# EDGAR Filing Document

**Accession Number:** 0000930007
**File Stem:** 0001410368-26-067783
**Filing Date:** 2026-6
**Character Count:** 1032912
**Document Hash:** 88ff925777d00b73a5a4868a8f02874d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-067783.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001410368-26-067783

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08764
- **FILM NUMBER:** 261129697

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Asset-backed securities—2.0%** | **Asset-backed securities—2.0%** | **Asset-backed securities—2.0%** |
| 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;4.879%, due 03/25/35<sup>1</sup> | $83269 | $82481 |
| 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;4.769%, due 10/25/34<sup>1</sup> | 59195 | 58590 |
| 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;4.969%, due 08/25/34<sup>1</sup> | 569466 | 569522 |
| Chase Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;4.409%, due 08/25/32<sup>1</sup> | 87174 | 86627 |
| &nbsp;&nbsp;&nbsp;Series 2002-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;4.509%, due 10/25/32<sup>1</sup> | 2862 | 2853 |
| 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;4.269%, due 07/25/34<sup>1</sup> | 44238 | 43579 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Countrywide Asset-Backed Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;4.669%, due 10/25/34<sup>1</sup> | $17592 | $17526 |
| 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;5.269%, due 08/25/40<sup>1,2</sup> | 45190 | 45879 |
| EquiFirst Loan Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.454%, |  |  |
| &nbsp;&nbsp;&nbsp;4.109%, due 04/25/37<sup>1,2</sup> | 858636 | 806532 |
| 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;5.025%, due 07/15/31<sup>1,2</sup> | 374988 | 375536 |
| KGS-Alpha SBA COOF Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2012-5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.090%, due 04/25/38<sup>1,2,3,4</sup> | 3401245 | 72447 |
| 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;3.949%, due 04/25/37<sup>1</sup> | 41778 | 23805 |
| 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;3.150%, due 08/25/33<sup>1</sup> | 75365 | 69961 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| 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;3.969%, due 06/25/37<sup>1</sup> | $475191 | $327612 |
| Structured Asset Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.804%, |  |  |
| &nbsp;&nbsp;&nbsp;4.459%, due 09/25/35<sup>1</sup> | 552680 | 530750 |
| 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;4.995%, due 07/15/31<sup>1,2</sup> | 18463 | 18508 |
| 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;5.067%, due 04/20/32<sup>1,2</sup> | 221089 | 221280 |
| **Total asset-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$3,283,405) |  | **3353488** |
| **Mortgage-backed securities—16.5%** |  |  |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-8, Class 3A21, |  |  |
| &nbsp;&nbsp;&nbsp;4.755%, due 11/25/35<sup>1</sup> | 217778 | 152313 |
| BCAP LLC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-RR1, Class 1A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.494%, due 03/26/37<sup>1,2</sup> | 46413 | 42883 |
| &nbsp;&nbsp;&nbsp;Series 2013-RR1, Class 3A4, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/26/37<sup>1,2</sup> | 118460 | 78889 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class 12A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.068%, due 05/25/34<sup>1</sup> | 16809 | 15285 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| 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> | $241626 | $235213 |
| 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> | 38829 | 48252 |
| 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;4.049%, due 01/25/35<sup>1,2</sup> | 4466 | 4429 |
| CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-HYB1, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.225%, due 05/19/33<sup>1</sup> | 2130 | 2005 |
| &nbsp;&nbsp;&nbsp;Series 2007-15, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/37 | 23856 | 7931 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series Q034, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;2.931%, due 07/25/54<sup>1</sup> | 1019558 | 990489 |
| &nbsp;&nbsp;&nbsp;Series KJ45, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.660%, due 01/25/31 | 600000 | 604703 |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2614, Class WO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/33<sup>5</sup> | 226641 | 199476 |
| &nbsp;&nbsp;&nbsp;Series 4839, Class UO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/56<sup>5</sup> | 343385 | 209182 |
| &nbsp;&nbsp;&nbsp;Series 4836, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/58<sup>5</sup> | 620811 | 386766 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 4265, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(3.200)\* 30 day USD SOFR Average + 13.394%, |  |  |
| &nbsp;&nbsp;&nbsp;1.701%, due 11/15/43<sup>1</sup> | $797069 | $730216 |
| &nbsp;&nbsp;&nbsp;Series 3635, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.821%, due 10/15/37<sup>1</sup> | 24147 | 1166 |
| &nbsp;&nbsp;&nbsp;Series 3598, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.842%, due 10/15/37<sup>1</sup> | 9150 | 402 |
| &nbsp;&nbsp;&nbsp;Series 3621, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.956%, due 05/15/37<sup>1</sup> | 14825 | 791 |
| &nbsp;&nbsp;&nbsp;Series 4367, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.988%, due 03/15/37<sup>1</sup> | 23431 | 1199 |
| &nbsp;&nbsp;&nbsp;Series 5034, Class MI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/25/50 | 587428 | 77524 |
| &nbsp;&nbsp;&nbsp;Series 3684, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.119%, due 11/15/36<sup>1</sup> | 74351 | 4045 |
| &nbsp;&nbsp;&nbsp;Series 4438, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.169%, due 11/15/38<sup>1</sup> | 68916 | 3700 |
| &nbsp;&nbsp;&nbsp;Series 4255, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;2.218%, due 05/15/35<sup>1</sup> | 227012 | 225651 |
| &nbsp;&nbsp;&nbsp;Series 4394, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.233%, due 08/15/41<sup>1</sup> | 20679 | 1096 |
| &nbsp;&nbsp;&nbsp;Series 4263, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;(2.667)\* 30 day USD SOFR Average + 11.961%, |  |  |
| &nbsp;&nbsp;&nbsp;2.255%, due 11/15/43<sup>1</sup> | 259504 | 231918 |
| &nbsp;&nbsp;&nbsp;Series 3962, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.267%, due 06/15/38<sup>1</sup> | 63670 | 3670 |
| &nbsp;&nbsp;&nbsp;Series 4338, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.284%, due 10/15/41<sup>1</sup> | 41974 | 2341 |
| &nbsp;&nbsp;&nbsp;Series 4076, Class SW, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 5.936%, |  |  |
| &nbsp;&nbsp;&nbsp;2.296%, due 07/15/42<sup>1</sup> | 710337 | 67655 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 4463, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.376%, due 02/15/38<sup>1</sup> | $39627 | $2056 |
| &nbsp;&nbsp;&nbsp;Series 4156, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.086%, |  |  |
| &nbsp;&nbsp;&nbsp;2.446%, due 01/15/33<sup>1</sup> | 324848 | 25355 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/28 | 256499 | 4186 |
| &nbsp;&nbsp;&nbsp;Series 4324, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.517%, due 08/15/36<sup>1</sup> | 24594 | 1719 |
| &nbsp;&nbsp;&nbsp;Series 3339, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, (1.000)\* 30 day USD SOFR Average + 6.366%, |  |  |
| &nbsp;&nbsp;&nbsp;2.726%, due 07/15/37<sup>1</sup> | 347072 | 28788 |
| &nbsp;&nbsp;&nbsp;Series 4100, Class HI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/15/27 | 15518 | 186 |
| &nbsp;&nbsp;&nbsp;Series 4182, Class QI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/33 | 22508 | 977 |
| &nbsp;&nbsp;&nbsp;Series 4165, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/15/42 | 317443 | 14004 |
| &nbsp;&nbsp;&nbsp;Series 3442, Class MT, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.114%, |  |  |
| &nbsp;&nbsp;&nbsp;3.754%, due 07/15/34<sup>1</sup> | 18349 | 17086 |
| &nbsp;&nbsp;&nbsp;Series 4544, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/46 | 748698 | 127649 |
| &nbsp;&nbsp;&nbsp;Series 2411, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.104%, due 12/15/29<sup>1</sup> | 2499 | 2493 |
| &nbsp;&nbsp;&nbsp;Series 4832, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.133%, due 04/15/38<sup>1</sup> | 450886 | 445400 |
| &nbsp;&nbsp;&nbsp;Series 3096, Class FL, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.154%, due 01/15/36<sup>1</sup> | 34729 | 34482 |
| &nbsp;&nbsp;&nbsp;Series 3114, Class PF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.154%, due 02/15/36<sup>1</sup> | 224276 | 222624 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 3153, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.544%, |  |  |
| &nbsp;&nbsp;&nbsp;4.184%, due 05/15/36<sup>1</sup> | $55139 | $54807 |
| &nbsp;&nbsp;&nbsp;Series 2513, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 7.886%, |  |  |
| &nbsp;&nbsp;&nbsp;4.246%, due 02/15/32<sup>1</sup> | 64127 | 6444 |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.254%, due 01/15/32<sup>1</sup> | 4318 | 4316 |
| &nbsp;&nbsp;&nbsp;Series 4068, Class UF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.254%, due 06/15/42<sup>1</sup> | 305079 | 304980 |
| &nbsp;&nbsp;&nbsp;Series 4945, Class F, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.283%, due 12/15/46<sup>1</sup> | 72458 | 71429 |
| &nbsp;&nbsp;&nbsp;Series 3667, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.304%, due 02/15/38<sup>1</sup> | 3439 | 3427 |
| &nbsp;&nbsp;&nbsp;Series 4940, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.310%, due 01/25/50<sup>1</sup> | 197064 | 194334 |
| &nbsp;&nbsp;&nbsp;Series 3671, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.964%, |  |  |
| &nbsp;&nbsp;&nbsp;4.604%, due 12/15/36<sup>1</sup> | 325244 | 327811 |
| &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> | 134727 | 135453 |
| &nbsp;&nbsp;&nbsp;Series 2136, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/29 | 124 | 6 |
| &nbsp;&nbsp;&nbsp;Series 2178, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 08/15/29 | 1194 | 97 |
| 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 | 3929401 | 606857 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 303, Class C19, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/15/43 | $318519 | $50009 |
| &nbsp;&nbsp;&nbsp;Series 345, Class C13, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/15/45 | 471090 | 76591 |
| &nbsp;&nbsp;&nbsp;Series 330, Class F4, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.133%, due 10/15/37<sup>1</sup> | 102994 | 101730 |
| &nbsp;&nbsp;&nbsp;Series 326, Class F2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.664%, |  |  |
| &nbsp;&nbsp;&nbsp;4.304%, due 03/15/44<sup>1</sup> | 185068 | 184378 |
| 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 | 146352 | 128236 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/25/46 | 292084 | 250660 |
| &nbsp;&nbsp;&nbsp;Series 2017-SC01, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/25/46 | 348815 | 307267 |
| 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 | 67801 | 8850 |
| &nbsp;&nbsp;&nbsp;Series 413, Class 111, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/25/42<sup>1</sup> | 333630 | 46074 |
| &nbsp;&nbsp;&nbsp;Series 431, Class C57, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.336%, due 04/25/53<sup>1</sup> | 824378 | 152258 |
| &nbsp;&nbsp;&nbsp;Series 386, Class 14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/25/38 | 22282 | 4912 |
| Federal National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3, Class SD, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 2.550%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/25/52<sup>1</sup> | 3374798 | 10072 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-84, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;0.200%, due 02/25/43<sup>1</sup> | $193187 | $1039 |
| &nbsp;&nbsp;&nbsp;Series 2012-111, Class HS, |  |  |
| &nbsp;&nbsp;&nbsp;(0.833)\* 30 day USD SOFR Average + 3.571%, |  |  |
| &nbsp;&nbsp;&nbsp;0.534%, due 10/25/42<sup>1</sup> | 35961 | 24247 |
| &nbsp;&nbsp;&nbsp;Series 2015-73, Class ES, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 30 day USD SOFR Average + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.541%, due 10/25/45<sup>1</sup> | 176805 | 113099 |
| &nbsp;&nbsp;&nbsp;Series 2012-134, Class BH, |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 12/25/27 | 722074 | 708653 |
| &nbsp;&nbsp;&nbsp;Series 2012-77, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.799%, due 07/25/52<sup>1</sup> | 65539 | 2974 |
| &nbsp;&nbsp;&nbsp;Series 2014-42, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.804%, due 07/25/44<sup>1</sup> | 65122 | 2494 |
| &nbsp;&nbsp;&nbsp;Series 2016-76, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.814%, due 10/25/46<sup>1</sup> | 23565 | 995 |
| &nbsp;&nbsp;&nbsp;Series 2016-17, Class CS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.908%, due 04/25/46<sup>1</sup> | 45109 | 2091 |
| &nbsp;&nbsp;&nbsp;Series 2015-64, Class KS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.932%, due 09/25/45<sup>1</sup> | 55183 | 2072 |
| &nbsp;&nbsp;&nbsp;Series 2014-43, Class BS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.959%, due 07/25/44<sup>1</sup> | 117740 | 7533 |
| &nbsp;&nbsp;&nbsp;Series 2015-10, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.021%, due 03/25/45<sup>1</sup> | 148624 | 7869 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2015-19, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.030%, due 04/25/55<sup>1</sup> | $108452 | $5036 |
| &nbsp;&nbsp;&nbsp;Series 2015-50, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.049%, due 07/25/45<sup>1</sup> | 366681 | 19802 |
| &nbsp;&nbsp;&nbsp;Series 2014-92, Class SB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.078%, due 01/25/45<sup>1</sup> | 58066 | 3054 |
| &nbsp;&nbsp;&nbsp;Series 2014-45, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.144%, due 08/25/44<sup>1</sup> | 57756 | 4202 |
| &nbsp;&nbsp;&nbsp;Series 2014-47, Class BI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.155%, due 08/25/54<sup>1</sup> | 114980 | 5763 |
| &nbsp;&nbsp;&nbsp;Series 2019-62, Class SN, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 5.886%, |  |  |
| &nbsp;&nbsp;&nbsp;2.240%, due 11/25/49<sup>1</sup> | 164687 | 19936 |
| &nbsp;&nbsp;&nbsp;Series 2015-58, Class AI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.390%, due 08/25/55<sup>1</sup> | 63004 | 3164 |
| &nbsp;&nbsp;&nbsp;Series 2013-28, Class YS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;2.390%, due 07/25/42<sup>1</sup> | 241321 | 26166 |
| &nbsp;&nbsp;&nbsp;Series 2013-34, Class PS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 6.036%, |  |  |
| &nbsp;&nbsp;&nbsp;2.390%, due 08/25/42<sup>1</sup> | 188329 | 10786 |
| &nbsp;&nbsp;&nbsp;Series 2020-70, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.436%, due 10/25/50<sup>1</sup> | 6133261 | 289975 |
| &nbsp;&nbsp;&nbsp;Series 2021-3, Class TI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/25/51 | 748303 | 123894 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-76, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;(1.000)\* 30 day USD SOFR Average + 6.386%, |  |  |
| &nbsp;&nbsp;&nbsp;2.740%, due 07/25/40<sup>1</sup> | $230043 | $16885 |
| &nbsp;&nbsp;&nbsp;Series 2018-28, Class CA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/48 | 164030 | 145664 |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/43 | 491206 | 32548 |
| &nbsp;&nbsp;&nbsp;Series 2013-45, Class IK, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/25/43 | 333578 | 27740 |
| &nbsp;&nbsp;&nbsp;Series 2013-30, Class JI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/43 | 182780 | 19531 |
| &nbsp;&nbsp;&nbsp;Series 2013-116, Class IY, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/25/43 | 157309 | 8958 |
| &nbsp;&nbsp;&nbsp;Series 2016-14, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/25/46 | 276012 | 33462 |
| &nbsp;&nbsp;&nbsp;Series 2016-20, Class EI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 94542 | 9299 |
| &nbsp;&nbsp;&nbsp;Series 2016-52, Class PI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/25/46 | 221246 | 22790 |
| &nbsp;&nbsp;&nbsp;Series 2016-64, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/25/46 | 211539 | 22988 |
| &nbsp;&nbsp;&nbsp;Series 2016-63, Class YI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/25/46 | 28665 | 2295 |
| &nbsp;&nbsp;&nbsp;Series 2015-47, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/25/44 | 14860 | 635 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-85, Class FE, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.060%, due 12/25/48<sup>1</sup> | $1047240 | $1032047 |
| &nbsp;&nbsp;&nbsp;Series 2007-67, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.434%, |  |  |
| &nbsp;&nbsp;&nbsp;4.080%, due 07/25/37<sup>1</sup> | 20930 | 20665 |
| &nbsp;&nbsp;&nbsp;Series 2012-128, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.110%, due 11/25/42<sup>1</sup> | 91647 | 89878 |
| &nbsp;&nbsp;&nbsp;Series 2002-60, Class F1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.160%, due 06/25/32<sup>1</sup> | 21723 | 21683 |
| &nbsp;&nbsp;&nbsp;Series 2019-10, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.160%, due 03/25/49<sup>1</sup> | 1586063 | 1568315 |
| &nbsp;&nbsp;&nbsp;Series 2012-90, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.554%, |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 08/25/42<sup>1</sup> | 32199 | 31808 |
| &nbsp;&nbsp;&nbsp;Series 2020-54, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.564%, |  |  |
| &nbsp;&nbsp;&nbsp;4.233%, due 08/25/50<sup>1</sup> | 269524 | 267385 |
| &nbsp;&nbsp;&nbsp;Series 2010-141, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.260%, due 12/25/40<sup>1</sup> | 91337 | 90491 |
| &nbsp;&nbsp;&nbsp;Series 2024-38, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.800%, |  |  |
| &nbsp;&nbsp;&nbsp;4.469%, due 01/25/51<sup>1</sup> | 1295738 | 1301481 |
| &nbsp;&nbsp;&nbsp;Series 2012-122, Class LI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/25/41 | 79892 | 3161 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-10, Class AF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;4.569%, due 12/25/50<sup>1</sup> | $519237 | $515854 |
| &nbsp;&nbsp;&nbsp;Series 2009-33, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;4.580%, due 03/25/37<sup>1</sup> | 181810 | 182949 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-M33, Class X2, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;2.350%, due 01/25/31<sup>1</sup> | 580290 | 25409 |
| &nbsp;&nbsp;&nbsp;Series 2016-M11, Class AL, |  |  |
| &nbsp;&nbsp;&nbsp;2.944%, due 07/25/39 | 314814 | 286558 |
| Fremont Home Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-A, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.939%, |  |  |
| &nbsp;&nbsp;&nbsp;4.594%, due 01/25/34<sup>1</sup> | 191466 | 183344 |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-18, Class CO, |  |  |
| &nbsp;&nbsp;&nbsp;PO, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/20/35<sup>5</sup> | 6502 | 6273 |
| &nbsp;&nbsp;&nbsp;Series 2015-126, Class GS, |  |  |
| &nbsp;&nbsp;&nbsp;(2.333)\* 1 mo. USD Term SOFR + 9.066%, |  |  |
| &nbsp;&nbsp;&nbsp;0.515%, due 09/20/45<sup>1</sup> | 323052 | 202421 |
| &nbsp;&nbsp;&nbsp;Series 2017-15, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.207%, due 11/20/45<sup>1</sup> | 103496 | 4336 |
| &nbsp;&nbsp;&nbsp;Series 2016-180, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.211%, due 09/20/45<sup>1</sup> | 171475 | 7247 |
| &nbsp;&nbsp;&nbsp;Series 2017-57, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.239%, due 12/20/45<sup>1</sup> | 42108 | 1861 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-138, Class WI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.252%, due 08/20/45<sup>1</sup> | $87656 | $3473 |
| &nbsp;&nbsp;&nbsp;Series 2015-127, Class AS, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.281%, due 06/20/43<sup>1</sup> | 101333 | 5004 |
| &nbsp;&nbsp;&nbsp;Series 2015-180, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.493%, due 06/20/42<sup>1</sup> | 105436 | 5794 |
| &nbsp;&nbsp;&nbsp;Series 2015-166, Class SA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.543%, due 06/20/42<sup>1</sup> | 96830 | 4140 |
| &nbsp;&nbsp;&nbsp;Series 2017-H23, Class MA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/67 | 391434 | 383619 |
| &nbsp;&nbsp;&nbsp;Series 2013-77, Class GI, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | 567647 | 45041 |
| &nbsp;&nbsp;&nbsp;Series 2014-158, Class IA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/29 | 86693 | 2689 |
| &nbsp;&nbsp;&nbsp;Series 2013-23, Class IP, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/42 | 428891 | 46519 |
| &nbsp;&nbsp;&nbsp;Series 2015-165, Class IB, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/42 | 104058 | 8899 |
| &nbsp;&nbsp;&nbsp;Series 2016-118, Class IE, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/46 | 23976 | 3453 |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.650%, |  |  |
| &nbsp;&nbsp;&nbsp;4.290%, due 02/20/74<sup>1</sup> | 506427 | 507104 |
| &nbsp;&nbsp;&nbsp;Series 2013-H19, Class DF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.764%, |  |  |
| &nbsp;&nbsp;&nbsp;4.429%, due 05/20/63<sup>1</sup> | 81658 | 81693 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-H07, Class JF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.790%, |  |  |
| &nbsp;&nbsp;&nbsp;4.430%, due 04/20/74<sup>1</sup> | $459191 | $463114 |
| &nbsp;&nbsp;&nbsp;Series 2015-H30, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;4.459%, due 08/20/61<sup>1</sup> | 3085 | 3096 |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.794%, |  |  |
| &nbsp;&nbsp;&nbsp;4.459%, due 11/20/65<sup>1</sup> | 227320 | 227681 |
| &nbsp;&nbsp;&nbsp;Series 2015-H29, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;4.479%, due 10/20/65<sup>1</sup> | 239 | 240 |
| &nbsp;&nbsp;&nbsp;Series 2013-H23, Class TA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.834%, |  |  |
| &nbsp;&nbsp;&nbsp;4.499%, due 09/20/63<sup>1</sup> | 19370 | 19408 |
| &nbsp;&nbsp;&nbsp;Series 2015-H27, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;4.529%, due 09/20/65<sup>1</sup> | 303491 | 304282 |
| &nbsp;&nbsp;&nbsp;Series 2024-H01, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.900%, |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 01/20/74<sup>1</sup> | 909764 | 923272 |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FH, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.930%, |  |  |
| &nbsp;&nbsp;&nbsp;4.570%, due 01/20/74<sup>1</sup> | 1774512 | 1803077 |
| &nbsp;&nbsp;&nbsp;Series 2016-H14, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;4.579%, due 06/20/66<sup>1</sup> | 60008 | 60204 |
| &nbsp;&nbsp;&nbsp;Series 2010-H01, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;4.611%, due 01/20/60<sup>1</sup> | 104303 | 104916 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-H02, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;4.640%, due 12/20/73<sup>1</sup> | $1411650 | $1428570 |
| &nbsp;&nbsp;&nbsp;Series 2013-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.114%, |  |  |
| &nbsp;&nbsp;&nbsp;4.779%, due 08/20/63<sup>1</sup> | 48336 | 48749 |
| 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> | 1310010 | 1082806 |
| 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;4.099%, due 12/25/34<sup>1</sup> | 865 | 840 |
| IndyMac INDX Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR2, Class 2A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.754%, |  |  |
| &nbsp;&nbsp;&nbsp;4.409%, due 02/25/35<sup>1</sup> | 117998 | 111563 |
| 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;4.291%, due 06/27/37<sup>1,2</sup> | 358121 | 199589 |
| 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;4.669%, due 12/25/49<sup>1,2</sup> | 220160 | 216684 |
| &nbsp;&nbsp;&nbsp;Series 2019-INV2, Class A11, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;4.669%, due 02/25/50<sup>1,2</sup> | 381188 | 374739 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-ACES1, Class A1F, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.845%, due 04/25/66<sup>1,2</sup> | $958235 | $956133 |
| &nbsp;&nbsp;&nbsp;Series 2026-ACES1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.894%, due 04/25/66<sup>1,2</sup> | 574941 | 570951 |
| 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;4.229%, due 04/25/29<sup>1</sup> | 6309 | 5870 |
| &nbsp;&nbsp;&nbsp;Series 2004-1, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.921%, due 12/25/34<sup>1</sup> | 35905 | 33985 |
| 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;4.089%, due 01/25/35<sup>1</sup> | 8902 | 8517 |
| Morgan Stanley Re-REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-R4, Class 4B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.344%, |  |  |
| &nbsp;&nbsp;&nbsp;2.808%, due 02/26/37<sup>1,2</sup> | 72666 | 63321 |
| Mortgage Equity Conversion Asset Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-FF3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 0.500%, |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 05/25/42<sup>1,2</sup> | 487311 | 469102 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-INV2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/25/52<sup>1,2</sup> | 462538 | 399445 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Residential Asset Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-A7CB, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.269%, due 07/25/36<sup>1</sup> | $181606 | $109078 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 5, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;4.476%, due 10/19/26<sup>1</sup> | 13015 | 12974 |
| &nbsp;&nbsp;&nbsp;Series 11, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;4.676%, due 12/20/32<sup>1</sup> | 52836 | 45911 |
| 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;4.209%, due 05/25/37<sup>1</sup> | 66284 | 62249 |
| 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;4.189%, due 04/25/36<sup>1</sup> | 103307 | 95065 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.179%, due 04/25/45<sup>1</sup> | 12216 | 12052 |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2003-AR9, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;5.683%, due 09/25/33<sup>1</sup> | 19604 | 19262 |
| **Total mortgage-backed securities** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$31,410,277) |  | **27192171** |
| **U.S. government agency obligations—185.6%** |  |  |
| Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/01/36 | 495133 | 456287 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/31 | 37856 | 36702 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/31 | 15825 | 15253 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/32 | $24608 | $23662 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/32 | 123637 | 118528 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/32 | 167438 | 160493 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/32 | 5095 | 4884 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/32 | 153769 | 147156 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 38925 | 37227 |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/50 | 916010 | 768849 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/51 | 4004403 | 3424124 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 693669 | 591721 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 1108386 | 941446 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 82647 | 70127 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | 1035 | 1030 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 5430 | 5406 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 36325 | 36134 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 54115 | 52628 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 276868 | 269293 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 188626 | 183367 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | 102971 | 100039 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/32 | 107475 | 104302 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 191895 | 186217 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/33 | 424542 | 411115 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/40 | 820117 | 767869 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 1220390 | 1119575 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 142006 | 130275 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/42 | 50426 | 46261 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 97686 | 89167 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 48807 | 44618 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/44 | 120875 | 109661 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/46 | 125591 | 111917 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 538682 | 484711 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/50 | 425714 | 380478 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 1355896 | 1187941 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/51 | 653024 | 572133 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/51 | 4402532 | 3906170 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 117252 | 104221 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 1077488 | 944019 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/52 | 781937 | 688871 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 1540969 | 1356918 |
| &nbsp;&nbsp;&nbsp;3.050%, due 03/01/32 | 221351 | 205409 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | 114982 | 112876 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/33 | 68901 | 67330 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/34 | 42620 | 41475 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/34 | 17844 | 17362 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/35 | 286962 | 278424 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 137713 | 133595 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 505 | 477 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 514 | 484 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/48 | 504857 | 466338 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 217863 | 199551 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/37 | 107293 | 105419 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/43 | $438465 | $426009 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/43 | 67253 | 65342 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 890547 | 862826 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 102160 | 97307 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 280709 | 267377 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 15726 | 14979 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 7789 | 7407 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/48 | 21065 | 20033 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/48 | 75269 | 71268 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/48 | 1271474 | 1210326 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 103223 | 97737 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/49 | 427443 | 406422 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/34 | 254960 | 254048 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/36 | 8308 | 8275 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/37 | 962 | 957 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/38 | 22134 | 21996 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/42 | 94735 | 93293 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/43 | 127232 | 125295 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/43 | 196359 | 193369 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | 320780 | 315412 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/49 | 34948 | 34201 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/50 | 225780 | 220110 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/52 | 385955 | 374196 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/53 | 410382 | 396893 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/53 | 152355 | 147251 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/27 | 554 | 555 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/33 | 36186 | 36524 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 2045 | 2066 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | 14285 | 14445 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/35 | 21216 | 21453 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 | 31912 | 32270 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/35 | 5832 | 5897 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | 5658 | 5721 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 163 | 164 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 89492 | 90605 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/38 | 58976 | 59725 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/39 | 13414 | 13586 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/40 | 1398 | 1419 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/40 | 71445 | 72364 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/40 | 62226 | 63016 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/40 | 1527 | 1547 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/41 | 49139 | 49778 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/41 | 15121 | 15317 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/41 | 30625 | 31085 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/41 | 24344 | 24660 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 15196 | 15393 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/44 | 12729 | 12891 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 467936 | 471884 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 445692 | 443117 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 221474 | 219429 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | $472100 | $468485 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 1107126 | 1104580 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 373046 | 370655 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/32 | 317 | 323 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/32 | 765 | 782 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/33 | 14341 | 14675 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/33 | 179 | 183 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/33 | 71430 | 73090 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 11490 | 11760 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/34 | 9899 | 10184 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/35 | 164732 | 169187 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/35 | 1239 | 1268 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/35 | 56675 | 58389 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/35 | 19158 | 19738 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/36 | 96821 | 99615 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/36 | 163465 | 168615 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/37 | 14922 | 15399 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 28212 | 29113 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/37 | 745 | 769 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/38 | 31463 | 32454 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/38 | 3756 | 3885 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/38 | 489 | 505 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/39 | 14602 | 15068 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/39 | 46024 | 47497 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/40 | 1789 | 1850 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/40 | 1939 | 2006 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/40 | 801411 | 818448 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/40 | 27398 | 28337 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/41 | 28807 | 29794 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.137%, |  |  |
