 2.100%, due 09/20/54 | JPY | 250000000 | 1554781 |
| &nbsp;&nbsp;&nbsp;2.400%, due 03/20/55 | JPY | 230750000 | 1532604 |
| Japan Government Twenty Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 183, 1.400%, due 12/20/42 | JPY | 224900000 | 1409581 |
| &nbsp;&nbsp;&nbsp;Series 186, 1.500%, due 09/20/43 | JPY | 189100000 | 1192237 |
|  |  |  | 5951950 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Morocco: 0.2%** |  |  |  |
| Morocco Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 12/15/27<sup>2</sup> |  | 340000 | $315564 |
| **Romania: 0.4%** |  |  |  |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 07/13/30<sup>4</sup> | EUR | 810000 | 767580 |
| **South Africa: 0.2%** |  |  |  |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 09/30/29 |  | 400000 | 376500 |
| **South Korea: 1.4%** |  |  |  |
| Korea Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 3406, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/10/34 | KRW | 3193870000 | 2409254 |
| **Spain: 1.9%** |  |  |  |
| Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, due 04/30/33<sup>4</sup> | EUR | 686000 | 792816 |
| &nbsp;&nbsp;&nbsp;3.550%, due 10/31/33<sup>4</sup> | EUR | 2058000 | 2436765 |
|  |  |  | 3229581 |
| **Supranationals: 1.3%** |  |  |  |
| Africa Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/08/29<sup>4</sup> |  | 200000 | 197562 |
| Banque Ouest Africaine de Developpement |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/22/33<sup>2</sup> | EUR | 227000 | 217348 |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/22/31<sup>4</sup> |  | 850000 | 765000 |
| &nbsp;&nbsp;&nbsp;8.200%, due 02/13/55<sup>2,3</sup> |  | 213000 | 210870 |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/04/53<sup>4</sup> | EUR | 866628 | 862054 |
|  |  |  | 2252834 |
| **Turkey: 0.3%** |  |  |  |
| Republic of Turkiye |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/03/35 |  | 657000 | 601155 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **United Kingdom: 3.3%** |  |  |  |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 07/31/51<sup>4</sup> | GBP | 700000 | $414047 |
| &nbsp;&nbsp;&nbsp;1.625%, due 10/22/28<sup>4</sup> | GBP | 1105000 | 1378168 |
| &nbsp;&nbsp;&nbsp;3.750%, due 10/22/53<sup>4</sup> | GBP | 2600000 | 2715884 |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/54<sup>4</sup> | GBP | 970000 | 1130354 |
|  |  |  | 5638453 |
| **Total non-U.S. government agency obligations**<br> (cost—$57,808,454) |  |  | **57798438** |
| **U.S. government agency obligations: 6.7%** |  |  |  |
| **United States: 6.7%** |  |  |  |
| Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/52 |  | 609228 | 584133 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/53 |  | 721903 | 722153 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 |  | 1132143 | 1150425 |
| Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/51 |  | 3302588 | 2778092 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/52 |  | 688564 | 573750 |
| &nbsp;&nbsp;&nbsp;2.500%, due 05/01/52 |  | 742423 | 624056 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/51 |  | 1779098 | 1560819 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/52 |  | 1475281 | 1297175 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 |  | 691789 | 604941 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/58 |  | 1158531 | 1052912 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/53 |  | 687027 | 686298 |
| **Total U.S. government agency obligations**<br> (cost—$11,598,285) |  |  | **11634754** |
| **U.S. Treasury obligations: 15.8%** |  |  |  |
| **United States: 15.8%** |  |  |  |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/54 |  | 50000 | 48398 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/45 |  | 1130000 | 1137769 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| **United States—(continued)** |  |  |
| U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 10/15/29 | 4932721 | $5013479 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/31/27 | 3010000 | 3023992 |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/15/28 | 2500000 | 2520508 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/28/30 | 2600000 | 2633719 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/31/30 | 1900000 | 1923601 |
| &nbsp;&nbsp;&nbsp;4.125%, due 03/31/32 | 1405000 | 1421684 |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/31/26 | 5100000 | 5146219 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/30 | 2800000 | 2865297 |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/15/35 | 1650000 | 1711875 |
| **Total U.S. Treasury obligations<br> (cost—$27,258,753)** |  | **27446541** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments: 5.9%** |  |  |
| **Investment companies: 5.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>7</sup> (cost $10,121,643) | 10121643 | 10121643 |
| **Investment of cash collateral from securities loaned—1.8%** |  |  |
| **Money market funds—1.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>7</sup><br> (cost $3,151,350) | 3151350 | 3151350 |
| **Total investments**<br> (cost $171,324,972)<sup>8</sup>—100.0%** |  | **173060944** |
| Other assets in excess of liabilities—0.0%<sup>†</sup> |  | 51178 |
| **Net assets—100.0%** |  | $**173112122** |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 139 | EUR | &nbsp;&nbsp;Euro Bund 10 Year Index Futures | June 2025 | $20606917 | $20750898 | $143981 |
| 112 | EUR | &nbsp;&nbsp;EURO Schatz 2 Year Index Futures | June 2025 | 13628645 | 13648402 | 19757 |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 23 | AUD | &nbsp;&nbsp;Australian Bond 10 Year Futures | June 2025 | $1655881 | $1693843 | $37962 |
| 26 | CAD | &nbsp;&nbsp;Canadian Bond 10 Year Futures | June 2025 | 2315454 | 2332192 | 16738 |
| 19 | EUR | &nbsp;&nbsp;Italian Government Bond Futures | June 2025 | 2576906 | 2589141 | 12235 |
| 4 | JPY | &nbsp;&nbsp;Japan Government Bond 10 Year Futures | June 2025 | 3873774 | 3934816 | 61042 |
| 8 | GBP | &nbsp;&nbsp;United Kingdom Long Gilt Bond Futures | June 2025 | 993567 | 997073 | 3506 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 55 | USD | &nbsp;&nbsp;U.S. Long Bond Futures | June 2025 | $6460900 | $6414375 | $(46525) |
| 362 | USD | &nbsp;&nbsp;U.S. Treasury Note 2 Year Futures | June 2025 | 75340823 | 75349735 | 8912 |
| 69 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Bond Futures | June 2025 | 8284964 | 8351156 | 66192 |
| **Total** |  |  |  | $**135737831** | $**136061631** | $**323800** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 1 | EUR | &nbsp;&nbsp;EURO Bobl 5 Year Index Future | June 2025 | $(133426) | $(135523) | $(2097) |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 31 | EUR | &nbsp;&nbsp;French Government Bond Futures | June 2025 | $(4336085) | $(4412271) | $(76186) |
| 36 | EUR | &nbsp;&nbsp;German Euro Buxl 30 Year Futures | June 2025 | (5004620) | (5061123) | (56503) |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 25 | USD | &nbsp;&nbsp;U.S. Treasury Note 10 Year Futures | June 2025 | $(2764268) | $(2805469) | $(41201) |
| 39 | USD | &nbsp;&nbsp;U.S. Treasury Note 5 Year Futures | June 2025 | (4232945) | (4258617) | (25672) |
| 125 | USD | &nbsp;&nbsp;Ultra U.S. Treasury Note 10 Year Futures | June 2025 | (14576582) | (14341797) | 234785 |
| **Total** |  |  |  | $**(31047926)** | $**(31014800)** | $**33126** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**356926** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty**  | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement**<br> **date** | **Unrealized**<br> **appreciation**<br> **(depreciation)** |
| BB | EUR | 387104 | USD | 428687 | 05/22/25 | $(10294) |
| BB | USD | 4275542 | EUR | 3822377 | 05/22/25 | 59085 |
| BB | USD | 2112564 | NZD | 3592440 | 05/22/25 | 22555 |
| BNP | CAD | 596255 | USD | 431040 | 05/22/25 | (1920) |
| BNP | CHF | 359244 | EUR | 384762 | 05/22/25 | 174 |
| BNP | CHF | 350977 | GBP | 327704 | 05/22/25 | 10641 |
| BNP | EUR | 390920 | GBP | 335735 | 05/22/25 | 4150 |
| BNP | EUR | 109937 | USD | 125302 | 05/22/25 | 633 |
| BNP | JPY | 61958133 | CHF | 358100 | 05/22/25 | 454 |
| BNP | SEK | 4098324 | CHF | 350751 | 05/22/25 | 1387 |
| BOA | CNY | 818835 | USD | 112179 | 05/22/25 | (688) |
| CITI | AUD | 710335 | CAD | 604211 | 05/22/25 | (16360) |
| CITI | AUD | 673520 | EUR | 377869 | 05/22/25 | (3001) |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement <br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| CITI | AUD | 705550 | USD | 434030 | 05/22/25 | $(18001) |
| CITI | CAD | 609112 | AUD | 710335 | 05/22/25 | 12801 |
| CITI | EUR | 377642 | AUD | 679209 | 05/22/25 | 6903 |
| CITI | EUR | 510712 | JPY | 83046083 | 05/22/25 | 2976 |
| CITI | GBP | 323955 | AUD | 676738 | 05/22/25 | 1812 |
| CITI | GBP | 324942 | CHF | 350678 | 05/22/25 | (7323) |
| CITI | JPY | 122952053 | CAD | 1199360 | 05/22/25 | 9033 |
| CITI | USD | 3559518 | EUR | 3117639 | 05/22/25 | (24072) |
| CITI | USD | 425192 | JPY | 61335635 | 05/22/25 | 4754 |
| CITI | USD | 217247 | JPY | 30955664 | 05/22/25 | (257) |
| CITI | USD | 1310518 | THB | 43629574 | 05/22/25 | (2880) |
| GSI | AUD | 678739 | GBP | 324504 | 05/22/25 | (2363) |
| GSI | AUD | 708161 | USD | 442686 | 05/22/25 | (11018) |
| GSI | CAD | 596853 | USD | 430945 | 05/22/25 | (2449) |
| GSI | CHF | 367803 | SEK | 4304209 | 05/22/25 | (767) |
| GSI | CZK | 27323986 | USD | 1241264 | 05/22/25 | 356 |
| GSI | EUR | 380557 | CHF | 357934 | 05/22/25 | 3004 |
| GSI | EUR | 381835 | CHF | 351867 | 05/22/25 | (5811) |
| GSI | GBP | 236412 | USD | 311688 | 05/22/25 | (3396) |
| GSI | HUF | 645323937 | USD | 1790804 | 05/22/25 | (15252) |
| GSI | JPY | 509930392 | CAD | 4912165 | 05/22/25 | (7594) |
| GSI | JPY | 24180937 | EUR | 149212 | 05/22/25 | (294) |
| GSI | JPY | 17182608 | USD | 120688 | 05/22/25 | 243 |
| GSI | MXN | 4381651 | USD | 213460 | 05/22/25 | (9452) |
| GSI | NZD | 733896 | AUD | 683659 | 05/22/25 | 1824 |
| GSI | NZD | 722886 | USD | 431295 | 05/22/25 | 1657 |
| GSI | SGD | 4636888 | JPY | 505251934 | 05/22/25 | (11877) |
| GSI | SGD | 576810 | USD | 426982 | 05/22/25 | (15066) |
| GSI | USD | 1048484 | CHF | 854265 | 05/22/25 | (11335) |
| GSI | USD | 432176 | EUR | 379884 | 05/22/25 | (1381) |
| GSI | USD | 644340 | JPY | 94215929 | 05/22/25 | 16088 |
| GSI | USD | 1404827 | MXN | 28412098 | 05/22/25 | 40612 |
| GSI | USD | 883450 | PLN | 3314583 | 05/22/25 | (6998) |
| GSI | USD | 165979 | RON | 726166 | 05/22/25 | (848) |
| GSI | USD | 1675528 | SGD | 2199251 | 05/22/25 | 9904 |
| GSI | USD | 422120 | ZAR | 7991258 | 05/22/25 | 6916 |
| HSBC | GBP | 694061 | USD | 929659 | 05/22/25 | 4632 |
| HSBC | JPY | 367949280 | USD | 2602308 | 05/22/25 | 23085 |
| HSBC | USD | 158604 | CAD | 219395 | 05/22/25 | 706 |
| HSBC | USD | 86683 | CZK | 1913450 | 05/22/25 | 216 |
| HSBC | USD | 34319 | EUR | 30244 | 05/22/25 | (22) |
| HSBC | USD | 316731 | ILS | 1165259 | 05/22/25 | 3599 |
| HSBC | USD | 149015 | NOK | 1572230 | 05/22/25 | 2113 |
| MSCI | AUD | 354080 | CAD | 305642 | 05/22/25 | (4915) |
| MSCI | CAD | 10039085 | USD | 7250712 | 05/22/25 | (38983) |
| MSCI | CHF | 356840 | EUR | 381688 | 05/22/25 | (394) |
| MSCI | EUR | 1133607 | MXN | 25407751 | 05/22/25 | 7070 |
| MSCI | EUR | 174232 | USD | 192774 | 05/22/25 | (4807) |
| MSCI | JPY | 243412406 | USD | 1711601 | 05/22/25 | 5346 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement <br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | JPY | 699313417 | USD | 4870044 | 05/22/25 | $(31950) |
| MSCI | NZD | 738586 | JPY | 61866248 | 05/22/25 | (5304) |
| MSCI | USD | 3993158 | AUD | 6306586 | 05/22/25 | 47335 |
| MSCI | USD | 4443430 | CNY | 32404751 | 05/22/25 | 23178 |
| MSCI | USD | 404582 | DKK | 2646152 | 05/22/25 | (2448) |
| MSCI | USD | 20743828 | JPY | 2953352317 | 05/22/25 | (41640) |
| SSB | USD | 1153579 | SEK | 11140217 | 05/22/25 | 185 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**14267** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Asset-backed securities | $— | $3625148 | $— | $3625148 |
| Corporate bonds |  | 54839377 |  | 54839377 |
| Mortgage-backed securities |  | 4443693 |  | 4443693 |
| Non-U.S. government agency obligations |  | 57798438 |  | 57798438 |
| U.S. government agency obligations |  | 11634754 |  | 11634754 |
| U.S. Treasury obligations |  | 27446541 |  | 27446541 |
| Short-term investments |  | 10121643 |  | 10121643 |
| Investment of cash collateral from securities loaned |  | 3151350 |  | 3151350 |
| Futures contracts | 605110 |  |  | 605110 |
| Forward foreign currency contracts |  | 335427 |  | 335427 |
| **Total** | $**605110** | $**173396371** | $**—** | $**174001481** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(248184) | $— | $— | $(248184) |
| Forward foreign currency contracts |  | (321160) |  | (321160) |
| **Total** | $**(248184)** | $**(321160)** | $**—** | $**(569344)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $20,960,049, represented 12.1% of the Portfolio's net assets at period end. |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | |
|:---|:---|
| 3 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 4 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 5 | Perpetual investment. Date shown reflects the next call date. |
| 6 | Security, or portion thereof, was on loan at the period end. |
| 7 | Rate shown reflects yield at April 30, 2025. |
| 8 | Includes $3,395,606 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $3,151,350 and non-cash collateral of $321,397. |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—95.9%** |  |  |  |  |
| **Advertising: 0.6%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 08/15/27<sup>2</sup> |  | 75000 | $| 72921 |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/29<sup>2</sup> |  | 125000 |  | 102450 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/28<sup>2</sup> |  | 200000 |  | 166000 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/30<sup>2</sup> |  | 100000 |  | 100045 |
| Neptune Bidco U.S., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.290%, due 04/15/29<sup>2</sup> |  | 200000 |  | 178000 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/29<sup>2</sup> |  | 125000 |  | 116095 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/30<sup>2</sup> |  | 175000 |  | 161717 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/27<sup>2</sup> |  | 175000 |  | 171481 |
|  |  |  |  | 1068709 |
| **Aerospace & defense: 1.4%** |  |  |  |  |
| AAR Escrow Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/29<sup>2</sup> |  | 25000 |  | 25592 |
| Boeing Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.528%, due 05/01/34 |  | 75000 |  | 80561 |
| Bombardier, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28<sup>2</sup> |  | 175000 |  | 173058 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/31<sup>2</sup> |  | 50000 |  | 51193 |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/29<sup>2</sup> |  | 100000 |  | 103009 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/27<sup>2</sup> |  | 137000 |  | 137334 |
| Evander Gold Mines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/19/26<sup>3,4,5</sup> | EUR | 111547 |  | 0 |
| Goat Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 50000 |  | 48875 |
| Spirit AeroSystems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/15/28 |  | 125000 |  | 120838 |
| &nbsp;&nbsp;&nbsp;9.750%, due 11/15/30<sup>2</sup> |  | 150000 |  | 166036 |
| TransDigm, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/29 |  | 100000 |  | 96183 |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29 |  | 75000 |  | 72376 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/27 |  | 775000 |  | 771311 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/33<sup>2</sup> |  | 25000 |  | 24948 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/29<sup>2</sup> |  | 50000 |  | 50936 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>2</sup> |  | 50000 |  | 51218 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/28<sup>2</sup> |  | 275000 |  | 280526 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>2</sup> |  | 100000 |  | 103939 |
| Triumph Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 03/15/28<sup>2</sup> |  | 55000 |  | 57695 |
|  |  |  |  | 2415628 |
| **Agriculture: 0.2%** | **Agriculture: 0.2%** | **Agriculture: 0.2%** | **Agriculture: 0.2%** | **Agriculture: 0.2%** |
| Darling Ingredients, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/27<sup>2</sup> |  | 25000 |  | 24725 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/30<sup>2</sup> |  | 100000 |  | 99718 |
| MHP Lux SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/19/29<sup>6</sup> |  | 200000 |  | 162000 |
|  |  |  |  | 286443 |
| **Airlines: 1.0%** | **Airlines: 1.0%** | **Airlines: 1.0%** | **Airlines: 1.0%** | **Airlines: 1.0%** |
| Allegiant Travel Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/27<sup>2</sup> |  | 50000 |  | 46182 |
| American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/28<sup>2</sup> |  | 100000 |  | 98778 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/29<sup>2</sup> |  | 150000 |  | 152879 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Airlines—(continued)** |  |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/20/26<sup>2</sup> |  | 66667 | $66222 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/20/29<sup>2</sup> |  | 300000 | 290971 |
| Grupo Aeromexico SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/29<sup>2</sup> |  | 300000 | 280689 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/20/31<sup>2</sup> |  | 150000 | 138169 |
| Latam Airlines Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> |  | 75000 | 73260 |
| OneSky Flight LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 12/15/29<sup>2</sup> |  | 75000 | 75705 |
| Transportes Aereos Portugueses SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/15/29<sup>2</sup> | EUR | 100000 | 114397 |
| United Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/29<sup>2</sup> |  | 150000 | 140896 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/30<sup>2</sup> |  | 100000 | 86337 |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/01/27<sup>2</sup> |  | 175000 | 169949 |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/01/28<sup>2</sup> |  | 50000 | 48840 |
|  |  |  | 1783274 |
| **Apparel: 0.5%** |  |  |  |
| Champ Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 12/01/31<sup>2</sup> |  | 25000 | 26337 |
| Crocs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> |  | 125000 | 109258 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 25000 | 23201 |
| CT Investment GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/15/30<sup>2</sup> | EUR | 200000 | 233084 |
| Kontoor Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/29<sup>2</sup> |  | 75000 | 68915 |
| Takko Fashion GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/30<sup>2</sup> | EUR | 300000 | 357708 |
| VF Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/15/33 |  | 50000 | 42962 |
|  |  |  | 861465 |
| **Auto manufacturers: 0.2%** |  |  |  |
| Allison Transmission, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/30/31<sup>2</sup> |  | 50000 | 44919 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/27<sup>2</sup> |  | 75000 | 73615 |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 03/31/29<sup>6</sup> | GBP | 100000 | 117005 |
| JB Poindexter & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/31<sup>2</sup> |  | 75000 | 75403 |
|  |  |  | 310942 |
| **Auto parts & equipment: 1.4%** |  |  |  |
| Adient Global Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/33<sup>2</sup> |  | 50000 | 47379 |
| Adler Pelzer Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 04/01/27<sup>2</sup> | EUR | 200000 | 211843 |
| American Axle & Manufacturing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/29 |  | 25000 | 21925 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/30<sup>2</sup> |  | 50000 | 50865 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Auto parts & equipment—(continued)** |  |  |  |
| Dana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/01/30 |  | 50000 | $46121 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/32 |  | 75000 | 67494 |
| Dornoch Debt Merger Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/29<sup>2</sup> |  | 275000 | 190046 |
| Forvia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/15/27<sup>6</sup> | EUR | 350000 | 382573 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>6</sup> |  | 100000 | 107621 |
| Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/31 |  | 250000 | 232893 |
| Grupo Antolin-Irausa SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/30/28<sup>6</sup> | EUR | 100000 | 69670 |
| &nbsp;&nbsp;&nbsp;10.375%, due 01/30/30<sup>2</sup> |  | 125000 | 94487 |
| IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750% Cash or 9.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/15/28<sup>2,7</sup> |  | 225000 | 266189 |
| Phinia, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> |  | 50000 | 49062 |
| Schaeffler AG |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 08/14/29<sup>6</sup> | EUR | 100000 | 113285 |
| Standard Profil Automotive GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/30/26<sup>6</sup> |  | 200000 | 103094 |
| Tenneco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/17/28<sup>2</sup> |  | 150000 | 143297 |
| ZF Europe Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/13/29<sup>6</sup> | EUR | 200000 | 220163 |
|  |  |  | 2418007 |
| **Banks: 1.4%** |  |  |  |
| Access Bank PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/21/26<sup>6</sup> |  | 200000 | 192000 |
| Banco BPM SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/19/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 01/19/32<sup>5,6</sup> | EUR | 200000 | 225251 |
| Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/25), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/15/25<sup>5,8</sup> | GBP | 200000 | 266208 |
| Commerzbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/29/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, due 12/29/31<sup>5,6</sup> | EUR | 200000 | 219877 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/05/25), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/05/30<sup>5,6</sup> |  | 100000 | 113363 |
| Freedom Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/27<sup>2</sup> |  | 250000 | 248123 |
| &nbsp;&nbsp;&nbsp;7.625%, due 05/01/26<sup>2</sup> |  | 75000 | 74799 |
| &nbsp;&nbsp;&nbsp;12.000%, due 10/01/28<sup>2</sup> |  | 50000 | 53604 |
| &nbsp;&nbsp;&nbsp;12.250%, due 10/01/30<sup>2</sup> |  | 25000 | 27507 |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series R, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/10/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.560%, due 08/10/25<sup>5,8</sup> |  | 75000 | 74896 |
| Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;2.925%, due 10/14/30<sup>6</sup> | EUR | 250000 | 271318 |
| UniCredit SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.731%, due 01/15/32<sup>5,6</sup> |  | 325000 | 363649 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Uzbek Industrial & Construction Bank ATB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.950%, due 07/24/29<sup>6</sup> |  | 200000 | $| 204750 |
| Walker & Dunlop, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 50000 |  | 50858 |
|  |  |  |  | 2386203 |
| **Beverages: 0.4%** | **Beverages: 0.4%** | **Beverages: 0.4%** | **Beverages: 0.4%** | **Beverages: 0.4%** |
| Primo Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>6</sup> | EUR | 94000 |  | 104806 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>2</sup> |  | 231000 |  | 257554 |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/30/29<sup>2</sup> |  | 150000 |  | 142322 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/29<sup>2</sup> |  | 100000 |  | 99446 |
|  |  |  |  | 604128 |
| **Building Materials: 2.1%** | **Building Materials: 2.1%** | **Building Materials: 2.1%** | **Building Materials: 2.1%** | **Building Materials: 2.1%** |
| AmeriTex HoldCo Intermediate LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 10/15/28<sup>2</sup> |  | 75000 |  | 77260 |
| Builders FirstSource, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/32<sup>2</sup> |  | 300000 |  | 270184 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/30<sup>2</sup> |  | 100000 |  | 95946 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/32<sup>2</sup> |  | 225000 |  | 226269 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/34<sup>2</sup> |  | 300000 |  | 297760 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/15/30<sup>2</sup> | EUR | 125000 |  | 146602 |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/15/30<sup>6</sup> |  | 125000 |  | 146602 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>2</sup> |  | 100000 |  | 101411 |
| Griffon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/28 |  | 250000 |  | 246690 |
| James Hardie International Finance DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/26<sup>6</sup> | EUR | 100000 |  | 112775 |
| JELD-WEN, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/01/32<sup>2</sup> |  | 50000 |  | 43912 |
| Knife River Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/01/31<sup>2</sup> |  | 50000 |  | 52301 |
| Limak Cimento Sanayi ve Ticaret AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/25/29<sup>6</sup> |  | 200000 |  | 195500 |
| Masterbrand, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/32<sup>2</sup> |  | 25000 |  | 25061 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/01/32<sup>2</sup> |  | 75000 |  | 75054 |
| MIWD Holdco II LLC/MIWD Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/30<sup>2</sup> |  | 75000 |  | 67588 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 75000 |  | 72805 |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 100021 |
| Oscar AcquisitionCo LLC/Oscar Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 04/15/30<sup>2</sup> |  | 25000 |  | 22750 |
| Quikrete Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/32<sup>2</sup> |  | 200000 |  | 201127 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>2</sup> |  | 100000 |  | 100374 |
| Smyrna Ready Mix Concrete LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>2</sup> |  | 225000 |  | 219822 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Building Materials—(continued)** |  |  |  |  |
| Standard Building Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/15/32<sup>2</sup> |  | 125000 | $| 126557 |
| Standard Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>2</sup> |  | 175000 |  | 163208 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/27<sup>2</sup> |  | 125000 |  | 124059 |
| West China Cement Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/08/26<sup>6</sup> |  | 200000 |  | 155907 |
| Wilsonart LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 08/15/32<sup>2</sup> |  | 75000 |  | 67891 |
|  |  |  |  | 3535436 |
| **Chemicals: 4.0%** | **Chemicals: 4.0%** | **Chemicals: 4.0%** | **Chemicals: 4.0%** | **Chemicals: 4.0%** |
| ASP Unifrax Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.10% Cash, or 5.85% Cash and 1.25% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.100%, due 09/30/29<sup>2,7</sup> |  | 19872 |  | 7949 |
| Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/31<sup>2</sup> |  | 50000 |  | 49465 |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/30<sup>2</sup> |  | 125000 |  | 127450 |
| Braskem Netherlands Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/31/30<sup>6</sup> |  | 450000 |  | 373365 |
| Celanese U.S. Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 6.665% on 07/15/25, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.415%, due 07/15/27 |  | 16000 |  | 16130 |
| &nbsp;&nbsp;&nbsp;Steps to 6.830% on 07/15/25, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.580%, due 07/15/29 |  | 50000 |  | 50426 |
| &nbsp;&nbsp;&nbsp;Steps to 6.879% on 07/15/25, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.629%, due 07/15/32 |  | 200000 |  | 196629 |
| &nbsp;&nbsp;&nbsp;Steps to 7.050% on 05/15/25, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 11/15/30 |  | 25000 |  | 24991 |
| &nbsp;&nbsp;&nbsp;Steps to 7.200% on 05/15/25, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 11/15/33 |  | 250000 |  | 250485 |
| Chemours Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 41869 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/15/27 |  | 75000 |  | 73038 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/28<sup>2</sup> |  | 150000 |  | 135873 |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/15/33<sup>2</sup> |  | 50000 |  | 45056 |
| Consolidated Energy Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/28<sup>2</sup> | EUR | 225000 |  | 210250 |
| &nbsp;&nbsp;&nbsp;12.000%, due 02/15/31<sup>6</sup> |  | 150000 |  | 135221 |
| Herens Midco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/29<sup>6</sup> | EUR | 200000 |  | 167322 |
| Innophos Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 06/15/29<sup>2</sup> |  | 228125 |  | 230663 |
| Italmatch Chemicals SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/06/28<sup>2</sup> | EUR | 125000 |  | 148334 |
| Itelyum Regeneration SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/30<sup>2</sup> |  | 100000 |  | 112450 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Chemicals—(continued)** |  |  |  |
| Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/29<sup>2</sup> |  | 50000 | $41565 |
| Methanex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/27 |  | 75000 | 73619 |
| Methanex U.S. Operations, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/32<sup>2</sup> |  | 50000 | 47345 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28<sup>2</sup> |  | 100000 | 96523 |
| NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 50000 | 47250 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/27<sup>2</sup> |  | 75000 | 74140 |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/15/28<sup>2</sup> |  | 125000 | 131740 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/30<sup>2</sup> |  | 150000 | 160268 |
| OCP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/25/44<sup>6</sup> |  | 500000 | 467330 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/02/54<sup>2</sup> |  | 200000 | 195850 |
| Olin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/29 |  | 125000 | 121251 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 25000 | 23721 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 10/01/29<sup>6</sup> | EUR | 325000 | 336881 |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/29<sup>2</sup> |  | 200000 | 183702 |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/15/28<sup>6</sup> | EUR | 125000 | 147625 |
| &nbsp;&nbsp;&nbsp;9.750%, due 11/15/28<sup>2</sup> |  | 200000 | 208392 |
| Rain Carbon, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 09/01/29<sup>2</sup> |  | 50000 | 50834 |
| Sasol Financing USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 09/18/26 |  | 200000 | 191500 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/08/27<sup>6</sup> |  | 200000 | 177170 |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/03/29<sup>2</sup> |  | 200000 | 190312 |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/03/29<sup>6</sup> |  | 200000 | 190312 |
| SCIH Salt Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/28<sup>2</sup> |  | 25000 | 23950 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/29<sup>2</sup> |  | 150000 | 145692 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/28<sup>2</sup> | EUR | 150000 | 177659 |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/28<sup>6</sup> |  | 100000 | 118440 |
| SNF Group SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/32<sup>2</sup> |  | 200000 | 228591 |
| Synthomer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/02/29<sup>2</sup> |  | 125000 | 133807 |
| Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125% Cash and 2.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 05/03/29<sup>2,7</sup> |  | 204000 | 121451 |
| Tronox, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/29<sup>2</sup> |  | 150000 | 121421 |
| WR Grace Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/27<sup>2</sup> |  | 25000 | 24202 |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/15/29<sup>2</sup> |  | 125000 | 110743 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>2</sup> |  | 50000 | 50267 |
|  |  |  | 6810519 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Coal: 0.0%<sup>†</sup>** |  |  |  |  |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/15/24<sup>3,4,9</sup> |  | 550000 | $| 5500 |
| Murray Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash and 3.000% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 04/15/24<sup>2,3,4,7,10</sup> |  | 1268693 |  | 0 |
|  |  |  |  | 5500 |
| **Commercial services: 5.2%** | **Commercial services: 5.2%** | **Commercial services: 5.2%** | **Commercial services: 5.2%** | **Commercial services: 5.2%** |
| ADT Security Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/01/29<sup>2</sup> |  | 25000 |  | 23591 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/32<sup>2</sup> |  | 150000 |  | 141458 |
| Adtalem Global Education, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/28<sup>2</sup> |  | 81000 |  | 80061 |
| Allied Universal Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>2</sup> |  | 25000 |  | 25534 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 187555 |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/27<sup>2</sup> |  | 250000 |  | 250888 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/01/28<sup>2</sup> | EUR | 100000 |  | 109462 |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/28<sup>2</sup> |  | 200000 |  | 192218 |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/28<sup>6</sup> | GBP | 150000 |  | 190160 |
| Alta Equipment Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/29<sup>2</sup> |  | 50000 |  | 42078 |
| AMN Healthcare, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 125000 |  | 112081 |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/01/27<sup>2</sup> |  | 25000 |  | 23955 |
| APCOA Group GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/31<sup>2</sup> | EUR | 200000 |  | 227616 |
| APCOA Group GmbH/Germany |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/31<sup>6</sup> |  | 100000 |  | 113808 |
| APi Group DE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/29<sup>2</sup> |  | 175000 |  | 163394 |
| Arena Luxembourg Finance SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 2.500%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.823%, due 05/01/30<sup>2,5</sup> | EUR | 100000 |  | 112935 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/29<sup>2</sup> |  | 150000 |  | 138067 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/27<sup>2</sup> |  | 25000 |  | 24294 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/27<sup>2</sup> |  | 25000 |  | 24249 |
| Avis Budget Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/28/29<sup>6</sup> | EUR | 100000 |  | 112580 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/31/30<sup>2</sup> |  | 200000 |  | 224021 |
| BCP V Modular Services Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/30/28<sup>6</sup> |  | 100000 |  | 109320 |
| BCP V Modular Services Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/30/29<sup>6</sup> |  | 150000 |  | 152553 |
| Belron U.K. Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 200000 |  | 230014 |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>6</sup> |  | 100000 |  | 115007 |
| Block, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32<sup>2</sup> |  | 75000 |  | 76521 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—(continued)** |  |  |  |
| Boels Topholding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/30<sup>2</sup> | EUR | 100000 | $116837 |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/30<sup>6</sup> |  | 100000 | 116837 |
| Boost Newco Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/15/31<sup>2</sup> |  | 200000 | 211051 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/31<sup>6</sup> | GBP | 300000 | 429688 |
| Brink's Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/29<sup>2</sup> |  | 75000 | 76408 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/32<sup>2</sup> |  | 100000 | 102359 |
| Carriage Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 75000 | 68961 |
| Champions Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> |  | 25000 | 22010 |
| CPI CG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 07/15/29<sup>2</sup> |  | 50000 | 53616 |
| EquipmentShare.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/33<sup>2</sup> |  | 125000 | 123382 |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/15/32<sup>2</sup> |  | 100000 | 102093 |
| GEO Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/15/29 |  | 75000 | 78844 |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/31 |  | 175000 | 191213 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 49396 |
| Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/28<sup>2</sup> |  | 50000 | 9375 |
| La Financiere Atalian |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% Cash and 5.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/30/28<sup>7</sup> | EUR | 339361 | 154634 |
| Loxam SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/31/29<sup>2</sup> |  | 100000 | 118949 |
| Mavis Tire Express Services Topco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/29<sup>2</sup> |  | 325000 | 299674 |
| Mundys SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/24/30<sup>6</sup> | EUR | 200000 | 235579 |
| NESCO Holdings II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>2</sup> |  | 125000 | 113302 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 100000 | 93549 |
| Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/28<sup>2</sup> |  | 75000 | 74938 |
| Q-Park Holding I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>2</sup> | EUR | 100000 | 115712 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>6</sup> |  | 125000 | 144640 |
| Rekeep SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>2</sup> |  | 100000 | 111092 |
| RR Donnelley & Sons Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 08/01/29<sup>2</sup> |  | 75000 | 71412 |
| &nbsp;&nbsp;&nbsp;10.875%, due 08/01/29<sup>2</sup> |  | 75000 | 71160 |
| RRD Intermediate Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/01/30<sup>2</sup> |  | 75000 | 67688 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Commercial services—(continued)** |  |  |  |  |
| Service Corp. International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 08/15/30 |  | 25000 | $| 22383 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/31 |  | 225000 |  | 205436 |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/32 |  | 100000 |  | 98724 |
| Techem Verwaltungsgesellschaft 675 GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/29<sup>6</sup> | EUR | 300000 |  | 348841 |
| United Rentals North America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/32 |  | 75000 |  | 66876 |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/31 |  | 125000 |  | 114151 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/30 |  | 225000 |  | 209589 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/15/30 |  | 275000 |  | 271963 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/27 |  | 25000 |  | 24951 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/34<sup>2</sup> |  | 25000 |  | 25270 |
| Verisure Holding AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/30<sup>6</sup> | EUR | 150000 |  | 175025 |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/15/27<sup>6</sup> |  | 80000 |  | 94947 |
| Verisure Midholding AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/29<sup>6</sup> |  | 300000 |  | 341406 |
| Vortex Opco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/30/30<sup>2</sup> |  | 78375 |  | 12321 |
| WASH Multifamily Acquisition, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/26<sup>2</sup> |  | 100000 |  | 98995 |
| WEX, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33<sup>2</sup> |  | 75000 |  | 72930 |
| Williams Scotsman, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/15/28<sup>2</sup> |  | 75000 |  | 72123 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 |  | 50669 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/30<sup>2</sup> |  | 25000 |  | 25453 |
|  |  |  |  | 8959872 |
| **Computers: 1.0%** | **Computers: 1.0%** | **Computers: 1.0%** | **Computers: 1.0%** | **Computers: 1.0%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/30/30<sup>2</sup> | EUR | 100000 |  | 115479 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/30/30<sup>6</sup> |  | 100000 |  | 115479 |
| Amentum Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>2</sup> |  | 75000 |  | 76293 |
| ASGN, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>2</sup> |  | 125000 |  | 118955 |
| Atos SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Next Step to 9.360% on 12/18/25 and Multiple Steps Up Thereafter (9.730% - 10.530%), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 12/18/29<sup>5,6</sup> | EUR | 200000 |  | 244548 |
| Diebold Nixdorf, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/31/30<sup>2</sup> |  | 100000 |  | 104112 |
| Exela Intermediate LLC/Exela Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% Cash and 5.75% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 04/15/26<sup>2,7,10</sup> |  | 162951 |  | 8962 |
| Insight Enterprises, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/32<sup>2</sup> |  | 25000 |  | 25363 |
| NCR Atleos Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 04/01/29<sup>2</sup> |  | 200000 |  | 215175 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Computers—(continued)** |  |  |  |  |
| NCR Voyix Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/28<sup>2</sup> |  | 125000 | $| 121156 |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/15/29<sup>2</sup> |  | 88000 |  | 84614 |
| OVH Groupe SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/05/31<sup>2</sup> | EUR | 150000 |  | 171818 |
| Seagate HDD Cayman |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/31 |  | 80000 |  | 73064 |
| &nbsp;&nbsp;&nbsp;9.625%, due 12/01/32 |  | 226125 |  | 255210 |
|  |  |  |  | 1730228 |
| **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. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/30/32 | EUR | 175000 |  | 200106 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32 |  | 25000 |  | 24816 |
| Prestige Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/01/31<sup>2</sup> |  | 25000 |  | 22570 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/28<sup>2</sup> |  | 100000 |  | 99168 |
|  |  |  |  | 346660 |
| **Distribution & wholesale: 0.4%** |  |  |  |  |
| American Builders & Contractors Supply Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/28<sup>2</sup> |  | 50000 |  | 48254 |
| Azelis Finance NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/15/28<sup>6</sup> | EUR | 100000 |  | 116095 |
| BCPE Empire Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 05/01/27<sup>2</sup> |  | 175000 |  | 175000 |
| Dealer Tire LLC/DT Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/01/28<sup>2</sup> |  | 50000 |  | 48504 |
| Li & Fung Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 11/03/25<sup>6,8</sup> |  | 200000 |  | 96321 |
| OPENLANE, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/01/25<sup>2</sup> |  | 16000 |  | 15972 |
| Resideo Funding, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>2</sup> |  | 50000 |  | 49600 |
| Ritchie Bros Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/28<sup>2</sup> |  | 50000 |  | 50980 |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/15/31<sup>2</sup> |  | 25000 |  | 26212 |
| Velocity Vehicle Group LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 06/01/29<sup>2</sup> |  | 25000 |  | 25251 |
| Windsor Holdings III LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>2</sup> |  | 50000 |  | 52627 |
|  |  |  |  | 704816 |
| **Diversified financial services: 4.7%** | **Diversified financial services: 4.7%** | **Diversified financial services: 4.7%** | **Diversified financial services: 4.7%** | **Diversified financial services: 4.7%** |
| 4finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 10/26/26 | EUR | 200000 |  | 226398 |
| Aareal Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/12/29), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/12/34<sup>5,6</sup> |  | 200000 |  | 224619 |
| AG Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/01/28<sup>2</sup> |  | 100000 |  | 98518 |
| AG TTMT Escrow Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 09/30/27<sup>2</sup> |  | 25000 |  | 25752 |
| Ally Financial, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/26<sup>5,8</sup> |  | 100000 |  | 91870 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/14/33 |  | 75000 |  | 74477 |
| Azorra Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/30<sup>2</sup> |  | 50000 |  | 49563 |
| Bracken MidCo1 PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% Cash or 7.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/01/27<sup>6,7</sup> | GBP | 100000 |  | 130172 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Bread Financial Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/35<sup>2,5</sup> |  | 100000 | $93526 |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/15/29<sup>2</sup> |  | 25000 | 26301 |
| Coinbase Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/26 |  | 25000 | 24906 |
| &nbsp;&nbsp;&nbsp;3.375%, due 10/01/28<sup>2</sup> |  | 375000 | 345146 |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/31<sup>2</sup> |  | 350000 | 303743 |
| Credito Real SAB de CV SOFOM ER |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/27 | EUR | 275000 | 38182 |
| doValue SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/28/30<sup>2</sup> |  | 100000 | 116698 |
| EZCORP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 04/01/32<sup>2</sup> |  | 25000 | 26172 |
| Focus Financial Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/15/31<sup>2</sup> |  | 50000 | 50299 |
| Freedom Mortgage Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 02/01/29<sup>2</sup> |  | 50000 | 50934 |
| Garfunkelux Holdco 3 SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/01/25<sup>6</sup> | GBP | 125000 | 116944 |
| GGAM Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>2</sup> |  | 75000 | 73855 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 25000 | 25530 |
| goeasy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/30<sup>2</sup> |  | 25000 | 24382 |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 150000 | 151197 |
| &nbsp;&nbsp;&nbsp;9.250%, due 12/01/28<sup>2</sup> |  | 50000 | 52347 |
| Hightower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> |  | 50000 | 51125 |
| International Personal Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 12/14/29<sup>6</sup> | EUR | 200000 | 245942 |
| Intrum AB |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/15/26<sup>6,10</sup> |  | 200000 | 176102 |
| &nbsp;&nbsp;&nbsp;9.250%, due 03/15/28<sup>6,10</sup> |  | 100000 | 91081 |
| Iqera Group SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/30/24<sup>2</sup> |  | 83280 | 54710 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/29<sup>2</sup> |  | 75000 | 71393 |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/01/32<sup>2</sup> |  | 100000 | 98288 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/33<sup>2</sup> |  | 75000 | 75353 |
| Jefferson Capital Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/26<sup>2</sup> |  | 100000 | 99500 |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/15/30<sup>2</sup> |  | 125000 | 125794 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/29<sup>2</sup> |  | 100000 | 104829 |
| Jerrold Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> | GBP | 100000 | 133617 |
| Kane Bidco Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/27<sup>6</sup> |  | 225000 | 297234 |
| Midcap Financial Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/28<sup>2</sup> |  | 200000 | 190926 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Nationstar Mortgage Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/15/30<sup>2</sup> |  | 75000 | $74907 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/28<sup>2</sup> |  | 150000 | 149092 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/31<sup>2</sup> |  | 50000 | 50186 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/27<sup>2</sup> |  | 75000 | 75033 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> |  | 50000 | 50820 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> |  | 100000 | 103740 |
| Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27 |  | 181000 | 179190 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29 |  | 125000 | 118341 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/33 |  | 100000 | 85702 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/26 |  | 150000 | 151370 |
| &nbsp;&nbsp;&nbsp;9.375%, due 07/25/30 |  | 75000 | 79748 |
| &nbsp;&nbsp;&nbsp;11.500%, due 03/15/31 |  | 50000 | 55791 |
| Newday Bondco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;13.250%, due 12/15/26<sup>6</sup> | GBP | 92700 | 130370 |
| OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/15/28 |  | 25000 | 23135 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/30 |  | 75000 | 66504 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/29 |  | 25000 | 23899 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/28 |  | 75000 | 75525 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/29 |  | 50000 | 50146 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 |  | 175000 | 171645 |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 |  | 50000 | 50207 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/31 |  | 100000 | 101411 |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/30 |  | 250000 | 258260 |
| PennyMac Financial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29<sup>2</sup> |  | 175000 | 163374 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/31<sup>2</sup> |  | 75000 | 71439 |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/15/33<sup>2</sup> |  | 100000 | 99860 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>2</sup> |  | 100000 | 104260 |
| PHH Escrow Issuer LLC/PHH Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 11/01/29<sup>2</sup> |  | 50000 | 48355 |
| PRA Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>2</sup> |  | 100000 | 101000 |
| &nbsp;&nbsp;&nbsp;8.875%, due 01/31/30<sup>2</sup> |  | 75000 | 77241 |
| Rfna LP |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/30<sup>2</sup> |  | 200000 | 196738 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 03/01/29<sup>2</sup> |  | 75000 | 69751 |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/01/31<sup>2</sup> |  | 25000 | 22598 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/33<sup>2</sup> |  | 250000 | 216255 |
| SLM Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/31/30 |  | 25000 | 25807 |
| StoneX Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/01/31<sup>2</sup> |  | 25000 | 26026 |
| Synchrony Financial |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/02/33 |  | 75000 | 76480 |
| Titanium 2l Bondco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/14/31<sup>7</sup> | EUR | 490800 | 165619 |
| TrueNoord Capital DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 03/01/30<sup>2</sup> |  | 75000 | 76611 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** |  |  |  |
| VFH Parent LLC/Valor Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/31<sup>2</sup> |  | 25000 | $25661 |
| World Acceptance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/01/26<sup>2</sup> |  | 100000 | 98661 |
|  |  |  | 8048183 |
| **Electric: 4.0%** |  |  |  |
| AES Andes SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/10/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.150%, due 06/10/55<sup>5,6</sup> |  | 300000 | 306600 |
| AES Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/15/55<sup>5</sup> |  | 25000 | 23315 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.600%, due 01/15/55<sup>5</sup> |  | 100000 | 98806 |
| AES Espana BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 05/04/28<sup>2</sup> |  | 400000 | 374000 |
| Alpha Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>2</sup> |  | 100000 | 101911 |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 12/15/54<sup>5</sup> |  | 50000 | 50297 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>5</sup> |  | 75000 | 75679 |
| Aydem Yenilenebilir Enerji AS |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/02/27<sup>6</sup> |  | 270000 | 267705 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/32<sup>2</sup> | EUR | 125000 | 144237 |
| Calpine Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/28<sup>2</sup> |  | 25000 | 24452 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31<sup>2</sup> |  | 150000 | 144284 |
| &nbsp;&nbsp;&nbsp;5.125%, due 03/15/28<sup>2</sup> |  | 325000 | 321915 |
| Continuum Energy Aura Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/24/27<sup>6</sup> |  | 400000 | 407252 |
| ContourGlobal Power Holdings SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/01/28<sup>2</sup> | EUR | 100000 | 110541 |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/01/28<sup>6</sup> |  | 200000 | 221081 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/28/30<sup>2</sup> |  | 100000 | 113859 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 06/15/54<sup>5</sup> |  | 25000 | 23408 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>5</sup> |  | 50000 | 47607 |
| Energia Group Roi Financeco DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/31/28<sup>2</sup> | EUR | 250000 | 291744 |
| Instituto Costarricense de Electricidad |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/15/43<sup>6</sup> |  | 200000 | 176450 |
| Investment Energy Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/26/29<sup>2</sup> |  | 200000 | 190750 |
| Leeward Renewable Energy Operations LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/29<sup>2</sup> |  | 50000 | 43796 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/32<sup>2</sup> |  | 100000 | $103603 |
| Limak Yenilenebilir Enerji AS |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 08/12/30<sup>2</sup> |  | 250000 | 240312 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/15/29<sup>2</sup> |  | 50000 | 46349 |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>2</sup> |  | 50000 | 44939 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/29<sup>2</sup> |  | 150000 | 148214 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/28 |  | 25000 | 25097 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 200000 | 199059 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>2</sup> |  | 150000 | 148426 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/34<sup>2</sup> |  | 75000 | 74885 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,5,8</sup> |  | 125000 | 136943 |
| PG&E Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28 |  | 150000 | 146312 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/55<sup>5</sup> |  | 150000 | 145619 |
| Pike Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/31/31<sup>2</sup> |  | 25000 | 26227 |
| Public Power Corp. SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/31/31<sup>6</sup> | EUR | 100000 | 114970 |
| RRI Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/15/17<sup>3,4,10</sup> |  | 75000 | 0 |
| Saavi Energia SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>2</sup> |  | 200000 | 200250 |
| Talen Energy Supply LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/01/30<sup>2</sup> |  | 125000 | 133496 |
| TransAlta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/15/29 |  | 50000 | 52076 |
| Vistra Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/26<sup>2,5,8</sup> |  | 225000 | 227226 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/26<sup>2,5,8</sup> |  | 125000 | 127757 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/01/29<sup>2</sup> |  | 100000 | 96160 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/31/27<sup>2</sup> |  | 100000 | 99129 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/26<sup>2</sup> |  | 175000 | 174517 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/27<sup>2</sup> |  | 150000 | 149903 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>2</sup> |  | 150000 | 155367 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/31<sup>2</sup> |  | 175000 | 185042 |
| XPLR Infrastructure Operating Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>2</sup> |  | 25000 | 24947 |
|  |  |  | 6786514 |
| **Electrical components & equipment: 0.2%** |  |  |  |
| Belden, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 07/15/31<sup>6</sup> | EUR | 300000 | 323466 |
| Senvion Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/25/22<sup>6,10</sup> |  | 400000 | 1133 |
| WESCO Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/15/32<sup>2</sup> |  | 25000 | 25430 |
|  |  |  | 350029 |
| **Electronics: 0.5%** |  |  |  |
| Coherent Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>2</sup> |  | 225000 | 215410 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electronics—(continued)** | **Electronics—(continued)** | **Electronics—(continued)** | **Electronics—(continued)** |
| Imola Merger Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 375000 | $358078 |
| Sensata Technologies BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 200000 | 183983 |
| Sensata Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 75000 | 65559 |
| TTM Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/29<sup>2</sup> |  | 75000 | 69718 |
|  |  |  | 892748 |
| **Energy-Alternate Sources: 0.7%** |  |  |  |
| Greenko Wind Projects Mauritius Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 09/27/28<sup>2</sup> |  | 400000 | 385000 |
| MSU Energy SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/05/30<sup>2</sup> |  | 300000 | 280365 |
| ReNew Pvt Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/05/27<sup>2</sup> |  | 299000 | 292646 |
| TerraForm Power Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/30<sup>2</sup> |  | 125000 | 117816 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/31/28<sup>2</sup> |  | 50000 | 48700 |
|  |  |  | 1124527 |
| **Engineering & construction: 0.8%** |  |  |  |
| Aeropuertos Argentina 2000 SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 08/01/31<sup>6</sup> |  | 100000 | 102600 |
| Arcosa, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/15/32<sup>2</sup> |  | 50000 | 50949 |
| ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/03/30<sup>2</sup> |  | 300000 | 295500 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/32<sup>2</sup> |  | 50000 | 48792 |
| IHS Netherlands Holdco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/18/27<sup>6</sup> |  | 206243 | 205830 |
| OHL Operaciones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100% Cash or 4.650% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/31/29<sup>2,7</sup> | EUR | 75814 | 76822 |
| Sarens Finance Co. NV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/21/27<sup>6</sup> |  | 338000 | 377117 |
| TopBuild Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/32<sup>2</sup> |  | 75000 | 67493 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>2</sup> |  | 200000 | 187060 |
|  |  |  | 1412163 |
| **Entertainment: 3.0%** |  |  |  |
| 888 Acquisitions Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 05/15/30<sup>6</sup> | GBP | 225000 | 300038 |
| Affinity Interactive |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/27<sup>2</sup> |  | 150000 | 107545 |
| Allwyn Entertainment Financing U.K. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/30/30<sup>2</sup> | EUR | 125000 | 149041 |
| AMC Entertainment Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/15/26 |  | 25000 | 22337 |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/29<sup>2</sup> |  | 125000 | 86222 |
| Boyne USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 50000 | 47582 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 225000 | $207709 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/32<sup>2</sup> |  | 50000 | 50262 |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/28<sup>2</sup> |  | 25000 | 24226 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/27<sup>2</sup> |  | 75000 | 74274 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>2</sup> |  | 125000 | 122248 |
| Cinemark USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 50000 | 49096 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32<sup>2</sup> |  | 50000 | 51129 |
| Cirsa Finance International SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/29<sup>6</sup> | EUR | 100000 | 117873 |
| Codere |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 12/31/28 |  | 46492 | 54765 |
| Everi Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/29<sup>2</sup> |  | 50000 | 50161 |
| Great Canadian Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 11/15/29<sup>2</sup> |  | 50000 | 49549 |
| IGT Lottery Holdings BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/30<sup>2</sup> | EUR | 100000 | 115155 |
| Inter Media & Communication SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/09/27<sup>6</sup> |  | 245539 | 280937 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/09/27<sup>2</sup> |  | 98215 | 112375 |
| International Game Technology PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/26<sup>2</sup> |  | 200000 | 197419 |
| Jacobs Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/29<sup>2</sup> |  | 225000 | 204750 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/28<sup>2</sup> |  | 175000 | 175040 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/29<sup>2</sup> |  | 25000 | 25488 |
| Lions Gate Capital Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>2</sup> |  | 50000 | 38353 |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/28<sup>2</sup> |  | 125000 | 119492 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/27<sup>2</sup> |  | 150000 | 146821 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/26<sup>2</sup> |  | 225000 | 223621 |
| Lottomatica Group SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/30<sup>2</sup> | EUR | 100000 | 117109 |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.735%, due 06/01/31<sup>2,5</sup> |  | 100000 | 113286 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> |  | 125000 | 118007 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 04/15/30<sup>2</sup> |  | 25000 | 24996 |
| Motion Bondco DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/27<sup>6</sup> | EUR | 200000 | 212693 |
| Motion Finco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/15/30<sup>6</sup> |  | 100000 | 109974 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> |  | 200000 | 189318 |
| Penn Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/29<sup>2</sup> |  | 200000 | 175423 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/01/29<sup>2</sup> |  | 125000 | $| 73125 |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/01/31<sup>2</sup> |  | 125000 |  | 65000 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/33<sup>2</sup> |  | 25000 |  | 24676 |
| Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/30<sup>2</sup> |  | 50000 |  | 47589 |
| SeaWorld Parks & Entertainment, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/29<sup>2</sup> |  | 150000 |  | 142571 |
| Six Flags Entertainment Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/27<sup>2</sup> |  | 25000 |  | 24729 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/29 |  | 25000 |  | 23768 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/28 |  | 200000 |  | 201060 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/29<sup>2</sup> |  | 125000 |  | 120517 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 75000 |  | 72497 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/15/31<sup>2</sup> |  | 75000 |  | 77367 |
|  |  |  |  | 5137213 |
| **Environmental control: 0.3%** | **Environmental control: 0.3%** | **Environmental control: 0.3%** | **Environmental control: 0.3%** | **Environmental control: 0.3%** |
| Clean Harbors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/31<sup>2</sup> |  | 50000 |  | 50930 |
| GFL Environmental, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/31<sup>2</sup> |  | 50000 |  | 51975 |
| Madison IAQ LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>2</sup> |  | 25000 |  | 23641 |
| Paprec Holding SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/17/29<sup>2</sup> | EUR | 100000 |  | 119377 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/17/29<sup>6</sup> |  | 125000 |  | 149222 |
| Reworld Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30 |  | 100000 |  | 91830 |
| Waste Pro USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/33<sup>2</sup> |  | 75000 |  | 76521 |
|  |  |  |  | 563496 |
| **Food: 2.3%** | **Food: 2.3%** | **Food: 2.3%** | **Food: 2.3%** | **Food: 2.3%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/29<sup>2</sup> |  | 25000 |  | 23318 |
| &nbsp;&nbsp;&nbsp;4.625%, due 01/15/27<sup>2</sup> |  | 175000 |  | 173020 |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> |  | 175000 |  | 169058 |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/28<sup>2</sup> |  | 50000 |  | 49962 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/28<sup>2</sup> |  | 150000 |  | 152388 |
| B&G Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/15/28<sup>2</sup> |  | 75000 |  | 74410 |
| Bellis Finco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/16/27<sup>6</sup> | GBP | 125000 |  | 157970 |
| C&S Group Enterprises LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/28<sup>2</sup> |  | 50000 |  | 41813 |
| Chobani Holdco II LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750% Cash or 9.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 10/01/29<sup>2,7</sup> |  | 52097 |  | 55206 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 50000 | $52370 |
| ELO SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 07/23/27<sup>6</sup> | EUR | 100000 | 108763 |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/08/28<sup>6</sup> |  | 100000 | 103251 |
| Ingles Markets, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31<sup>2</sup> |  | 175000 | 158371 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>2</sup> |  | 175000 | 179025 |
| Kroger Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/34 |  | 100000 | 98012 |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/15/64 |  | 175000 | 162538 |
| Lamb Weston Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/31/30<sup>2</sup> |  | 75000 | 70359 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/31/32<sup>2</sup> |  | 125000 | 114515 |
| Minerva Luxembourg SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/13/33<sup>6</sup> |  | 300000 | 319072 |
| Performance Food Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/01/29<sup>2</sup> |  | 125000 | 118307 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/27<sup>2</sup> |  | 50000 | 49590 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/15/32<sup>2</sup> |  | 50000 | 50015 |
| Pilgrim's Pride Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/01/33 |  | 75000 | 78113 |
| Post Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/31<sup>2</sup> |  | 25000 | 22751 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/30<sup>2</sup> |  | 350000 | 329912 |
| Quatrim SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/27<sup>6,7</sup> | EUR | 169041 | 186950 |
| Rallye SA |  |  |  |
| &nbsp;&nbsp;&nbsp;Series COFP, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/28/32<sup>6</sup> |  | 800000 | 457 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/29<sup>2</sup> |  | 175000 | 162568 |
| U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/29<sup>2</sup> |  | 200000 | 194248 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>2</sup> |  | 25000 | 24488 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/28<sup>2</sup> |  | 50000 | 51251 |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/32<sup>2</sup> |  | 50000 | 52305 |
| Ulker Biskuvi Sanayi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/08/31<sup>2</sup> |  | 200000 | 199187 |
| United Natural Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/28<sup>2</sup> |  | 25000 | 24546 |
| Viking Baked Goods Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/31<sup>2</sup> |  | 75000 | 71242 |
|  |  |  | 3879351 |
| **Food service: 0.3%** |  |  |  |
| Aramark International Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/15/33<sup>2</sup> | EUR | 150000 | 163915 |
| Aramark Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/28<sup>2</sup> |  | 50000 | 49193 |
| Elior Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/30<sup>6</sup> | EUR | 150000 | 172052 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food service—(continued)** |  |  |  |
| TKC Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/29<sup>2</sup> |  | 100000 | $100048 |
|  |  |  | 485208 |
| **Forest products & paper: 0.1%** |  |  |  |
| Appcion |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/25<sup>2,3,4,9,10</sup> |  | 650000 | 6500 |
| Domtar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/28<sup>2</sup> |  | 83000 | 69538 |
| Mercer International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/01/29 |  | 50000 | 41127 |
| &nbsp;&nbsp;&nbsp;12.875%, due 10/01/28<sup>2</sup> |  | 25000 | 25545 |
|  |  |  | 142710 |
| **Gas: 0.4%** |  |  |  |
| AltaGas Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 10/15/54<sup>2,5</sup> |  | 25000 | 24415 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/20/27 |  | 150000 | 143360 |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/20/26 |  | 50000 | 49393 |
| EP Infrastructure AS |  |  |  |
| &nbsp;&nbsp;&nbsp;2.045%, due 10/09/28<sup>6</sup> | EUR | 150000 | 158928 |
| Venture Global Plaquemines LNG LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/33<sup>2</sup> |  | 100000 | 102591 |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/01/35<sup>2</sup> |  | 150000 | 154035 |
|  |  |  | 632722 |
| **Hand & machine tools: 0.4%** |  |  |  |
| Dynamo Newco II GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/31<sup>2</sup> | EUR | 150000 | 171024 |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/31<sup>6</sup> |  | 150000 | 171024 |
| IMA Industria Macchine Automatiche SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/28<sup>6</sup> |  | 100000 | 111586 |
| Werner FinCo LP/Werner FinCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 06/15/28<sup>2</sup> |  | 25000 | 26001 |
| &nbsp;&nbsp;&nbsp;8.750% Cash and 5.750% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;14.500%, due 10/15/28<sup>2,7</sup> |  | 138439 | 141208 |
|  |  |  | 620843 |
| **Healthcare-products: 0.7%** |  |  |  |
| Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/15/28<sup>6</sup> | EUR | 100000 | 111586 |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/01/29<sup>2</sup> |  | 100000 | 92319 |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/28<sup>2</sup> |  | 225000 | 216383 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>2</sup> |  | 175000 | 181790 |
| Embecta Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/30<sup>2</sup> |  | 25000 | 22501 |
| Insulet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/33<sup>2</sup> |  | 50000 | 51010 |
| Marcolin SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/15/26<sup>6</sup> | EUR | 100000 | 113281 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/29<sup>2</sup> |  | 225000 | 213668 |
| RAY Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/31<sup>2</sup> | EUR | 150000 | 175620 |
| Sotera Health Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/31<sup>2</sup> |  | 100000 | 102564 |
|  |  |  | 1280722 |
| **Healthcare-services: 2.2%** |  |  |  |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/28<sup>2</sup> |  | 125000 | 122375 |
| AHP Health Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 100000 | 92100 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** |
| CAB SELAS |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/01/28<sup>6</sup> | EUR | 100000 | $106971 |
| Cerba Healthcare SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/31/28<sup>6</sup> |  | 100000 | 84253 |
| Charles River Laboratories International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/31<sup>2</sup> |  | 107000 | 94084 |
| CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/31<sup>2</sup> |  | 125000 | 103194 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/30<sup>2</sup> |  | 125000 | 106644 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/27<sup>2</sup> |  | 175000 | 170663 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>2</sup> |  | 75000 | 69868 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/30<sup>2</sup> |  | 75000 | 51142 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/28<sup>2</sup> |  | 23000 | 17710 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 150000 | 109277 |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/32<sup>2</sup> |  | 175000 | 180689 |
| Concentra Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>2</sup> |  | 100000 | 102380 |
| DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/30<sup>2</sup> |  | 150000 | 139509 |
| Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 125000 | 121458 |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/29<sup>2</sup> |  | 75000 | 67515 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> |  | 50000 | 50997 |
| &nbsp;&nbsp;&nbsp;10.000%, due 06/01/32<sup>2</sup> |  | 50000 | 48500 |
| &nbsp;&nbsp;&nbsp;11.000%, due 10/15/30<sup>2</sup> |  | 75000 | 82098 |
| ModivCare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/29<sup>2</sup> |  | 50000 | 2063 |
| Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/15/30<sup>2</sup> |  | 75000 | 67609 |
| &nbsp;&nbsp;&nbsp;4.375%, due 06/15/28<sup>2</sup> |  | 150000 | 144182 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>2</sup> |  | 50000 | 49624 |
| MPH Acquisition Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/31/30<sup>2</sup> |  | 107848 | 83582 |
| &nbsp;&nbsp;&nbsp;6.500% Cash and 5.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 12/31/30<sup>2,7</sup> |  | 56325 | 51819 |
| Radiology Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.275% Cash and 3.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.775%, due 01/31/29<sup>2,7</sup> |  | 92210 | 90223 |
| Select Medical Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/32<sup>2</sup> |  | 75000 | 74472 |
| Surgery Center Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/15/32<sup>2</sup> |  | 75000 | 74830 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/01/29 |  | 50000 | 47618 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/30 |  | 75000 | 71078 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/01/27 |  | 175000 | 173557 |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/28 |  | 450000 | 448924 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 |  | 275000 | 275943 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/15/31 |  | 25000 | 25627 |
| U.S. Acute Care Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/15/29<sup>2</sup> |  | 75000 | 76139 |
|  |  |  | 3678717 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders: 1.6%** |  |  |  |
| Adams Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/15/28<sup>2</sup> |  | 175000 | $175818 |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29<sup>2</sup> |  | 75000 | 69392 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/01/30<sup>2</sup> |  | 150000 | 137510 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/28<sup>2</sup> |  | 100000 | 99813 |
| Beazer Homes USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27 |  | 50000 | 48843 |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29 |  | 100000 | 97075 |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/31<sup>2</sup> |  | 25000 | 24154 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> |  | 25000 | 21764 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/15/29<sup>2</sup> |  | 125000 | 111263 |
| Century Communities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>2</sup> |  | 75000 | 66900 |
| Dream Finders Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/15/28<sup>2</sup> |  | 100000 | 102678 |
| Empire Communities Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/01/29<sup>2</sup> |  | 75000 | 73178 |
| Forestar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/28<sup>2</sup> |  | 125000 | 121328 |
| Installed Building Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/28<sup>2</sup> |  | 150000 | 147420 |
| KB Home |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31 |  | 125000 | 112653 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/30 |  | 75000 | 76771 |
| LGI Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/29<sup>2</sup> |  | 25000 | 21755 |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/15/32<sup>2</sup> |  | 50000 | 46125 |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/28<sup>2</sup> |  | 100000 | 100980 |
| Maison Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/31/27<sup>6</sup> | GBP | 100000 | 129039 |
| Mattamy Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> |  | 125000 | 114469 |
| Miller Homes Group Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 4.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.529%, due 10/15/30<sup>2,5</sup> | EUR | 125000 | 142286 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/29<sup>6</sup> | GBP | 125000 | 162646 |
| Shea Homes LP/Shea Homes Funding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/28 |  | 100000 | 97072 |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/01/29 |  | 125000 | 118203 |
| STL Holding Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> |  | 75000 | 76168 |
| Thor Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/29<sup>2</sup> |  | 25000 | 22484 |
| Tri Pointe Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 06/15/28 |  | 75000 | 74967 |
| Winnebago Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/28<sup>2</sup> |  | 59000 | 58601 |
|  |  |  | 2651355 |
| **Home furnishings: 0.2%** |  |  |  |
| Arcelik AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/25/28<sup>6</sup> |  | 200000 | 205376 |
| Somnigroup International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 125000 | 116052 |
|  |  |  | 321428 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Household products/wares: 0.1%** |  |  |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/30/31<sup>2</sup> | 100000 | $90002 |
| **Housewares: 0.2%** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/15/27 | 75000 | 73111 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/29 | 50000 | 46903 |
| &nbsp;&nbsp;&nbsp;Steps to 7.375% on 10/01/25, |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/36 | 125000 | 108882 |
| &nbsp;&nbsp;&nbsp;Steps to 7.500% on 10/01/25, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/46 | 50000 | 38633 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/31 | 125000 | 109475 |
|  |  | 377004 |
| **Insurance: 0.8%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/29<sup>2</sup> | 275000 | 260530 |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/29<sup>2</sup> | 100000 | 102318 |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/29<sup>2</sup> | 25000 | 25823 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>2</sup> | 50000 | 50528 |
| AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/15/29<sup>2</sup> | 25000 | 25298 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 11/01/29<sup>2</sup> | 100000 | 97599 |
| AssuredPartners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/15/29<sup>2</sup> | 100000 | 99655 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 05/15/31<sup>2</sup> | 100000 | 101749 |
| FWD Group Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;8.045%, due 06/15/25<sup>5,6,8</sup> | 300000 | 292032 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/01/29<sup>2</sup> | 25000 | 24422 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>2</sup> | 150000 | 155587 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/01/32<sup>2</sup> | 75000 | 74078 |
|  |  | 1309619 |
| **Internet: 0.8%** |  |  |
| Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> | 125000 | 125612 |
| Cogent Communications Group, Inc./Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> | 50000 | 50158 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/30/27<sup>2</sup> | 50000 | 50820 |
| &nbsp;&nbsp;&nbsp;7.125%, due 09/30/30<sup>2</sup> | 150000 | 154443 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/27<sup>2</sup> | 175000 | 173458 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Internet—(continued)** | **Internet—(continued)** | **Internet—(continued)** | **Internet—(continued)** |
| iliad SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/15/29<sup>6</sup> | EUR | 100000 | $114984 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/02/31<sup>6</sup> |  | 200000 | 237615 |
| Millennium Escrow Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/01/26<sup>2</sup> |  | 75000 | 54270 |
| Snap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/33<sup>2</sup> |  | 350000 | 349558 |
| Ziff Davis, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/30<sup>2</sup> |  | 69000 | 60966 |
|  |  |  | 1371884 |
| **Investment companies: 0.7%** |  |  |  |
| Compass Group Diversified Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/32<sup>2</sup> |  | 75000 | 67133 |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29<sup>2</sup> |  | 125000 | 117918 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/01/29 |  | 50000 | 41691 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27 |  | 125000 | 118531 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/26 |  | 135000 | 134498 |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/15/30 |  | 75000 | 70843 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/29 |  | 75000 | 74025 |
| &nbsp;&nbsp;&nbsp;10.000%, due 11/15/29<sup>2</sup> |  | 25000 | 24445 |
| Linx Capital Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;15.200%, due 04/30/25<sup>2</sup> | EUR | 478876 | 520811 |
|  |  |  | 1169895 |
| **Iron & steel: 1.2%** |  |  |  |