| &nbsp;&nbsp;&nbsp;5.762%, due 01/01/28<sup>1</sup> | 916 | 915 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/37 | 299700 | 314456 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/55 | 924026 | 963530 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/01/55 | 2647591 | 2758433 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/55 | 5724993 | 5953476 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/55 | 932660 | 977367 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.114%, due 11/01/29<sup>1</sup> | 6505 | 6510 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.415%, |  |  |
| &nbsp;&nbsp;&nbsp;6.142%, due 01/01/29<sup>1</sup> | 2171 | 2164 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.525%, |  |  |
| &nbsp;&nbsp;&nbsp;6.150%, due 12/01/29<sup>1</sup> | 441 | 445 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.198%, due 11/01/27<sup>1</sup> | 6455 | 6446 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.768%, |  |  |
| &nbsp;&nbsp;&nbsp;6.209%, due 10/01/39<sup>1</sup> | 307393 | 314561 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.372%, due 09/01/34<sup>1</sup> | 127615 | 131126 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.430%, |  |  |
| &nbsp;&nbsp;&nbsp;6.407%, due 10/01/27<sup>1</sup> | 3111 | 3114 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.765%, |  |  |
| &nbsp;&nbsp;&nbsp;6.429%, due 11/01/36<sup>1</sup> | $137402 | $141406 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/45 | 85077 | 88386 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/53 | 19155 | 20132 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/53 | 443449 | 466782 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/01/54 | 168037 | 176794 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/54 | 37089 | 39041 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/54 | 190267 | 199970 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/54 | 180066 | 189266 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/55 | 33927 | 36066 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/55 | 29757 | 31647 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/55 | 563414 | 593841 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/55 | 204156 | 214973 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.625%, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/01/30<sup>1</sup> | 8839 | 8955 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.854%, |  |  |
| &nbsp;&nbsp;&nbsp;6.523%, due 11/01/41<sup>1</sup> | 307840 | 319921 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;6.532%, due 06/01/28<sup>1</sup> | 2481 | 2477 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.282%, |  |  |
| &nbsp;&nbsp;&nbsp;6.532%, due 07/01/28<sup>1</sup> | 1677 | 1681 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.665%, |  |  |
| &nbsp;&nbsp;&nbsp;6.665%, due 10/01/27<sup>1</sup> | 796 | 798 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 08/01/51 | 393288 | 302522 |
| &nbsp;&nbsp;&nbsp;2.000%, due 05/01/28 | 28198 | 27551 |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/31 | 40984 | 39039 |
| &nbsp;&nbsp;&nbsp;2.000%, due 11/01/31 | 120240 | 114454 |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/01/32 | 23674 | 22592 |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/01/28 | 14947 | 14705 |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/01/28 | 158745 | 155849 |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/01/28 | 58304 | 57254 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/30 | 6074 | 5904 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/30 | 9603 | 9323 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/33 | 123884 | 118153 |
| &nbsp;&nbsp;&nbsp;2.500%, due 11/01/50 | 357116 | 299757 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/51 | 980025 | 822542 |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/51 | 435178 | 368653 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/51 | 1249324 | 1056451 |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/51 | 1007080 | 859616 |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/01/52 | 1403050 | 1188161 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/52 | 620389 | 526958 |
| &nbsp;&nbsp;&nbsp;2.500%, due 04/01/52 | 1133235 | 962242 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/26 | 1343 | 1335 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/26 | 27788 | 27638 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/26 | 2927 | 2910 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/27 | 34329 | 34108 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/27 | 7898 | 7843 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/28 | $16203 | $16006 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/30 | 25740 | 25279 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/30 | 13778 | 13509 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/30 | 17359 | 17023 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/30 | 5676 | 5545 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/31 | 342501 | 335809 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/32 | 52820 | 51358 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/32 | 51186 | 49752 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/32 | 253653 | 246479 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/32 | 75839 | 73671 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/32 | 152756 | 148247 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/32 | 67103 | 65097 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/32 | 135757 | 131568 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/38 | 204177 | 191745 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/38 | 191495 | 179901 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/42 | 143929 | 132039 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/42 | 145570 | 133544 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/42 | 292411 | 268256 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/43 | 734945 | 673315 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/43 | 238130 | 217174 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/43 | 245327 | 223738 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/43 | 32574 | 29707 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/43 | 23043 | 21015 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/46 | 912875 | 832261 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/46 | 2177532 | 1961866 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/47 | 169979 | 155021 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/49 | 681500 | 597758 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/01/49 | 178859 | 160079 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/50 | 1337754 | 1173372 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/50 | 2910471 | 2590180 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/50 | 488323 | 429939 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/50 | 391625 | 344575 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/51 | 1658737 | 1453269 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/51 | 2849596 | 2498214 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/51 | 2974244 | 2605824 |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/01/51 | 352802 | 309054 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/01/51 | 142308 | 124680 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/01/51 | 353871 | 310037 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 108776 | 96433 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/52 | 706405 | 620412 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/01/52 | 373544 | 328621 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/57 | 476538 | 411513 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/01/58 | 491164 | 422580 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/26 | 1137 | 1133 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/28 | 23995 | 23776 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/29 | 6428 | 6361 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/32 | 23796 | 23668 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/33 | 31924 | 31177 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/34 | 41772 | 40820 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/35 | 85515 | 82997 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/35 | $82649 | $80236 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/35 | 74241 | 72021 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/35 | 428165 | 418024 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/42 | 132348 | 124827 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/42 | 9411 | 8857 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/42 | 232 | 219 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/42 | 47998 | 45270 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/42 | 528156 | 498485 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/43 | 345652 | 325225 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/43 | 1472 | 1385 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/43 | 1955616 | 1840510 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/43 | 4655050 | 4381270 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/44 | 63184 | 59593 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/45 | 1083595 | 1006244 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/45 | 17746 | 16479 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/01/45 | 6042 | 5634 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/46 | 432590 | 403077 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/47 | 1190790 | 1120057 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/01/47 | 119158 | 110433 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/47 | 161673 | 150144 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/01/47 | 217971 | 201908 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/47 | 199684 | 185061 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/48 | 184072 | 169121 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/48 | 715299 | 657563 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/01/50 | 81046 | 74234 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/50 | 3295401 | 3022055 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/01/50 | 284562 | 260930 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/56 | 591055 | 535204 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/57 | 560047 | 507126 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/01/59 | 793793 | 714003 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/32 | 569 | 563 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/33 | 22933 | 22685 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/33 | 94003 | 92743 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/33 | 472055 | 467755 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/34 | 283195 | 278968 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/35 | 457089 | 450936 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/37 | 412858 | 404909 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/38 | 296227 | 290754 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/38 | 364885 | 356502 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/38 | 168649 | 164895 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/38 | 203310 | 198646 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/39 | 34962 | 33866 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/39 | 94334 | 91384 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/40 | 690987 | 669468 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/40 | 524953 | 509161 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/41 | 211212 | 204856 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/41 | 264624 | 256660 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/42 | 1258641 | 1220986 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/42 | 1714094 | 1662487 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/42 | 1505102 | 1459788 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/43 | $454857 | $438911 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/44 | 69810 | 67752 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/44 | 2436 | 2340 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/45 | 8711 | 8337 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/45 | 553374 | 529597 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/47 | 62624 | 59815 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/47 | 23741 | 22588 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/47 | 92145 | 87751 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/47 | 155375 | 147945 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/47 | 4390 | 4185 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/01/47 | 19631 | 18675 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/48 | 72063 | 68552 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/48 | 170073 | 160975 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/48 | 78934 | 74782 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/48 | 158591 | 149983 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49 | 571130 | 543607 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/51 | 548607 | 529374 |
| &nbsp;&nbsp;&nbsp;4.300%, due 12/01/32 | 3300000 | 3265353 |
| &nbsp;&nbsp;&nbsp;4.490%, due 04/01/33 | 300000 | 299959 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/29 | 4261 | 4241 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/32 | 200000 | 199879 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/35 | 10798 | 10742 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/38 | 101973 | 101611 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/39 | 447 | 444 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/39 | 39606 | 39432 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/39 | 2336 | 2320 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/39 | 16409 | 16290 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/39 | 1357 | 1347 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/39 | 46730 | 46299 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/39 | 1322 | 1312 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/39 | 97522 | 96815 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/40 | 1009 | 1002 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/01/40 | 1022 | 1014 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/40 | 23461 | 23273 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/40 | 17632 | 17492 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/40 | 189107 | 187597 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/41 | 126029 | 124903 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/41 | 219022 | 217068 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/42 | 611508 | 606628 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/42 | 1764 | 1749 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/42 | 69952 | 68736 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/43 | 420779 | 414313 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/43 | 831813 | 817893 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/43 | 1433005 | 1409023 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/43 | 99740 | 98635 |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/01/43 | 23697 | 23410 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/44 | 94701 | 93512 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/44 | 493 | 487 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/01/48 | 125925 | 123233 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/01/49 | 97547 | 95687 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | $111975 | $108176 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/01/53 | 170584 | 164869 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/53 | 3689947 | 3587639 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/59 | 536046 | 519794 |
| &nbsp;&nbsp;&nbsp;4.700%, due 04/01/33 | 301963 | 304181 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/37 | 2978 | 3013 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/37 | 4693 | 4747 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/38 | 28662 | 28984 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/48 | 81182 | 81530 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/48 | 18562 | 18696 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/49 | 22057 | 22152 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 675148 | 672180 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/53 | 81727 | 81174 |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;5.058%, due 03/01/44<sup>1</sup> | 45058 | 45270 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/32 | 15552 | 15869 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/33 | 325 | 332 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/34 | 7976 | 8196 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/35 | 49529 | 50893 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/37 | 45946 | 47359 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37 | 26635 | 27454 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/38 | 42294 | 43686 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/39 | 99786 | 103082 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/40 | 115336 | 119134 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/42 | 64826 | 66823 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/53 | 323348 | 328185 |
| &nbsp;&nbsp;&nbsp;5.610%, due 10/01/28 | 658629 | 673952 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.102%, |  |  |
| &nbsp;&nbsp;&nbsp;5.787%, due 09/01/41<sup>1</sup> | 49153 | 50040 |
| &nbsp;&nbsp;&nbsp;5.810%, due 06/01/31 | 1700000 | 1743480 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.790%, |  |  |
| &nbsp;&nbsp;&nbsp;<br> 5.915%, due 02/01/42<sup>1</sup> | 31616 | 32349 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/32 | 2372 | 2443 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33 | 4380 | 4511 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/34 | 34464 | 35754 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/35 | 6029 | 6279 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/35 | 3197 | 3329 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/35 | 12878 | 13409 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/35 | 400 | 417 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/36 | 6929 | 7216 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/36 | 54 | 57 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/36 | 11954 | 12488 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/36 | 33740 | 35246 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/01/37 | 2558 | 2680 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/37 | 13824 | 14486 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/38 | 103119 | 108065 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/39 | 12404 | 12999 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/40 | 134176 | 140609 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/49 | $249770 | $259654 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/53 | 320194 | 328244 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/01/54 | 692915 | 706896 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.106%, |  |  |
| &nbsp;&nbsp;&nbsp;6.001%, due 05/01/30<sup>1</sup> | 6888 | 6930 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.285%, |  |  |
| &nbsp;&nbsp;&nbsp;6.075%, due 05/01/35<sup>1</sup> | 46654 | 47662 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.236%, |  |  |
| &nbsp;&nbsp;&nbsp;6.182%, due 10/01/37<sup>1</sup> | 447798 | 461462 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.244%, |  |  |
| &nbsp;&nbsp;&nbsp;6.188%, due 01/01/36<sup>1</sup> | 90849 | 93480 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.598%, |  |  |
| &nbsp;&nbsp;&nbsp;6.223%, due 12/01/27<sup>1</sup> | 2685 | 2699 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.728%, |  |  |
| &nbsp;&nbsp;&nbsp;6.343%, due 05/01/38<sup>1</sup> | 266240 | 273259 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/36 | 163795 | 174153 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/37 | 2193 | 2332 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/37 | 22342 | 23825 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/37 | 10668 | 11378 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/37 | 11230 | 11976 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/37 | 28769 | 30680 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/40 | 311264 | 333796 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/45 | 290473 | 301587 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/01/53 | 113897 | 119705 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/01/54 | 126718 | 133180 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/54 | 151721 | 159704 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/54 | 138067 | 145121 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/55 | 79693 | 83862 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/01/55 | 53293 | 55925 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/20/51 | 3519007 | 3015519 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/42 | 22497 | 20635 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/20/43 | 339103 | 310870 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/43 | 326627 | 299552 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/43 | 343097 | 314531 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/15/43 | 298650 | 273492 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/15/43 | 84213 | 77120 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/43 | 17657 | 16170 |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/20/43 | 73945 | 67790 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/45 | 230612 | 207625 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/45 | 15464 | 13887 |
| &nbsp;&nbsp;&nbsp;3.000%, due 07/15/45 | 316243 | 283995 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/45 | 589310 | 530461 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/20/47 | 358926 | 323326 |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/48 | 220630 | 198747 |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/20/50 | 1313479 | 1173308 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/20/51 | 126836 | 113021 |
| &nbsp;&nbsp;&nbsp;3.000%, due 05/20/52 | 490244 | 436526 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/20/53 | $720378 | $642833 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/15/42 | 161187 | 151143 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/45 | 94397 | 86197 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/15/45 | 31542 | 29127 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/45 | 2750 | 2542 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/45 | 427743 | 395456 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/45 | 167597 | 154956 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/46 | 245538 | 226731 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/20/46 | 328568 | 303379 |
| &nbsp;&nbsp;&nbsp;3.500%, due 04/20/47 | 255493 | 235681 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/20/47 | 1719078 | 1585778 |
| &nbsp;&nbsp;&nbsp;3.500%, due 08/20/47 | 172201 | 158847 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/47 | 67848 | 62587 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/20/47 | 2398931 | 2217983 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/47 | 227394 | 209761 |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/47 | 66424 | 61273 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/20/48 | 1158677 | 1068831 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/48 | 894798 | 825409 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/20/48 | 1371068 | 1264737 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/20/48 | 388203 | 358124 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/20/49 | 1574783 | 1453931 |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/20/52 | 1986409 | 1817532 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/52 | 98653 | 90095 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/53 | 300610 | 275989 |
| &nbsp;&nbsp;&nbsp;3.500%, due 02/20/56 | 6981676 | 6306096 |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/20/30 | 163217 | 161518 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/40 | 91000 | 86688 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/41 | 39156 | 37708 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/41 | 551694 | 532701 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/15/47 | 29206 | 27812 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/47 | 138885 | 132257 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/47 | 284742 | 271035 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/47 | 48945 | 46574 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/47 | 19064 | 18164 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/47 | 38320 | 36511 |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/15/47 | 72030 | 68629 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/15/47 | 13641 | 12997 |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/20/47 | 51441 | 47674 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/20/48 | 132754 | 123030 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/20/48 | 157371 | 149108 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/20/48 | 314532 | 298881 |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/20/48 | 95271 | 90584 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/20/48 | 121292 | 113374 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/20/48 | 37855 | 35141 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/49 | 15287 | 14386 |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/52 | 934594 | 881306 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/39 | 153142 | 151948 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/40 | 75386 | 74739 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/40 | 13451 | 13339 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/40 | 9621 | 9540 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/40 | $40709 | $40368 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/40 | 10906 | 10815 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/41 | 51673 | 51241 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/41 | 12778 | 12671 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/20/41 | 76974 | 76328 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/41 | 10109 | 10024 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/41 | 89888 | 89136 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/41 | 23058 | 22865 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/20/41 | 2303 | 2284 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/20/41 | 20798 | 20624 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/43 | 4688 | 4649 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/20/43 | 3196 | 3169 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/44 | 50495 | 49767 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/20/45 | 55990 | 55355 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/45 | 5802 | 5718 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/46 | 7398 | 7200 |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/46 | 36832 | 36186 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/15/46 | 83529 | 82056 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/47 | 190174 | 185096 |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/20/48 | 15536 | 15259 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/48 | 44471 | 43678 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/20/48 | 110226 | 108114 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/20/48 | 158503 | 154010 |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/20/49 | 106195 | 104159 |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/20/49 | 183295 | 179782 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/33 | 43079 | 43710 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/20/34 | 22472 | 22801 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/20/38 | 34803 | 35309 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/38 | 24083 | 24316 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/20/38 | 41711 | 42325 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/39 | 2527 | 2562 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/40 | 61360 | 62265 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/41 | 28140 | 28563 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/41 | 5673 | 5760 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/42 | 7455 | 7564 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/20/43 | 650807 | 660325 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/48 | 60082 | 60707 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/48 | 123643 | 125016 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/20/48 | 148159 | 149295 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/48 | 137185 | 138422 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/20/30<sup>1</sup> | 2166 | 2172 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/20/26<sup>1</sup> | 271 | 271 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/20/26<sup>1</sup> | 44 | 44 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/20/27<sup>1</sup> | 397 | 397 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/20/27<sup>1</sup> | 1808 | 1808 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **U.S. government agency obligations—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;**1 yr. CMT + 1.500%,** |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/20/30<sup>1</sup> | $9423 | $9466 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 08/20/30<sup>1</sup> | 7422 | 7449 |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/35 | 6496 | 6680 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/15/38 | 566 | 583 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/38 | 56806 | 58673 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/38 | 63609 | 65702 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/38 | 40423 | 41770 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/38 | 165394 | 170777 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/38 | 8047 | 8316 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/15/38 | 1936 | 1998 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/39 | 24458 | 24761 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/39 | 15522 | 16028 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/39 | 79313 | 81912 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/40 | 3217 | 3305 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/40 | 98251 | 101488 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/20/48 | 11243 | 11464 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/20/26<sup>1</sup> | 80 | 80 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/20/27<sup>1</sup> | 4723 | 4712 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/20/27<sup>1</sup> | 413 | 412 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/20/27<sup>1</sup> | 1065 | 1065 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/20/28<sup>1</sup> | 945 | 943 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/20/28<sup>1</sup> | 111 | 111 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/20/30<sup>1</sup> | 1858 | 1862 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/20/30<sup>1</sup> | 51051 | 51223 |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/20/38 | 552 | 581 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/20/32 | 456 | 478 |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/36 | 62233 | 64730 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/37 | 970 | 995 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/37 | 3903 | 4125 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/38 | 4217 | 4425 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/38 | 5699 | 5934 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/15/38 | 1413 | 1524 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/20/38 | 2063 | 2201 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/20/54 | 462908 | 483662 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/20/27 | 989 | 989 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/20/30 | 517 | 522 |
| &nbsp;&nbsp;&nbsp;9.000%, due 10/20/30 | 1481 | 1513 |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.000% | 10000000 | 8230540 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount** | **Face<br> amount** | **Value** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;2.500% | $| 4400000 | $| 3767403 |
| &nbsp;&nbsp;&nbsp;4.000% |  | 250000 |  | 232992 |
| &nbsp;&nbsp;&nbsp;4.500% |  | 11360000 |  | 10946685 |
| &nbsp;&nbsp;&nbsp;5.000% |  | 6000000 |  | 5948778 |
| &nbsp;&nbsp;&nbsp;5.500% |  | 2500000 |  | 2517300 |
| &nbsp;&nbsp;&nbsp;6.500% |  | 3500000 |  | 3658025 |
| Uniform Mortgage-Backed Security, TBA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500% |  | 3824000 |  | 3035543 |
| &nbsp;&nbsp;&nbsp;2.000% |  | 26350000 |  | 21252671 |
| &nbsp;&nbsp;&nbsp;2.500% |  | 8850000 |  | 7408689 |
| &nbsp;&nbsp;&nbsp;3.000% |  | 1345000 |  | 1280476 |
| &nbsp;&nbsp;&nbsp;3.500% |  | 1500000 |  | 1439994 |
| &nbsp;&nbsp;&nbsp;4.000% |  | 4500000 |  | 4218079 |
| &nbsp;&nbsp;&nbsp;5.000% |  | 4100000 |  | 4086893 |
| &nbsp;&nbsp;&nbsp;5.500% |  | 16100000 |  | 16228633 |
| &nbsp;&nbsp;&nbsp;6.000% |  | 43000000 |  | 43906790 |
| &nbsp;&nbsp;&nbsp;6.500% |  | 7500000 |  | 7767900 |
| **Total U.S. government agency obligations**<br> (cost—$317,823,035) |  |  |  | **306061179** |
|  | **Number of<br> shares** | **Number of<br> shares** |  |  |
| **Short-term investments—1.5%** | **Short-term investments—1.5%** | **Short-term investments—1.5%** | **Short-term investments—1.5%** | **Short-term investments—1.5%** |
| **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** | **Investment companies—1.3%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>6</sup> (cost—$2,059,432) |  | 2059432 |  | 2059432 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | |
| **Short-term U.S. Treasury obligations—0.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.678% due 07/23/26<sup>6</sup> | 200000 | 198342 |
| &nbsp;&nbsp;&nbsp;3.681% due 06/30/26<sup>6,7</sup> | 208000 | 206753 |
| &nbsp;&nbsp;&nbsp;3.687% due 07/21/26<sup>6</sup> | 3000 | 2976 |
| **Total short-term U.S. Treasury obligations**<br> (cost—$408,071) |  | **408071** |
| **Total Short-term investments**<br> (cost—$2,467,503) |  | **2467503** |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** |
| **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** |
| **Put options—0.0%†** | **Put options—0.0%†** | **Put options—0.0%†** | **Put options—0.0%†** | **Put options—0.0%†** |
| Uniform Mortgage-Backed Security, TBA strike @ 96.590, expires 05/06/26 (Counterparty: GS) | 3500000 | USD | 338064453 | $12435 |
| Uniform Mortgage-Backed Security, TBA strike @ 99.094, expires 05/06/26 (Counterparty: CITI) | 1000000 | USD | 99093750 | 1 |
| Uniform Mortgage-Backed Security, TBA strike @ 99.098, expires 05/06/26 (Counterparty: GS) | 5000000 | USD | 495488281 | 4 |
| Uniform Mortgage-Backed Security, TBA strike @ 95.469, expires 06/04/26 (Counterparty: JPMCB) | 1000000 | USD | 95468750 | 2925 |
| **Total Put options** |  |  |  | **15365** |
| **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** | **Call options—0.0%†** |
| Uniform Mortgage-Backed Security, TBA strike @ 98.469, expires 06/04/26 (Counterparty: JPMCB) | 1000000 | USD | 98468750 | 422 |
| **Total Options Purchased<br> (cost—$14,688)** |  |  |  | **15787** |
| **Swaptions Purchased—0.7%** | **Swaptions Purchased—0.7%** | **Swaptions Purchased—0.7%** | **Swaptions Purchased—0.7%** | **Swaptions Purchased—0.7%** |
| **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** | **Call swaptions—0.4%** |
| 7 Year Interest Rate Swap strike @ 3.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | 778 |

---

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

**Portfolio of investments – April 30, 2026 (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)** |
| 10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 | $19500 |
| 10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45 | 2000000 | USD | 2000000 | 113777 |
| 10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45 | 1800000 | USD | 1800000 | 110802 |
| 10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45 | 1800000 | USD | 1800000 | 115281 |
| 10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45 | 1200000 | USD | 1200000 | 70316 |
| 10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45 | 800000 | USD | 800000 | 46111 |
| 10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45 | 800000 | USD | 800000 | 47466 |

---

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

**Portfolio of investments – April 30, 2026 (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)** |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45 | 800000 | USD | 800000 | $52535 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45 | 600000 | USD | 600000 | 39402 |
| 7 Year Interest Rate Swap strike @ 3.135, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33 | 1400000 | USD | 1400000 | 2471 |
| 7 Year Interest Rate Swap strike @ 3.150, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 | 334 |
| 7 Year Interest Rate Swap strike @ 3.480, expires 07/14/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/16/33 | 3700000 | USD | 3700000 | 8789 |
| 7 Year Interest Rate Swap strike @ 2.750, expires 05/05/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 05/07/33 | 2500000 | USD | 2500000 | 0 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** | **Swaptions Purchased—(continued)** |
| **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** | **Call swaptions—(continued)** |
| 7 Year Interest Rate Swap strike @ 3.224, expires 05/18/26 (Counterparty: BB; pay floating rate); underlying swap terminates 05/20/33 | 1300000 | USD | 1300000 | $| 55 |
| **Total call swaptions** |  |  |  |  | **627617** |
| **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** | **Put swaptions—0.3%** |
| 7 Year Interest Rate Swap strike @ 4.313, expires 06/08/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/10/33 | 2000000 | USD | 2000000 |  | 830 |
| 10 Year Interest Rate Swap strike @ 4.098, expires 02/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/08/45 | 400000 | USD | 400000 |  | 32027 |
| 10 Year Interest Rate Swap strike @ 4.400, expires 06/25/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/27/45 | 1000000 | USD | 1000000 |  | 71465 |
| 10 Year Interest Rate Swap strike @ 4.559, expires 07/09/35 (Counterparty: DB; pay floating rate); underlying swap terminates 07/11/45 | 900000 | USD | 900000 |  | 60619 |
| 10 Year Interest Rate Swap strike @ 4.640, expires 07/23/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/25/45 | 900000 | USD | 900000 |  | 58844 |

---

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

**Portfolio of investments – April 30, 2026 (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)** |
| 10 Year Interest Rate Swap strike @ 4.460, expires 08/06/35 (Counterparty: DB; pay floating rate); underlying swap terminates 08/08/45 | 1200000 | USD | 1200000 | $83910 |
| 10 Year Interest Rate Swap strike @ 4.427, expires 08/06/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/08/45 | 800000 | USD | 800000 | 56633 |
| 10 Year Interest Rate Swap strike @ 4.485, expires 08/07/35 (Counterparty: MSCI; pay floating rate); underlying swap terminates 08/09/45 | 800000 | USD | 800000 | 55425 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/29/45 | 800000 | USD | 800000 | 51355 |
| 10 Year Interest Rate Swap strike @ 4.693, expires 08/27/35 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/29/45 | 600000 | USD | 600000 | 38516 |
| 7 Year Interest Rate Swap strike @ 3.635, expires 09/14/26 (Counterparty: DB; pay floating rate); underlying swap terminates 09/16/33 | 1400000 | USD | 1400000 | 26777 |
| 10 Year Interest Rate Swap strike @ 4.750, expires 12/07/26 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/09/36 | 2100000 | USD | 2100000 | 8150 |

---

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

**Portfolio of investments – April 30, 2026 (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)** |
| 10 Year Interest Rate Swap strike @ 4.750, expires 06/11/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/15/36 | 5900000 | USD | 5900000 | $694 |
| 10 Year Interest Rate Swap strike @ 4.750, expires 06/30/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/02/36 | 1500000 | USD | 1500000 | 440 |
| 7 Year Interest Rate Swap strike @ 3.900, expires 05/29/26 (Counterparty: BB; pay floating rate); underlying swap terminates 06/02/33 | 400000 | USD | 400000 | 1205 |
| 10 Year Interest Rate Swap strike @ 4.219, expires 06/04/26 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 06/08/36 | 1000000 | USD | 1000000 | 1391 |
| 10 Year Interest Rate Swap strike @ 4.123, expires 06/04/26 (Counterparty: BNP; pay floating rate); underlying swap terminates 06/08/36 | 1100000 | USD | 1100000 | 2751 |
| 10 Year Interest Rate Swap strike @ 4.750, expires 10/23/26 (Counterparty: BOA; pay floating rate); underlying swap terminates 10/27/36 | 2100000 | USD | 2100000 | 5723 |
| **Total put swaptions** |  |  |  | **556755** |
| **Total Swaptions Purchased<br> (cost—$1,751,100)** |  |  |  | **1184372** |
| **Total investments before investments sold short**—206.3%<br> (cost—$356,750,008) |  |  |  | **340274500** |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(42.8)%** | **Investments sold short—(42.8)%** | **Investments sold short—(42.8)%** |
| **U.S. government agency obligations—(42.8)%** |  |  |
| Government National Mortgage Association, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% | $(3000000) | $(2668863) |
| Uniform Mortgage-Backed Security, TBA |  |  |
| &nbsp;&nbsp;&nbsp;3.000% | (26450000) | (23145231) |
| &nbsp;&nbsp;&nbsp;3.500% | (15250000) | (13860207) |
| &nbsp;&nbsp;&nbsp;4.500% | (23125000) | (22228953) |
| &nbsp;&nbsp;&nbsp;4.500% | (800000) | (793750) |
| &nbsp;&nbsp;&nbsp;5.000% | (1900000) | (1871977) |
| &nbsp;&nbsp;&nbsp;5.000% | (1900000) | (1870221) |
| &nbsp;&nbsp;&nbsp;6.500% | (4000000) | (4146640) |
| **Total U.S. government agency obligations**<br> (cost—$(70764590)) |  | **(70585842)** |
| **Total investments sold short**<br> (Proceeds—$(70764590)) |  | **(70585842)** |
| **Total investments—163.5%**<br> (cost—$285,985,418) |  | **269688658** |
| Liabilities in excess of other assets—(63.5)% |  | (104728884) |
| **Net assets—100.0%** |  | $**164959774** |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Reverse Repurchase Agreement: (18.4)%** |  |  |
| Reverse repurchase agreement dated 04/13/26 with Wells Fargo, 3.770% to be repurchased 05/13/26 for $(21354837), collateralized by $4,358,225 Government Mortgage Association Obligations, 2.500% to 3.500% due 10/20/47 to 09/20/51 and $19,708,219 Federal National Mortgage Association Obligations, 3.000% to 4.500% due 09/01/42 to 08/01/53: (value -$24,066,444); (proceeds-$(21287957)) | $(21287957) | $(21287957) |
| Reverse repurchase agreement dated 04/29/26 with Citigroup, Inc., 3.770% to be repurchased 05/13/26 for $(4785442), collateralized by $1,371,068 Government Mortgage Association Obligations, 3.500% due 03/20/48 and $3,578,422 Federal National Mortgage Association Obligations, 4.500% to 6.000% due 07/01/43 to 05/01/55: (value -$4,949,490); (proceeds-$(4778437)) | (4778437) | (4778437) |
| Reverse repurchase agreement dated 04/13/26 with Deutsche Bank Securities, Inc., 3.770% to be repurchased 05/13/26 for $(950228), $932,660 Federal National Mortgage Association Obligations, 6.000% due 09/01/55: (value -$932,660); (proceeds-$(947252)) | (947252) | (947252) |
| Reverse repurchase agreement dated 04/13/26 with Credit Agricole, Inc., 3.780% to be repurchased 05/13/26 for $(3370876), $4,004,403 Federal National Mortgage Association Obligations, 2.500% due 08/01/51: (value -$4,004,403); (proceeds-$(3360291)) | (3360291) | (3360291) |
| Total Reverse Repurchase Agreement<br> (cost—$(30373937)) |  | **(30373937)** |

---

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

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

**Portfolio of investments – April 30, 2026 (unaudited)**

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 153468750 | 1500000 | Uniform Mortgage-Backed Security, TBA, strike @ 102.313 | BOA | 05/06/26 | $(2695) | $(149) | $2546 |
| USD | 259218750 | 2500000 | Uniform Mortgage-Backed Security, TBA, strike @ 103.688 | GS | 05/06/26 | (2539) | (2436) | 103 |
| USD | 255644531 | 2500000 | Uniform Mortgage-Backed Security, TBA, strike @ 102.258 | BOA | 05/06/26 | (3711) | (478) | 3233 |
| USD | 441931640 | 4500000 | Uniform Mortgage-Backed Security, TBA, strike @ 98.207 | GS | 06/04/26 | (18457) | (2673) | 15784 |
| USD | 200562500 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 100.281 | MSCI | 06/04/26 | (4375) | (338) | 4037 |
| USD | 50015625 | 500000 | Uniform Mortgage-Backed Security, TBA, strike @ 100.031 | GS | 06/04/26 | (820) | (143) | 677 |
| USD | 100000000 | 1000000 | Uniform Mortgage-Backed Security, TBA, strike @ 100.000 | MSCI | 06/04/26 | (1641) | (304) | 1337 |
| USD | 96984375 | 1000000 | Uniform Mortgage-Backed Security, TBA, strike @ 96.984 | CITI | 06/04/26 | (6875) | (2684) | 4191 |
| USD | 194750000 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.375 | GS | 06/04/26 | (11562) | (3381) | 8181 |
| USD | 48960938 | 500000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.922 | GS | 06/04/26 | (1875) | (428) | 1447 |
| USD | 48953125 | 500000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.906 | CITI | 06/04/26 | (1602) | (437) | 1165 |
| USD | 394625000 | 4000000 | Uniform Mortgage-Backed Security, TBA, strike @ 98.656 | BOA | 07/06/26 | (9688) | (3949) | 5739 |
| **Total** | **Total** |  |  |  |  | $**(65840)** | $**(17400)** | $**48440** |

---

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

**Portfolio of investments – April 30, 2026 (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 | 153468750 | 1500000 | Uniform Mortgage-Backed Security, TBA, strike @ 102.313 | BOA | 05/06/26 | $(2812) | $(2844) | $(32) |
| USD | 140765625 | 1500000 | Uniform Mortgage-Backed Security, TBA, strike @ 93.844 | GS | 05/06/26 | (7031) | (2893) | 4138 |
| USD | 255429688 | 2500000 | Uniform Mortgage-Backed Security, TBA, strike @ 102.172 | GS | 06/04/26 | (4590) | (6287) | (1697) |
| USD | 203953125 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 101.977 | CITI | 06/04/26 | (3906) | (3258) | 648 |
| USD | 194562500 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 97.281 | MSCI | 06/04/26 | (5625) | (2215) | 3410 |
| USD | 428431640 | 4500000 | Uniform Mortgage-Backed Security, TBA, strike @ 95.207 | GS | 06/04/26 | (21094) | (10656) | 10438 |
| USD | 202750000 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 101.375 | GS | 06/04/26 | (5781) | (1030) | 4751 |
| USD | 96101563 | 1000000 | Uniform Mortgage-Backed Security, TBA, strike @ 96.102 | CITI | 06/04/26 | (4883) | (368) | 4515 |
| USD | 188750000 | 2000000 | Uniform Mortgage-Backed Security, TBA, strike @ 94.375 | GS | 06/04/26 | (13125) | (2471) | 10654 |
| USD | 468912500 | 4600000 | Uniform Mortgage-Backed Security, TBA, strike @ 101.938 | JPMCB | 06/04/26 | (12219) | (6885) | 5334 |
| USD | 92921875 | 1000000 | Uniform Mortgage-Backed Security, TBA, strike @ 92.922 | GS | 06/04/26 | (2344) | (2782) | (438) |
| **Total** | **Total** |  |  |  |  | $**(83410)** | $**(41689)** | $**41721** |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**(149250)** | $**(59089)** | $**90161** |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

**Swaptions written**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Call Swaptions** | **Counterparty** | **Pay/<br> receive<br> floating<br> rate** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1100 | 1100000 | 10 Year Interest Rate Swap strike @ 3.450 terminating 06/09/36 | MSCI | Pay | &nbsp;&nbsp;&nbsp;06/05/26 | $(5500) | $(304) | $5196 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4000 | 4000000 | 7 Year Interest Rate Swap strike @ 3.780 terminating 07/16/33 | BOA | Pay | 07/14/26 | $(30400) | $(40026) | $(9626) |
| USD | 1800 | 1800000 | 7 Year Interest Rate Swap strike @ 3.724 terminating 05/20/33 | BB | Pay | 05/18/26 | (5400) | (13325) | (7925) |
| USD | 1750 | 1750000 | 10 Year Interest Rate Swap strike @ 3.967 terminating 05/08/36 | BNP | Pay | 05/06/26 | (2494) | (3301) | (807) |
| USD | 1300 | 1300000 | 10 Year Interest Rate Swap strike @ 4.084 terminating 05/08/36 | DB | Pay | 05/06/26 | (1332) | (287) | 1045 |
| USD | 500 | 500000 | 10 Year Interest Rate Swap strike @ 4.088 terminating 05/08/36 | BB | Pay | 05/06/26 | (650) | (102) | 548 |
| **Total** | **Total** | **Total** |  |  |  |  | $**(40276)** | $**(57041)** | $**(16765)** |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  |  | $**(45776)** | $**(57345)** | $**(11569)** |

---

**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:** |
| 1 | USD | U.S. Treasury Note 5 Year Futures | June 2026 | $109665 | $107836 | $(1829) |
| 164 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 18584712 | 18137375 | (447337) |
| 21 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 2438324 | 2370047 | (68277) |
| **Total** |  |  |  | $**21132701** | $**20615258** | $**(517443)** |
| **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 2026 | $(3133517) | $(3106875) | $26642 |
| **Total** |  |  |  | $**(3133517)** | $**(3106875)** | $**26642** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(490801)** |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