| Algoma Steel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 04/15/29<sup>2</sup> |  | 50000 | 42146 |
| ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/01/29 |  | 75000 | 71651 |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/31 |  | 125000 | 118304 |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/30 |  | 50000 | 52002 |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/15/26<sup>2</sup> |  | 175000 | 153774 |
| Big River Steel LLC/BRS Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/31/29<sup>2</sup> |  | 140000 | 140862 |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/15/28 |  | 200000 | 200155 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/01/31<sup>2</sup> |  | 50000 | 42890 |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/01/27 |  | 225000 | 221976 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>2</sup> |  | 25000 | 23487 |
| Commercial Metals Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/30 |  | 50000 | 47008 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/32 |  | 50000 | 45447 |
| Infrabuild Australia Pty. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;14.500%, due 11/15/28<sup>2</sup> |  | 50000 | 52450 |
| Mineral Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/01/27<sup>2</sup> |  | 100000 | 94972 |
| &nbsp;&nbsp;&nbsp;8.125%, due 05/01/27<sup>2</sup> |  | 148000 | 143929 |
| Samarco Mineracao SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500% Cash or 9.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/30/31<sup>6,7</sup> |  | 706228 | 662407 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Iron & steel—(continued)** |  |  |  |
| TMS International Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/29<sup>2</sup> |  | 25000 | $23130 |
|  |  |  | 2136590 |
| **Leisure time: 3.1%** |  |  |  |
| Acushnet Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/15/28<sup>2</sup> |  | 25000 | 25870 |
| Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/27<sup>2</sup> |  | 550000 | 548056 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/30<sup>2</sup> | EUR | 175000 | 207208 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/30<sup>6</sup> |  | 100000 | 118949 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/29<sup>2</sup> |  | 350000 | 347938 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>2</sup> |  | 125000 | 123943 |
| &nbsp;&nbsp;&nbsp;6.650%, due 01/15/28 |  | 100000 | 101883 |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/26<sup>2</sup> |  | 425000 | 425546 |
| Carnival PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 10/28/29 | EUR | 275000 | 272161 |
| Deuce Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/27<sup>6</sup> | GBP | 100000 | 131604 |
| Life Time, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/31<sup>2</sup> |  | 250000 | 249216 |
| MajorDrive Holdings IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/01/29<sup>2</sup> |  | 150000 | 110347 |
| NCL Corp. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/27<sup>2</sup> |  | 50000 | 49767 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 150000 | 146466 |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>2</sup> |  | 100000 | 103204 |
| &nbsp;&nbsp;&nbsp;8.125%, due 01/15/29<sup>2</sup> |  | 25000 | 26180 |
| NCL Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/28<sup>2</sup> |  | 100000 | 99274 |
| Pinnacle Bidco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/11/28<sup>6</sup> | EUR | 100000 | 119799 |
| &nbsp;&nbsp;&nbsp;10.000%, due 10/11/28<sup>6</sup> | GBP | 100000 | 141389 |
| Royal Caribbean Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/27<sup>2</sup> |  | 475000 | 474446 |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/31<sup>2</sup> |  | 125000 | 124039 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>2</sup> |  | 75000 | 75206 |
| TUI AG |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/29<sup>2</sup> | EUR | 100000 | 117165 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/29<sup>6</sup> |  | 200000 | 234330 |
| TUI Cruises GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/30<sup>2</sup> |  | 100000 | 113285 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/29<sup>2</sup> |  | 100000 | 117396 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/29<sup>6</sup> |  | 100000 | 117396 |
| Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/15/27<sup>2</sup> |  | 300000 | 299391 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>2</sup> |  | 100000 | 100359 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>2</sup> |  | 75000 | 74248 |
| VOC Escrow Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/28<sup>2</sup> |  | 150000 | 147119 |
|  |  |  | 5343180 |
| **Lodging: 2.0%** |  |  |  |
| AccorInvest Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>6</sup> | EUR | 125000 | 147275 |
| Boyd Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/01/27 |  | 25000 | 24487 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/31<sup>2</sup> |  | 250000 | 233071 |
| Full House Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/15/28<sup>2</sup> |  | 100000 | 93588 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** |
| Hilton Domestic Operating Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/31<sup>2</sup> |  | 325000 | $| 298058 |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/15/30 |  | 50000 |  | 48997 |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/01/28<sup>2</sup> |  | 125000 |  | 125086 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/33<sup>2</sup> |  | 75000 |  | 74962 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/32<sup>2</sup> |  | 75000 |  | 75998 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/01/31<sup>2</sup> |  | 175000 |  | 152286 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/29<sup>2</sup> |  | 200000 |  | 184917 |
| Marriott Ownership Resorts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/29<sup>2</sup> |  | 50000 |  | 45612 |
| Melco Resorts Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/21/28<sup>6</sup> |  | 200000 |  | 189000 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/17/32<sup>2</sup> |  | 200000 |  | 192000 |
| MGM Resorts International |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/28 |  | 50000 |  | 48212 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32 |  | 125000 |  | 123176 |
| Motel One GmbH/Muenchen |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/02/31<sup>6</sup> | EUR | 150000 |  | 179448 |
| Sani/Ikos Financial Holdings 1 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/31/30<sup>2</sup> |  | 100000 |  | 116401 |
| Station Casinos LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/28<sup>2</sup> |  | 25000 |  | 24122 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/31<sup>2</sup> |  | 75000 |  | 67798 |
| Studio City Finance Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29<sup>2</sup> |  | 200000 |  | 175416 |
| Travel & Leisure Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> |  | 75000 |  | 69842 |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/31/26<sup>2</sup> |  | 75000 |  | 75525 |
| TVL Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/28/28<sup>2</sup> | GBP | 100000 |  | 134623 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27<sup>2</sup> |  | 150000 |  | 148462 |
| Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/27<sup>6</sup> |  | 400000 |  | 387000 |
|  |  |  |  | 3435362 |
| **Machinery-construction & mining: 0.2%** | **Machinery-construction & mining: 0.2%** | **Machinery-construction & mining: 0.2%** | **Machinery-construction & mining: 0.2%** | **Machinery-construction & mining: 0.2%** |
| BWX Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 75000 |  | 71311 |
| Manitowoc Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/01/31<sup>2</sup> |  | 50000 |  | 50687 |
| Terex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/29<sup>2</sup> |  | 150000 |  | 143472 |
| Vertiv Group Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 11/15/28<sup>2</sup> |  | 50000 |  | 48288 |
|  |  |  |  | 313758 |
| **Machinery-diversified: 0.3%** | **Machinery-diversified: 0.3%** | **Machinery-diversified: 0.3%** | **Machinery-diversified: 0.3%** | **Machinery-diversified: 0.3%** |
| Chart Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/01/30<sup>2</sup> |  | 125000 |  | 129686 |
| &nbsp;&nbsp;&nbsp;9.500%, due 01/01/31<sup>2</sup> |  | 75000 |  | 79924 |
| Galapagos SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/21<sup>6,10</sup> | EUR | 27500 |  | 156 |
| GrafTech Global Enterprises, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 12/23/29<sup>2</sup> |  | 75000 |  | 56250 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Machinery-diversified—(continued)** | **Machinery-diversified—(continued)** | **Machinery-diversified—(continued)** | **Machinery-diversified—(continued)** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>2</sup> |  | 75000 | $76135 |
| Selecta Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250% Cash or 10.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 07/01/26<sup>6,7</sup> | EUR | 29484 | 7780 |
| TK Elevator Holdco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/28<sup>6</sup> |  | 90000 | 101964 |
|  |  |  | 451895 |
| **Media: 4.7%** |  |  |  |
| AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29 |  | 125000 | 92034 |
| &nbsp;&nbsp;&nbsp;10.250%, due 01/15/29<sup>2</sup> |  | 25000 | 25686 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/31<sup>2</sup> |  | 250000 | 225881 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/34<sup>2</sup> |  | 575000 | 484373 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/32 |  | 50000 | 44424 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/33<sup>2</sup> |  | 675000 | 587295 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>2</sup> |  | 175000 | 165206 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>2</sup> |  | 675000 | 610848 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/28<sup>2</sup> |  | 300000 | 292696 |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/01/27<sup>2</sup> |  | 50000 | 49316 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>2</sup> |  | 25000 | 24455 |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/01/29<sup>2</sup> |  | 200000 | 201792 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>2</sup> |  | 100000 | 102995 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/50 |  | 25000 | 18622 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/01/47 |  | 25000 | 20283 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/31<sup>2</sup> |  | 400000 | 272006 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/31<sup>2</sup> |  | 200000 | 89955 |
| &nbsp;&nbsp;&nbsp;11.250%, due 05/15/28<sup>2</sup> |  | 400000 | 391006 |
| &nbsp;&nbsp;&nbsp;11.750%, due 01/31/29<sup>2</sup> |  | 200000 | 189084 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/15/27<sup>2</sup> |  | 250000 | 241618 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/15/31<sup>2</sup> |  | 325000 | 307773 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/01/29 |  | 125000 | 78264 |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/26<sup>2</sup> |  | 75000 | 68249 |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/01/28<sup>2</sup> |  | 150000 | 125977 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/01/28 |  | 175000 | 118249 |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/01/26 |  | 100000 | 86920 |
| DISH Network Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 11/15/27<sup>2</sup> |  | 275000 | 289011 |
| Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/30<sup>2</sup> |  | 150000 | 88875 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>2</sup> |  | 100000 | 59664 |
| iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/31<sup>2</sup> |  | 40000 | 27000 |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/30<sup>2</sup> |  | 133500 | 95167 |
| &nbsp;&nbsp;&nbsp;9.125%, due 05/01/29<sup>2</sup> |  | 28776 | 22221 |
| &nbsp;&nbsp;&nbsp;10.875%, due 05/01/30<sup>2</sup> |  | 60000 | 25200 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Media—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| McGraw-Hill Education, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/01/29<sup>2</sup> |  | 125000 | $| 123798 |
| Midcontinent Communications |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>2</sup> |  | 50000 |  | 50975 |
| News Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/32<sup>2</sup> |  | 75000 |  | 71551 |
| Nexstar Media, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/01/28<sup>2</sup> |  | 25000 |  | 23542 |
| Scripps Escrow II, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/31<sup>2</sup> |  | 75000 |  | 42695 |
| Scripps Escrow, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/27<sup>2</sup> |  | 25000 |  | 19800 |
| Sinclair Television Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/31/32<sup>2</sup> |  | 50000 |  | 30253 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/27<sup>2</sup> |  | 100000 |  | 93250 |
| Sirius XM Radio LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>2</sup> |  | 350000 |  | 300331 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/28<sup>2</sup> |  | 125000 |  | 117591 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/29<sup>2</sup> |  | 150000 |  | 146045 |
| Sunrise FinCo I BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/31<sup>2</sup> |  | 400000 |  | 366800 |
| TEGNA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/28 |  | 25000 |  | 23887 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/29 |  | 25000 |  | 23287 |
| Univision Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/29<sup>2</sup> |  | 475000 |  | 407320 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/30<sup>2</sup> |  | 125000 |  | 113856 |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/28<sup>2</sup> |  | 25000 |  | 24284 |
| Virgin Media Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/30<sup>2</sup> |  | 200000 |  | 175342 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/32<sup>2</sup> | GBP | 100000 |  | 129954 |
| Virgin Media Secured Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/30<sup>6</sup> |  | 200000 |  | 235359 |
|  |  |  |  | 8042065 |
| **Metal fabricate/hardware: 0.1%** | **Metal fabricate/hardware: 0.1%** | **Metal fabricate/hardware: 0.1%** | **Metal fabricate/hardware: 0.1%** | **Metal fabricate/hardware: 0.1%** |
| Park-Ohio Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/27 |  | 175000 |  | 169119 |
| Roller Bearing Co. of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/29<sup>2</sup> |  | 75000 |  | 71146 |
|  |  |  |  | 240265 |
| **Mining: 1.8%** | **Mining: 1.8%** | **Mining: 1.8%** | **Mining: 1.8%** | **Mining: 1.8%** |
| Aris Mining Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/31/29<sup>2</sup> |  | 200000 |  | 202000 |
| Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>2</sup> |  | 150000 |  | 155305 |
| &nbsp;&nbsp;&nbsp;11.500%, due 10/01/31<sup>2</sup> |  | 50000 |  | 54900 |
| Capstone Copper Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>2</sup> |  | 25000 |  | 24564 |
| Coeur Mining, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/29<sup>2</sup> |  | 100000 |  | 94866 |
| Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 07/15/29<sup>2</sup> | EUR | 100000 |  | 106969 |
| First Quantum Minerals Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/27<sup>6</sup> |  | 236000 |  | 232755 |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/01/33<sup>2</sup> |  | 250000 |  | 247813 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** |
| FMG Resources August 2006 Pty. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/01/31<sup>2</sup> |  | 275000 | $| 248884 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/30<sup>2</sup> |  | 150000 |  | 148299 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/32<sup>2</sup> |  | 150000 |  | 147824 |
| Freeport-McMoRan, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/15/43 |  | 50000 |  | 46228 |
| Hudbay Minerals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/26<sup>2</sup> |  | 75000 |  | 73597 |
| IAMGOLD Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/28<sup>2</sup> |  | 50000 |  | 49199 |
| Kaiser Aluminum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/28<sup>2</sup> |  | 150000 |  | 144322 |
| Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/31<sup>2</sup> |  | 50000 |  | 43154 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>2</sup> |  | 25000 |  | 23191 |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/30/30<sup>2</sup> |  | 50000 |  | 50720 |
| Novelis Sheet Ingot GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 04/15/29<sup>6</sup> | EUR | 200000 |  | 214947 |
| Taseko Mines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>2</sup> |  | 50000 |  | 50485 |
| Vedanta Resources Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 06/03/28<sup>2</sup> |  | 450000 |  | 442688 |
| WE Soda Investments Holding PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/06/28<sup>6</sup> |  | 300000 |  | 306300 |
|  |  |  |  | 3109010 |
| **Miscellaneous manufacturers: 0.4%** | **Miscellaneous manufacturers: 0.4%** | **Miscellaneous manufacturers: 0.4%** | **Miscellaneous manufacturers: 0.4%** | **Miscellaneous manufacturers: 0.4%** |
| Amsted Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/30<sup>2</sup> |  | 25000 |  | 23631 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/33<sup>2</sup> |  | 25000 |  | 25113 |
| Axon Enterprise, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/30<sup>2</sup> |  | 75000 |  | 76305 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 125000 |  | 127404 |
| FXI Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 11/15/26<sup>2</sup> |  | 234000 |  | 206748 |
| &nbsp;&nbsp;&nbsp;12.250%, due 11/15/26<sup>2</sup> |  | 94000 |  | 83077 |
| LSB Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/28<sup>2</sup> |  | 25000 |  | 23397 |
| Trinity Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/15/28<sup>2</sup> |  | 150000 |  | 154665 |
|  |  |  |  | 720340 |
| **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%** |
| Zebra Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> |  | 175000 |  | 175814 |
| **Oil & gas: 8.7%** | **Oil & gas: 8.7%** | **Oil & gas: 8.7%** | **Oil & gas: 8.7%** | **Oil & gas: 8.7%** |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/01/29<sup>2</sup> |  | 50000 |  | 50202 |
| Antero Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/01/29<sup>2</sup> |  | 49000 |  | 50066 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 49476 |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/31/28<sup>2</sup> |  | 25000 |  | 25257 |
| &nbsp;&nbsp;&nbsp;9.000%, due 11/01/27<sup>2</sup> |  | 150000 |  | 175971 |
| Baytex Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/30/30<sup>2</sup> |  | 100000 |  | 92923 |
| Borr IHC Ltd./Borr Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 11/15/28<sup>2</sup> |  | 231708 |  | 191738 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/15/29<sup>2</sup> | 25000 | $23835 |
| CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/15/29<sup>2</sup> | 250000 | 250122 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/26<sup>2</sup> | 150000 | 145647 |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/30<sup>2</sup> | 100000 | 96380 |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/31<sup>2</sup> | 250000 | 237632 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>2</sup> | 125000 | 121271 |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/01/32<sup>2</sup> | 50000 | 49972 |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/31<sup>2</sup> | 25000 | 25025 |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/30<sup>2</sup> | 100000 | 90525 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>2</sup> | 50000 | 47659 |
| Cosan Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/05/25<sup>6,8</sup> | 300000 | 299250 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>2</sup> | 100000 | 88502 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>2</sup> | 100000 | 90861 |
| &nbsp;&nbsp;&nbsp;9.250%, due 02/15/28<sup>2</sup> | 25000 | 25266 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/31 | 450000 | 365850 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/28/45 | 500000 | 332750 |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/19/36 | 200000 | 187600 |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/19/29 | 200000 | 208500 |
| Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/01/31<sup>2</sup> | 25000 | 25455 |
| Energean PLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/30/27<sup>6</sup> | 250000 | 245703 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/29<sup>2</sup> | 208000 | 201759 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/31<sup>2</sup> | 300000 | 289726 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/27<sup>2</sup> | 25000 | 25419 |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/27<sup>2</sup> | 75000 | 76144 |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/30<sup>2</sup> | 75000 | 80646 |
| FORESEA Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>6</sup> | 200000 | 190209 |
| Global Marine, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/01/28 | 150000 | 128678 |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/01/29<sup>2</sup> | 25000 | 24637 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>2</sup> | 25000 | 23408 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> | 100000 | 91316 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/31<sup>2</sup> | 125000 | 112197 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/28<sup>2</sup> | 100000 | 96766 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/35<sup>2</sup> | 50000 | 43561 |
| Kimmeridge Texas Gas LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>2</sup> | 25000 | 24004 |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 10/01/31<sup>6</sup> | 200000 | 161226 |
| Kraken Oil & Gas Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 08/15/29<sup>2</sup> | 125000 | 111824 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/30/27<sup>6</sup> | 200000 | 196750 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| Long Ridge Energy LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/32<sup>2</sup> |  | 25000 | $23805 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/01/32<sup>2</sup> |  | 100000 | 96823 |
| Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/33<sup>2</sup> |  | 100000 | 94390 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>2</sup> |  | 25000 | 24080 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/28<sup>2</sup> |  | 75000 | 74583 |
| Murphy Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/32 |  | 25000 | 22744 |
| Nabors Industries Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/15/28<sup>2</sup> |  | 125000 | 99474 |
| Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 08/15/31<sup>2</sup> |  | 25000 | 16956 |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> |  | 100000 | 90556 |
| NewCo Holding USD 20 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/07/29<sup>2</sup> |  | 200000 | 198413 |
| Noble Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/30<sup>2</sup> |  | 100000 | 95277 |
| Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 03/01/28<sup>2</sup> |  | 125000 | 123406 |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/31<sup>2</sup> |  | 250000 | 240183 |
| Parkland Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29<sup>2</sup> |  | 250000 | 235692 |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/01/30<sup>2</sup> |  | 100000 | 94122 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/27<sup>2</sup> |  | 100000 | 99137 |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28 |  | 275000 | 242633 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/30<sup>2</sup> |  | 50000 | 41133 |
| &nbsp;&nbsp;&nbsp;9.875%, due 03/15/30<sup>2</sup> |  | 25000 | 22005 |
| Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/26<sup>2</sup> |  | 125000 | 124271 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/01/29<sup>2</sup> |  | 50000 | 48828 |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/33<sup>2</sup> |  | 50000 | 48895 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/32<sup>2</sup> |  | 100000 | 100669 |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/27<sup>2</sup> |  | 75000 | 76317 |
| Petrobras Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/03/33 |  | 200000 | 201370 |
| &nbsp;&nbsp;&nbsp;6.850%, due 06/05/15 |  | 650000 | 564687 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/21/27<sup>6</sup> | EUR | 275000 | 287779 |
| &nbsp;&nbsp;&nbsp;5.350%, due 02/12/28 |  | 700000 | 645820 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/13/27 |  | 675000 | 658395 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/02/41 |  | 1250000 | 857687 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/35 |  | 300000 | 230595 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/21/47 |  | 479000 | 320212 |
| &nbsp;&nbsp;&nbsp;6.950%, due 01/28/60 |  | 250000 | 166250 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 |  | 750000 | 547500 |
| Precision Drilling Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/29<sup>2</sup> |  | 100000 | 93760 |
| &nbsp;&nbsp;&nbsp;7.125%, due 01/15/26<sup>2</sup> |  | 35000 | 34880 |
| Puma International Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/25/29<sup>6</sup> |  | 400000 | 396133 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |
| Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/29 | 125000 | $128012 |
| Sanchez Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/23 | 325000 | 3250 |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/15/21<sup>10</sup> | 475000 | 4750 |
| Saturn Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 06/15/29<sup>2</sup> | 47000 | 42590 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/28 | 200000 | 191707 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/01/29<sup>2</sup> | 75000 | 70022 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/01/33<sup>2</sup> | 75000 | 74899 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/30/30 | 25000 | 23527 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/27 | 150000 | 149506 |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/15/28<sup>2</sup> | 75000 | 76815 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/29<sup>2</sup> | 25000 | 23966 |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/01/31<sup>2</sup> | 125000 | 117528 |
| Teine Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> | 125000 | 118655 |
| TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>2</sup> | 25000 | 22974 |
| Transocean Aquila Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/28<sup>2</sup> | 40769 | 40192 |
| Transocean Titan Financing Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>2</sup> | 45238 | 44815 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 03/15/38 | 250000 | 154017 |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/15/31 | 125000 | 88860 |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/01/27<sup>2</sup> | 86000 | 79889 |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/15/29<sup>2</sup> | 75000 | 60469 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/31<sup>2</sup> | 50000 | 38652 |
| &nbsp;&nbsp;&nbsp;9.350%, due 12/15/41 | 125000 | 89743 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 04/30/30<sup>2</sup> | 25000 | 23425 |
| Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/01/30<sup>2</sup> | 100000 | 87368 |
| Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/01/27<sup>2</sup> | 75000 | 74607 |
| Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/31/29<sup>2</sup> | 50000 | 42162 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/32<sup>2</sup> | 45000 | 34960 |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/15/30 | 125000 | 105896 |
| Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/29<sup>2</sup> | 50000 | 45750 |
|  |  | 14870174 |
| **Oil & gas services: 1.1%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/28<sup>2</sup> | 175000 | 174702 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/27<sup>2</sup> | 27000 | 26962 |
| Aris Water Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/01/30<sup>2</sup> | 50000 | 49616 |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/28<sup>2</sup> | 75000 | 72761 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Oil & gas services—(continued)** |  |  |  |  |
| Enerflex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/15/27<sup>2</sup> |  | 90000 | $| 92050 |
| Helix Energy Solutions Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/01/29<sup>2</sup> |  | 125000 |  | 126525 |
| Kodiak Gas Services LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/29<sup>2</sup> |  | 75000 |  | 76173 |
| Nine Energy Service, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.000%, due 02/01/28 |  | 150000 |  | 88103 |
| OHI Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.000%, due 07/22/29<sup>2</sup> |  | 200000 |  | 202400 |
| Star Holding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 08/01/31<sup>2</sup> |  | 50000 |  | 45813 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>2</sup> |  | 125000 |  | 126211 |
| Weatherford International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/30/30<sup>2</sup> |  | 500000 |  | 495603 |
| Yinson Boronia Production BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.947%, due 07/31/42<sup>2</sup> |  | 297354 |  | 304291 |
|  |  |  |  | 1881210 |
| **Packaging & containers: 1.8%** | **Packaging & containers: 1.8%** | **Packaging & containers: 1.8%** | **Packaging & containers: 1.8%** | **Packaging & containers: 1.8%** |
| ARD Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% Cash or 5.750% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/27<sup>6,7</sup> | EUR | 180031 |  | 7138 |
| &nbsp;&nbsp;&nbsp;6.500% Cash or 7.250% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/30/27<sup>2,7</sup> |  | 414500 |  | 11350 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/28<sup>6</sup> | EUR | 125000 |  | 130361 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>6</sup> |  | 125000 |  | 119747 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/27<sup>2</sup> |  | 200000 |  | 199266 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 08/15/26<sup>6</sup> | EUR | 200000 |  | 200786 |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/27<sup>2</sup> |  | 200000 |  | 92000 |
| Ball Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/15/31 |  | 125000 |  | 109183 |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/15/28 |  | 125000 |  | 128029 |
| Berry Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/26<sup>2</sup> |  | 50000 |  | 49896 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/29<sup>2</sup> |  | 25000 |  | 25183 |
| Crown Americas LLC/Crown Americas Capital Corp. VI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/26 |  | 50000 |  | 49710 |
| Crown European Holdings SACA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/30<sup>2</sup> | EUR | 100000 |  | 116301 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/30<sup>6</sup> |  | 200000 |  | 232603 |
| Graphic Packaging International LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/01/29<sup>6</sup> |  | 125000 |  | 136072 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/27<sup>2</sup> |  | 25000 |  | 24586 |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/15/32<sup>2</sup> |  | 25000 |  | 25123 |
| Guala Closures SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/15/28<sup>6</sup> | EUR | 150000 |  | 161733 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Packaging & containers—(continued)** |  |  |  |
| Kleopatra Finco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/01/29<sup>5</sup> |  | 125625 | $111282 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 04/15/27<sup>2</sup> |  | 75000 | 68814 |
| OI European Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/30<sup>2</sup> |  | 225000 | 208316 |
| Owens-Brockway Glass Container, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/13/27<sup>2</sup> |  | 163000 | 162589 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/15/31<sup>2</sup> |  | 100000 | 99305 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/32<sup>2</sup> |  | 25000 | 24395 |
| Sealed Air Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/27<sup>2</sup> |  | 51000 | 49204 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>2</sup> |  | 75000 | 72931 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>2</sup> |  | 50000 | 50857 |
| Sealed Air Corp./Sealed Air Corp. U.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/01/28<sup>2</sup> |  | 25000 | 25185 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/31<sup>2</sup> |  | 50000 | 52067 |
| Silgan Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/01/28 | EUR | 100000 | 109461 |
| Trident TPI Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;12.750%, due 12/31/28<sup>2</sup> |  | 25000 | 26226 |
| TriMas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 150000 | 140331 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 08/15/26<sup>6</sup> | EUR | 100000 | 111760 |
|  |  |  | 3131790 |
| **Pharmaceuticals: 2.2%** |  |  |  |
| 1261229 BC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/15/32<sup>2</sup> |  | 200000 | 195835 |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 03/15/35 |  | 25000 | 25330 |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/15/55 |  | 100000 | 99258 |
| Bausch Health Americas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/31/27<sup>2</sup> |  | 50000 | 47500 |
| &nbsp;&nbsp;&nbsp;9.250%, due 04/01/26<sup>2</sup> |  | 75000 | 73141 |
| Bausch Health Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/28<sup>2</sup> |  | 50000 | 40607 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/30/30<sup>2</sup> |  | 75000 | 43905 |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/31<sup>2</sup> |  | 125000 | 67500 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/28<sup>2</sup> |  | 50000 | 40000 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/30/29<sup>2</sup> |  | 150000 | 100500 |
| &nbsp;&nbsp;&nbsp;11.000%, due 09/30/28<sup>2</sup> |  | 100000 | 94040 |
| BellRing Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/30<sup>2</sup> |  | 175000 | 181569 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/10/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/10/54<sup>5</sup> |  | 25000 | 24832 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/10/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/10/55<sup>5</sup> |  | 125000 | 126443 |
| Endo Finance Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/15/31<sup>2</sup> |  | 25000 | 25993 |
| Endo Luxembourg Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/29<sup>2,3,4,9,11</sup> |  | 125000 | 0 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>6</sup> | EUR | 325000 | 387211 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Pharmaceuticals—(continued)** |  |  |  |  |
| Herbalife Nutrition Ltd./HLF Financing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/01/25<sup>2</sup> |  | 47000 | $| 46870 |
| HLF Financing SARL LLC/Herbalife International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> |  | 25000 |  | 19093 |
| Mallinckrodt International Finance SA/Mallinckrodt CB LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;14.750%, due 11/14/28<sup>2</sup> |  | 15018 |  | 15710 |
| Neopharmed Gentili SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/08/30<sup>6</sup> | EUR | 175000 |  | 203862 |
| Nidda Healthcare Holding GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/30<sup>6</sup> |  | 200000 |  | 228923 |
| &nbsp;&nbsp;&nbsp;7.500%, due 08/21/26<sup>6</sup> |  | 165149 |  | 190597 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/30/28<sup>2</sup> |  | 200000 |  | 188634 |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/30/31<sup>2</sup> |  | 200000 |  | 167870 |
| Owens & Minor, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/31/29<sup>2</sup> |  | 100000 |  | 81043 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/30<sup>2</sup> |  | 25000 |  | 21280 |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/15/30<sup>2</sup> |  | 25000 |  | 25803 |
| P&L Development LLC/PLD Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash and 3.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 05/15/29<sup>2,7</sup> |  | 98982 |  | 97992 |
| Par Pharmaceutical, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/27<sup>2,3,4,9</sup> |  | 198000 |  | 0 |
| Rossini SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/31/29<sup>2</sup> | EUR | 100000 |  | 117869 |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/31/29<sup>6</sup> |  | 100000 |  | 117869 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 |  | 300000 |  | 342887 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/31 |  | 200000 |  | 268202 |
|  |  |  |  | 3708168 |
| **Pipelines: 3.6%** | **Pipelines: 3.6%** | **Pipelines: 3.6%** | **Pipelines: 3.6%** | **Pipelines: 3.6%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>2</sup> |  | 25000 |  | 24398 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/27<sup>2</sup> |  | 150000 |  | 149459 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>2</sup> |  | 100000 |  | 101034 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>2</sup> |  | 75000 |  | 76294 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/32<sup>2</sup> |  | 25000 |  | 25634 |
| Buckeye Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/43 |  | 50000 |  | 41981 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>2</sup> |  | 50000 |  | 50875 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>2</sup> |  | 100000 |  | 101884 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>2</sup> |  | 250000 |  | 239908 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/28<sup>2</sup> |  | 100000 |  | 98808 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/29<sup>2</sup> |  | 225000 |  | 230977 |
| DT Midstream, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/29<sup>2</sup> |  | 25000 |  | 23463 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/01/54<sup>5</sup> | 75000 | $74473 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/30<sup>2,11</sup> | 75000 | 76187 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/01/28 | 25000 | 24905 |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/15/32 | 175000 | 170278 |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/33 | 125000 | 121239 |
| &nbsp;&nbsp;&nbsp;8.875%, due 04/15/30 | 50000 | 51021 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>2</sup> | 200000 | 202439 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>2</sup> | 75000 | 76329 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/15/28<sup>2</sup> | 225000 | 220272 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/30<sup>2</sup> | 50000 | 48821 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/29<sup>2</sup> | 50000 | 50778 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>2</sup> | 150000 | 153538 |
| &nbsp;&nbsp;&nbsp;8.875%, due 07/15/28<sup>2</sup> | 100000 | 103927 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> | 150000 | 136959 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>2</sup> | 125000 | 122131 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/28<sup>2</sup> | 25000 | 25183 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 02/15/28<sup>2</sup> | 150000 | 155565 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/30/26<sup>2</sup> | 75000 | 61437 |
| NFE Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 11/15/29<sup>2</sup> | 250000 | 172083 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/29<sup>2</sup> | 225000 | 211457 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> | 150000 | 136759 |
| Northriver Midstream Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/32<sup>2</sup> | 125000 | 124214 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/28/27 | 25000 | 24917 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/01/30 | 175000 | 177678 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 04/01/45 | 75000 | 63051 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/01/47 | 125000 | 107551 |
| &nbsp;&nbsp;&nbsp;5.600%, due 04/01/44 | 150000 | 133600 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.372%, |  |  |
| &nbsp;&nbsp;&nbsp;8.695%, due 05/31/25<sup>5,8</sup> | 150000 | 147948 |
| Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 08/01/29<sup>2</sup> | 75000 | 75578 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/15/25<sup>2</sup> | 25000 | 24972 |
| &nbsp;&nbsp;&nbsp;4.800%, due 05/15/30<sup>2</sup> | 50000 | 46845 |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/15/29<sup>2</sup> | 50000 | 47796 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/40<sup>2</sup> | 100000 | 94402 |
| &nbsp;&nbsp;&nbsp;7.500%, due 07/15/38<sup>2</sup> | 25000 | 24531 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Pipelines—(continued)** |  |  |  |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/01/55<sup>2,5</sup> |  | 50000 | $49146 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/55<sup>2,5</sup> |  | 75000 | 74925 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/31/30<sup>2</sup> |  | 125000 | 116393 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/31<sup>2</sup> |  | 100000 | 92187 |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/29<sup>2</sup> |  | 75000 | 74727 |
| Targa Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/52 |  | 50000 | 40264 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/53 |  | 50000 | 49661 |
| TransMontaigne Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>2</sup> |  | 50000 | 50324 |
| Venture Global Calcasieu Pass LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> |  | 25000 | 22459 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/30<sup>2</sup> |  | 100000 | 100027 |
| Venture Global LNG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>2</sup> |  | 50000 | 49654 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>2</sup> |  | 225000 | 216971 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/30/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>2,5,8</sup> |  | 75000 | 64465 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>2</sup> |  | 200000 | 207247 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>2</sup> |  | 250000 | 253841 |
| Western Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 03/01/48 |  | 50000 | 40168 |
|  |  |  | 6156038 |
| **Real estate: 3.1%** |  |  |  |
| Adler Financing SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 1L, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/31/28<sup>7</sup> | EUR | 88533 | 102802 |
| ADLER Real Estate GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/27/26<sup>6</sup> |  | 200000 | 221168 |
| Alpha Star Holding VIII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 04/12/27<sup>6</sup> |  | 200000 | 206187 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/30<sup>2</sup> |  | 194400 | 172411 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/30<sup>2</sup> |  | 50000 | 36733 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/29<sup>2</sup> |  | 75000 | 59228 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/07/29<sup>6</sup> | EUR | 250000 | 294360 |
| Greystar Real Estate Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/01/30<sup>2</sup> |  | 75000 | 78760 |
| Heimstaden AB |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/06/27<sup>6</sup> | EUR | 300000 | 320398 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/26<sup>5,6,8</sup> |  | 200000 | 168244 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/01/27<sup>5,6,8</sup> |  | 475000 | 494819 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Real estate—(continued)** |  |  |  |  |
| Howard Hughes Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/01/29<sup>2</sup> |  | 125000 | $| 114504 |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/01/28<sup>2</sup> |  | 250000 |  | 240872 |
| IRSA Inversiones y Representaciones SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/31/35<sup>2</sup> |  | 500000 |  | 480000 |
| Kennedy-Wilson, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/29 |  | 50000 |  | 45024 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 75000 |  | 66135 |
| MAF Global Securities Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/20/26<sup>5,6,8</sup> |  | 200000 |  | 199812 |
| Neinor Homes SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/30<sup>2</sup> | EUR | 100000 |  | 116344 |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/30<sup>6</sup> |  | 100000 |  | 116344 |
| Peach Property Finance GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 11/15/25<sup>6</sup> |  | 200000 |  | 219659 |
| Pingan Real Estate Capital Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 07/29/26<sup>6</sup> |  | 200000 |  | 191050 |
| Port of Spain Waterfront Development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/19/40<sup>2</sup> |  | 300000 |  | 282000 |
| Ronshine China Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.100%, due 06/09/23<sup>6,10</sup> |  | 50000 |  | 500 |
| Samhallsbyggnadsbolaget I Norden Holding AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 08/04/26<sup>6</sup> | EUR | 200000 |  | 216387 |
| Signa Development Finance SCS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/23/26<sup>6,10</sup> |  | 100000 |  | 16596 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/23/26<sup>2,10</sup> |  | 200000 |  | 33192 |
| Vanke Real Estate Hong Kong Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.975%, due 11/09/27<sup>6</sup> |  | 200000 |  | 153720 |
| Vivion Investments SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/28/29<sup>6,7</sup> | EUR | 201500 |  | 219138 |
| &nbsp;&nbsp;&nbsp;6.500% Cash or 1.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/31/28<sup>6,7</sup> |  | 100750 |  | 109832 |
| Yanlord Land HK Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/26<sup>6</sup> |  | 400000 |  | 386700 |
|  |  |  |  | 5362919 |
| **Real estate investment trusts: 2.7%** | **Real estate investment trusts: 2.7%** | **Real estate investment trusts: 2.7%** | **Real estate investment trusts: 2.7%** | **Real estate investment trusts: 2.7%** |
| Alexandrite Monnet U.K. Holdco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/29<sup>6</sup> | EUR | 225000 |  | 279737 |
| Blackstone Mortgage Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>2</sup> |  | 225000 |  | 213851 |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/29<sup>2</sup> |  | 25000 |  | 25966 |
| Diversified Healthcare Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 06/15/25 |  | 48000 |  | 47905 |
| Iron Mountain Information Management Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/32<sup>2</sup> |  | 325000 |  | 303639 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate investment trusts—(continued)** |  |  |  |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/31<sup>2</sup> |  | 200000 | $185284 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/27<sup>2</sup> |  | 225000 | 221828 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/29<sup>2</sup> |  | 75000 | 72231 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/28<sup>2</sup> |  | 50000 | 48890 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/30<sup>2</sup> |  | 275000 | 266493 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/27<sup>2</sup> |  | 25000 | 24355 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/29<sup>2</sup> |  | 50000 | 47861 |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/31<sup>2</sup> |  | 25000 | 25688 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.993%, due 10/15/26 | EUR | 100000 | 102812 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/31 |  | 250000 | 165703 |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29 |  | 25000 | 19042 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/27 |  | 100000 | 88351 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/32<sup>2</sup> | EUR | 125000 | 143713 |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/32<sup>2</sup> |  | 100000 | 101598 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/15/29<sup>2</sup> |  | 125000 | 117021 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/28<sup>2</sup> |  | 50000 | 48793 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>2</sup> |  | 50000 | 50044 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>2</sup> |  | 50000 | 49101 |
| Prologis LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/53 |  | 125000 | 115846 |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/15/54 |  | 75000 | 69289 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/29<sup>2</sup> |  | 100000 | 95690 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>2</sup> |  | 100000 | 99666 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/28<sup>2</sup> |  | 50000 | 51385 |
| Rithm Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/29<sup>2</sup> |  | 75000 | 74878 |
| RLJ Lodging Trust LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>2</sup> |  | 200000 | 180757 |
| SBA Communications Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/27 |  | 25000 | 24457 |
| Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/30 |  | 50000 | 37274 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/26 |  | 125000 | 121021 |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/15/27 |  | 25000 | 23761 |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/01/29 |  | 75000 | 58862 |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/26 |  | 150000 | 148133 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> |  | 125000 | 123559 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>2</sup> |  | 50000 | 50290 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/30<sup>2</sup> |  | 50000 | 50449 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> |  | 125000 | 111787 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Real estate investment trusts—(continued)** |  |  |  |  |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/28<sup>2</sup> |  | 75000 | $| 71780 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>2</sup> |  | 150000 |  | 137225 |
| &nbsp;&nbsp;&nbsp;10.500%, due 02/15/28<sup>2</sup> |  | 264000 |  | 280311 |
| XHR LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> |  | 75000 |  | 70497 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/30<sup>2</sup> |  | 50000 |  | 49252 |
|  |  |  |  | 4696075 |
| **Retail: 3.4%** | **Retail: 3.4%** | **Retail: 3.4%** | **Retail: 3.4%** | **Retail: 3.4%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 01/15/28<sup>2</sup> |  | 25000 |  | 24005 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/30<sup>2</sup> |  | 500000 |  | 455016 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/28<sup>2</sup> |  | 50000 |  | 48405 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/29<sup>2</sup> |  | 75000 |  | 76186 |
| Arko Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/15/29<sup>2</sup> |  | 50000 |  | 40020 |
| Asbury Automotive Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/28 |  | 15000 |  | 14520 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 47018 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/32<sup>2</sup> |  | 25000 |  | 22783 |
| Bath & Body Works, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>2</sup> |  | 50000 |  | 50880 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/36 |  | 150000 |  | 147577 |
| BCPE Ulysses Intermediate, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750% Cash or 8.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/01/27<sup>2,7</sup> |  | 100000 |  | 97016 |
| Beacon Roofing Supply, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/30/32<sup>2</sup> |  | 75000 |  | 75194 |
| Bertrand Franchise Finance SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/18/30<sup>6</sup> | EUR | 100000 |  | 117647 |
| Carvana Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;13.000% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/30<sup>2,7</sup> |  | 53250 |  | 56383 |
| &nbsp;&nbsp;&nbsp;14.000% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/31<sup>2,7</sup> |  | 68112 |  | 76664 |
| Dufry One BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/18/31<sup>6</sup> | EUR | 250000 |  | 291709 |
| Eroski S Coop |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>2</sup> |  | 150000 |  | 183118 |
| &nbsp;&nbsp;&nbsp;10.625%, due 04/30/29<sup>6</sup> |  | 100000 |  | 122079 |
| Evergreen Acqco 1 LP/TVI, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 04/26/28<sup>2</sup> |  | 36000 |  | 37168 |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/01/26<sup>2</sup> |  | 175000 |  | 170147 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/29<sup>2</sup> |  | 175000 |  | 151979 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/30<sup>2</sup> |  | 200000 |  | 174982 |
| FirstCash, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/01/28<sup>2</sup> |  | 125000 |  | 121204 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/01/30<sup>2</sup> |  | 75000 |  | 73741 |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/32<sup>2</sup> |  | 75000 |  | 76734 |
| Foundation Building Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/29<sup>2</sup> |  | 100000 |  | 84289 |
| Fressnapf Holding SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/31/31<sup>6</sup> | EUR | 250000 |  | 285347 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Retail—(continued)** |  |  |  |
| Gap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/29<sup>2</sup> |  | 25000 | $22603 |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/01/31<sup>2</sup> |  | 25000 | 21418 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/15/32<sup>2</sup> |  | 200000 | 160208 |
| Group 1 Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 01/15/30<sup>2</sup> |  | 25000 | 25255 |
| Ken Garff Automotive LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>2</sup> |  | 75000 | 72412 |
| LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/29<sup>2</sup> |  | 150000 | 131442 |
| LCM Investments Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> |  | 200000 | 189075 |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/01/31<sup>2</sup> |  | 75000 | 78442 |
| Liberty Interactive LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/30 |  | 50000 | 18667 |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/01/29<sup>2</sup> |  | 200000 | 185700 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/27<sup>2</sup> |  | 150000 | 145647 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/34 |  | 50000 | 38041 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/42 |  | 150000 | 98402 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/29<sup>2</sup> |  | 41000 | 38881 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>2</sup> |  | 25000 | 23282 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/37 |  | 75000 | 58817 |
| Murphy Oil USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 25000 | 22532 |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/29 |  | 50000 | 48183 |
| Nordstrom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/01/30 |  | 50000 | 44286 |
| Patrick Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/29<sup>2</sup> |  | 100000 | 93920 |
| Punch Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/30/26<sup>2</sup> | GBP | 125000 | 164997 |
| QVC, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 08/15/34 |  | 125000 | 61217 |
| Raising Cane's Restaurants LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 05/01/29<sup>2</sup> |  | 50000 | 52988 |
| Rite Aid Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>2,3,4,10,12</sup> |  | 87000 | 0 |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/30/34<sup>3,4,12</sup> |  | 5396 | 22 |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/18/25<sup>2,3,4</sup> |  | 15847 | 0 |
| 3 mo. USD Term SOFR + 7.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.317%, due 08/30/31<sup>2,7</sup> |  | 5726 | 4108 |
| Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 08/30/31<sup>7</sup> |  | 17048 | 4262 |
| Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 08/30/31<sup>7</sup> |  | 12391 | 620 |
| Saks Global Enterprises LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/15/29<sup>2</sup> |  | 150000 | 90981 |
| Sonic Automotive, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 | 46900 |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/31<sup>2</sup> |  | 25000 | 22824 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |  |
| **Retail—(continued)** |  |  |  |  |
| Staples, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 09/01/29<sup>2</sup> |  | 100000 | $| 86641 |
| &nbsp;&nbsp;&nbsp;12.750%, due 01/15/30<sup>2</sup> |  | 194659 |  | 113227 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/31<sup>2</sup> |  | 75000 |  | 68557 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/29<sup>2</sup> |  | 125000 |  | 116711 |
| Victra Holdings LLC/Victra Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 09/15/29<sup>2</sup> |  | 25000 |  | 25370 |
| Walgreens Boots Alliance, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 04/15/50 |  | 25000 |  | 21834 |
| &nbsp;&nbsp;&nbsp;4.650%, due 06/01/46 |  | 50000 |  | 45352 |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/18/44 |  | 50000 |  | 46176 |
| &nbsp;&nbsp;&nbsp;8.125%, due 08/15/29 |  | 25000 |  | 26011 |
| Yum! Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/01/32 |  | 225000 |  | 221105 |
|  |  |  |  | 5858927 |
| **Savings & loans: 0.0%<sup>†</sup>** |  |  |  |  |
| Washington Mutual, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/21/49<sup>3,10,12</sup> |  | 500000 |  | 6500 |
| **Semiconductors: 0.3%** |  |  |  |  |
| Amkor Technology, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/27<sup>2</sup> |  | 50000 |  | 49952 |
| BE Semiconductor Industries NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>2</sup> | EUR | 125000 |  | 143487 |
| Entegris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 06/15/30<sup>2</sup> |  | 50000 |  | 49896 |
| ON Semiconductor Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/28<sup>2</sup> |  | 175000 |  | 165425 |
| Synaptics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 125000 |  | 115554 |
|  |  |  |  | 524314 |
| **Software: 2.1%** | **Software: 2.1%** | **Software: 2.1%** | **Software: 2.1%** | **Software: 2.1%** |
| Asmodee Group AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/15/29<sup>2</sup> | EUR | 53333 |  | 62681 |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/15/29<sup>6</sup> |  | 120000 |  | 141033 |
| AthenaHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/30<sup>2</sup> |  | 400000 |  | 382340 |
| Castle U.S. Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/28<sup>2</sup> |  | 225000 |  | 100687 |
| Cloud Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/29<sup>2</sup> |  | 375000 |  | 375135 |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/30/32<sup>2</sup> |  | 25000 |  | 26078 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>2</sup> |  | 625000 |  | 629644 |
| Dye & Durham Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/15/29<sup>2</sup> |  | 25000 |  | 25422 |
| Elastic NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/29<sup>2</sup> |  | 75000 |  | 70784 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/01/29<sup>2</sup> | EUR | 125000 |  | 141224 |
| IPD 3 BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>2,11</sup> |  | 100000 |  | 113285 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Software—(continued)** |  |  |  |
| Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/28<sup>2</sup> |  | 25000 | $23896 |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/01/29<sup>2</sup> |  | 150000 | 138210 |
| Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/30<sup>2</sup> |  | 125000 | 115509 |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/01/31<sup>2</sup> |  | 275000 | 245935 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 125000 | 109708 |
| Rocket Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>2</sup> |  | 25000 | 23779 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/30/27<sup>2</sup> |  | 300000 | 298521 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> |  | 175000 | 177405 |
| Synopsys, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 04/01/55 |  | 75000 | 72492 |
| Twilio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/15/31 |  | 100000 | 90852 |
| UKG, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/01/31<sup>2</sup> |  | 175000 | 180039 |
|  |  |  | 3544659 |
| **Telecommunications: 6.7%** |  |  |  |
| Altice Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/28<sup>6</sup> | EUR | 275000 | 234601 |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/15/29<sup>6</sup> |  | 100000 | 85253 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/28<sup>2</sup> |  | 200000 | 153596 |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/15/29<sup>2</sup> |  | 250000 | 184380 |
| Altice France Holding SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/28<sup>6</sup> | EUR | 200000 | 67962 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28<sup>2</sup> |  | 400000 | 124062 |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/27<sup>2</sup> |  | 400000 | 124008 |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 01/15/28<sup>6</sup> | EUR | 400000 | 364211 |
| &nbsp;&nbsp;&nbsp;5.125%, due 07/15/29<sup>2</sup> |  | 375000 | 305956 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>2</sup> |  | 200000 | 163722 |
| Axian Telecom |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/16/27<sup>6</sup> |  | 200000 | 198562 |
| C&W Senior Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/15/33<sup>2</sup> |  | 400000 | 399200 |
| Ciena Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/31/30<sup>2</sup> |  | 50000 | 46305 |
| CommScope LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/01/29<sup>2</sup> |  | 38000 | 33540 |
| &nbsp;&nbsp;&nbsp;7.125%, due 07/01/28<sup>2</sup> |  | 25000 | 21238 |
| &nbsp;&nbsp;&nbsp;8.250%, due 03/01/27<sup>2</sup> |  | 125000 | 113860 |
| CommScope Technologies LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/27<sup>2</sup> |  | 75000 | 65267 |
| CT Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/03/32<sup>6</sup> |  | 350000 | 315770 |
| Digicel Group Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 1B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,3,4,12</sup> |  | 55330 | 2767 |
| &nbsp;&nbsp;&nbsp;Series 3B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,3,4,12</sup> |  | 45961 | 460 |
| Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl U.S. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash and 1.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 05/25/27<sup>7</sup> |  | 404779 | 404779 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Digicel Midco Ltd./Difl U.S. II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500% Cash or 11.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 11/25/28<sup>7</sup> |  | 150000 | $138562 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/30/29 |  | 463000 | 489638 |
| &nbsp;&nbsp;&nbsp;6.75% Cash or 6.75% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/30/30<sup>7</sup> |  | 200000 | 186415 |
| Embarq LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.995%, due 06/01/36 |  | 100000 | 45000 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/17/55 | EUR | 100000 | 102163 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/30/34<sup>2</sup> |  | 200000 | 184694 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/28<sup>2</sup> |  | 150000 | 148452 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27<sup>2</sup> |  | 50000 | 49943 |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/01/29 |  | 17911 | 17920 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> |  | 100000 | 100354 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/29<sup>2</sup> |  | 275000 | 276154 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/31<sup>2</sup> |  | 150000 | 159077 |
| Frontier North, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.730%, due 02/15/28 |  | 25000 | 25313 |
| GoTo Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> |  | 48510 | 42204 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> |  | 66990 | 25121 |
| Hughes Satellite Systems Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/01/26 |  | 125000 | 101510 |
| Iliad Holding SASU |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/15/30<sup>2</sup> | EUR | 100000 | 115695 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/31<sup>2</sup> |  | 125000 | 150995 |
| Intelsat Jackson Holdings SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/30<sup>2</sup> |  | 100000 | 98362 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 01/15/29<sup>2</sup> |  | 25000 | 19313 |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/30<sup>2</sup> |  | 75000 | 59152 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/31<sup>2</sup> |  | 25000 | 19506 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/30<sup>2</sup> |  | 100000 | 83273 |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/15/29<sup>2</sup> |  | 125000 | 109062 |
| &nbsp;&nbsp;&nbsp;10.000%, due 10/15/32<sup>2</sup> |  | 50000 | 49875 |
| &nbsp;&nbsp;&nbsp;10.500%, due 04/15/29<sup>2</sup> |  | 50000 | 55362 |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/30<sup>2</sup> |  | 96000 | 103783 |
| &nbsp;&nbsp;&nbsp;10.750%, due 12/15/30<sup>2</sup> |  | 50000 | 55355 |
| &nbsp;&nbsp;&nbsp;11.000%, due 11/15/29<sup>2</sup> |  | 25000 | 27938 |
| Liberty Costa Rica Senior Secured Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/31<sup>2</sup> |  | 200000 | 211062 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/18/27<sup>2</sup> | EUR | 125000 | 141606 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/30/29<sup>6</sup> |  | 100000 | 118836 |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 21160 | 19890 |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/30<sup>2</sup> |  | 21162 | 19786 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/29<sup>2</sup> |  | 25000 | 19963 |
| &nbsp;&nbsp;&nbsp;10.000%, due 10/15/32<sup>2</sup> |  | 125000 | 124687 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Nokia of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 03/15/29 |  | 175000 | $168978 |
| Odido Holding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/29<sup>6</sup> | EUR | 300000 | 333058 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>5</sup> |  | 25000 | 25187 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/15/55<sup>5</sup> |  | 25000 | 24909 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/06/32<sup>6</sup> | EUR | 100000 | 101923 |
| Sunrise HoldCo IV BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/15/29<sup>6</sup> |  | 225000 | 248787 |
| TalkTalk Telecom Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 09/01/27<sup>2,7</sup> | GBP | 63685 | 64946 |
| &nbsp;&nbsp;&nbsp;11.750%, due 03/01/28<sup>2,7</sup> |  | 37595 | 14167 |
| Telecom Argentina SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/18/31<sup>6</sup> |  | 390000 | 406867 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/33 |  | 75000 | 74935 |
| &nbsp;&nbsp;&nbsp;7.200%, due 07/18/36 |  | 50000 | 51190 |
| Telecom Italia SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>6</sup> | EUR | 100000 | 127878 |
| Telecommunications Services of Trinidad & Tobago Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 10/18/29<sup>6</sup> |  | 400000 | 398756 |
| Telefonica Europe BV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/03/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.135%, due 02/03/30<sup>5,6,8</sup> | EUR | 100000 | 120204 |
| Telesat Canada/Telesat LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/27<sup>2</sup> |  | 50000 | 26641 |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/06/26<sup>2</sup> |  | 125000 | 70625 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/27<sup>2</sup> |  | 75000 | 30471 |
| Turkcell Iletisim Hizmetleri AS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 04/11/28<sup>6</sup> |  | 400000 | 386500 |
| Viasat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/28<sup>2</sup> |  | 25000 | 21982 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/30/31<sup>2</sup> |  | 50000 | 38053 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/31<sup>2</sup> |  | 200000 | 174490 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/31<sup>2</sup> |  | 200000 | 175775 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/15/32<sup>2</sup> | EUR | 125000 | 141773 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/27/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 08/27/80<sup>5,6</sup> |  | 125000 | 140403 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/27/80<sup>5,6</sup> |  | 100000 | 105910 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/03/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 10/03/78<sup>5,6</sup> |  | 125000 | 143536 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/04/79<sup>5</sup> |  | 175000 | 179804 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>2</sup> |  | 100000 | 102372 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Valu**e |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/27<sup>2</sup> |  | 150000 | $138149 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/01/28<sup>2</sup> |  | 25000 | 20327 |
| Zegona Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/29<sup>6</sup> | EUR | 200000 | 239371 |
|  |  |  | 11403487 |
| **Toys/Games/Hobbies: 0.0%<sup>†</sup>** |  |  |  |
| Mattel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 11/01/41 |  | 25000 | 21486 |
| **Transportation: 0.7%** |  |  |  |
| Edge Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 08/15/31<sup>2</sup> | GBP | 200000 | 270338 |
| First Student Bidco, Inc./First Transit Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/31/29<sup>2</sup> |  | 25000 | 23117 |
| Genesee & Wyoming, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/32<sup>2</sup> |  | 100000 | 101320 |
| Rand Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>2</sup> |  | 50000 | 46494 |
| Seaspan Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/29<sup>2</sup> |  | 175000 | 158690 |
| Star Leasing Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/15/30<sup>2</sup> |  | 50000 | 44847 |
| Stonepeak Nile Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/15/32<sup>2</sup> |  | 25000 | 25381 |
| Transnet SOC Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/06/28<sup>6</sup> |  | 200000 | 201125 |
| Watco Cos. LLC/Watco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/32<sup>2</sup> |  | 100000 | 99758 |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/28<sup>2</sup> |  | 50000 | 50496 |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>2</sup> |  | 50000 | 51190 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> |  | 50000 | 51219 |
|  |  |  | 1123975 |
| **Trucking & leasing: 0.3%** |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> |  | 75000 | 73654 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/33<sup>2</sup> |  | 125000 | 119608 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/31<sup>2</sup> |  | 75000 | 76259 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/32<sup>2</sup> |  | 225000 | 227993 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/01/30<sup>2</sup> |  | 25000 | 26136 |
|  |  |  | 523650 |
| **Water: 0.3%** |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/24/29<sup>6</sup> | EUR | 300000 | 346346 |
| Thames Water Super Senior Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/10/27<sup>2</sup> | GBP | 5393 | 7971 |
| Thames Water Utilities Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 04/22/42<sup>6</sup> |  | 100000 | 92519 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/30/46<sup>6</sup> |  | 100000 | 98603 |
| Thames Water Utilities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/22/27<sup>2,12</sup> |  | 1500 | 1692 |
|  |  |  | 547131 |
| **Total corporate bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$174,442,794) |  |  | **163882945** |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—1.3%** |  |  |  |
| **Apparel: 0.0%<sup>†</sup>** |  |  |  |
| Champ Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.799%, due 11/25/31<sup>5</sup> |  | 24844 | $24761 |
| **Building materials: 0.1%** |  |  |  |
| MI Windows & Doors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan B2, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.322%, due 03/28/31<sup>5</sup> |  | 49625 | 48739 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 02/10/32<sup>5</sup> |  | 75000 | 73432 |
|  |  |  | **122171** |
| **Chemicals: 0.0%<sup>†</sup>** |  |  |  |
| Polar U.S. Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.133%, due 10/16/28<sup>5,7</sup> |  | 81611 | 38357 |
| **Commercial services: 0.0%<sup>†</sup>** |  |  |  |
| Vortex Opco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.549%, due 04/30/30<sup>5</sup> |  | 18000 | 17839 |
| **Computers: 0.4%** |  |  |  |
| Amentum Government Services Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 09/29/31<sup>5</sup> |  | 124688 | 122935 |
| Twitter, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 9.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/26/29<sup>5</sup> |  | 400000 | 389916 |
| Vericast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 7.750%, |  |  |  |
| &nbsp;&nbsp;&nbsp;12.035%, due 06/15/30<sup>5</sup> |  | 132897 | 117724 |
|  |  |  | **630575** |
| **Diversified financial services: 0.0%<sup>†</sup>** |  |  |  |
| Mulhacen Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;EUR 1st Lien Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 10.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 08/01/26<sup>5</sup> | EUR | 136681 | 23226 |
| &nbsp;&nbsp;&nbsp;EUR 2nd Lien Term Loan, |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 8.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.386%, due 12/01/26<sup>5</sup> |  | 280843 | 1432 |
|  |  |  | **24658** |
| **Electric: 0.0%<sup>†</sup>** |  |  |  |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.549%, due 08/18/31<sup>5</sup> |  | 49750 | 49571 |
| **Entertainment: 0.1%** |  |  |  |
| Allen Media LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.949%, due 02/10/27<sup>5</sup> |  | 70378 | 34485 |
| Scientific Games Holdings LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.285%, due 04/04/29<sup>5</sup> |  | 147011 | 145562 |
|  |  |  | **180047** |
| **Food: 0.1%** |  |  |  |
| Northeast Grocery, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan B, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 7.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.823%, due 12/13/28<sup>5</sup> |  | 160991 | 160320 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Healthcare-services: 0.1%** |  |  |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.817%, due 05/19/31<sup>5</sup> | 24875 | $24238 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.030%, due 12/31/30<sup>5</sup> | 35826 | 35288 |
| Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.322%, due 12/03/31<sup>5</sup> | 24938 | 24860 |
|  |  | **84386** |
| **Internet: 0.0%<sup>†</sup>** |  |  |
| Endure Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.936%, due 02/10/28<sup>5</sup> | 72187 | 39703 |
| **Leisure time: 0.0%<sup>†</sup>** |  |  |
| Life Time Fitness, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.785%, due 11/05/31<sup>5</sup> | 49875 | 49513 |
| **Machinery-diversified: 0.1%** |  |  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/21/29<sup>5,13,14</sup> | 22860 | 22585 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.000%, |  |  |
| &nbsp;&nbsp;&nbsp;10.303%, due 12/21/29<sup>5</sup> | 40005 | 39525 |
| Titan Acquisition Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.724%, due 02/15/29<sup>5</sup> | 24812 | 24237 |
|  |  | **86347** |
| Glatfelter Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.563%, due 11/04/31<sup>5</sup> | 74812 | 71516 |
| **Pharmaceuticals: 0.0%<sup>†</sup>** |  |  |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;10.542%, due 10/08/30<sup>5</sup> | 50000 | 47084 |
| **Software: 0.1%** |  |  |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2022 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.322%, due 02/15/29<sup>5</sup> | 86920 | 86065 |
| QXO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 04/23/32<sup>5,14</sup> | 150000 | 149812 |
|  |  | **235877** |
| **Telecommunications: 0.2%** |  |  |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;2023 USD Term Loan B14, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.500%, |  |  |
| &nbsp;&nbsp;&nbsp;9.756%, due 08/15/28<sup>5</sup> | 159631 | 143349 |
| Consolidated Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2021 Term Loan B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.936%, due 10/02/27<sup>5</sup> | 150000 | 148291 |
| Windstream Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |
| &nbsp;&nbsp;&nbsp;9.172%, due 10/01/31<sup>5</sup> | 25000 | 24813 |
|  |  | **316453** |
| **Total loan assignments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$2,694,856) |  | **2179178** |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations: 0.2%** |  |  |
| **Nigeria: 0.2%** |  |  |
| Nigeria Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/28/28<sup>6</sup> | 350000 | $311238 |
| **Ukraine: 0.0%<sup>†</sup>** |  |  |
| Ukraine Government International Bonds |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 7.750% on 08/01/33, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/34<sup>5,6</sup> | 200000 | 75000 |
| **Total non-U.S. government agency obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost $413,925) |  | **386238** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Preferred stocks: 0.0%<sup>†</sup>** |  |  |
| **Machinery: 0.0%<sup>†</sup>** |  |  |
| Selecta Group BV\*<sup>,3</sup>Class A1 | 21852 | 1052 |
| Selecta Group BV\*<sup>,3</sup>Class A2 | 43703 | 2104 |
|  |  | 3156 |
| **Total preferred stocks**<br> (cost—$19,205) |  | **3156** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount** | **Face**<br> **amount** | |
| **Warrants: 0.0%<sup>†</sup>** |  |  | |
| Air Methods Corp.\*,3,4 |  | 389 | 0 |
| Air Methods Corp.\*,3,4 |  | 184 | 0 |
| Audacy Capital Corp. expires 09/30/2028\* |  | 23 | 0 |
| Audacy Capital Corp. expires 09/30/2028\* |  | 137 | 0 |
| Audacy, Inc.\* |  | 113 | 2091 |
| Chaparral Energy, Inc. expires 10/01/25\*<sup>,3,4</sup> |  | 9 | 0 |
| Curo Group Holdings LLC expires 08/01/28\*<sup>,3,4</sup> |  | 1440 | 0 |
| Intelsat SA expires 02/17/27\*,3 |  | 1 | 5 |
| Linx Synthetic expires 12/31/49\*,3,4 | EUR | 2 | 13866 |
| **Total warrants**<br> (cost—$168,006) |  |  | **15962** |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** | **Number of** | |
|  | **shares** | **shares** |<br>**Value** |
| **Common stocks: 0.6%** |  |  |  |
| **Aerospace & defense: 0.0%<sup>†</sup>** |  |  |  |
| Evander Gold Mines Ltd.\*<sup>,3,4</sup> |  | 2750 | $0 |
| **Chemicals: 0.0%<sup>†</sup>** |  |  |  |
| Cornerstone CS\*<sup>,3,4</sup> |  | 1205 | 0 |
| **Consumer finance: 0.0%<sup>†</sup>** |  |  |  |
| Curo Group Holdings LLC\*<sup>,3</sup> |  | 824 | 4120 |
| **Energy equipment & services: 0.0%<sup>†</sup>** |  |  |  |
| Nabors Industries Ltd.\* |  | 241 | 6468 |
| Nine Energy Service, Inc.\*<sup>,15</sup> |  | 750 | 623 |
| Parker Drilling Co.\*<sup>,4</sup> |  | 802 | 0 |
|  |  |  | 7091 |
| **Financial services: 0.1%** |  |  |  |
| SPN\*<sup>,2,3</sup> |  | 1482 | 86697 |
| **Gas utilities: 0.0%<sup>†</sup>** |  |  |  |
| Ferrellgas Partners LP, Class B\* |  | 324 | 45279 |
| **Health care providers & services: 0.0%<sup>†</sup>** |  |  |  |
| Air Methods Corp.\*<sup>,3</sup> |  | 70 | 3675 |
| Rite Aid Corp.\*<sup>,3,4</sup> |  | 79 | 3753 |
|  |  |  | 7428 |
| **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%** |  |  |  |
| Codere A1 Ordinary Shares\*<sup>,3</sup> | EUR | 2541 | 54693 |
| Codere A2 Ordinary Shares\*<sup>,3</sup> |  | 634 | 13646 |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Leisure products—(continued)** | **Leisure products—(continued)** | **Leisure products—(continued)** | **Leisure products—(continued)** | **Leisure products—(continued)** |
| Teide 10 S.L.\*<sup>,3</sup> |  | 5444137 | $| 1850 |
|  |  |  |  | 70189 |
| **Media: 0.0%<sup>†</sup>** | **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 |  | 1387 |
| **Metals & mining: 0.0%<sup>†</sup>** | **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 |  | 19539 |
|  |  |  |  | 35439 |
| **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>** | **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%** | **Pharmaceuticals: 0.1%** |
| Endo, Inc.\* |  | 3829 |  | 81520 |
| Mallinckrodt PLC\*<sup>,3</sup> |  | 459 |  | 39359 |
|  |  |  |  | 120879 |
| **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>** | **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>** | **Technology hardware, storage & peripherals: 0.0%<sup>†</sup>** |
| Diebold Nixdorf, Inc.\*<sup>,15</sup> |  | 1418 |  | 62860 |
| **Wireless telecommunication services: 0.1%** |  |  |  |  |
| Intelsat SA\*<sup>,3</sup> |  | 5083 |  | 202049 |
| **Total common stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$1,685,984) |  |  |  | 947789 |
| **Investment companies: 0.0%<sup>†</sup>** |  |  |  |  |
| Endo GUC Trust<sup>3,4</sup><br> (cost—$0) |  | 25821 |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short-term investments—1.3%** |  |  |
| **Investment companies: 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>16</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost $2,144,924) | 2144924 | 2144924 |
| **Investment of cash collateral from securities loaned—0.0%<sup>†</sup>** |  |  |
| **Money market funds: 0.0%<sup>†</sup>** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>16</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$742) | 742 | 742 |
| **Total investments** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$181,570,436)<sup>17</sup>—99.3% |  | **169560934** |
| Other assets in excess of liabilities—0.7% |  | 1241855 |
| **Net assets—100.0%** |  | $**170802789** |

---

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 | 30627139 | USD | 33112194 | 05/06/25 | $(1585875) |
| SSB | GBP | 33606 | USD | 45025 | 05/06/25 | 238 |
| SSB | GBP | 3227413 | USD | 4159222 | 05/06/25 | (141937) |
| SSB | USD | 538780 | EUR | 496252 | 05/06/25 | 23433 |
| SSB | USD | 347000 | EUR | 305044 | 05/06/25 | (1410) |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SSB | USD | 200000 | GBP | 154612 | 05/06/25 | $6051 |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(1699500)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $217676 | $417321 | $312792 | $947789 |
| Preferred stocks |  | 3156 |  | 3156 |
| Investment companies |  |  |  |  |
| Warrants |  | 2096 | 13866 | 15962 |
| Corporate bonds |  | 163858734 | 24211 | 163882945 |
| Loan assignments |  | 2179178 |  | 2179178 |
| Non-U.S. government agency obligations |  | 386238 |  | 386238 |
| Short-term investments |  | 2144924 |  | 2144924 |
| Investment of cash collateral from securities loaned |  | 742 |  | 742 |
| Forward foreign currency contracts |  | 29722 |  | 29722 |
| **Total** | $**217676** | $**169022111** | $**350869** | $**169590656** |
| **Liabilities** |  |  |  |  |
| Forward foreign currency contracts | $— | $(1729222) | $— | $(1729222) |
| **Total** | $**—** | $**(1729222)** | $**—** | $**(1729222)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $102,264,263, represented 59.9% of the Portfolio's net assets at period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |

---

**PACE High Yield Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | |
|:---|:---|
| 5 | Floating or variable rate securities. The rates disclosed are as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 7 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 8 | Perpetual investment. Date shown reflects the next call date. |
| 9 | This security is considered restricted. At period end, the value of restricted security was $27,900, represented 0.0% of the Fund's net assets.<br> The table below provides further information. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted security** | **Acquisition<br> date** | **Acquisition<br> cost** | **Acquisition cost<br> as a percentage<br> of net asset** | **Value at<br> 04/30/25** | **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 SARL | 04/24/24 |  | 0.0 | 0 | 0.0 |
| Par Pharmaceutical, Inc. | 04/24/24 |  | 0.0 | 0 | 0.0 |

---

---

| | |
|:---|:---|
| 10 | Bond interest in default. |
| 11 | 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. |
| 12 | Zero coupon bond. |
| 13 | All or a portion of the loan commitment is unfunded. |
| 14 | Position is unsettled. Contract rate was not determined at April 30, 2025 and does not take effect until settlement. |
| 15 | Security, or portion thereof, was on loan at the period end. |
| 16 | Rate shown reflects yield at April 30, 2025. |
| 17 | Includes $62,678 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $742 and non-cash collateral of $63,040. |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 96.1%** | **Common stocks: 96.1%** | **Common stocks: 96.1%** |
| **Aerospace & defense: 1.9%** | **Aerospace & defense: 1.9%** | **Aerospace & defense: 1.9%** |
| Boeing Co.\* | 9097 | $1666934 |
| General Dynamics Corp. | 2672 | 727105 |
| L3Harris Technologies, Inc. | 44715 | 9838194 |
| RTX Corp. | 11221 | 1415305 |
|  |  | 13647538 |
| **Air freight & logistics: 0.4%** | **Air freight & logistics: 0.4%** | **Air freight & logistics: 0.4%** |
| FedEx Corp. | 12210 | 2568129 |
| **Automobile components: 0.7%** | **Automobile components: 0.7%** | **Automobile components: 0.7%** |
| Aptiv PLC\* | 28075 | 1601959 |
| BorgWarner, Inc. | 23513 | 667299 |
| Magna International, Inc.<sup>1</sup> | 73129 | 2541964 |
|  |  | 4811222 |
| **Automobiles: 0.9%** | **Automobiles: 0.9%** | **Automobiles: 0.9%** |
| General Motors Co. | 73040 | 3304330 |
| Harley-Davidson, Inc.<sup>1</sup> | 132365 | 2967623 |
|  |  | 6271953 |
| **Banks: 7.0%** | **Banks: 7.0%** | **Banks: 7.0%** |
| Bank of America Corp. | 350478 | 13977063 |
| Citigroup, Inc. | 216573 | 14809262 |
| Citizens Financial Group, Inc. | 51329 | 1893527 |
| First Citizens BancShares, Inc., Class A<sup>1</sup> | 349 | 620920 |
| M&T Bank Corp. | 70608 | 11986414 |
| Truist Financial Corp. | 28200 | 1081188 |
| U.S. Bancorp | 59972 | 2419270 |
| Wells Fargo & Co. | 58940 | 4185329 |
|  |  | 50972973 |
| **Beverages: 1.2%** | **Beverages: 1.2%** | **Beverages: 1.2%** |
| Anheuser-Busch InBev SA, ADR<sup>1</sup> | 19500 | 1283295 |
| Keurig Dr. Pepper, Inc. | 219790 | 7602536 |
|  |  | 8885831 |
| **Biotechnology: 1.8%** | **Biotechnology: 1.8%** | **Biotechnology: 1.8%** |
| Gilead Sciences, Inc. | 125557 | 13376843 |
| **Building products: 1.1%** | **Building products: 1.1%** | **Building products: 1.1%** |
| Johnson Controls International PLC | 93686 | 7860255 |
| **Capital markets: 7.2%** | **Capital markets: 7.2%** | **Capital markets: 7.2%** |
| Bank of New York Mellon Corp. | 174605 | 14039988 |
| Charles Schwab Corp. | 181478 | 14772309 |
| Goldman Sachs Group, Inc. | 1424 | 779711 |
| Nasdaq, Inc. | 132549 | 10101559 |
| Raymond James Financial, Inc. | 71911 | 9854684 |
| State Street Corp. | 30105 | 2652251 |
|  |  | 52200502 |
| **Chemicals: 3.4%** | **Chemicals: 3.4%** | **Chemicals: 3.4%** |
| Axalta Coating Systems Ltd.\* | 329093 | 10695522 |
| Olin Corp. | 49351 | 1066969 |
| PPG Industries, Inc. | 115010 | 12519989 |
|  |  | 24282480 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | | |
| **Communications equipment: 1.6%** | **Communications equipment: 1.6%** | **Communications equipment: 1.6%** |
| F5, Inc.\* | 26600 | $7042084 |
| Telefonaktiebolaget LM Ericsson, ADR | 527561 | 4347103 |
|  |  | 11389187 |
| **Construction & engineering: 0.1%** | **Construction & engineering: 0.1%** | **Construction & engineering: 0.1%** |
| Fluor Corp.\* | 11827 | 412644 |
| **Construction materials: 1.8%** | **Construction materials: 1.8%** | **Construction materials: 1.8%** |
| Heidelberg Materials AG | 67675 | 13358991 |
| **Consumer finance: 1.9%** | **Consumer finance: 1.9%** | **Consumer finance: 1.9%** |
| American Express Co. | 47720 | 12713085 |
| Capital One Financial Corp. | 6707 | 1209004 |
|  |  | 13922089 |
| **Electric utilities: 3.3%** | **Electric utilities: 3.3%** | **Electric utilities: 3.3%** |
| American Electric Power Co., Inc. | 90498 | 9804553 |
| PPL Corp. | 388527 | 14181236 |
|  |  | 23985789 |
| **Electrical equipment: 1.3%** | **Electrical equipment: 1.3%** | **Electrical equipment: 1.3%** |
| Emerson Electric Co. | 92730 | 9746850 |
| **Electronic equipment, instruments & components: 1.5%** | **Electronic equipment, instruments & components: 1.5%** | **Electronic equipment, instruments & components: 1.5%** |
| TE Connectivity PLC | 75641 | 11072329 |
| **Energy equipment & services: 0.7%** | **Energy equipment & services: 0.7%** | **Energy equipment & services: 0.7%** |
| Baker Hughes Co. | 49217 | 1742282 |
| NOV, Inc. | 183304 | 2128159 |
| Schlumberger NV | 37097 | 1233475 |
|  |  | 5103916 |
| **Entertainment: 0.1%** | **Entertainment: 0.1%** | **Entertainment: 0.1%** |
| Warner Bros Discovery, Inc.\*,<sup>1</sup> | 107310 | 930378 |
| **Financial services: 3.4%** | **Financial services: 3.4%** | **Financial services: 3.4%** |
| Berkshire Hathaway, Inc., Class B\* | 29876 | 15931377 |
| Corebridge Financial, Inc. | 47263 | 1400403 |
| Fidelity National Information Services, Inc. | 27177 | 2143722 |
| PayPal Holdings, Inc.\* | 76697 | 5049730 |
|  |  | 24525232 |
| **Food products: 0.5%** | **Food products: 0.5%** | **Food products: 0.5%** |
| Conagra Brands, Inc. | 35600 | 879676 |
| Kraft Heinz Co. | 93000 | 2706300 |
|  |  | 3585976 |
| **Ground transportation: 0.1%** | **Ground transportation: 0.1%** | **Ground transportation: 0.1%** |
| Norfolk Southern Corp. | 4800 | 1075440 |
| **Health care equipment & supplies: 1.0%** | **Health care equipment & supplies: 1.0%** | **Health care equipment & supplies: 1.0%** |
| GE HealthCare Technologies, Inc. | 40463 | 2845763 |
| Medtronic PLC | 32937 | 2791740 |
| Solventum Corp.\* | 10600 | 700872 |
| Zimmer Biomet Holdings, Inc. | 10138 | 1044721 |
|  |  | 7383096 |
| **Health care providers & services: 8.4%** | **Health care providers & services: 8.4%** | **Health care providers & services: 8.4%** |
| Centene Corp.\* | 21619 | 1293897 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Health care providers & services—(continued)** | **Health care providers & services—(continued)** | **Health care providers & services—(continued)** |
| Cigna Group | 3697 | 1257128 |
| CVS Health Corp. | 38914 | 2595953 |
| Elevance Health, Inc. | 68672 | 28882070 |
| HCA Healthcare, Inc. | 4947 | 1707111 |
| Henry Schein, Inc.\*,<sup>1</sup> | 176167 | 11445570 |
| Humana, Inc. | 7121 | 1867411 |
| Labcorp Holdings, Inc. | 3106 | 748577 |
| UnitedHealth Group, Inc. | 26360 | 10845558 |
|  |  | 60643275 |
| **Hotels, restaurants & leisure: 1.8%** | **Hotels, restaurants & leisure: 1.8%** | **Hotels, restaurants & leisure: 1.8%** |
| Aramark<sup>1</sup> | 385434 | 12885059 |
| **Insurance: 6.9%** | **Insurance: 6.9%** | **Insurance: 6.9%** |
| American International Group, Inc. | 205205 | 16728312 |
| Aon PLC, Class A | 12776 | 4532797 |
| Everest Group Ltd. | 18231 | 6541830 |
| Hartford Insurance Group, Inc. | 13465 | 1651751 |
| Marsh & McLennan Cos., Inc. | 38201 | 8613179 |
| Progressive Corp. | 42746 | 12043258 |
|  |  | 50111127 |
| **Interactive media & services: 3.7%** | **Interactive media & services: 3.7%** | **Interactive media & services: 3.7%** |
| Alphabet, Inc., Class A | 92197 | 14640884 |
| Meta Platforms, Inc., Class A | 21546 | 11828754 |
|  |  | 26469638 |
| **IT services: 0.1%** | **IT services: 0.1%** | **IT services: 0.1%** |
| Cognizant Technology Solutions Corp., Class A | 9052 | 665956 |
| **Machinery: 4.1%** | **Machinery: 4.1%** | **Machinery: 4.1%** |
| CNH Industrial NV | 125945 | 1457184 |
| Cummins, Inc. | 8493 | 2495583 |
| Deere & Co. | 1500 | 695340 |
| PACCAR, Inc. | 176364 | 15909797 |
| Snap-on, Inc. | 26940 | 8454041 |
| Timken Co. | 9137 | 587052 |
|  |  | 29598997 |
| **Media: 1.1%** | **Media: 1.1%** | **Media: 1.1%** |
| Comcast Corp., Class A | 121999 | 4172366 |
| Omnicom Group, Inc. | 14100 | 1073856 |
| Paramount Global, Class B | 66942 | 785899 |
| WPP PLC, ADR<sup>1</sup> | 47700 | 1839312 |
|  |  | 7871433 |
| **Multi-utilities: 1.8%** | **Multi-utilities: 1.8%** | **Multi-utilities: 1.8%** |
| Dominion Energy, Inc. | 60200 | 3273676 |
| Sempra | 133623 | 9924180 |
|  |  | 13197856 |
| **Oil, gas & consumable fuels: 8.2%** | **Oil, gas & consumable fuels: 8.2%** | **Oil, gas & consumable fuels: 8.2%** |
| APA Corp.<sup>1</sup> | 202712 | 3150144 |
| Cenovus Energy, Inc.<sup>1</sup> | 50303 | 592066 |
| ConocoPhillips | 123456 | 11002399 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | | | |
| **Oil, gas & consumable fuels—(continued)** | | | |
| Coterra Energy, Inc. | 379182 | $| 9312710 |
| EQT Corp. | 199289 |  | 9852848 |
| Marathon Petroleum Corp. | 55783 |  | 7665142 |
| Murphy Oil Corp.<sup>1</sup> | 16959 |  | 348168 |
| Ovintiv, Inc. | 50020 |  | 1679672 |
| Shell PLC | 405277 |  | 13181457 |
| Shell PLC, ADR | 40862 |  | 2634782 |
|  |  |  | 59419388 |
| **Passenger airlines: 0.6%** | **Passenger airlines: 0.6%** | **Passenger airlines: 0.6%** | **Passenger airlines: 0.6%** |
| Southwest Airlines Co. | 149317 |  | 4174903 |
| **Personal care products: 3.1%** | **Personal care products: 3.1%** | **Personal care products: 3.1%** | **Personal care products: 3.1%** |
| Kenvue, Inc. | 299865 |  | 7076814 |
| Unilever PLC, ADR<sup>1</sup> | 236908 |  | 15055503 |
|  |  |  | 22132317 |
| **Pharmaceuticals: 3.4%** | **Pharmaceuticals: 3.4%** | **Pharmaceuticals: 3.4%** | **Pharmaceuticals: 3.4%** |
| GSK PLC, ADR<sup>1</sup> | 21164 |  | 843386 |
| Merck & Co., Inc. | 157664 |  | 13432973 |
| Pfizer, Inc. | 387859 |  | 9467638 |
| Sanofi SA, ADR<sup>1</sup> | 14214 |  | 781059 |
|  |  |  | 24525056 |
| **Semiconductors & semiconductor equipment: 3.6%** | **Semiconductors & semiconductor equipment: 3.6%** | **Semiconductors & semiconductor equipment: 3.6%** | **Semiconductors & semiconductor equipment: 3.6%** |
| Broadcom, Inc. | 51348 |  | 9882949 |
| Lam Research Corp. | 79533 |  | 5700130 |
| Micron Technology, Inc. | 11799 |  | 907933 |
| NXP Semiconductors NV | 53725 |  | 9902055 |
|  |  |  | 26393067 |
| **Software: 1.1%** | **Software: 1.1%** | **Software: 1.1%** | **Software: 1.1%** |
| Microsoft Corp. | 3800 |  | 1501988 |
| Workday, Inc., Class A\* | 25600 |  | 6272000 |
|  |  |  | 7773988 |
| **Specialized REITs: 3.1%** | **Specialized REITs: 3.1%** | **Specialized REITs: 3.1%** | **Specialized REITs: 3.1%** |
| Crown Castle, Inc. | 98550 |  | 10422648 |
| Gaming & Leisure Properties, Inc. | 247235 |  | 11832667 |
|  |  |  | 22255315 |
| **Specialty retail: 1.0%** | **Specialty retail: 1.0%** | **Specialty retail: 1.0%** | **Specialty retail: 1.0%** |
| Lithia Motors, Inc.<sup>1</sup> | 2100 |  | 614796 |
| Tractor Supply Co. | 132147 |  | 6689281 |
|  |  |  | 7304077 |
| **Technology hardware, storage & peripherals: 1.2%** | **Technology hardware, storage & peripherals: 1.2%** | **Technology hardware, storage & peripherals: 1.2%** | **Technology hardware, storage & peripherals: 1.2%** |
| Samsung Electronics Co. Ltd. | 220617 |  | 8613608 |
| **Total common stocks<br> (cost—$637,538,788)** |  |  | **695404703** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short term investments: 4.2%** | **Short term investments: 4.2%** | **Short term investments: 4.2%** |
| **Investment companies: 4.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>2</sup><br> (cost—$30,247,291) | $30247291 | $30247291 |
| **Investment of cash collateral from securities loaned: 0.8%** | **Investment of cash collateral from securities loaned: 0.8%** | **Investment of cash collateral from securities loaned: 0.8%** |
| **Money market funds: 0.8%** | **Money market funds: 0.8%** | **Money market funds: 0.8%** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>2</sup><br> (cost $6,299,666) | 6299666 | 6299666 |
| **Total Investments<br> (cost—$674,085,745)<sup>3</sup>—101.1%** |  | **731951660** |
| Liabilities in excess of other assets—(1.1)% |  | (8305277) |
| **Net Assets—100.0%** |  | $**723646383** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

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

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SSB | CNH | 31256328 | USD | 4376981 | 12/17/25 | $8958 |
| SSB | CNH | 70196535 | USD | 9729559 | 12/17/25 | (80295) |
| SSB | USD | 10446760 | CNH | 74924449 | 12/17/25 | 23813 |
| SSB | USD | 3720753 | CNH | 26528414 | 12/17/25 | (13449) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(60973)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $682223246 | $13181457 | $— | $695404703 |
| Short-term investments |  | 30247291 |  | 30247291 |
| Investment of cash collateral from securities loaned |  | 6299666 |  | 6299666 |
| Forward foreign currency contracts |  | 32771 |  | 32771 |
| **Total** | $**682223246** | $**49761185** | $**—** | $**731984431** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** **– April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Liabilities** | | | | |
| Forward foreign currency contracts | $— | $(93744) | $— | $(93744) |
| **Total** | $**—** | $**(93744)** | $**—** | $**(93744)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at April 30, 2025. |
| 3 | Includes $34,838,774 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $6,299,666 and non-cash collateral of $29,414,302. |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 95.8%** | **Common stocks: 95.8%** | **Common stocks: 95.8%** |
| **Aerospace & defense: 0.9%** | **Aerospace & defense: 0.9%** | **Aerospace & defense: 0.9%** |
| RTX Corp. | 13213 | $1666556 |
| TransDigm Group, Inc. | 3056 | 4318342 |
|  |  | 5984898 |
| **Automobiles: 0.8%** | **Automobiles: 0.8%** | **Automobiles: 0.8%** |
| Tesla, Inc.\* | 19607 | 5532311 |
| **Beverages: 1.5%** | **Beverages: 1.5%** | **Beverages: 1.5%** |
| Coca-Cola Co. | 138608 | 10056010 |
| Monster Beverage Corp.\* | 10537 | 633485 |
|  |  | 10689495 |
| **Biotechnology: 1.0%** | **Biotechnology: 1.0%** | **Biotechnology: 1.0%** |
| AbbVie, Inc. | 19987 | 3899464 |
| Gilead Sciences, Inc. | 19116 | 2036618 |
| Natera, Inc.\* | 8602 | 1298300 |
|  |  | 7234382 |
| **Broadline retail: 7.4%** | **Broadline retail: 7.4%** | **Broadline retail: 7.4%** |
| Alibaba Group Holding Ltd., ADR | 37328 | 4458083 |
| Amazon.com, Inc.\* | 231752 | 42739704 |
| MercadoLibre, Inc.\* | 2122 | 4946064 |
|  |  | 52143851 |
| **Building products: 0.3%** | **Building products: 0.3%** | **Building products: 0.3%** |
| Trane Technologies PLC | 5866 | 2248496 |
| **Capital markets: 2.8%** | **Capital markets: 2.8%** | **Capital markets: 2.8%** |
| Blackstone, Inc. | 13041 | 1717630 |
| Charles Schwab Corp. | 34817 | 2834104 |
| CME Group, Inc. | 5623 | 1558021 |
| Goldman Sachs Group, Inc. | 9304 | 5094405 |
| Intercontinental Exchange, Inc. | 8019 | 1346951 |
| KKR & Co., Inc. | 10492 | 1198921 |
| MSCI, Inc. | 10838 | 5907902 |
|  |  | 19657934 |
| **Communications equipment: 0.2%** | **Communications equipment: 0.2%** | **Communications equipment: 0.2%** |
| Arista Networks, Inc.\* | 20170 | 1659386 |
| **Construction & engineering: 0.3%** | **Construction & engineering: 0.3%** | **Construction & engineering: 0.3%** |
| Quanta Services, Inc. | 6830 | 1999073 |
| **Consumer staples distribution & retail: 1.6%** | **Consumer staples distribution & retail: 1.6%** | **Consumer staples distribution & retail: 1.6%** |
| Kroger Co. | 18709 | 1350977 |
| Walmart, Inc. | 105019 | 10213098 |
|  |  | 11564075 |
| **Diversified telecommunication services: 1.3%** | **Diversified telecommunication services: 1.3%** | **Diversified telecommunication services: 1.3%** |
| AT&T, Inc. | 182793 | 5063366 |
| Verizon Communications, Inc. | 86714 | 3820619 |
|  |  | 8883985 |
| **Electric utilities: 1.5%** | **Electric utilities: 1.5%** | **Electric utilities: 1.5%** |
| American Electric Power Co., Inc. | 29753 | 3223440 |
| Duke Energy Corp. | 17510 | 2136570 |
| Exelon Corp. | 43011 | 2017216 |
| NextEra Energy, Inc. | 23308 | 1558839 |
| PPL Corp. | 27877 | 1017511 |
| Xcel Energy, Inc. | 13306 | 940734 |
|  |  | 10894310 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Electrical equipment: 0.2%** | **Electrical equipment: 0.2%** | **Electrical equipment: 0.2%** |
| Eaton Corp. PLC | 4596 | $1352925 |
| **Electronic equipment, instruments & components: 0.3%** | **Electronic equipment, instruments & components: 0.3%** | **Electronic equipment, instruments & components: 0.3%** |
| Amphenol Corp., Class A | 28495 | 2192690 |
| **Entertainment: 4.1%** | **Entertainment: 4.1%** | **Entertainment: 4.1%** |
| Netflix, Inc.\* | 21744 | 24608120 |
| Spotify Technology SA\* | 7398 | 4542224 |
|  |  | 29150344 |
| **Financial services: 9.1%** | **Financial services: 9.1%** | **Financial services: 9.1%** |
| Berkshire Hathaway, Inc., Class B\* | 12779 | 6814402 |
| Fiserv, Inc.\* | 33028 | 6095978 |
| Mastercard, Inc., Class A | 45040 | 24684622 |
| Visa, Inc., Class A | 76110 | 26296005 |
|  |  | 63891007 |
| **Gas utilities: 0.1%** | **Gas utilities: 0.1%** | **Gas utilities: 0.1%** |
| Atmos Energy Corp. | 4220 | 677859 |
| **Ground transportation: 0.9%** | **Ground transportation: 0.9%** | **Ground transportation: 0.9%** |
| Uber Technologies, Inc.\* | 17502 | 1417837 |
| Union Pacific Corp. | 21336 | 4601322 |
|  |  | 6019159 |
| **Health care equipment & supplies: 3.6%** | **Health care equipment & supplies: 3.6%** | **Health care equipment & supplies: 3.6%** |
| Abbott Laboratories | 110395 | 14434146 |
| Becton Dickinson & Co. | 6389 | 1323098 |
| Edwards Lifesciences Corp.\* | 18221 | 1375503 |
| IDEXX Laboratories, Inc.\* | 8562 | 3704349 |
| Intuitive Surgical, Inc.\* | 9117 | 4702549 |
|  |  | 25539645 |
| **Health care providers & services: 1.8%** | **Health care providers & services: 1.8%** | **Health care providers & services: 1.8%** |
| Cigna Group | 9109 | 3097424 |
| Elevance Health, Inc. | 2817 | 1184774 |
| McKesson Corp. | 7664 | 5462823 |
| UnitedHealth Group, Inc. | 6369 | 2620461 |
|  |  | 12365482 |
| **Hotels, restaurants & leisure: 4.1%** | **Hotels, restaurants & leisure: 4.1%** | **Hotels, restaurants & leisure: 4.1%** |
| Airbnb, Inc., Class A\* | 44710 | 5451043 |
| Booking Holdings, Inc. | 824 | 4201807 |
| Chipotle Mexican Grill, Inc.\* | 4245 | 214457 |
| DoorDash, Inc., Class A\* | 31955 | 6163800 |
| McDonald's Corp. | 17876 | 5714063 |
| Starbucks Corp. | 91796 | 7348270 |
|  |  | 29093440 |
| **Household durables: 0.6%** | **Household durables: 0.6%** | **Household durables: 0.6%** |
| DR Horton, Inc. | 34066 | 4303898 |
| **Industrial conglomerates: 1.0%** | **Industrial conglomerates: 1.0%** | **Industrial conglomerates: 1.0%** |
| 3M Co. | 50496 | 7014399 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Insurance: 2.1%** | **Insurance: 2.1%** | **Insurance: 2.1%** |
| Allstate Corp. | 8664 | $1718851 |
| American International Group, Inc. | 37869 | 3087081 |
| Aon PLC, Class A | 14465 | 5132037 |
| Cincinnati Financial Corp. | 11241 | 1564860 |
| Progressive Corp. | 11677 | 3289878 |
|  |  | 14792707 |
| **Interactive media & services: 7.8%** | **Interactive media & services: 7.8%** | **Interactive media & services: 7.8%** |
| Alphabet, Inc., Class C | 183297 | 29490654 |
| Meta Platforms, Inc., Class A | 46565 | 25564185 |
|  |  | 55054839 |
| **IT services: 4.6%** | **IT services: 4.6%** | **IT services: 4.6%** |
| Accenture PLC, Class A | 17531 | 5244399 |
| Gartner, Inc.\* | 5419 | 2281833 |
| International Business Machines Corp. | 45121 | 10911160 |
| MongoDB, Inc.\* | 2175 | 374470 |
| Shopify, Inc., Class A\* | 116383 | 11056385 |
| Snowflake, Inc., Class A\* | 6464 | 1030943 |
| Twilio, Inc., Class A\* | 14520 | 1404229 |
|  |  | 32303419 |
| **Life sciences tools & services: 0.9%** | **Life sciences tools & services: 0.9%** | **Life sciences tools & services: 0.9%** |
| Thermo Fisher Scientific, Inc. | 14886 | 6386094 |
| **Machinery: 0.2%** | **Machinery: 0.2%** | **Machinery: 0.2%** |
| Deere & Co. | 3097 | 1435645 |
| **Media: 0.0%<sup>†</sup>** | **Media: 0.0%<sup>†</sup>** | **Media: 0.0%<sup>†</sup>** |
| Trade Desk, Inc., Class A\* | 2593 | 139063 |
| **Metals & mining: 0.0%<sup>†</sup>** | **Metals & mining: 0.0%<sup>†</sup>** | **Metals & mining: 0.0%<sup>†</sup>** |
| Freeport-McMoRan, Inc. | 8116 | 292419 |
| **Multi-utilities: 0.3%** | **Multi-utilities: 0.3%** | **Multi-utilities: 0.3%** |
| CenterPoint Energy, Inc. | 37573 | 1457081 |
| DTE Energy Co. | 4249 | 582113 |
|  |  | 2039194 |
| **Oil, gas & consumable fuels: 0.8%** | **Oil, gas & consumable fuels: 0.8%** | **Oil, gas & consumable fuels: 0.8%** |
| Cheniere Energy, Inc. | 6517 | 1506144 |
| ConocoPhillips | 20573 | 1833466 |
| Exxon Mobil Corp. | 18618 | 1966619 |
|  |  | 5306229 |
| **Pharmaceuticals: 5.3%** | **Pharmaceuticals: 5.3%** | **Pharmaceuticals: 5.3%** |
| Bristol-Myers Squibb Co. | 23987 | 1204148 |
| Eli Lilly & Co. | 24994 | 22468356 |
| Johnson & Johnson | 38494 | 6016997 |
| Zoetis, Inc. | 50588 | 7911963 |
|  |  | 37601464 |
| **Professional services: 0.5%** | **Professional services: 0.5%** | **Professional services: 0.5%** |
| Paycom Software, Inc. | 15932 | 3606845 |
| **Real estate management & development: 0.5%** | **Real estate management & development: 0.5%** | **Real estate management & development: 0.5%** |
| CoStar Group, Inc.\* | 43299 | 3211487 |
| **Semiconductors & semiconductor equipment: 6.0%** |  |  |
| ASML Holding NV, NY Reg Shrs | 351 | 234496 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | | | |
| **Semiconductors & semiconductor equipment—(continued)** |  |  |  |
| Broadcom, Inc. | 51026 | $| 9820974 |
| Lam Research Corp. | 16583 |  | 1188504 |
| NVIDIA Corp. | 261570 |  | 28490204 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 13466 |  | 2244648 |
|  |  |  | 41978826 |
| **Software: 14.5%** | **Software: 14.5%** | **Software: 14.5%** | **Software: 14.5%** |
| Adobe, Inc.\* | 15603 |  | 5850813 |
| AppLovin Corp., Class A\* | 1427 |  | 384305 |
| Fair Isaac Corp.\* | 1069 |  | 2126968 |
| HubSpot, Inc.\* | 3639 |  | 2225248 |
| Intuit, Inc. | 6210 |  | 3896589 |
| Microsoft Corp. | 117337 |  | 46378623 |
| Oracle Corp. | 86616 |  | 12188604 |
| Palo Alto Networks, Inc.\* | 13354 |  | 2496263 |
| Salesforce, Inc. | 19348 |  | 5199001 |
| ServiceNow, Inc.\* | 16016 |  | 15295440 |
| Synopsys, Inc.\* | 2556 |  | 1173230 |
| Workday, Inc., Class A\* | 20714 |  | 5074930 |
|  |  |  | 102290014 |
| **Specialty retail: 0.8%** | **Specialty retail: 0.8%** | **Specialty retail: 0.8%** | **Specialty retail: 0.8%** |
| AutoZone, Inc.\* | 1173 |  | 4413530 |
| Home Depot, Inc. | 3572 |  | 1287670 |
|  |  |  | 5701200 |
| **Technology hardware, storage & peripherals: 3.4%** | **Technology hardware, storage & peripherals: 3.4%** | **Technology hardware, storage & peripherals: 3.4%** | **Technology hardware, storage & peripherals: 3.4%** |
| Apple, Inc. | 112208 |  | 23844200 |
| **Tobacco: 2.4%** | **Tobacco: 2.4%** | **Tobacco: 2.4%** | **Tobacco: 2.4%** |
| Altria Group, Inc. | 50589 |  | 2992339 |
| Philip Morris International, Inc. | 82119 |  | 14071912 |
|  |  |  | 17064251 |
| **Trading companies & distributors: 0.3%** | **Trading companies & distributors: 0.3%** | **Trading companies & distributors: 0.3%** | **Trading companies & distributors: 0.3%** |
| WW Grainger, Inc. | 1771 |  | 1814053 |
| **Total common stocks<br> (cost—$545,971,817)** |  |  | **674954993** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short term investments: 4.8%** | **Short term investments: 4.8%** | **Short term investments: 4.8%** |
| **Investment companies: 4.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>1</sup><br> (cost—$33,692,021) | 33692021 | 33692021 |
| **Total Investments<br> (cost—$579,663,838)—100.6%** |  | **708647014** |
| Liabilities in excess of other assets—(0.6)% |  | (4070068) |
| **Net Assets—100.0%** |  | $**704576946** |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

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

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $674954993 | $— | $— | $674954993 |
| Short-term investments |  | 33692021 |  | 33692021 |
| **Total** | $**674954993** | $**33692021** | $**—** | $**708647014** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

\* Non–income producing security. <br> 1 Rate shown reflects yield at April 30, 2025.

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks: 98.8%** |  |  |  |
| **Aerospace & defense: 0.6%** |  |  |  |
| Textron, Inc. | 20000 | $| 1407400 |
| **Automobile components: 3.4%** | **Automobile components: 3.4%** | **Automobile components: 3.4%** | **Automobile components: 3.4%** |
| Gentex Corp. | 62845 |  | 1368764 |
| Goodyear Tire & Rubber Co.\* | 127980 |  | 1392422 |
| LCI Industries | 20348 |  | 1568424 |
| Lear Corp. | 29784 |  | 2553978 |
| Visteon Corp.\* | 11620 |  | 920188 |
|  |  |  | 7803776 |
| **Automobiles: 0.9%** |  |  |  |
| Thor Industries, Inc.<sup>1</sup> | 27485 |  | 1990464 |
| **Banks: 7.4%** |  |  |  |
| Atlantic Union Bankshares Corp. | 33450 |  | 926565 |
| Bank of Hawaii Corp. | 18786 |  | 1241942 |
| Columbia Banking System, Inc. | 77632 |  | 1740509 |
| First Horizon Corp. | 103000 |  | 1862240 |
| First Interstate BancSystem, Inc., Class A | 36700 |  | 961357 |
| Flagstar Financial, Inc.<sup>1</sup> | 129000 |  | 1510590 |
| Glacier Bancorp, Inc.<sup>1</sup> | 32100 |  | 1308396 |
| Independent Bank Corp. | 18800 |  | 1110892 |
| Prosperity Bancshares, Inc. | 21120 |  | 1434048 |
| SouthState Corp. | 15600 |  | 1353768 |
| Valley National Bancorp | 158999 |  | 1367400 |
| Veritex Holdings, Inc. | 49450 |  | 1151196 |
| Western Alliance Bancorp<sup>1</sup> | 18000 |  | 1254780 |
|  |  |  | 17223683 |
| **Beverages: 0.6%** |  |  |  |
| National Beverage Corp. | 29083 |  | 1291285 |
| **Biotechnology: 0.5%** |  |  |  |
| United Therapeutics Corp.\* | 4230 |  | 1282071 |
| **Building products: 3.9%** |  |  |  |
| Armstrong World Industries, Inc. | 12142 |  | 1760833 |
| Builders FirstSource, Inc.\* | 8420 |  | 1007285 |
| Lennox International, Inc. | 3334 |  | 1822864 |
| Owens Corning | 9980 |  | 1451192 |
| Resideo Technologies, Inc.\* | 91426 |  | 1534128 |
| Zurn Elkay Water Solutions Corp. | 41344 |  | 1404042 |
|  |  |  | 8980344 |
| **Capital markets: 2.9%** |  |  |  |
| Artisan Partners Asset Management, Inc., Class A | 28200 |  | 1042836 |
| Houlihan Lokey, Inc. | 9059 |  | 1468283 |
| Invesco Ltd. | 97526 |  | 1358537 |
| Janus Henderson Group PLC | 19998 |  | 664134 |
| LPL Financial Holdings, Inc. | 7102 |  | 2271148 |
|  |  |  | 6804938 |
| **Chemicals: 3.7%** |  |  |  |
| Avient Corp. | 22500 |  | 749475 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | | |
| **Chemicals—(continued)** |  |  |
| Axalta Coating Systems Ltd.\* | 38800 | $1261000 |
| Chemours Co. | 126712 | 1568694 |
| HB Fuller Co. | 25539 | 1380128 |
| Ingevity Corp.\* | 23556 | 776877 |
| Mosaic Co. | 52050 | 1582320 |
| Olin Corp. | 40638 | 878594 |
| Scotts Miracle-Gro Co. | 7888 | 397397 |
|  |  | 8594485 |
| **Commercial services & supplies: 0.4%** |  |  |
| Brink's Co. | 11687 | 1042948 |
| **Consumer finance: 0.6%** |  |  |
| Bread Financial Holdings, Inc. | 16600 | 787670 |
| Navient Corp.<sup>1</sup> | 48972 | 606273 |
|  |  | 1393943 |
| **Consumer staples distribution & retail: 3.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 29705 | 3492120 |
| Casey's General Stores, Inc.<sup>1</sup> | 3020 | 1397022 |
| Dollar Tree, Inc.\* | 17915 | 1464909 |
| Performance Food Group Co.\* | 18335 | 1478901 |
|  |  | 7832952 |
| **Containers & packaging: 1.4%** |  |  |
| Crown Holdings, Inc. | 10871 | 1047204 |
| Sealed Air Corp. | 40048 | 1103723 |
| Silgan Holdings, Inc. | 23748 | 1226584 |
|  |  | 3377511 |
| **Distributors: 0.5%** |  |  |
| Pool Corp. | 3928 | 1151454 |
| **Diversified consumer services: 0.5%** |  |  |
| ADT, Inc. | 159300 | 1277586 |
| **Diversified REITs: 0.8%** |  |  |
| WP Carey, Inc. | 28700 | 1792028 |
| **Diversified telecommunication services: 1.0%** |  |  |
| Liberty Global Ltd., Class A\* | 149638 | 1638536 |
| Sunrise Communications AG, ADR, Class A\*<sup>,1</sup> | 14297 | 770894 |
|  |  | 2409430 |
| **Electric utilities: 1.4%** |  |  |
| Evergy, Inc. | 23080 | 1594828 |
| Pinnacle West Capital Corp. | 16374 | 1558477 |
|  |  | 3153305 |
| **Electrical equipment: 0.4%** |  |  |
| Sensata Technologies Holding PLC | 47650 | 1019710 |
| **Electronic equipment, instruments & components: 4.0%** |  |  |
| Arrow Electronics, Inc.\* | 23203 | 2583886 |
| Belden, Inc. | 9400 | 969234 |
| Flex Ltd.\* | 24300 | 834462 |
| IPG Photonics Corp.\* | 17361 | 1039751 |
| Jabil, Inc. | 8300 | 1216448 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Electronic equipment, instruments & components—(continued)** |  |  |  |
| TD SYNNEX Corp. | 10200 | $| 1130160 |
| Zebra Technologies Corp., Class A\* | 5754 |  | 1440341 |
|  |  |  | 9214282 |
| **Energy equipment & services: 1.2%** |  |  |  |
| Cactus, Inc., Class A | 20950 |  | 794843 |
| Patterson-UTI Energy, Inc. | 375278 |  | 2116568 |
|  |  |  | 2911411 |
| **Entertainment: 0.8%** |  |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 12794 |  | 1134444 |
| Lions Gate Entertainment Corp., Class B\* | 99800 |  | 796404 |
|  |  |  | 1930848 |
| **Financial services: 1.9%** |  |  |  |
| Essent Group Ltd. | 22250 |  | 1266693 |
| Jack Henry & Associates, Inc. | 10570 |  | 1833155 |
| Voya Financial, Inc. | 14800 |  | 876160 |
| Walker & Dunlop, Inc. | 4736 |  | 362493 |
|  |  |  | 4338501 |
| **Food products: 0.5%** |  |  |  |
| Post Holdings, Inc.\* | 9780 |  | 1106803 |
| **Gas utilities: 2.2%** |  |  |  |
| National Fuel Gas Co. | 14300 |  | 1097954 |
| UGI Corp.<sup>1</sup> | 120678 |  | 3957032 |
|  |  |  | 5054986 |
| **Ground transportation: 1.2%** |  |  |  |
| Knight-Swift Transportation Holdings, Inc. | 18765 |  | 735025 |
| Landstar System, Inc. | 9493 |  | 1273486 |
| Ryder System, Inc. | 5984 |  | 823817 |
|  |  |  | 2832328 |
| **Health care equipment & supplies: 1.3%** |  |  |  |
| Envista Holdings Corp.\*<sup>,1</sup> | 52070 |  | 837286 |
| Globus Medical, Inc., Class A\* | 16603 |  | 1191597 |
| LivaNova PLC\* | 25616 |  | 947792 |
|  |  |  | 2976675 |
| **Health care providers & services: 1.6%** |  |  |  |
| CorVel Corp.\* | 14897 |  | 1620198 |
| Encompass Health Corp. | 10100 |  | 1181599 |
| Tenet Healthcare Corp.\* | 6820 |  | 974919 |
|  |  |  | 3776716 |
| **Hotel & resort REITs: 0.4%** | **Hotel & resort REITs: 0.4%** | **Hotel & resort REITs: 0.4%** | **Hotel & resort REITs: 0.4%** |
| Host Hotels & Resorts, Inc. | 64600 |  | 912152 |
| **Hotels, restaurants & leisure: 3.1%** |  |  |  |
| Caesars Entertainment, Inc.\*<sup>,1</sup> | 94263 |  | 2550757 |
| Marriott Vacations Worldwide Corp.<sup>1</sup> | 17125 |  | 938621 |
| Norwegian Cruise Line Holdings Ltd.\* | 58900 |  | 944167 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |  |
| Wynn Resorts Ltd.<sup>1</sup> | 33369 | $| 2679864 |
|  |  |  | 7113409 |
| **Household durables: 2.8%** |  |  |  |
| Mohawk Industries, Inc.\* | 35895 |  | 3817433 |
| Newell Brands, Inc.<sup>1</sup> | 334609 |  | 1599431 |
| TopBuild Corp.\* | 3975 |  | 1175646 |
|  |  |  | 6592510 |
| **Household products: 0.9%** | **Household products: 0.9%** | **Household products: 0.9%** | **Household products: 0.9%** |
| Reynolds Consumer Products, Inc. | 24135 |  | 555105 |
| WD-40 Co. | 6585 |  | 1503751 |
|  |  |  | 2058856 |
| **Industrial REITs: 0.7%** |  |  |  |
| First Industrial Realty Trust, Inc. | 32400 |  | 1541592 |
| **Insurance: 5.0%** |  |  |  |
| American Financial Group, Inc. | 7775 |  | 984781 |
| Assurant, Inc. | 5667 |  | 1092258 |
| Brighthouse Financial, Inc.\* | 24250 |  | 1411835 |
| First American Financial Corp. | 52951 |  | 3219950 |
| Lincoln National Corp. | 31164 |  | 993197 |
| Unum Group | 19000 |  | 1475540 |
| W.R. Berkley Corp. | 32764 |  | 2348851 |
|  |  |  | 11526412 |
| **IT services: 2.1%** |  |  |  |
| Amdocs Ltd. | 35818 |  | 3172759 |
| EPAM Systems, Inc.\* | 10843 |  | 1701375 |
|  |  |  | 4874134 |
| **Leisure products: 0.7%** |  |  |  |
| Brunswick Corp. | 15250 |  | 702262 |
| Polaris, Inc.<sup>1</sup> | 29682 |  | 1008001 |
|  |  |  | 1710263 |
| **Machinery: 6.1%** |  |  |  |
| Chart Industries, Inc.\*<sup>,1</sup> | 5650 |  | 762637 |
| Graco, Inc. | 21292 |  | 1737640 |
| ITT, Inc. | 9165 |  | 1255789 |
| JBT Marel Corp. | 8993 |  | 946603 |
| Kadant, Inc.<sup>1</sup> | 5006 |  | 1476770 |
| Oshkosh Corp. | 11575 |  | 969522 |
| Pentair PLC | 16000 |  | 1451680 |
| RBC Bearings, Inc.\* | 5836 |  | 1917535 |
| Terex Corp. | 22826 |  | 803475 |
| Timken Co.<sup>1</sup> | 15900 |  | 1021575 |
| Toro Co. | 25979 |  | 1773846 |
|  |  |  | 14117072 |
| **Marine transportation: 0.5%** |  |  |  |
| Kirby Corp.\* | 11560 |  | 1114037 |
| **Media: 0.4%** |  |  |  |
| Nexstar Media Group, Inc. | 6851 |  | 1025321 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Metals & mining: 2.1%** | **Metals & mining: 2.1%** | **Metals & mining: 2.1%** |
| Alcoa Corp. | 109637 | $2689395 |
| Commercial Metals Co. | 27550 | 1227077 |
| Reliance, Inc. | 3738 | 1077404 |
|  |  | 4993876 |
| **Mortgage real estate investment: 1.2%** |  |  |
| AGNC Investment Corp.<sup>1</sup> | 150801 | 1331573 |
| Annaly Capital Management, Inc. | 76250 | 1494500 |
|  |  | 2826073 |
| **Office REITs: 1.1%** |  |  |
| Highwoods Properties, Inc. | 44500 | 1265580 |
| Kilroy Realty Corp.<sup>1</sup> | 40500 | 1276155 |
|  |  | 2541735 |
| **Oil, gas & consumable fuels: 3.6%** |  |  |
| Antero Resources Corp.\* | 37850 | 1318315 |
| California Resources Corp. | 42418 | 1463845 |
| Chord Energy Corp. | 11900 | 1073737 |
| Core Natural Resources, Inc.<sup>1</sup> | 11250 | 812363 |
| Murphy Oil Corp.<sup>1</sup> | 43500 | 893055 |
| Ovintiv, Inc. | 21050 | 706859 |
| PBF Energy, Inc., Class A | 28145 | 483531 |
| Permian Resources Corp. | 69900 | 824820 |
| Uranium Energy Corp.\*<sup>,1</sup> | 151000 | 792750 |
|  |  | 8369275 |
| **Passenger airlines: 0.9%** |  |  |
| Alaska Air Group, Inc.\* | 23270 | 1030163 |
| SkyWest, Inc.\* | 12750 | 1136917 |
|  |  | 2167080 |
| **Pharmaceuticals: 2.4%** |  |  |
| Jazz Pharmaceuticals PLC\* | 20638 | 2413820 |
| Perrigo Co. PLC | 38650 | 994078 |
| Prestige Consumer Healthcare, Inc.\* | 26168 | 2125627 |
|  |  | 5533525 |
| **Professional services: 6.0%** |  |  |
| Broadridge Financial Solutions, Inc. | 8404 | 2037129 |
| CACI International, Inc., Class A\*<sup>,1</sup> | 7225 | 3308111 |
| Jacobs Solutions, Inc. | 8530 | 1056014 |
| Kelly Services, Inc., Class A | 72366 | 835827 |
| Korn Ferry | 38271 | 2361321 |
| ManpowerGroup, Inc. | 50216 | 2162803 |
| TransUnion | 27433 | 2275842 |
|  |  | 14037047 |
| **Real estate management & development: 0.5%** |  |  |
| Cushman & Wakefield PLC\* | 122200 | 1145014 |
| **Residential REITs: 0.8%** |  |  |
| Camden Property Trust | 15970 | 1817386 |
| **Retail REITs: 0.7%** |  |  |
| Federal Realty Investment Trust | 16566 | 1557535 |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | | |
| **Semiconductors & semiconductor equipment: 1.5%** |  |  |
| Ichor Holdings Ltd.\* | 38671 | $764913 |
| MKS Instruments, Inc.<sup>1</sup> | 11437 | 802191 |
| Qorvo, Inc.\* | 14808 | 1061289 |
| Synaptics, Inc.\* | 17019 | 947278 |
|  |  | 3575671 |
| **Software: 0.5%** |  |  |
| Dolby Laboratories, Inc., Class A | 13841 | 1062850 |
| **Specialized REITs: 1.4%** |  |  |
| Gaming & Leisure Properties, Inc. | 40050 | 1916793 |
| Lamar Advertising Co., Class A | 12660 | 1440835 |
|  |  | 3357628 |
| **Specialty retail: 2.0%** |  |  |
| American Eagle Outfitters, Inc. | 79572 | 837893 |
| Bath & Body Works, Inc. | 37000 | 1128870 |
| Sally Beauty Holdings, Inc.\* | 113800 | 926332 |
| Victoria's Secret & Co.\* | 97567 | 1834260 |
|  |  | 4727355 |
| **Textiles, apparel & luxury goods: 1.5%** |  |  |
| Capri Holdings Ltd.\*<sup>,1</sup> | 164781 | 2478306 |
| Carter's, Inc. | 10956 | 362096 |
| Steven Madden Ltd. | 27200 | 571200 |
|  |  | 3411602 |
| **Trading companies & distributors: 0.9%** |  |  |
| WESCO International, Inc. | 12365 | 2015000 |
| &nbsp;&nbsp;&nbsp;**Total common stocks<br> (cost—$238,073,583)**  |  | **229696273** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short term investments: 2.0%** | | |
| **Investment companies: 2.0%** | | |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>2</sup><br> (cost—$4,552,687) | 4552687 | 4552687 |
| **Investment of cash collateral from securities loaned: 0.2%** |  |  |
| **Money market funds: 0.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>2</sup><br> (cost $524,563) | 524563 | 524563 |
| **Total Investments**<br> (cost—$243,150,833)<sup>3</sup>—101.0% |  | **234773523** |
| Liabilities in excess of other assets—(1.0)% |  | (2236199) |
| **Net Assets—100.0%** |  | $**232537324** |