**Centrally cleared interest rate swap agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by the<br> portfolio<sup>8</sup>** | **Payments<br> received by<br> the portfolio<sup>8</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1700 | 06/21/26 | Annual | 3.500% | 1 day USD SOFR | $7778 | $7791 |
| USD | 5000 | 12/18/26 | Annual | 1 day USD SOFR | 3.750% | 2239 | (6757) |
| USD | 3000 | 12/21/27 | Annual | 2.000 | 1 day USD SOFR | 101004 | 31891 |
| USD | 4400 | 03/20/29 | Annual | 4.250 | 1 day USD SOFR | (70427) | 7836 |
| USD | 4200 | 04/10/29 | Annual | 1 day USD SOFR | 3.940 | 30236 | 30236 |
| USD | 17500 | 06/15/29 | Annual | 1 day USD SOFR | 1.750 | (1343939) | (755664) |
| USD | 2300 | 11/09/29 | Annual | 3.205 | 1 day USD SOFR | 42458 | 42458 |
| USD | 2300 | 11/09/29 | Annual | 3.218 | 1 day USD SOFR | 41374 | 41374 |
| USD | 2400 | 11/09/29 | Annual | 3.217 | 1 day USD SOFR | 43218 | 43218 |
| USD | 4200 | 12/18/29 | Annual | 1 day USD SOFR | 3.750 | 9859 | (30494) |
| USD | 1300 | 12/21/29 | Annual | 2.000 | 1 day USD SOFR | 82406 | 23041 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 9151 | 9151 |
| USD | 1400 | 03/08/30 | Annual | 3.513 | 1 day USD SOFR | 9177 | 9177 |
| USD | 500 | 03/08/30 | Annual | 3.635 | 1 day USD SOFR | 995 | 995 |
| USD | 2900 | 04/10/30 | Annual | 1 day USD SOFR | 3.560 | (13967) | (13967) |
| USD | 2900 | 05/08/30 | Annual | 1 day USD SOFR | 3.560 | (27410) | (27410) |
| USD | 400 | 05/08/30 | Annual | 1 day USD SOFR | 3.546 | (4040) | (4040) |
| USD | 6400 | 06/21/30 | Annual | 3.000 | 1 day USD SOFR | 225371 | 174838 |
| USD | 350 | 07/10/30 | Annual | 1 day USD SOFR | 3.740 | (43) | (43) |
| USD | 2200 | 10/06/30 | Annual | 1 day USD SOFR | 4.123 | 41474 | 41474 |
| USD | 4900 | 10/10/30 | Annual | 4.185 | 1 day USD SOFR | (106711) | (106711) |
| USD | 1300 | 10/10/30 | Annual | 1 day USD SOFR | 4.145 | 25897 | 25897 |
| USD | 3000 | 10/10/30 | Annual | 1 day USD SOFR | 4.135 | 58369 | 58369 |
| USD | 3200 | 10/10/30 | Annual | 1 day USD SOFR | 4.118 | 59660 | 59660 |
| USD | 3900 | 10/10/30 | Annual | 1 day USD SOFR | 4.155 | 79501 | 79501 |
| USD | 500 | 10/10/30 | Annual | 1 day USD SOFR | 4.320 | 14023 | 14023 |
| USD | 3700 | 11/08/30 | Annual | 1 day USD SOFR | 4.012 | 51835 | 51835 |
| USD | 4000 | 11/08/30 | Annual | 1 day USD SOFR | 4.180 | 87144 | 87144 |
| USD | 1000 | 11/08/30 | Annual | 1 day USD SOFR | 4.192 | 22342 | 22342 |
| USD | 7000 | 12/20/30 | Annual | 3.500 | 1 day USD SOFR | 67410 | 62473 |
| USD | 2200 | 12/22/30 | Annual | 3.550 | 1 day USD SOFR | 15899 | 15899 |
| USD | 4300 | 01/10/31 | Annual | 1 day USD SOFR | 3.705 | (525) | (525) |
| USD | 1100 | 03/12/31 | Annual | 3.710 | 1 day USD SOFR | 176 | 176 |
| USD | 1200 | 04/08/31 | Annual | 1 day USD SOFR | 3.990 | 14972 | 14972 |
| USD | 1800 | 04/08/31 | Annual | 1 day USD SOFR | 3.959 | 19915 | 19915 |
| USD | 2200 | 04/09/31 | Annual | 3.013 | 1 day USD SOFR | 70591 | 70591 |
| USD | 2300 | 04/15/31 | Annual | 3.170 | 1 day USD SOFR | 57337 | 57337 |
| USD | 1600 | 04/26/31 | Annual | 3.232 | 1 day USD SOFR | 35415 | 35415 |
| USD | 5100 | 06/10/31 | Annual | 1 day USD SOFR | 3.916 | 41826 | 41826 |
| USD | 7600 | 06/20/31 | Annual | 3.750 | 1 day USD SOFR | 8181 | (62471) |
| USD | 3300 | 02/07/32 | Annual | 3.480 | 1 day USD SOFR | 48024 | 48024 |
| USD | 1400 | 06/08/32 | Annual | 2.451 | 1 day USD SOFR | 119857 | 119857 |
| USD | 7100 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 924941 | 321655 |
| USD | 500 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 64986 | 42293 |
| USD | 4000 | 06/15/32 | Annual | 2.553 | 1 day USD SOFR | 316270 | 316270 |
| USD | 3000 | 06/18/32 | Annual | 1 day USD SOFR | 3.250 | (105303) | (36963) |
| USD | 2300 | 09/16/32 | Annual | 2.998 | 1 day USD SOFR | 113986 | 113986 |
| USD | 3400 | 09/17/32 | Annual | 3.750 | 1 day USD SOFR | 9196 | 85860 |

---

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

**Portfolio of investments – April 30, 2026 (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 | 5500 | 10/06/32 | Annual | 3.275% | 1 day USD SOFR | $176209 | $176209 |
| USD | 2800 | 11/28/32 | Annual | 3.368 | 1 day USD SOFR | 72917 | 72917 |
| USD | 3300 | 12/17/32 | Annual | 3.750 | 1 day USD SOFR | 8621 | 78018 |
| USD | 600 | 12/21/32 | Annual | 2.000 | 1 day USD SOFR | 66895 | 17984 |
| USD | 1400 | 03/08/33 | Annual | 3.453 | 1 day USD SOFR | 29902 | 29902 |
| USD | 3100 | 03/08/33 | Annual | 3.505 | 1 day USD SOFR | 56169 | 56169 |
| USD | 1000 | 03/08/33 | Annual | 1 day USD SOFR | 3.510% | (17810) | (17810) |
| USD | 700 | 03/18/33 | Annual | 3.750 | 1 day USD SOFR | 2474 | 14476 |
| USD | 700 | 06/08/33 | Annual | 3.260 | 1 day USD SOFR | 28707 | 28707 |
| USD | 5600 | 12/20/33 | Annual | 1 day USD SOFR | 3.500 | (131786) | 933 |
| USD | 8500 | 06/20/34 | Annual | 3.750 | 1 day USD SOFR | 87678 | (124235) |
| USD | 1200 | 12/18/34 | Annual | 3.750 | 1 day USD SOFR | 12178 | 48725 |
| USD | 2200 | 03/19/35 | Annual | 3.250 | 1 day USD SOFR | 108898 | (17858) |
| USD | 2400 | 06/18/35 | Annual | 3.250 | 1 day USD SOFR | 138008 | 47323 |
| USD | 2600 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | 35761 | 78993 |
| USD | 5500 | 09/17/35 | Annual | 3.750 | 1 day USD SOFR | 79419 | 124495 |
| USD | 1000 | 03/18/36 | Annual | 4.000 | 1 day USD SOFR | (4688) | 25989 |
| USD | 100 | 06/17/36 | Annual | 3.750 | 1 day USD SOFR | 1747 | (181) |
| **Total** | **Total** |  |  |  |  | $**2053427** | $**1824511** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $3281041 | $72447 | $3353488 |
| Mortgage-backed securities |  | 27192171 |  | 27192171 |
| U.S. government agency obligations |  | 306061179 |  | 306061179 |
| Short-term investments | 2059432 |  |  | 2059432 |
| Short-term U.S. Treasury obligations |  | 408071 |  | 408071 |
| Options purchased |  | 15787 |  | 15787 |
| Swaptions Purchased |  | 1184372 |  | 1184372 |
| Futures contracts | 26642 |  |  | 26642 |
| Swap agreements |  | 3880076 |  | 3880076 |
| **Total** | $**2086074** | $**342022697** | $**72447** | $**344181218** |
| **Liabilities** |  |  |  |  |
| U.S. government agency obligations | $— | $(70585842) | $— | $(70585842) |
| Reverse Repurchase Agreement |  | (30373937) |  | (30373937) |
| Options written |  | (59089) |  | (59089) |
| Swaptions written |  | (57345) |  | (57345) |

---

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

**Portfolio of investments – April 30, 2026 (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** |
| Futures contracts | $(517443) | $— | $— | $(517443) |
| Swap agreements |  | (1826649) |  | (1826649) |
| **Total** | $**(517443)** | $**(102902862)** | $**—** | $**(103420305)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,999,153, represented 3.6% of the Portfolio's net assets at period end.

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

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

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

<sup>6</sup> Rate shown reflects yield at April 30, 2026.

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

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

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Asset-backed securities—17.4%** |  |  |
| Adams Outdoor Advertising LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.967%, due 07/15/53<sup>1</sup> | $760000 | $767507 |
| 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 | 2300030 |
| 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 | 1648998 |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>1</sup> | 123137 | 123239 |
| &nbsp;&nbsp;&nbsp;Series 2026-1CON, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/17/36<sup>1</sup> | 780000 | 777858 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>1</sup> | 880037 | 878148 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>1</sup> | 1106458 | 1105190 |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>1</sup> | 878250 | 881278 |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>1</sup> | 1830000 | 1901483 |
| 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;4.869%, due 07/25/51<sup>1,2</sup> | 31763 | 31775 |
| &nbsp;&nbsp;&nbsp;Series 2021-B, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1.760%, due 06/25/52<sup>1</sup> | 43415 | 39148 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.014%, |  |  |
| &nbsp;&nbsp;&nbsp;4.669%, due 07/26/55<sup>1,2</sup> | 135130 | 134277 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.720%, due 07/26/55<sup>1</sup> | 59845 | 54878 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.320%, due 07/26/55<sup>1</sup> | 68069 | 63365 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.960%, due 06/16/36<sup>1,3</sup> | 1740000 | 1735140 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>1</sup> | 995000 | 988375 |
| Edgeconnex Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/27/54<sup>1</sup> | 811563 | 809611 |
| 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> | 33921 | 31741 |
| Flexential Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.030%, due 10/25/60<sup>1</sup> | 940000 | 934825 |
| 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> | 136569 | 108922 |
| &nbsp;&nbsp;&nbsp;Series 2021-5CS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 10/20/48<sup>1</sup> | 76952 | 61654 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 11/20/31<sup>1</sup> | 210000 | 206202 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>1</sup> | 1280000 | 1276657 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-AA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1.860%, due 03/20/36<sup>1</sup> | $153866 | $151468 |
| Mosaic Solar Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;2.640%, due 01/20/53<sup>1</sup> | 122971 | 106813 |
| 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;4.819%, due 12/15/59<sup>1,2</sup> | 65006 | 65038 |
| &nbsp;&nbsp;&nbsp;Series 2020-IA, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/69<sup>1</sup> | 100000 | 86474 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;0.840%, due 05/15/69<sup>1</sup> | 29056 | 26591 |
| &nbsp;&nbsp;&nbsp;Series 2021-DA, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;U.S. (Fed) Prime Rate + -1.990%, |  |  |
| &nbsp;&nbsp;&nbsp;4.760%, due 04/15/60<sup>1,2</sup> | 166550 | 163969 |
| Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class APT2, |  |  |
| &nbsp;&nbsp;&nbsp;1.360%, due 04/20/62<sup>1</sup> | 188629 | 179104 |
| &nbsp;&nbsp;&nbsp;Series 2021-BA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.894%, |  |  |
| &nbsp;&nbsp;&nbsp;4.556%, due 04/20/62<sup>1,2</sup> | 268522 | 269237 |
| &nbsp;&nbsp;&nbsp;Series 2021-CA, Class AFL, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.854%, |  |  |
| &nbsp;&nbsp;&nbsp;4.516%, due 04/20/62<sup>1,2</sup> | 174052 | 173199 |
| 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 | 966000 |
| 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 | 1097655 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>1</sup> | 111049 | 111162 |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>1</sup> | 1467764 | 1488200 |
| Palmer Square Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/15/34<sup>1,2,3</sup> | 1215000 | 1215027 |
| Prodigy Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.364%, |  |  |
| &nbsp;&nbsp;&nbsp;5.019%, due 07/25/51<sup>1,2</sup> | 48741 | 48624 |
| QTS Issuer ABS II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 01/05/56<sup>1</sup> | 560000 | 551430 |
| 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 | 238719 |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.590%, due 11/16/37<sup>1</sup> | 950000 | 942919 |
| 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 | 1496207 |
| 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 | 1363333 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <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 | $1918426 | $1947996 |
| SLM Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2010-C, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.864%, |  |  |
| &nbsp;&nbsp;&nbsp;8.519%, due 10/15/41<sup>1,2</sup> | 234425 | 245698 |
| SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-A, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.914%, |  |  |
| &nbsp;&nbsp;&nbsp;4.569%, due 02/15/36<sup>1,2</sup> | 37555 | 37543 |
| &nbsp;&nbsp;&nbsp;Series 2018-C, Class A2B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |
| &nbsp;&nbsp;&nbsp;4.519%, due 11/15/35<sup>1,2</sup> | 64792 | 64756 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class A2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.844%, |  |  |
| &nbsp;&nbsp;&nbsp;4.517%, due 01/15/53<sup>1,2</sup> | 274084 | 271525 |
| &nbsp;&nbsp;&nbsp;Series 2021-A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;2.310%, due 01/15/53<sup>1</sup> | 28118 | 27452 |
| &nbsp;&nbsp;&nbsp;Series 2021-C, Class APT1, |  |  |
| &nbsp;&nbsp;&nbsp;1.390%, due 01/15/53<sup>1</sup> | 87431 | 80055 |
| SoFi Professional Loan Program LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-C, Class AFX, |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, due 02/15/46<sup>1</sup> | 45103 | 42427 |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/27/56<sup>1</sup> | 1060000 | 1023280 |
| 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> | 995350 | 935225 |
| 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> | 144131 | 146688 |
| Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>1</sup> | 790000 | 796968 |
| **Total asset-backed securities** <br> (cost—$32,812,685) |  | **33221083** |
| **Corporate bonds—45.3%** |  |  |
| **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> | 34496 | 32906 |
| American Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/28 | 70813 | 68474 |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.575%, due 01/15/28 | 38374 | 37772 |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 02/15/29 | 23268 | 22699 |
| Delta Air Lines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/10/28 | 43624 | 42068 |
| United Airlines Pass-Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 05/01/32 | 36568 | 33556 |
| &nbsp;&nbsp;&nbsp;Series 2015-1, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 12/01/27 | 25410 | 24937 |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/30 | 12418 | 12043 |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 08/25/31 | 45850 | 44775 |
|  |  | 319230 |
| **Apparel—0.3%** |  |  |
| William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/31<sup>1</sup> | 475000 | 488281 |
| **Auto manufacturers—0.5%** |  |  |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/28<sup>1</sup> | 675000 | 669138 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/07/31<sup>1</sup> | 260000 | 260688 |
|  |  | 929826 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—12.0%** |  |  |
| ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.284%, due 06/17/32<sup>1,2</sup> | $1500000 | $1507008 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>1</sup> | 1260000 | 1281973 |
| 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 | 836759 |
| &nbsp;&nbsp;&nbsp;Series RR, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/27/27<sup>2,4</sup> | 1150000 | 1139441 |
| 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 | 1391831 |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>1</sup> | 1075000 | 1084935 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/09/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, due 05/09/31<sup>1,2</sup> | 600000 | 605531 |
| Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1280000 | 1285396 |
| 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 | 1667207 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 905000 | 941675 |
| 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 | 646234 |
| 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 | 789533 |
| Keybank National Association |  |  |
| &nbsp;&nbsp;&nbsp;Series BKNT, |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | 1080000 | 1100658 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <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> | $1420000 | $1411696 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> | 610000 | 695826 |
| NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;4.965%, due 11/15/28<sup>2</sup> | 940000 | 948039 |
| 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 | 765409 |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 755000 | 778517 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>1</sup> | 680000 | 696256 |
| 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 | 567105 |
| 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 | 1365010 |
| 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 | 1403968 |
|  |  | 22910007 |
| **Chemicals—0.5%** |  |  |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>1</sup> | 885000 | 876723 |
| **Commercial services—0.3%** |  |  |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>1</sup> | 625000 | 641725 |
| **Diversified financial services—2.6%** |  |  |
| 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 | 1406124 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/10/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.268%, due 05/10/33<sup>2</sup> | 164000 | 164426 |
| Compeer Financial ACA |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>1,2,4</sup> | 810000 | 822150 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>1</sup> | 1250000 | 1249703 |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/15/31<sup>1,3</sup> | 610000 | 606949 |
| Stonebriar ABF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 12/15/30<sup>1</sup> | 730000 | 766822 |
|  |  | 5016174 |
| **Electric—2.2%** |  |  |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>1</sup> | 1145000 | 1205059 |
| Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>1</sup> | 1110000 | 1084185 |
| MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 | 204000 | 200364 |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 585000 | 611303 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>1</sup> | 1020000 | 1093048 |
|  |  | 4193959 |
| **Energy-Alternate Sources—0.8%** |  |  |
| XPLR Infrastructure LP |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>1,5</sup> | 1490000 | 1483045 |
| **Food—0.8%** |  |  |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>1</sup> | 795000 | 806490 |
| Nestle Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/18/31<sup>1,5</sup> | 745000 | 738360 |
|  |  | 1544850 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Gas—0.7%** |  |  |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | $850000 | $851929 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/35 | 530000 | 542792 |
|  |  | 1394721 |
| **Healthcare-services—0.8%** |  |  |
| Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/30 | 1095000 | 984479 |
| Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 08/15/32 | 580000 | 593202 |
|  |  | 1577681 |
| **Insurance—9.9%** |  |  |
| Aegon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/11/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/11/48<sup>2</sup> | 870000 | 870846 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/28<sup>1</sup> | 550000 | 546389 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/03/30<sup>1</sup> | 685000 | 685693 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>1</sup> | 565000 | 573330 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 06/15/35<sup>1,2</sup> | 465000 | 474108 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>1</sup> | 675000 | 665612 |
| &nbsp;&nbsp;&nbsp;5.033%, due 07/17/30<sup>1</sup> | 1025000 | 1015108 |
| Bowhead Specialty Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/30 | 465000 | 459379 |
| 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 | 1299208 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>1</sup> | 425000 | 429408 |
| 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 | 1623725 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>1,2</sup> | 600000 | 621136 |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2110000 | 2151902 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/15/55<sup>2</sup> | 645000 | 680901 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/15/51<sup>1,2</sup> | $340000 | $333229 |
| &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 | 396118 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>1</sup> | 845000 | 840241 |
| 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 | 820289 |
| SiriusPoint Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 | 795000 | 832890 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 | 1030000 | 917168 |
| 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 | 2585474 |
|  |  | 18822154 |
| **Internet—1.2%** |  |  |
| Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 02/15/33 | 495000 | 487373 |
| Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 03/13/33 | 450000 | 444522 |
| Beignet Investor LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.581%, due 05/30/49<sup>1</sup> | 940000 | 970777 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 | 400000 | 395191 |
|  |  | 2297863 |
| **Investment companies—5.0%** |  |  |
| BlackRock TCP Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>5</sup> | 440000 | 435045 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 03/15/27 | 209000 | 205585 |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 | 1525000 | 1575485 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27 | 710000 | 722978 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28 | 395000 | 393368 |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/23/31 | 505000 | 486231 |
| Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/17/30<sup>1</sup> | 640000 | 606387 |
| Franklin BSP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/02/30<sup>1</sup> | 425000 | 407438 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34 | 1085000 | 1111171 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/35 | 990000 | 1035203 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>1</sup> | 1515000 | 1511862 |
| Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29 | 1060000 | 1070534 |
|  |  | 9561287 |
| **Media—0.1%** |  |  |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/33<sup>1</sup> | 217000 | 218670 |
| **Oil & gas—0.8%** |  |  |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/31<sup>1</sup> | 525000 | 522541 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>1</sup> | 915000 | 944876 |
|  |  | 1467417 |
| **Pharmaceuticals—0.4%** |  |  |
| Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 03/18/33 | 385000 | 382311 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/30/31<sup>1</sup> | 430000 | 427268 |
|  |  | 809579 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Real estate investment trusts—2.2%** |  |  |
| Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>1</sup> | $1790000 | $1776851 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>1</sup> | 2300000 | 2336004 |
|  |  | 4112855 |
| **Retail—0.4%** |  |  |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>1</sup> | 277000 | 276247 |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>1</sup> | 495000 | 515601 |
|  |  | 791848 |
| **Savings & loans—0.2%** |  |  |
| Axos Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/01/35<sup>2</sup> | 430000 | 438600 |
| **Semiconductors—0.8%** |  |  |
| ams-OSRAM AG |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>1</sup> | 1400000 | 1494913 |
| **Software—1.4%** |  |  |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>1</sup> | 430000 | 427273 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>1</sup> | 330000 | 334161 |
| Fidelity National Information Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 03/10/29 | 430000 | 428321 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/36 | 1400000 | 1396133 |
|  |  | 2585888 |
| **Telecommunications—0.9%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>1</sup> | 1050000 | 1107422 |
| QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 04/15/36<sup>1</sup> | 640000 | 622463 |
|  |  | 1729885 |
| **Venture capital—0.3%** |  |  |
| Hercules Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 02/10/29 | 545000 | 537545 |
| **Total corporate bonds**<br> (cost—$84,621,990) |  | **86244726** |
| **Loan assignments—13.7%** |  |  |
| **Agriculture—0.3%** |  |  |
| AAG U.S. GSI Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |
| &nbsp;&nbsp;&nbsp;8.700%, due 10/31/31<sup>2</sup> | 519750 | 519750 |
| **Airlines—0.9%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.925%, due 04/20/28<sup>2</sup> | 173684 | 172574 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.425%, due 05/28/32<sup>2</sup> | 529650 | 526891 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.404%, due 02/22/31<sup>2</sup> | 966334 | 966943 |
|  |  | **1666408** |
| **Chemicals—0.7%** |  |  |
| GEON Performance Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.211%, due 08/18/28<sup>2</sup> | 1002861 | 910928 |
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.152%, due 04/04/33<sup>2</sup> | 460000 | 455400 |
|  |  | **1366328** |
| **Commercial services—1.4%** |  |  |
| Priority Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.402%, due 08/02/32<sup>2</sup> | 1028422 | 997055 |
| System One Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.152%, due 03/02/28<sup>2</sup> | 1695241 | 1695241 |
|  |  | **2692296** |
| **Distribution/wholesale—0.3%** |  |  |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.652%, due 05/21/32<sup>2</sup> | 527350 | 526580 |
| **Diversified financial services—0.6%** |  |  |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.902%, due 08/21/30<sup>2</sup> | 1207650 | 1187518 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Electric—0.8%** |  |  |
| Eastern Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.402%, due 04/03/29<sup>2</sup> | $1425154 | $1428417 |
| **Environmental control—0.3%** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 10/24/31<sup>2</sup> | 615781 | 616114 |
| **Health care products—1.1%** |  |  |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/09/29<sup>6</sup> | 1010000 | 999900 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 10/23/30<sup>2</sup> | 1090361 | 1094516 |
|  |  | 2094416 |
| **Healthcare-services—1.4%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 01/02/31<sup>2</sup> | 977625 | 984351 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.413%, due 12/31/30<sup>2</sup> | 135397 | 135126 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;8.263%, due 12/31/30<sup>2</sup> | 1122353 | 1001296 |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 05/30/31<sup>2</sup> | 581619 | 583318 |
|  |  | 2704091 |
| **Internet—0.3%** |  |  |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.961%, due 11/12/27<sup>2</sup> | 518164 | 500676 |
| **Machinery-diversified—0.5%** |  |  |
| LSF12 Helix Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.152%, due 02/10/33<sup>2</sup> | 900969 | 901086 |
| **Media—1.2%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 08/16/31<sup>2</sup> | 1053950 | 1049344 |
| Nexstar Broadcasting, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 06/28/32<sup>2</sup> | 725448 | 723837 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 01/30/31<sup>2</sup> | 530000 | 530530 |
|  |  | 2303711 |
| **Miscellaneous manufacturers—0.2%** |  |  |
| CoorsTek, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.670%, due 10/28/32<sup>2</sup> | 443888 | 446475 |
| **Oil & gas—0.2%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.411%, due 02/11/30<sup>2</sup> | 371250 | 371558 |
| **Pharmaceuticals—0.4%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 05/05/28<sup>2</sup> | 820017 | 823322 |
| **Pipelines—1.4%** |  |  |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 09/18/31<sup>2</sup> | 1580000 | 1581754 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 02/22/30<sup>2</sup> | 1143525 | 1149357 |
|  |  | 2731111 |
| **Real estate investment trusts—0.4%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 11/18/27<sup>2</sup> | 740381 | 738878 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Software—0.3%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/06/29<sup>2</sup> | $1124254 | $502542 |
| **Telecommunications—0.5%** |  |  |
| Iridium Satellite LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 09/20/30<sup>2</sup> | 1061321 | 1041294 |
| **Transportation—0.5%** |  |  |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.919%, due 04/09/32<sup>2</sup> | 982538 | 985613 |
| **Total loan assignments** <br> (cost—$26,985,594) |  | **26148184** |
| **Mortgage-backed securities—12.2%** |  |  |
| 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 | 435081 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.069%, due 12/10/41<sup>1,2</sup> | 1090000 | 1126470 |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-BNK42, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.493%, due 06/15/55<sup>2</sup> | 220000 | 214169 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-C3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.096%, due 05/15/52 | 90000 | 83719 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.564%, due 12/15/72 | 210000 | 180931 |
| &nbsp;&nbsp;&nbsp;Series 2019-B15, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.829%, due 12/15/72<sup>2</sup> | 111000 | 89249 |
| &nbsp;&nbsp;&nbsp;Series 2022-B35, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.590%, due 05/15/55<sup>2</sup> | 270000 | 261481 |
| BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CIP, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.035%, |  |  |
| &nbsp;&nbsp;&nbsp;4.691%, due 12/15/38<sup>1,2</sup> | 182066 | 182009 |
| &nbsp;&nbsp;&nbsp;Series 2026-CSMO, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;5.055%, due 02/15/43<sup>1,2</sup> | 970000 | 970606 |
| &nbsp;&nbsp;&nbsp;Series 2026-LP3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.550%, |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 04/15/43<sup>1,2</sup> | 620000 | 621356 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-OPTM, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.855%, due 03/15/39<sup>1,2</sup> | 490000 | 488775 |
| &nbsp;&nbsp;&nbsp;Series 2026-RISE, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;4.970%, due 04/15/41<sup>1,2</sup> | 910000 | 911137 |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>1</sup> | 2020000 | 2014140 |
| 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 | 87849 |
| CD Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-CD3, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;3.631%, due 02/10/50 | 300000 | 294277 |
| 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 | 901778 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SBX, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.432%, due 08/10/41<sup>1,2</sup> | $780000 | $778280 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.658%, due 07/10/28<sup>2</sup> | 880000 | 900543 |
| 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 | 667415 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;Series K121, Class X1, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.107%, due 10/25/30<sup>2</sup> | 1152395 | 42236 |
| &nbsp;&nbsp;&nbsp;Series KL06, Class XFX, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.457%, due 12/25/29<sup>2</sup> | 701939 | 28910 |
| &nbsp;&nbsp;&nbsp;Series K142, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.400%, due 03/25/32 | 385000 | 346009 |
| &nbsp;&nbsp;&nbsp;Series K144, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 04/25/32 | 270000 | 242753 |
| &nbsp;&nbsp;&nbsp;Series K145, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;2.580%, due 05/25/32 | 605000 | 546716 |
| 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 | 156479 |
| Federal National Mortgage Association-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-M5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;2.413%, due 01/01/34<sup>2</sup> | 325000 | 278629 |
| FRESB Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-SB60, Class A10H, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/25/39<sup>2</sup> | 149633 | 145617 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.005%, due 03/15/42<sup>1,2</sup> | 1310000 | 1309181 |
| MF1 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.070%, |  |  |
| &nbsp;&nbsp;&nbsp;4.725%, due 12/15/34<sup>1,2</sup> | 100000 | 99503 |
| &nbsp;&nbsp;&nbsp;Series 2021-W10, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.370%, |  |  |
| &nbsp;&nbsp;&nbsp;5.025%, due 12/15/34<sup>1,2</sup> | 370000 | 367701 |
| 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;5.057%, due 03/15/39<sup>1,2</sup> | 2000000 | 1999375 |
| 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> | 952512 | 939509 |
| 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 | 2128727 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>1</sup> | 870000 | 884286 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2018-C46, Class A4, |  |  |
| &nbsp;&nbsp;&nbsp;4.152%, due 08/15/51 | 135000 | 133610 |
| &nbsp;&nbsp;&nbsp;Series 2018-C44, Class A5, |  |  |
| &nbsp;&nbsp;&nbsp;4.212%, due 05/15/51 | 445000 | 441336 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** | <br>**Value** |
| **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;7.738%, due 11/15/27<sup>1,2</sup> | $2038154 | $2040748 |
| **Total mortgage-backed securities**<br> (cost—$23,299,633) |  | **23340590** |
| **Municipal bonds—0.4%** |  |  |
| **California—0.1%** |  |  |
| Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;6.574%, due 07/01/45 | 145000 | 151873 |
| State of California, Build America Bonds, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 04/01/39 | 70000 | 82797 |
|  |  | 234670 |
| **Michigan—0.0%†** |  |  |
| University of Michigan, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3.504%, due 04/01/52 | 93000 | 66798 |
| **Minnesota—0.0%†** |  |  |
| University of Minnesota, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.048%, due 04/01/52 | 78000 | 61356 |
| **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 | 114946 |
| **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 | 111545 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;2.152%, due 03/15/31 | 165000 | 150704 |
|  |  | 262249 |
| **Texas—0.1%** |  |  |
| City of Houston, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;3.961%, due 03/01/47 | 85000 | 72288 |
| 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 | 37463 |
|  |  | 109751 |
| **Total municipal bonds** <br> (cost—$1,012,191) |  | **849770** |
| **U.S. Treasury obligations—5.9%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 4550000 | 2198041 |
| &nbsp;&nbsp;&nbsp;4.375% due 05/15/40 | 5750000 | 5545156 |
| &nbsp;&nbsp;&nbsp;4.750% due 02/15/37 | 725000 | 746637 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.375% due 05/15/33 | 750000 | 711855 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/35 | 1990000 | 1972588 |
| **Total U.S. Treasury obligations** <br> (cost—$11,927,891) |  | **11174277** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Preferred stocks—2.7%** | **Preferred stocks—2.7%** | **Preferred stocks—2.7%** |
| **Capital markets—1.4%** | **Capital markets—1.4%** | **Capital markets—1.4%** |
| &nbsp;&nbsp;&nbsp;CION Investment Corp. | 36000 | 908280 |
| &nbsp;&nbsp;&nbsp;OFS Capital Corp. | 21000 | 539070 |
| &nbsp;&nbsp;&nbsp;Trinity Capital, Inc. | 50000 | 1269500 |
|  |  | 2716850 |
| **Mortgage real estate investment—1.3%** | **Mortgage real estate investment—1.3%** | **Mortgage real estate investment—1.3%** |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series C<sup>2,4</sup> | 93400 | 2363020 |
| **Total preferred stocks** <br> (cost—$5,010,000) |  | **5079870** |
| **Short-term investments—3.9%** | **Short-term investments—3.9%** | **Short-term investments—3.9%** |
| **Investment companies—2.7%** | **Investment companies—2.7%** | **Investment companies—2.7%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>7</sup><br> (cost—$5,056,073) | 5056073 | 5056073 |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Short-term U.S. Treasury obligations—1.2%** | **Short-term U.S. Treasury obligations—1.2%** | **Short-term U.S. Treasury obligations—1.2%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.582% due 07/09/26<sup>7</sup> | $1050000 | $1042747 |
| &nbsp;&nbsp;&nbsp;3.692% due 09/24/26<sup>7</sup> | 1275000 | 1256352 |
| **Total short-term U.S. Treasury obligations**<br> (cost—$2,299,502) |  | **2299099** |
| **Total Short-term investments**<br> (cost—$7,355,575) |  | **7355172** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Investment of cash collateral from securities loaned—1.3%** | **Investment of cash collateral from securities loaned—1.3%** | **Investment of cash collateral from securities loaned—1.3%** |
| **Money market funds—1.3%** | **Money market funds—1.3%** | **Money market funds—1.3%** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>7</sup><br> (cost—$2,399,375) | 2399375 | 2399375 |
| **Total investments**—102.8%<br> (cost—$195,424,934)<sup>8</sup> |  | **195813047** |
| Liabilities in excess of other assets—(2.8)% |  | (5279086) |
| **Net assets—100.0%** |  | $**190533961** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 101 | USD | U.S. Long Bond Futures | June 2026 | $11839314 | $11397219 | $(442095) |
| **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:** |
| 23 | USD | U.S. Treasury Note 5 Year Futures | June 2026 | $2500588 | $2480226 | $(20362) |
| 141 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 15919509 | 15593719 | (325790) |
| 205 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 23706827 | 23136172 | (570655) |
| 115 | USD | Ultra U.S. Treasury Bond Futures | June 2026 | 13824564 | 13228594 | (595970) |
| **Total** |  |  |  | $**67790802** | $**65835930** | $**(1954872)** |
| **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:** |
| 30 | USD | U.S. Treasury Note 2 Year Futures | June 2026 | $(6218365) | $(6213750) | $4615 |
| **Total** |  |  |  | $**(6218365)** | $**(6213750)** | $**4615** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  | $**(1950257)** |