---

**PACE Small/Medium Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

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

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $229696273 | $— | $— | $229696273 |
| Short-term investments |  | 4552687 |  | 4552687 |
| Investment of cash collateral from securities loaned |  | 524563 |  | 524563 |
| **Total** | $**229696273** | $**5077250** | $**—** | $**234773523** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at April 30, 2025. |
| 3 | Includes $25,740,590 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $524,563 and non-cash collateral of $26,196,197. |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks: 99.1%** |  |  |
| **Aerospace & defense: 0.8%** |  |  |
| Axon Enterprise, Inc.\* | 1516 | $929763 |
| Embraer SA, ADR\* | 9270 | 425864 |
| Mercury Systems, Inc.\* | 11497 | 574850 |
|  |  | 1930477 |
| **Banks: 0.6%** |  |  |
| Live Oak Bancshares, Inc. | 11437 | 298963 |
| Popular, Inc. | 5287 | 504486 |
| Wintrust Financial Corp. | 4781 | 531504 |
|  |  | 1334953 |
| **Beverages: 0.0%<sup>†</sup>** |  |  |
| Zevia PBC, Class A\* | 25240 | 57042 |
| **Biotechnology: 7.3%** |  |  |
| ACADIA Pharmaceuticals, Inc.\* | 39626 | 578540 |
| ADMA Biologics, Inc.\* | 117183 | 2788955 |
| Aduro Biotech, Inc.\*<sup>,1,2</sup> | 9389 | 0 |
| Akebia Therapeutics, Inc.\* | 36441 | 87823 |
| Alector, Inc.\* | 42113 | 50536 |
| Anika Therapeutics, Inc.\* | 3413 | 49591 |
| Arcturus Therapeutics Holdings, Inc.\*<sup>,3</sup> | 8038 | 102967 |
| Arcus Biosciences, Inc.\* | 40406 | 353552 |
| Aurinia Pharmaceuticals, Inc.\* | 48262 | 397679 |
| Avita Medical, Inc.\*<sup>,3</sup> | 2029 | 19661 |
| BioCryst Pharmaceuticals, Inc.\* | 44856 | 396976 |
| Blueprint Medicines Corp.\* | 9924 | 888198 |
| Cardiff Oncology, Inc.\*<sup>,3</sup> | 6300 | 17262 |
| CareDx, Inc.\* | 41424 | 699237 |
| Catalyst Pharmaceuticals, Inc.\* | 47629 | 1156908 |
| CytomX Therapeutics, Inc.\* | 10556 | 7857 |
| Dynavax Technologies Corp.\* | 35845 | 421179 |
| Exelixis, Inc.\* | 43525 | 1704004 |
| Foghorn Therapeutics, Inc.\* | 2543 | 10681 |
| Gossamer Bio, Inc.\* | 7852 | 8009 |
| Halozyme Therapeutics, Inc.\* | 24702 | 1517197 |
| Incyte Corp.\* | 4587 | 287421 |
| Insmed, Inc.\* | 11079 | 797688 |
| Ironwood Pharmaceuticals, Inc.\* | 6700 | 6246 |
| Kura Oncology, Inc.\* | 72226 | 473803 |
| MacroGenics, Inc.\* | 7754 | 13453 |
| Mirum Pharmaceuticals, Inc.\* | 8913 | 387270 |
| Natera, Inc.\* | 4539 | 685071 |
| Neurocrine Biosciences, Inc.\* | 11677 | 1257496 |
| Prothena Corp. PLC\* | 10974 | 100961 |
| Rigel Pharmaceuticals, Inc.\* | 9484 | 185507 |
| Stoke Therapeutics, Inc.\*<sup>,3</sup> | 4734 | 46204 |
| Summit Therapeutics, Inc.\*<sup>,3</sup> | 8829 | 212955 |
| Tango Therapeutics, Inc.\* | 6000 | 8460 |
| Twist Bioscience Corp.\* | 10826 | 414852 |
| Tyra Biosciences, Inc.\*<sup>,3</sup> | 15741 | 162132 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | | |
| **Biotechnology—(continued)** | | |
| Xencor, Inc.\* | 26250 | $289275 |
| Y-mAbs Therapeutics, Inc.\* | 17100 | 72675 |
|  |  | 16658281 |
| **Broadline retail: 0.1%** |  |  |
| Etsy, Inc.\* | 583 | 25349 |
| Groupon, Inc.\*<sup>,3</sup> | 5434 | 98953 |
|  |  | 124302 |
| **Building products: 3.1%** |  |  |
| Armstrong World Industries, Inc. | 4604 | 667672 |
| CSW Industrials, Inc. | 4616 | 1442408 |
| Griffon Corp. | 12379 | 843134 |
| Insteel Industries, Inc. | 2540 | 86132 |
| JELD-WEN Holding, Inc.\* | 28300 | 156216 |
| Lennox International, Inc. | 3551 | 1941509 |
| Simpson Manufacturing Co., Inc. | 8974 | 1379214 |
| Tecnoglass, Inc. | 7368 | 525117 |
|  |  | 7041402 |
| **Capital markets: 1.4%** |  |  |
| Federated Hermes, Inc. | 6180 | 250970 |
| Houlihan Lokey, Inc. | 4560 | 739085 |
| Marex Group PLC | 25774 | 1143077 |
| Perella Weinberg Partners | 24099 | 413780 |
| Piper Sandler Cos. | 1414 | 340943 |
| StoneX Group, Inc.\* | 2343 | 207508 |
|  |  | 3095363 |
| **Chemicals: 0.4%** |  |  |
| Orion SA | 17138 | 206342 |
| RPM International, Inc. | 5770 | 615947 |
|  |  | 822289 |
| **Commercial services & supplies: 2.1%** |  |  |
| ACV Auctions, Inc., Class A\* | 93657 | 1375821 |
| CECO Environmental Corp.\*<sup>,3</sup> | 6294 | 149734 |
| Pitney Bowes, Inc. | 19892 | 172663 |
| RB Global, Inc. | 28410 | 2860887 |
| Tetra Tech, Inc. | 8142 | 253949 |
|  |  | 4813054 |
| **Communications equipment: 0.7%** |  |  |
| Calix, Inc.\* | 13285 | 543489 |
| Ciena Corp.\* | 5963 | 400475 |
| Extreme Networks, Inc.\* | 14051 | 184911 |
| Lumentum Holdings, Inc.\* | 6872 | 405723 |
|  |  | 1534598 |
| **Construction & engineering: 3.8%** |  |  |
| Argan, Inc. | 5342 | 818020 |
| Comfort Systems USA, Inc. | 89 | 35382 |
| Construction Partners, Inc., Class A\* | 3184 | 261534 |
| Dycom Industries, Inc.\* | 3320 | 556266 |
| EMCOR Group, Inc. | 3137 | 1256996 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Construction & engineering—(continued)** |  |  |
| Fluor Corp.\* | 31496 | $1098895 |
| Limbach Holdings, Inc.\*<sup>,3</sup> | 11269 | 1078894 |
| MYR Group, Inc.\* | 8543 | 1044980 |
| Primoris Services Corp. | 14982 | 898471 |
| Sterling Infrastructure, Inc.\* | 1989 | 297216 |
| WillScot Holdings Corp. | 50746 | 1274740 |
|  |  | 8621394 |
| **Construction materials: 0.2%** |  |  |
| Knife River Corp.\* | 5465 | 510322 |
| **Consumer finance: 1.5%** |  |  |
| Ally Financial, Inc. | 36426 | 1189673 |
| Atlanticus Holdings Corp.\* | 2772 | 151961 |
| Dave, Inc.\* | 6834 | 648000 |
| LendingTree, Inc.\* | 16151 | 833230 |
| NerdWallet, Inc., Class A\* | 18995 | 170195 |
| PROG Holdings, Inc. | 13690 | 360868 |
| Regional Management Corp. | 2648 | 87199 |
|  |  | 3441126 |
| **Consumer staples distribution & retail: 0.3%** |  |  |
| Guardian Pharmacy Services, Inc., Class A\* | 9827 | 246068 |
| Sprouts Farmers Market, Inc.\* | 2403 | 410913 |
|  |  | 656981 |
| **Containers & packaging: 0.1%** |  |  |
| Ardagh Metal Packaging SA | 80980 | 300436 |
| **Diversified consumer services: 4.6%** |  |  |
| Adtalem Global Education, Inc.\* | 7285 | 773667 |
| Carriage Services, Inc. | 6117 | 244435 |
| Duolingo, Inc.\* | 4583 | 1784987 |
| Grand Canyon Education, Inc.\* | 24596 | 4387188 |
| Lincoln Educational Services Corp.\* | 66005 | 1115484 |
| Mister Car Wash, Inc.\*<sup>,3</sup> | 23058 | 158178 |
| Stride, Inc.\* | 8815 | 1253934 |
| Universal Technical Institute, Inc.\* | 28494 | 799542 |
|  |  | 10517415 |
| **Diversified telecommunication services: 0.1%** |  |  |
| Bandwidth, Inc., Class A\* | 19394 | 240874 |
| **Electrical equipment: 0.5%** |  |  |
| Bloom Energy Corp., Class A\* | 6677 | 122323 |
| Powell Industries, Inc.<sup>3</sup> | 4974 | 910789 |
|  |  | 1033112 |
| **Electronic equipment, instruments & components: 1.5%** |  |  |
| Celestica, Inc.\* | 2761 | 235651 |
| Climb Global Solutions, Inc. | 870 | 91698 |
| Cognex Corp. | 38158 | 1041714 |
| Jabil, Inc. | 4191 | 614233 |
| Napco Security Technologies, Inc. | 16408 | 374923 |
| PAR Technology Corp.\*<sup>,3</sup> | 9351 | 546098 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Electronic equipment, instruments & components—(continued)** |  |  |
| Powerfleet, Inc. NJ\*,<sup>3</sup> | 91217 | $459734 |
|  |  | 3364051 |
| **Energy equipment & services: 0.1%** |  |  |
| DMC Global, Inc.\*<sup>,3</sup> | 4300 | 27907 |
| Natural Gas Services Group, Inc.\* | 8737 | 157004 |
| NPK International, Inc.\* | 25631 | 148147 |
|  |  | 333058 |
| **Entertainment: 0.6%** |  |  |
| Eventbrite, Inc., Class A\* | 32548 | 69002 |
| Madison Square Garden Entertainment Corp.\* | 8793 | 285245 |
| Roku, Inc.\* | 13618 | 928475 |
|  |  | 1282722 |
| **Financial services: 1.5%** |  |  |
| AvidXchange Holdings, Inc.\* | 128811 | 1047234 |
| NCR Atleos Corp.\* | 14781 | 412686 |
| Paymentus Holdings, Inc., Class A\* | 12705 | 412404 |
| Payoneer Global, Inc.\* | 142400 | 1001072 |
| Priority Technology Holdings, Inc.\* | 22574 | 163887 |
| Sezzle, Inc.\*<sup>,3</sup> | 6940 | 360533 |
|  |  | 3397816 |
| **Food products: 2.0%** |  |  |
| Calavo Growers, Inc. | 11367 | 313957 |
| Freshpet, Inc.\* | 34772 | 2557133 |
| Mama's Creations, Inc.\*,<sup>3</sup> | 109630 | 723558 |
| Pilgrim's Pride Corp. | 15626 | 852867 |
|  |  | 4447515 |
| **Ground transportation: 0.9%** |  |  |
| ArcBest Corp. | 6728 | 393722 |
| Lyft, Inc., Class A\* | 94937 | 1177219 |
| U-Haul Holding Co.\*<sup>,3</sup> | 4717 | 289577 |
| Werner Enterprises, Inc. | 8988 | 221644 |
|  |  | 2082162 |
| **Health care equipment & supplies: 3.9%** |  |  |
| Accuray, Inc.\* | 28056 | 43487 |
| Align Technology, Inc.\* | 1673 | 289931 |
| Artivion, Inc.\* | 10698 | 253436 |
| AtriCure, Inc.\* | 22474 | 672197 |
| Axogen, Inc.\* | 26181 | 425965 |
| Bioventus, Inc., Class A\* | 6400 | 46784 |
| Butterfly Network, Inc.\* | 92356 | 216113 |
| Embecta Corp. | 5883 | 71714 |
| Glaukos Corp.\* | 15427 | 1453995 |
| Inspire Medical Systems, Inc.\* | 7228 | 1144771 |
| iRadimed Corp. | 6013 | 315141 |
| KORU Medical Systems, Inc.\* | 29975 | 82431 |
| Masimo Corp.\* | 4831 | 777598 |
| Myomo, Inc.\* | 25599 | 120315 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Health care equipment & supplies—(continued)** |  |  |
| NeuroPace, Inc.\* | 10804 | $126299 |
| OrthoPediatrics Corp.\* | 20180 | 420147 |
| Penumbra, Inc.\* | 2652 | 776612 |
| PROCEPT BioRobotics Corp.\* | 4044 | 218295 |
| SI-BONE, Inc.\* | 37951 | 518031 |
| Tandem Diabetes Care, Inc.\* | 43131 | 726757 |
| UFP Technologies, Inc.\* | 758 | 158073 |
|  |  | 8858092 |
| **Health care providers & services: 7.0%** |  |  |
| Alignment Healthcare, Inc.\* | 18110 | 320909 |
| Astrana Health, Inc.\* | 20758 | 647027 |
| Aveanna Healthcare Holdings, Inc.\* | 11244 | 51835 |
| Chemed Corp. | 3842 | 2234161 |
| Ensign Group, Inc. | 24523 | 3163222 |
| GeneDx Holdings Corp.\* | 16248 | 1086179 |
| Guardant Health, Inc.\* | 4840 | 228593 |
| LifeStance Health Group, Inc.\* | 68200 | 448074 |
| Option Care Health, Inc.\* | 47299 | 1528231 |
| PACS Group, Inc.\* | 29582 | 284875 |
| Pennant Group, Inc.\* | 50139 | 1284561 |
| Privia Health Group, Inc.\* | 127123 | 2984848 |
| RadNet, Inc.\* | 10095 | 528776 |
| U.S. Physical Therapy, Inc. | 14759 | 1049512 |
|  |  | 15840803 |
| **Health care technology: 2.8%** |  |  |
| Certara, Inc.\* | 59037 | 818253 |
| Doximity, Inc., Class A\* | 58414 | 3322588 |
| GoodRx Holdings, Inc., Class A\*<sup>,3</sup> | 55178 | 255474 |
| HealthStream, Inc. | 3540 | 119050 |
| OptimizeRx Corp.\*<sup>,3</sup> | 19362 | 176582 |
| Phreesia, Inc.\* | 50623 | 1263550 |
| Waystar Holding Corp.\* | 12202 | 453548 |
|  |  | 6409045 |
| **Hotels, restaurants & leisure: 3.0%** |  |  |
| First Watch Restaurant Group, Inc.\* | 49335 | 871256 |
| Genius Sports Ltd.\* | 119298 | 1287225 |
| Life Time Group Holdings, Inc.\* | 12134 | 372028 |
| Lindblad Expeditions Holdings, Inc.\* | 5494 | 48567 |
| Monarch Casino & Resort, Inc. | 4923 | 384929 |
| Rush Street Interactive, Inc.\* | 138189 | 1676233 |
| Sportradar Group AG, Class A\* | 10078 | 232903 |
| Wingstop, Inc. | 6256 | 1650896 |
| Wynn Resorts Ltd. | 5261 | 422511 |
|  |  | 6946548 |
| **Household durables: 1.3%** |  |  |
| Cavco Industries, Inc.\* | 3150 | 1555627 |
| Cricut, Inc., Class A | 10070 | 50149 |
| Lovesac Co.\*<sup>,3</sup> | 6120 | 119034 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Household durables—(continued)** |  |  |
| SharkNinja, Inc.\* | 5152 | $414736 |
| Sonos, Inc.\* | 77580 | 714512 |
|  |  | 2854058 |
| **Household products: 0.4%** |  |  |
| WD-40 Co. | 3656 | 834884 |
| **Insurance: 4.3%** |  |  |
| American Coastal Insurance Corp. | 3924 | 44851 |
| AMERISAFE, Inc. | 1500 | 69735 |
| Crawford & Co., Class A | 1158 | 12877 |
| Everest Group Ltd. | 2326 | 834639 |
| Goosehead Insurance, Inc., Class A | 14987 | 1456886 |
| Kinsale Capital Group, Inc. | 9699 | 4221587 |
| Oscar Health, Inc., Class A\* | 32783 | 426507 |
| Palomar Holdings, Inc.\* | 4799 | 695951 |
| RLI Corp. | 9332 | 690661 |
| Skyward Specialty Insurance Group, Inc.\* | 10987 | 583300 |
| Trupanion, Inc.\*<sup>,3</sup> | 460 | 16836 |
| TWFG, Inc.\* | 21552 | 682767 |
| Universal Insurance Holdings, Inc. | 6213 | 150603 |
|  |  | 9887200 |
| **Interactive media & services: 0.6%** |  |  |
| EverQuote, Inc., Class A\* | 17877 | 424400 |
| MediaAlpha, Inc., Class A\* | 9263 | 77809 |
| Travelzoo\*<sup>,3</sup> | 8247 | 114386 |
| TripAdvisor, Inc.\* | 8950 | 111427 |
| Webtoon Entertainment, Inc.\*<sup>,3</sup> | 5100 | 45900 |
| Yelp, Inc.\* | 12273 | 430537 |
| ZipRecruiter, Inc., Class A\* | 14549 | 75073 |
|  |  | 1279532 |
| **IT services: 2.3%** |  |  |
| BigCommerce Holdings, Inc.\* | 20641 | 106921 |
| Couchbase, Inc.\*<sup>,3</sup> | 15575 | 274743 |
| DigitalOcean Holdings, Inc.\*<sup>,3</sup> | 26149 | 808004 |
| EPAM Systems, Inc.\* | 609 | 95558 |
| Globant SA\*<sup>,3</sup> | 19876 | 2336821 |
| Grid Dynamics Holdings, Inc.\* | 74145 | 1049893 |
| Okta, Inc.\* | 3126 | 350612 |
| Wix.com Ltd.\* | 860 | 145848 |
|  |  | 5168400 |
| **Leisure products: 0.1%** |  |  |
| Latham Group, Inc.\* | 45960 | 251171 |
| **Life sciences tools & services: 4.1%** |  |  |
| 10X Genomics, Inc., Class A\* | 46308 | 382967 |
| Adaptive Biotechnologies Corp.\* | 60047 | 441946 |
| BioLife Solutions, Inc.\* | 14401 | 347208 |
| Codexis, Inc.\*<sup>,3</sup> | 66004 | 151809 |
| Medpace Holdings, Inc.\* | 15217 | 4692771 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Life sciences tools & services—(continued)** |  |  |
| Repligen Corp.\* | 15792 | $2179138 |
| Stevanato Group SpA<sup>3</sup> | 52447 | 1094045 |
|  |  | 9289884 |
| **Machinery: 3.0%** |  |  |
| Atmus Filtration Technologies, Inc. | 13311 | 461492 |
| Energy Recovery, Inc.\* | 21737 | 335837 |
| ESCO Technologies, Inc. | 2951 | 461684 |
| Graham Corp.\* | 11886 | 362285 |
| Hillman Solutions Corp.\* | 157219 | 1098961 |
| Hyster-Yale, Inc. | 5487 | 210866 |
| Kadant, Inc.<sup>3</sup> | 8852 | 2611340 |
| Kornit Digital Ltd.\* | 58308 | 1100855 |
| Mayville Engineering Co., Inc.\* | 7781 | 99441 |
| Shyft Group, Inc.<sup>3</sup> | 19417 | 164268 |
|  |  | 6907029 |
| **Media: 0.3%** |  |  |
| Integral Ad Science Holding Corp.\* | 36004 | 254548 |
| Magnite, Inc.\* | 13366 | 158922 |
| PubMatic, Inc., Class A\* | 30296 | 295992 |
|  |  | 709462 |
| **Metals & mining: 0.5%** |  |  |
| Carpenter Technology Corp. | 2940 | 575093 |
| Century Aluminum Co.\* | 16346 | 268238 |
| U.S. Antimony Corp.\*<sup>,3</sup> | 106239 | 341027 |
|  |  | 1184358 |
| **Mortgage real estate investment: 0.0%<sup>†</sup>** |  |  |
| Angel Oak Mortgage REIT, Inc. | 1500 | 14175 |
| **Oil, gas & consumable fuels: 0.7%** |  |  |
| Berry Corp. | 24400 | 60512 |
| CVR Energy, Inc.<sup>3</sup> | 21623 | 407810 |
| Delek U.S. Holdings, Inc. | 8010 | 104290 |
| Matador Resources Co. | 6561 | 259422 |
| Range Resources Corp. | 11216 | 380559 |
| W&T Offshore, Inc.<sup>3</sup> | 26100 | 30015 |
| World Kinect Corp. | 13676 | 343131 |
|  |  | 1585739 |
| **Paper & forest products: 0.8%** |  |  |
| Louisiana-Pacific Corp. | 10631 | 917561 |
| Sylvamo Corp. | 15014 | 895135 |
|  |  | 1812696 |
| **Personal care products: 0.4%** |  |  |
| Beauty Health Co.\*<sup>,3</sup> | 71280 | 70674 |
| Herbalife Ltd.\* | 23076 | 166147 |
| Interparfums, Inc. | 2153 | 235108 |
| Lifevantage Corp.<sup>3</sup> | 19155 | 236947 |
| Oddity Tech Ltd., Class A\*<sup>,3</sup> | 5274 | 324035 |
|  |  | 1032911 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Pharmaceuticals: 1.6%** |  |  |
| Biote Corp., Class A\*<sup>,3</sup> | 5500 | $18315 |
| Corcept Therapeutics, Inc.\* | 32621 | 2344797 |
| Fulcrum Therapeutics, Inc.\* | 16282 | 62686 |
| Ligand Pharmaceuticals, Inc.\* | 6939 | 762319 |
| Pacira BioSciences, Inc.\* | 2511 | 67546 |
| Phathom Pharmaceuticals, Inc.\*<sup>,3</sup> | 23200 | 99528 |
| Phibro Animal Health Corp., Class A | 10100 | 187961 |
| SIGA Technologies, Inc. | 23023 | 127087 |
| Terns Pharmaceuticals, Inc.\* | 5731 | 18912 |
|  |  | 3689151 |
| **Professional services: 5.2%** |  |  |
| Barrett Business Services, Inc. | 30839 | 1250830 |
| CRA International, Inc. | 2291 | 371600 |
| ExlService Holdings, Inc.\* | 5440 | 263731 |
| Exponent, Inc. | 23615 | 1858028 |
| Franklin Covey Co.\* | 6871 | 139550 |
| Insperity, Inc. | 15790 | 1026508 |
| KBR, Inc. | 20773 | 1097022 |
| Kforce, Inc. | 8544 | 326381 |
| Legalzoom.com, Inc.\* | 91779 | 671823 |
| Paylocity Holding Corp.\* | 18950 | 3640295 |
| TaskUS, Inc., Class A\* | 9154 | 127790 |
| TriNet Group, Inc. | 14622 | 1145341 |
|  |  | 11918899 |
| **Real estate management & development: 0.6%** |  |  |
| Compass, Inc., Class A\* | 101935 | 786938 |
| eXp World Holdings, Inc.<sup>3</sup> | 31320 | 286891 |
| Opendoor Technologies, Inc.\*<sup>,3</sup> | 42100 | 31924 |
| Real Brokerage, Inc.\* | 56404 | 248742 |
|  |  | 1354495 |
| **Retail REITs: 0.2%** |  |  |
| Saul Centers, Inc. | 2080 | 68016 |
| Tanger, Inc. | 14644 | 461432 |
|  |  | 529448 |
| **Semiconductors & semiconductor equipment: 1.4%** |  |  |
| Ambarella, Inc.\* | 13717 | 658279 |
| Credo Technology Group Holding Ltd.\* | 4943 | 212796 |
| MaxLinear, Inc.\* | 11466 | 114545 |
| Power Integrations, Inc. | 25510 | 1253051 |
| Silicon Laboratories, Inc.\* | 5965 | 606999 |
| SiTime Corp.\* | 2257 | 331463 |
|  |  | 3177133 |
| **Software: 16.8%** |  |  |
| 8x8, Inc.\* | 53100 | 93987 |
| A10 Networks, Inc. | 25270 | 416450 |
| Agilysys, Inc.\* | 13119 | 975398 |
| Alarm.com Holdings, Inc.\* | 32965 | 1766924 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Software—(continued)** |  |  |
| Alkami Technology, Inc.\* | 66507 | $1775072 |
| Amplitude, Inc., Class A\* | 17443 | 160301 |
| Appfolio, Inc., Class A\* | 6245 | 1289717 |
| Appian Corp., Class A\* | 12295 | 381760 |
| Arteris, Inc.\* | 11480 | 76457 |
| Asana, Inc., Class A\* | 36477 | 588739 |
| AudioEye, Inc.\*<sup>,3</sup> | 7650 | 83002 |
| AvePoint, Inc.\* | 61559 | 1006490 |
| BlackLine, Inc.\* | 36549 | 1726209 |
| Blend Labs, Inc., Class A\* | 27331 | 91559 |
| CCC Intelligent Solutions Holdings, Inc.\* | 266668 | 2469346 |
| Cellebrite DI Ltd.\* | 10561 | 209002 |
| Commvault Systems, Inc.\* | 1332 | 222617 |
| CyberArk Software Ltd.\* | 1906 | 671217 |
| Descartes Systems Group, Inc.\* | 28273 | 2979691 |
| Domo, Inc., Class B\*<sup>,3</sup> | 29478 | 219022 |
| DoubleVerify Holdings, Inc.\* | 77030 | 1021418 |
| Dropbox, Inc., Class A\* | 50298 | 1436008 |
| Guidewire Software, Inc.\* | 411 | 84160 |
| InterDigital, Inc. | 6399 | 1286199 |
| Jamf Holding Corp.\* | 74753 | 864892 |
| Life360, Inc.\* | 1800 | 77220 |
| Manhattan Associates, Inc.\* | 9424 | 1671723 |
| Meridianlink, Inc.\* | 1053 | 17806 |
| Nutanix, Inc., Class A\* | 3166 | 217504 |
| Onestream, Inc.\* | 36260 | 775964 |
| Ooma, Inc.\* | 5822 | 71203 |
| Pegasystems, Inc. | 23679 | 2180362 |
| PROS Holdings, Inc.\* | 45331 | 774253 |
| Rapid7, Inc.\* | 27519 | 649999 |
| Red Violet, Inc. | 22644 | 884475 |
| RingCentral, Inc., Class A\* | 28877 | 736363 |
| SEMrush Holdings, Inc., Class A\* | 14809 | 152237 |
| Silvaco Group, Inc.\*<sup>,3</sup> | 1100 | 5852 |
| SimilarWeb Ltd.\* | 19967 | 150551 |
| SPS Commerce, Inc.\* | 22503 | 3229406 |
| Teradata Corp.\* | 21491 | 462056 |
| Weave Communications, Inc.\* | 26363 | 279448 |
| Workiva, Inc.\* | 37176 | 2798238 |
| Yext, Inc.\* | 40905 | 278154 |
| Zeta Global Holdings Corp., Class A\* | 66715 | 871298 |
|  |  | 38179749 |
| **Specialty retail: 2.1%** |  |  |
| 1-800-Flowers.com, Inc., Class A\*<sup>,3</sup> | 34913 | 193069 |
| Boot Barn Holdings, Inc.\* | 1188 | 123956 |

---

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Specialty retail—(continued)** |  |  |
| Carvana Co.\* | 2457 | $600368 |
| Five Below, Inc.\* | 27438 | 2082270 |
| Floor & Decor Holdings, Inc., Class A\* | 18844 | 1346215 |
| Genesco, Inc.\* | 4728 | 91723 |
| Leslie's, Inc.\* | 154544 | 92757 |
| Upbound Group, Inc. | 7862 | 156454 |
|  |  | 4686812 |
| **Technology hardware, storage & peripherals: 0.2%** |  |  |
| CPI Card Group, Inc.\* | 2088 | 54580 |
| Pure Storage, Inc., Class A\* | 7367 | 334167 |
|  |  | 388747 |
| **Textiles, apparel & luxury goods: 0.1%** |  |  |
| Figs, Inc., Class A\*<sup>,3</sup> | 58863 | 237218 |
| Superior Group of Cos., Inc. | 3741 | 38832 |
| Wolverine World Wide, Inc. | 1368 | 17852 |
|  |  | 293902 |
| **Trading companies & distributors: 1.2%** |  |  |
| FTAI Aviation Ltd. | 3611 | 386774 |
| Global Industrial Co. | 5120 | 131482 |
| Herc Holdings, Inc. | 6935 | 758966 |
| Karat Packaging, Inc. | 3408 | 89903 |
| Transcat, Inc.\*<sup>,3</sup> | 18523 | 1469430 |
|  |  | 2836555 |
| **Total common stocks**<br> (cost—$229,985,411) |  | **225561623** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short term investments: 1.3%** | **Short term investments: 1.3%** | **Short term investments: 1.3%** |
| **Investment companies: 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>4</sup><br> (cost—$3,058,324) | 3058324 | 3058324 |
| **Investment of cash collateral from securities loaned: 1.0%** |  |  |
| **Money market funds: 1.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>4</sup><br> (cost $2,239,229) | 2239229 | 2239229 |
| **Total Investments**<br> (cost—$235,282,964)<sup>5</sup>—101.4% |  | **230859176** |
| Liabilities in excess of other assets—(1.4)% |  | (3220463) |
| **Net Assets—100.0%** |  | $**227638713** |

---

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

**PACE Small/Medium Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $225561623 | $— | $0 | $225561623 |
| Short-term investments |  | 3058324 |  | 3058324 |
| Investment of cash collateral from securities loaned |  | 2239229 |  | 2239229 |
| **Total** | $**225561623** | $**5297553** | $**0** | $**230859176** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 2 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 3 | Security, or portion thereof, was on loan at the period end. |
| 4 | Rate shown reflects yield at April 30, 2025. |
| 5 | Includes $13,438,245 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,239,229 and non-cash collateral of $11,697,197. |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—111.7%** | **Common stocks—111.7%** | **Common stocks—111.7%** |
| **Australia—3.8%** |  |  |
| Aurizon Holdings Ltd. | 1569031 | $3071713 |
| Computershare Ltd.<sup>1</sup> | 152472 | 3984307 |
| Fortescue Ltd.<sup>1</sup> | 94243 | 973312 |
| Glencore PLC\*<sup>,1</sup> | 147674 | 484184 |
| GPT Group | 140706 | 417102 |
| Insurance Australia Group Ltd. | 357305 | 1876733 |
| Northern Star Resources Ltd.<sup>1</sup> | 342869 | 4211692 |
| Qantas Airways Ltd.<sup>1</sup> | 221634 | 1253101 |
| REA Group Ltd.1,<sup>2</sup> | 4233 | 672538 |
| Rio Tinto PLC<sup>1</sup> | 47705 | 2842714 |
| Telstra Group Ltd. | 10838 | 31280 |
| Transurban Group<sup>1</sup> | 277279 | 2498664 |
| Wesfarmers Ltd.<sup>1</sup> | 32438 | 1625022 |
| Woodside Energy Group Ltd.1,<sup>2</sup> | 169753 | 2212753 |
| Woolworths Group Ltd.<sup>1</sup> | 45685 | 922044 |
|  |  | 27077159 |
| **Austria—0.8%** |  |  |
| ANDRITZ AG | 52409 | 3766096 |
| Erste Group Bank AG | 28197 | 1909546 |
|  |  | 5675642 |
| **Canada—2.8%** |  |  |
| Brookfield Renewable Corp.<sup>2</sup> | 141914 | 4038873 |
| Canadian Pacific Kansas City Ltd. | 34410 | 2493693 |
| Constellation Software, Inc. | 2123 | 7651100 |
| Fairfax Financial Holdings Ltd. | 3796 | 5926397 |
|  |  | 20110063 |
| **China—3.3%** |  |  |
| Alibaba Group Holding Ltd., ADR | 24474 | 2922930 |
| BeiGene Ltd., ADR\* | 20621 | 5357542 |
| BOC Hong Kong Holdings Ltd. | 748500 | 3105063 |
| KE Holdings, Inc., ADR | 178653 | 3626656 |
| Prosus NV<sup>2</sup> | 101325 | 4750581 |
| SITC International Holdings Co. Ltd. | 480000 | 1329102 |
| Wharf Holdings Ltd. | 196000 | 492332 |
| Wuxi Biologics Cayman, Inc.\*,<sup>3</sup> | 726999 | 2111516 |
|  |  | 23695722 |
| **Denmark—2.8%** |  |  |
| Carlsberg AS, Class B<sup>1</sup> | 5011 | 682767 |
| Coloplast AS, Class B | 37484 | 4241804 |
| Danske Bank AS | 9456 | 331788 |
| Genmab AS\* | 29938 | 6348012 |
| Novo Nordisk AS, ADR | 67192 | 4464908 |
| Novo Nordisk AS, Class B | 38649 | 2584131 |
| Vestas Wind Systems AS | 72710 | 969384 |
|  |  | 19622794 |
| **Finland—1.3%** |  |  |
| Nordea Bank Abp | 387315 | 5363906 |
| Orion OYJ, Class B<sup>2</sup> | 26455 | 1656388 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Finland—(continued)** |  |  |
| Wartsila OYJ Abp | 130815 | $2416981 |
|  |  | 9437275 |
| **France—9.4%** |  |  |
| Air Liquide SA<sup>1</sup> | 5072 | 1042185 |
| Airbus SE<sup>1</sup> | 16762 | 2844352 |
| AXA SA<sup>1</sup> | 18299 | 865468 |
| Bouygues SA<sup>2</sup> | 150966 | 6635756 |
| Capgemini SE<sup>1</sup> | 33992 | 5426904 |
| Carrefour SA | 199894 | 3083107 |
| Cie de Saint-Gobain SA | 3571 | 388232 |
| Covivio SA<sup>2</sup> | 4944 | 277234 |
| Credit Agricole SA<sup>2</sup> | 77753 | 1458381 |
| Dassault Systemes SE | 26295 | 985435 |
| Eiffage SA | 11537 | 1569871 |
| Engie SA<sup>1</sup> | 22635 | 467828 |
| Hermes International SCA<sup>1</sup> | 1018 | 2799683 |
| Ipsen SA | 2986 | 347281 |
| Kering SA<sup>2</sup> | 13247 | 2695137 |
| Klepierre SA<sup>1</sup> | 45817 | 1677047 |
| Legrand SA | 790 | 86821 |
| L'Oreal SA\*<sup>,1</sup> | 7150 | 3159339 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>1</sup> | 997 | 552268 |
| Pernod Ricard SA | 49208 | 5333924 |
| Publicis Groupe SA<sup>1</sup> | 8586 | 873600 |
| Safran SA<sup>1</sup> | 27255 | 7253091 |
| Societe Generale SA | 9451 | 492765 |
| Teleperformance SE<sup>2</sup> | 6374 | 698941 |
| Thales SA | 17640 | 4941358 |
| TotalEnergies SE<sup>1</sup> | 12497 | 711769 |
| Unibail-Rodamco-Westfield\*<sup>,1</sup> | 4818 | 407868 |
| Vinci SA | 66519 | 9343746 |
|  |  | 66419391 |
| **Germany—8.7%** |  |  |
| adidas AG | 3734 | 859162 |
| Allianz SE, Registered Shares<sup>1</sup> | 21973 | 9087521 |
| Commerzbank AG | 28253 | 747787 |
| Continental AG | 33323 | 2605014 |
| Daimler Truck Holding AG | 16925 | 679987 |
| Deutsche Post AG | 138795 | 5930432 |
| Deutsche Telekom AG, Registered Shares<sup>1</sup> | 154503 | 5549367 |
| E.ON SE<sup>1</sup> | 15421 | 269707 |
| Evonik Industries AG | 213234 | 4791975 |
| Fresenius Medical Care AG<sup>1</sup> | 26599 | 1353239 |
| GEA Group AG | 14454 | 942974 |
| Hannover Rueck SE | 5590 | 1794388 |
| Knorr-Bremse AG | 4279 | 424377 |
| LEG Immobilien SE | 26354 | 2234007 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Germany—(continued)** |  |  |
| Mercedes-Benz Group AG | 40364 | $2413315 |
| Merck KGaA | 33254 | 4629625 |
| Rational AG | 1747 | 1498986 |
| Rheinmetall AG | 2248 | 3828461 |
| SAP SE<sup>1</sup> | 16613 | 4860776 |
| Talanx AG | 22883 | 2626239 |
| Vonovia SE<sup>1</sup> | 133546 | 4429734 |
|  |  | 61557073 |
| **Hong Kong—1.7%** |  |  |
| AIA Group Ltd.<sup>1</sup> | 699000 | 5237545 |
| CLP Holdings Ltd.<sup>1</sup> | 10000 | 85266 |
| Hong Kong Exchanges & Clearing Ltd.<sup>1</sup> | 52992 | 2315204 |
| Jardine Matheson Holdings Ltd. | 85800 | 3812528 |
| WH Group Ltd.<sup>3</sup> | 333189 | 297940 |
|  |  | 11748483 |
| **India—1.3%** |  |  |
| HDFC Bank Ltd., ADR | 66516 | 4835048 |
| Tata Consultancy Services Ltd. | 99024 | 4042147 |
|  |  | 8877195 |
| **Indonesia—0.4%** |  |  |
| Bank Rakyat Indonesia Persero Tbk. PT | 12362791 | 2863343 |
| **Ireland—0.1%** |  |  |
| Kingspan Group PLC | 10477 | 884096 |
| **Israel—1.9%** |  |  |
| Bank Hapoalim BM | 337896 | 4956458 |
| Bank Leumi Le-Israel BM | 339863 | 4826404 |
| Israel Discount Bank Ltd., Class A | 470128 | 3511613 |
| Mizrahi Tefahot Bank Ltd. | 2703 | 136873 |
| Wix.com Ltd.\* | 616 | 104468 |
|  |  | 13535816 |
| **Italy—6.7%** |  |  |
| Amplifon SpA<sup>1</sup> | 5141 | 98393 |
| Banco BPM SpA | 161519 | 1802959 |
| Coca-Cola HBC AG<sup>1</sup> | 51058 | 2658780 |
| Enel SpA | 957388 | 8299571 |
| Eni SpA | 122646 | 1756479 |
| Ferrari NV<sup>2</sup> | 10684 | 4890930 |
| FinecoBank Banca Fineco SpA<sup>2</sup> | 209813 | 4198552 |
| Intesa Sanpaolo SpA | 1165067 | 6219460 |
| Moncler SpA<sup>2</sup> | 1736 | 107148 |
| Prysmian SpA<sup>2</sup> | 841 | 46198 |
| Recordati Industria Chimica e Farmaceutica SpA<sup>2</sup> | 25228 | 1488662 |
| Ryanair Holdings PLC, ADR | 79691 | 3814011 |
| Snam SpA<sup>2</sup> | 1310928 | 7524044 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Italy—(continued)** |  |  |
| UniCredit SpA<sup>1</sup> | 72299 | $4206418 |
|  |  | 47111605 |
| **Japan—25.9%** |  |  |
| Advantest Corp. | 10800 | 451828 |
| ANA Holdings, Inc.<sup>1</sup> | 57400 | 1102621 |
| Asahi Kasei Corp. | 99900 | 696177 |
| Asics Corp. | 51500 | 1106943 |
| Astellas Pharma, Inc.<sup>2</sup> | 230300 | 2306258 |
| Bandai Namco Holdings, Inc. | 53200 | 1848834 |
| Canon, Inc.<sup>1</sup> | 87100 | 2687882 |
| Central Japan Railway Co.<sup>1</sup> | 3300 | 69445 |
| Daifuku Co. Ltd.<sup>2</sup> | 57200 | 1513195 |
| Dai-ichi Life Holdings, Inc. | 190400 | 1374773 |
| Daiichi Sankyo Co. Ltd. | 44900 | 1148569 |
| Daito Trust Construction Co. Ltd.<sup>1</sup> | 21200 | 2360345 |
| Denso Corp. | 86600 | 1118173 |
| Dentsu Group, Inc.<sup>2</sup> | 38500 | 807196 |
| Disco Corp. | 2100 | 406307 |
| ENEOS Holdings, Inc.<sup>1</sup> | 132700 | 638848 |
| FANUC Corp.<sup>2</sup> | 148113 | 3759058 |
| Fast Retailing Co. Ltd.<sup>1</sup> | 11200 | 3684181 |
| Fuji Electric Co. Ltd. | 17400 | 773721 |
| FUJIFILM Holdings Corp.<sup>2</sup> | 281500 | 5765787 |
| Fujitsu Ltd. | 353600 | 7855384 |
| Hitachi Ltd. | 267800 | 6618814 |
| Honda Motor Co. Ltd. | 342800 | 3487901 |
| Hoya Corp.<sup>1</sup> | 2700 | 317698 |
| Hulic Co. Ltd.<sup>1</sup> | 47700 | 498794 |
| Inpex Corp.<sup>1</sup> | 167700 | 2097842 |
| Isuzu Motors Ltd. | 64600 | 868769 |
| ITOCHU Corp.<sup>1</sup> | 11800 | 603487 |
| Japan Airlines Co. Ltd.<sup>1</sup> | 51800 | 938482 |
| Japan Tobacco, Inc.<sup>1</sup> | 23800 | 733231 |
| Kao Corp.<sup>1</sup> | 26900 | 1151899 |
| Kawasaki Kisen Kaisha Ltd.<sup>2</sup> | 145400 | 1994060 |
| KDDI Corp.<sup>1,2</sup> | 529300 | 9381105 |
| Keyence Corp.<sup>1</sup> | 14333 | 5992506 |
| Komatsu Ltd. | 8700 | 251600 |
| Konami Group Corp.<sup>2</sup> | 18500 | 2642095 |
| Kyocera Corp.<sup>2</sup> | 102500 | 1214802 |
| Lasertec Corp.<sup>2</sup> | 28100 | 2612466 |
| LY Corp.<sup>1</sup> | 576700 | 2181091 |
| Makita Corp. | 62900 | 1839451 |
| MatsukiyoCocokara & Co.<sup>1</sup> | 120100 | 2204630 |
| Minebea Mitsumi, Inc.<sup>2</sup> | 247000 | 3620038 |
| Mitsubishi Electric Corp. | 219600 | 4248249 |
| Mitsubishi UFJ Financial Group, Inc. | 30800 | 388053 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 73100 | 724468 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** |  |  |
| MS&AD Insurance Group Holdings, Inc. | 64000 | $1454707 |
| Murata Manufacturing Co. Ltd.<sup>1</sup> | 47900 | 682410 |
| Nexon Co. Ltd.<sup>1,2</sup> | 28400 | 445587 |
| NIDEC Corp.<sup>2</sup> | 164300 | 2919828 |
| Nippon Building Fund, Inc.<sup>1</sup> | 2764 | 2565570 |
| Nippon Telegraph & Telephone Corp. | 3414400 | 3568992 |
| Nippon Yusen KK<sup>1,2</sup> | 55000 | 1797010 |
| Nitto Denko Corp.<sup>1</sup> | 135000 | 2372870 |
| Obayashi Corp. | 204200 | 3168199 |
| Ono Pharmaceutical Co. Ltd.<sup>2</sup> | 134400 | 1547069 |
| Oracle Corp. Japan | 7600 | 913683 |
| ORIX Corp.<sup>1</sup> | 10000 | 200600 |
| Otsuka Corp. | 81900 | 1816465 |
| Panasonic Holdings Corp. | 463200 | 5311034 |
| Recruit Holdings Co. Ltd.<sup>1</sup> | 100046 | 5544074 |
| SCREEN Holdings Co. Ltd.<sup>2</sup> | 21800 | 1449635 |
| SCSK Corp.<sup>2</sup> | 55200 | 1443779 |
| Secom Co. Ltd.<sup>2</sup> | 114500 | 4210214 |
| Sekisui House Ltd.<sup>2</sup> | 24600 | 565559 |
| SoftBank Corp. | 31900 | 48272 |
| Sompo Holdings, Inc. | 90400 | 2962507 |
| Sony Group Corp.<sup>1</sup> | 384200 | 10136266 |
| Subaru Corp. | 66400 | 1202366 |
| Sumitomo Corp. | 3900 | 95224 |
| Sumitomo Electric Industries Ltd. | 19500 | 313431 |
| Sumitomo Mitsui Financial Group, Inc. | 98600 | 2352321 |
| Sumitomo Mitsui Trust Group, Inc. | 56200 | 1390317 |
| Suzuki Motor Corp.<sup>2</sup> | 535484 | 6417057 |
| Sysmex Corp.<sup>1</sup> | 25700 | 477073 |
| T&D Holdings, Inc. | 61400 | 1306506 |
| TDK Corp.<sup>1</sup> | 9800 | 104580 |
| Tokio Marine Holdings, Inc.<sup>1</sup> | 92700 | 3715634 |
| Tokyo Electron Ltd. | 20800 | 3097085 |
| Toyota Industries Corp.<sup>2</sup> | 50000 | 5863743 |
| Trend Micro, Inc. | 25200 | 1808115 |
| Yokogawa Electric Corp. | 86300 | 1867545 |
|  |  | 183222383 |
| **Jordan—0.2%** |  |  |
| Hikma Pharmaceuticals PLC | 39870 | 1056537 |
| **Luxembourg—0.1%** |  |  |
| ArcelorMittal SA<sup>2</sup> | 17936 | 530398 |
| Eurofins Scientific SE<sup>2</sup> | 8280 | 522521 |
|  |  | 1052919 |
| **Macau—0.2%** |  |  |
| Galaxy Entertainment Group Ltd. | 471000 | 1701062 |
| **Netherlands—3.0%** |  |  |
| Adyen NV\*<sup>,2,3</sup> | 3578 | 5789965 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Netherlands—(continued)** |  |  |
| ASM International NV<sup>2</sup> | 1545 | $755176 |
| ASML Holding NV<sup>1</sup> | 4761 | 3187213 |
| ASML Holding NV, NY Reg Shrs<sup>2</sup> | 6126 | 4092658 |
| Heineken NV<sup>1</sup> | 7669 | 686492 |
| Koninklijke Philips NV<sup>1,2</sup> | 207302 | 5261287 |
| NN Group NV | 19268 | 1181521 |
|  |  | 20954312 |
| **Norway—1.5%** |  |  |
| DNB Bank ASA | 197841 | 4945650 |
| Equinor ASA<sup>1</sup> | 26671 | 603715 |
| Gjensidige Forsikring ASA | 12293 | 287642 |
| Norsk Hydro ASA<sup>1</sup> | 357339 | 1895474 |
| Telenor ASA | 213419 | 3205549 |
|  |  | 10938030 |
| **Poland—0.1%** |  |  |
| InPost SA\* | 42653 | 720489 |
| **Singapore—5.2%** |  |  |
| CapitaLand Ascendas REIT | 276200 | 562801 |
| DBS Group Holdings Ltd. | 330178 | 10727214 |
| Grab Holdings Ltd., Class A\* | 19753 | 96395 |
| Oversea-Chinese Banking Corp. Ltd. | 182000 | 2252389 |
| Sea Ltd., ADR\*<sup>,1</sup> | 34568 | 4633840 |
| Singapore Exchange Ltd. | 301700 | 3318957 |
| Singapore Technologies Engineering Ltd. | 555600 | 3154831 |
| Singapore Telecommunications Ltd. | 960800 | 2779781 |
| United Overseas Bank Ltd. | 362998 | 9640804 |
|  |  | 37167012 |
| **South Africa—0.1%** |  |  |
| Anglo American PLC | 37168 | 1014626 |
| **Spain—3.6%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 28607 | 1792366 |
| Banco Bilbao Vizcaya Argentaria SA | 309046 | 4241359 |
| Banco Santander SA<sup>1,2</sup> | 1581668 | 11136304 |
| CaixaBank SA | 92132 | 706119 |
| Endesa SA<sup>1</sup> | 92760 | 2785822 |
| Iberdrola SA<sup>1</sup> | 128959 | 2324596 |
| Industria de Diseno Textil SA<sup>1</sup> | 40851 | 2196762 |
|  |  | 25183328 |
| **Sweden—2.6%** |  |  |
| AddTech AB, Class B<sup>2</sup> | 6448 | 216926 |
| Alfa Laval AB<sup>2</sup> | 41424 | 1718095 |
| Assa Abloy AB, Class B | 156024 | 4735949 |
| Atlas Copco AB, Class A<sup>2</sup> | 175905 | 2722780 |
| Epiroc AB, Class A<sup>2</sup> | 2118 | 45822 |
| Hexagon AB, Class B<sup>1,2</sup> | 112835 | 1098174 |
| Sagax AB, Class B<sup>1,2</sup> | 48442 | 1101052 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Sweden—(continued)** |  |  |
| Skanska AB, Class B | 99501 | $2312068 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>1</sup> | 123781 | 1045625 |
| Volvo AB, Class B | 134721 | 3662191 |
|  |  | 18658682 |
| **Switzerland—2.3%** |  |  |
| ABB Ltd., Registered Shares | 83945 | 4433198 |
| Chocoladefabriken Lindt & Spruengli AG<sup>1</sup> | 4 | 566570 |
| Cie Financiere Richemont SA, Class A<sup>1</sup> | 9389 | 1659085 |
| Givaudan SA<sup>1</sup> | 100 | 482436 |
| Lonza Group AG, Registered Shares<sup>2</sup> | 950 | 682584 |
| Schindler Holding AG | 1173 | 429019 |
| SGS SA, Registered Shares<sup>1</sup> | 11715 | 1144101 |
| Sika AG, Registered Shares<sup>1</sup> | 7132 | 1782340 |
| Temenos AG, Registered Shares<sup>2</sup> | 39098 | 2800604 |
| Zurich Insurance Group AG<sup>1</sup> | 2961 | 2100150 |
|  |  | 16080087 |
| **Taiwan—0.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 22863 | 3811033 |
| **United Kingdom—12.6%** |  |  |
| Admiral Group PLC | 9261 | 402784 |
| Associated British Foods PLC | 288910 | 7963847 |
| AstraZeneca PLC | 41602 | 5960185 |
| BAE Systems PLC | 114563 | 2655873 |
| British American Tobacco PLC<sup>1</sup> | 170732 | 7436804 |
| Centrica PLC | 1813458 | 3882671 |
| CK Hutchison Holdings Ltd. | 859000 | 4843968 |
| Compass Group PLC<sup>1</sup> | 66489 | 2241665 |
| DCC PLC | 10695 | 699002 |
| Halma PLC<sup>1</sup> | 44626 | 1647218 |
| HSBC Holdings PLC | 440429 | 4909629 |
| Imperial Brands PLC<sup>1</sup> | 124375 | 5103486 |
| InterContinental Hotels Group PLC | 12869 | 1373250 |
| Kingfisher PLC | 846945 | 3255229 |
| Land Securities Group PLC<sup>2</sup> | 202318 | 1603227 |
| Lloyds Banking Group PLC | 9887923 | 9714663 |
| Marks & Spencer Group PLC<sup>1</sup> | 684854 | 3558874 |
| Next PLC<sup>1</sup> | 4201 | 693066 |
| RELX PLC<sup>1</sup> | 46979 | 2563886 |
| Rolls-Royce Holdings PLC<sup>1</sup> | 164376 | 1663891 |
| SSE PLC<sup>2</sup> | 359041 | 8094964 |
| Unilever PLC<sup>1</sup> | 4896 | 311728 |
| United Utilities Group PLC<sup>1</sup> | 99825 | 1500805 |
| Vodafone Group PLC | 2154945 | 2117665 |
| WPP PLC<sup>2</sup> | 618158 | 4792304 |
|  |  | 88990684 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **United States—8.8%** | | | |
| Atlassian Corp., Class A\* | 16643 | $| 3799763 |
| BP PLC | 726692 |  | 3355421 |
| Experian PLC<sup>1</sup> | 22850 |  | 1136811 |
| GSK PLC<sup>1</sup> | 394825 |  | 7810703 |
| Nestle SA, Registered Shares<sup>1,2</sup> | 93769 |  | 9980527 |
| Novartis AG, Registered Shares | 75357 |  | 8595009 |
| Roche Holding AG<sup>1</sup> | 19366 |  | 6332418 |
| Sanofi SA | 56884 |  | 6222645 |
| Shell PLC<sup>1</sup> | 203013 |  | 6551584 |
| Spotify Technology SA\*<sup>,1</sup> | 1078 |  | 661870 |
| Swiss Re AG | 5232 |  | 939166 |
| Waste Connections, Inc. | 34542 |  | 6826536 |
|  |  |  | 62212453 |
| **Total common stocks**<br> (cost—$639,219,086) |  |  | **791379294** |
| **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** | **Preferred stocks—0.2%** |
| **Germany—0.2%** |  |  |  |
| Sartorius AG | 3119 |  | 809676 |
| Volkswagen AG | 5351 |  | 582244 |
| **Total preferred stocks** <br> (cost—$1,404,352) |  |  | **1391920** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> warrants** | |
| **Warrant: 0.0%<sup>†</sup>** | **Warrant: 0.0%<sup>†</sup>** | **Warrant: 0.0%<sup>†</sup>** |
| **Canada: 0.0%<sup>†</sup>** | | |
| Constellation Software, Inc. expires 03/31/40\*<sup>,2,4,5</sup><br> (cost $0) | 2948 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments: 0.9%** |  |  |
| **Investment companies: 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>6</sup> (cost $6,037,648) | 6037648 | 6037648 |
| **Investment of cash collateral from securities loaned—11.5%** |  |  |
| **Money market funds—11.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>6</sup> (cost $81,786,176) | 81786176 | 81786176 |
| **Total investments before investments sold short**<br> (Cost—$728,447,262)—124.3 |  | **880595038** |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short: (13.7)%** |  |  |
| **Common stocks—(13.4)%** |  |  |
| **Australia—(1.1)%** |  |  |
| ANZ Group Holdings Ltd. | (12685) | $(242566) |
| APA Group | (1784) | (9387) |
| Aristocrat Leisure Ltd. | (86906) | (3711673) |
| BlueScope Steel Ltd. | (107375) | (1644605) |
| Pro Medicus Ltd. | (2795) | (409832) |
| Washington H Soul Pattinson & Co. Ltd. | (50598) | (1204363) |
| Westpac Banking Corp. | (18429) | (386735) |
|  |  | **(7609161)** |
| **Belgium—(0.4)%** |  |  |
| D'ieteren Group | (3757) | (750276) |
| Sofina SA | (2382) | (665512) |
| Syensqo SA | (14397) | (1029857) |
| UCB SA | (1659) | (304160) |
|  |  | **(2749805)** |
| **China—(0.0)%<sup>†</sup>** |  |  |
| Wilmar International Ltd. | (65000) | (152456) |
| **Denmark—(0.7)%** |  |  |
| Coloplast AS, Class B | (2315) | (261973) |
| DSV AS | (16147) | (3422513) |
| Zealand Pharma AS | (22672) | (1603502) |
|  |  | **(5287988)** |
| **Finland—(0.1)%** |  |  |
| Fortum OYJ | (11044) | (185170) |
| Neste OYJ | (36153) | (375027) |
|  |  | **(560197)** |
| **France—(0.3)%** |  |  |
| Bollore SE | (80373) | (497141) |
| Kering SA | (1934) | (393477) |
| Sodexo SA | (16344) | (1037465) |
|  |  | **(1928083)** |
| **Germany—(0.1)%** |  |  |
| BASF SE | (6119) | (312494) |
| Deutsche Lufthansa AG | (59479) | (427395) |
|  |  | **(739889)** |
| **Hong Kong—(1.1)%** |  |  |
| CK Asset Holdings Ltd. | (598000) | (2443047) |
| CK Infrastructure Holdings Ltd. | (106500) | (717773) |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **Hong Kong—(continued)** |  |  |
| Henderson Land Development Co. Ltd. | (24000) | $(68062) |
| Hongkong Land Holdings Ltd. | (389400) | (1905724) |
| Prudential PLC | (12318) | (130974) |
| Sino Land Co. Ltd. | (1565136) | (1608490) |
| Swire Pacific Ltd., Class A | (85500) | (739375) |
|  |  | **(7613445)** |
| **Ireland—(0.1)%** |  |  |
| Kerry Group PLC, Class A | (9511) | (1006851) |
| **Italy—(0.2)%** |  |  |
| Davide Campari-Milano NV | (36419) | (244380) |
| Snam SpA | (1) | (6) |
| Telecom Italia SpA | (2131169) | (844016) |
|  |  | **(1088402)** |
| **Japan—(4.1)%** |  |  |
| Aeon Co. Ltd. | (47700) | (1410545) |
| East Japan Railway Co. | (10000) | (216769) |
| FUJIFILM Holdings Corp. | (94300) | (1931488) |
| Hankyu Hanshin Holdings, Inc. | (5300) | (151168) |
| Hikari Tsushin, Inc. | (6200) | (1719741) |
| Japan Exchange Group, Inc. | (59400) | (660870) |
| JFE Holdings, Inc. | (148100) | (1724775) |
| Kyocera Corp. | (243300) | (2883525) |
| MEIJI Holdings Co. Ltd. | (30300) | (744981) |
| Nippon Steel Corp. | (71300) | (1500702) |
| Nissan Motor Co. Ltd. | (794400) | (1891171) |
| Nissin Foods Holdings Co. Ltd. | (2500) | (55122) |
| Nitori Holdings Co. Ltd. | (17300) | (2058436) |
| Olympus Corp. | (109500) | (1434778) |
| Omron Corp. | (23700) | (703533) |
| Resona Holdings, Inc. | (50400) | (404298) |
| Ricoh Co. Ltd. | (32900) | (346046) |
| Shiseido Co. Ltd. | (26300) | (432404) |
| SMC Corp. | (11300) | (3657142) |
| SoftBank Group Corp. | (7300) | (369158) |
| Sumitomo Metal Mining Co. Ltd. | (49000) | (1087164) |
| Tokyo Gas Co. Ltd. | (16600) | (551498) |
| Toyota Industries Corp. | (8600) | (1008564) |
| Yakult Honsha Co. Ltd. | (76500) | (1571465) |
| Yaskawa Electric Corp. | (24800) | (522518) |
|  |  | **(29037861)** |
| **Netherlands—(0.4)%** |  |  |
| Akzo Nobel NV | (17200) | (1085914) |
| Randstad NV | (35022) | (1405773) |
| Wolters Kluwer NV | (1727) | (304917) |
|  |  | **(2796604)** |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **New Zealand—(0.1)%** |  |  |
| Auckland International Airport Ltd. | (76822) | $(343207) |
| Fisher & Paykel Healthcare Corp. Ltd. | (31636) | (638193) |
| Xero Ltd. | (457) | (48128) |
|  |  | **(1029528)** |
| **Norway—(0.0)%<sup>†</sup>** |  |  |
| Salmar ASA | (835) | (41262) |
| **Portugal—(0.1)%** |  |  |
| Galp Energia SGPS SA | (10494) | (162592) |
| Jeronimo Martins SGPS SA | (17108) | (414054) |
|  |  | **(576646)** |
| **Singapore—(0.3)%** |  |  |
| Keppel Ltd. | (374000) | (1880360) |
| **Spain—(0.0)%<sup>†</sup>** |  |  |
| EDP Renovaveis SA | (3195) | (29920) |
| **Sweden—(0.9)%** |  |  |
| EQT AB | (53845) | (1555987) |
| H & M Hennes & Mauritz AB, Class B | (25590) | (370814) |
| Investor AB, Class B | (114926) | (3405080) |
| Nibe Industrier AB, Class B | (328848) | (1402340) |
|  |  | **(6734221)** |
| **Switzerland—(0.9)%** |  |  |
| Avolta AG | (7434) | (338751) |
| Galderma Group AG | (15580) | (1809548) |
| SIG Group AG | (36482) | (703736) |
| Swatch Group AG | (10103) | (1753297) |
| Swiss Life Holding AG, Registered Shares | (2051) | (2047841) |
|  |  | **(6653173)** |
| **United Kingdom—(2.0)%** |  |  |
| Ashtead Group PLC | (2656) | (142182) |
| Barratt Redrow PLC | (130411) | (813007) |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United Kingdom—(continued)** |  |  |
| Croda International PLC | (14183) | $(559856) |
| Entain PLC | (101311) | (866099) |
| JD Sports Fashion PLC | (426621) | (449149) |
| Kingfisher PLC | (145974) | (561050) |
| Melrose Industries PLC | (196187) | (1140497) |
| Pearson PLC | (209229) | (3354199) |
| Rentokil Initial PLC | (271431) | (1243505) |
| Schroders PLC | (181528) | (799845) |
| Segro PLC | (52746) | (479812) |
| Severn Trent PLC | (44994) | (1673653) |
| Smith & Nephew PLC | (81042) | (1140470) |
| WPP PLC | (99092) | (768216) |
|  |  | **(13991540)** |
| **United States—(0.5)%** |  |  |
| Haleon PLC | (272140) | (1369373) |
| Stellantis NV | (1711) | (15921) |
| Tenaris SA | (126232) | (2104911) |
|  |  | **(3490205)** |
| **Total common stocks<br> (cost—$(93667144))** |  | **(94997597)** |
| **Preferred stocks: (0.3)%** |  |  |
| Porsche Automobil Holding SE<br> (cost$(1684981)) | (43391) | (1789048) |
| **Rights: (0.0)%<sup>†</sup>** |  |  |
| EDP Renovaveis SA<br> (cost$(306)) | (3195) | (326) |
| **Total investments sold short**<br> (proceeds—$(95352431)) |  | **(96786971)** |
| **Total investments**<br> (cost $633,094,831)<sup>7</sup>—110.6% |  | **783808067** |
| Liabilities in excess of other assets—(10.6)% |  | (75301311) |
| **Net assets—100.0%** |  | $**708506756** |