---

**PACE Intermediate Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $33221083 | $— | $33221083 |
| Corporate bonds |  | 86244726 |  | 86244726 |
| Loan assignments |  | 26148184 |  | 26148184 |
| Mortgage-backed securities |  | 23340590 |  | 23340590 |
| Municipal bonds |  | 849770 |  | 849770 |
| U.S. Treasury obligations |  | 11174277 |  | 11174277 |
| Preferred stocks | 5079870 |  |  | 5079870 |
| Short-term investments | 5056073 |  |  | 5056073 |
| Short-term U.S. Treasury obligations |  | 2299099 |  | 2299099 |
| Investment of cash collateral from securities loaned | 2399375 |  |  | 2399375 |
| Futures contracts | 4615 |  |  | 4615 |
| **Total** | $**12539933** | $**183277729** | $**—** | $**195817662** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(1954872) | $— | $— | $(1954872) |
| **Total** | $**(1954872)** | $**—** | $**—** | $**(1954872)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05% or (0.05)%. |
| <sup>1</sup> | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $92,627,028, represented 48.6% of the Portfolio's net assets at period end. |
| <sup>2</sup> | Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| <sup>3</sup> | Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued. |
| <sup>4</sup> | Perpetual investment. Date shown reflects the next call date. |
| <sup>5</sup> | Security, or portion thereof, was on loan at the period end. |
| <sup>6</sup> | Position is unsettled. Contract rate was not determined at April 30, 2026 and does not take effect until settlement. |
| <sup>7</sup> | Rate shown reflects yield at April 30, 2026. |
| <sup>8</sup> | Includes $3,161,441 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,399,375 and non-cash collateral of $826,443. |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—12.5%** |  |  |
| Accredited Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.404%, |  |  |
| &nbsp;&nbsp;&nbsp;4.059%, due 07/25/34<sup>2</sup> | 164141 | $161704 |
| 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 | 989680 |
| 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 | 3000039 |
| 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> | 98450 | 99763 |
| &nbsp;&nbsp;&nbsp;Series 2024-B, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.678%, due 09/15/32<sup>3</sup> | 121430 | 122034 |
| &nbsp;&nbsp;&nbsp;Series 2025-A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.844%, due 06/15/33<sup>3</sup> | 176642 | 177044 |
| Avis Budget Rental Car Funding AESOP LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-4A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 06/20/29<sup>3</sup> | 2100000 | 2137591 |
| &nbsp;&nbsp;&nbsp;Series 2025-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/20/30<sup>3</sup> | 100000 | 98419 |
| Bain Capital Credit CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;4.814%, due 04/22/35<sup>2,3</sup> | 250000 | 250021 |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.160%, |  |  |
| &nbsp;&nbsp;&nbsp;4.840%, due 07/17/35<sup>2,3</sup> | 250000 | 249933 |
| BHG Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.930%, due 10/17/35<sup>3</sup> | 164651 | 164789 |
| &nbsp;&nbsp;&nbsp;Series 2026-1CON, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/17/36<sup>3</sup> | 990000 | 987281 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| 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 | $104749 |
| Business Jet Securities LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.924%, due 05/15/39<sup>3</sup> | 56013 | 57125 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.197%, due 05/15/39<sup>3</sup> | 65535 | 66510 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 09/15/39<sup>3</sup> | 1141065 | 1138616 |
| Capital Automotive REIT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/54<sup>3</sup> | 1429583 | 1427944 |
| CARS-DB7 LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/53<sup>3</sup> | 1151483 | 1155454 |
| Castlelake Aircraft Structured Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.504%, due 02/15/50<sup>3</sup> | 227186 | 228591 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.465%, due 08/15/50<sup>3</sup> | 237016 | 236855 |
| CHEC Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.074%, |  |  |
| &nbsp;&nbsp;&nbsp;4.729%, due 06/25/34<sup>2</sup> | 165583 | 174346 |
| Cloud Capital Holdco LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.781%, due 11/22/49<sup>3</sup> | 41000 | 41114 |
| Cogent Ipv4 LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;7.924%, due 05/25/54<sup>3</sup> | 2360000 | 2452186 |
| 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 | 103265 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/25/49<sup>3</sup> | 40000 | 40052 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.022%, due 08/25/49<sup>3</sup> | 77000 | $76911 |
| Compass Datacenters Issuer III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A23, |  |  |
| &nbsp;&nbsp;&nbsp;5.436%, due 02/25/56<sup>3</sup> | 63000 | 62439 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A22, |  |  |
| &nbsp;&nbsp;&nbsp;5.289%, due 02/25/56<sup>3</sup> | 83000 | 82511 |
| Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/20/55<sup>3</sup> | 100000 | 101599 |
| Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.960%, due 06/16/36<sup>3,4</sup> | 2190000 | 2183883 |
| 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 | 56600 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/20/49<sup>3</sup> | 100159 | 97343 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 05/20/49<sup>3</sup> | 128000 | 121909 |
| DataBank Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.116%, due 02/25/53<sup>3</sup> | 1285000 | 1276444 |
| Delta Funding Home Equity Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-3, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.934%, |  |  |
| &nbsp;&nbsp;&nbsp;4.589%, due 09/15/29<sup>2</sup> | 20246 | 19631 |
| 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> | 1053099 | 1050566 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.490%, due 05/15/31 | 54000 | $54648 |
| Exeter Select Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.910%, due 12/15/31 | 61000 | 61114 |
| 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;4.249%, due 10/25/36<sup>2</sup> | 881604 | 569740 |
| Flexential Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.030%, due 10/25/60<sup>3</sup> | 1180000 | 1173504 |
| Foundation Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.590%, due 03/15/50<sup>3</sup> | 77277 | 78877 |
| 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 | 34016 |
| &nbsp;&nbsp;&nbsp;Series 2024-4A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/15/30<sup>3</sup> | 33000 | 32889 |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.260%, due 03/15/31<sup>3</sup> | 38000 | 38246 |
| Golub Capital Partners CLO 50B-R Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-50A, Class A1R2, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.110%, |  |  |
| &nbsp;&nbsp;&nbsp;4.785%, due 04/20/35<sup>2,3</sup> | 250000 | 249777 |
| 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> | 95985 | 96381 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.560%, due 06/25/60<sup>3</sup> | 100000 | 99520 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (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;4.049%, due 06/25/36<sup>2</sup> | 198883 | $196657 |
| Hilton Grand Vacations Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1D, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.790%, due 06/20/34<sup>3</sup> | 23345 | 23355 |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.740%, due 01/25/37<sup>3</sup> | 27679 | 27540 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.620%, due 09/15/39<sup>3</sup> | 18903 | 19347 |
| &nbsp;&nbsp;&nbsp;Series 2024-1B, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 09/15/39<sup>3</sup> | 8101 | 8236 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.990%, due 03/25/38<sup>3</sup> | 65464 | 66738 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.120%, due 05/25/44<sup>3</sup> | 69193 | 68712 |
| 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> | 91519 | 92735 |
| Island Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;6.540%, due 03/19/35<sup>3</sup> | 100000 | 100690 |
| 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;5.740%, due 05/20/54<sup>2,3</sup> | 75909 | 76296 |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.040%, due 08/25/54<sup>2,3</sup> | 30906 | 31102 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.640%, due 08/25/54<sup>2,3</sup> | 40350 | $40587 |
| KREF Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.450%, |  |  |
| &nbsp;&nbsp;&nbsp;5.107%, due 02/17/39<sup>2,3</sup> | 243131 | 243294 |
| Lendmark Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.470%, due 02/21/34<sup>3</sup> | 1640000 | 1635717 |
| Lightpath Fiber Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.890%, due 03/25/56<sup>3</sup> | 61000 | 60778 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.597%, due 03/25/56<sup>3</sup> | 98000 | 98235 |
| LoanCore Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-CRE6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.414%, |  |  |
| &nbsp;&nbsp;&nbsp;5.069%, due 11/15/38<sup>2,3</sup> | 32914 | 32914 |
| Lyra Music Assets Delaware LP, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.604%, due 09/20/65<sup>3</sup> | 179676 | 180601 |
| Marble Point CLO XXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-2A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.220%, |  |  |
| &nbsp;&nbsp;&nbsp;4.887%, due 07/25/34<sup>2,3</sup> | 250000 | 249999 |
| MetroNet Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.830%, due 08/20/55<sup>3</sup> | 105000 | 107298 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/20/55<sup>3</sup> | 174000 | 175378 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| MF1 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-FL8, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.007%, due 02/19/37<sup>2,3</sup> | 224918 | $225091 |
| Morgan Stanley ABS Capital I, Inc. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HE1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.819%, |  |  |
| &nbsp;&nbsp;&nbsp;4.474%, due 12/25/34<sup>2</sup> | 107779 | 107759 |
| MTP ABS Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.882%, due 04/25/56<sup>3,4</sup> | 56000 | 56000 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.198%, due 04/25/56<sup>3,4</sup> | 126000 | 126000 |
| MVW LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 11/21/39<sup>3</sup> | 50854 | 50311 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.060%, due 11/20/40<sup>3</sup> | 43107 | 44118 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.920%, due 03/20/42<sup>3</sup> | 59566 | 58630 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.360%, due 03/20/43<sup>3</sup> | 100000 | 99847 |
| 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> | 53708 | 48005 |
| 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 | 1260000 |
| 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> | 94346 | 94546 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.900%, |  |  |
| &nbsp;&nbsp;&nbsp;5.545%, due 02/25/55<sup>2,3</sup> | 100000 | $100565 |
| &nbsp;&nbsp;&nbsp;Series 2025-HE1, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.245%, due 02/25/55<sup>2,3</sup> | 88626 | 88999 |
| 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 | 1419902 |
| OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-3A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 05/15/34<sup>3</sup> | 146226 | 146375 |
| Oxford Finance Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.879%, due 02/15/31<sup>3</sup> | 1907349 | 1933904 |
| Palmer Square Loan Funding Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/15/34<sup>2,3,4</sup> | 1530000 | 1530034 |
| PEAC Solutions Receivables LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.940%, due 10/20/28<sup>3</sup> | 75831 | 76169 |
| Post CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.100%, |  |  |
| &nbsp;&nbsp;&nbsp;4.775%, due 04/20/35<sup>2,3</sup> | 250000 | 249874 |
| QTS Issuer ABS II LLC, |  |  |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.044%, due 10/05/55<sup>3</sup> | 25038 | $24555 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.364%, due 01/05/56<sup>3</sup> | 710000 | 699134 |
| &nbsp;&nbsp;&nbsp;Series 2026-4A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.727%, due 03/05/56<sup>3</sup> | 76000 | 76018 |
| &nbsp;&nbsp;&nbsp;Series 2026-4A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.704%, due 03/05/56<sup>3</sup> | 80000 | 80042 |
| &nbsp;&nbsp;&nbsp;Series 2026-5A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;6.178%, due 03/06/56<sup>3</sup> | 35000 | 35240 |
| RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-CES10, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.163%, due 11/25/55<sup>2,3</sup> | 150000 | 148916 |
| Regional Management Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.590%, due 11/16/37<sup>3</sup> | 1190000 | 1181131 |
| 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 | 1927998 |
| 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 | 1781289 |
| Rockford Tower CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1R, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/20/35<sup>2,3</sup> | 250000 | 250075 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-7, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.690%, due 03/17/31 | 2616036 | 2656358 |
| 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;2.704%, due 03/25/35<sup>2</sup> | 19551 | 16357 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.579%, |  |  |
| &nbsp;&nbsp;&nbsp;4.234%, due 03/25/36<sup>2</sup> | 405277 | $406015 |
| SCCU Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 02/17/32<sup>3</sup> | 29000 | 28918 |
| Sierra Timeshare Receivables Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;5.040%, due 06/20/40<sup>3</sup> | 40825 | 40853 |
| &nbsp;&nbsp;&nbsp;Series 2023-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.300%, due 04/20/40<sup>3</sup> | 33211 | 34198 |
| &nbsp;&nbsp;&nbsp;Series 2023-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.120%, due 09/20/40<sup>3</sup> | 36003 | 36989 |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.940%, due 01/20/43<sup>3</sup> | 35029 | 35325 |
| &nbsp;&nbsp;&nbsp;Series 2024-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.830%, due 06/20/41<sup>3</sup> | 42571 | 42872 |
| &nbsp;&nbsp;&nbsp;Series 2024-3A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 08/20/41<sup>3</sup> | 86383 | 86033 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 04/20/44<sup>3</sup> | 61958 | 61740 |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.930%, due 04/20/44<sup>3</sup> | 61958 | 61796 |
| 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 | 143091 |
| Sotheby's Artfi Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 06/20/33<sup>3</sup> | 100000 | 99671 |
| Stack Infrastructure Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/25/50<sup>3</sup> | 73000 | 70752 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/27/56<sup>3</sup> | 1340000 | $1293580 |
| 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> | 1336892 | 1256136 |
| 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 | 1628 | 1623 |
| Summit Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.208%, due 11/20/55<sup>3</sup> | 168000 | 168098 |
| Symphony CLO XXXII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-32A, Class AR, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;4.816%, due 10/23/35<sup>2,3</sup> | 300000 | 299761 |
| THL Credit Wind River CLO Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-3A, Class AR2, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.873%, due 04/15/35<sup>2,3</sup> | 250000 | 250093 |
| 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> | 49656 | 49790 |
| 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 | 200009 |
| U.S. Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.789%, due 08/25/32<sup>3</sup> | 34633 | 34903 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |
| U.S. Small Business Administration, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-20D, Class 1, |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 04/01/27 | 26462 | $26559 |
| 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 | 116725 |
| Vantage Data Centers Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.239%, due 11/15/55<sup>3</sup> | 25000 | 24475 |
| Vantage Data Centers LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.132%, due 08/15/55<sup>3</sup> | 395000 | 383357 |
| VB-S1 Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.193%, due 03/15/56<sup>3</sup> | 70000 | 69285 |
| Volofin Finance DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.935%, due 06/15/37<sup>3</sup> | 105151 | 106376 |
| Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;5.080%, due 05/15/31<sup>3</sup> | 127000 | 127294 |
| 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> | 189024 | 192378 |
| Wireless PropCo Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 06/25/55<sup>3</sup> | 100000 | 94629 |
| Zayo Issuer LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 03/20/55<sup>3</sup> | 1010000 | 1018908 |
| **Total asset-backed securities<br> (cost—$49,547,679)** |  | **50275336** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Commercial paper—0.1%** |  |  |
| **Commercial services—0.1%** |  |  |
| S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 05/04/26<sup>3</sup> (cost—$249,916) | 250000 | $249916 |
| **Corporate bonds—47.6%** |  |  |
| **Advertising—0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/33<sup>3</sup> | 65000 | 68281 |
| Neptune Bidco U.S., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/33<sup>3</sup> | 45000 | 45035 |
| Omnicom Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/02/29 | 100000 | 98889 |
| WPP LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/30/36 | 80000 | 78534 |
|  |  | 290739 |
| **Aerospace & defense—0.4%** |  |  |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/29<sup>3</sup> | 75000 | 77262 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 02/01/27 | 100000 | 98832 |
| &nbsp;&nbsp;&nbsp;3.450%, due 11/01/28 | 200000 | 195059 |
| &nbsp;&nbsp;&nbsp;5.805%, due 05/01/50 | 130000 | 126679 |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/33<sup>3</sup> | 120000 | 125124 |
| Goat Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>3</sup> | 102000 | 104525 |
| Honeywell Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 03/16/363 | 110000 | 108752 |
| &nbsp;&nbsp;&nbsp;5.732%, due 03/16/563 | 105000 | 103272 |
| Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/27<sup>3</sup> | 200000 | 202703 |
| RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/08/26 | 100000 | 100723 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>3</sup> | 35000 | 35969 |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/30<sup>3</sup> | 385000 | 396783 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>3</sup> | 10000 | 10363 |
|  |  | 1686046 |
| **Agriculture—0.2%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.343%, due 08/02/30 | 200000 | 213217 |
| Imperial Brands Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/26/26<sup>3</sup> | 200000 | 199569 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/01/34<sup>3</sup> | 200000 | 206341 |
|  |  | 619127 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Airlines—0.2%** |  |  |  |
| American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, Class AA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 06/15/28 |  | 175350 | $170791 |
| &nbsp;&nbsp;&nbsp;Series 2015-2, Class AA, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 09/22/27 |  | 157864 | 155985 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 11/10/38<sup>4</sup> |  | 100000 | 99823 |
| JetBlue Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/15/28 |  | 215869 | 202183 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 04/01/28 |  | 44252 | 42769 |
| United Airlines Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/01/29 |  | 45000 | 44328 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/31 |  | 55000 | 54209 |
|  |  |  | 770088 |
| **Apparel—0.2%** |  |  |  |
| Birkenstock Financing SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/30/29<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 117690 |
| VF Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 02/25/32 |  | 100000 | 93821 |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/23/30 |  | 20000 | 18146 |
| William Carter Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/31<sup>3</sup> |  | 600000 | 616776 |
|  |  |  | 846433 |
| **Auto manufacturers—1.0%** |  |  |  |
| American Honda Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.730%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.395%, due 08/13/27<sup>2</sup> |  | 100000 | 100048 |
| BMW U.S. Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/21/30<sup>3</sup> |  | 200000 | 202709 |
| Daimler Truck Finance North America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 12/14/26<sup>3</sup> |  | 200000 | 197194 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.970%, due 04/06/29 |  | 200000 | 198311 |
| &nbsp;&nbsp;&nbsp;5.800%, due 03/05/27 |  | 200000 | 201405 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Auto manufacturers—(continued)** |  |  |  |
| Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/28<sup>3</sup> |  | 855000 | $847575 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/07/31<sup>3</sup> |  | 330000 | 330873 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/27/30<sup>3</sup> |  | 100000 | 101090 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/08/27<sup>3</sup> |  | 200000 | 201159 |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/21/26<sup>3</sup> |  | 100000 | 100603 |
| Mercedes-Benz Finance North America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/31/28<sup>3</sup> |  | 200000 | 201179 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/09/28<sup>3</sup> |  | 200000 | 189654 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/30<sup>3</sup> |  | 65000 | 64017 |
| Nissan Motor Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.810%, due 09/17/30<sup>3</sup> |  | 200000 | 186784 |
| Stellantis Finance U.S., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 03/18/35<sup>3,6</sup> |  | 200000 | 199717 |
| Volkswagen Bank GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 07/31/26<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;500000 | 586596 |
|  |  |  | 3908914 |
| **Auto parts & equipment—0.2%** |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/30<sup>3</sup> |  | 45000 | 46494 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/31<sup>3</sup> |  | 30000 | 30207 |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/15/34<sup>3</sup> |  | 51000 | 50935 |
| Forvia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/31<sup>5,6</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 119057 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/15/33<sup>3</sup> |  | 82000 | 82233 |
| Schaeffler AG |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/28/30<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 117666 |
| Valeo SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/31<sup>5</sup> |  | 100000 | 119808 |
| ZF Europe Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/23/29<sup>5</sup> |  | 100000 | 109876 |
| ZF North America Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/23/30<sup>3</sup> |  | 40000 | 39736 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/23/32<sup>3</sup> |  | 74000 | 72414 |
|  |  |  | 788426 |
| **Banks—11.7%** |  |  |  |
| 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 | 202677 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (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 | $1707943 |
| &nbsp;&nbsp;&nbsp;5.398%, due 11/29/27<sup>3</sup> | 1680000 | 1709297 |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 03/03/29 | 200000 | 197673 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/14/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/14/32<sup>2,7</sup> | 200000 | 211682 |
| 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>2,3,7</sup> | 15000 | 16215 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand |  |  |
| &nbsp;&nbsp;&nbsp;5.621%, due 12/10/29<sup>3</sup> | 10000 | 10270 |
| Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;4.379%, due 04/12/28 | 200000 | 199455 |
| &nbsp;&nbsp;&nbsp;4.600%, due 04/15/29 | 200000 | 199544 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/12/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 11/12/26<sup>2,7</sup> | 200000 | 199078 |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 07/05/34<sup>3,6</sup> | 25000 | 25739 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/29/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.592%, due 04/29/31<sup>2</sup> | 200000 | $184989 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.705%, due 04/24/28<sup>2</sup> | 100000 | 99327 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/20/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.824%, due 01/20/28<sup>2</sup> | 200000 | 199228 |
| &nbsp;&nbsp;&nbsp;Series RR, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/27/27<sup>2,7</sup> | 1455000 | 1441641 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.376%, due 04/27/28<sup>2</sup> | 250000 | 249921 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/09/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.464%, due 05/09/36<sup>2</sup> | 85000 | 86773 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/36), |  |  |
| &nbsp;&nbsp;&nbsp;5.489%, due 04/23/37<sup>2</sup> | 135000 | 134222 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/25/34), |  |  |
| &nbsp;&nbsp;&nbsp;5.518%, due 10/25/35<sup>2</sup> | 45000 | 45334 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.819%, due 09/15/29<sup>2</sup> | 200000 | 205790 |
| &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>2,7</sup> | 160000 | 165018 |
| 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 | 1749731 |
| &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>2,7</sup> | 170000 | 167990 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/14/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.975%, due 03/14/30<sup>2</sup> | 200000 | 202958 |
| Bank of New Zealand |  |  |
| &nbsp;&nbsp;&nbsp;4.846%, due 02/07/28<sup>3</sup> | 1390000 | 1402846 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| 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 | $201243 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;7.437%, due 11/02/33<sup>2</sup> | 400000 | 447648 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/29<sup>2,7</sup> | 200000 | 209909 |
| BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/25/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 02/25/31<sup>2,3,7</sup> | 215000 | 198030 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/09/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, due 05/09/31<sup>2,3</sup> | 755000 | 761959 |
| &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 | 204716 |
| BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/19/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.714%, due 10/19/29<sup>2,3,6</sup> | 250000 | 261596 |
| CaixaBank SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3</sup> | 200000 | 205123 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.503%, due 09/11/31<sup>2</sup> | 50000 | 49440 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/24/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.020%, due 01/24/36<sup>2</sup> | 35000 | 35931 |
| &nbsp;&nbsp;&nbsp;Series HH, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/15/31<sup>2,7</sup> | 45000 | 45552 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.265%, |  |  |
| &nbsp;&nbsp;&nbsp;6.939%, due 07/06/26<sup>2,7</sup> | 60000 | $59857 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.419%, |  |  |
| &nbsp;&nbsp;&nbsp;7.097%, due 07/06/26<sup>2,7</sup> | 80000 | 79955 |
| 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 | 205530 |
| 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 | 201676 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>2</sup> | 200000 | 209891 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;Series H, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.295%, |  |  |
| &nbsp;&nbsp;&nbsp;6.994%, due 05/30/26<sup>2,7</sup> | 115000 | 114695 |
| Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/25/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.332%, due 08/25/33<sup>2</sup> | 1690000 | 1697125 |
| Goldman Sachs Bank USA |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.750%, |  |  |
| &nbsp;&nbsp;&nbsp;4.411%, due 05/21/27<sup>2</sup> | 250000 | 250055 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Face** | **Face** | |
|  | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| 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 | $98843 |
| &nbsp;&nbsp;&nbsp;Series MPLE, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/28/28), |  |  |
| &nbsp;&nbsp;&nbsp;2.013%, due 02/28/29<sup>2</sup> CAD | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 143094 |
| &nbsp;&nbsp;&nbsp;Series U, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/10/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 08/10/26<sup>2,6,7</sup> | 45000 | 44859 |
| &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>2,7</sup> | 20000 | 19991 |
| &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>2,7</sup> | 50000 | 49498 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.369%, due 10/21/31<sup>2</sup> | 85000 | 83385 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/35), |  |  |
| &nbsp;&nbsp;&nbsp;4.939%, due 10/21/36<sup>2</sup> | 105000 | 101853 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/02/36), |  |  |
| &nbsp;&nbsp;&nbsp;5.387%, due 02/02/41<sup>2</sup> | 80000 | 77869 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.012%, |  |  |
| &nbsp;&nbsp;&nbsp;5.682%, due 10/28/27<sup>2</sup> | 200000 | 201380 |
| &nbsp;&nbsp;&nbsp;Series Y, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/10/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/10/34<sup>2,6,7</sup> | 70000 | 70523 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/24/29<sup>2</sup> | 115000 | 120061 |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/37 | 35000 | 38011 |
| &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>2,7</sup> | 130000 | 135861 |
| Grupo Aval Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/04/30<sup>3</sup> | 70000 | 66010 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/04/30), |  |  |
| &nbsp;&nbsp;&nbsp;2.848%, due 06/04/31<sup>2</sup> | 2000000 | $1852452 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/11/32), |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 08/11/33<sup>2</sup> | 200000 | 203343 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.254%, due 03/09/34<sup>2</sup> | 600000 | 636457 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/03/27), |  |  |
| &nbsp;&nbsp;&nbsp;7.390%, due 11/03/28<sup>2</sup> | 1205000 | 1253833 |
| 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 | 829017 |
| &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>2,7</sup> | 50000 | 49211 |
| ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 05/16/27<sup>2,6,7</sup> | 227000 | 221803 |
| &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>2,7</sup> | 200000 | 179499 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/25/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.066%, due 03/25/31<sup>2</sup> | 200000 | 202115 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.560%, |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 09/11/27<sup>2</sup> | 200000 | 200714 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/19/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.335%, due 03/19/30<sup>2</sup> | 200000 | 204059 |
| Intesa Sanpaolo SpA |  |  |
| &nbsp;&nbsp;&nbsp;Series XR, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/23/29<sup>3</sup> | 200000 | 195677 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;1.470%, due 09/22/27<sup>2</sup> | 200000 | $197803 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/24/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.947%, due 02/24/28<sup>2</sup> | 200000 | 197648 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;3.509%, due 01/23/29<sup>2</sup> | 200000 | 197049 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/22/35), |  |  |
| &nbsp;&nbsp;&nbsp;4.810%, due 10/22/36<sup>2</sup> | 95000 | 92284 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/36), |  |  |
| &nbsp;&nbsp;&nbsp;5.148%, due 04/23/37<sup>2</sup> | 95000 | 94432 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.299%, due 07/24/29<sup>2</sup> | 200000 | 203333 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/23/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.576%, due 07/23/36<sup>2</sup> | 30000 | 30434 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/22/26), |  |  |
| &nbsp;&nbsp;&nbsp;6.070%, due 10/22/27<sup>2</sup> | 200000 | 201664 |
| &nbsp;&nbsp;&nbsp;Series PP, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 07/01/31<sup>4,7</sup> | 35000 | 35350 |
| &nbsp;&nbsp;&nbsp;Series CC, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.842%, |  |  |
| &nbsp;&nbsp;&nbsp;6.505%, due 08/01/26<sup>2,6,7</sup> | 45000 | 45175 |
| &nbsp;&nbsp;&nbsp;Series NN, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/01/29<sup>2,6,7</sup> | 45000 | 46878 |
| Keybank National Association |  |  |
| &nbsp;&nbsp;&nbsp;Series BKNT, |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/27 | 1435000 | 1462448 |
| Lloyds Bank PLC |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/02/32<sup>2,5</sup> | 800000 | 596615 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (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 | $1774561 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.953%, due 11/15/33<sup>2</sup> |  | 810000 | 923966 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/27/29<sup>2,6,7</sup> |  | 200000 | 213289 |
| M&T Bank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/01/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/26<sup>2,6,7</sup> |  | 190000 | 187245 |
| 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 | 192709 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/10/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.382%, due 07/10/30<sup>2</sup> |  | 200000 | 204275 |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 118563 |
| &nbsp;&nbsp;&nbsp;Series I, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/22/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.892%, due 10/22/36<sup>2</sup> |  | 95000 | 92177 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.123%, due 02/01/29<sup>2</sup> |  | 200000 | 202051 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/10/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.296%, due 04/10/37<sup>2</sup> |  | 95000 | 94430 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.320%, due 07/19/35<sup>2</sup> |  | 85000 | 85677 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.449%, due 07/20/29<sup>2</sup> |  | 200000 | 203675 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/18/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.466%, due 01/18/35<sup>2</sup> |  | 45000 | 45853 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, due 10/18/33<sup>2</sup> |  | 200000 | 214353 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Morgan Stanley Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.080%, |  |  |
| &nbsp;&nbsp;&nbsp;4.731%, due 01/14/28<sup>2</sup> | 250000 | $250846 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/26/27), |  |  |
| &nbsp;&nbsp;&nbsp;5.504%, due 05/26/28<sup>2</sup> | 250000 | 252798 |
| 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 | 197142 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/28/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/28/31<sup>2,7</sup> | 200000 | 183138 |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;4.965%, due 11/15/28<sup>2</sup> | 1220000 | 1230434 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/33), |  |  |
| &nbsp;&nbsp;&nbsp;6.016%, due 03/02/34<sup>2</sup> | 200000 | 210242 |
| 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>2,7</sup> | 1149000 | 1134781 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/13/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.899%, due 05/13/31<sup>2</sup> | 20000 | 20155 |
| &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>2,7</sup> | 22000 | 21939 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.373%, due 07/21/36<sup>2</sup> | 40000 | 40195 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/25/36), |  |  |
| &nbsp;&nbsp;&nbsp;5.423%, due 01/25/41<sup>2</sup> | 200000 | 196143 |
| &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>2,7</sup> | 110000 | 111782 |
| Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/06/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.498%, due 08/06/29<sup>2</sup> | 200000 | 200166 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Face** | **Face** | |
|  | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;2.490%, due 01/06/28<sup>2,6</sup> | 1200000 | $1182855 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/09/28), |  |  |
| &nbsp;&nbsp;&nbsp;6.499%, due 03/09/29<sup>2</sup> | 970000 | 1000214 |
| 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 | 103141 |
| Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/05/29<sup>3</sup> | 885000 | 906157 |
| 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 | 321517 |
| Standard Chartered Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.853%, due 12/03/27 | 250000 | 252403 |
| 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 | 100188 |
| 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 | 756140 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.902%, due 09/17/28 | 200000 | 188450 |
| &nbsp;&nbsp;&nbsp;5.316%, due 07/09/29 | 200000 | 204355 |
| Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.109%, due 10/13/28 | 100000 | 99352 |
| &nbsp;&nbsp;&nbsp;4.210%, due 06/01/27 CAD | 100000 | 74375 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/06/27), |  |  |
| &nbsp;&nbsp;&nbsp;4.123%, due 06/06/28<sup>2</sup> | 1720000 | 1713735 |
| &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>2,7</sup> | 125000 | 125824 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/26/33), |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, due 01/26/34<sup>2</sup> | 200000 | 199896 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;Series N, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/15/27<sup>2,6,7</sup> | 470000 | $462580 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/33), |  |  |
| &nbsp;&nbsp;&nbsp;4.839%, due 02/01/34<sup>2</sup> | 200000 | 197808 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/22/32), |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, due 07/22/33<sup>2</sup> | 30000 | 29845 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.083%, due 05/15/31<sup>2</sup> | 35000 | 35539 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/12/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.424%, due 02/12/36<sup>2</sup> | 80000 | 81520 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Banks—(continued)** |  |  |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/30/29), |  |  |
| &nbsp;&nbsp;&nbsp;2.879%, due 10/30/30<sup>2</sup> | 200000 | $188802 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/17/26), |  |  |
| &nbsp;&nbsp;&nbsp;3.196%, due 06/17/27<sup>2</sup> | 200000 | 199726 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/02/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.350%, due 03/02/33<sup>2</sup> | 1915000 | 1763015 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;4.892%, due 09/15/36<sup>2</sup> | 120000 | 116900 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/23/31<sup>2</sup> | 80000 | 81378 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/33), |  |  |
| &nbsp;&nbsp;&nbsp;5.557%, due 07/25/34<sup>2</sup> | 235000 | 241441 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.574%, due 07/25/29<sup>2</sup> | 200000 | 204406 |
| &nbsp;&nbsp;&nbsp;Series GG, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/31<sup>2,7</sup> | 115000 | 115399 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 09/15/29<sup>2,7</sup> | 50000 | 52010 |
| Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 08/07/26 | 100000 | 100269 |
|  |  | 46837628 |
| **Beverages—0.1%** |  |  |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 01/15/29 | 100000 | 100628 |
| Maple Parent Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/26/29<sup>3</sup> | 100000 | 99980 |
|  |  | 200608 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Biotechnology—0.1%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 | 100000 | $95576 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/15/34<sup>3</sup> | 15000 | 14895 |
| Regeneron Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/15/30 | 300000 | 266662 |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 03/25/31 | 100000 | 98820 |
|  |  | 475953 |
| **Building Materials—0.1%** |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>3</sup> | 245000 | 250826 |
| JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 07/31/32<sup>3</sup> | 40000 | 40085 |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>3</sup> | 105000 | 106477 |
| Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/01/33<sup>3</sup> | 25000 | 24984 |
| Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>3</sup> | 55000 | 52512 |
|  |  | 474884 |
| **Chemicals—0.4%** |  |  |
| Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/31 | 5000 | 5202 |
| &nbsp;&nbsp;&nbsp;Steps to 7.550% on 05/15/26, |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 11/15/30 | 50000 | 53671 |
| &nbsp;&nbsp;&nbsp;Steps to 7.700% on 05/15/26, |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 11/15/33 | 10000 | 10812 |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/34<sup>6</sup> | 10000 | 10470 |
| &nbsp;&nbsp;&nbsp;7.379%, due 07/15/32 | 10000 | 10598 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Chemicals—(continued)** |  |  |
| FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 10/01/29 | 5000 | $4525 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/18/53<sup>6</sup> | 5000 | 3772 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 11/01/55<sup>2</sup> | 5000 | 3314 |
| HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/27 | 10000 | 9911 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/01/30<sup>3</sup> | 99000 | 88559 |
| Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>3</sup> | 1115000 | 1104571 |
| Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 10/01/28<sup>3</sup> | 65000 | 63221 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/01/32<sup>3</sup> | 22000 | 21324 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/31<sup>3</sup> | 20000 | 20118 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/33<sup>3</sup> | 9000 | 8797 |
| SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/28<sup>3</sup> | 15000 | 14853 |
| Sociedad Quimica y Minera de Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/10/34<sup>3</sup> | 20000 | 20140 |
| &nbsp;&nbsp;&nbsp;6.500%, due 11/07/33<sup>3</sup> | 10000 | 10773 |
| Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 11/15/35<sup>6</sup> | 35000 | 35011 |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/55 | 45000 | 44493 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/15/32<sup>3</sup> | 62000 | 61540 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/33<sup>3</sup> | 84000 | 83440 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>3</sup> | 10000 | 10104 |
|  |  | 1699219 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Commercial services—0.7%** |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/21/30<sup>3</sup> |  | 45000 | $46485 |
| Allied Universal Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>3</sup> |  | 10000 | 10489 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/15/30<sup>3,6</sup> |  | 805000 | 826542 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32 |  | 200000 | 203811 |
| Duke University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.682%, due 10/01/44 |  | 300000 | 220699 |
| Emory University |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.143%, due 09/01/30 |  | 200000 | 182238 |
| Equifax, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/29 |  | 200000 | 200904 |
| EquipmentShare.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/33<sup>3</sup> |  | 88000 | 92285 |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/15/32<sup>3</sup> |  | 20000 | 21211 |
| Garda World Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/31<sup>3</sup> |  | 15000 | 15324 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/28 |  | 200000 | 198430 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/15/31<sup>3</sup> |  | 5000 | 5012 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/15/34<sup>3</sup> |  | 14000 | 13881 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/30<sup>3</sup> |  | 70000 | 72826 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/33<sup>3</sup> |  | 100000 | 104723 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/09/28 |  | 200000 | 199749 |
| Verisure Midholding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/29<sup>5</sup> | EUR | 100000 | 117496 |
| Veritiv Operating Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 11/30/30<sup>3</sup> |  | 40000 | 42151 |
| Wand NewCo 3, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 01/30/32<sup>3</sup> |  | 98000 | 102021 |
| Williams Scotsman, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/31<sup>3</sup> |  | 55000 | 57281 |
|  |  |  | 2733558 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Computers—0.1%** |  |  |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>3</sup> | 65000 | $67282 |
| CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/33<sup>3</sup> | 70000 | 71614 |
| Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 03/20/31 | 200000 | 194701 |
|  |  | 333597 |
| **Distribution & wholesale—0.0%†** |  |  |
| Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>3</sup> | 25000 | 25718 |
| Resideo Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/32<sup>3</sup> | 62000 | 62570 |
| Windsor Holdings III LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>3</sup> | 100000 | 104389 |
|  |  | 192677 |
| **Diversified financial services—2.2%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/28 | 200000 | 192716 |
| &nbsp;&nbsp;&nbsp;5.100%, due 01/19/29 | 50000 | 50631 |
| Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 11/02/28 | 200000 | 188790 |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/28<sup>2,6,7</sup> | 104000 | 100057 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/17/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.543%, due 01/17/31<sup>2</sup> | 40000 | 40452 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/29<sup>3</sup> | 200000 | 203160 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/28<sup>3</sup> | 200000 | 205292 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>3</sup> | 200000 | 204268 |
| Azorra Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/15/34<sup>3</sup> | 9000 | 8618 |
| 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 | 1707436 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 02/01/30<sup>2</sup> | 100000 | 102745 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/30/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.183%, due 01/30/36<sup>2</sup> | 135000 | 137488 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| 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>2,7</sup> | 132000 | $131784 |
| &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>2,7</sup> | 55000 | 54659 |
| Compeer Financial ACA |  |  |
| &nbsp;&nbsp;&nbsp;Series QIB, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>2,3,7</sup> | 1030000 | 1045450 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/15/31<sup>3</sup> | 25000 | 25434 |
| Gabx Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/31<sup>3</sup> | 20000 | 19743 |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/15/36<sup>3</sup> | 80000 | 78984 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/01/32<sup>3</sup> | 65000 | 65342 |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/31<sup>3</sup> | 20000 | 20735 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/11/29 | 100000 | 99027 |
| Lehman Brothers Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/13<sup>8</sup> | 1900000 | 190 |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/24/49<sup>8</sup> | 4500000 | 450 |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/30/49<sup>8</sup> | 900000 | 90 |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29<sup>6</sup> | 30000 | 28834 |
| Nomura Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 1.250%, |  |  |
| &nbsp;&nbsp;&nbsp;4.908%, due 07/02/27<sup>2</sup> | 200000 | 201384 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33 | 15000 | 14691 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 | 10000 | 9997 |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 | 100000 | 101405 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/27<sup>3</sup> | 1660000 | 1659605 |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/15/31<sup>3,4</sup> | 770000 | 766149 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Diversified financial services—(continued)** |  |  |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/30<sup>3</sup> | 30000 | $30395 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>3</sup> | 20000 | 20751 |
| Private Export Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.850%, due 01/27/28<sup>3</sup> | 200000 | 199170 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>3</sup> | 145000 | 147710 |
| Stonebriar ABF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 12/15/30<sup>3</sup> | 925000 | 971658 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/30<sup>3</sup> | 20000 | 19195 |
| Velocity Commercial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/15/31<sup>3</sup> | 30000 | 31022 |
| XP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/02/29<sup>3</sup> | 35000 | 35427 |
|  |  | 8920934 |
| **Electric—4.8%** |  |  |
| Adani Electricity Mumbai Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.949%, due 02/12/30<sup>3</sup> | 262000 | 246280 |
| Alexander Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;7.467%, due 07/31/28<sup>3</sup> | 1475000 | 1552368 |
| Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.365%, due 06/15/26 | 200000 | 199995 |
| Alliant Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/56<sup>2</sup> | 110000 | 108122 |
| Alliant Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 03/30/29<sup>3</sup> | 100000 | 103371 |
| Alpha Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/34<sup>3</sup> | 86000 | 85412 |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>3</sup> | 210000 | 215083 |
| Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29 | 200000 | 202898 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Electric—(continued)** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32<sup>6</sup> | 195000 | $205712 |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/36), |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, due 03/15/56<sup>2</sup> | 55000 | 54825 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>2</sup> | 135000 | 141269 |
| Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series AA, |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 04/01/31 | 200000 | 182195 |
| Atlantica Sustainable Infrastructure Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/28<sup>3</sup> | 1495000 | 1460231 |
| Avangrid, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 06/01/29 | 200000 | 195053 |
| Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/30 | 200000 | 183529 |
| CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 10/01/28 | 200000 | 203831 |
| CenterPoint Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/01/56<sup>2</sup> | 120000 | 119507 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 05/15/55<sup>2</sup> | 170000 | 173417 |
| Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/34<sup>3</sup> | 25000 | 25006 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/55<sup>2,6</sup> | 180000 | 184424 |
| Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 01/24/30<sup>3</sup> | 30000 | 30210 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/34 | 200000 | 213921 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/31 |  | 200000 | $177027 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 02/15/56<sup>2</sup> |  | 25000 | 25046 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/55<sup>2,6</sup> |  | 205000 | 209663 |
| DTE Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 03/01/29 |  | 300000 | 304738 |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/29 |  | 200000 | 201348 |
| EDP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/29/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/29/54<sup>2,5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 118667 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/22/36<sup>3</sup> |  | 130000 | 127737 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/17/35<sup>2,5,7</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 139343 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/06/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/06/28<sup>2,5,7</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 251749 |