---

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

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $69157721 | $722221573 | $— | $791379294 |
| Preferred stocks |  | 1391920 |  | 1391920 |
| Warrant |  |  | 0 | 0 |
| Short-term investments |  | 6037648 |  | 6037648 |
| Investment of cash collateral from securities loaned |  | 81786176 |  | 81786176 |
| **Total** | $**69157721** | $**811437317** | $**0** | $**880595038** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| Common stocks | $— | $(94997597) | $— | $(94997597) |
| Preferred stocks |  | (1789048) |  | (1789048) |
| Rights | (326) |  |  | (326) |
| **Total** | $**(326)** | $**(96786645)** | $**—** | $**(96786971)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, pledged as collateral for investments sold short. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $8,199,421, represented 1.2% of the Portfolio's net assets at period end. |
| 4 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 5 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 6 | Rate shown reflects yield at April 30, 2025. |
| 7 | Includes $95,742,946 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $81,786,176 and non-cash collateral of $19,180,462. |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.7%** | **Common stocks—98.7%** | **Common stocks—98.7%** |
| **Argentina—0.1%** |  |  |
| Grupo Financiero Galicia SA, ADR\* | 4335 | $261834 |
| YPF SA, ADR\* | 5036 | 150073 |
|  |  | 411907 |
| **Brazil—11.1%** |  |  |
| Ambev SA | 688000 | 1766325 |
| Atacadao SA | 645500 | 972490 |
| B3 SA - Brasil Bolsa Balcao | 1487700 | 3536307 |
| Banco Bradesco SA, ADR | 2102854 | 5173021 |
| Banco Bradesco SA | 398420 | 858599 |
| Banco BTG Pactual SA | 258900 | 1738576 |
| Embraer SA, ADR\* | 13386 | 614953 |
| Itau Unibanco Holding SA, ADR | 646165 | 4077301 |
| Localiza Rent a Car SA | 293000 | 2217964 |
| Lojas Renner SA | 386540 | 995101 |
| MercadoLibre, Inc.\* | 2494 | 5813140 |
| NU Holdings Ltd., Class A\* | 152262 | 1892617 |
| Petroleo Brasileiro SA, ADR | 362697 | 4094849 |
| PRIO SA\* | 431100 | 2560704 |
| Raia Drogasil SA | 768644 | 2687135 |
| Sendas Distribuidora SA | 717900 | 1162525 |
| Vale SA | 299100 | 2785904 |
| WEG SA | 329500 | 2591805 |
|  |  | 45539316 |
| **Chile—0.2%** |  |  |
| Sociedad Quimica y Minera de Chile SA, ADR | 25148 | 860062 |
| **China—29.6%** |  |  |
| Alibaba Group Holding Ltd. | 646839 | 9657323 |
| Alibaba Group Holding Ltd., ADR | 18909 | 2258302 |
| ANTA Sports Products Ltd. | 185200 | 2188289 |
| Beijing New Building Materials PLC, Class A | 628400 | 2422741 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 1004550 | 1541201 |
| Budweiser Brewing Co. APAC Ltd.<sup>1</sup> | 2334400 | 2466591 |
| BYD Co. Ltd., Class H | 14000 | 664947 |
| BYD Co. Ltd., Class A | 77500 | 3771812 |
| Chagee Holdings Ltd., ADR\*<sup>,2</sup> | 21798 | 730015 |
| China International Capital Corp. Ltd., Class H<sup>1</sup> | 1049783 | 1805823 |
| China Jushi Co. Ltd., Class A | 1379156 | 2225903 |
| China Overseas Land & Investment Ltd. | 2225887 | 3949056 |
| China Resources Land Ltd. | 307549 | 1034782 |
| Contemporary Amperex Technology Co. Ltd., Class A | 134120 | 4288300 |
| Country Garden Services Holdings Co. Ltd. | 1456152 | 1300024 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **China—(continued)** | **China—(continued)** | **China—(continued)** |
| Fuyao Glass Industry Group Co. Ltd., Class A | 324800 | $2598597 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 618200 | 3879078 |
| Haidilao International Holding Ltd.<sup>1</sup> | 227000 | 511103 |
| Hengli Petrochemical Co. Ltd., Class A | 1206030 | 2538503 |
| Huaming Power Equipment Co. Ltd., Class A | 418367 | 863547 |
| Industrial & Commercial Bank of China Ltd., Class H | 4167000 | 2854442 |
| Kuaishou Technology\*<sup>,1</sup> | 580707 | 3832835 |
| Li Auto, Inc., ADR\*<sup>,2</sup> | 70951 | 1730495 |
| Li Auto, Inc., Class A\* | 123351 | 1502991 |
| Li Ning Co. Ltd. | 874500 | 1648728 |
| Longfor Group Holdings Ltd.<sup>1</sup> | 2289000 | 3061702 |
| Meituan, Class B\*<sup>,1</sup> | 410500 | 6796828 |
| NARI Technology Co. Ltd., Class A | 390800 | 1192373 |
| NetEase, Inc. | 294084 | 6321733 |
| PICC Property & Casualty Co. Ltd., Class H | 1010000 | 1859854 |
| Ping An Insurance Group Co. of China Ltd., Class A | 582000 | 4066748 |
| SITC International Holdings Co. Ltd. | 508132 | 1406999 |
| Tencent Holdings Ltd. | 333211 | 20409488 |
| Tongwei Co. Ltd., Class A | 666899 | 1498096 |
| Trip.com Group Ltd., ADR | 42702 | 2518991 |
| Trip.com Group Ltd. | 73550 | 4430710 |
| Xiaomi Corp., Class B\*<sup>,1</sup> | 266800 | 1708107 |
| Yum China Holdings, Inc. | 25199 | 1091369 |
| Yum China Holdings, Inc. | 23700 | 1107204 |
| Zijin Mining Group Co. Ltd., Class H | 872000 | 1905043 |
|  |  | 121640673 |
| **Congo—0.6%** |  |  |
| Ivanhoe Mines Ltd., Class A\*<sup>,2</sup> | 254656 | 2260982 |
| **Ghana—0.0%<sup>†</sup>** |  |  |
| Kosmos Energy Ltd.\*<sup>,2</sup> | 112699 | 173556 |
| **Greece—1.2%** |  |  |
| Eurobank Ergasias Services & Holdings SA | 791940 | 2247546 |
| Piraeus Financial Holdings SA | 448140 | 2516767 |
|  |  | 4764313 |
| **Hong Kong—1.7%** |  |  |
| AIA Group Ltd. | 432800 | 3242932 |
| Melco Resorts & Entertainment Ltd., ADR\* | 255546 | 1316062 |
| Sino Biopharmaceutical Ltd. | 2556144 | 1283693 |
| WH Group Ltd.<sup>1</sup> | 1430035 | 1278748 |
|  |  | 7121435 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hungary—0.4%** |  |  |
| OTP Bank Nyrt | 24853 | $1835842 |
| **India—14.6%** |  |  |
| Asian Paints Ltd. | 35389 | 1016356 |
| Bharat Electronics Ltd. | 848686 | 3156709 |
| Bharti Airtel Ltd. | 127766 | 2818292 |
| Britannia Industries Ltd. | 32915 | 2119034 |
| DLF Ltd. | 193358 | 1542298 |
| Eternal Ltd.\* | 615803 | 1685443 |
| GMR Airports Ltd.\* | 1053798 | 1086358 |
| HDFC Bank Ltd. | 282864 | 6424958 |
| HDFC Bank Ltd., ADR | 43979 | 3196834 |
| Hindalco Industries Ltd. | 156978 | 1160218 |
| ICICI Bank Ltd. | 349313 | 5871698 |
| Indian Oil Corp. Ltd. | 915119 | 1491984 |
| Infosys Ltd. | 88712 | 1568245 |
| InterGlobe Aviation Ltd.\*<sup>,1</sup> | 65597 | 4087435 |
| Kotak Mahindra Bank Ltd. | 133224 | 3481917 |
| Macrotech Developers Ltd.<sup>1</sup> | 263726 | 4149471 |
| MakeMyTrip Ltd.\* | 18411 | 1929841 |
| Marico Ltd. | 296108 | 2489489 |
| Oberoi Realty Ltd. | 65159 | 1264910 |
| Pidilite Industries Ltd. | 56648 | 2036498 |
| Polycab India Ltd. | 31838 | 2077585 |
| SBI Life Insurance Co. Ltd.<sup>1</sup> | 60359 | 1262353 |
| Supreme Industries Ltd. | 34109 | 1428705 |
| Tata Consultancy Services Ltd. | 69548 | 2838941 |
|  |  | 60185572 |
| **Indonesia—2.1%** |  |  |
| Bank Central Asia Tbk. PT | 7714900 | 4101937 |
| Bank Mandiri Persero Tbk. PT | 8765492 | 2588515 |
| Bank Rakyat Indonesia Persero Tbk. PT | 9295576 | 2152946 |
|  |  | 8843398 |
| **Luxembourg—0.7%** |  |  |
| Zabka Group SA\*<sup>,2</sup> | 469373 | 2678914 |
| **Macau—1.0%** |  |  |
| Galaxy Entertainment Group Ltd. | 491000 | 1773294 |
| Sands China Ltd.\* | 1201600 | 2152004 |
|  |  | 3925298 |
| **Mexico—2.3%** |  |  |
| BBB Foods, Inc., Class A\* | 45188 | 1380945 |
| Grupo Financiero Banorte SAB de CV, Class O | 462700 | 3976146 |
| Wal-Mart de Mexico SAB de CV | 1347500 | 4270525 |
|  |  | 9627616 |
| **Peru—1.2%** |  |  |
| Credicorp Ltd. | 25096 | 5074160 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Poland—0.7%** |  |  |
| LPP SA | 295 | $1207362 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 86322 | 1659620 |
|  |  | 2866982 |
| **Russia—0.0%<sup>†</sup>** |  |  |
| Alrosa PJSC<sup>3,4</sup> | 215380 | 0 |
| Rosneft Oil Co. PJSC<sup>3,4</sup> | 126429 | 0 |
|  |  | 0 |
| **Saudi Arabia—0.4%** |  |  |
| Saudi Arabian Oil Co.<sup>1</sup> | 259812 | 1756588 |
| **Singapore—1.3%** |  |  |
| Grab Holdings Ltd., Class A\* | 538290 | 2626855 |
| Sea Ltd., ADR\* | 18921 | 2536360 |
|  |  | 5163215 |
| **South Africa—5.9%** |  |  |
| Absa Group Ltd.<sup>2</sup> | 272035 | 2510590 |
| Capitec Bank Holdings Ltd. | 22878 | 4246298 |
| Clicks Group Ltd. | 98986 | 2108450 |
| FirstRand Ltd. | 567906 | 2223546 |
| Gold Fields Ltd., ADR | 109906 | 2477281 |
| Impala Platinum Holdings Ltd.\* | 208484 | 1239881 |
| MTN Group Ltd.<sup>2</sup> | 999805 | 6617024 |
| Naspers Ltd., Class N | 6662 | 1751721 |
| Standard Bank Group Ltd.<sup>2</sup> | 97078 | 1212325 |
|  |  | 24387116 |
| **South Korea—8.2%** |  |  |
| DB Insurance Co. Ltd. | 16781 | 1081121 |
| Hana Financial Group, Inc. | 56754 | 2573800 |
| Hyundai Mobis Co. Ltd. | 15311 | 2874006 |
| KB Financial Group, Inc. | 56046 | 3542034 |
| NAVER Corp. | 9124 | 1283798 |
| Samsung Biologics Co. Ltd.\*<sup>,1</sup> | 5392 | 3990449 |
| Samsung Electro-Mechanics Co. Ltd. | 24176 | 1994611 |
| Samsung Electronics Co. Ltd. | 262243 | 10232075 |
| SK Hynix, Inc. | 44465 | 5548035 |
| WONIK IPS Co. Ltd. | 46203 | 735995 |
|  |  | 33855924 |
| **Taiwan—10.6%** |  |  |
| Advantech Co. Ltd. | 140000 | 1466663 |
| ASPEED Technology, Inc. | 14000 | 1317069 |
| Chailease Holding Co. Ltd. | 418445 | 1505605 |
| Delta Electronics, Inc. | 167000 | 1749859 |
| MediaTek, Inc. | 167469 | 7116271 |
| Realtek Semiconductor Corp. | 43000 | 706880 |
| Sinbon Electronics Co. Ltd. | 201000 | 1400419 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 588475 | 16674175 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Taiwan—(continued)** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 37455 | $6243374 |
| Voltronic Power Technology Corp. | 34000 | 1594302 |
| Yageo Corp. | 227753 | 3265565 |
| Zhen Ding Technology Holding Ltd. | 221931 | 679866 |
|  |  | 43720048 |
| **Thailand—1.3%** |  |  |
| CP ALL PCL | 25600 | 39418 |
| Kasikornbank PCL | 598300 | 2857172 |
| SCB X PCL | 733100 | 2612242 |
|  |  | 5508832 |
| **United Arab Emirates—0.6%** |  |  |
| Aldar Properties PJSC | 1135958 | 2558125 |
| **United Kingdom—0.4%** |  |  |
| Anglogold Ashanti PLC | 34402 | 1450388 |
| **United States—1.0%** |  |  |
| Las Vegas Sands Corp. | 113127 | 4148367 |
| **Vietnam—0.7%** |  |  |
| Hoa Phat Group JSC\* | 1608988 | 1579181 |
| Masan Group Corp.\* | 281200 | 678186 |
| Vincom Retail JSC\* | 515220 | 470439 |
|  |  | 2727806 |
| **Zambia—0.8%** |  |  |
| First Quantum Minerals Ltd.\* | 234310 | 3146002 |
| **Total common stocks**<br> (cost—$379,895,641) |  | **406232437** |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Preferred stocks—0.5%** |  |  |
| **Brazil—0.5%** |  |  |
| Itau Unibanco Holding SA<br> (cost $1,680,500) | 294250 | $1844782 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short-term investments: 1.1%** |  |  |
| **Investment companies: 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>5</sup><br> (cost $4,588,036) | 4588036 | 4588036 |
| **Investment of cash collateral from securities loaned—0.5%** |  |  |
| **Money market funds—0.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>5</sup><br> (cost $2,018,212) | 2018212 | 2018212 |
| **Total investments**<br> (cost $388,182,389)<sup>6</sup>—100.8% |  | **414683467** |
| Liabilities in excess of other assets—(0.8)% |  | (3204914) |
| **Net assets—100.0%** |  | $**411478553** |

---

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 April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Common stocks | $111580210 | $294652227 | $0 | $406232437 |
| Preferred stocks | 1844782 |  |  | 1844782 |
| Short-term investments |  | 4588036 |  | 4588036 |
| Investment of cash collateral from securities loaned |  | 2018212 |  | 2018212 |
| **Total** | $**113424992** | $**301258475** | $**0** | $**414683467** |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $36,708,033, represented 8.9% of the Portfolio's net assets at period end. |
| 2 | Security, or portion thereof, was on loan at the period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | Rate shown reflects yield at April 30, 2025. |
| 6 | Includes $7,651,998 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,018,212 and non-cash collateral of $6,257,376. |

---

**PACE Global Real Estate Securities Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.5%** | **Common stocks—98.5%** | **Common stocks—98.5%** |
| **Australia—7.8%** |  |  |
| Charter Hall Group | 57246 | $618940 |
| Goodman Group<sup>1</sup> | 105325 | 2016325 |
| National Storage REIT<sup>1</sup> | 380015 | 558779 |
| Scentre Group<sup>1</sup> | 422201 | 978132 |
|  |  | 4172176 |
| **Belgium—1.9%** |  |  |
| Shurgard Self Storage Ltd. | 25145 | 1043293 |
| **Canada—1.7%** |  |  |
| Canadian Apartment Properties REIT | 29263 | 893640 |
| **France—1.2%** |  |  |
| Unibail-Rodamco-Westfield\* | 7388 | 625431 |
| **Germany—2.5%** |  |  |
| Vonovia SE | 39630 | 1314531 |
| **Hong Kong—2.1%** |  |  |
| Link REIT | 242500 | 1135350 |
| **Japan—5.8%** |  |  |
| Japan Metropolitan Fund Invest | 1006 | 670277 |
| KDX Realty Investment Corp.<sup>1</sup> | 484 | 504022 |
| Mitsui Fudosan Co. Ltd.<sup>1</sup> | 165600 | 1641203 |
| Star Asia Investment Corp. | 823 | 315381 |
|  |  | 3130883 |
| **Singapore—0.7%** |  |  |
| Parkway Life Real Estate Investment Trust | 118300 | 383227 |
| **Spain—2.0%** |  |  |
| Cellnex Telecom SA\*<sup>,1,2</sup> | 26618 | 1077213 |
| **United Kingdom—7.6%** |  |  |
| Big Yellow Group PLC | 62846 | 846088 |
| Derwent London PLC | 23379 | 606423 |
| Grainger PLC | 294013 | 843508 |
| Segro PLC<sup>1</sup> | 95232 | 866293 |
| Shaftesbury Capital PLC | 344562 | 625891 |
| UNITE Group PLC | 23095 | 265339 |
|  |  | 4053542 |
| **United Republic Of Tanzania—1.1%** |  |  |
| Helios Towers PLC\* | 415888 | 598321 |
| **United States—64.1%** |  |  |
| American Homes 4 Rent, Class A | 34710 | 1297807 |
| American Tower Corp. | 3584 | 807869 |
| Americold Realty Trust, Inc. | 37553 | 726275 |
| BXP, Inc. | 15368 | 979403 |
| Digital Realty Trust, Inc. | 12826 | 2059086 |
| DigitalBridge Group, Inc. | 17158 | 144127 |

---

**PACE Global Real Estate Securities Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Douglas Emmett, Inc. | 24906 | $344450 |
| Equinix, Inc. | 3457 | 2975613 |
| Equity LifeStyle Properties, Inc. | 20180 | 1307260 |
| Essex Property Trust, Inc. | 5392 | 1505177 |
| Extra Space Storage, Inc. | 11708 | 1715456 |
| Federal Realty Investment Trust | 13126 | 1234107 |
| Healthcare Realty Trust, Inc.<sup>1</sup> | 59761 | 928088 |
| Highwoods Properties, Inc. | 33281 | 946512 |
| Kimco Realty Corp. | 68314 | 1364914 |
| Lamar Advertising Co., Class A<sup>1</sup> | 6978 | 794166 |
| Mid-America Apartment Communities, Inc. | 9260 | 1478359 |
| NNN REIT, Inc. | 24945 | 1025489 |
| Prologis, Inc. | 39185 | 4004707 |
| Rexford Industrial Realty, Inc. | 33034 | 1093425 |
| Ryman Hospitality Properties, Inc. | 7535 | 662703 |
| SBA Communications Corp. | 3422 | 832915 |
| Simon Property Group, Inc. | 10246 | 1612516 |
| Sun Communities, Inc. | 10019 | 1246664 |
| Sunstone Hotel Investors, Inc. | 41756 | 348245 |
| Ventas, Inc. | 27404 | 1920472 |
| Weyerhaeuser Co. | 39027 | 1011190 |
|  |  | 34366995 |
| **Total common stocks<br> (cost—$55,466,801)** |  | **52794602** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| **Short-term investments: 2.1%** | **Short-term investments: 2.1%** | **Short-term investments: 2.1%** |
| **Investment companies: 2.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>3</sup><br> (cost $1,141,397) | 1141397 | 1141397 |
| **Investment of cash collateral from securities loaned—8.5%** |  |  |
| **Money market funds—8.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.313%<sup>3</sup><br> (cost $4,572,480) | 4572480 | 4572480 |
| **Total investments<br> (cost $61,180,678)<sup>4</sup>—109.1%** |  | **58508479** |
| Liabilities in excess of other assets—(9.1)% |  | (4884368) |
| **Net assets—100.0%** |  | $**53624111** |

---

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 <br> Portfolio of investments – April 30, 2025 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $35260635 | $17533967 | $— | $52794602 |
| Short-term investments |  | 1141397 |  | 1141397 |
| Investment of cash collateral from securities loaned |  | 4572480 |  | 4572480 |
| **Total** | $**35260635** | $**23247844** | $**—** | $**58508479** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,077,213, represented 2.0% of the Portfolio's net assets at period end. |
| 3 | Rate shown reflects yield at April 30, 2025. |
| 4 | Includes $7,450,029 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,572,480 and non-cash collateral of $3,226,414. |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—28.2%** | **Common stocks—28.2%** | **Common stocks—28.2%** |
| **Australia—0.1%** | **Australia—0.1%** | **Australia—0.1%** |
| Cochlear Ltd. | 14 | $2452 |
| Coles Group Ltd. | 112 | 1521 |
| Goodman Group | 2065 | 39532 |
| Pro Medicus Ltd. | 7 | 1026 |
| REA Group Ltd. | 61 | 9692 |
| Rio Tinto Ltd. | 1014 | 75865 |
| Rio Tinto PLC | 391 | 23299 |
| Westpac Banking Corp. | 225 | 4722 |
|  |  | 158109 |
| **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** | **Austria—0.0%<sup>†</sup>** |
| ANDRITZ AG | 307 | 22061 |
| Erste Group Bank AG | 24 | 1625 |
| OMV AG | 213 | 11013 |
| Raiffeisen Bank International AG | 401 | 10711 |
|  |  | 45410 |
| **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** | **Belgium—0.0%<sup>†</sup>** |
| Ackermans & van Haaren NV | 82 | 20056 |
| Elia Group SA | 226 | 24503 |
| Groupe Bruxelles Lambert NV | 20 | 1650 |
| KBC Group NV | 18 | 1660 |
|  |  | 47869 |
| **Bermuda—0.0%<sup>†</sup>** | **Bermuda—0.0%<sup>†</sup>** | **Bermuda—0.0%<sup>†</sup>** |
| Hamilton Insurance Group Ltd., Class B<sup>\*,1</sup> | 1528 | 28268 |
| Teekay Corp. Ltd. | 704 | 5076 |
|  |  | 33344 |
| **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** | **Brazil—0.0%<sup>†</sup>** |
| Cosan SA | 823 | 1127 |
| **Canada—6.5%** | **Canada—6.5%** | **Canada—6.5%** |
| ADENTRA, Inc. | 14820 | 290358 |
| Advantage Energy Ltd.<sup>\*,1</sup> | 103950 | 738191 |
| Agnico Eagle Mines Ltd.<sup>1</sup> | 2600 | 305708 |
| AtkinsRealis Group, Inc.<sup>1</sup> | 5790 | 286728 |
| Bank of Nova Scotia | 82 | 4103 |
| Black Diamond Group Ltd. | 162920 | 961968 |
| Boralex, Inc., Class A | 63 | 1399 |
| Brookfield Business Partners LP<sup>1</sup> | 52390 | 1158343 |
| Brookfield Infrastructure Partners LP<sup>1</sup> | 11540 | 346315 |
| CAE, Inc.<sup><sup>\*</sup></sup> | 1240 | 31022 |
| CAE, Inc.<sup>\*,1</sup> | 14960 | 374299 |
| Canadian Natural Resources Ltd.<sup>1</sup> | 16220 | 465352 |
| Canadian Tire Corp. Ltd., Class A | 2214 | 242310 |
| Chartwell Retirement Residences<sup>1</sup> | 179418 | 2252811 |
| Computer Modelling Group Ltd. | 30620 | 176577 |
| dentalcorp Holdings Ltd.<sup>1</sup> | 71130 | 433921 |
| Descartes Systems Group, Inc.<sup>\*,1</sup> | 2960 | 311954 |
| Dollarama, Inc. | 469 | 57868 |
| DREAM Unlimited Corp., Class A<sup>1</sup> | 25460 | 351077 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Canada—(continued)** |  |  |
| Dye & Durham Ltd. | 17240 | $111799 |
| Empire Co. Ltd., Class A | 2214 | 82226 |
| Enerflex Ltd.<sup>1</sup> | 78270 | 512110 |
| European Residential Real Estate Investment Trust | 1184543 | 2199645 |
| Fairfax Financial Holdings Ltd.<sup>1</sup> | 793 | 1235494 |
| Gildan Activewear, Inc. | 27 | 1244 |
| Headwater Exploration, Inc.<sup>1</sup> | 50890 | 206720 |
| Hydro One Ltd.<sup>2</sup> | 317 | 12196 |
| IGM Financial, Inc. | 988 | 31397 |
| Kelt Exploration Ltd.<sup>\*,1</sup> | 60430 | 245034 |
| Kinross Gold Corp. | 15575 | 229908 |
| MAG Silver Corp.<sup>1</sup> | 7510 | 116856 |
| NorthWest Healthcare Properties Real Estate Investment Trust<sup>1</sup> | 173960 | 620835 |
| Open Text Corp. | 2293 | 62074 |
| Parkland Corp. | 521 | 13125 |
| Pason Systems, Inc.<sup>1</sup> | 30100 | 239735 |
| Pembina Pipeline Corp.<sup>1</sup> | 12660 | 483612 |
| Power Corp. of Canada | 1759 | 66578 |
| Premium Brands Holdings Corp.<sup>1</sup> | 15990 | 909224 |
| RB Global, Inc.<sup>1</sup> | 8800 | 886160 |
| Royal Bank of Canada | 145 | 17404 |
| Russel Metals, Inc.<sup>1</sup> | 8700 | 252430 |
| Shopify, Inc., Class A<sup><sup>\*</sup></sup> | 77 | 7324 |
| Sylogist Ltd. | 20950 | 129323 |
| Teck Resources Ltd., Class B<sup>1</sup> | 10530 | 357915 |
| TECSYS, Inc. | 8760 | 269294 |
| Teekay Tankers Ltd., Class A | 119 | 5066 |
| Telesat Corp.<sup>\*,1</sup> | 5360 | 83514 |
| TELUS Corp. | 88 | 1355 |
| West Fraser Timber Co. Ltd. | 121 | 8959 |
| WSP Global, Inc. | 258 | 45731 |
|  |  | 18234591 |
| **Cayman Islands—0.0%<sup>†</sup>** |  |  |
| Patria Investments Ltd., Class A | 439 | 4601 |
| **China—0.1%** |  |  |
| BOC Hong Kong Holdings Ltd. | 47000 | 194974 |
| Tencent Holdings Ltd. | 1079 | 66090 |
| Yangzijiang Shipbuilding Holdings Ltd.<sup><sup>\*</sup></sup> | 80000 | 137037 |
|  |  | 398101 |
| **Denmark—0.2%** |  |  |
| AP Moller - Maersk AS, Class B | 12 | 20662 |
| AP Moller - Maersk AS, Class A | 67 | 114507 |
| Bavarian Nordic AS<sup><sup>\*</sup></sup> | 821 | 19520 |
| Danske Bank AS | 500 | 17544 |
| DSV AS | 157 | 33278 |
| Jyske Bank AS, Registered Shares | 45 | 3691 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Denmark—(continued)** | **Denmark—(continued)** | **Denmark—(continued)** | **Denmark—(continued)** |
| Netcompany Group AS<sup><sup>\*</sup>,2</sup> | 262 | $| 11828 |
| NKT AS<sup><sup>\*</sup></sup> | 58 |  | 4722 |
| Novo Nordisk AS, Class B | 647 |  | 43259 |
| Rockwool AS, Class B | 3837 |  | 175160 |
|  |  |  | 444171 |
| **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 |  | 8018 |
| **Finland—0.2%** | **Finland—0.2%** | **Finland—0.2%** | **Finland—0.2%** |
| Fortum OYJ | 909 |  | 15241 |
| Hiab OYJ, Class B | 434 |  | 20651 |
| Kemira OYJ | 866 |  | 17869 |
| Konecranes OYJ | 305 |  | 20434 |
| Nokia OYJ | 28624 |  | 143096 |
| Wartsila OYJ Abp | 12402 |  | 229144 |
|  |  |  | 446435 |
| **France—0.2%** | **France—0.2%** | **France—0.2%** | **France—0.2%** |
| Arkema SA | 17 |  | 1292 |
| AXA SA | 294 |  | 13905 |
| Carrefour SA | 10266 |  | 158340 |
| Cie Generale des Etablissements Michelin SCA | 532 |  | 19453 |
| Dassault Aviation SA | 60 |  | 21634 |
| Eiffage SA | 113 |  | 15376 |
| Engie SA | 10618 |  | 219456 |
| Gaztransport Et Technigaz SA | 77 |  | 12551 |
| Hermes International SCA | 9 |  | 24752 |
| Ipsen SA | 171 |  | 19888 |
| La Francaise des Jeux SACA<sup>2</sup> | 13 |  | 463 |
| LVMH Moet Hennessy Louis Vuitton SE | 18 |  | 9971 |
| Rubis SCA | 1480 |  | 48175 |
| SCOR SE | 458 |  | 14431 |
| Sodexo SA | 57 |  | 3618 |
| Sopra Steria Group | 47 |  | 9637 |
| Technip Energies NV | 338 |  | 11534 |
| Teleperformance SE | 29 |  | 3180 |
| TotalEnergies SE | 99 |  | 5639 |
| Valeo SE | 1358 |  | 13487 |
| Veolia Environnement SA | 46 |  | 1680 |
|  |  |  | 628462 |
| **Georgia—0.0%<sup>†</sup>** | **Georgia—0.0%<sup>†</sup>** | **Georgia—0.0%<sup>†</sup>** | **Georgia—0.0%<sup>†</sup>** |
| TBC Bank Group PLC | 264 |  | 16696 |
| **Germany—0.6%** | **Germany—0.6%** | **Germany—0.6%** | **Germany—0.6%** |
| adidas AG | 90 |  | 20708 |
| Aurubis AG | 202 |  | 17636 |
| Bayer AG, Registered Shares | 127 |  | 3328 |
| Bayerische Motoren Werke AG | 2900 |  | 245971 |
| Bechtle AG | 469 |  | 20009 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
| Continental AG | 213 | $| 16651 |
| Deutsche Bank AG, Registered Shares | 9599 |  | 251689 |
| Deutsche Boerse AG | 7 |  | 2255 |
| Deutsche Post AG | 112 |  | 4785 |
| E.ON SE | 1786 |  | 31236 |
| Freenet AG | 417 |  | 17340 |
| Fresenius Medical Care AG | 379 |  | 19282 |
| GEA Group AG | 237 |  | 15462 |
| Mercedes-Benz Group AG | 305 |  | 18236 |
| Rheinmetall AG | 38 |  | 64716 |
| RWE AG | 6090 |  | 236500 |
| SAP SE | 93 |  | 27211 |
| Siemens AG, Registered Shares | 2371 |  | 545950 |
| Talanx AG | 125 |  | 14346 |
| thyssenkrupp AG | 935 |  | 10723 |
|  |  |  | 1584034 |
| **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 |  | 5358 |
| Prudential PLC | 1532 |  | 16289 |
| Swire Pacific Ltd., Class A | 2500 |  | 21619 |
| WH Group Ltd.<sup>2</sup> | 76500 |  | 68407 |
|  |  |  | 111673 |
| **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** | **Ireland—0.2%** |
| Accenture PLC, Class A | 60 |  | 17949 |
| AerCap Holdings NV | 3620 |  | 383720 |
| AIB Group PLC | 1562 |  | 10498 |
| Ardmore Shipping Corp. | 479 |  | 4570 |
| Bank of Ireland Group PLC | 774 |  | 9088 |
| Kingspan Group PLC | 419 |  | 35357 |
|  |  |  | 461182 |
| **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** | **Israel—0.0%<sup>†</sup>** |
| Plus500 Ltd. | 477 |  | 19553 |
| Sapiens International Corp. NV | 178 |  | 4876 |
|  |  |  | 24429 |
| **Italy—0.1%** | **Italy—0.1%** | **Italy—0.1%** | **Italy—0.1%** |
| Azimut Holding SpA | 724 |  | 20119 |
| Banca Monte dei Paschi di Siena SpA | 1692 |  | 14309 |
| Brunello Cucinelli SpA | 13 |  | 1468 |
| Enel SpA | 510 |  | 4421 |
| Generali | 483 |  | 17653 |
| Hera SpA | 4180 |  | 19789 |
| Prysmian SpA | 679 |  | 37299 |
| Telecom Italia SpA<sup><sup>\*</sup></sup> | 27838 |  | 11025 |
| Terna - Rete Elettrica Nazionale | 2068 |  | 20564 |
| UniCredit SpA | 88 |  | 5120 |
| Webuild SpA | 8484 |  | 30780 |
|  |  |  | 182547 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—0.8%** | **Japan—0.8%** | **Japan—0.8%** |
| Bank of Nagoya Ltd. | 1400 | $73711 |
| Capcom Co. Ltd. | 58 | 1679 |
| Daiichi Sankyo Co. Ltd. | 843 | 21564 |
| Daikin Industries Ltd. | 12 | 1367 |
| Disco Corp. | 4 | 774 |
| ENEOS Holdings, Inc. | 50300 | 242156 |
| FANUC Corp. | 4645 | 117888 |
| Fast Retailing Co. Ltd. | 125 | 41118 |
| Furukawa Electric Co. Ltd. | 600 | 18949 |
| Idemitsu Kosan Co. Ltd. | 26700 | 165460 |
| IHI Corp. | 1730 | 135515 |
| ITOCHU Corp. | 76 | 3887 |
| Itochu Enex Co. Ltd. | 1250 | 13491 |
| Kansai Electric Power Co., Inc. | 700 | 8624 |
| KDDI Corp. | 206 | 3651 |
| Mitsubishi Chemical Group Corp. | 6500 | 31600 |
| Mitsubishi Electric Corp. | 17921 | 346689 |
| MIXI, Inc. | 1200 | 26664 |
| MS&AD Insurance Group Holdings, Inc. | 10559 | 240004 |
| Nintendo Co. Ltd. | 317 | 26317 |
| Niterra Co. Ltd. | 44 | 1370 |
| Osaka Gas Co. Ltd. | 6800 | 172435 |
| Panasonic Holdings Corp. | 139 | 1594 |
| Recruit Holdings Co. Ltd. | 551 | 30534 |
| Shizuoka Financial Group, Inc. | 6500 | 72231 |
| Sompo Holdings, Inc. | 49 | 1606 |
| Sony Group Corp. | 2989 | 78858 |
| Sumitomo Corp. | 5800 | 141615 |
| Sumitomo Mitsui Financial Group, Inc. | 243 | 5797 |
| Sumitomo Mitsui Trust Group, Inc. | 5600 | 138537 |
| Tohoku Electric Power Co., Inc. | 171 | 1229 |
| Tokio Marine Holdings, Inc. | 2419 | 96959 |
| Toyota Tsusho Corp. | 79 | 1570 |
| Unicharm Corp. | 3699 | 34346 |
|  |  | 2299789 |
| **Luxembourg—0.0%<sup>†</sup>** | **Luxembourg—0.0%<sup>†</sup>** | **Luxembourg—0.0%<sup>†</sup>** |
| ArcelorMittal SA | 377 | 11148 |
| **Malta—0.0%<sup>†</sup>** | **Malta—0.0%<sup>†</sup>** | **Malta—0.0%<sup>†</sup>** |
| Gambling.com Group Ltd.<sup><sup>\*</sup></sup> | 372 | 4788 |
| **Monaco—0.0%<sup>†</sup>** | **Monaco—0.0%<sup>†</sup>** | **Monaco—0.0%<sup>†</sup>** |
| Scorpio Tankers, Inc. | 125 | 4711 |
| **Netherlands—0.4%** | **Netherlands—0.4%** | **Netherlands—0.4%** |
| ABN AMRO Bank NV<sup>2</sup> | 588 | 12185 |
| Adyen NV<sup><sup>\*</sup>,2</sup> | 1 | 1618 |
| ASM International NV | 3 | 1466 |
| BE Semiconductor Industries NV | 81 | 8773 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
| Heineken Holding NV | 249 | $| 19469 |
| NN Group NV | 226 |  | 13858 |
| NXP Semiconductors NV<sup>1</sup> | 4966 |  | 915284 |
| SBM Offshore NV | 749 |  | 15747 |
| Wolters Kluwer NV | 9 |  | 1589 |
|  |  |  | 989989 |
| **New Zealand—0.0%<sup>†</sup>** | **New Zealand—0.0%<sup>†</sup>** | **New Zealand—0.0%<sup>†</sup>** | **New Zealand—0.0%<sup>†</sup>** |
| Mercury NZ Ltd. | 7450 |  | 24722 |
| Xero Ltd.<sup><sup>\*</sup></sup> | 777 |  | 81828 |
|  |  |  | 106550 |
| **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** |
| Aker Solutions ASA | 35516 |  | 96394 |
| Mowi ASA | 745 |  | 13661 |
| Salmar ASA | 114 |  | 5633 |
| Schibsted ASA, Class A | 415 |  | 12630 |
| TOMRA Systems ASA<sup><sup>\*</sup></sup> | 97 |  | 1530 |
|  |  |  | 129848 |
| **Portugal—0.0%<sup>†</sup>** | **Portugal—0.0%<sup>†</sup>** | **Portugal—0.0%<sup>†</sup>** | **Portugal—0.0%<sup>†</sup>** |
| Galp Energia SGPS SA | 191 |  | 2959 |
| **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** | **Spain—0.0%<sup>†</sup>** |
| Amadeus IT Group SA | 35 |  | 2755 |
| Banco Santander SA | 8203 |  | 57756 |
| EDP Renovaveis SA | 215 |  | 2013 |
| Endesa SA | 659 |  | 19792 |
| Iberdrola SA | 1404 |  | 25308 |
| Industria de Diseno Textil SA | 66 |  | 3549 |
| Telefonica SA | 2125 |  | 10917 |
|  |  |  | 122090 |
| **Sweden—0.2%** | **Sweden—0.2%** | **Sweden—0.2%** | **Sweden—0.2%** |
| Assa Abloy AB, Class B | 43 |  | 1305 |
| Atlas Copco AB, Class A | 169 |  | 2616 |
| Atlas Copco AB, Class B | 100 |  | 1389 |
| Avanza Bank Holding AB | 583 |  | 19373 |
| EQT AB | 46 |  | 1329 |
| Essity AB, Class B | 10036 |  | 290232 |
| Nibe Industrier AB, Class B | 633 |  | 2699 |
| Saab AB, Class B | 1377 |  | 64119 |
| Securitas AB, Class B | 1373 |  | 21758 |
| SSAB AB, Class B | 3094 |  | 19232 |
| Telefonaktiebolaget LM Ericsson, Class B | 24771 |  | 209250 |
| Volvo AB, Class A | 1965 |  | 53598 |
|  |  |  | 686900 |
| **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** |
| Bucher Industries AG, Registered Shares | 45 |  | 19437 |
| Kuehne & Nagel International AG, Registered Shares | 6 |  | 1382 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Switzerland—(continued)** | **Switzerland—(continued)** | **Switzerland—(continued)** | **Switzerland—(continued)** |
| Logitech International SA, Registered Shares | 255 | $| 19377 |
| Schindler Holding AG | 406 |  | 148492 |
| Schindler Holding AG, Registered Shares | 308 |  | 109200 |
| SFS Group AG<sup><sup>\*</sup></sup> | 76 |  | 10273 |
| Zurich Insurance Group AG | 34 |  | 24115 |
|  |  |  | 332276 |
| **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** | **Taiwan—0.0%<sup>†</sup>** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 165 |  | 27504 |
| **Thailand—0.0%<sup>†</sup>** | **Thailand—0.0%<sup>†</sup>** | **Thailand—0.0%<sup>†</sup>** | **Thailand—0.0%<sup>†</sup>** |
| Fabrinet<sup><sup>\*</sup></sup> | 24 |  | 4921 |
| **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** | **United Kingdom—0.5%** |
| 3i Group PLC | 38 |  | 2154 |
| Ashtead Group PLC | 17 |  | 910 |
| AstraZeneca PLC | 99 |  | 14183 |
| Auto Trader Group PLC<sup>2</sup> | 128 |  | 1438 |
| B&M European Value Retail SA | 1028 |  | 4623 |
| Balfour Beatty PLC | 2986 |  | 18264 |
| Barclays PLC | 37021 |  | 147478 |
| Berkeley Group Holdings PLC | 84 |  | 4682 |
| Centrica PLC | 7340 |  | 15715 |
| CK Hutchison Holdings Ltd. | 22000 |  | 124060 |
| Compass Group PLC | 785 |  | 26466 |
| Computacenter PLC | 664 |  | 21476 |
| Drax Group PLC | 2438 |  | 20111 |
| easyJet PLC | 410 |  | 2718 |
| Future PLC | 975 |  | 9272 |
| Grafton Group PLC, CDI | 387 |  | 4685 |
| HSBC Holdings PLC | 2357 |  | 26274 |
| IG Group Holdings PLC | 1397 |  | 19911 |
| Imperial Brands PLC | 2103 |  | 86293 |
| Inchcape PLC | 2005 |  | 17966 |
| Intermediate Capital Group PLC | 49 |  | 1233 |
| Intertek Group PLC | 316 |  | 19407 |
| ITV PLC | 13096 |  | 14115 |
| J Sainsbury PLC | 2630 |  | 9347 |
| JD Sports Fashion PLC | 10943 |  | 11521 |
| Kingfisher PLC | 5280 |  | 20294 |
| Lloyds Banking Group PLC | 2380 |  | 2338 |
| London Stock Exchange Group PLC | 30 |  | 4671 |
| Marks & Spencer Group PLC | 2941 |  | 15283 |
| NatWest Group PLC | 19684 |  | 126613 |
| Phoenix Group Holdings PLC | 2488 |  | 19905 |
| Playtech PLC<sup><sup>\*</sup></sup> | 1659 |  | 16836 |
| QinetiQ Group PLC | 3200 |  | 16843 |
| Reckitt Benckiser Group PLC | 27 |  | 1743 |
| RELX PLC | 118 |  | 6440 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** | **United Kingdom—(continued)** |
| Rightmove PLC | 162 | $| 1600 |
| Savills PLC | 965 |  | 11967 |
| Segro PLC | 141 |  | 1283 |
| Smiths Group PLC | 783 |  | 19512 |
| Softcat PLC | 68 |  | 1519 |
| SSE PLC | 849 |  | 19142 |
| Standard Chartered PLC | 6191 |  | 89171 |
| Tesco PLC | 1096 |  | 5424 |
| TP ICAP Group PLC | 4910 |  | 16861 |
| Unilever PLC | 162 |  | 10315 |
| UNITE Group PLC | 125 |  | 1436 |
| Vodafone Group PLC | 227996 |  | 224052 |
|  |  |  | 1257550 |
| **United States—17.9%** | **United States—17.9%** | **United States—17.9%** | **United States—17.9%** |
| 3M Co. | 4817 |  | 669129 |
| A.O. Smith Corp. | 72 |  | 4886 |
| A10 Networks, Inc. | 289 |  | 4763 |
| Abbott Laboratories | 113 |  | 14775 |
| AbbVie, Inc. | 197 |  | 38435 |
| Abercrombie & Fitch Co., Class A<sup><sup>\*</sup></sup> | 60 |  | 4165 |
| ABIOMED, Inc.<sup><sup>\*</sup>,3</sup> | 42 |  | 70 |
| ACADIA Pharmaceuticals, Inc.<sup><sup>\*</sup></sup> | 298 |  | 4351 |
| Acuity, Inc. | 6 |  | 1462 |
| ADMA Biologics, Inc.<sup><sup>\*</sup></sup> | 236 |  | 5617 |
| Adobe, Inc.<sup><sup>\*</sup></sup> | 40 |  | 14999 |
| Advanced Micro Devices, Inc.<sup><sup>\*</sup></sup> | 151 |  | 14700 |
| Air Products & Chemicals, Inc. | 2505 |  | 679080 |
| Airbnb, Inc., Class A<sup><sup>\*</sup></sup> | 233 |  | 28407 |
| Akamai Technologies, Inc.<sup><sup>\*</sup></sup> | 327 |  | 26350 |
| Albemarle Corp. | 3087 |  | 180744 |
| Albertsons Cos., Inc., Class A<sup>1</sup> | 3253 |  | 71501 |
| Alexandria Real Estate Equities, Inc. | 6094 |  | 442790 |
| Align Technology, Inc.<sup><sup>\*</sup></sup> | 27 |  | 4679 |
| Alkermes PLC<sup><sup>\*</sup></sup> | 151 |  | 4344 |
| Alliant Energy Corp. | 701 |  | 42789 |
| Allstate Corp.<sup>1</sup> | 1043 |  | 206921 |
| Alphabet, Inc., Class C<sup>1</sup> | 1167 |  | 187759 |
| Alphabet, Inc., Class A<sup>1</sup> | 1272 |  | 201994 |
| Amazon.com, Inc.<sup>\*,1</sup> | 1375 |  | 253577 |
| Amcor PLC<sup>1</sup> | 76593 |  | 704656 |
| Ameren Corp. | 540 |  | 53590 |
| American Electric Power Co., Inc. | 437 |  | 47345 |
| American Express Co. | 131 |  | 34900 |
| American Tower Corp.<sup>1</sup> | 430 |  | 96926 |
| American Water Works Co., Inc. | 715 |  | 105112 |
| AMETEK, Inc. | 249 |  | 42225 |
| Amgen, Inc. | 34 |  | 9891 |
| ANSYS, Inc.<sup><sup>\*</sup></sup> | 4 |  | 1288 |
| Aon PLC, Class A | 135 |  | 47897 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| APA Corp. | 11150 | $173271 |
| Appfolio, Inc., Class A<sup><sup>\*</sup></sup> | 20 | 4130 |
| Apple, Inc.<sup>1</sup> | 2478 | 526575 |
| Applied Industrial Technologies, Inc. | 20 | 4866 |
| Applied Materials, Inc. | 155 | 23360 |
| AppLovin Corp., Class A<sup>\*</sup> | 18 | 4848 |
| AptarGroup, Inc. | 178 | 26691 |
| Arch Capital Group Ltd. | 483 | 43798 |
| ARES Management Corp., Class A | 129 | 19676 |
| Argan, Inc.<sup>1</sup> | 388 | 59414 |
| Array Technologies, Inc.<sup>\*</sup> | 15952 | 76251 |
| Arthur J Gallagher & Co. | 90 | 28862 |
| Artisan Partners Asset Management, Inc., Class A | 125 | 4623 |
| AT&T, Inc. | 442 | 12243 |
| Autodesk, Inc.<sup>\*</sup> | 131 | 35927 |
| Automatic Data Processing, Inc. | 26 | 7816 |
| AutoZone, Inc.<sup>\*</sup> | 8 | 30101 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 94 | 4604 |
| Badger Meter, Inc. | 25 | 5521 |
| Baker Hughes Co. | 1071 | 37913 |
| Bank of America Corp. | 664 | 26480 |
| Bank of New York Mellon Corp.<sup>1</sup> | 2759 | 221851 |
| BellRing Brands, Inc.<sup>\*</sup> | 722 | 55695 |
| Blackrock, Inc. | 36 | 32913 |
| Blackstone, Inc. | 46 | 6059 |
| Bloom Energy Corp., Class A<sup>\*</sup> | 118 | 2162 |
| Blue Bird Corp.<sup>\*</sup> | 136 | 4742 |
| Boeing Co.<sup>\*</sup> | 2728 | 499879 |
| Booking Holdings, Inc.<sup>1</sup> | 43 | 219269 |
| Booz Allen Hamilton Holding Corp.<sup>1</sup> | 511 | 61330 |
| Boston Scientific Corp.<sup>\*</sup> | 474 | 48760 |
| Box, Inc., Class A<sup>\*</sup> | 154 | 4808 |
| Bristol-Myers Squibb Co. | 135 | 6777 |
| Broadcom, Inc.<sup>1</sup> | 703 | 135306 |
| Broadridge Financial Solutions, Inc. | 6 | 1454 |
| Buckle, Inc. | 125 | 4345 |
| Build-A-Bear Workshop, Inc. | 126 | 4445 |
| Builders FirstSource, Inc.<sup>\*</sup> | 8 | 957 |
| Burlington Stores, Inc.<sup>\*,1</sup> | 830 | 186783 |
| Byrna Technologies, Inc.<sup>\*</sup> | 177 | 3963 |
| Cactus, Inc., Class A | 115 | 4363 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 17 | 5062 |
| Cal-Maine Foods, Inc.<sup>1</sup> | 89 | 8310 |
| Capital One Financial Corp.<sup>1</sup> | 2590 | 466873 |
| Cardinal Health, Inc. | 1402 | 198089 |
| CareDx, Inc.<sup>\*</sup> | 254 | 4288 |
| Carlisle Cos., Inc.<sup>1</sup> | 169 | 64132 |
| CarMax, Inc.<sup>\*</sup> | 6990 | 452043 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Carrier Global Corp. | 452 | $28268 |
| Carvana Co.<sup>\*,1</sup> | 1000 | 244350 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 198 | 4809 |
| Cavco Industries, Inc.<sup>\*</sup> | 9 | 4445 |
| Celsius Holdings, Inc.<sup>\*</sup> | 174 | 6083 |
| Cencora, Inc. | 876 | 256379 |
| Centene Corp.<sup>\*,1</sup> | 4284 | 256397 |
| Champion Homes, Inc.<sup>\*</sup> | 52 | 4498 |
| Chemed Corp. | 8 | 4652 |
| Chipotle Mexican Grill, Inc.<sup>\*</sup> | 731 | 36930 |
| Church & Dwight Co., Inc. | 141 | 14007 |
| Cigna Group<sup>1</sup> | 755 | 256730 |
| Cirrus Logic, Inc.<sup>\*,1</sup> | 687 | 65979 |
| Cisco Systems, Inc. | 380 | 21937 |
| Citigroup, Inc.<sup>1</sup> | 1030 | 70431 |
| Clearwater Analytics Holdings, Inc., Class A<sup>\*</sup> | 194 | 4412 |
| CME Group, Inc. | 22 | 6096 |
| CNX Resources Corp.<sup>\*</sup> | 793 | 23338 |
| Cognizant Technology Solutions Corp., Class A | 65 | 4782 |
| Cohen & Steers, Inc. | 61 | 4656 |
| Coinbase Global, Inc., Class A<sup>\*</sup> | 27 | 5478 |
| Colgate-Palmolive Co. | 101 | 9311 |
| Comcast Corp., Class A | 252 | 8618 |
| Comfort Systems USA, Inc. | 14 | 5566 |
| Commvault Systems, Inc.<sup>\*,1</sup> | 359 | 60000 |
| Conagra Brands, Inc.<sup>1</sup> | 2679 | 66198 |
| Consolidated Edison, Inc.<sup>1</sup> | 1252 | 141163 |
| Consolidated Water Co. Ltd. | 131 | 3044 |
| Constellation Energy Corp. | 3387 | 756791 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 71 | 5103 |
| Corebridge Financial, Inc.<sup>1</sup> | 996 | 29511 |
| Corpay, Inc.<sup>\*</sup> | 121 | 39370 |
| CorVel Corp.<sup>\*</sup> | 42 | 4568 |
| Costco Wholesale Corp. | 25 | 24863 |
| Coterra Energy, Inc.<sup>1</sup> | 5857 | 143848 |
| Crane Co. | 33 | 5312 |
| CRH PLC | 95 | 9011 |
| CRH PLC<sup>1</sup> | 9900 | 944658 |
| Crocs, Inc.<sup>\*</sup> | 47 | 4532 |
| CSL Ltd. | 31 | 4976 |
| CSW Industrials, Inc. | 16 | 5000 |
| Cummins, Inc.<sup>1</sup> | 70 | 20569 |
| CVS Health Corp. | 84 | 5604 |
| Danaher Corp. | 199 | 39667 |
| Dave, Inc.<sup>\*</sup> | 55 | 5215 |
| Deckers Outdoor Corp.<sup>\*</sup> | 127 | 14075 |
| DHT Holdings, Inc. | 26376 | 281959 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Dillard's, Inc., Class A | 14 | $4853 |
| Docusign, Inc.<sup>\*</sup> | 58 | 4742 |
| Dolby Laboratories, Inc., Class A | 62 | 4761 |
| Dollar General Corp. | 19064 | 1786106 |
| Dollar Tree, Inc.<sup>\*</sup> | 6952 | 568465 |
| Dominion Energy, Inc.<sup>1</sup> | 2542 | 138234 |
| Donaldson Co., Inc. | 73 | 4798 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 108 | 5206 |
| Doximity, Inc., Class A<sup>\*</sup> | 81 | 4607 |
| DR Horton, Inc. | 3688 | 465942 |
| Duke Energy Corp. | 470 | 57349 |
| Duolingo, Inc.<sup>\*</sup> | 14 | 5453 |
| Dynatrace, Inc.<sup>\*</sup> | 104 | 4885 |
| Edison International | 3155 | 168824 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 63 | 4756 |
| Elastic NV<sup>\*</sup> | 5312 | 457894 |
| Electronic Arts, Inc.<sup>1</sup> | 880 | 127679 |
| Elevance Health, Inc.<sup>1</sup> | 398 | 167391 |
| Eli Lilly & Co. | 116 | 104278 |
| EMCOR Group, Inc.<sup>1</sup> | 373 | 149461 |
| Emerson Electric Co. | 264 | 27749 |
| Empire State Realty Trust, Inc., Class A | 12630 | 89926 |
| Energy Recovery, Inc.<sup>\*</sup> | 300 | 4635 |
| Ennis, Inc. | 246 | 4416 |
| Enovix Corp.<sup>\*</sup> | 31450 | 210715 |
| Entergy Corp. | 1658 | 137896 |
| EPAM Systems, Inc.<sup>\*</sup> | 30 | 4707 |
| ePlus, Inc.<sup>\*</sup> | 75 | 4677 |
| Equifax, Inc. | 5 | 1301 |
| Essent Group Ltd. | 84 | 4782 |
| Estee Lauder Cos., Inc., Class A | 17 | 1019 |
| Evercore, Inc., Class A | 25 | 5132 |
| Evergy, Inc. | 549 | 37936 |
| EverQuote, Inc., Class A<sup>\*</sup> | 197 | 4677 |
| Eversource Energy<sup>1</sup> | 647 | 38484 |
| Exelixis, Inc.<sup>\*</sup> | 127 | 4972 |
| Exelon Corp. | 11416 | 535410 |
| ExlService Holdings, Inc.<sup>\*</sup> | 104 | 5042 |
| Expeditors International of Washington, Inc. | 42 | 4616 |
| Experian PLC | 36 | 1791 |
| Exponent, Inc. | 58 | 4563 |
| F5, Inc.<sup>\*</sup> | 18 | 4765 |
| FactSet Research Systems, Inc. | 3 | 1297 |
| Fair Isaac Corp.<sup>\*</sup> | 8 | 15917 |
| Fastenal Co. | 60 | 4858 |
| Federal Signal Corp. | 62 | 5049 |
| FedEx Corp.<sup>1</sup> | 150 | 31550 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Fifth Third Bancorp | 12399 | $445620 |
| FirstEnergy Corp. | 1947 | 83487 |
| Fiserv, Inc.<sup>\*</sup> | 312 | 57586 |
| Fortinet, Inc.<sup>\*</sup> | 41 | 4254 |
| Fox Corp., Class A<sup>1</sup> | 935 | 46554 |
| Fox Corp., Class B<sup>1</sup> | 2144 | 99139 |
| Franklin Covey Co.<sup>\*</sup> | 207 | 4204 |
| Franklin Electric Co., Inc. | 51 | 4333 |
| Franklin Resources, Inc. | 72483 | 1359781 |
| FTI Consulting, Inc.<sup>\*</sup> | 28 | 4656 |
| Garmin Ltd.<sup>1</sup> | 1024 | 191355 |
| Gartner, Inc.<sup>\*</sup> | 12 | 5053 |
| GE Vernova, Inc. | 1221 | 452771 |
| Gen Digital, Inc.<sup>1</sup> | 6813 | 176252 |
| Gentex Corp. | 205 | 4465 |
| GFL Environmental, Inc.<sup>1</sup> | 8220 | 410178 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 85 | 4501 |
| Goldman Sachs Group, Inc. | 20 | 10951 |
| Graco, Inc. | 59 | 4815 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 26 | 4638 |
| GSK PLC | 1032 | 20416 |
| Hackett Group, Inc. | 171 | 4367 |
| Halozyme Therapeutics, Inc.<sup>\*,1</sup> | 526 | 32307 |
| Hamilton Lane, Inc., Class A | 33 | 5098 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 152 | 4479 |
| Healthcare Realty Trust, Inc. | 102738 | 1595521 |
| Hecla Mining Co. | 2377 | 13596 |
| Hewlett Packard Enterprise Co.<sup>1</sup> | 158 | 2563 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 155 | 5131 |
| Holcim AG | 33 | 3688 |
| Hormel Foods Corp.<sup>1</sup> | 1438 | 42996 |
| Houlihan Lokey, Inc. | 30 | 4862 |
| HubSpot, Inc.<sup>\*</sup> | 2 | 1223 |
| Hudson Technologies, Inc.<sup>\*</sup> | 818 | 5472 |
| Humana, Inc. | 41 | 10752 |
| IBEX Holdings Ltd.<sup>\*</sup> | 67 | 1678 |
| Ibotta, Inc., Class A<sup>\*</sup> | 105 | 5124 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 12 | 5192 |
| IDT Corp., Class B | 93 | 4673 |
| IES Holdings, Inc.<sup>\*</sup> | 26 | 5114 |
| Illumina, Inc.<sup>\*</sup> | 19 | 1474 |
| Incyte Corp.<sup>\*,1</sup> | 1147 | 71871 |
| Ingersoll Rand, Inc. | 469 | 35377 |
| Inmode Ltd.<sup>\*</sup> | 282 | 3976 |
| Innodata, Inc.<sup>\*</sup> | 132 | 4992 |
| Innovex International, Inc.<sup>\*</sup> | 289 | 4364 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 29 | 4593 |
| Insulet Corp.<sup>\*</sup> | 97 | 24472 |
| Intel Corp. | 22432 | 450883 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Interactive Brokers Group, Inc., Class A | 197 | $33854 |
| Intercontinental Exchange, Inc. | 37 | 6215 |
| InterDigital, Inc. | 22 | 4422 |
| International Business Machines Corp. | 83 | 20071 |
| International Paper Co.<sup>1</sup> | 59 | 2695 |
| International Seaways, Inc. | 13096 | 444740 |
| Interparfums, Inc. | 42 | 4586 |
| Intuit, Inc. | 17 | 10667 |
| ITT, Inc. | 26 | 3563 |
| Jack Henry & Associates, Inc. | 26 | 4509 |
| Johnson & Johnson | 261 | 40797 |
| Johnson Controls International PLC | 5531 | 464051 |
| JPMorgan Chase & Co. | 453 | 110813 |
| KB Home | 17 | 919 |
| Kelly Services, Inc., Class A<sup>1</sup> | 3403 | 39305 |
| Kforce, Inc. | 100 | 3820 |
| Kimberly-Clark Corp.<sup>1</sup> | 222 | 29255 |
| Kimco Realty Corp. | 21171 | 422997 |
| Kinsale Capital Group, Inc. | 9 | 3917 |
| KLA Corp.<sup>1</sup> | 223 | 156700 |
| Kontoor Brands, Inc. | 77 | 4632 |
| Kroger Co.<sup>1</sup> | 3937 | 284291 |
| Krystal Biotech, Inc.<sup>\*</sup> | 27 | 4587 |
| Lam Research Corp. | 86 | 6164 |
| Lancaster Colony Corp. | 25 | 4070 |
| Landstar System, Inc. | 32 | 4293 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 46 | 4800 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 100 | 4893 |
| Legalzoom.com, Inc.<sup>\*</sup> | 599 | 4385 |
| Leidos Holdings, Inc.<sup>1</sup> | 1173 | 172642 |
| LeMaitre Vascular, Inc. | 54 | 4900 |
| Lennar Corp., Class A | 142 | 15423 |
| Lennox International, Inc. | 8 | 4374 |
| Linde PLC | 124 | 56201 |
| Liquidity Services, Inc.<sup>\*</sup> | 150 | 4767 |
| Lockheed Martin Corp.<sup>1</sup> | 77 | 36787 |
| Louisiana-Pacific Corp. | 53 | 4574 |
| Lowe's Cos., Inc. | 36 | 8048 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 3314 | 897332 |
| M&T Bank Corp. | 4233 | 718594 |
| Magnolia Oil & Gas Corp., Class A | 210 | 4311 |
| Manhattan Associates, Inc.<sup>\*</sup> | 28 | 4967 |
| MannKind Corp.<sup>\*</sup> | 62032 | 312641 |
| Maplebear, Inc.<sup>\*</sup> | 114 | 4547 |
| MarketAxess Holdings, Inc. | 21 | 4653 |
| Marqeta, Inc., Class A<sup>\*</sup> | 138095 | 577237 |
| Marsh & McLennan Cos., Inc. | 32 | 7215 |
| MasTec, Inc.<sup>\*</sup> | 3728 | 474649 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Mastercard, Inc., Class A | 157 | $86045 |
| Matson, Inc. | 41 | 4473 |
| McDonald's Corp. | 66 | 21097 |
| McKesson Corp. | 365 | 260168 |
| Medpace Holdings, Inc.<sup>\*</sup> | 14 | 4317 |
| Merck & Co., Inc.<sup>1</sup> | 1257 | 107096 |
| Meta Platforms, Inc., Class A<sup>1</sup> | 476 | 261324 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 15 | 16059 |
| MGIC Investment Corp. | 196 | 4882 |
| Microchip Technology, Inc. | 24 | 1106 |
| Micron Technology, Inc. | 304 | 23393 |
| Microsoft Corp.<sup>1</sup> | 1096 | 433205 |
| Miller Industries, Inc.<sup>1</sup> | 1090 | 44483 |
| Millrose Properties, Inc., Class A<sup>1</sup> | 524 | 13121 |
| MiMedx Group, Inc.<sup>\*</sup> | 636 | 4376 |
| Moelis & Co., Class A | 86 | 4608 |
| Molina Healthcare, Inc.<sup>\*</sup> | 253 | 82734 |
| Monolithic Power Systems, Inc. | 8 | 4745 |
| Monster Beverage Corp.<sup>\*</sup> | 719 | 43226 |
| Morgan Stanley | 216 | 24931 |
| MSCI, Inc. | 23 | 12538 |
| Mueller Industries, Inc. | 63 | 4634 |
| Napco Security Technologies, Inc. | 208 | 4753 |
| National Vision Holdings, Inc.<sup>\*</sup> | 22797 | 281543 |
| NerdWallet, Inc., Class A<sup>\*</sup> | 532 | 4767 |
| Nestle SA, Registered Shares | 169 | 17988 |
| NetApp, Inc. | 55 | 4936 |
| Netflix, Inc.<sup>\*</sup> | 46 | 52059 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 44 | 4738 |
| New York Times Co., Class A | 96 | 4998 |
| NewMarket Corp. | 8 | 4922 |
| Newmont Corp. | 44 | 2318 |
| NextEra Energy, Inc.<sup>1</sup> | 5465 | 365499 |
| NEXTracker, Inc., Class A<sup>\*</sup> | 113 | 4589 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 705 | 5534 |
| NIKE, Inc., Class B | 78 | 4399 |
| NMI Holdings, Inc.<sup>\*</sup> | 135 | 4883 |
| Novanta, Inc.<sup>\*</sup> | 2315 | 275161 |
| Novartis AG, Registered Shares | 298 | 33989 |
| nVent Electric PLC | 388 | 21305 |
| NVIDIA Corp.<sup>1</sup> | 4725 | 514647 |
| Oceaneering International, Inc.<sup>\*</sup> | 478 | 8485 |
| Okta, Inc.<sup>\*</sup> | 15 | 1682 |
| Old Dominion Freight Line, Inc. | 28 | 4292 |
| Omnicom Group, Inc. | 17812 | 1356562 |
| OneSpan, Inc. | 315 | 4684 |
| Onto Innovation, Inc.<sup>\*</sup> | 38 | 4635 |
| Oracle Corp. | 266 | 37432 |
| Organon & Co.<sup>1</sup> | 5742 | 74244 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Palantir Technologies, Inc., Class A<sup>\*</sup> | 53 | $6277 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 226 | 42246 |
| Paychex, Inc. | 53 | 7797 |
| Paycom Software, Inc. | 21 | 4754 |
| PayPal Holdings, Inc.<sup>\*</sup> | 83 | 5465 |
| PC Connection, Inc. | 76 | 4715 |
| Pebblebrook Hotel Trust | 58242 | 527090 |
| Penn Entertainment, Inc.<sup>\*</sup> | 84522 | 1286425 |
| PepsiCo, Inc. | 177 | 23998 |
| Perdoceo Education Corp. | 183 | 4597 |
| Pfizer, Inc.<sup>1</sup> | 1120 | 27339 |
| PG&E Corp. | 11587 | 191417 |
| Photronics, Inc.<sup>\*</sup> | 243 | 4440 |
| Pinnacle Financial Partners, Inc. | 3701 | 370988 |
| Pinnacle West Capital Corp. | 767 | 73003 |
| Piper Sandler Cos. | 20 | 4822 |
| PJT Partners, Inc., Class A | 34 | 4818 |
| PNC Financial Services Group, Inc.<sup>1</sup> | 164 | 26353 |
| Powell Industries, Inc. | 27 | 4944 |
| PPL Corp. | 4373 | 159615 |
| Procter & Gamble Co. | 383 | 62264 |
| Progressive Corp. | 251 | 70717 |
| Progyny, Inc.<sup>\*</sup> | 211 | 4819 |
| Prologis, Inc. | 60 | 6132 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 98 | 4490 |
| PTC, Inc.<sup>\*</sup> | 69 | 10693 |
| Public Storage | 24 | 7210 |
| PulteGroup, Inc. | 58 | 5950 |
| Qorvo, Inc.<sup>\*,1</sup> | 1292 | 92598 |
| QUALCOMM, Inc.<sup>1</sup> | 677 | 100507 |
| Qualys, Inc.<sup>\*</sup> | 38 | 4777 |
| Quanta Services, Inc. | 1668 | 488207 |
| Rambus, Inc.<sup>\*</sup> | 94 | 4586 |
| Red Violet, Inc. | 124 | 4843 |
| Republic Services, Inc. | 259 | 64944 |
| ResMed, Inc. | 20 | 4732 |
| REX American Resources Corp.<sup>\*</sup> | 40 | 1589 |
| RH<sup>\*</sup> | 4827 | 888313 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 253 | 4949 |
| RLI Corp. | 60 | 4441 |
| Robert Half, Inc. | 93 | 4120 |
| ROBLOX Corp., Class A<sup>\*</sup> | 25 | 1676 |
| Roche Holding AG | 105 | 34334 |
| Roche Holding AG | 68 | 23656 |
| Rollins, Inc. | 86 | 4913 |
| Roper Technologies, Inc. | 102 | 57128 |
| Royal Gold, Inc. | 235 | 42937 |
| Royalty Pharma PLC, Class A<sup>1</sup> | 5622 | 184514 |
| RPC, Inc. | 926 | 4380 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| S&P Global, Inc. | 76 | $38004 |
| Safehold, Inc.<sup>1</sup> | 4604 | 72513 |
| Salesforce, Inc. | 83 | 22303 |
| Sanofi SA | 73 | 7986 |
| SBA Communications Corp.<sup>1</sup> | 121 | 29451 |
| ScanSource, Inc.<sup>\*,1</sup> | 1396 | 46054 |
| Schlumberger NV | 945 | 31421 |
| Schneider Electric SE | 127 | 29673 |
| SEI Investments Co. | 64 | 5011 |
| Sempra | 277 | 20573 |
| Semtech Corp.<sup>\*,1</sup> | 157 | 4906 |
| SentinelOne, Inc., Class A<sup>\*</sup> | 38246 | 707551 |
| ServiceNow, Inc.<sup>\*</sup> | 12 | 11460 |
| Sezzle, Inc.<sup>\*</sup> | 126 | 6546 |
| Shake Shack, Inc., Class A<sup>\*</sup> | 8219 | 721135 |
| SIGA Technologies, Inc.<sup>1</sup> | 2476 | 13668 |
| Signet Jewelers Ltd. | 7511 | 445402 |
| Simply Good Foods Co.<sup>\*</sup> | 57 | 2058 |
| SL Green Realty Corp. | 16249 | 854860 |
| Snap-on, Inc. | 14 | 4393 |
| Southern Co. | 370 | 33999 |
| Southwest Airlines Co. | 31844 | 890358 |
| Spotify Technology SA<sup>\*,1</sup> | 88 | 54030 |
| Sprinklr, Inc., Class A<sup>\*</sup> | 603 | 4637 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 465 | 79515 |
| SPS Commerce, Inc.<sup>\*</sup> | 35 | 5023 |
| Starbucks Corp. | 73 | 5844 |
| State Street Corp.<sup>1</sup> | 2252 | 198401 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 37 | 5529 |
| Steven Madden Ltd. | 200 | 4200 |
| Stride, Inc.<sup>\*</sup> | 12 | 1707 |
| Super Micro Computer, Inc.<sup>\*</sup> | 34 | 1083 |
| Sweetgreen, Inc., Class A<sup>\*</sup> | 8260 | 160905 |
| Swiss Re AG | 11 | 1975 |
| T. Rowe Price Group, Inc. | 53 | 4693 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 121 | 28232 |
| Target Hospitality Corp.<sup>\*</sup> | 242 | 1646 |
| Tecnoglass, Inc. | 67 | 4775 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 3 | 1398 |
| Tenable Holdings, Inc.<sup>\*</sup> | 14346 | 438557 |
| Teradyne, Inc. | 59 | 4378 |
| Tesla, Inc.<sup>\*,1</sup> | 373 | 105246 |
| Texas Pacific Land Corp. | 3 | 3867 |
| Texas Roadhouse, Inc. | 20 | 3319 |
| Thermo Fisher Scientific, Inc. | 96 | 41184 |
| TJX Cos., Inc. | 202 | 25993 |
| T-Mobile U.S., Inc. | 35 | 8643 |
| Toll Brothers, Inc. | 4468 | 450687 |
| Trade Desk, Inc., Class A<sup>\*</sup> | 27 | 1448 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Tradeweb Markets, Inc., Class A | 34 | $4702 |
| Trane Technologies PLC | 146 | 55963 |
| Travelers Cos., Inc. | 216 | 57052 |
| Tutor Perini Corp.<sup>\*,1</sup> | 2565 | 55045 |
| Tyler Technologies, Inc.<sup>\*</sup> | 2 | 1087 |
| Tyson Foods, Inc., Class A<sup>1</sup> | 4035 | 247103 |
| U.S. Lime & Minerals, Inc. | 52 | 4863 |
| Uber Technologies, Inc.<sup>\*</sup> | 710 | 57517 |
| Ubiquiti, Inc. | 14 | 4570 |
| UFP Industries, Inc. | 44 | 4349 |
| Ulta Beauty, Inc.<sup>\*</sup> | 12 | 4748 |
| United Therapeutics Corp.<sup>\*,1</sup> | 550 | 166700 |
| UnitedHealth Group, Inc. | 202 | 83111 |
| Universal Display Corp. | 38 | 4774 |
| Universal Health Services, Inc., Class B<sup>1</sup> | 811 | 143604 |
| Upwork, Inc.<sup>\*</sup> | 361 | 4747 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 181 | 5084 |
| Vail Resorts, Inc. | 4821 | 671083 |
| Veeva Systems, Inc., Class A<sup>\*</sup> | 20 | 4674 |
| Veralto Corp.<sup>1</sup> | 2120 | 203308 |
| VeriSign, Inc.<sup>\*</sup> | 19 | 5360 |
| Verisk Analytics, Inc. | 123 | 36461 |
| Verizon Communications, Inc.<sup>1</sup> | 7160 | 315470 |
| Viatris, Inc.<sup>1</sup> | 703 | 5919 |
| Victoria's Secret & Co.<sup>\*</sup> | 5814 | 109303 |
| Visa, Inc., Class A | 294 | 101577 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 5281 | 131708 |
| Vita Coco Co., Inc.<sup>\*</sup> | 144 | 4759 |
| Vital Farms, Inc.<sup>\*</sup> | 1367 | 46806 |
| Voya Financial, Inc. | 17 | 1006 |
| Walmart, Inc. | 1978 | 192361 |
| Walt Disney Co. | 182 | 16553 |
| Waste Connections, Inc. | 189 | 37327 |
| Waste Management, Inc. | 112 | 26136 |
| Watsco, Inc. | 9 | 4139 |
| Watts Water Technologies, Inc., Class A | 23 | 4778 |
| WD-40 Co. | 19 | 4339 |
| WEC Energy Group, Inc. | 367 | 40194 |
| West Pharmaceutical Services, Inc. | 21 | 4437 |
| WEX, Inc.<sup>\*</sup> | 168 | 21902 |
| Williams-Sonoma, Inc. | 30 | 4634 |
| Winmark Corp. | 13 | 4680 |
| Workday, Inc., Class A<sup>\*</sup> | 13 | 3185 |
| WW Grainger, Inc. | 6 | 6146 |
| Wynn Resorts Ltd. | 10813 | 868392 |
| Xcel Energy, Inc. | 8750 | 618625 |
| XPEL, Inc.<sup>\*,2</sup> | 162 | 4640 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Yelp, Inc.<sup>\*</sup> | 133 | $4666 |
| YETI Holdings, Inc.<sup>\*</sup> | 152 | 4340 |
| Zoom Communications, Inc.<sup>\*</sup> | 20985 | 1627177 |
|  |  | 49935691 |
| **Total common stocks<br> (cost—$77,923,424)** |  | **78747513** |
| **Exchange traded funds: 1.0%** |  |  |
| iShares GSCI Commodity Dynamic Roll Strategy ETF | 92163 | 2232188 |
| SPDR Gold Shares | 2017 | 612704 |
| **Total exchange traded funds**<br> (cost—$2,902,597) |  | **2844892** |
| **Investment companies—8.3%** |  |  |
| AQR Style Premia Alternative Fund, Class R6 | 593919 | 4846376 |
| Carillon Reams Unconstrained Bond Fund, Class I | 1278154 | 16270901 |
| Virtus AlphaSimplex Managed Futures Strategy Fund, Class I | 267506 | 1952797 |
| **Total investment companies<br> (cost—$23,142,600)** |  | **23070074** |

---

---

| | | |
|:---|:---|:---|
| **Rights: 0.0%<sup>†</sup>** |  |  |
| EDP Renovaveis SA\*, <br> (cost—$21) | 215.0 | 22 |

---

---

| | | |
|:---|:---|:---|
|  | **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>\*,3,4</sup><br> (cost—$0) | 100 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—30.4%** |  |  |  |
| **Australia—0.1%** |  |  |  |
| Flight Centre Travel Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/01/28<sup>6</sup> | AUD | 400000 | 246612 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/17/27<sup>6</sup> | AUD | 200000 | 125227 |
|  |  |  | 371839 |
| **Austria—0.0%<sup>†</sup>** |  |  |  |
| ams-OSRAM AG |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 11/03/27<sup>6</sup> | EUR | 100000 | 97438 |
| **Canada—0.7%** |  |  |  |
| B2Gold Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/30<sup>2</sup> |  | 191000 | 234445 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** |
| Fortuna Mining Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/30/29<sup>2</sup> | 155000 | $| 188925 |
| Rogers Sugar, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/30/30 CAD | 160000 |  | 119019 |
| Shopify, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 11/01/25 | 1195000 |  | 1181682 |
| StorageVault Canada, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/31/28<sup>2</sup> CAD | 298000 |  | 208293 |
|  |  |  | 1932364 |
| **China—1.6%** | **China—1.6%** | **China—1.6%** | **China—1.6%** |
| Alibaba Group Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/31<sup>2</sup> | 1399000 |  | 1836915 |
| H World Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/26 | 202000 |  | 217212 |
| JD.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/01/29<sup>2</sup> | 566000 |  | 588906 |
| PDD Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/01/25<sup>7</sup> | 373000 |  | 359834 |
| Ping An Insurance Group Co. of China Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 07/22/29<sup>6</sup> | 200000 |  | 241732 |
| Qifu Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 04/01/30<sup>2</sup> | 105000 |  | 100968 |
| Silvercorp Metals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/15/29<sup>2</sup> | 113000 |  | 128314 |
| Trip.com Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/15/29<sup>2</sup> | 843000 |  | 949842 |
|  |  |  | 4423723 |
| **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** | **Colombia—0.0%<sup>†</sup>** |
| ABRA Global Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;14.000%, due 10/22/29<sup>2,8</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000% Cash and 8.000% PIK | 57101 |  | 38579 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Netherlands—0.1%** | **Netherlands—0.1%** | **Netherlands—0.1%** | **Netherlands—0.1%** |
| Pharming Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/25/29<sup>6</sup> | EUR | 200000 | $219585 |
| **Singapore—0.5%** | **Singapore—0.5%** | **Singapore—0.5%** | **Singapore—0.5%** |
| Sea Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 09/15/26 |  | 185000 | 171772 |
| &nbsp;&nbsp;&nbsp;2.375%, due 12/01/25 |  | 857000 | 1290925 |
|  |  |  | 1462697 |
| **United Kingdom—0.2%** | **United Kingdom—0.2%** | **United Kingdom—0.2%** | **United Kingdom—0.2%** |
| Immunocore Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/30 |  | 133000 | 112581 |
| Just Eat Takeaway.com NV |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 04/30/26<sup>6</sup> | EUR | 300000 | 331644 |
|  |  |  | 444225 |
| **United States—27.2%** | **United States—27.2%** | **United States—27.2%** | **United States—27.2%** |
| A10 Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/01/30<sup>2</sup> |  | 239000 | 231573 |
| Affirm Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>7</sup> |  | 556000 | 512336 |
| &nbsp;&nbsp;&nbsp;0.750%, due 12/15/29<sup>2</sup> |  | 191000 | 171647 |
| Akamai Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 05/01/25 |  | 533000 | 528861 |
| &nbsp;&nbsp;&nbsp;0.375%, due 09/01/27 |  | 667000 | 658532 |
| &nbsp;&nbsp;&nbsp;1.125%, due 02/15/29 |  | 350000 | 338286 |
| Alarm.com Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/26<sup>7</sup> |  | 170000 | 162629 |
| Alkami Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/15/30<sup>2</sup> |  | 139000 | 150846 |
| Alliant Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/15/26 |  | 44000 | 46240 |
| Alnylam Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/15/27 |  | 175000 | 200385 |
| Alphatec Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/01/26 |  | 215000 | 208881 |
| &nbsp;&nbsp;&nbsp;0.750%, due 03/15/30<sup>2</sup> |  | 500000 | 496440 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/15/26 | 306000 | $312784 |
| Amphastar Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/29 | 110000 | 94344 |
| ANI Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/01/29<sup>2</sup> | 651000 | 766227 |
| Applied Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/01/30<sup>2</sup> | 277000 | 187222 |
| Applied Optoelectronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/15/30 | 199000 | 145252 |
| Astronics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/30<sup>2</sup> | 255000 | 332969 |
| Bandwidth, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 04/01/28 | 20000 | 16020 |
| Bentley Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 07/01/27 | 355000 | 322225 |
| BigBear.ai Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/15/29<sup>2</sup> | 150000 | 173770 |
| Bill Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/30<sup>2,7</sup> | 140000 | 118346 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 05/15/27 | 265000 | 249136 |
| Bitdeer Technologies Group |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/29<sup>2</sup> | 291000 | 269140 |
| &nbsp;&nbsp;&nbsp;8.500%, due 08/15/29 | 305000 | 428205 |
| BlackLine, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>7</sup> | 50000 | 48122 |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/01/29<sup>2</sup> | 122000 | 120280 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 11/01/27 | 102000 | 90135 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Bloom Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/28 | 672000 | $845100 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/29<sup>2</sup> | 383000 | 454728 |
| Box, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/26<sup>7</sup> | 233000 | 290206 |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/15/29<sup>2</sup> | 131000 | 128781 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 03/01/31<sup>2</sup> | 88000 | 95321 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/27 | 333000 | 396640 |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/01/27 | 861000 | 1366846 |
| Cheesecake Factory, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 06/15/26 | 140000 | 138361 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/30<sup>2</sup> | 653000 | 635607 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 12/15/28 | 50000 | 71952 |
| Cinemark Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/25 | 702000 | 1468774 |
| Cleanspark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,7</sup> | 106000 | 84547 |
| Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/26<sup>7</sup> | 789000 | 794744 |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 04/01/30 | 87000 | 86279 |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/26 | 765000 | 762127 |
| Collegium Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 02/15/29 | 686000 | 698135 |
| Confluent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/27<sup>7</sup> | 544000 | 498123 |
| CONMED Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/27 | 1000000 | 926474 |
| Core Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>2</sup> | 336000 | 365249 |
| Cracker Barrel Old Country Store, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 06/15/26 | 715000 | 690810 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| CSG Systems International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/15/28 | 61000 | $65840 |
| Danimer Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 12/15/26<sup>2,9</sup> | 265000 | 1325 |
| Datadog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 06/15/25 | 192000 | 214191 |
| Dexcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 11/15/25 | 1207000 | 1168868 |
| &nbsp;&nbsp;&nbsp;0.375%, due 05/15/28 | 133000 | 120391 |
| DraftKings Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/28<sup>7</sup> | 20000 | 17450 |
| Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/26<sup>7</sup> | 674000 | 669075 |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/28<sup>7</sup> | 518000 | 525718 |
| Dynavax Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/30<sup>2</sup> | 232000 | 219782 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/01/25 | 391000 | 417494 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/29 | 743000 | 669384 |
| Enovis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/28 | 28000 | 27798 |
| Enphase Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/28<sup>7</sup> | 20000 | 16756 |
| Envista Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 08/15/28 | 93000 | 83776 |
| Etsy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 09/01/27 | 212000 | 185381 |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/15/28 | 215000 | 182318 |
| Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/27 | 175000 | 205357 |
| Evolent Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/15/25 | 428000 | 419172 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/29 | 211000 | 171947 |
| Exact Sciences Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 03/15/27 | 863000 | 802877 |
| &nbsp;&nbsp;&nbsp;0.375%, due 03/01/28 | 578000 | 512439 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/15/26<sup>7</sup> | 697000 | $684209 |
| EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 12/15/29<sup>2</sup> | 175000 | 284319 |
| FARO Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/28 | 209000 | 220842 |
| Five9, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/25 | 643000 | 634964 |
| &nbsp;&nbsp;&nbsp;1.000%, due 03/15/29 | 20000 | 17040 |
| Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>7</sup> | 1208000 | 1179525 |
| fuboTV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 02/15/26 | 96000 | 92575 |
| GameStop Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/30<sup>2,7</sup> | 411000 | 482382 |
| Greenbrier Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 04/15/28 | 660000 | 679226 |
| Groupon, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/27<sup>2</sup> | 53000 | 55686 |
| Guardant Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/27<sup>7</sup> | 1094000 | 960376 |
| Guess?, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/15/28 | 157000 | 146082 |
| Halozyme Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/01/27 | 261000 | 271688 |
| &nbsp;&nbsp;&nbsp;1.000%, due 08/15/28 | 53000 | 65758 |
| Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/01/28<sup>2</sup> | 18000 | 17129 |
| Impinj, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 05/15/27 | 188000 | 217157 |
| Innoviva, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 03/15/28 | 640000 | 621735 |
| Inotiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/27 | 362000 | 63328 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Integer Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 03/15/30<sup>2</sup> | 80000 | $83836 |
| Integra LifeSciences Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 08/15/25 | 789000 | 771251 |
| InterDigital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/27 | 222000 | 578381 |
| Ionis Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 06/15/28 | 50000 | 48537 |
| Itron, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>7</sup> | 87000 | 90828 |
| &nbsp;&nbsp;&nbsp;1.375%, due 07/15/30<sup>2</sup> | 236000 | 257606 |
| Jamf Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 09/01/26 | 20000 | 18683 |
| Jazz Investments I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/15/26 | 891000 | 912233 |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/15/30<sup>2</sup> | 89000 | 96568 |
| JBT Marel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 05/15/26 | 156000 | 154930 |
| JetBlue Airways Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/29<sup>2</sup> | 41000 | 36376 |
| Kite Realty Group LP |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 04/01/27<sup>2</sup> | 44000 | 44414 |
| Lantheus Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 12/15/27 | 734000 | 1086643 |
| LCI Industries |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 05/15/26 | 120000 | 115338 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/30<sup>2</sup> | 595000 | 547602 |
| Liberty Interactive LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/30 | 955000 | 239399 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/29 | 220000 | 51658 |
| Liberty Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 09/30/53<sup>2</sup> | 144000 | 199938 |
| Liberty Media Corp.-Liberty Formula One |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/27 | 180000 | 218916 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| LivaNova PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/29 | 85000 | $79386 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/15/29 | 88000 | 123210 |
| Lumentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 12/15/26 | 1241000 | 1285068 |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/15/28 | 130000 | 119279 |
| &nbsp;&nbsp;&nbsp;1.500%, due 12/15/29 | 210000 | 239314 |
| Lyft, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 03/01/29 | 115000 | 112589 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/29<sup>2,7</sup> | 298000 | 278190 |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/26 | 167000 | 222252 |
| MARA Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/30<sup>2,7</sup> | 50000 | 39009 |
| Marriott Vacations Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 12/15/27 | 269000 | 244823 |
| Match Group Financeco 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/15/30<sup>2</sup> | 403000 | 351576 |
| Merit Medical Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/29<sup>2</sup> | 184000 | 234136 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 05/15/28<sup>2</sup> | 175000 | 170606 |
| Mesa Laboratories, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, due 08/15/25 | 265000 | 257902 |
| MGP Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 11/15/41 | 523000 | 491395 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/01/30<sup>2</sup> | 524000 | 490120 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** |  |  |
| MicroStrategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/32<sup>2</sup> | 191000 | $382691 |
| Middleby Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/01/25 | 477000 | 524848 |
| Mitek Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 02/01/26 | 462000 | 440119 |
| MKS Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 06/01/30<sup>2</sup> | 380000 | 324267 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 04/15/30<sup>2</sup> | 17000 | 16017 |
| &nbsp;&nbsp;&nbsp;1.125%, due 02/15/27 | 474000 | 448002 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/15/27 | 414000 | 398074 |
| NeoGenomics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 05/01/25 | 469000 | 452835 |
| Nutanix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/01/27 | 269000 | 357923 |
| &nbsp;&nbsp;&nbsp;0.500%, due 12/15/29<sup>2</sup> | 525000 | 563309 |
| Okta, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 09/01/25 | 778000 | 778654 |
| ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/01/27<sup>7</sup> | 830000 | 882008 |
| &nbsp;&nbsp;&nbsp;0.500%, due 03/01/29 | 591000 | 505694 |
| Ormat Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/15/27 | 174000 | 179638 |
| OSI Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/01/29<sup>2</sup> | 248000 | 313973 |
| Pacira BioSciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/01/25 | 453000 | 446688 |
| &nbsp;&nbsp;&nbsp;2.125%, due 05/15/29<sup>2</sup> | 265000 | 267351 |
| Pagaya Technologies Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/29<sup>2</sup> | 52000 | 56837 |
| PagerDuty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/15/28 | 50000 | 46705 |
| PAR Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 01/15/30<sup>2</sup> | 40000 | 36585 |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/15/27 | 70000 | 72876 |
| Parsons Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 08/15/25 | 352000 | 517665 |
| &nbsp;&nbsp;&nbsp;2.625%, due 03/01/29 | 61000 | 64824 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Pebblebrook Hotel Trust |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/15/26 | 795000 | $736265 |
| Penguin Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 02/01/29 | 489000 | 516628 |
| &nbsp;&nbsp;&nbsp;2.000%, due 08/15/30<sup>2</sup> | 556000 | 505723 |
| Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 05/15/26 | 56000 | 56430 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/01/27 | 219000 | 225791 |
| Porch Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 09/15/26<sup>2</sup> | 355000 | 302531 |
| Progress Software Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 04/15/26 | 72000 | 82768 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/30 | 320000 | 359910 |
| PROS Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/15/27 | 344000 | 315512 |
| Q2 Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 11/15/25 | 399000 | 387243 |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/01/26 | 518000 | 568303 |
| Rapid7, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/27 | 53000 | 48363 |
| RealReal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 03/01/28 | 106000 | 81620 |
| Redfin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 04/01/27 | 422000 | 369952 |
| Repay Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/01/26<sup>2,7</sup> | 770000 | 729624 |
| &nbsp;&nbsp;&nbsp;2.875%, due 07/15/29<sup>2</sup> | 30000 | 23483 |
| Repligen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/15/28 | 236000 | 242023 |
| Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/27<sup>2</sup> | 20000 | 19750 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Sarepta Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 09/15/27 | 131000 | $123938 |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/28 | 700000 | 882553 |
| Semler Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/01/30<sup>2</sup> | 30000 | 23580 |
| Semtech Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/01/27 | 614000 | 721462 |
| Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/25<sup>7</sup> | 1258000 | 1432208 |
| &nbsp;&nbsp;&nbsp;0.500%, due 08/01/27 | 352000 | 356576 |
| Sirius XM Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/15/28 | 317000 | 323907 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/01/27<sup>7</sup> | 169000 | 149680 |
| &nbsp;&nbsp;&nbsp;0.125%, due 03/01/28 | 112000 | 94572 |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/01/26 | 175000 | 166716 |
| Snowflake, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/27<sup>2,7</sup> | 1269000 | 1540439 |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/29<sup>2,7</sup> | 175000 | 216064 |
| SoFi Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/26<sup>2,7</sup> | 175000 | 175033 |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/15/29<sup>2</sup> | 700000 | 1055572 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/27<sup>2</sup> | 210000 | 231405 |
| Spotify USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/26<sup>7</sup> | 344000 | 436880 |
| Summit Hotel Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 02/15/26 | 517000 | 490382 |
| Super Micro Computer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/15/28<sup>2</sup> | 100000 | 97619 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/29 | 50000 | 45911 |
| Tandem Diabetes Care, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/15/29 | 44000 | 40059 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Teladoc Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 06/01/27 | 82000 | $74203 |
| Tetra Tech, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/28 | 311000 | 329710 |
| TransMedics Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 06/01/28 | 338000 | 426918 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/30/29 | 323000 | 313310 |
| Travere Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/15/25 | 264000 | 261864 |
| Tyler Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/26 | 696000 | 814320 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/25<sup>7</sup> | 768000 | 854554 |
| &nbsp;&nbsp;&nbsp;0.875%, due 12/01/28, Series 2028 | 109000 | 142129 |
| UGI Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/28<sup>2</sup> | 438000 | 554193 |
| Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>7</sup> | 355000 | 326657 |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/30<sup>2,7</sup> | 39000 | 37021 |
| Upstart Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 08/15/26 | 540000 | 498099 |
| &nbsp;&nbsp;&nbsp;1.000%, due 11/15/30<sup>2</sup> | 104000 | 87369 |
| &nbsp;&nbsp;&nbsp;2.000%, due 10/01/29<sup>2</sup> | 746000 | 973948 |
| Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/25 | 327000 | 323880 |
| Varonis Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/15/29<sup>2</sup> | 87000 | 81900 |
| &nbsp;&nbsp;&nbsp;1.250%, due 08/15/25 | 98000 | 136908 |
| Veeco Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/01/29 | 448000 | 456929 |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/01/27 | 148000 | 208519 |
| Verint Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 04/15/26 | 412000 | 389673 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>5</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** |  |  |
| Vertex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 05/01/29<sup>2</sup> | 280000 | $364389 |
| Viavi Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 03/15/26 | 61000 | 63819 |
| Vishay Intertechnology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/25 | 152000 | 149949 |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/15/30 | 745000 | 617364 |
| Wayfair, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/15/28 | 44000 | 43579 |
| WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 06/01/27<sup>2</sup> | 262000 | 307627 |
| Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/28 | 907000 | 1232051 |
| Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 01/15/30 | 31000 | 26672 |
| WisdomTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 08/15/29<sup>2</sup> | 717000 | 713071 |
| Workiva, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 08/15/28 | 50000 | 46880 |
| Xometry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 02/01/27 | 597000 | 573940 |
| Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 11/01/26 | 206000 | 192983 |
| &nbsp;&nbsp;&nbsp;3.625%, due 03/01/28<sup>2</sup> | 186000 | 170772 |
|  |  | 75912247 |
| **Total corporate bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$88,176,168) |  | **84902697** |
| **U.S. Treasury obligations: 0.2%** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, due 03/31/30 |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$519,747) |  | 525447 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short-term U.S. treasury obligations: 2.5%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.283%, due 06/20/25<sup>10</sup> | $805000 | 800324 |
| &nbsp;&nbsp;&nbsp;4.290%, due 06/20/25<sup>10</sup> | 490000 | 487150 |
| &nbsp;&nbsp;&nbsp;4.299%, due 05/06/25<sup>10</sup> | 180000 | 179895 |
| &nbsp;&nbsp;&nbsp;4.300%, due 06/05/25<sup>10</sup> | 875000 | 871403 |
| &nbsp;&nbsp;&nbsp;4.301%, due 06/12/25<sup>10</sup> | 1300000 | 1293634 |
| &nbsp;&nbsp;&nbsp;4.306%, due 07/10/25<sup>10</sup> | 1210000 | 1200112 |
| &nbsp;&nbsp;&nbsp;4.309%, due 06/12/25<sup>10</sup> | 400000 | 398027 |
| &nbsp;&nbsp;&nbsp;4.318%, due 05/29/25<sup>10</sup> | 900000 | 897034 |
| &nbsp;&nbsp;&nbsp;4.322%, due 07/17/25<sup>10</sup> | 400000 | 396390 |
| &nbsp;&nbsp;&nbsp;4.326%, due 06/03/25<sup>10</sup> | 70000 | 69728 |
| &nbsp;&nbsp;&nbsp;4.351%, due 08/14/25<sup>10</sup> | 300000 | 296323 |
| **Total short-term U.S. treasury obligations<br> (cost—$6,890,020)** |  | 6890020 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short term investments—41.7%** | **Short term investments—41.7%** | **Short term investments—41.7%** |
| **Investment companies—39.2%** | **Investment companies—39.2%** | **Investment companies—39.2%** |
| State Street Institutional U.S. Government Money Market Fund, 4.288%<sup>10</sup><br> (cost—$109,498,313) | 109498313 | $109498313 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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>** |
| CBOT 2 Year U.S. Treasury Notes Futures, strike @104.000, expires 05/23/25 (Counterparty: MSCI) | 10000 | 520 | 2813 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** | **Options Purchased—(continued)** |
| CBOT U.S. Long Bond Futures, strike @121.000, expires 05/23/25 (Counterparty: MSCI) | 14000 | $| 1694 | $| 5031 |
| **Total** |  |  |  |  | 7844 |
| **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>** |
| 5 Year USD SOFR Interest Rate Swap, strike @1.150, expires 12/12/25 (Counterparty: BNP) | 2742306000 |  | 3153651900 |  | 48110 |
| CBOT U.S. Long Bond Futures, strike @108.000, expires 05/23/25 (Counterparty: MSCI) | 14000 |  | 1512 |  | 1094 |
| Eurex 10 Year Euro BUND Futures, strike @124.000, expires 05/23/25 (Counterparty: MSCI) | 12000 |  | 1488 |  | 136 |
| **Total** |  |  |  |  | 49340 |
| **Total Options Purchased**<br> (cost—$17,626) |  |  |  |  | 57184 |
| **Foreign exchange options purchased—0.6%** | **Foreign exchange options purchased—0.6%** | **Foreign exchange options purchased—0.6%** | **Foreign exchange options purchased—0.6%** | **Foreign exchange options purchased—0.6%** | **Foreign exchange options purchased—0.6%** |
| **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** | **Call options—0.1%** |
| Call USD vs. Put CNY, strike @7.450, expires 07/17/25 (Counterparty: BOA) | 3130000 |  | 23318500 |  | 5819 |
| Call USD vs. Put JPY, strike @182.500, expires 06/27/25 (Counterparty: JPMCB) | 64000 |  | 11680000 |  | 1 |
| Call AUD vs. Put NZD, strike @1.200, expires 10/06/25 (Counterparty: JPMCB) | 325000 |  | 390000 |  | 872 |
| Call USD vs. Put CNY, strike @8.000, expires 11/14/25 (Counterparty: JPMCB) | 268000 |  | 2144000 |  | 5829 |
| Call USD vs. Put CNY, strike @8.000, expires 08/14/25 (Counterparty: JPMCB) | 109000 |  | 872000 |  | 829 |
| Call USD vs. Put CAD, strike @1.460, expires 05/21/25 (Counterparty: JPMCB) | 32000 |  | 46720 |  | 101 |
| Call USD vs. Put HKD, strike @7.800, expires 11/24/25 (Counterparty: JPMCB) | 3584000 |  | 27955200 |  | 3233 |
| Call USD vs. Put HKD, strike @7.850, expires 11/26/25 (Counterparty: JPMCB) | 7795000 |  | 61190750 |  | 5651 |
| Call USD vs. Put CNY, strike @7.800, expires 12/02/25 (Counterparty: JPMCB) | 3068000 |  | 23930400 |  | 6035 |
| Call USD vs. Put CAD, strike @1.550, expires 06/17/25 (Counterparty: JPMCB) | 2867000 |  | 4443850 |  | 3 |
| Call USD vs. Put INR, strike @89.000, expires 05/23/25 (Counterparty: JPMCB) | 35000 |  | 3115000 |  | 247 |
| Call USD vs. Put HKD, strike @7.850, expires 02/13/26 (Counterparty: HSBC) | 5917000 |  | 46448450 |  | 5722 |
| Call EUR vs. Put USD, strike @1.200, expires 10/14/25 (Counterparty: BOA) | 4072000 |  | 4886400 |  | 40451 |
| Call EUR vs. Put USD, strike @1.200, expires 10/22/25 (Counterparty: DB) | 5441000 |  | 6529200 |  | 57034 |
| Call USD vs. Put HKD, strike @7.750, expires 02/11/26 (Counterparty: JPMCB) | 1132000 |  | 8773000 |  | 3214 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call EUR vs. Put PLN, strike @4.400, expires 05/12/25 (Counterparty: JPMCB) | 977000 | $4298800 | $273 |
| Call USD vs. Put CAD, strike @1.460, expires 06/17/25 (Counterparty: JPMCB) | 1243000 | 1814780 | 19974 |
| Call USD vs. Put INR, strike @90.000, expires 06/13/25 (Counterparty: JPMCB) | 1094000 | 98460000 | 147 |
| Call GBP vs. Put USD, strike @1.400, expires 09/09/25 (Counterparty: JPMCB) | 32000 | 44800 | 7015 |
| Call EUR vs. Put PLN, strike @4.500, expires 12/10/25 (Counterparty: JPMCB) | 907000 | 4081500 | 10424 |
| Call EUR vs. Put HUF, strike @480.000, expires 03/10/26 (Counterparty: JPMCB) | 606000 | 290880000 | 2603 |
| Call EUR vs. Put HUF, strike @470.000, expires 03/11/26 (Counterparty: JPMCB) | 745000 | 350150000 | 4325 |
| Call EUR vs. Put CHF, strike @0.990, expires 06/12/25 (Counterparty: JPMCB) | 1195000 | 1183050 | 106 |
| Call USD vs. Put CNY, strike @7.300, expires 05/07/25 (Counterparty: JPMCB) | 2911000 | 21250300 | 1872 |
| Call USD vs. Put CHF, strike @0.990, expires 12/15/25 (Counterparty: JPMCB) | 114000 | 112860 | 563 |
| Call NZD vs. Put USD, strike @0.640, expires 09/17/25 (Counterparty: JPMCB) | 3351000 | 2144640 | 10707 |
| Call USD vs. Put TRY, strike @50.000, expires 05/26/25 (Counterparty: JPMCB) | 198000 | 9900000 | 171 |
| Call USD vs. Put TRY, strike @51.000, expires 05/26/25 (Counterparty: JPMCB) | 165000 | 8415000 | 111 |
| Call USD vs. Put CNY, strike @7.500, expires 07/24/25 (Counterparty: JPMCB) | 466000 | 3495000 | 33120 |
| Call USD vs. Put TRY, strike @55.000, expires 05/26/25 (Counterparty: JPMCB) | 165000 | 9075000 | 41 |
| Call USD vs. Put TRY, strike @55.000, expires 06/02/25 (Counterparty: JPMCB) | 164000 | 9020000 | 111 |
| Call USD vs. Put TRY, strike @51.500, expires 05/07/25 (Counterparty: JPMCB) | 500000 | 25750000 | 0 |
| Call USD vs. Put CNY, strike @7.600, expires 01/06/26 (Counterparty: JPMCB) | 1336000 | 10153600 | 5882 |
| Call USD vs. Put KRW, strike @1,500.000, expires 06/09/25 (Counterparty: JPMCB) | 841000 | 1261500000 | 996 |
| Call USD vs. Put CNY, strike @8.000, expires 01/06/26 (Counterparty: JPMCB) | 3365000 | 26920000 | 5085 |
| Call USD vs. Put TRY, strike @50.000, expires 05/12/25 (Counterparty: JPMCB) | 202000 | 10100000 | 1 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call USD vs. Put CNY, strike @8.500, expires 04/07/26 (Counterparty: JPMCB) | 6729000 | $| 57196500 | $| 6783 |
| Call USD vs. Put JPY, strike @151.000, expires 05/07/25 (Counterparty: JPMCB) | 841000 |  | 126991000 |  | 1 |
| Call USD vs. Put CNY, strike @7.500, expires 06/05/25 (Counterparty: JPMCB) | 976000 |  | 7320000 |  | 254 |
| Call USD vs. Put HKD, strike @7.790, expires 10/07/25 (Counterparty: JPMCB) | 2019000 |  | 15728010 |  | 1635 |
| Call USD vs. Put CNY, strike @7.800, expires 09/29/25 (Counterparty: JPMCB) | 2670000 |  | 20826000 |  | 2585 |
| Call USD vs. Put TRY, strike @55.000, expires 06/10/25 (Counterparty: JPMCB) | 327000 |  | 17985000 |  | 440 |
| Call USD vs. Put HKD, strike @7.800, expires 04/09/26 (Counterparty: JPMCB) | 3306000 |  | 25786800 |  | 4661 |
| Call EUR vs. Put USD, strike @1.250, expires 07/11/25 (Counterparty: JPMCB) | 117000 |  | 146250 |  | 3709 |
| Call EUR vs. Put USD, strike @1.150, expires 05/13/25 (Counterparty: JPMCB) | 732000 |  | 841800 |  | 868 |
| Call EUR vs. Put USD, strike @1.160, expires 05/13/25 (Counterparty: JPMCB) | 735000 |  | 852600 |  | 426 |
| Call AUD vs. Put USD, strike @0.670, expires 07/15/25 (Counterparty: JPMCB) | 4271000 |  | 2861570 |  | 14048 |
| Call AUD vs. Put USD, strike @0.840, expires 04/15/26 (Counterparty: JPMCB) | 265000 |  | 222600 |  | 1983 |
| Call EUR vs. Put USD, strike @1.190, expires 09/05/25 (Counterparty: JPMCB) | 66000 |  | 78540 |  | 15132 |
| Call USD vs. Put TRY, strike @48.000, expires 06/06/25 (Counterparty: JPMCB) | 341000 |  | 16368000 |  | 1255 |
| Call EUR vs. Put CHF, strike @0.945, expires 05/27/25 (Counterparty: JPMCB) | 600000 |  | 567000 |  | 397 |
| Call EUR vs. Put USD, strike @1.180, expires 07/03/25 (Counterparty: JPMCB) | 1352000 |  | 1595360 |  | 7091 |
| Call EUR vs. Put USD, strike @1.160, expires 05/02/25 (Counterparty: JPMCB) | 2518000 |  | 2920880 |  | 222 |
| Call EUR vs. Put CHF, strike @0.955, expires 05/29/25 (Counterparty: JPMCB) | 2393000 |  | 2285315 |  | 2939 |
| **Total** |  |  |  |  | 302997 |
| **Put options—0.5%** | **Put options—0.5%** | **Put options—0.5%** | **Put options—0.5%** | **Put options—0.5%** | **Put options—0.5%** |
| Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB) | 292000 |  | 32120000 |  | 14743 |
| Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB) | 47000 |  | 5170000 |  | 2373 |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @208.000, expires 06/24/25 (Counterparty: CITI) | 209000 |  | 43472000 |  | 2774 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @208.000, expires 05/27/25 (Counterparty: CITI) | 209000 | $43472000 | $272 |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @208.000, expires 06/10/25 (Counterparty: CITI) | 209000 | 43472000 | 1075 |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @208.000, expires 07/08/25 (Counterparty: CITI) | 229000 | 47632000 | 4472 |
| Lyxor MSCI USA ESG Broad CTB DR UCITS ETF vs. EUR/USD, strike @208.000, expires 07/22/25 (Counterparty: CITI) | 229000 | 47632000 | 5632 |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @21,030.000, expires 09/25/25 (Counterparty: MSCI) | 542000 | 11398260000 | 25163 |
| iShares MSCI USA Equal Weighted ETF vs. EUR/USD, strike @21,030.000, expires 09/11/25 (Counterparty: MSCI) | 542000 | 11398260000 | 24320 |
| Call JPY vs. Put USD, strike @120.000, expires 09/03/25 (Counterparty: JPMCB) | 44000 | 5280000 | 1213 |
| Call JPY vs. Put USD, strike @120.500, expires 09/09/25 (Counterparty: JPMCB) | 176000 | 21208000 | 5452 |
| USD/CNY vs. SOFR, strike @74,008.000, expires 10/03/25 (Counterparty: GSI) | 181605 | 13440222840 | 13161 |
| USD/CNY vs. SOFR, strike @74,008.000, expires 09/03/25 (Counterparty: GSI) | 181605 | 13440222840 | 12404 |
| USD/CNY vs. SOFR, strike @74,008.000, expires 11/03/25 (Counterparty: GSI) | 181605 | 13440222840 | 13627 |
| Call USD vs. Put CNY, strike @0.133, expires 06/10/25 (Counterparty: SCB) | 34991063 | 4653811 | 1651 |
| Call USD vs. Put EUR, strike @1.000, expires 05/08/25 (Counterparty: JPMCB) | 89000 | 89000 | 0 |
| Call JPY vs. Put USD, strike @130.000, expires 11/18/25 (Counterparty: JPMCB) | 1195000 | 155350000 | 177369 |
| Call JPY vs. Put USD, strike @130.000, expires 11/04/25 (Counterparty: JPMCB) | 1194000 | 155220000 | 169098 |
| Call JPY vs. Put USD, strike @135.000, expires 12/18/25 (Counterparty: JPMCB) | 602000 | 81270000 | 164392 |
| Call JPY vs. Put USD, strike @140.000, expires 08/27/25 (Counterparty: MSCI) | 15000 | 2100000 | 5601 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call JPY vs. Put USD, strike @110.000, expires 11/26/25 (Counterparty: JPMCB) | 362000 | $39820000 | $5679 |
| Call USD vs. Put EUR, strike @1.000, expires 12/04/25 (Counterparty: JPMCB) | 14852000 | 14852000 | 6949 |
| Call JPY vs. Put CHF, strike @160.000, expires 06/20/25 (Counterparty: JPMCB) | 47000 | 7520000 | 1596 |
| Call TRY vs. Put EUR, strike @38.000, expires 07/03/25 (Counterparty: JPMCB) | 52000 | 1976000 | 19 |
| Call TRY vs. Put EUR, strike @38.000, expires 10/02/25 (Counterparty: JPMCB) | 194000 | 7372000 | 83 |
| Call USD vs. Put GBP, strike @1.150, expires 07/03/25 (Counterparty: JPMCB) | 52000 | 59800 | 101 |
| Call TRY vs. Put GBP, strike @46.000, expires 07/08/25 (Counterparty: JPMCB) | 31000 | 1426000 | 1 |
| Call AUD vs. Put GBP, strike @1.775, expires 07/10/25 (Counterparty: JPMCB) | 18000 | 31950 | 17 |
| Call TRY vs. Put USD, strike @37.000, expires 07/15/25 (Counterparty: JPMCB) | 35000 | 1295000 | 61 |
| Call BRL vs. Put USD, strike @5.500, expires 01/16/26 (Counterparty: JPMCB) | 133000 | 731500 | 25196 |
| Call TRY vs. Put EUR, strike @41.200, expires 10/29/25 (Counterparty: JPMCB) | 77000 | 3172400 | 206 |
| Variance Option: USD/JPY vs. S&P 500, strike @467,528.000, expires 11/21/25 (Counterparty: GSI) | 230000 | 107531440000 | 22938 |
| Variance Option: USD/JPY vs. S&P 500, strike @467,528.000, expires 12/19/25 (Counterparty: GSI) | 230000 | 107531440000 | 22359 |
| EUR/USD vs. USD/CNY, strike @112.000, expires 06/06/25 (Counterparty: JPMCB) | 37000 | 4144000 | 63 |
| EUR/CHF vs. EUR/JPY, strike @0.915, expires 08/14/25 (Counterparty: GSI) | 46000 | 42090 | 77 |
| USD/JPY vs. JPY 10 Year Overnight Indexed Swap, strike @139.000, expires 04/17/26 (Counterparty: GSI) | 51000 | 7089000 | 3897 |
| Call JPY vs. Put USD, strike @135.000, expires 10/14/25 (Counterparty: BNP) | 4006000 | 540810000 | 64629 |
| Call JPY vs. Put USD, strike @132.000, expires 10/22/25 (Counterparty: DB) | 6176000 | 815232000 | 73581 |
| Call USD vs. Put EUR, strike @1.000, expires 05/02/25 (Counterparty: JPMCB) | 1317000 | 1317000 | 1 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call JPY vs. Put CHF, strike @165.000, expires 05/09/25 (Counterparty: JPMCB) | 2646000 | $436590000 | $99 |
| Call BRL vs. Put USD, strike @5.600, expires 08/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 31294 |
| Call BRL vs. Put USD, strike @5.600, expires 02/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 36743 |
| Call BRL vs. Put USD, strike @5.600, expires 05/11/26 (Counterparty: JPMCB) | 157000 | 879200 | 33558 |
| Call BRL vs. Put USD, strike @5.200, expires 01/22/26 (Counterparty: JPMCB) | 57000 | 296400 | 4533 |
| Call TRY vs. Put USD, strike @39.500, expires 12/03/25 (Counterparty: JPMCB) | 39000 | 1540500 | 315 |
| Call TRY vs. Put USD, strike @39.000, expires 12/09/25 (Counterparty: JPMCB) | 49000 | 1911000 | 253 |
| Call TRY vs. Put USD, strike @42.000, expires 03/13/26 (Counterparty: JPMCB) | 571000 | 23982000 | 1002 |
| Call MXN vs. Put USD, strike @19.500, expires 05/15/25 (Counterparty: JPMCB) | 1446000 | 28197000 | 4760 |
| Call SEK vs. Put USD, strike @8.500, expires 04/01/26 (Counterparty: JPMCB) | 100000 | 850000 | 12631 |
| Call NOK vs. Put USD, strike @9.400, expires 01/05/26 (Counterparty: JPMCB) | 100000 | 940000 | 12886 |
| Call CAD vs. Put USD, strike @1.360, expires 06/06/25 (Counterparty: JPMCB) | 1014000 | 1379040 | 4099 |
| Call JPY vs. Put USD, strike @121.000, expires 04/08/26 (Counterparty: JPMCB) | 294000 | 35574000 | 24883 |
| Call JPY vs. Put USD, strike @101.000, expires 04/09/26 (Counterparty: JPMCB) | 727000 | 73427000 | 8502 |
| Call JPY vs. Put USD, strike @109.000, expires 01/08/26 (Counterparty: JPMCB) | 327000 | 35643000 | 5630 |
| Call JPY vs. Put USD, strike @140.000, expires 05/12/25 (Counterparty: JPMCB) | 834000 | 116760000 | 2576 |
| Call JPY vs. Put USD, strike @136.000, expires 06/06/25 (Counterparty: JPMCB) | 33000 | 4488000 | 3733 |
| Call CHF vs. Put USD, strike @0.805, expires 06/06/25 (Counterparty: JPMCB) | 672000 | 540960 | 4637 |
| Call ZAR vs. Put GBP, strike @24.000, expires 07/18/25 (Counterparty: JPMCB) | 514000 | 12336000 | 4821 |
| Call JPY vs. Put USD, strike @141.500, expires 05/19/25 (Counterparty: JPMCB) | 680000 | 96220000 | 664 |
| Call BRL vs. Put USD, strike @5.700, expires 05/22/25 (Counterparty: JPMCB) | 674000 | 3841800 | 1258 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call CNY vs. Put USD, strike @6.800, expires 11/04/25 (Counterparty: JPMCB) | 2245000 | $15266000 | $4728 |
| Call JPY vs. Put USD, strike @139.500, expires 05/29/25 (Counterparty: JPMCB) | 3509000 | 489505500 | 3884 |
| Call GBP vs. Put EUR, strike @0.830, expires 08/04/25 (Counterparty: JPMCB) | 341000 | 283030 | 61831 |
| Call GBP vs. Put EUR, strike @0.830, expires 09/04/25 (Counterparty: JPMCB) | 342000 | 283860 | 69029 |
| Call BRL vs. Put USD, strike @5.630, expires 11/05/25 (Counterparty: JPMCB) | 97000 | 546110 | 27904 |
| Call COP vs. Put USD, strike @4,185.000, expires 11/05/25 (Counterparty: JPMCB) | 64000 | 267840000 | 22776 |
| **Total** |  |  | 1261274 |
| **Total foreign exchange options purchased<br> (cost—$2,039,499)** |  |  | 1564271 |
| **Equity options purchased—0.6%** |  |  |  |
| **Call options—0.2%** |  |  |  |
| Call EURO STOXX 50 Index, strike @5,000.000, expires 12/17/27 (Counterparty: JPMCB) | 51 | 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357167 |
| CME E-mini S&P 500 European Style Week 1 Option, strike @5,700.000, expires 05/02/25 (Counterparty: MSCI) | 1 | 5700 | 750 |
| EURO STOXX 50 Index, strike @5,300.000, expires 05/16/25 (Counterparty: JPMCB) | 157 | 832100 | 23299 |
| HKG Hang Seng China Enterprises Index Futures, strike @8,300.000, expires 12/19/25 (Counterparty: JPMCB) | 165 | 273900 | 126161 |
| ON Semiconductor Corp., strike @43.000, expires 05/09/25 (Counterparty: SSB) | 9 | 387 | 738 |
| Snap,Inc., strike @9.000, expires 05/09/25 (Counterparty: SSB) | 9 | 81 | 45 |
| **Total** |  |  | 508160 |
| **Put options—0.4%** |  |  |  |
| Bloom Energy Corp., strike @19.000, expires 01/16/26 (Counterparty: SSB) | 3 | 57 | 1290 |
| CME S&P 500 E-mini End of Month Option, strike @5,100.000, expires 05/30/25 (Counterparty: MSCI) | 235 | 239700 | 64038 |
| EURO STOXX 50 Index, strike @4,000.000, expires 07/18/25 (Counterparty: DB) | 26 | 104000 | 5449 |
| FTSE 100 Index, strike @7,000.000, expires 07/18/25 (Counterparty:) | 27 | 189000 | 7017 |
| FTSE 100 Index, strike @8,000.000, expires 09/19/25 (Counterparty:) | 14 | 112000 | 26233 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Equity options purchased—(continued)** | | | |
| **Put options—(continued)** | | | |
| NASDAQ 100 Stock Index, strike @18,000.000, expires 09/19/25 (Counterparty: SSB) | 1 | $18000 | $65450 |
| Put EURO STOXX 50 Index, strike @5,000.000, expires 12/19/25 (Counterparty: JPMCB) | 33 | 165000 | 92114 |
| Put EURO STOXX 50 Index, strike @4,400.000, expires 12/17/27 (Counterparty: JPMCB) | 184 | 809600 | 662228 |
| S&P 500 Index, strike @5,370.000, expires 05/05/25 (Counterparty: MSCI) | 2 | 10740 | 1800 |
| S&P 500 Index, strike @5,250.000, expires 09/19/25 (Counterparty: SSB) | 3 | 15750 | 50250 |
| SoFi Technologies,Inc., strike @10.500, expires 05/16/25 (Counterparty: SSB) | 17 | 179 | 221 |
| SPDR S&P 500 ETF Trust, strike @538.000, expires 05/30/25 (Counterparty: SSB) | 17 | 9146 | 12563 |
| **Total** |  |  | 988653 |
| **Total Equity options purchased <br> (cost—$1,607,114)** |  |  | 1496813 |
| **Total Investments before Investments Sold Short<br> (cost—$312,717,129)—111.0%** |  |  | **309597246** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(30.6%)** | **Investments sold short—(30.6%)** | **Investments sold short—(30.6%)** |
| **Common stocks—(21.2%)** | **Common stocks—(21.2%)** | **Common stocks—(21.2%)** |
| **Australia—(0.1%)** | **Australia—(0.1%)** | **Australia—(0.1%)** |
| Champion Iron Ltd. | (8790) | $(25695) |
| Flight Centre Travel Group Ltd. | (3669) | (30105) |
| Liontown Resources Ltd. | (176800) | (59394) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Investments sold short—(continued)** |  |  |  |
| **Common stocks—(continued)** |  |  |  |
| **Australia—(continued)** |  |  |  |
| Mineral Resources Ltd. | (3423) | $| (45016) |
| WA1 Resources Ltd. | (2235) |  | (18031) |
|  |  |  | (178241) |
| **Canada—(2.9%)** | **Canada—(2.9%)** | **Canada—(2.9%)** | **Canada—(2.9%)** |
| Alimentation Couche-Tard, Inc. | (9370) |  | (489094) |
| ARC Resources Ltd. | (11550) |  | (213724) |
| ATS Corp. | (7040) |  | (177404) |
| B2Gold Corp. | (43403) |  | (134983) |
| Bank of Nova Scotia | (3010) |  | (150609) |
| Baytex Energy Corp. | (60190) |  | (92996) |
| Cameco Corp. | (2720) |  | (122781) |
| Canadian Apartment Properties REIT | (3730) |  | (113908) |
| Colliers International Group, Inc. | (1410) |  | (168564) |
| CT Real Estate Investment Trust | (44320) |  | (477406) |
| Denison Mines Corp. | (11700) |  | (16804) |
| Dollarama, Inc. | (2310) |  | (285022) |
| EQB, Inc. | (4960) |  | (342911) |
| Fiera Capital Corp. | (31670) |  | (145417) |
| Fortuna Mining Corp. | (18371) |  | (114819) |
| goeasy Ltd. | (1240) |  | (140002) |
| Hudbay Minerals, Inc. | (60190) |  | (437912) |
| IGM Financial, Inc. | (12300) |  | (390877) |
| Imperial Oil Ltd. | (9590) |  | (646869) |
| Keyera Corp. | (15770) |  | (489481) |
| Lithium Americas Corp. | (8570) |  | (24617) |
| MEG Energy Corp. | (8970) |  | (125838) |
| National Bank of Canada | (3460) |  | (303886) |
| NexGen Energy Ltd. | (7904) |  | (41395) |
| Onex Corp. | (4690) |  | (332069) |
| PrairieSky Royalty Ltd. | (24930) |  | (419720) |
| Richelieu Hardware Ltd. | (18540) |  | (438553) |
| RioCan Real Estate Investment Trust | (25010) |  | (312398) |
| Rogers Sugar, Inc. | (5908) |  | (24213) |
| Saputo, Inc. | (9750) |  | (190247) |
| Shopify, Inc. | (1835) |  | (174325) |
| StorageVault Canada, Inc. | (2746) |  | (7509) |
| Toromont Industries Ltd. | (930) |  | (78685) |
| Total Energy Services, Inc. | (13050) |  | (83870) |
| Trican Well Service Ltd. | (4060) |  | (11927) |
| Vermilion Energy, Inc. | (14640) |  | (88354) |
| Whitecap Resources, Inc. | (35620) |  | (202052) |
| WSP Global, Inc. | (1050) |  | (186115) |
| Xenon Pharmaceuticals, Inc. | (526) |  | (20093) |
|  |  |  | (8217449) |
| **Chile—(0.0%)<sup>†</sup>** | **Chile—(0.0%)<sup>†</sup>** | **Chile—(0.0%)<sup>†</sup>** | **Chile—(0.0%)<sup>†</sup>** |
| Antofagasta PLC | (1147) |  | (25172) |
| **China—(0.9%)** | **China—(0.9%)** | **China—(0.9%)** | **China—(0.9%)** |
| Alibaba Group Holding Ltd. | (10810) |  | (1291038) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **China—(continued)** | **China—(continued)** | **China—(continued)** |
| H World Group Ltd. | (2759) | (94468) |
| JD.com, Inc. | (7384) | (240866) |
| Ping An Insurance Group Co. of China Ltd. | (27200) | (162793) |
| Qifu Technology, Inc. | (1220) | (50057) |
| Silvercorp Metals, Inc. | (18550) | (69562) |
| Trip.com Group Ltd. | (8627) | (508907) |
|  |  | (2417691) |
| **Colombia—(0.0%)<sup>†</sup>** | **Colombia—(0.0%)<sup>†</sup>** | **Colombia—(0.0%)<sup>†</sup>** |
| Gran Tierra Energy, Inc. | (19550) | (86788) |
| **Congo—(0.0%)<sup>†</sup>** | **Congo—(0.0%)<sup>†</sup>** | **Congo—(0.0%)<sup>†</sup>** |
| Ivanhoe Mines Ltd. | (10964) | (97345) |
| **Denmark—(0.0%)<sup>†</sup>** | **Denmark—(0.0%)<sup>†</sup>** | **Denmark—(0.0%)<sup>†</sup>** |
| Zealand Pharma AS | (1652) | (116840) |
| **Finland—(0.1%)** | **Finland—(0.1%)** | **Finland—(0.1%)** |
| Neste OYJ | (14354) | (148899) |
| **France—(0.1%)** | **France—(0.1%)** | **France—(0.1%)** |
| Airbus SE | (628) | (106566) |
| Kering SA | (365) | (74260) |
| Sartorius Stedim Biotech | (495) | (116815) |
|  |  | (297641) |
| **Germany—(0.1%)** | **Germany—(0.1%)** | **Germany—(0.1%)** |
| Carl Zeiss Meditec AG | (1847) | (126940) |
| Mercedes-Benz Group AG | (2511) | (150129) |
|  |  | (277069) |
| **Israel—(0.0%)<sup>†</sup>** | **Israel—(0.0%)<sup>†</sup>** | **Israel—(0.0%)<sup>†</sup>** |
| Mobileye Global, Inc. | (4507) | (65712) |
| **Italy—(0.0%)<sup>†</sup>** | **Italy—(0.0%)<sup>†</sup>** | **Italy—(0.0%)<sup>†</sup>** |
| Salvatore Ferragamo SpA | (4879) | (30569) |
| **Japan—(0.3%)** | **Japan—(0.3%)** | **Japan—(0.3%)** |
| Eisai Co. Ltd. | (700) | (20233) |
| Ezaki Glico Co. Ltd. | (500) | (16496) |
| KeePer Technical Laboratory Co. Ltd. | (1300) | (37757) |
| Kikkoman Corp. | (2800) | (27410) |
| Lasertec Corp. | (900) | (83673) |
| M3, Inc. | (11200) | (140365) |
| Pola Orbis Holdings, Inc. | (3600) | (33052) |
| Sakura Internet, Inc. | (500) | (11652) |
| SMC Corp. | (400) | (129456) |
| Yamato Holdings Co. Ltd. | (7300) | (103644) |
| Yaskawa Electric Corp. | (5700) | (120095) |
|  |  | (723833) |
| **Netherlands—(0.0%)<sup>†</sup>** | **Netherlands—(0.0%)<sup>†</sup>** | **Netherlands—(0.0%)<sup>†</sup>** |
| Pharming Group NV | (66484) | (58802) |
| **Norway—(0.0%)<sup>†</sup>** | **Norway—(0.0%)<sup>†</sup>** | **Norway—(0.0%)<sup>†</sup>** |
| NEL ASA | (205168) | (44424) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Singapore—(0.4%)** | **Singapore—(0.4%)** | **Singapore—(0.4%)** |
| Sea Ltd. | (8614) | $(1154707) |
| STMicroelectronics NV | (3240) | (73655) |
|  |  | (1228362) |
| **Spain—(0.1%)** | **Spain—(0.1%)** | **Spain—(0.1%)** |
| Cellnex Telecom SA | (3287) | (133023) |
| **Sweden—(0.1%)** | **Sweden—(0.1%)** | **Sweden—(0.1%)** |
| EQT AB | (1357) | (39214) |
| Nibe Industrier AB | (30405) | (129659) |
|  |  | (168873) |
| **Switzerland—(0.1%)** | **Switzerland—(0.1%)** | **Switzerland—(0.1%)** |
| ABB Ltd. | (3736) | (197301) |
| **Turkey—(0.1%)** | **Turkey—(0.1%)** | **Turkey—(0.1%)** |
| Eldorado Gold Corp. | (11570) | (217703) |
| **United Kingdom—(0.1%)** | **United Kingdom—(0.1%)** | **United Kingdom—(0.1%)** |
| Ashtead Group PLC | (153) | (8190) |
| Burberry Group PLC | (4741) | (46171) |
| Croda International PLC | (2830) | (111711) |
| Entain PLC | (13561) | (115932) |
| Immunocore Holdings PLC | (553) | (16645) |
| Legal & General Group PLC | (9549) | (30071) |
|  |  | (328720) |
| **United States—(15.8%)** | **United States—(15.8%)** | **United States—(15.8%)** |
| 4D Molecular Therapeutics, Inc. | (1796) | (6053) |
| A10 Networks, Inc. | (6525) | (107532) |
| Abercrombie & Fitch Co. | (3212) | (222977) |
| Advanced Drainage Systems, Inc. | (2360) | (267836) |
| AECOM | (3530) | (348235) |
| AES Corp. | (4075) | (40750) |
| Affirm Holdings, Inc. | (1786) | (88871) |
| Akamai Technologies, Inc. | (3840) | (309427) |
| Albemarle Corp. | (1786) | (104570) |
| Alkami Technology, Inc. | (2909) | (77641) |
| Alliant Energy Corp. | (307) | (18739) |
| Alnylam Pharmaceuticals, Inc. | (378) | (99505) |
| Alphatec Holdings, Inc. | (28321) | (310965) |
| Amentum Holdings, Inc. | (5325) | (116192) |
| Ameren Corp. | (1715) | (170197) |
| American Water Works Co., Inc. | (1021) | (150097) |
| Amphastar Pharmaceuticals, Inc. | (422) | (10301) |
| ANI Pharmaceuticals, Inc. | (6648) | (470811) |
| Apple, Inc. | (4635) | (984937) |
| Applied Digital Corp. | (22695) | (103035) |
| Applied Optoelectronics, Inc. | (3137) | (40122) |
| Astronics Corp. | (8721) | (197879) |
| Badger Meter, Inc. | (2177) | (480725) |
| Bentley Systems, Inc. | (635) | (27299) |
| BigBear.ai Holdings, Inc. | (35812) | (122119) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Bill Holdings, Inc. | (599) | $(27296) |
| BioMarin Pharmaceutical, Inc. | (270) | (17196) |
| Bitdeer Technologies Group | (47780) | (457255) |
| BlackLine, Inc. | (992) | (46852) |
| Bloom Energy Corp. | (43120) | (789958) |
| Boeing Co. | (479) | (87772) |
| Box, Inc. | (9627) | (300555) |
| Bridgebio Pharma, Inc. | (6222) | (238676) |
| BRP, Inc. | (1900) | (64362) |
| Caesars Entertainment, Inc. | (12229) | (330917) |
| CarMax, Inc. | (1630) | (105412) |
| Carnival Corp. | (49839) | (914047) |
| Carrier Global Corp. | (1610) | (100689) |
| Cassava Sciences, Inc. | (3126) | (4877) |
| Caterpillar, Inc. | (416) | (128656) |
| Cheesecake Factory, Inc. | (6423) | (323527) |
| Chefs' Warehouse, Inc. | (955) | (54406) |
| Chewy, Inc. | (6168) | (231300) |
| Cinemark Holdings, Inc. | (49008) | (1465829) |
| Cleanspark, Inc. | (5866) | (47925) |
| Clear Channel Outdoor Holdings, Inc. | (5142) | (5061) |
| Cloudflare, Inc. | (1439) | (173802) |
| Coinbase Global, Inc. | (851) | (172659) |
| Collegium Pharmaceutical, Inc. | (12240) | (330419) |
| Confluent, Inc. | (555) | (13215) |
| CONMED Corp. | (539) | (26470) |
| Copart, Inc. | (1130) | (68964) |
| Core Scientific, Inc. | (23710) | (192051) |
| CoStar Group, Inc. | (626) | (46430) |
| CSG Systems International, Inc. | (476) | (28622) |
| Datadog, Inc. | (1888) | (192878) |
| Dayforce, Inc. | (1324) | (76620) |
| Delta Air Lines, Inc. | (8184) | (340700) |
| Dexcom, Inc. | (233) | (16632) |
| Dick's Sporting Goods, Inc. | (600) | (112644) |
| Digimarc Corp. | (615) | (8050) |
| DraftKings, Inc. | (1041) | (34655) |
| Dropbox, Inc. | (12237) | (349366) |
| Duke Energy Corp. | (1460) | (178149) |
| Dynavax Technologies Corp. | (7616) | (89488) |
| Encore Capital Group, Inc. | (9255) | (318372) |
| Energy Fuels, Inc. | (14045) | (63878) |
| Energy Fuels, Inc. | (464) | (2097) |
| Enovis Corp. | (232) | (8025) |
| Envista Holdings Corp. | (335) | (5387) |
| Evergy, Inc. | (1913) | (132188) |
| Evolent Health, Inc. | (2186) | (21554) |
| Exact Sciences Corp. | (5286) | (241253) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Expedia Group, Inc. | (400) | $(62772) |
| EyePoint Pharmaceuticals, Inc. | (7982) | (54437) |
| EZCORP, Inc. | (14085) | (230571) |
| FARO Technologies, Inc. | (2752) | (80936) |
| Five9, Inc. | (98) | (2464) |
| Ford Motor Co. | (29590) | (296196) |
| Franklin Resources, Inc. | (8280) | (155333) |
| GameStop Corp. | (10923) | (304315) |
| General Motors Co. | (915) | (41395) |
| Globalstar, Inc. | (473) | (9095) |
| Graphic Packaging Holding Co. | (3010) | (76183) |
| Greenbrier Cos., Inc. | (6474) | (274627) |
| Groupon, Inc. | (1087) | (19794) |
| Guardant Health, Inc. | (2519) | (118972) |
| Guess?, Inc. | (548) | (6165) |
| Halozyme Therapeutics, Inc. | (2388) | (146671) |
| Hecla Mining Co. | (28890) | (165251) |
| Hercules Capital, Inc. | (271) | (4851) |
| Hershey Co. | (940) | (157159) |
| Hilton Worldwide Holdings, Inc. | (1007) | (227058) |
| Honeywell International, Inc. | (308) | (64834) |
| Illinois Tool Works, Inc. | (682) | (163619) |
| Immunovant, Inc. | (995) | (16069) |
| Impinj, Inc. | (930) | (85681) |
| Innoviva, Inc. | (9304) | (173892) |
| Inotiv, Inc. | (7861) | (15486) |
| Integer Holdings Corp. | (369) | (46608) |
| InterDigital, Inc. | (2865) | (575865) |
| International Flavors & Fragrances, Inc. | (1860) | (145936) |
| Ionis Pharmaceuticals, Inc. | (402) | (12345) |
| IonQ, Inc. | (444) | (12192) |
| Itron, Inc. | (1494) | (166267) |
| Ivanhoe Electric, Inc. | (5206) | (32798) |
| Jacobs Solutions, Inc. | (3150) | (389970) |
| Jazz Pharmaceuticals PLC | (2061) | (241055) |
| JBT Marel Corp. | (218) | (22947) |
| JetBlue Airways Corp. | (5555) | (24220) |
| Joby Aviation, Inc. | (7199) | (45354) |
| Kinder Morgan, Inc. | (8478) | (222971) |
| Kite Realty Group Trust | (905) | (19593) |
| KKR & Co., Inc. | (3982) | (455023) |
| Kohl's Corp. | (12760) | (85492) |
| Korn Ferry | (3595) | (221812) |
| Lantheus Holdings, Inc. | (7198) | (751039) |
| LCI Industries | (2492) | (192083) |
| Lennar Corp. | (426) | (46268) |
| Lennox International, Inc. | (83) | (45380) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Liberty Media Corp.-Liberty Formula One | (1491) | $(132207) |
| Linde PLC | (469) | (212565) |
| LivaNova PLC | (548) | (20276) |
| Live Nation Entertainment, Inc. | (1779) | (235629) |
| Lumentum Holdings, Inc. | (8186) | (483301) |
| Lyft, Inc. | (3309) | (41032) |
| MACOM Technology Solutions Holdings, Inc. | (2610) | (270788) |
| MannKind Corp. | (62032) | (312641) |
| MARA Holdings, Inc. | (1484) | (19841) |
| Marriott International, Inc. | (949) | (226412) |
| Marriott Vacations Worldwide Corp. | (43) | (2357) |
| Martin Marietta Materials, Inc. | (470) | (246271) |
| Match Group, Inc. | (1380) | (40931) |
| Merit Medical Systems, Inc. | (1599) | (151026) |
| Meritage Homes Corp. | (581) | (39589) |
| MGM Resorts International | (10733) | (337660) |
| Microchip Technology, Inc. | (833) | (38385) |
| MicroStrategy, Inc. | (864) | (328415) |
| Middleby Corp. | (2265) | (302038) |
| Miller Industries, Inc. | (4105) | (167525) |
| MKS Instruments, Inc. | (1231) | (86342) |
| Moderna, Inc. | (3430) | (97892) |
| MongoDB, Inc. | (423) | (72828) |
| MP Materials Corp. | (1045) | (25561) |
| NextDecade Corp. | (2865) | (21430) |
| NIKE, Inc. | (3863) | (217873) |
| Norwegian Cruise Line Holdings Ltd. | (7410) | (118782) |
| Nutanix, Inc. | (7578) | (520609) |
| Olema Pharmaceuticals, Inc. | (381) | (1966) |
| Ollie's Bargain Outlet Holdings, Inc. | (3512) | (372658) |
| ON Semiconductor Corp. | (12754) | (506334) |
| Ormat Technologies, Inc. | (898) | (65195) |
| OSI Systems, Inc. | (976) | (199826) |
| Pacira BioSciences, Inc. | (4355) | (117150) |
| Packaging Corp. of America | (850) | (157769) |
| Pagaya Technologies Ltd. | (3113) | (34118) |
| PagerDuty, Inc. | (857) | (13292) |
| PAR Technology Corp. | (794) | (46370) |
| Park Hotels & Resorts, Inc. | (22679) | (225429) |
| Parsons Corp. | (8088) | (540764) |
| Penguin Solutions, Inc. | (29680) | (506638) |
| Penn Entertainment, Inc. | (812) | (12359) |
| PG&E Corp. | (3977) | (65700) |
| Pliant Therapeutics, Inc. | (833) | (1324) |
| Porch Group, Inc. | (3636) | (21089) |
| Progress Software Corp. | (3795) | (227548) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| PROS Holdings, Inc. | (2307) | $(39404) |
| Public Service Enterprise Group, Inc. | (1754) | (140197) |
| PureCycle Technologies, Inc. | (2085) | (13990) |
| Q2 Holdings, Inc. | (3170) | (251223) |
| QuantumScape Corp. | (6184) | (24179) |
| RealReal, Inc. | (1545) | (8961) |
| Redfin Corp. | (2561) | (24355) |
| Repay Holdings Corp. | (637) | (2548) |
| Repligen Corp. | (698) | (96317) |
| ResMed, Inc. | (1885) | (445972) |
| Rexford Industrial Realty, Inc. | (27) | (894) |
| Reynolds Consumer Products, Inc. | (3090) | (71070) |
| Rivian Automotive, Inc. | (8610) | (117613) |
| Ross Stores, Inc. | (3203) | (445217) |
| Sarepta Therapeutics, Inc. | (231) | (14414) |
| Savara, Inc. | (3389) | (10845) |
| Seagate Technology Holdings PLC | (5957) | (542266) |
| Semler Scientific, Inc. | (315) | (10184) |
| Semtech Corp. | (10246) | (320188) |
| Shift4 Payments, Inc. | (12212) | (998942) |
| Silgan Holdings, Inc. | (8470) | (437475) |
| Sirius XM Holdings, Inc. | (4545) | (97354) |
| Snap, Inc. | (766) | (6097) |
| Snowflake, Inc. | (6529) | (1041310) |
| SoFi Technologies, Inc. | (64700) | (809397) |
| Southern Co. | (2880) | (264643) |
| Southwest Airlines Co. | (3810) | (106528) |
| Spotify Technology SA | (496) | (304534) |
| Stellantis NV | (6878) | (64003) |
| Super Micro Computer, Inc. | (1316) | (41928) |
| Synchrony Financial | (6360) | (330402) |
| T. Rowe Price Group, Inc. | (990) | (87665) |
| Talen Energy Corp. | (542) | (116573) |
| Talos Energy, Inc. | (379) | (2608) |
| Tandem Diabetes Care, Inc. | (694) | (11694) |
| Tapestry, Inc. | (6418) | (453432) |
| Target Corp. | (4648) | (449462) |
| Tetra Tech, Inc. | (4324) | (134866) |
| Texas Instruments, Inc. | (2827) | (452461) |
| Trane Technologies PLC | (380) | (145658) |
| TransMedics Group, Inc. | (2728) | (251003) |
| Transocean Ltd. | (67947) | (144727) |
| Tyler Technologies, Inc. | (1020) | (554166) |
| Tyson Foods, Inc. | (695) | (42562) |
| Uber Technologies, Inc. | (6821) | (552569) |
| UGI Corp. | (11759) | (385578) |
| United Airlines Holdings, Inc. | (6155) | (423587) |
| Unity Software, Inc. | (752) | (15845) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Upstart Holdings,Inc. | (14852) | $| (709926) |
| Varonis Systems,Inc. | (3749) |  | (160607) |
| Veeco Instruments,Inc. | (17403) |  | (325436) |
| Vertex,Inc. | (6172) |  | (247065) |
| Viavi Solutions,Inc. | (1667) |  | (17637) |
| Vishay Intertechnology,Inc. | (11576) |  | (150372) |
| Vistra Corp. | (557) |  | (72204) |
| Vulcan Materials Co. | (1180) |  | (309549) |
| Walt Disney Co. | (2479) |  | (225465) |
| Wayfair,Inc. | (636) |  | (19182) |
| WEC Energy Group,Inc. | (1814) |  | (198669) |
| Western Digital Corp. | (18971) |  | (832068) |
| Williams-Sonoma,Inc. | (4395) |  | (678896) |
| Winnebago Industries,Inc. | (130) |  | (4137) |
| WisdomTree,Inc. | (36269) |  | (315540) |
| Workiva,Inc. | (168) |  | (12645) |
| Xometry,Inc. | (3978) |  | (101996) |
| Ziff Davis,Inc. | (178) |  | (5256) |
|  |  |  | (44152286) |
| **Total common stocks<br> (proceeds—$(61344522))** |  |  | **(59212743)** |
| **Preferred stocks—(0.0%)<sup>†</sup>** |  |  |  |
| **Germany—(0.0%)<sup>†</sup>** |  |  |  |
| Sartorius AG<br> (proceeds—$(33589)) | (129) |  | (33488) |
| **Exchange traded funds: (4.8)%** | **Exchange traded funds: (4.8)%** | **Exchange traded funds: (4.8)%** | **Exchange traded funds: (4.8)%** |
| SPDR S&P Retail ETF | (2340) |  | (160758) |
| BMO S&P 500 Index ETF | (9100) |  | (553552) |
| iShares MSCI USA Momentum Factor ETF | (4810) |  | (1008320) |
| SPDR S&P 500 ETF Trust | (7626) |  | (4228922) |
| Industrial Select Sector SPDR Fund | (3729) |  | (489319) |
| iShares iBoxx $ High Yield Corporate Bond ETF | (6604) |  | (519074) |
| Invesco QQQ Trust | (1150) |  | (546791) |
| iShares Russell 2000 ETF | (13906) |  | (2709723) |
| iShares Core S&P/TSX Capped Composite Index ETF | (70260) |  | (2021262) |
| Materials Select Sector SPDR Fund | (2554) |  | (214255) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Exchange traded funds—(continued)** | **Exchange traded funds—(continued)** | **Exchange traded funds—(continued)** |
| iShares MSCI Brazil ETF | (4094) | $(110702) |
| iShares S&P/TSX Capped Energy Index ETF | (27080) | (301325) |
| iShares S&P/TSX Capped REIT Index ETF | (48400) | (518898) |
| **Total exchange traded funds<br> (proceeds—$(13028228))** |  | **(13382901)** |
| **U.S. Treasury obligations: (0.5)%** | **U.S. Treasury obligations: (0.5)%** | **U.S. Treasury obligations: (0.5)%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.875% due, 03/31/30<br> (proceeds—$(1387571)) | (1382000) | (1388424) |
| **Short-term U.S. treasury obligations: (4.1)%** | **Short-term U.S. treasury obligations: (4.1)%** | **Short-term U.S. treasury obligations: (4.1)%** |
| U.S. Treasury Bills | (11000000) | (10981905) |
| &nbsp;&nbsp;&nbsp;4.307% due, 05/15/25 |  |  |
| &nbsp;&nbsp;&nbsp; 4.158% due, 02/19/26 | (400000) | (387129) |
| **Total short-term U.S. treasury obligations<br> (proceeds—$(11369034))** |  | **(11369034)** |
| **Total investments sold short<br> (proceeds—$(87162944))** |  | **(85386590)** |
| **Total Investments<br> (cost—$225,554,185): 80.4%** |  | 224210656 |
| Other assets in excess of liabilities—19.6% |  | 54825496 |
| **Net Assets—100.0%** |  | $**279036152** |