| Elia Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 03/15/28<sup>2,5,7</sup> |  | 100000 | 120896 |
| Emera U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/01/29 |  | 100000 | 99746 |
| EPH Financing International AS |  |  |  |
| &nbsp;&nbsp;&nbsp;6.651%, due 11/13/28<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;200000 | 247941 |
| Eversource Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 02/01/29 |  | 100000 | 103407 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 08/15/56<sup>2</sup> |  | 45000 | 44818 |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 08/15/56<sup>2</sup> |  | 85000 | 84962 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Electric—(continued)** |  |  |  |
| Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/15/27 |  | 200000 | $197631 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/15/29 |  | 200000 | 203703 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/31/41<sup>3</sup> |  | 64383 | 66701 |
| Georgia Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.004%, due 02/23/27 |  | 200000 | 201361 |
| IPALCO Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/01/30 |  | 200000 | 192954 |
| MidAmerican Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.650%, due 04/15/29 |  | 1400000 | 1375047 |
| Monongahela Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/15/27<sup>3</sup> |  | 1800000 | 1788481 |
| National Rural Utilities Cooperative Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/15/28 |  | 100000 | 100796 |
| New York State Electric & Gas Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150%, due 10/01/31<sup>3</sup> |  | 200000 | 174654 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 05/01/27 |  | 300000 | 297901 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/55<sup>2</sup> |  | 50000 | 51027 |
| Niagara Mohawk Power Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.278%, due 12/15/28<sup>3</sup> |  | 300000 | 298685 |
| NorthWestern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.073%, due 03/21/30<sup>3</sup> |  | 200000 | 202735 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/32<sup>3</sup> |  | 3000 | 2776 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>3</sup> |  | 100000 | 99954 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>3</sup> |  | 25000 | 25193 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,3,7</sup> |  | 335000 | 363911 |
| Orsted AS |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/14/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/08/22<sup>2,5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 118390 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Electric—(continued)** |  |  |
| Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/01/50 | 52830 | $43878 |
| &nbsp;&nbsp;&nbsp;5.550%, due 05/15/29 | 200000 | 204518 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/35 | 100000 | 103311 |
| &nbsp;&nbsp;&nbsp;6.100%, due 10/15/55 | 37000 | 35698 |
| &nbsp;&nbsp;&nbsp;6.150%, due 03/01/55 | 57000 | 55339 |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/15/33 | 200000 | 212786 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/34 | 100000 | 109615 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, due 09/15/30 | 100000 | 91918 |
| &nbsp;&nbsp;&nbsp;5.100%, due 02/15/29 | 200000 | 202414 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 09/15/56<sup>2</sup> | 45000 | 44991 |
| Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.820%, |  |  |
| &nbsp;&nbsp;&nbsp;4.474%, due 06/10/26<sup>2</sup> | 200000 | 200081 |
| Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;4.150%, due 03/13/29 | 200000 | 198911 |
| Saavi Energia SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>3</sup> | 25000 | 27853 |
| Sempra |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/01/56<sup>2</sup> | 35000 | 35399 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/34), |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 10/01/54<sup>2</sup> | 175000 | 176352 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/15/56<sup>2</sup> | 100000 | 99591 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Electric—(continued)** |  |  |
| Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 06/01/29 | 200000 | $202366 |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/01/27 | 100000 | 101829 |
| &nbsp;&nbsp;&nbsp;5.950%, due 11/01/32 | 775000 | 809846 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 04/30/30 | 200000 | 193788 |
| Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;Series M, |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 09/15/28 | 200000 | 198163 |
| System Energy Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 12/15/34 | 200000 | 199569 |
| Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/34<sup>3</sup> | 125000 | 124067 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/30/31<sup>3</sup> | 100000 | 99716 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>3</sup> | 95000 | 99177 |
| WEC Energy Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.800%, due 10/15/30 | 69000 | 61041 |
| XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 09/15/27<sup>3</sup> | 55000 | 54596 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/33<sup>3</sup> | 1280000 | 1371668 |
|  |  | 19464128 |
| **Electrical components & equipment—0.0%†** |  |  |
| WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/31<sup>3</sup> | 5000 | 4997 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/34<sup>3</sup> | 5000 | 4987 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/15/32<sup>3</sup> | 55000 | 56962 |
|  |  | 66946 |
| **Electronics—0.2%** |  |  |
| Arrow Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 08/21/29 | 200000 | 202082 |
| Ingram Micro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>3</sup> | 25000 | 24567 |
| Jabil, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 02/01/29 | 200000 | 197568 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/32<sup>3</sup> | 70000 | 72225 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 04/12/34 | 100000 | 104184 |
|  |  | 600626 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Energy-Alternate Sources—0.5%** |  |  |  |
| FS Luxembourg SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/25/33<sup>3</sup> |  | 20000 | $19500 |
| XPLR Infrastructure LP |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/15/26<sup>3,6</sup> |  | 1910000 | 1901084 |
|  |  |  | 1920584 |
| **Engineering & construction—0.0%†** |  |  |  |
| Global Infrastructure Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/01/29<sup>3</sup> |  | 40000 | 39934 |
| **Entertainment—0.3%** |  |  |  |
| Churchill Downs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>3</sup> |  | 45000 | 44853 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/31<sup>3</sup> |  | 270000 | 276161 |
| Cirsa Finance International SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/31/28<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 120902 |
| Discovery Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 |  | 300000 | 291969 |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 |  | 25000 | 17838 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>3</sup> |  | 55000 | 54544 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>3</sup> |  | 30000 | 29331 |
| SeaWorld Parks & Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/29<sup>3,6</sup> |  | 65000 | 62841 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/32<sup>3,6</sup> |  | 118000 | 120099 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>3</sup> |  | 5000 | 5025 |
|  |  |  | 1023563 |
| **Food—0.8%** |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/31/32<sup>3</sup> |  | 85000 | 83854 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/31/34<sup>3</sup> |  | 35000 | 34073 |
| Conagra Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, due 11/01/28 |  | 100000 | 100190 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Food—(continued)** |  |  |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/20/35 | 30000 | $31058 |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/25/55 | 320000 | 316688 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/52 | 45000 | 45131 |
| Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 01/15/49 | 115000 | 107386 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/30<sup>3</sup> | 200000 | 202026 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>3</sup> | 1005000 | 1019524 |
| Minerva Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/22/36<sup>3</sup> | 20000 | 19610 |
| &nbsp;&nbsp;&nbsp;8.875%, due 09/13/33<sup>3</sup> | 45000 | 47995 |
| Nestle Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 03/18/31<sup>3,6</sup> | 935000 | 926667 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/01/29<sup>3</sup> | 20000 | 19390 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/01/34<sup>3</sup> | 50000 | 48958 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/15/32<sup>3</sup> | 10000 | 10137 |
| U.S. Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>3</sup> | 30000 | 30110 |
|  |  | 3042797 |
| **Food service—0.0%†** |  |  |
| TKC Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 08/15/30<sup>3</sup> | 42000 | 42991 |
| **Forest products & paper—0.0%†** |  |  |
| Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 01/29/30<sup>3</sup> | 40000 | 38000 |
| Suzano Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/36 | 10000 | 9808 |
|  |  | 47808 |
| **Gas—0.7%** |  |  |
| National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 03/01/31 | 300000 | 273487 |
| NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/30 | 200000 | 193074 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/56<sup>2</sup> | 95000 | 95017 |
| Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/27 | 100000 | 99051 |
| &nbsp;&nbsp;&nbsp;5.050%, due 09/01/34 | 1100000 | 1102497 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/15/35<sup>6</sup> | 665000 | 681050 |
| Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 03/15/32 | 200000 | 190836 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Gas—(continued)** |  |  |  |
| Spire, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/56<sup>2</sup> |  | 40000 | $39863 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/01/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 06/01/56<sup>2</sup> |  | 45000 | 45112 |
|  |  |  | 2719987 |
| **Healthcare-products—0.1%** |  |  |  |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>3</sup> |  | 65000 | 67113 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 04/01/29<sup>3</sup> |  | 110000 | 106872 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 12/01/28 |  | 200000 | 204264 |
|  |  |  | 378249 |
| **Healthcare-services—0.9%** |  |  |  |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/29<sup>3</sup> |  | 25000 | 24463 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 08/01/31 |  | 300000 | 260075 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/30 |  | 1380000 | 1240714 |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/15/30 |  | 25000 | 23231 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/29 |  | 60000 | 58494 |
| Cigna Group |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/28 |  | 200000 | 200017 |
| CommonSpirit Health |  |  |  |
| &nbsp;&nbsp;&nbsp;4.352%, due 09/01/30 |  | 50000 | 49169 |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.975%, due 09/01/35 |  | 50000 | 48491 |
| Eurofins Scientific SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/24/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/24/28<sup>2,5,7</sup> | EUR | 100000 | 122343 |
| Global Medical Response, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>3</sup> |  | 93000 | 96947 |
| HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 03/15/27 |  | 200000 | 198101 |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/15/29 |  | 49000 | 48341 |
| Icon Investments Six DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.809%, due 05/08/27 |  | 200000 | 201511 |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/34<sup>3</sup> |  | 60000 | 58504 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>3</sup> |  | 10000 | 10492 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face <br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |
| **Healthcare-services—(continued)** |  |  |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>3</sup> | 60000 | $59937 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/31<sup>3</sup> | 15000 | 15262 |
| Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025, |  |  |
| &nbsp;&nbsp;&nbsp;5.213%, due 08/15/32 | 735000 | 751730 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.650%, due 01/15/31 | 75000 | 75466 |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/15/35<sup>6</sup> | 20000 | 20400 |
|  |  | 3563688 |
| **Home builders—0.0%†** |  |  |
| Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29 | 15000 | 15195 |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/01/34<sup>3</sup> | 25000 | 24876 |
| K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/33<sup>3</sup> | 35000 | 35162 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/15/33<sup>3</sup> | 55000 | 52804 |
|  |  | 128037 |
| **Housewares—0.0%†** |  |  |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/15/30<sup>6</sup> | 7000 | 6856 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/29 | 5000 | 4997 |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/01/28<sup>3</sup> | 15000 | 15674 |
|  |  | 27527 |
| **Insurance—6.8%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/32<sup>3</sup> | 5000 | 4926 |
| &nbsp;&nbsp;&nbsp;7.500%, due 11/06/30<sup>3</sup> | 15000 | 15233 |
| Aegon Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/11/28), |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/11/48<sup>2</sup> | 1105000 | 1106075 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/28<sup>3</sup> | 700000 | 695404 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/03/30<sup>3</sup> | 860000 | 860871 |
| &nbsp;&nbsp;&nbsp;5.550%, due 01/28/30<sup>3,6</sup> | 720000 | 730616 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 06/15/35<sup>2,3</sup> | 585000 | 596459 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR Index + 1.030%, |  |  |
| &nbsp;&nbsp;&nbsp;4.688%, due 08/27/26<sup>2,3</sup> | 100000 | $100102 |
| &nbsp;&nbsp;&nbsp;4.721%, due 10/08/29<sup>3</sup> | 870000 | 857900 |
| &nbsp;&nbsp;&nbsp;5.033%, due 07/17/30<sup>3</sup> | 1295000 | 1282502 |
| &nbsp;&nbsp;&nbsp;5.583%, due 01/09/29<sup>3</sup> | 200000 | 202745 |
| Bowhead Specialty Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/30 | 590000 | 582868 |
| 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 | 1715360 |
| Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/02/26<sup>3</sup> | 100000 | 100200 |
| DaVinciRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/15/35<sup>3</sup> | 540000 | 545601 |
| 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 | 2124087 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/45<sup>2,3</sup> | 755000 | 781596 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 04/20/28 | 100000 | 99595 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/28/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 03/28/55<sup>2,6</sup> | 110000 | 112816 |
| F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.400%, due 01/13/28 | 2715000 | 2768917 |
| F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/10/27<sup>3</sup> | 100000 | 101112 |
| Fidelis Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/15/55<sup>2</sup> | 815000 | 860363 |
| Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, due 06/15/30 | 67000 | 63166 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Insurance—(continued)** |  |  |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/15/51<sup>2,3</sup> | 420000 | $411635 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 10/15/54<sup>2,3</sup> | 510000 | 511443 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>3</sup> | 112000 | 115861 |
| Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 09/09/30<sup>3</sup> | 200000 | 196536 |
| 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 | 108797 |
| MassMutual Global Funding II |  |  |
| &nbsp;&nbsp;&nbsp;1 day USD SOFR + 0.980%, |  |  |
| &nbsp;&nbsp;&nbsp;4.629%, due 07/10/26<sup>2,3</sup> | 200000 | 200266 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 03/15/55<sup>2</sup> | 45000 | 46065 |
| Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 08/25/29<sup>3</sup> | 1120000 | 1113692 |
| 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 | 1025362 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Insurance—(continued)** |  |  |  |
| Mutual of Omaha Cos Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30<sup>3</sup> |  | 100000 | $100968 |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/09/27<sup>3</sup> |  | 250000 | 252706 |
| Northwestern Mutual Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, due 09/15/27<sup>3</sup> |  | 985000 | 985712 |
| Pacific Life Global Funding II |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/18/28<sup>3</sup> |  | 100000 | 102316 |
| Protective Life Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.215%, due 06/12/29<sup>3</sup> |  | 200000 | 203410 |
| 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 | 68224 |
| RGA Global Funding |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/21/28<sup>3</sup> |  | 200000 | 206528 |
| SiriusPoint Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/05/29 |  | 1025000 | 1073853 |
| Stewart Information Services Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 11/15/31 |  | 1215000 | 1081902 |
| 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 | 3381004 |
|  |  |  | 27494794 |
| **Internet—1.1%** |  |  |  |
| Airbnb, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 03/16/29 |  | 100000 | 99862 |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 02/15/33 |  | 620000 | 610447 |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 03/13/33 |  | 565000 | 558122 |
| Beignet Investor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.581%, due 05/30/49<sup>3</sup> |  | 2104000 | 2172887 |
| Expedia Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 02/15/28 |  | 100000 | 98747 |
| Meta Platforms, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 |  | 505000 | 498928 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/36 |  | 90000 | 89748 |
| &nbsp;&nbsp;&nbsp;6.300%, due 05/15/56 |  | 110000 | 110169 |
| United Group BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/01/30<sup>5</sup> | EUR | 100000 | 116550 |
| Wayfair LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/31/29<sup>3</sup> |  | 45000 | 46115 |
|  |  |  | 4401575 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Investment companies—3.2%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/02/31<sup>3</sup> | 200000 | $195000 |
| BlackRock TCP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 05/30/29<sup>6</sup> | 565000 | 558637 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;7.300%, due 11/27/28 | 1975000 | 2040382 |
| Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 09/04/29 | 100000 | 98583 |
| Blue Owl Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/11/28 | 1100000 | 1031881 |
| Blue Owl Credit Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/16/27 | 950000 | 967366 |
| Blue Owl Technology Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.100%, due 03/15/28<sup>6</sup> | 505000 | 502914 |
| Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 09/17/30<sup>3</sup> | 810000 | 767459 |
| Franklin BSP Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/02/30<sup>3</sup> | 535000 | 512893 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 10/12/28 | 35000 | 32789 |
| Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/05/28 | 200000 | 205723 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/01/34 | 1400000 | 1433769 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/35 | 1255000 | 1312302 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/26<sup>3</sup> | 1900000 | 1896065 |
| Oaktree Strategic Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/23/29<sup>6</sup> | 1365000 | 1378564 |
|  |  | 12934327 |
| **Iron & steel—0.1%** |  |  |
| Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/29<sup>3</sup> | 40000 | 40761 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>3</sup> | 25000 | 24984 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Iron & steel—(continued)** |  |  |
| Metinvest BV |  |  |
| &nbsp;&nbsp;&nbsp;7.650%, due 10/01/27<sup>3</sup> | 25000 | $23750 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/17/29<sup>3</sup> | 110000 | 95700 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/32<sup>3</sup> | 20000 | 19845 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/01/34<sup>3</sup> | 20000 | 19749 |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/31<sup>3</sup> | 40000 | 41519 |
| Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/28/54 | 10000 | 10238 |
|  |  | 276546 |
| **Leisure time—0.1%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/31<sup>3</sup> | 20000 | 20284 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>3</sup> | 105000 | 106539 |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>3</sup> | 70000 | 69657 |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>3</sup> | 10000 | 10439 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/01/32<sup>3</sup> | 85000 | 85522 |
| Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>3</sup> | 30000 | 30081 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>3</sup> | 10000 | 9993 |
|  |  | 332515 |
| **Lodging—0.1%** |  |  |
| Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/29 | 200000 | 205785 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 05/01/38 | 11000 | 10550 |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/15/28 | 200000 | 205148 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/17/27<sup>3</sup> | 105000 | 104664 |
| Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/01/33<sup>3</sup> | 25000 | 24739 |
|  |  | 550886 |
| **Machinery-construction & mining—0.0%†** |  |  |
| Manitowoc Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/01/31<sup>3</sup> | 25000 | 26730 |
| Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/32<sup>3</sup> | 85000 | 86391 |
| Vertiv Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 03/15/56 | 50000 | 48491 |
|  |  | 161612 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Machinery-diversified—0.0%†** |  |  |  |
| Columbus McKinnon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/33<sup>3</sup> |  | 81000 | $81462 |
| Esab Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/01/31<sup>3</sup> |  | 5000 | 5046 |
| Lsf12 Helix Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/33<sup>3</sup> |  | 54000 | 52711 |
| TK Elevator Midco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/27<sup>5</sup> | EUR | 18909 | 22209 |
|  |  |  | 161428 |
| **Media—0.4%** |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/15/30<sup>3</sup> |  | 190000 | 177225 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>3</sup> |  | 65000 | 61615 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>3</sup> |  | 120000 | 107452 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>3</sup> |  | 20000 | 19677 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 |  | 200000 | 186916 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 |  | 200000 | 138735 |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/01/50 |  | 663000 | 487408 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/48 |  | 55000 | 46038 |
| Fox Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.709%, due 01/25/29 |  | 100000 | 100236 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 09/01/31<sup>3</sup> |  | 25000 | 25831 |
| Midcontinent Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>3</sup> |  | 40000 | 37645 |
| Nexstar Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/33<sup>3</sup> |  | 275000 | 277116 |
| Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/43 |  | 15000 | 9565 |
| &nbsp;&nbsp;&nbsp;4.900%, due 08/15/44 |  | 15000 | 9837 |
| &nbsp;&nbsp;&nbsp;4.950%, due 01/15/31 |  | 20000 | 18866 |
| &nbsp;&nbsp;&nbsp;5.850%, due 09/01/43 |  | 15000 | 11011 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/30/36 |  | 20000 | 18605 |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/30/30 |  | 15000 | 15962 |
|  |  |  | 1749740 |
| **Metal fabricate/hardware—0.0%†** |  |  |  |
| Advanced Drainage Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/34<sup>3</sup> |  | 25000 | 24647 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Mining—0.1%** |  |  |
| Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>3</sup> | 112000 | $113980 |
| Century Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/32<sup>3</sup> | 35000 | 36232 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;5.529%, due 01/30/37<sup>3</sup> | 10000 | 9862 |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/34<sup>3</sup> | 10000 | 10309 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/31<sup>3</sup> | 40000 | 38371 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/34<sup>3</sup> | 25000 | 25039 |
| Nexa Resources SA |  |  |
| &nbsp;&nbsp;&nbsp;6.600%, due 04/08/37<sup>3</sup> | 10000 | 10424 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>3</sup> | 40000 | 38250 |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/33<sup>3</sup> | 35000 | 35147 |
| Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 11/08/42 | 10000 | 9500 |
| Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>3</sup> | 45000 | 47108 |
|  |  | 374222 |
| **Miscellaneous manufacturers—0.0%†** |  |  |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/33<sup>3</sup> | 55000 | 55952 |
| Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/31<sup>3</sup> | 63000 | 63915 |
|  |  | 119867 |
| **Oil & gas—1.0%** |  |  |
| 3R Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 02/05/31<sup>3</sup> | 30000 | 31531 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>3</sup> | 20000 | 20026 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>3</sup> | 35000 | 35916 |
| Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29 | 100000 | 101434 |
| Caturus Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 05/15/31<sup>3</sup> | 29000 | 29080 |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>3</sup> | 50000 | 52279 |
| ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/15/55 | 70000 | 66542 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>3</sup> | 20000 | 20469 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>3</sup> | 40000 | 41187 |
| DBR Land Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/30<sup>3</sup> | 15000 | 15356 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Oil & gas—(continued)** |  |  |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/31 | 50000 | $44930 |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/02/51 | 10000 | 7394 |
| EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 01/15/36 | 90000 | 91321 |
| FORESEA Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>5</sup> | 20272 | 20044 |
| Geopark Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/31/30<sup>3,6</sup> | 10000 | 10025 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>3</sup> | 20000 | 19988 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/34<sup>3</sup> | 65000 | 65323 |
| Infinity Natural Resources LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/31<sup>3</sup> | 25000 | 25423 |
| Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/34<sup>3</sup> | 20000 | 20076 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>3</sup> | 40000 | 40847 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/31<sup>3</sup> | 70000 | 73096 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/01/32 | 100000 | 102098 |
| Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/33<sup>3</sup> | 40000 | 40955 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/32<sup>3</sup> | 125000 | 130027 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 05/30/44<sup>3</sup> | 40000 | 40988 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/10/51 | 20000 | 16397 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/12/48 | 85000 | 68850 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/32 | 20000 | 20070 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/21/47 | 30000 | 25275 |
| &nbsp;&nbsp;&nbsp;6.950%, due 01/28/60 | 30000 | 24915 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 | 115000 | 105627 |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/02/35<sup>3</sup> | 200000 | 202252 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/17/54<sup>3</sup> | 30000 | 28284 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/02/56<sup>3</sup> | 20000 | 19537 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/30<sup>3</sup> | 40000 | 42311 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Oil & gas—(continued)** |  |  |  |
| Sunoco LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/31<sup>3</sup> |  | 660000 | $656908 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/29<sup>3</sup> |  | 1185000 | 1223693 |
| TGNR Intermediate Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>3</sup> |  | 35000 | 34524 |
| TotalEnergies Capital USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.248%, due 01/13/31 |  | 200000 | 197932 |
| TotalEnergies SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/19/34<sup>2,5,7</sup> | EUR | 200000 | 231558 |
| Transocean International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/15/32<sup>3</sup> |  | 15000 | 16073 |
|  |  |  | 4060561 |
| **Oil & gas services—0.1%** |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/01/32<sup>3</sup> |  | 65000 | 66882 |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/15/36 |  | 120000 | 118095 |
| &nbsp;&nbsp;&nbsp;5.850%, due 06/15/56 |  | 120000 | 118448 |
| Kodiak Gas Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/31<sup>3</sup> |  | 70000 | 70509 |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>3</sup> |  | 24000 | 24219 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>3</sup> |  | 75000 | 77508 |
| WBI Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/30<sup>3</sup> |  | 20000 | 20278 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/33<sup>3</sup> |  | 59000 | 59635 |
|  |  |  | 555574 |
| **Packaging & containers—0.2%** |  |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 09/01/28<sup>5</sup> | EUR | 100000 | 113587 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/30/31<sup>3</sup> |  | 32000 | 32218 |
| Canpack Group, Inc./CANPACK SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/31<sup>3</sup> |  | 15000 | 15007 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Packaging & containers—(continued)** |  |  |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/32<sup>3</sup> |  | 25000 | $23520 |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/30<sup>3</sup> |  | 15000 | 14666 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>3</sup> |  | 324000 | 327617 |
| Sword Purchaser LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 04/15/33<sup>3</sup> |  | 49000 | 50135 |
| &nbsp;&nbsp;&nbsp;10.500%, due 04/15/34<sup>3</sup> |  | 25000 | 25438 |
| Trivium Packaging Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 07/15/30<sup>3</sup> |  | 83000 | 86543 |
| WRKCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 03/15/29 |  | 100000 | 100828 |
|  |  |  | 789559 |
| **Pharmaceuticals—1.1%** |  |  |  |
| Adapthealth LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 08/01/28<sup>3</sup> |  | 20000 | 19996 |
| Bayer U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/21/26<sup>3</sup> |  | 400000 | 403011 |
| CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/25/48 |  | 170000 | 146669 |
| &nbsp;&nbsp;&nbsp;5.125%, due 07/20/45 |  | 35000 | 30928 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/10/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/10/54<sup>2</sup> |  | 90000 | 93242 |
| CVS Pass-Through Trust Series 2013, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.704%, due 01/10/36<sup>3</sup> |  | 2048576 | 1884467 |
| Grifols SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>5</sup> | EUR | 100000 | 121878 |
| Nidda Healthcare Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/30<sup>5</sup> |  | 100000 | 118168 |
| Novartis Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 03/18/33 |  | 485000 | 481613 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/30/31<sup>3</sup> |  | 690000 | 685617 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/19/33 |  | 200000 | 199142 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 | EUR | 100000 | 118737 |
|  |  |  | 4303468 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—1.2%** |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>3</sup> | 65000 | $64934 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>3</sup> | 200000 | 205094 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 01/31/32 | 200000 | 183050 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>3</sup> | 5000 | 4939 |
| &nbsp;&nbsp;&nbsp;7.500%, due 12/15/33<sup>3</sup> | 180000 | 191382 |
| Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.900%, due 06/20/30 | 200000 | 201594 |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 | 200000 | 204244 |
| &nbsp;&nbsp;&nbsp;Series 20-A, |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/80<sup>2</sup> | 23000 | 23134 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/27/34), |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 06/27/54<sup>2</sup> | 62000 | 66291 |
| &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 | 105625 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29 | 200000 | 203888 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/01/29 | 200000 | 204214 |
| &nbsp;&nbsp;&nbsp;6.100%, due 12/01/28 | 200000 | 207513 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/30<sup>3</sup> | 10000 | 10605 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.940%, due 09/30/40<sup>3</sup> | 16978 | 14013 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/34 | 42000 | 42303 |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/33 | 50000 | 52637 |
| Golar LNG Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/02/30<sup>3</sup> | 64000 | 65120 |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 02/23/36<sup>3</sup> | 200000 | 204600 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>3</sup> | 30000 | 30198 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>3</sup> | 65000 | 67675 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Pipelines—(continued)** |  |  |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/34<sup>3</sup> | 31000 | $31536 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>3</sup> | 130000 | 135559 |
| Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 01/15/32 | 200000 | 229065 |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>3</sup> | 60000 | 60203 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/33 | 200000 | 199000 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/29<sup>3</sup> | 40000 | 41463 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>3</sup> | 25000 | 26240 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 11/01/34 | 300000 | 294058 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29 | 200000 | 204150 |
| &nbsp;&nbsp;&nbsp;5.650%, due 11/01/28 | 200000 | 205184 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/33<sup>3</sup> | 35000 | 36492 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/31<sup>3</sup> | 40000 | 40219 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/34<sup>3</sup> | 22000 | 22479 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>3</sup> | 100000 | 95795 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/36<sup>3</sup> | 25000 | 25195 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>3</sup> | 25000 | 25581 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>3</sup> | 93000 | 96965 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>3</sup> | 25000 | 27284 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>3</sup> | 30000 | 32186 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/34<sup>3</sup> | 100000 | 104750 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/34<sup>3</sup> | 70000 | 73250 |
| Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/15/29 | 200000 | 201810 |
| &nbsp;&nbsp;&nbsp;5.300%, due 09/30/35 | 70000 | 70078 |
|  |  | 4631595 |
| **Private Equity —0.0%†** |  |  |
| Carlyle Finance Subsidiary LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/19/29<sup>3</sup> | 200000 | 192744 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Real estate—0.2%** |  |  |  |
| CBRE Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/29 |  | 200000 | $204855 |
| CoStar Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 07/15/30<sup>3</sup> |  | 200000 | 181598 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/24/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/26/31<sup>2,5,7</sup> | EUR | 102000 | 109421 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/29/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/29/27<sup>2,5,7</sup> |  | 100000 | 112161 |
| Newmark Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 01/12/29 |  | 200000 | 210540 |
|  |  |  | 818575 |
| **Real estate investment trusts—1.6%** |  |  |  |
| Arbor Realty SR, Inc. Series QIB, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 10/15/27<sup>3</sup> |  | 2395000 | 2377407 |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>3</sup> |  | 10000 | 9852 |
| &nbsp;&nbsp;&nbsp;7.750%, due 12/01/29<sup>3</sup> |  | 50000 | 53037 |
| CFE Fibra E |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/23/40<sup>3</sup> |  | 19716 | 19526 |
| 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 | 14964 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>3</sup> |  | 209000 | 213375 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>3</sup> |  | 20000 | 20324 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>3</sup> |  | 230000 | 236006 |
| RLJ Lodging Trust LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>3</sup> |  | 75000 | 70867 |
| SBA Tower Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.599%, due 01/15/28<sup>3</sup> |  | 3100000 | 3148527 |
| Starwood Property Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/31<sup>3</sup> |  | 12000 | 11988 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>3</sup> |  | 95000 | 97332 |
| XHR LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>3</sup> |  | 15000 | 14723 |
|  |  |  | 6287928 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Retail—0.4%** |  |  |  |
| Advance Auto Parts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/30<sup>3</sup> |  | 35000 | $36105 |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>3</sup> |  | 20000 | 20637 |
| Bath & Body Works, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>3</sup> |  | 8000 | 8107 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/36 |  | 5000 | 4862 |
| &nbsp;&nbsp;&nbsp;6.875%, due 11/01/35 |  | 34000 | 33540 |
| Ceconomy AG |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/29<sup>5</sup> | EUR | 100000 | 121248 |
| Cougar JV Subsidiary LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/32<sup>3</sup> |  | 60000 | 63089 |
| Macy's Retail Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>3</sup> |  | 362000 | 361016 |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>3,6</sup> |  | 665000 | 692676 |
| Michaels Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/33<sup>3</sup> |  | 35000 | 34564 |
| Petco Health & Wellness Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/31<sup>3</sup> |  | 34000 | 34336 |
| PetSmart LLC/PetSmart Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/32<sup>3</sup> |  | 45000 | 45567 |
|  |  |  | 1455747 |
| **Savings & loans—0.2%** |  |  |  |
| Axos Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/01/35<sup>2</sup> |  | 540000 | 550800 |
| 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 | 197674 |
| &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 | 252501 |
|  |  |  | 1000975 |
| **Semiconductors—0.6%** |  |  |  |
| Amkor Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/33<sup>3</sup> |  | 50000 | 50272 |
| ams-OSRAM AG |  |  |  |
| &nbsp;&nbsp;&nbsp;12.250%, due 03/30/29<sup>3</sup> |  | 1800000 | 1922031 |
| Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.926%, due 05/15/37<sup>3</sup> |  | 268000 | 261103 |
| &nbsp;&nbsp;&nbsp;5.050%, due 07/12/29 |  | 200000 | 203878 |
|  |  |  | 2437284 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Shipbuilding—0.0%†** |  |  |  |
| Huntington Ingalls Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.043%, due 08/16/28 |  | 200000 | $189650 |
| **Software—1.3%** |  |  |  |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>3,6</sup> |  | 585000 | 581291 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>3,6</sup> |  | 410000 | 415169 |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/01/31<sup>3</sup> |  | 79000 | 79457 |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/33<sup>3</sup> |  | 25000 | 24656 |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/15/34<sup>3</sup> |  | 25000 | 24609 |
| Fidelity National Information Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 03/10/29 |  | 675000 | 672364 |
| &nbsp;&nbsp;&nbsp;4.800%, due 03/10/31 |  | 85000 | 84546 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.200%, due 10/01/28 |  | 100000 | 98916 |
| OAK-Eagle Acquireco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/33<sup>3</sup> |  | 65000 | 66977 |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/34<sup>3</sup> |  | 35000 | 36422 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 03/25/31 |  | 200000 | 177747 |
| &nbsp;&nbsp;&nbsp;3.850%, due 04/01/60 |  | 200000 | 115886 |
| &nbsp;&nbsp;&nbsp;4.200%, due 09/27/29 |  | 200000 | 194430 |
| &nbsp;&nbsp;&nbsp;4.650%, due 05/06/30 |  | 100000 | 98030 |
| &nbsp;&nbsp;&nbsp;5.700%, due 02/04/36 |  | 65000 | 62423 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/04/56 |  | 255000 | 235009 |
| &nbsp;&nbsp;&nbsp;6.850%, due 02/04/66 |  | 30000 | 27564 |
| Paychex, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 04/15/32 |  | 200000 | 201788 |
| Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/28 |  | 100000 | 100094 |
| &nbsp;&nbsp;&nbsp;4.650%, due 03/15/29 |  | 100000 | 100195 |
| &nbsp;&nbsp;&nbsp;5.550%, due 03/15/36 |  | 1765000 | 1760124 |
|  |  |  | 5157697 |
| **Telecommunications—1.5%** |  |  |  |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/01/29<sup>3</sup> | EUR | 152439 | 180262 |
| APLD ComputeCo 2 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/31<sup>3</sup> |  | 67000 | 66334 |
| APLD ComputeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 12/15/30<sup>3</sup> |  | 10000 | 10749 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/30/36 |  | 135000 | $133408 |
| &nbsp;&nbsp;&nbsp;6.200%, due 10/30/56 |  | 55000 | 54484 |
| 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 | 76946 |
| Black Pearl Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/31<sup>3</sup> |  | 118000 | 119721 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 12/20/83<sup>2,5</sup> | GBP | 100000 | 143049 |
| Cipher Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/30<sup>3</sup> |  | 53000 | 54935 |
| Connect Finco SARL/Connect U.S. Finco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>3</sup> |  | 1350000 | 1423827 |
| Core Scientific Finance I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/15/31<sup>3,4</sup> |  | 50000 | 49875 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/30/34<sup>3</sup> |  | 9000 | 8631 |
| &nbsp;&nbsp;&nbsp;Series 2033, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/33<sup>3</sup> |  | 55000 | 54931 |
| &nbsp;&nbsp;&nbsp;7.200%, due 07/18/36<sup>3</sup> |  | 15000 | 14963 |
| Flash Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 12/31/30<sup>3</sup> |  | 18000 | 18361 |
| Iliad Holding SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 10/15/28<sup>5</sup> | EUR | 100000 | 118298 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/30/33<sup>3</sup> |  | 63000 | $65018 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/31/34<sup>3</sup> |  | 60000 | 62234 |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/36<sup>3</sup> |  | 10000 | 10710 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/18/27<sup>5</sup> | EUR | 14894 | 17503 |
| Meridian Arc Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/30/31<sup>3</sup> |  | 135000 | 134969 |
| Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 11/15/30 |  | 200000 | 180657 |
| PR RNO Property Owner 1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/31<sup>3</sup> |  | 75000 | 74341 |
| QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 04/15/36<sup>3</sup> |  | 810000 | 787805 |
| Road Michigan Property Owner I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/30/45<sup>3</sup> |  | 600000 | 599879 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.800%, due 03/15/32 |  | 114000 | 106522 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/31/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/31/56<sup>2</sup> |  | 55000 | 55858 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>2</sup> |  | 90000 | 91862 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/15/55<sup>2</sup> |  | 50000 | 51581 |
| SV RNO Property Owner 1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/31<sup>3</sup> |  | 113000 | 110870 |
| Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/30/34 |  | 10000 | 10284 |
| &nbsp;&nbsp;&nbsp;6.375%, due 11/15/33 |  | 15000 | 15741 |
| Telefonica Europe BV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/24/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/24/27<sup>2,5,7</sup> | EUR | 100000 | 115890 |
| TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/09/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/09/56<sup>2</sup> |  | 70000 | 69615 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Telecommunications—(continued)** |  |  |  |
| T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.050%, due 02/15/28 |  | 100000 | $95991 |
| &nbsp;&nbsp;&nbsp;2.550%, due 02/15/31 |  | 200000 | 181854 |
| Uniti Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/15/33<sup>3</sup> |  | 33000 | 34744 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>5</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 117060 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/27/80<sup>2,5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 111157 |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/28/54<sup>6</sup> |  | 70000 | 66445 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/30/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/30/84<sup>2,5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 124974 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>3</sup> |  | 20000 | 21154 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% Cash and 0.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 03/09/30<sup>3,9</sup> |  | 44089 | 44111 |
|  |  |  | 5887603 |
| **Transportation—0.0%†** |  |  |  |
| MV24 Capital BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.748%, due 06/01/34<sup>3</sup> |  | 27761 | 28008 |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>3</sup> |  | 60000 | 62570 |
|  |  |  | 90578 |
| **Venture capital—0.2%** |  |  |  |
| Hercules Capital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, due 02/10/29<sup>6</sup> |  | 690000 | 680562 |
| **Water—0.1%** |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 01/31/31<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 115149 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **Water—(continued)** |  |  |
| Veolia Environnement SA |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/20/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.371%, due 05/20/30<sup>2,5,6,7</sup> | 100000 | $116793 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/22/29), |  |  |
| &nbsp;&nbsp;&nbsp;5.993%, due 11/22/28<sup>2,5,7</sup> | 100000 | 123005 |
|  |  | 354947 |
| **Total corporate bonds<br> (cost—$191,677,014)** |  | **191322902** |
| **Loan assignments—8.4%** |  |  |
| **Agriculture—0.2%** |  |  |
| AAG U.S. GSI Bidco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.000%, |  |  |
| &nbsp;&nbsp;&nbsp;8.700%, due 10/31/31<sup>2</sup> | 668250 | 668250 |
| **Airlines—0.6%** |  |  |
| American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.925%, due 04/20/28<sup>2</sup> | 228271 | 226812 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.425%, due 05/28/32<sup>2</sup> | 831600 | 827267 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.404%, due 02/22/31<sup>2</sup> | 1254178 | 1254969 |
|  |  | **2309048** |
| **Chemicals—0.4%** |  |  |
| GEON Performance Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.211%, due 08/18/28<sup>2</sup> | 1264691 | 1148757 |
| Mativ Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.152%, due 04/04/33<sup>2</sup> | 575000 | 569250 |
|  |  | **1718007** |
| **Commercial services—0.9%** |  |  |
| Priority Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.402%, due 08/02/32<sup>2</sup> | 1329187 | 1288647 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Commercial services—(continued)** |  |  |
| System One Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.152%, due 03/02/28<sup>2</sup> | 2191101 | $2191101 |
|  |  | **3479748** |
| **Distribution/wholesale—0.2%** |  |  |
| Gloves Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.000%, |  |  |
| &nbsp;&nbsp;&nbsp;7.652%, due 05/21/32<sup>2</sup> | 671625 | 670644 |
| **Diversified financial services—0.4%** |  |  |
| LendingTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.902%, due 08/21/30<sup>2</sup> | 1566550 | 1540436 |
| **Electric—0.4%** |  |  |
| Eastern Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.750%, |  |  |
| &nbsp;&nbsp;&nbsp;8.402%, due 04/03/29<sup>2</sup> | 1839496 | 1843708 |
| **Environmental control—0.2%** |  |  |
| Tidal Waste & Recycling Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 10/24/31<sup>2</sup> | 790022 | 790448 |
| **Health care products—0.7%** |  |  |
| Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/09/29<sup>10</sup> | 1275000 | 1262250 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 10/23/30<sup>2</sup> | 1433297 | 1438758 |
|  |  | **2701008** |
| **Healthcare-services—0.9%** |  |  |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 01/02/31<sup>2</sup> | 1212255 | 1220595 |
| MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.413%, due 12/31/30<sup>2</sup> | 177057 | 176703 |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.600%, |  |  |
| &nbsp;&nbsp;&nbsp;8.263%, due 12/31/30<sup>2</sup> | 1467693 | 1309388 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Healthcare-services—(continued)** |  |  |
| Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 05/30/31<sup>2</sup> | 750476 | $752668 |
|  |  | **3459354** |
| **Internet—0.1%** |  |  |
| Eagle Broadband Investments LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.961%, due 11/12/27<sup>2</sup> | 651406 | 629421 |
| **Machinery-diversified—0.3%** |  |  |
| LSF12 Helix Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.152%, due 02/10/33<sup>2</sup> | 1132398 | 1132545 |
| **Media—0.7%** |  |  |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 08/16/31<sup>2</sup> | 1359300 | 1353360 |
| Nexstar Broadcasting, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 06/28/32<sup>2</sup> | 909260 | 907241 |
| Versant Media Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 01/30/31<sup>2</sup> | 675000 | 675675 |
|  |  | **2936276** |
| **Miscellaneous manufacturers—0.1%** |  |  |
| CoorsTek, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.000%, |  |  |
| &nbsp;&nbsp;&nbsp;6.670%, due 10/28/32<sup>2</sup> | 558600 | 561857 |
| **Oil & gas—0.1%** |  |  |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.411%, due 02/11/30<sup>2</sup> | 470250 | 470640 |
| **Pharmaceuticals—0.3%** |  |  |
| Jazz Financing Lux SARL |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 05/05/28<sup>2</sup> | 1074980 | 1079313 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Loan assignments—(continued)** |  |  |
| **Pipelines—0.9%** |  |  |
| Rockpoint Gas Storage Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 09/18/31<sup>2</sup> | 2024375 | $2026622 |
| UGI Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.152%, due 02/22/30<sup>2</sup> | 1500575 | 1508228 |
|  |  | **3534850** |
| **Real estate investment trusts—0.2%** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.750%, |  |  |
| &nbsp;&nbsp;&nbsp;5.402%, due 11/18/27<sup>2</sup> | 987174 | 985170 |
| **Software—0.2%** |  |  |
| Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/06/29<sup>2</sup> | 1466419 | 655489 |
| **Telecommunications—0.3%** |  |  |
| Iridium Satellite LLC |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 09/20/30<sup>2</sup> | 1356940 | 1331334 |
| **Transportation—0.3%** |  |  |
| Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.250%, |  |  |
| &nbsp;&nbsp;&nbsp;5.919%, due 04/09/32<sup>2</sup> | 1241887 | 1245775 |
| **Total loan assignments<br> (cost—$34,832,472)** |  | **33743321** |

---

---

| | | |
|:---|:---|:---|
| **Mortgage-backed securities—11.6%** |  |  |
| 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> | 124000.0 | 119040.0 |
| 1301 Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-1301, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.430%, due 08/11/42<sup>2,3</sup> | 90000.0 | 90225.0 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| A&D Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-NQM2, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.811%, due