---

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

**Equity options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<sup>#</sup>** | **Notional<br> amount<sup>#</sup>** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 863500 | 157 | EURO STOXX 50 Index, strike @ 5,500.000 | JPMCB | 05/16/25 | $(4535) | $(2846) | $1689 |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<sup>#</sup>** | **Notional<br> amount<sup>#</sup>** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 165000 | 33 | Call EURO STOXX 50 Index, strike @ 5,000.000 | JPMCB | 12/19/25 | $(131158) | $(143555) | $(12397) |
| **Total** | **Total** |  |  |  |  | $**(135693)** | $**(146401)** | $**(10708)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<sup>#</sup>** | **Notional<br> amount<sup>#</sup>** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 580800 | 132 | Put EURO STOXX 50 Index, strike @ 4,400.000 | JPMCB | 12/19/25 | $(250597) | $(161200) | $89397 |
| EUR | 255000 | 51 | Put EURO STOXX 50 Index, strike @ 5,000.000 | JPMCB | 12/17/27 | (293104) | (304014) | (10910) |
| USD | 8755 | 17 | SPDR S&P 500 ETF Trust, strike @ 515.000 | SSB | 05/30/25 | (7703) | (6256) | 1447 |
| USD | 16000 | 1 | NASDAQ 100 Stock Index, strike @ 16,000.000 | SSB | 09/19/25 | (33385) | (33265) | 120 |
| USD | 14250 | 3 | S&P 500 Index, strike @ 4,750.000 | SSB | 09/19/25 | (27710) | (24210) | 3500 |
| **Total** | **Total** |  |  |  |  | $**(612499)** | $**(528945)** | $**83554** |
| **Total equity options written** | **Total equity options written** | **Total equity options written** | **Total equity options written** |  |  | $**(748192)** | $**(675346)** | $**72846** |

---

<sup>#</sup> For disclosure purposes. Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by the contract multiplier.

**Foreign exchange options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 3234 | 2021000 | Call USD vs. Put CAD, 0.000, 1.600 | JPMCB | 06/17/25 | $(3032) | $(2) | $3030 |
| EUR | 5090 | 4072000 | Call EUR vs. Put USD, 0.000, 1.250 | BOA | 10/14/25 | (22116) | (17045) | 5071 |
| EUR | 6801 | 5441000 | Call EUR vs. Put USD, 0.000, 1.250 | DB | 10/22/25 | (37625) | (24538) | 13087 |
| EUR | 1027 | 893000 | Call EUR vs. Put USD, 0.000, 1.150 | JPMCB | 05/09/25 | (1528) | (1668) | (140) |
| USD | 1033850 | 667000 | Call USD vs. Put KRW, 0.000, 1,550.000 | JPMCB | 06/09/25 | (2114) | (128) | 1986 |
| USD | 21352 | 2669000 | Call USD vs. Put CNY, 0.000, 8.000 | JPMCB | 09/29/25 | (4630) | (1102) | 3528 |
| USD | 27363 | 3337000 | Call USD vs. Put CNY, 0.000, 8.200 | JPMCB | 01/06/26 | (7742) | (2963) | 4779 |
| USD | 22688 | 2836000 | Call USD vs. Put CNY, 0.000, 8.000 | JPMCB | 12/02/25 | (7896) | (3052) | 4844 |
| AUD | 2947 | 4271000 | Call AUD vs. Put USD, 0.000, 0.690 | JPMCB | 07/15/25 | (6115) | (4894) | 1221 |
| EUR | 4211 | 896000 | Call EUR vs. Put PLN, 0.000, 4.700 | JPMCB | 12/10/25 | (5076) | (4416) | 660 |
| EUR | 366030 | 747000 | Call EUR vs. Put HUF, 0.000, 490.000 | JPMCB | 03/11/26 | (3439) | (2417) | 1022 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

**Foreign exchange options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| NZD | 2290 | 3444000 | Call NZD vs. Put USD, 0.000, 0.665 | JPMCB | 09/17/25 | $(4747) | $(4249) | $498 |
| EUR | 297500 | 595000 | Call EUR vs. Put HUF, 0.000, 500.000 | JPMCB | 03/10/26 | (1914) | (1422) | 492 |
| EUR | 1649 | 1352000 | Call EUR vs. Put USD, 0.000, 1.220 | JPMCB | 07/03/25 | (2716) | (2250) | 466 |
| **Total** | **Total** |  |  |  |  | $**(110690)** | $**(70146)** | $**40544** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 520780 | 4006000 | Call JPY vs. Put USD, 0.000, 130.000 | BNP | 10/14/25 | $(45271) | $(35557) | $9714 |
| USD | 778176 | 6176000 | Call JPY vs. Put USD, 0.000, 126.000 | DB | 10/22/25 | (56041) | (36142) | 19899 |
| EUR | 1291 | 1317000 | Call USD vs. Put EUR, 0.000, 0.980 | JPMCB | 05/02/25 | (4203) | (1) | 4202 |
| USD | 112320 | 832000 | Call JPY vs. Put USD, 0.000, 135.000 | JPMCB | 05/12/25 | (4788) | (299) | 4489 |
| USD | 1349 | 1014000 | Call CAD vs. Put USD, 0.000, 1.330 | JPMCB | 06/06/25 | (1707) | (781) | 926 |
| USD | 521 | 672000 | Call CHF vs. Put USD, 0.000, 0.775 | JPMCB | 06/06/25 | (3024) | (1249) | 1775 |
| **Total** | **Total** |  |  |  |  | $**(115034)** | $**(74029)** | $**41005** |
| **Total foreign exchange options written** | **Total foreign exchange options written** | **Total foreign exchange options written** | **Total foreign exchange options written** |  |  | $**(225724)** | $**(144175)** | $**81549** |

---

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| HKD | 313500 | 1650 | HKG Hang Seng China Enterprises Index Futures, strike @ 9,500.000 | JPMCB | 12/19/25 | $(94347) | $(52762) | $41585 |
| JPY | 1051217300 | 914102000 | 5 Year USD SOFR Interest Rate Swap, strike @ 1.150 | BNP | 12/12/25 |  | (116429) | (116429) |
| USD | 1596 | 14000 | CBOT U.S. Long Bond Futures, strike @ 114.000 | MSCI | 05/23/25 | (32148) | (45938) | (13790) |
| USD | 523 | 10000 | CBOT 2 Year U.S. Treasury Notes Futures, strike @ 104.500 | MSCI | 05/23/25 | (773) | (1172) | (399) |
| **Total** | **Total** |  |  |  |  | $**(127268)** | $**(216301)** | $**(89033)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 1482 | 12000 | Eurex 10 Year Euro BUND Futures, strike @ 123.500 | MSCI | 05/23/25 | $(4662) | $(136) | $4526 |
| HKD | 91300 | 550 | HKG Hang Seng China Enterprises Index Futures, strike @ 8,300.000 | JPMCB | 12/19/25 | (54064) | (55669) | (1605) |
| JPY | 4113459000 | 2742306000 | 5 Year USD SOFR Interest Rate Swap, strike @ 1.500 | BNP | 12/12/25 |  | (13570) | (13570) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1596 | 14000 | CBOT U.S. Long Bond Futures, strike @ 114.000 | MSCI | 05/23/25 | $(24319) | $(8531) | $15788 |
| **Total** | **Total** |  |  |  |  | $**(83045)** | $**(77906)** | $**5139** |
| **Total options written** | **Total options written** | **Total options written** | **Total options written** |  |  | $**(210313)** | $**(294207)** | $**(83894)** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** | **Index futures buy contracts:** |
| 2 | EUR | EURO Schatz 2 Year Index Futures | June 2025 | $243567 | $243721 | $154 |
| 2 | EUR | Euronext CAC 40 Index Futures | May 2025 | 162915 | 170641 | 7726 |
| 23 | GBP | FTSE 100 Index Futures | June 2025 | 1436107 | 1466397 | 30290 |
| 1 | EUR | FVSA index—Mini-Index Futures on VSTOXX | May 2025 | 2753 | 2492 | (261) |
| 3 | HKD | Hang Seng China Enterprises Index Futures | May 2025 | 156001 | 156371 | 370 |
| 16 | HKD | Hang Seng China Enterprises Index Futures | May 2025 | 2260064 | 2278199 | 18135 |
| 1 | EUR | Mini-DAX Index Futures | June 2025 | 634396 | 640202 | 5806 |
| 1 | EUR | Mini-DAX Index Futures | June 2025 | 111880 | 128040 | 16160 |
| 5 | USD | MSCI Emerging Markets Index Futures | June 2025 | 257136 | 277500 | 20364 |
| 3 | SGD | MSCI Singapore Index Futures | May 2025 | 87970 | 88581 | 611 |
| 12 | USD | S&P 500 E-Mini Index Futures | June 2025 | 5407863 | 5587000 | 179137 |
| 1 | AUD | S&P ASX Share Price Index 200 Futures | June 2025 | 124955 | 130384 | 5429 |
| 1 | CAD | S&P/TSX 60 Index Futures | June 2025 | 215844 | 216887 | 1043 |
| 1 | SEK | Stockholm OMXS30 Index Futures | May 2025 | 24249 | 24981 | 732 |
| 1 | USD | Volatility Index Futures | May 2025 | 24450 | 24011 | (439) |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 5 | AUD | Australian Bond 3 Year Futures | June 2025 | $344898 | $344783 | $(115) |
| 23 | USD | Australian Dollar Currency Futures | June 2025 | 1147900 | 1153260 | 5360 |
| 3 | USD | British Pound Currency Futures | June 2025 | 251378 | 250162 | (1216) |
| 5 | CAD | Canadian Bond 10 Year Futures | June 2025 | 446677 | 448498 | 1821 |
| 19 | EUR | Eurex Short-term Euro-BTP Futures | June 2025 | 2320905 | 2328699 | 7794 |
| 6 | EUR | Italian Government Bond Futures | June 2025 | 816117 | 817624 | 1507 |
| 38 | USD | Japanese Yen Currency Futures | June 2025 | 3163293 | 3168675 | 5382 |
| 7 | KRW | Korea Treasury Bond 10 Year Futures | June 2025 | 586598 | 597474 | 10876 |
| 18 | KRW | Korea Treasury Bond 3 Year Futures | June 2025 | 1357862 | 1365797 | 7935 |
| 1 | USD | Norwegian Krone Currency Futures | June 2025 | 184810 | 192400 | 7590 |
| 0 | GBP | United Kingdom Long Gilt Bond Futures | June 2025 | 1720970 | 1744878 | 23908 |
| **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** | **U.S. Treasury futures buy contracts:** |
| 6 | USD | U.S. Long Bond Futures | June 2025 | $690375 | $699750 | $9375 |
| 5 | USD | U.S. Treasury Note 2 Year Futures | June 2025 | 2698522 | 2705930 | 7408 |
| 4 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2025 | 452969 | 458938 | 5969 |
| **Total** |  |  |  | $**27333424** | $**27712275** | $**378851** |
| **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** | **Index futures sell contracts:** |
| 12 | USD | E- Mini Russell 2000 Value Index Futures | June 2025 | $(1228868) | $(1181880) | $46988 |
| 1 | EUR | EURO STOXX 50 Index Futures | June 2025 | (54411) | (57855) | (3444) |
| 53 | EUR | EURO STOXX 600 Index Futures | June 2025 | (1594927) | (1571275) | 23652 |
| 1 | EUR | Euronext CAC 40 Index Futures | May 2025 | (80634) | (85321) | (4687) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 2 | GBP | FTSE 250 Index Futures | June 2025 | $(104113) | $(105664) | $(1551) |
| 1 | KRW | KOSPI 200 Index Futures | June 2025 | (54466) | (59594) | (5128) |
| 1 | EUR | Mini-DAX Index Futures | June 2025 | (131390) | (128040) | 3350 |
| 14 | JPY | OSE Nikkei 225 Mini Index Futures | June 2025 | (349023) | (352791) | (3768) |
| 9 | JPY | TSE Mini Topix Index Futures | June 2025 | (164984) | (167719) | (2735) |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 4 | AUD | Australian Bond 10 Year Futures | June 2025 | $(292107) | $(294581) | $(2474) |
| 26 | USD | Canadian Dollar Currency Futures | June 2025 | (1882695) | (1890590) | (7895) |
| 9 | CAD | Canadian Government Bond | June 2025 | (690175) | (690995) | (820) |
| 4 | EUR | Euro Bund 10 Year Futures | June 2025 | (597080) | (597148) | (68) |
| 47 | USD | Euro Foreign Exchange Currency Futures | June 2025 | (6718438) | (6685750) | 32688 |
| 1 | EUR | French Government Bond Futures | June 2025 | (142025) | (142331) | (306) |
| 6 | USD | Mexican Peso Currency Futures | June 2025 | (145907) | (152100) | (6193) |
| 13 | USD | New Zealand Dollar Currency Futures | June 2025 | (773481) | (773110) | 371 |
| 16 | USD | Swiss Franc Currency Futures | June 2025 | (2450412) | (2443400) | 7012 |
| **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** | **U.S. Treasury futures sell contracts:** |
| 15 | USD | U.S. Treasury Note 10 Year Futures | June 2025 | $(1676797) | $(1683281) | $(6484) |
| 8 | USD | Ultra U.S. Treasury Bond Futures | June 2025 | (370669) | (363094) | 7575 |
| **Total** |  |  |  | $**(19502602)** | $**(19426519)** | $**76083** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**454934** |

---

**Centrally cleared credit default swap agreements on credit indices – buy protection<sup>11</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2025<sup>14</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the<br> Portfolio<sup>12</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.IG.S44 | N/A | USD | 348 | 06/20/30 | Quarterly | (5.000)% | $(3739) | $(7273) | $(3534) |
| iTraxx Europe Crossover S43 | N/A | EUR | 24 | 06/20/30 | Quarterly | (5.000) | (1210) | (1910) | (700) |
| CDX.NA.HY.S44 | N/A | USD | 1527 | 06/20/30 | Quarterly | (5.000) | (57749) | (66562) | (8813) |
| **Total** |  |  |  |  |  |  | $**(62698)** | $**(75745)** | $**(13047)** |

---

**Centrally cleared credit default swap agreements on credit indices – sell protection<sup>13</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied <br> credit<br> spread as of<br> April 30, <br> 2025<sup>14</sup>** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> received by<br> the<br> Portfolio<sup>12</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 | (5.000)% | $6313 | $7543 | $1230 |
| CDX.EM.S43 | N/A | USD | 89 | 06/20/30 | Quarterly | (5.000) | (3178) | (3416) | (238) |
| **Total** |  |  |  |  |  |  | $**3135** | $**4127** | $**992** |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>12</sup>** | **Payments<br> received by<br> the portfolio<sup>12</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BRL | 5935 | 01/04/27 | At Maturity | 1 day BRL CDI | 15.220% | $20966 | $16692 |
| BRL | 30361 | 01/02/31 | At Maturity | 1 day BRL CDI | 14.765 | 162718 | 78244 |
| CAD | 308 | 06/18/35 | Semi-annual | 2.914% | 1 day CAD CORRA | (2249) | (937) |
| CHF | 421 | 06/18/30 | Annual | 1 day CHF SARON | 0.115 | 887 | 887 |
| CHF | 274 | 06/18/35 | Annual | 1 day CHF SARON | 0.745 | 11603 | 11605 |
| CNY | 10144 | 06/18/30 | Quarterly | 7 day CNY Repo Fixing | 1.693 | 19914 | 11275 |
| EUR | 597 | 06/18/30 | Annual | 1.955 | 1 day EUR STR | (916) | (916) |
| EUR | 194 | 06/18/35 | Annual | 1 day EUR STR | 2.291 | 22 | 22 |
| GBP | 4056 | 06/18/27 | Annual | 1 day GBP SONIA | 3.967 | 43428 | 9072 |
| JPY | 553578 | 04/23/27 | Annual | 1 day JPY TONA | 0.739 | 1064 | 1064 |
| JPY | 122617 | 06/18/27 | Annual | 0.650 | 1 day JPY TONA | 218 | 218 |
| JPY | 553578 | 04/23/28 | Annual | 0.822 | 1 day JPY TONA | (1970) | (1970) |
| JPY | 11111 | 06/18/65 | Annual | 1 day JPY TONA | 2.121 | 3247 | 982 |
| NOK | 7410 | 06/18/30 | Annual | 6 mo. NOK NIBOR | 3.840 | 389 | 389 |
| NZD | 897 | 06/18/27 | Quarterly | 3.359 | 3 mo. NZD Bank Bill | (3245) | (4571) |
| NZD | 702 | 06/18/30 | Quarterly | 3.693 | 3 mo. NZD Bank Bill | (5058) | (2018) |
| NZD | 367 | 06/18/35 | Semi-annual | 3 mo. NZD Bank Bill | 4.131 | 3454 | 3432 |
| SGD | 279 | 06/18/35 | Semi-annual | 2.353 | 1 day SGD SORA | (3528) | (1733) |
| THB | 1112 | 06/18/30 | Quarterly | 1 day THB THOR | 1.736 | 532 | 366 |
| ZAR | 5388 | 06/18/35 | Quarterly | 3 mo. ZAR JIBAR | 8.866 | 2184 | 5116 |
| **Total** | **Total** |  |  |  |  | $**253660** | $**127219** |

---

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | EUR | 1 | 05/15/25 | At Maturity | 1 mo. EUR EURIBOR | BCIISHDF Index | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1010 | $1010 |
| BB | EUR |  | 05/15/25 | At Maturity | LVMH Moet Hennessy Louis Vuitton SE | 1 mo. EUR EURIBOR |  | 13352 | 13352 |
| BB | EUR | 4 | 05/15/25 | At Maturity | Forvia SE | 1 mo. EUR EURIBOR |  | 17976 | 17976 |
| BB | EUR |  | 05/15/25 | At Maturity | Volkswagen AG | 1 mo. EUR EURIBOR |  | 1533 | 1533 |
| BB | EUR | 1 | 05/15/25 | At Maturity | BC EU Low Yield | 1 mo. EUR EURIBOR |  | (4585) | (4585) |
| BB | EUR | 2 | 05/15/25 | At Maturity | BC EU High Momentum | 1 mo. EUR EURIBOR |  | (14731) | (14731) |
| BB | USD | 3 | 05/15/25 | At Maturity | BCIISOXE SWAP COMP | 1 Day USD SOFR |  | (23522) | (23522) |
| BB | USD | 2 | 05/15/25 | At Maturity | BCUFPRFL Index | 1 day USD SOFR |  | (6633) | (6633) |
| BB | USD | 2 | 05/15/25 | At Maturity | 1 day USD SOFR | BCIIWMAH Index |  | 5491 | 5491 |
| BB | USD | 4 | 05/15/25 | At Maturity | BCIISOXD Index | 1 day USD SOFR |  | (26184) | (26184) |
| BB | USD | 3 | 05/15/25 | At Maturity | BCIIACTM Index | 1 day USD SOFR |  | (16114) | (16114) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 2 | 05/15/25 | At Maturity | BCIICOPP Index | 1 day USD SOFR | $– $| (8049) | $(8049) |
| BB | USD | 23 | 05/15/25 | At Maturity | U.S. Discretionary Basket | 1 day USD SOFR | – | (59449) | (59449) |
| BB | USD | 4 | 05/15/25 | At Maturity | Barclays Short Processed Food | 1 day USD SOFR | – | 763 | 763 |
| BB | USD | 2 | 05/15/25 | At Maturity | 1 day USD SOFR | Barclays Private Equity Basket | – | 20427 | 20427 |
| BB | EUR |  | 05/15/25 | At Maturity | 1 mo. EUR EURIBOR | Airbus SE | – | 137 | 137 |
| BB | EUR |  | 05/15/25 | At Maturity | 1 mo. EUR EURIBOR | Thales SA | – | 3947 | 3947 |
| BB | EUR | 1 | 05/15/25 | At Maturity | 1 mo. EUR EURIBOR | Forvia SE | – | 22 | 22 |
| BB | EUR | 1 | 05/15/25 | At Maturity | 1 mo. EUR EURIBOR | BC EU Anti-Value Expensive Index | – | 5489 | 5489 |
| BB | EUR | 1 | 05/15/25 | At Maturity | BC EU Value Index | 1 mo. EUR EURIBOR | – | (4150) | (4150) |
| BB | USD | 1 | 05/15/25 | At Maturity | 1 Day USD SOFR | BCIICROS SWAP COMP | – | 5774 | 5774 |
| BB | USD | 1 | 05/15/25 | At Maturity | 1 Day USD SOFR | Barclays U.S. Low Volatility Equity Market Hedged Index Excess Return | – | 1743 | 1743 |
| BB | USD | 1 | 05/15/25 | At Maturity | 1 Day USD SOFR | Services PCE Sensitivity Index | – | 7430 | 7430 |
| CITI | EUR | 1 | 05/10/25 | At Maturity | 1 mo. EUR EURIBOR | Citi EU Short Est Mom | – | (10497) | (10497) |
| CITI | USD | 1 | 05/10/25 | At Maturity | CGFOOILP Index | 1 day USD SOFR | – | 7656 | 7656 |
| CITI | USD | 4 | 05/10/25 | At Maturity | CGFCBVRG Index | 1 day USD SOFR | – | 9616 | 9616 |
| GS | EUR | 1 | 05/21/25 | At Maturity | Continental AG | 1 mo. EUR EURIBOR+2.167 | – | (3073) | (3073) |
| GS | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR+300 | MTU Aero Engines AG | – | 4010 | 4010 |
| GS | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | GS Custom Luxury (EUR) Swap | – | 2106 | 2106 |
| GS | USD | 1 | 05/21/25 | At Maturity | 1 day USD SOFR | Autos Long Basket | – | 5372 | 5372 |
| GS | USD |  | 05/21/25 | At Maturity | GSCBICLN Index | 1 day USD SOFR | – | (62) | (62) |
| GS | USD | 4 | 05/21/25 | At Maturity | GSMBWHEL Index | 1 day USD SOFR | – | (20024) | (20024) |
| GS | USD | 2 | 05/21/25 | At Maturity | 1 day USD SOFR | Oil Royalties Swap | – | 5646 | 5646 |
| GS | USD | 1 | 05/21/25 | At Maturity | 1 day USD SOFR | GSMBEXC0 Index | – | 9337 | 9337 |
| GS | USD | 13 | 05/21/25 | At Maturity | GS Retailers | 1 day USD SOFR | – | (34967) | (34967) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | USD | 4 | 05/21/25 | At Maturity | 1 day USD SOFR | Athleisure DM | $– $| 19256 | $19256 |
| GS | USD | 3 | 05/21/25 | At Maturity | GSMBHLUX Index | 1 day USD SOFR | – | (8336) | (8336) |
| GS | USD | 1 | 05/21/25 | At Maturity | GSMBLITH Index | 1 day USD SOFR | – | (4093) | (4093) |
| GS | USD |  | 05/21/25 | At Maturity | 1 Day USD SOFR | GS Power Up America Swap | – | 648 | 648 |
| GS | USD | 7 | 05/21/25 | At Maturity | 1 day USD SOFR | AI Conviction | – | 3175 | 3175 |
| GS | USD | 2 | 05/21/25 | At Maturity | World Utilities Index | 1 day USD SOFR | – | (8786) | (8786) |
| GS | EUR | 1 | 05/21/25 | At Maturity | Mercedes-Benz Group AG | 1 mo. EUR EURIBOR+2.167 | – | (892) | (892) |
| GS | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | GS EU Cyclicals | – | 3181 | 3181 |
| GS | USD | 6 | 05/21/25 | At Maturity | China Supply Chain Index | 1 Day USD SOFR | – | (37537) | (37537) |
| GS | USD | 1 | 05/21/25 | At Maturity | DM Pharma Hedge Index | 1 Day USD SOFR | – | (6455) | (6455) |
| JPMCB | BRL |  | 05/21/25 | At Maturity | JPFJBRL1 Index | 1 mo. BRL LIBOR | – | (52) | (52) |
| JPMCB | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR+0.168 | Rheinmetall AG | – | 18179 | 18179 |
| JPMCB | EUR | 5 | 05/21/25 | At Maturity | Valeo SE | 1 mo. EUR EURIBOR-0.154 | – | 11895 | 11895 |
| JPMCB | EUR | 1 | 05/21/25 | At Maturity | Anheuser-Busch InBev SA | 1 mo. EUR EURIBOR-0.151 | – | (4680) | (4680) |
| JPMCB | HKD | 7 | 05/21/25 | At Maturity | China Eastern Airlines Corp. Ltd. | 1 mo. HKD LIBOR-6.911 | – | 133 | 133 |
| JPMCB | HKD | 15 | 05/21/25 | At Maturity | Air China Ltd. | 1 mo. HKD LIBOR-14.995 | – | (553) | (553) |
| JPMCB | JPY | 1 | 05/21/25 | At Maturity | Fujitsu Ltd. | 1 mo. JPY LIBOR-0.150 | – | (1781) | (1781) |
| JPMCB | SEK | 1 | 05/21/25 | At Maturity | 1 mo. SEK STIBOR+0.187 | Saab AB | – | 10581 | 10581 |
| JPMCB | USD | 5 | 05/21/25 | At Maturity | Eva Airways Corp. | 1 day USD SOFR-1.941 | – | 417 | 417 |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | JP U.S. Inflation Laggards Index | 1 Day USD SOFR | – | (2541) | (2541) |
| JPMCB | USD | 2 | 05/21/25 | At Maturity | JP U.S. Large Cap ex-Magnificent 7 Net Return Index | 1 day USD SOFR | – | 2430 | 2430 |
| JPMCB | USD |  | 05/21/25 | At Maturity | U.S. Pure Size Winners | 1 day USD SOFR | – | 3710 | 3710 |
| JPMCB | USD |  | 05/21/25 | At Maturity | 1 day USD SOFR | S&P 500 Consumer Staples Index | – | (652) | (652) |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | JPFUNOI1 Index | 1 day USD SOFR | – | 16598 | 16598 |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index | – | 2711 | 2711 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 2 | 05/21/25 | At Maturity | 1 day USD SOFR | New Media Index | $– $| 3951 | $3951 |
| JPMCB | USD |  | 05/21/25 | At Maturity | JPFUITSV Index | 1 day USD SOFR | – | 7907 | 7907 |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | 1 day USD SOFR | JPFJCRED Index | – | (1040) | (1040) |
| JPMCB | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | Continental AG | – | 34 | 34 |
| JPMCB | EUR |  | 05/21/25 | At Maturity | Schneider Electric SE | 1 mo. EUR EURIBOR-0.150 | – | 221 | 221 |
| JPMCB | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | Volkswagen AG | – | (324) | (324) |
| JPMCB | EUR |  | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | Mercedes-Benz Group AG | – | (260) | (260) |
| JPMCB | EUR | 1 | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR-0.154 | Valeo SE | – | 84 | 84 |
| JPMCB | EUR | 1 | 05/21/25 | At Maturity | 1 mo. EUR EURIBOR | Mirror for JPEBPLEY | – | (1087) | (1087) |
| JPMCB | JPY | 1 | 05/21/25 | At Maturity | 1 mo. JPY LIBOR | Nippon Sanso Holdings Corp. | – |  |  |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | 1 Day USD SOFR | JP11DXYL Index | – | 820 | 820 |
| JPMCB | USD | 1 | 05/21/25 | At Maturity | 1 Day USD SOFR | Interest Rate Winners | – | 501 | 501 |
| JPMCB | USD |  | 09/12/24 | At Maturity | 5.610% | Chinook Therapeutics, Inc. | – | 11268 | 11268 |
| JPMCB | USD |  | 12/11/24 | At Maturity | 5.660 | GCI Liberty, Inc. | – | 329 | 329 |
| JPMCB | USD |  | 12/11/24 | At Maturity | 0.000 | Mirati Therapeutics, Inc. | – | 14093 | 14093 |
| MSCI | BRL | 2 | 05/15/25 | At Maturity | Gerdau SA | 1 mo. BRL LIBOR-0.675 | – | (3) | (3) |
| MSCI | BRL | 1 | 05/15/25 | At Maturity | 1 mo. BRL LIBOR+0.167 | CPFL Energia SA | – | (19) | (19) |
| MSCI | BRL |  | 05/15/25 | At Maturity | 1 mo. BRL LIBOR+0.250 | Sao Martinho SA | – | 44 | 44 |
| MSCI | BRL | 7 | 05/15/25 | At Maturity | CSN Mineracao SA | 1 mo. BRL LIBOR-3.277 | – | (232) | (232) |
| MSCI | USD |  | 05/15/25 | At Maturity | 1 day USD SOFR+0.500 | Banca Transilvania SA | – | 9 | 9 |
| MSCI | USD |  | 05/15/25 | At Maturity | 1 day USD SOFR+0.375 | Hanwha Ocean Co. Ltd. | – | (42) | (42) |
| MSCI | USD | 3 | 05/15/25 | At Maturity | 1 day USD SOFR+0.375 | Samsung Heavy Industries Co. Ltd. | – | 373 | 373 |
| MSCI | USD | 3 | 05/15/25 | At Maturity | Thai Oil PCL | 1 day USD SOFR-12.804 | – | (262) | (262) |
| MSCI | USD | 5 | 05/15/25 | At Maturity | 1 day USD SOFR+0.500 | Qatar Gas Transport Co. Ltd. | – | (85) | (85) |
| MSCI | USD | 13 | 05/15/25 | At Maturity | Petronas Chemicals Group Bhd. | 1 day USD SOFR-1.5 | – | (1795) | (1795) |
| MSCI | USD | 16 | 05/15/25 | At Maturity | Star Petroleum Refining PCL | 1 day USD SOFR-4.414 | – | (238) | (238) |
| MSCI | USD | 4 | 05/15/25 | At Maturity | Saudi Arabian Oil Co. | 1 day USD SOFR-0.887 | – | 486 | 486 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD |  | 05/15/25 | At Maturity | 1 day USD SOFR+0.375 | HD Hyundai Heavy Industries Co. Ltd. | $– $| 2303 | $2303 |
| MSCI | USD | 23 | 05/15/25 | At Maturity | 1 day USD SOFR+0.500 | ADNOC Drilling Co. PJSC | – | (247) | (247) |
| MSCI | USD | 250 | 05/15/25 | At Maturity | 1 day USD SOFR | MSFPACEALS SWAP COMP | – | 95956 | 95956 |
| MSCI | USD | 12 | 05/15/25 | At Maturity | China Steel Corp. | 1 Day USD SOFR-0.938 | – | 150 | 150 |
| MSCI | USD | 2 | 05/15/25 |  | 1 Day USD SOFR+0.475 | Aselsan Elektronik Sanayi Ve Ticaret AS | – | 844 | 844 |
| MSCI | EUR | 2 | 04/07/26 | At Maturity | 1 day EUR STR 0.400 | 0.400% | – | 98507 | 98507 |
| MSCI | EUR | 571 | 05/20/25 | At Maturity | 3.991% | Veolia Environnement SA | – | 23765 | 23765 |
| MSCI | EUR | 277 | 05/20/25 | At Maturity | 3.991 | Engie SA | – | (3403) | (3403) |
| MSCI | EUR | (114) | 05/20/25 | At Maturity | Iberdrola SA—Rights | 3.250 | – | (5373) | (5373) |
| MSCI | EUR | (192) | 05/20/25 | At Maturity | STOXX Europe 600 Industrial Goods & Services Index | 3.250 | – | (6253) | (6253) |
| MSCI | EUR | (282) | 05/20/25 | At Maturity | STOXX Europe 600 Utilities Index | 3.250 | – | (11421) | (11421) |
| MSCI | EUR | 498 | 05/20/25 | At Maturity | 3.250 | Siemens Energy AG | – | 79463 | 79463 |
| MSCI | USD | (401) | 05/20/25 | At Maturity | Utilities Select Sector SPDR Fund | 4.830 | – | (6300) | (6300) |
| MSCI | USD | (9) | 05/20/25 | At Maturity | Ecopro Co. Ltd. | 4.830 | – | (280) | (280) |
| MSCI | USD | (11) | 05/20/25 | At Maturity | Ecopro BM Co. Ltd. | 4.830 | – | (234) | (234) |
| MSCI | USD | (34) | 05/20/25 | At Maturity | LG Energy Solution Ltd. | 4.830 | – | 1799 | 1799 |
| MSCI | GBP | 153 | 05/20/25 | At Maturity | 4.950 | National Grid PLC | – | 4170 | 4170 |
| MSCI | USD | 301 | 05/20/25 | At Maturity | 0.000 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | – | 27317 | 27317 |
| MSCI | EUR | 421 | 05/20/25 | At Maturity | 0.000 | ENEL SPA | – | 25173 | 25173 |
| MSCI | EUR | 138 | 05/20/25 | At Maturity | 0.000 | Heidelberg Materials AG | – | 7168 | 7168 |
| MSCI | USD | 68 | 05/20/25 | At Maturity | 0.000 | JBS SA | – | (4830) | (4830) |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>12</sup>**  | **Payments<br> received by<br> the Portfolio<sup>12</sup>**  | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 49 | 05/20/25 | At Maturity | 0.000% | Zhejiang Sanhua Intelligent Controls Co.,Ltd | $— | $4481 | $4481 |
| MSCI | USD | 113 | 05/20/25 | At Maturity | 0.000 | Contemporary Amperex Technology Co. Ltd. |  | 2594 | 2594 |
| MSCI | USD | 46 | 05/20/25 | At Maturity | 0.000 | Ningbo Tuopu Group Co. Ltd. |  | 3864 | 3864 |
|  |  |  |  |  |  |  | $**0** | $**287299** | $**287299** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 108596 | CAD | 156000 | 05/05/25 | $4585 |
| BB | USD | 109115 | PHP | 6298000 | 05/05/25 | 3641 |
| BB | MYR | 479000 | USD | 107387 | 05/06/25 | (3625) |
| BB | USD | 212346 | BRL | 1254000 | 05/06/25 | 8564 |
| BB | USD | 108107 | MYR | 479000 | 05/06/25 | 2905 |
| BB | NZD | 192000 | USD | 107926 | 05/07/25 | (6138) |
| BB | EUR | 102000 | USD | 105777 | 05/13/25 | (9830) |
| BB | MYR | 472000 | USD | 107078 | 05/13/25 | (2337) |
| BB | USD | 103805 | BRL | 611000 | 05/13/25 | 3648 |
| BB | USD | 111423 | EUR | 102000 | 05/13/25 | 4184 |
| BB | USD | 106712 | NZD | 187000 | 05/13/25 | 4400 |
| BB | NZD | 185000 | USD | 105767 | 05/20/25 | (4179) |
| BB | MYR | 464000 | USD | 104800 | 05/27/25 | (2814) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 102583 | BRL | 606000 | 05/27/25 | $3605 |
| BB | IDR | 871856000 | USD | 50900 | 06/13/25 | (1540) |
| BB | NZD | 186000 | USD | 106219 | 06/13/25 | (4404) |
| BB | USD | 52084 | NZD | 93000 | 06/13/25 | 3228 |
| BB | COP | 216077000 | USD | 49485 | 06/20/25 | (1316) |
| BB | IDR | 871494000 | USD | 50858 | 06/20/25 | (1546) |
| BB | USD | 55034 | CZK | 1214000 | 06/20/25 | 140 |
| BB | IDR | 1757406000 | USD | 103212 | 06/30/25 | (2420) |
| BB | USD | 57323 | CHF | 47000 | 07/03/25 | 31 |
| BB | USD | 56016 | EUR | 49000 | 07/03/25 | (303) |
| BB | IDR | 880740000 | USD | 51338 | 07/09/25 | (1580) |
| BB | GBP | 236700 | USD | 303702 | 07/16/25 | (11839) |
| BB | CAD | 76000 | USD | 55243 | 07/23/25 | (115) |
| BB | THB | 1830000 | USD | 55517 | 07/24/25 | 411 |
| BB | USD | 109802 | IDR | 1858728000 | 07/24/25 | 1788 |
| BB | USD | 55409 | NZD | 92000 | 07/24/25 | (621) |
| BB | CHF | 45000 | USD | 55099 | 08/04/25 | (29) |
| BB | EUR | 48000 | USD | 54984 | 08/04/25 | 297 |
| BNP | USD | 220784 | CZK | 5258000 | 05/06/25 | 17918 |
| BNP | USD | 105790 | KRW | 153305000 | 05/13/25 | 2098 |
| BNP | USD | 104892 | KRW | 151722000 | 05/20/25 | 1930 |
| BNP | USD | 206952 | COP | 865036000 | 05/27/25 | (2900) |
| BNP | CZK | 2509000 | USD | 105422 | 06/06/25 | (8565) |
| BNP | KRW | 154441000 | USD | 106737 | 06/13/25 | (2167) |
| BNP | KRW | 153834000 | USD | 106523 | 06/20/25 | (2003) |
| BNP | CLP | 50583000 | USD | 53622 | 07/03/25 | 223 |
| BNP | INR | 9090000 | USD | 106130 | 07/03/25 | (1018) |
| BNP | CLP | 51950000 | USD | 55062 | 08/04/25 | 230 |
| BNP | USD | 54659 | INR | 4691000 | 08/04/25 | 529 |
| BOA | CZK | 5137000 | USD | 211655 | 05/13/25 | (21588) |
| BOA | CNY | 767000 | USD | 106611 | 05/20/25 | 904 |
| BOA | USD | 106229 | SGD | 141000 | 05/20/25 | 1816 |
| BOA | CNY | 763000 | USD | 105432 | 05/27/25 | 224 |
| BOA | CNY | 766000 | USD | 105664 | 06/06/25 | (35) |
| BOA | USD | 105328 | SGD | 141000 | 06/06/25 | 2821 |
| BOA | CNY | 384000 | USD | 52402 | 06/13/25 | (613) |
| BOA | USD | 106055 | CZK | 2435000 | 06/13/25 | 4591 |
| BOA | CNY | 383000 | USD | 52578 | 06/20/25 | (325) |
| BOA | SGD | 141000 | USD | 106394 | 06/20/25 | (1839) |
| BOA | USD | 106835 | CNY | 767000 | 06/20/25 | (891) |
| BOA | USD | 52958 | CZK | 1214000 | 06/20/25 | 2215 |
| BOA | CNY | 385000 | USD | 52889 | 06/27/25 | (318) |
| BOA | PLN | 409000 | USD | 105589 | 06/27/25 | (2465) |
| BOA | USD | 106623 | CNY | 770000 | 06/27/25 | (211) |
| BOA | USD | 53316 | CZK | 1222000 | 06/27/25 | 2231 |
| BOA | USD | 52181 | PLN | 205000 | 06/27/25 | 1978 |
| BOA | CNY | 387000 | USD | 53481 | 07/03/25 | (25) |
| BOA | PLN | 412000 | USD | 105849 | 07/03/25 | (2982) |
| BOA | SGD | 286000 | USD | 213940 | 07/03/25 | (5752) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | USD | 106958 | CNY | 774000 | 07/03/25 | $54 |
| BOA | USD | 53586 | CZK | 1228000 | 07/03/25 | 2243 |
| BOA | USD | 52427 | PLN | 206000 | 07/03/25 | 1989 |
| BOA | PLN | 216000 | USD | 54911 | 07/10/25 | (2138) |
| BOA | USD | 55225 | CNY | 404000 | 07/10/25 | 660 |
| BOA | DKK | 72800 | USD | 11149 | 07/16/25 | 42 |
| BOA | EUR | 29900 | USD | 34180 | 07/16/25 | 157 |
| BOA | USD | 55298 | CNY | 402000 | 07/17/25 | 338 |
| BOA | USD | 55612 | CNY | 404000 | 07/24/25 | 330 |
| BOA | USD | 55418 | CNY | 400000 | 08/06/25 | 23 |
| CITI | USD | 108771 | TWD | 3562000 | 05/06/25 | 2610 |
| CITI | BRL | 611000 | USD | 103307 | 05/13/25 | (4147) |
| CITI | GBP | 85000 | USD | 105071 | 05/13/25 | (8210) |
| CITI | BRL | 602000 | USD | 104275 | 05/20/25 | (1403) |
| CITI | USD | 107838 | NZD | 185000 | 05/20/25 | 2108 |
| CITI | BRL | 606000 | USD | 104292 | 05/27/25 | (1895) |
| CITI | USD | 104482 | IDR | 1716624000 | 05/27/25 | (1163) |
| CITI | INR | 9151000 | USD | 106056 | 05/30/25 | (2059) |
| CITI | USD | 104336 | INR | 9151000 | 05/30/25 | 3780 |
| CITI | CLP | 100135000 | USD | 105615 | 06/06/25 | (111) |
| CITI | CLP | 50196000 | USD | 50758 | 06/13/25 | (2238) |
| CITI | IDR | 871855000 | USD | 51287 | 06/13/25 | (1153) |
| CITI | INR | 9268000 | USD | 106928 | 06/13/25 | (2462) |
| CITI | CLP | 48801000 | USD | 49351 | 06/23/25 | (2170) |
| CITI | CLP | 49122000 | USD | 49668 | 06/27/25 | (2191) |
| CITI | USD | 210133 | INR | 18161000 | 06/27/25 | 4023 |
| CITI | USD | 54841 | KRW | 77802000 | 06/27/25 | 72 |
| CITI | CLP | 50583000 | USD | 51139 | 07/03/25 | (2260) |
| CITI | USD | 106672 | CLP | 101166000 | 07/03/25 | 127 |
| CITI | ZAR | 979000 | USD | 50200 | 07/03/25 | (2189) |
| CITI | USD | 108772 | IDR | 1851682000 | 07/10/25 | 2478 |
| CITI | USD | 54403 | INR | 4724000 | 07/11/25 | 1253 |
| CITI | DKK | 10900 | USD | 1675 | 07/16/25 | 12 |
| CITI | EUR | 19200 | USD | 21937 | 07/16/25 | 89 |
| CITI | SEK | 72700 | USD | 7451 | 07/16/25 | (104) |
| CITI | USD | 13368 | EUR | 11700 | 07/16/25 | (54) |
| CITI | SEK | 534000 | USD | 55146 | 07/17/25 | (346) |
| CITI | THB | 1836000 | USD | 55347 | 08/04/25 | 12 |
| DB | USD | 108602 | SGD | 145000 | 05/05/25 | 2416 |
| DB | USD | 107213 | INR | 9403000 | 05/06/25 | 4078 |
| DB | CHF | 96000 | USD | 106375 | 05/13/25 | (10051) |
| DB | NZD | 187000 | USD | 105795 | 05/13/25 | (5318) |
| DB | USD | 224287 | CZK | 5137000 | 05/13/25 | 8956 |
| DB | CLP | 99808000 | USD | 108319 | 05/20/25 | 2928 |
| DB | JPY | 15983000 | USD | 107518 | 05/20/25 | (4494) |
| DB | USD | 106379 | JPY | 15983000 | 05/20/25 | 5632 |
| DB | USD | 104549 | INR | 9158000 | 05/21/25 | 3722 |
| DB | SGD | 141000 | USD | 105713 | 05/27/25 | (2375) |
| DB | THB | 7072000 | USD | 210808 | 05/27/25 | (1228) |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| DB | USD | 214294 | CHF | 188000 | 05/27/25 | $14092 |
| DB | USD | 104783 | NZD | 183000 | 05/27/25 | 3996 |
| DB | INR | 18390000 | USD | 213628 | 06/06/25 | (3532) |
| DB | USD | 106689 | HUF | 39887000 | 06/06/25 | 4856 |
| DB | USD | 105118 | PEN | 389000 | 06/06/25 | 873 |
| DB | CZK | 2435000 | USD | 106389 | 06/13/25 | (4257) |
| DB | USD | 106140 | PEN | 390000 | 06/13/25 | 103 |
| DB | USD | 52872 | SGD | 71000 | 06/13/25 | 1607 |
| DB | USD | 52891 | SGD | 71000 | 06/20/25 | 1609 |
| DB | USD | 105882 | CLP | 97602000 | 06/23/25 | (2840) |
| DB | CHF | 94000 | USD | 107537 | 06/27/25 | (7087) |
| DB | USD | 52910 | SGD | 71000 | 06/27/25 | 1611 |
| DB | USD | 55080 | CAD | 76000 | 07/02/25 | 222 |
| DB | USD | 56162 | CZK | 1227000 | 07/03/25 | (379) |
| DB | USD | 210862 | INR | 18182000 | 07/03/25 | 3456 |
| DB | USD | 107342 | SGD | 144000 | 07/03/25 | 3272 |
| DB | GBP | 20500 | USD | 26295 | 07/16/25 | (1034) |
| DB | USD | 1039000 | JPY | 149410568 | 07/16/25 | 14755 |
| DB | USD | 189000 | JPY | 26790096 | 07/16/25 | (56) |
| DB | USD | 55591 | GBP | 42000 | 07/17/25 | 398 |
| DB | USD | 54795 | NOK | 579000 | 07/22/25 | 860 |
| DB | PEN | 204000 | USD | 55107 | 07/24/25 | (400) |
| DB | USD | 55218 | NOK | 573000 | 07/24/25 | (140) |
| GS | CLP | 106700000 | USD | 112390 | 05/06/25 | (293) |
| GS | IDR | 1764391000 | USD | 107199 | 05/06/25 | 916 |
| GS | INR | 9403000 | USD | 107199 | 05/06/25 | (4092) |
| GS | NOK | 2448000 | USD | 218558 | 05/06/25 | (16750) |
| GS | THB | 3653000 | USD | 108461 | 05/06/25 | (894) |
| GS | TWD | 3562000 | USD | 108783 | 05/06/25 | (2598) |
| GS | USD | 106729 | COP | 449243000 | 05/06/25 | (428) |
| GS | USD | 110606 | GBP | 87000 | 05/06/25 | 5339 |
| GS | USD | 107519 | IDR | 1764391000 | 05/06/25 | (1236) |
| GS | USD | 108094 | KRW | 157295000 | 05/07/25 | 2561 |
| GS | USD | 108131 | NZD | 192000 | 05/07/25 | 5933 |
| GS | PHP | 6143000 | USD | 105255 | 05/12/25 | (4701) |
| GS | USD | 107202 | PHP | 6143000 | 05/12/25 | 2754 |
| GS | CLP | 101471000 | USD | 108177 | 05/13/25 | 1027 |
| GS | INR | 9162000 | USD | 104578 | 05/13/25 | (3804) |
| GS | USD | 103740 | COP | 436704000 | 05/13/25 | (507) |
| GS | USD | 105891 | MYR | 472000 | 05/13/25 | 3525 |
| GS | USD | 211221 | NOK | 2369000 | 05/13/25 | 16493 |
| GS | IDR | 1728428000 | USD | 104829 | 05/14/25 | 750 |
| GS | USD | 105091 | IDR | 1728428000 | 05/14/25 | (1011) |
| GS | USD | 106727 | THB | 3595000 | 05/14/25 | 956 |
| GS | SGD | 141000 | USD | 105489 | 05/20/25 | (2556) |
| GS | USD | 103714 | BRL | 602000 | 05/20/25 | 1964 |
| GS | USD | 105868 | CNY | 767000 | 05/20/25 | (161) |
| GS | USD | 104316 | COP | 435252000 | 05/20/25 | (1536) |
| GS | USD | 110412 | CZK | 2526000 | 05/20/25 | 4300 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | USD | 104797 | IDR | 1715521000 | 05/20/25 | $(1517) |
| GS | USD | 105621 | MYR | 468000 | 05/20/25 | 2894 |
| GS | INR | 9158000 | USD | 105279 | 05/21/25 | (2992) |
| GS | CLP | 99120000 | USD | 107487 | 05/27/25 | 2827 |
| GS | COP | 865036000 | USD | 208618 | 05/27/25 | 4566 |
| GS | CZK | 2505000 | USD | 105328 | 05/27/25 | (8450) |
| GS | IDR | 1716624000 | USD | 103212 | 05/27/25 | (106) |
| GS | NZD | 183000 | USD | 104902 | 05/27/25 | (3877) |
| GS | USD | 105109 | CLP | 99120000 | 05/27/25 | (450) |
| GS | USD | 108334 | EUR | 100000 | 05/27/25 | 5102 |
| GS | USD | 105345 | MYR | 464000 | 05/27/25 | 2268 |
| GS | COP | 432800000 | USD | 103248 | 06/06/25 | 1308 |
| GS | HUF | 39887000 | USD | 104671 | 06/06/25 | (6874) |
| GS | NZD | 187000 | USD | 105388 | 06/06/25 | (5803) |
| GS | PEN | 389000 | USD | 105886 | 06/06/25 | (106) |
| GS | SGD | 141000 | USD | 105342 | 06/06/25 | (2808) |
| GS | USD | 105430 | CLP | 100135000 | 06/06/25 | 295 |
| GS | USD | 105872 | CNY | 766000 | 06/06/25 | (173) |
| GS | USD | 209265 | INR | 18390000 | 06/06/25 | 7894 |
| GS | USD | 104601 | THB | 3563000 | 06/06/25 | 2307 |
| GS | USD | 104640 | ZAR | 1957000 | 06/06/25 | 305 |
| GS | KRW | 153735000 | USD | 105822 | 06/09/25 | (2557) |
| GS | IDR | 1732515000 | USD | 103132 | 06/10/25 | (1087) |
| GS | USD | 105103 | IDR | 1732515000 | 06/10/25 | (884) |
| GS | CLP | 50196000 | USD | 50952 | 06/13/25 | (2044) |
| GS | CNY | 385000 | USD | 52749 | 06/13/25 | (404) |
| GS | COP | 222137000 | USD | 50650 | 06/13/25 | (1623) |
| GS | THB | 3593000 | USD | 106847 | 06/13/25 | (1016) |
| GS | USD | 55588 | CHF | 47000 | 06/13/25 | 1626 |
| GS | USD | 106977 | CLP | 100392000 | 06/13/25 | (984) |
| GS | USD | 106959 | CNY | 769000 | 06/13/25 | (792) |
| GS | USD | 105615 | IDR | 1743711000 | 06/13/25 | (735) |
| GS | USD | 211195 | INR | 18537000 | 06/13/25 | 7598 |
| GS | USD | 52342 | KRW | 77220000 | 06/13/25 | 2110 |
| GS | USD | 52735 | SGD | 71000 | 06/13/25 | 1744 |
| GS | USD | 51701 | THB | 1796000 | 06/13/25 | 2215 |
| GS | CNY | 384000 | USD | 52636 | 06/20/25 | (406) |
| GS | CZK | 2428000 | USD | 106204 | 06/20/25 | (4143) |
| GS | IDR | 871494000 | USD | 51641 | 06/20/25 | (763) |
| GS | INR | 9185000 | USD | 106636 | 06/20/25 | (1724) |
| GS | USD | 108512 | CAD | 152000 | 06/20/25 | 2022 |
| GS | USD | 55634 | CHF | 47000 | 06/20/25 | 1629 |
| GS | USD | 210793 | INR | 18370000 | 06/20/25 | 5929 |
| GS | USD | 53381 | SGD | 70000 | 06/20/25 | 352 |
| GS | CLP | 48801000 | USD | 50630 | 06/23/25 | (891) |
| GS | CLP | 49122000 | USD | 51321 | 06/27/25 | (537) |
| GS | CNY | 385000 | USD | 52794 | 06/27/25 | (412) |
| GS | COP | 219464000 | USD | 50928 | 06/27/25 | (622) |
| GS | USD | 55679 | CHF | 47000 | 06/27/25 | 1633 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | USD | 106493 | CLP | 98244000 | 06/27/25 | $(2776) |
| GS | USD | 105367 | COP | 438928000 | 06/27/25 | (2267) |
| GS | USD | 56133 | CZK | 1221000 | 06/27/25 | (631) |
| GS | USD | 54757 | PLN | 204000 | 06/27/25 | (863) |
| GS | USD | 105474 | IDR | 1757406000 | 06/30/25 | 159 |
| GS | USD | 54213 | CAD | 77000 | 07/02/25 | 1816 |
| GS | CNY | 387000 | USD | 53089 | 07/03/25 | (417) |
| GS | COP | 222467000 | USD | 52559 | 07/03/25 | 345 |
| GS | USD | 55719 | CHF | 47000 | 07/03/25 | 1635 |
| GS | USD | 105749 | COP | 444934000 | 07/03/25 | (1321) |
| GS | USD | 106366 | PEN | 391000 | 07/03/25 | 87 |
| GS | USD | 54883 | PLN | 206000 | 07/03/25 | (467) |
| GS | IDR | 880739000 | USD | 52425 | 07/09/25 | (494) |
| GS | USD | 104700 | IDR | 1761479000 | 07/09/25 | 1137 |
| GS | KRW | 81130000 | USD | 55079 | 07/10/25 | (2231) |
| GS | SGD | 148000 | USD | 110078 | 07/10/25 | (3654) |
| GS | USD | 55101 | CLP | 54291000 | 07/10/25 | 2211 |
| GS | USD | 54682 | COP | 240713000 | 07/10/25 | 1762 |
| GS | USD | 54528 | ZAR | 1072000 | 07/10/25 | 2806 |
| GS | CAD | 76000 | USD | 55103 | 07/16/25 | (236) |
| GS | CHF | 74100 | USD | 89012 | 07/16/25 | (1555) |
| GS | DKK | 224200 | USD | 33319 | 07/16/25 | (887) |
| GS | SGD | 144000 | USD | 109974 | 07/17/25 | (726) |
| GS | USD | 109286 | IDR | 1847050000 | 07/17/25 | 1644 |
| GS | USD | 109156 | INR | 9418000 | 07/17/25 | 1762 |
| GS | USD | 54736 | ZAR | 1027000 | 07/24/25 | 130 |
| GS | USD | 54949 | PHP | 3091000 | 07/31/25 | 268 |
| GS | PLN | 206000 | USD | 54850 | 08/04/25 | 467 |
| GS | USD | 109710 | IDR | 1845226000 | 08/04/25 | 1004 |
| GS | USD | 55010 | NOK | 570000 | 08/04/25 | (221) |
| HSBC | PHP | 6298000 | USD | 107818 | 05/05/25 | (4938) |
| HSBC | GBP | 87000 | USD | 108133 | 05/06/25 | (7812) |
| HSBC | USD | 109650 | EUR | 104000 | 05/06/25 | 8174 |
| HSBC | USD | 108288 | THB | 3653000 | 05/06/25 | 1067 |
| HSBC | KRW | 310736000 | USD | 214987 | 05/07/25 | (3610) |
| HSBC | USD | 107439 | KRW | 153441000 | 05/07/25 | 504 |
| HSBC | KRW | 153305000 | USD | 105910 | 05/13/25 | (1977) |
| HSBC | USD | 109595 | CHF | 96000 | 05/13/25 | 6830 |
| HSBC | USD | 104747 | INR | 9162000 | 05/13/25 | 3635 |
| HSBC | THB | 3595000 | USD | 105931 | 05/14/25 | (1752) |
| HSBC | COP | 435252000 | USD | 104499 | 05/20/25 | 1719 |
| HSBC | IDR | 1715521000 | USD | 104085 | 05/20/25 | 806 |
| HSBC | THB | 7095000 | USD | 211425 | 05/20/25 | (1190) |
| HSBC | USD | 105404 | CAD | 149000 | 05/20/25 | 2779 |
| HSBC | USD | 108753 | CHF | 95000 | 05/20/25 | 6557 |
| HSBC | USD | 105577 | CNY | 763000 | 05/27/25 | (369) |
| HSBC | USD | 108855 | CZK | 2505000 | 05/27/25 | 4922 |
| HSBC | USD | 105628 | SGD | 141000 | 05/27/25 | 2460 |
| HSBC | EUR | 100000 | USD | 105610 | 06/06/25 | (7894) |

---

**PACE Alternative Strategies Investments <br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| HSBC | THB | 3563000 | USD | 105774 | 06/06/25 | $(1133) |
| HSBC | CHF | 94000 | USD | 107690 | 06/13/25 | (6739) |
| HSBC | USD | 50794 | AUD | 84000 | 06/13/25 | 3037 |
| HSBC | USD | 55207 | CHF | 47000 | 06/13/25 | 2007 |
| HSBC | USD | 51989 | THB | 1797000 | 06/13/25 | 1958 |
| HSBC | CHF | 93000 | USD | 106842 | 06/20/25 | (6465) |
| HSBC | USD | 103301 | COP | 432154000 | 06/20/25 | (1699) |
| HSBC | USD | 105606 | IDR | 1742988000 | 06/20/25 | (799) |
| HSBC | USD | 105078 | THB | 3565000 | 06/20/25 | 1998 |
| HSBC | CZK | 2443000 | USD | 106238 | 06/27/25 | (4810) |
| HSBC | SGD | 142000 | USD | 106533 | 06/27/25 | (2509) |
| HSBC | USD | 53869 | AUD | 84000 | 06/27/25 | (29) |
| HSBC | USD | 54536 | SGD | 71000 | 06/27/25 | (15) |
| HSBC | USD | 108828 | SGD | 142000 | 07/03/25 | 250 |
| HSBC | AUD | 91000 | USD | 55041 | 07/10/25 | (3295) |
| HSBC | CHF | 47000 | USD | 55382 | 07/10/25 | (2021) |
| HSBC | CHF | 13300 | USD | 15979 | 07/16/25 | (277) |
| HSBC | GBP | 25300 | USD | 33616 | 07/16/25 | (111) |
| HSBC | JPY | 90000000 | USD | 625790 | 07/16/25 | (8957) |
| HSBC | SEK | 446800 | USD | 44909 | 07/16/25 | (1519) |
| HSBC | THB | 3694000 | USD | 111008 | 07/17/25 | (168) |
| HSBC | USD | 54447 | ZAR | 1031000 | 07/17/25 | 664 |
| HSBC | AUD | 86000 | USD | 55172 | 07/24/25 | 32 |
| HSBC | SGD | 144000 | USD | 110776 | 07/24/25 | 32 |
| HSBC | SGD | 144000 | USD | 110556 | 08/04/25 | (256) |
| JPMCB | TRY | 5806800 | USD | 120223 | 03/16/26 | 11877 |
| JPMCB | USD | 120000 | TRY | 5806800 | 03/16/26 | (11654) |
| JPMCB | USD | 374167 | EGP | 21955067 | 03/18/26 | 1356 |
| JPMCB | CHF | 98000 | USD | 108908 | 05/06/25 | (9843) |
| JPMCB | EUR | 104000 | USD | 108049 | 05/06/25 | (9775) |
| JPMCB | USD | 110711 | CHF | 98000 | 05/06/25 | 8040 |
| JPMCB | USD | 216034 | NOK | 2448000 | 05/06/25 | 19274 |
| JPMCB | USD | 105759 | CAD | 151000 | 05/12/25 | 3833 |
| JPMCB | NOK | 2369000 | USD | 221626 | 05/13/25 | (6089) |
| JPMCB | TRY | 277172 | USD | 6995 | 05/13/25 | (137) |
| JPMCB | USD | 7000 | TRY | 277172 | 05/13/25 | 132 |
| JPMCB | CHF | 95000 | USD | 106505 | 05/20/25 | (8805) |
| JPMCB | CHF | 188000 | USD | 211818 | 05/27/25 | (16566) |
| JPMCB | EUR | 100000 | USD | 105238 | 05/27/25 | (8198) |
| JPMCB | TRY | 538200 | USD | 12880 | 05/27/25 | (741) |
| JPMCB | USD | 13000 | TRY | 538200 | 05/27/25 | 620 |
| JPMCB | CNH | 7209015 | USD | 991207 | 05/30/25 | (2257) |
| JPMCB | HUF | 3565416 | USD | 10000 | 05/30/25 | 26 |
| JPMCB | MXN | 9842815 | USD | 500865 | 05/30/25 | 662 |
| JPMCB | MXN | 4048519 | USD | 205518 | 05/30/25 | (224) |
| JPMCB | PLN | 37689 | USD | 10000 | 05/30/25 | 36 |
| JPMCB | SEK | 221561 | USD | 23000 | 05/30/25 | 42 |
| JPMCB | SGD | 274060 | USD | 208844 | 05/30/25 | (1282) |
| JPMCB | USD | 128000 | CNH | 928539 | 05/30/25 | (40) |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD | 112109 | HUF | 40101160 | 05/30/25 | $76 |
| JPMCB | USD | 257496 | MXN | 5064752 | 05/30/25 | (111) |
| JPMCB | USD | 140663 | NOK | 1465345 | 05/30/25 | 191 |
| JPMCB | USD | 357166 | PLN | 1343356 | 05/30/25 | (2031) |
| JPMCB | USD | 593033 | SEK | 5739382 | 05/30/25 | 1669 |
| JPMCB | USD | 10000 | ZAR | 186407 | 05/30/25 | 2 |
| JPMCB | USD | 128000 | ZAR | 2378573 | 05/30/25 | (378) |
| JPMCB | ZAR | 185774 | USD | 10000 | 05/30/25 | 32 |
| JPMCB | ZAR | 1196212 | USD | 63668 | 05/30/25 | (514) |
| JPMCB | CHF | 94000 | USD | 106573 | 06/06/25 | (7758) |
| JPMCB | USD | 108519 | EUR | 100000 | 06/06/25 | 4985 |
| JPMCB | BRL | 1104147 | USD | 194388 | 06/18/25 | 1884 |
| JPMCB | BRL | 14776708 | USD | 2507824 | 06/18/25 | (68436) |
| JPMCB | CLP | 241151378 | USD | 260122 | 06/18/25 | 5525 |
| JPMCB | CLP | 293383435 | USD | 302205 | 06/18/25 | (7538) |
| JPMCB | COP | 1796386290 | USD | 428000 | 06/18/25 | 5551 |
| JPMCB | COP | 3255895870 | USD | 751862 | 06/18/25 | (13817) |
| JPMCB | EGP | 3353600 | USD | 64000 | 06/18/25 | (635) |
| JPMCB | IDR | 5716107122 | USD | 346337 | 06/18/25 | 2596 |
| JPMCB | IDR | 4871214054 | USD | 290001 | 06/18/25 | (2933) |
| JPMCB | INR | 139033124 | USD | 1596684 | 06/18/25 | (43789) |
| JPMCB | KRW | 28279900 | USD | 20000 | 06/18/25 | 51 |
| JPMCB | KRW | 1581039203 | USD | 1089669 | 06/18/25 | (25575) |
| JPMCB | PHP | 11445818 | USD | 198320 | 06/18/25 | (6365) |
| JPMCB | THB | 53720994 | USD | 1583116 | 06/18/25 | (30189) |
| JPMCB | TRY | 32518408 | USD | 789828 | 06/18/25 | (13115) |
| JPMCB | TWD | 68448817 | USD | 2087296 | 06/18/25 | (60786) |
| JPMCB | USD | 2459445 | BRL | 14474772 | 06/18/25 | 64174 |
| JPMCB | USD | 541000 | BRL | 3092353 | 06/18/25 | (1861) |
| JPMCB | USD | 123000 | CLP | 118579612 | 06/18/25 | 2192 |
| JPMCB | USD | 597120 | CLP | 557644810 | 06/18/25 | (8380) |
| JPMCB | USD | 414324 | COP | 1803094020 | 06/18/25 | 9704 |
| JPMCB | USD | 514815 | COP | 2160235580 | 06/18/25 | (6799) |
| JPMCB | USD | 63659 | EGP | 3353600 | 06/18/25 | 976 |
| JPMCB | USD | 206834 | IDR | 3447733776 | 06/18/25 | 498 |
| JPMCB | USD | 831013 | INR | 71812012 | 06/18/25 | 16308 |
| JPMCB | USD | 572315 | KRW | 828351698 | 06/18/25 | 11992 |
| JPMCB | USD | 10000 | KRW | 14142200 | 06/18/25 | (24) |
| JPMCB | USD | 352373 | PHP | 20197170 | 06/18/25 | 8814 |
| JPMCB | USD | 1137528 | THB | 38957178 | 06/18/25 | 32398 |
| JPMCB | USD | 445008 | THB | 14763818 | 06/18/25 | (1636) |
| JPMCB | USD | 293136 | TRY | 12065296 | 06/18/25 | 4780 |
| JPMCB | USD | 78914 | TRY | 3124296 | 06/18/25 | (1770) |
| JPMCB | USD | 1327103 | TWD | 43531217 | 06/18/25 | 39009 |
| JPMCB | USD | 45000 | TWD | 1430055 | 06/18/25 | (122) |
| JPMCB | EUR | 98000 | USD | 106517 | 07/03/25 | (4908) |
| JPMCB | CAD | 78000 | USD | 55218 | 07/09/25 | (1558) |
| JPMCB | EUR | 50000 | USD | 54926 | 07/10/25 | (1949) |
| JPMCB | USD | 54886 | NOK | 600000 | 07/10/25 | 2788 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | EUR | 24700 | USD | 27404 | 07/16/25 | $(703) |
| JPMCB | SEK | 29900 | USD | 3010 | 07/16/25 | (97) |
| JPMCB | BRL | 1104147 | USD | 187780 | 11/07/25 | 1912 |
| JPMCB | USD | 187671 | BRL | 1104147 | 11/07/25 | (1803) |
| MSCI | BRL | 1254000 | USD | 213534 | 05/06/25 | (7376) |
| MSCI | CZK | 5258000 | USD | 216298 | 05/06/25 | (22402) |
| MSCI | CNY | 3082064 | USD | 427798 | 05/16/25 | 3157 |
| MSCI | USD | 222247 | CNY | 1595820 | 05/16/25 | (2378) |
| MSCI | CAD | 149000 | USD | 104580 | 05/20/25 | (3603) |
| MSCI | CZK | 2526000 | USD | 105544 | 05/20/25 | (9168) |
| MSCI | MYR | 468000 | USD | 105739 | 05/20/25 | (2776) |
| MSCI | USD | 62272 | KRW | 89099647 | 05/20/25 | 460 |
| MSCI | JPY | 15704000 | USD | 105034 | 05/27/25 | (5109) |
| MSCI | USD | 107281 | CHF | 94000 | 06/06/25 | 7050 |
| MSCI | USD | 108863 | CZK | 2509000 | 06/06/25 | 5124 |
| MSCI | USD | 106426 | JPY | 15692000 | 06/06/25 | 3757 |
| MSCI | USD | 106338 | NZD | 187000 | 06/06/25 | 4853 |
| MSCI | ZAR | 1957000 | USD | 105965 | 06/06/25 | 1020 |
| MSCI | USD | 104725 | KRW | 153735000 | 06/09/25 | 3654 |
| MSCI | AUD | 169000 | USD | 106261 | 06/13/25 | (2041) |
| MSCI | CAD | 152000 | USD | 106847 | 06/20/25 | (3687) |
| MSCI | CHF | 94000 | USD | 107620 | 07/03/25 | (7088) |
| MSCI | CZK | 2455000 | USD | 106588 | 07/03/25 | (5023) |
| MSCI | USD | 105783 | ZAR | 1958000 | 07/03/25 | (1006) |
| MSCI | ZAR | 979000 | USD | 52504 | 07/03/25 | 116 |
| MSCI | BRL | 1646704 | USD | 279526 | 07/15/25 | (5865) |
| MSCI | CHF | 15200 | USD | 18700 | 07/16/25 | 121 |
| MSCI | EUR | 1900 | USD | 2179 | 07/16/25 | 17 |
| MSCI | USD | 635298 | JPY | 90000000 | 07/16/25 | (551) |
| MSCI | SEK | 528000 | USD | 55614 | 07/24/25 | 722 |
| MSCI | USD | 54904 | GBP | 41000 | 07/24/25 | (246) |
| MSCI | USD | 54988 | GBP | 41000 | 08/01/25 | (329) |
| MSCI | USD | 54620 | ZAR | 1021000 | 08/04/25 | (122) |
| SCB | CAD | 156000 | USD | 108420 | 05/05/25 | (4761) |
| SCB | COP | 449243000 | USD | 107604 | 05/06/25 | 1303 |
| SCB | CAD | 151000 | USD | 105071 | 05/12/25 | (4521) |
| SCB | COP | 436704000 | USD | 104078 | 05/13/25 | 846 |
| SCB | USD | 109854 | GBP | 85000 | 05/13/25 | 3427 |
| SCB | PHP | 6125000 | USD | 105091 | 05/19/25 | (4522) |
| SCB | USD | 106890 | PHP | 6125000 | 05/19/25 | 2724 |
| SCB | EUR | 101000 | USD | 106167 | 05/20/25 | (8355) |
| SCB | KRW | 151722000 | USD | 105755 | 05/20/25 | (1066) |
| SCB | USD | 110883 | EUR | 101000 | 05/20/25 | 3638 |
| SCB | USD | 212050 | THB | 7095000 | 05/20/25 | 564 |
| SCB | CAD | 150000 | USD | 105036 | 05/27/25 | (3911) |
| SCB | PHP | 6085000 | USD | 104841 | 05/27/25 | (4034) |
| SCB | USD | 105999 | JPY | 15704000 | 05/27/25 | 4144 |
| SCB | USD | 105647 | PHP | 6085000 | 05/27/25 | 3228 |
| SCB | USD | 208990 | THB | 7072000 | 05/27/25 | 3046 |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SCB | TWD | 3446000 | USD | 105602 | 05/29/25 | $(2360) |
| SCB | USD | 104653 | TWD | 3446000 | 05/29/25 | 3309 |
| SCB | JPY | 15692000 | USD | 105609 | 06/06/25 | (4574) |
| SCB | USD | 103215 | COP | 432800000 | 06/06/25 | (1275) |
| SCB | COP | 222137000 | USD | 50717 | 06/13/25 | (1556) |
| SCB | INR | 9269000 | USD | 107398 | 06/13/25 | (2004) |
| SCB | PEN | 390000 | USD | 104918 | 06/13/25 | (1324) |
| SCB | SGD | 142000 | USD | 107127 | 06/13/25 | (1831) |
| SCB | USD | 51104 | AUD | 85000 | 06/13/25 | 3368 |
| SCB | USD | 105416 | COP | 444274000 | 06/13/25 | (869) |
| SCB | USD | 52842 | KRW | 77221000 | 06/13/25 | 1611 |
| SCB | USD | 51929 | NZD | 93000 | 06/13/25 | 3382 |
| SCB | COP | 216077000 | USD | 49294 | 06/20/25 | (1507) |
| SCB | INR | 9185000 | USD | 106374 | 06/20/25 | (1986) |
| SCB | PEN | 386000 | USD | 103506 | 06/20/25 | (1626) |
| SCB | THB | 3565000 | USD | 106701 | 06/20/25 | (375) |
| SCB | USD | 52655 | KRW | 76917000 | 06/20/25 | 1608 |
| SCB | USD | 105675 | PEN | 386000 | 06/20/25 | (544) |
| SCB | COP | 219464000 | USD | 50012 | 06/27/25 | (1538) |
| SCB | INR | 18161000 | USD | 211324 | 06/27/25 | (2832) |
| SCB | KRW | 155604000 | USD | 106485 | 06/27/25 | (3340) |
| SCB | USD | 50508 | AUD | 84000 | 06/27/25 | 3332 |
| SCB | USD | 53283 | KRW | 77802000 | 06/27/25 | 1630 |
| SCB | CAD | 153000 | USD | 106801 | 07/02/25 | (4529) |
| SCB | COP | 222467000 | USD | 50656 | 07/03/25 | (1559) |
| SCB | INR | 9092000 | USD | 105206 | 07/03/25 | (1966) |
| SCB | PEN | 391000 | USD | 105882 | 07/03/25 | (571) |
| SCB | USD | 51111 | AUD | 85000 | 07/03/25 | 3374 |
| SCB | USD | 53949 | EUR | 49000 | 07/03/25 | 1763 |
| SCB | EUR | 897500 | USD | 995371 | 07/16/25 | (25922) |
| SCB | GBP | 21200 | USD | 28352 | 07/16/25 | 91 |
| SCB | GBP | 6500 | USD | 8660 | 07/16/25 | (5) |
| SCB | USD | 54898 | PHP | 3119000 | 07/16/25 | 841 |
| SCB | EUR | 48000 | USD | 54777 | 07/17/25 | 153 |
| SCB | USD | 55063 | PHP | 3126000 | 07/23/25 | 791 |
| SCB | EUR | 48000 | USD | 55503 | 07/24/25 | 855 |
| SCB | USD | 54818 | INR | 4694000 | 07/24/25 | 441 |
| SG | SGD | 145000 | USD | 107664 | 05/05/25 | (3353) |
| SG | USD | 108617 | CLP | 106700000 | 05/06/25 | 4066 |
| SG | USD | 105419 | CLP | 101471000 | 05/13/25 | 1732 |
| SG | USD | 104780 | CLP | 99808000 | 05/20/25 | 610 |
| SG | USD | 105638 | CAD | 150000 | 05/27/25 | 3309 |
| SG | AUD | 169000 | USD | 105206 | 06/06/25 | (3087) |
| SG | USD | 105793 | AUD | 169000 | 06/06/25 | 2501 |
| SG | USD | 56906 | CHF | 46000 | 06/20/25 | (862) |
| SG | USD | 53987 | KRW | 76917000 | 06/20/25 | 277 |
| SG | AUD | 168000 | USD | 105736 | 06/27/25 | (1943) |
| SG | USD | 58453 | CHF | 47000 | 06/27/25 | (1141) |
| SG | AUD | 170000 | USD | 106443 | 07/03/25 | (2526) |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SG | USD | 54578 | AUD | 85000 | 07/03/25 | $(93) |
| SG | AUD | 86000 | USD | 54687 | 07/17/25 | (448) |
| SG | CHF | 45000 | USD | 55853 | 07/17/25 | 846 |
| SG | CHF | 45000 | USD | 56152 | 07/24/25 | 1098 |
| SG | AUD | 86000 | USD | 55243 | 08/01/25 | 98 |
| SSB | USD | 796 | GBP | 594 | 05/01/25 | (4) |
| SSB | EUR | 80389 | USD | 91239 | 05/02/25 | 171 |
| SSB | USD | 115320 | EUR | 101606 | 05/02/25 | (216) |
| SSB | AUD | 340000 | USD | 213519 | 06/26/25 | (4402) |
| SSB | CAD | 377000 | USD | 264023 | 06/26/25 | (10216) |
| SSB | EUR | 515000 | USD | 560167 | 06/26/25 | (25125) |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(279878)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2025 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Common stocks | $69388124 | $9359389 | $— | $78747513 |
| Exchange traded funds | 2844892 |  |  | 2844892 |
| Investment companies | 23070074 |  |  | 23070074 |
| Rights | 22 |  |  | 22 |
| Warrant |  |  | 0 |  |
| Corporate bonds |  | 84902697 |  | 84902697 |
| U.S. Treasury obligations |  | 525447 |  | 525447 |
| Short-term investments |  |  |  |  |
| Investment companies |  | 109498313 |  | 109498313 |
| Short-term U.S. treasury obligations |  | 6890020 |  | 6890020 |
| Options purchased | 9074 | 48110 |  | 57184 |
| Foreign exchange options purchased |  | 1564271 |  | 1564271 |
| Equity options purchased | 1496813 |  |  | 1496813 |
| Futures contracts | 420319 | 82199 |  | 502518 |
| Swap agreements |  | 892233 | 25361 | 917594 |
| Forward foreign currency contracts |  | 711016 |  | 711016 |
| **Total** | $**97229318** | $**214473695** | $**25361** | $**311728374** |
| **Liabilities** |  |  |  |  |
| Investments sold short |  |  |  |  |
| Common stocks | $(56199530) | $(3013213) | $— | $(59212743) |
| Exchange traded funds | (13382901) |  |  | (13382901) |
| Preferred stocks |  | (33488) |  | (33488) |
| U.S. Treasury obligations |  | (1388424) |  | (1388424) |
| Short-term U.S. treasury obligations |  | (11369034) |  | (11369034) |

---

**PACE Alternative Strategies Investments<br> Portfolio of investments – April 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| Foreign exchange options written | $— | $(144175) | $— | $(144175) |
| Equity options written | (675346) |  |  | (675346) |
| Options written | (164208) | (129999) |  | (294207) |
| Futures contracts | (35167) | (12417) |  | (47584) |
| Swap agreements |  | (448253) |  | (448253) |
| Forward foreign currency contracts |  | (990894) |  | (990894) |
| **Total** | $**(70457152)** | $**(17529897)** | $**—** | $**(87987049)** |

---

At April 30, 2025, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 2 | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $23,233,398, represented 8.3% of the Portfolio's net assets at period end. |
| 3 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 4 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 5 | In U.S. dollars unless otherwise indicated. |
| 6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 7 | Zero coupon bond. |
| 8 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 9 | Bond interest in default. |
| 10 | Rate shown reflects yield at April 30, 2025. |
| 11 | 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. |
| 12 | Payments made or received are based on the notional amount. |
| 13 | If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 14 | 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. |

---

**PACE Select Advisors Trust**

**Valuation of investments**

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Each Portfolio calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, Fair value measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Portfolios' custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the counterparty clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US generally accepted accounting principles ("US GAAP") requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments. A fair value hierarchy table has been included near the end of each Portfolio's portfolio of investments.

For more information regarding the Portfolios' other significant accounting policies, please refer to the Portfolio's semi annual report to shareholders dated January 31, 2025.

**PACE Select Advisors Trust**

**Glossary of terms used in the Portfolio of investments<br> April 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio acronyms:** | **Portfolio acronyms:** |  |  |
| ABS<br> ACES<br> ADR<br> AGM<br> AID<br> AMBAC<br> AMT<br> ARM<br> BAM<br> BBSW<br> BOBL<br> CAC<br> CBOE<br> CDO<br> CDI<br> CDX.EM.S<br> CDX.NA.HY.S<br> CJSC<br> CLO<br> CMT<br> COFI<br> COP<br> CORRA<br> CPI<br> DAC<br> DIP<br> ETF<br> EURIBOR<br> FHA<br> FHLB<br> FHLMC<br> FNMA<br> FRN<br> GDR<br> GMAC<br> GNMA<br> GO<br> GSAMP<br> GTD | Asset-backed Security<br> Alternative Credit Enhancement Securities<br> American Depositary Receipt<br> Assured Guaranty Municipal<br> Anticipation Certificates of Indebtedness<br> American Municipal Bond Assurance Corporation<br> Alternative Minimum Tax<br> Adjustable Rate Mortgage<br> Build Americal Mutual<br> Bank Bill Swap Rate<br> Bundesobligationen<br> Cotation Assistée en Continu<br> Chicago Board Options Exchange<br> Collateralized Debt Obligation<br> Certificado de Depósito Interbancário<br> Markit Emerging Markets Index<br> Markit North American High Yield<br> Closed Joint Stock Company<br> Collateralized Loan Obligation<br> Constant Maturity Treasury Index<br> Cost of Funds Index<br> Certificate of Participation<br> Canadian Overnight Repo Rate Average<br> Consumer Price Index<br> Designated Activity Company<br> Debtor-in-possession<br> Exchange Traded Fund<br> Euro Interbank Offered Rate<br> Federal Housing Administration<br> Federal Home Loan Bank<br> Federal Home Loan Mortgage Corporation<br> Federal National Mortgage Association<br> Floating Rate Note<br> Global Depositary Receipt<br> General Motors Acceptance Corporation<br> Government National Mortgage Association<br> General Obligation<br> Goldman Sachs Asset Mortgage Passthrough<br> Guaranteed | IO<br> JSC<br> LIBOR<br> MGIC<br> MTA<br> NIBOR<br> NVDR<br> OAT<br> OBFR<br> OTC<br> PJSC<br> PLC<br> PO<br> PRIBOR<br> PSF<br> RASC<br> RBA IOCR<br> REIT<br> REMIC<br> RFUCCT<br> RPI<br> SARON<br> SBA<br> SIFMA<br> SOFR<br> SONIA<br> SPDR<br> STR<br> STRIP<br> TBA<br> TIPS<br> TONA<br> UMBS<br> VRD<br>WIBOR | Interest Only<br> Joint Stock Company<br> London Interbank Offered Rate<br> Mortgage Guaranty Insurance Corporation<br> Monthly Treasury Average Index<br> Norway Three Month Interbank Rate<br> Non-Voting Depository Receipt<br> Obligation Assimilables du Trésor (French Government Bonds)<br> Overnight Bank Funding Rate<br> Over The Counter<br> Private Joint Stock Company<br> Public Limited Company<br> Principal Only<br> Prague Interbank Offered Rate<br> Permanent School Fund<br> Retirement Administration Service Center<br> RBA Interbank Overnight Cash Rate<br> Real Estate Investment Trust<br> Real Estate Mortgage Investment Conduit<br> Refinitiv USD IBOR Consumer Cash Fallbacks<br> Retail Price Index<br> Swiss Average Rate Overnight<br> Small Business Administration<br> Municipal Swap Index Yield<br> Secured Overnight Financing Rate<br> Sterling Overnight Index Average<br> Standard and Poor's Depository Receipts<br> Short-term rate<br> Separate Trading of Registered Interest and Principal of Securities<br> To-Be-Announced Security<br> Treasury inflation protected securities<br> Tokyo Overnight Average Rate<br> Uniform Mortgage-Backed Securities<br> Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.<br> Warsaw Interbank Offer Rate |

---

---

| | | | |
|:---|:---|:---|:---|
| **Currency type abbreviations:** | **Currency type abbreviations:** |  |  |
| ARS<br> AUD<br> BRL<br> CAD<br> CHF<br> CLP<br> CNH<br> CNY<br> COP<br> CZK<br> DKK<br> EUR<br> GBP<br> HKD<br> HUF<br> IDR<br> ILS<br>INR | Argentine Peso<br> Australian Dollar<br> Brazilian Real<br> Canadian Dollar<br> Swiss Franc<br> Chilean Peso<br> Chinese Yuan Renminbi Offshore<br> Chinese Yuan Renminbi<br> Colombian Peso<br> Czech Koruna<br> Danish Krone<br> Euro<br> British Pound<br> Hong Kong Dollar<br> Hungarian Forint<br> Indonesian Rupiah<br> Israeli Shekel<br>Indian Rupee | <br> JPY<br> KRW<br> MXN<br> MYR<br> NOK<br> NZD<br> PEN<br> PHP<br> PLN<br> RON<br> RUB<br> SEK<br> SGD<br> THB<br> TRY<br> TWD<br> USD<br> ZAR | <br> Japanese Yen<br> South Korean Won<br> Mexican Peso<br> Malaysian Ringgit<br> Norwegian Krone<br> New Zealand Dollar<br> Peruvian Sol<br> Philippine Peso<br> Polish Zloty<br> Romanian Leu<br> Russian Ruble<br> Swedish Krona<br> Singapore Dollar<br> Thai Baht<br> Turkish Lira<br> Taiwan Dollar<br> United States Dollar<br> South African Rand |

---

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty acronyms:** | **Counterparty acronyms:** |  |  |
| ANZ<br> BB<br> BNP<br> BOA<br> CIBC<br> CITI<br> CSI<br> DB<br> GS<br> GSI<br> HSBC | Australia and New Zealand Banking Group<br> Barclays Bank PLC<br> BNP Paribas<br> Bank of America<br> Canadian Imperial Bank of Commerce<br> Citibank NA<br> Credit Suisse International<br> Deutsche Bank AG<br> Goldman Sachs<br> Goldman Sachs International<br> HSBC Bank PLC | JPMCB<br> MSCI<br> NW<br> RBC<br> RBS<br> SCB<br> SG<br> SSB<br> TD<br> WBC<br> WF | JPMorgan Chase Bank<br> Morgan Stanley & Co. International PLC<br> National Westminster<br> Royal Bank of Canada<br> Royal Bank of Scotland PLC<br> Standard Chartered Bank<br> Societe Generale<br> State Street Bank and Trust Co.<br> Toronto-Dominion Bank<br> Westpac Banking Corp.<br> Wells Fargo Investment LLC |

---

See accompanying notes to financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** PACE SELECT ADVISORS TRUST

- **b. Investment Company Act file number:** 811-08764

- **c. CIK number of Registrant:** 0000930007

- **d. LEI of Registrant:** 549300TPB2UX3QR3SC50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 212-821-3000

**Item A.2. Information about the Series.**

- **a. Name of Series:** PACE International Emerging Markets Equity Investments

- **b. EDGAR series identifier (if any):** S000002976

- **c. LEI of Series:** 5493000P1IW5J3ZEPV86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $415555806.91

**Total Liabilities:** $3327517.26

**Net Assets:** $412228289.65

**Cash Not Reported:** $112141.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008169 | 0.08%                | 1.82%                | 0.52%                |
| Class ID C000228112 | 0.15%                | 1.79%                | 0.59%                |
| Class ID C000008170 | 0.08%                | 1.75%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2298573.60              | $-2537555.45                               |
| Month 2  | $3166848.72              | $4144398.66                                |
| Month 3  | $52529.61                | $2654429.92                                |

**Designated Index Information**

- **Index Name:** MSCI EM (EMERGING MARKETS)

- **Index Identifier:** MSCI.MC.MXEF

### Schedule of Portfolio Investments

| Name                                                 | Title                                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Zijin Mining Group Co Ltd                            | Zijin Mining Group Co. Ltd.                                                 | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    872000 | NS      | $1905043.41   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Biopharmaceutical Ltd                           | Sino Biopharmaceutical Ltd.                                                 | CUSIP: 000000000<br>LEI: 529900LPR4ADFEJAR786 | Long             | EC               | CORP              | KY        |   2556144 | NS      | $1283693.43   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                               | Yum China Holdings, Inc.                                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     23700 | NS      | $1107203.66   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp                                          | Xiaomi Corp.                                                                | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    266800 | NS      | $1708106.78   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd               | Contemporary Amperex Technology Co. Ltd.                                    | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    134120 | NS      | $4288299.58   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Eternal Ltd                                          | Eternal Ltd.                                                                | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |    615803 | NS      | $1685442.99   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Chailease Holding Co Ltd                             | Chailease Holding Co. Ltd.                                                  | CUSIP: 000000000<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | KY        |    418445 | NS      | $1505604.98   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Huaming Power Equipment Co Ltd                       | Huaming Power Equipment Co. Ltd.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    418367 | NS      | $863547.26    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindalco Industries Ltd                              | Hindalco Industries Ltd.                                                    | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |    156978 | NS      | $1160217.63   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Alrosa PJSC                                          | Alrosa PJSC                                                                 | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |    215380 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Embraer SA                                           | Embraer SA                                                                  | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     13386 | NS      | $614952.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Supreme Industries Ltd                               | Supreme Industries Ltd.                                                     | CUSIP: 000000000<br>LEI: 33580094NA85GD34LN25 | Long             | EC               | CORP              | IN        |     34109 | NS      | $1428704.76   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd                              | InterGlobe Aviation Ltd.                                                    | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |     65597 | NS      | $4087434.97   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                    | Banco Bradesco SA                                                           | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    398420 | NS      | $858598.73    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings SA                        | Piraeus Financial Holdings SA                                               | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    448140 | NS      | $2516767.41   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| PICC Property & Casualty Co Ltd                      | PICC Property & Casualty Co. Ltd.                                           | CUSIP: 000000000<br>LEI: 300300F1000311000017 | Long             | EC               | CORP              | CN        |   1010000 | NS      | $1859853.74   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing New Building Materials PLC                   | Beijing New Building Materials PLC                                          | CUSIP: 000000000<br>LEI: 3003000VY5ALEC09Q824 | Long             | EC               | CORP              | CN        |    628400 | NS      | $2422740.88   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                                | Anglogold Ashanti PLC                                                       | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     34402 | NS      | $1450388.32   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co Ltd | Beijing Oriental Yuhong Waterproof Technology Co. Ltd.                      | CUSIP: 000000000<br>LEI: 300300XMIXB7STDZWT60 | Long             | EC               | CORP              | CN        |   1004550 | NS      | $1541200.84   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Masan Group Corp                                     | Masan Group Corp.                                                           | CUSIP: 000000000<br>LEI: 254900M1892CMJ87XD24 | Long             | EC               | CORP              | VN        |    281200 | NS      | $678185.49    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                                        | BBB Foods, Inc.                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     45188 | NS      | $1380945.28   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mobis Co Ltd                                 | Hyundai Mobis Co. Ltd.                                                      | CUSIP: 000000000<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |     15311 | NS      | $2874006.35   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                         | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   2018212 | NS      | $2018212.00   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                          | Infosys Ltd.                                                                | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     88712 | NS      | $1568244.78   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                              | Sea Ltd.                                                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     18921 | NS      | $2536360.05   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                           | Samsung Electronics Co. Ltd.                                                | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    262243 | NS      | $10232075.34  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                           | BYD Co. Ltd.                                                                | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     77500 | NS      | $3771812.40   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BTG Pactual SA                                 | Banco BTG Pactual SA                                                        | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |    258900 | NS      | $1738575.90   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd                             | Macrotech Developers Ltd.                                                   | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |    263726 | NS      | $4149471.45   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                              | Vale SA                                                                     | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    299100 | NS      | $2785904.51   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pidilite Industries Ltd                              | Pidilite Industries Ltd.                                                    | CUSIP: 000000000<br>LEI: 335800APXGEBZ349GN74 | Long             | EC               | CORP              | IN        |     56648 | NS      | $2036498.28   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                        | Tata Consultancy Services Ltd.                                              | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     69548 | NS      | $2838940.70   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| WONIK IPS Co Ltd                                     | WONIK IPS Co. Ltd.                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     46203 | NS      | $735994.72    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Oberoi Realty Ltd                                    | Oberoi Realty Ltd.                                                          | CUSIP: 000000000<br>LEI: 335800TCKG1XQXN51L44 | Long             | EC               | CORP              | IN        |     65159 | NS      | $1264910.24   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| China Overseas Land & Investment Ltd                 | China Overseas Land & Investment Ltd.                                       | CUSIP: 000000000<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |   2225887 | NS      | $3949055.77   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                                    | Banco Bradesco SA                                                           | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |   2102854 | NS      | $5173020.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                            | Alibaba Group Holding Ltd.                                                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     18909 | NS      | $2258301.87   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank Nyrt                                        | OTP Bank Nyrt                                                               | CUSIP: 000000000<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |     24853 | NS      | $1835841.50   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Melco Resorts & Entertainment Ltd                    | Melco Resorts & Entertainment Ltd.                                          | CUSIP: 585464100<br>LEI: 529900NRV6LBR3T6B421 | Long             | EC               | CORP              | KY        |    255546 | NS      | $1316061.90   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Gree Electric Appliances Inc of Zhuhai               | Gree Electric Appliances, Inc. of Zhuhai                                    | CUSIP: 000000000<br>LEI: 655600UY069MU9JRAN62 | Long             | EC               | CORP              | CN        |    618200 | NS      | $3879077.66   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Atacadao SA                                          | Atacadao SA                                                                 | CUSIP: 000000000<br>LEI: 549300SMI26ISJIRM371 | Long             | EC               | CORP              | BR        |    647200 | NS      | $975050.88    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                                         | MediaTek, Inc.                                                              | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |    167469 | NS      | $7116271.64   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                             | Itau Unibanco Holding SA                                                    | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |    294250 | NS      | $1844782.08   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Marico Ltd                                           | Marico Ltd.                                                                 | CUSIP: 000000000<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |    296108 | NS      | $2489488.61   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| FirstRand Ltd                                        | FirstRand Ltd.                                                              | CUSIP: 000000000<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |    567906 | NS      | $2223545.74   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                         | Wal-Mart de Mexico SAB de CV                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1347500 | NS      | $4270524.72   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                 | Bank Rakyat Indonesia Persero Tbk. PT                                       | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   9295576 | NS      | $2152945.92   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                        | HDFC Bank Ltd.                                                              | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    282864 | NS      | $6424957.67   | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                                      | Gold Fields Ltd.                                                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    109906 | NS      | $2477281.24   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                       | Zabka Group SA                                                              | CUSIP: 000000000<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |    469373 | NS      | $2678913.62   | 0.65%             |  |  |  | No            |                  2 | On Loan: —       |
| Bharat Electronics Ltd                               | Bharat Electronics Ltd.                                                     | CUSIP: 000000000<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |    848686 | NS      | $3156709.19   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd                   | SITC International Holdings Co. Ltd.                                        | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    508132 | NS      | $1406998.55   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Absa Group Ltd                                       | Absa Group Ltd.                                                             | CUSIP: 000000000<br>LEI: 2138006IPPRD4N6XLT30 | Long             | EC               | CORP              | ZA        |    272035 | NS      | $2510589.84   | 0.61%             |  |  |  | No            |                  2 | On Loan: —       |
| Bank Central Asia Tbk PT                             | Bank Central Asia Tbk. PT                                                   | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   7714900 | NS      | $4101937.50   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                     | Kasikornbank PCL                                                            | CUSIP: 000000000<br>LEI: 5493004COSQ54937AW41 | Long             | EC               | CORP              | TH        |    598300 | NS      | $2857172.04   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Rosneft Oil Co PJSC                                  | Rosneft Oil Co. PJSC                                                        | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |    126429 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KB Financial Group Inc                               | KB Financial Group, Inc.                                                    | CUSIP: 000000000<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |     56046 | NS      | $3542034.06   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc                                | ASPEED Technology, Inc.                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     14000 | NS      | $1317068.94   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc                                          | Li Auto, Inc.                                                               | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |     70951 | NS      | $1730494.89   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Fuyao Glass Industry Group Co Ltd                    | Fuyao Glass Industry Group Co. Ltd.                                         | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |    324800 | NS      | $2598597.04   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd            | Industrial & Commercial Bank of China Ltd.                                  | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |   4167000 | NS      | $2854442.28   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Localiza Rent a Car SA                               | Localiza Rent a Car SA                                                      | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |    293000 | NS      | $2217964.28   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electro-Mechanics Co Ltd                     | Samsung Electro-Mechanics Co. Ltd.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     24176 | NS      | $1994611.07   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                       | Galaxy Entertainment Group Ltd.                                             | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |    491000 | NS      | $1773294.08   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                          | Bank Mandiri Persero Tbk. PT                                                | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |   8765492 | NS      | $2588514.60   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| SCB X PCL                                            | SCB X PCL                                                                   | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |    733100 | NS      | $2612241.61   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                                          | Naspers Ltd.                                                                | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      6662 | NS      | $1751720.45   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc                             | Hana Financial Group, Inc.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     56754 | NS      | $2573799.69   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                          | NetEase, Inc.                                                               | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    294084 | NS      | $6321732.97   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd                             | Samsung Biologics Co. Ltd.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5392 | NS      | $3990449.32   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd                                  | DB Insurance Co. Ltd.                                                       | CUSIP: 000000000<br>LEI: 9884000ZF26VNJBWSJ91 | Long             | EC               | CORP              | KR        |     16781 | NS      | $1081121.12   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| GMR Airports Ltd                                     | GMR Airports Ltd.                                                           | CUSIP: 000000000<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |   1053798 | NS      | $1086357.78   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ANTA Sports Products Ltd                             | ANTA Sports Products Ltd.                                                   | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | KY        |    185200 | NS      | $2188289.28   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                   | Grupo Financiero Banorte SAB de CV                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    462700 | NS      | $3976145.63   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd                              | Kotak Mahindra Bank Ltd.                                                    | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    133224 | NS      | $3481917.44   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                    | Bharti Airtel Ltd.                                                          | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    127766 | NS      | $2818292.07   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| NARI Technology Co Ltd                               | NARI Technology Co. Ltd.                                                    | CUSIP: 000000000<br>LEI: 3003006IGH1W58MAQM05 | Long             | EC               | CORP              | CN        |    390800 | NS      | $1192373.16   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Hengli Petrochemical Co Ltd                          | Hengli Petrochemical Co. Ltd.                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1206030 | NS      | $2538503.02   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                | Aldar Properties PJSC                                                       | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |   1135958 | NS      | $2558124.96   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                    | Kosmos Energy Ltd.                                                          | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    112699 | NS      | $173556.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Yum China Holdings Inc                               | Yum China Holdings, Inc.                                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     25199 | NS      | $1091368.69   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank Ergasias Services and Holdings SA           | Eurobank Ergasias Services & Holdings SA                                    | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |    791940 | NS      | $2247545.54   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Lojas Renner SA                                      | Lojas Renner SA                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    386540 | NS      | $995101.35    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Yageo Corp                                           | Yageo Corp.                                                                 | CUSIP: 000000000<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |    227753 | NS      | $3265564.71   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| WEG SA                                               | WEG SA                                                                      | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    329500 | NS      | $2591804.62   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| YPF SA                                               | YPF SA                                                                      | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |      5036 | NS      | $150072.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                                       | Li Ning Co. Ltd.                                                            | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    874500 | NS      | $1648728.15   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                   | Trip.com Group Ltd.                                                         | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     73550 | NS      | $4430710.04   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Budweiser Brewing Co APAC Ltd                        | Budweiser Brewing Co. APAC Ltd.                                             | CUSIP: 000000000<br>LEI: 549300YF1MR4GTF18132 | Long             | EC               | CORP              | KY        |   2334400 | NS      | $2466591.47   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| CP ALL PCL                                           | CP ALL PCL                                                                  | CUSIP: 000000000<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |    116700 | NS      | $179691.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology                                  | Kuaishou Technology                                                         | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | KY        |    580707 | NS      | $3832834.82   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                                   | Trip.com Group Ltd.                                                         | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     42702 | NS      | $2518990.98   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                                | Delta Electronics, Inc.                                                     | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    167000 | NS      | $1749858.74   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                         | WH Group Ltd.                                                               | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |   1430035 | NS      | $1278747.71   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                             | Itau Unibanco Holding SA                                                    | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |    646165 | NS      | $4077301.15   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd                            | Capitec Bank Holdings Ltd.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     22878 | NS      | $4246298.17   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chagee Holdings Ltd                                  | Chagee Holdings Ltd.                                                        | CUSIP: 15743P104<br>LEI: 984500EBA7IRCB66FD03 | Long             | EC               | CORP              | KY        |     21798 | NS      | $730015.02    | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Britannia Industries Ltd                             | Britannia Industries Ltd.                                                   | CUSIP: 000000000<br>LEI: 335800RRN5EVHNNAXN80 | Long             | EC               | CORP              | IN        |     32915 | NS      | $2119033.54   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                        | MTN Group Ltd.                                                              | CUSIP: 000000000<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |    999805 | NS      | $6617024.33   | 1.61%             |  |  |  | No            |                  2 | On Loan: —       |
| Ivanhoe Mines Ltd                                    | Ivanhoe Mines Ltd.                                                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    254656 | NS      | $2260981.75   | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| B3 SA - Brasil Bolsa Balcao                          | B3 SA - Brasil Bolsa Balcao                                                 | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   1487700 | NS      | $3536307.06   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sendas Distribuidora S/A                             | Sendas Distribuidora SA                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    717900 | NS      | $1162524.51   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile SA                | Sociedad Quimica y Minera de Chile SA                                       | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |     25148 | NS      | $860061.60    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Country Garden Services Holdings Co Ltd              | Country Garden Services Holdings Co. Ltd.                                   | CUSIP: 000000000<br>LEI: 549300P2JRKENZSEBB42 | Long             | EC               | CORP              | KY        |   1456152 | NS      | $1300023.84   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| China Jushi Co Ltd                                   | China Jushi Co. Ltd.                                                        | CUSIP: 000000000<br>LEI: 300300JZBQ0FKI1TDH04 | Long             | EC               | CORP              | CN        |   1379156 | NS      | $2225903.06   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd                                              | DLF Ltd.                                                                    | CUSIP: 000000000<br>LEI: 335800PJLUEOB8914F48 | Long             | EC               | CORP              | IN        |    193358 | NS      | $1542298.48   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Longfor Group Holdings Ltd                           | Longfor Group Holdings Ltd.                                                 | CUSIP: 000000000<br>LEI: 254900UJX27B2F1JYR13 | Long             | EC               | CORP              | KY        |   2289000 | NS      | $3061702.48   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp                           | Realtek Semiconductor Corp.                                                 | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     43000 | NS      | $706879.77    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA                               | Petroleo Brasileiro SA                                                      | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |    362697 | NS      | $4094849.13   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                            | Alibaba Group Holding Ltd.                                                  | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    646839 | NS      | $9657323.54   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                         | State Street Institutional US Government Money Market Fund                  | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   4588036 | NS      | $4588035.77   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                         | SK Hynix, Inc.                                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     44465 | NS      | $5548034.67   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                       | NU Holdings Ltd.                                                            | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |    152262 | NS      | $1892616.66   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia SA                          | Grupo Financiero Galicia SA                                                 | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |      4335 | NS      | $261834.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                                     | Raia Drogasil SA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    823844 | NS      | $2880111.53   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongwei Co Ltd                                       | Tongwei Co. Ltd.                                                            | CUSIP: 000000000<br>LEI: 3003009CW4QYMCG0BH89 | Long             | EC               | CORP              | CN        |    666899 | NS      | $1498096.39   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantech Co Ltd                                     | Advantech Co. Ltd.                                                          | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |    140000 | NS      | $1466663.24   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Asian Paints Ltd                                     | Asian Paints Ltd.                                                           | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |     35389 | NS      | $1016356.26   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Clicks Group Ltd                                     | Clicks Group Ltd.                                                           | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     98986 | NS      | $2108449.98   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoa Phat Group JSC                                   | Hoa Phat Group JSC                                                          | CUSIP: 000000000<br>LEI: 549300ODJEFGL5CWKD32 | Long             | EC               | CORP              | VN        |   1608988 | NS      | $1579181.41   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                            | SBI Life Insurance Co. Ltd.                                                 | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |     60359 | NS      | $1262353.09   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd            | Taiwan Semiconductor Manufacturing Co. Ltd.                                 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    588475 | NS      | $16674175.03  | 4.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                        | Credicorp Ltd.                                                              | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |     25096 | NS      | $5074160.24   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd            | Taiwan Semiconductor Manufacturing Co. Ltd.                                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     37455 | NS      | $6243373.95   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                     | MercadoLibre, Inc.                                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |      2494 | NS      | $5813139.90   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                                      | Sands China Ltd.                                                            | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |   1201600 | NS      | $2152004.31   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                       | ICICI Bank Ltd.                                                             | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    349313 | NS      | $5871697.69   | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Oil Corp Ltd                                  | Indian Oil Corp. Ltd.                                                       | CUSIP: 000000000<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               | CORP              | IN        |    915119 | NS      | $1491984.21   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Polycab India Ltd                                    | Polycab India Ltd.                                                          | CUSIP: 000000000<br>LEI: 335800ZAL1L11ERZVW68 | Long             | EC               | CORP              | IN        |     31838 | NS      | $2077585.47   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| China International Capital Corp Ltd                 | China International Capital Corp. Ltd.                                      | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |   1049783 | NS      | $1805822.76   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                        | AIA Group Ltd.                                                              | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    432800 | NS      | $3242932.18   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                 | Tencent Holdings Ltd.                                                       | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    333211 | NS      | $20409487.64  | 4.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Las Vegas Sands Corp                                 | Las Vegas Sands Corp.                                                       | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |    113127 | NS      | $4148367.09   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co Ltd                            | Sinbon Electronics Co. Ltd.                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    201000 | NS      | $1400419.14   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Zhen Ding Technology Holding Ltd                     | Zhen Ding Technology Holding Ltd.                                           | CUSIP: 000000000<br>LEI: 549300H7R4K33675UP38 | Long             | EC               | CORP              | KY        |    221931 | NS      | $679865.89    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| LPP SA                                               | LPP SA                                                                      | CUSIP: 000000000<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       295 | NS      | $1207362.18   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                             | Ambev SA                                                                    | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |    688000 | NS      | $1766325.12   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                        | HDFC Bank Ltd.                                                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     43979 | NS      | $3196833.51   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd                              | Standard Bank Group Ltd.                                                    | CUSIP: 000000000<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     97078 | NS      | $1212325.14   | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| NAVER Corp                                           | NAVER Corp.                                                                 | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      9124 | NS      | $1283797.73   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Ping An Insurance Group Co of China Ltd              | Ping An Insurance Group Co. of China Ltd.                                   | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    582000 | NS      | $4066747.60   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| PRIO SA/Brazil                                       | PRIO SA                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    431100 | NS      | $2560704.30   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                                 | Saudi Arabian Oil Co.                                                       | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |    259812 | NS      | $1756588.38   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Vincom Retail JSC                                    | Vincom Retail JSC                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    515220 | NS      | $470439.46    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Voltronic Power Technology Corp                      | Voltronic Power Technology Corp.                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     34000 | NS      | $1594302.13   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                              | Meituan                                                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |    410500 | NS      | $6796828.24   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd                                    | Grab Holdings Ltd.                                                          | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |    538290 | NS      | $2626855.20   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                         | Impala Platinum Holdings Ltd.                                               | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    208484 | NS      | $1239880.63   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                           | BYD Co. Ltd.                                                                | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     14000 | NS      | $664946.90    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                           | First Quantum Minerals Ltd.                                                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    234310 | NS      | $3146001.81   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                                       | MakeMyTrip Ltd.                                                             | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |     18411 | NS      | $1929841.02   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Land Ltd                             | China Resources Land Ltd.                                                   | CUSIP: 000000000<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | KY        |    307549 | NS      | $1034781.56   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding Ltd                   | Haidilao International Holding Ltd.                                         | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | KY        |    227000 | NS      | $511102.99    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Auto Inc                                          | Li Auto, Inc.                                                               | CUSIP: 000000000<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | KY        |    123351 | NS      | $1502991.28   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechna Kasa Oszczednosci Bank Polski SA          | Powszechna Kasa Oszczednosci Bank Polski SA                                 | CUSIP: 000000000<br>LEI: P4GTT6GF1W40CVIMFR43 | Long             | EC               | CORP              | PL        |     86322 | NS      | $1659620.28   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-29

**Name of Applicant:** PACE SELECT ADVISORS TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer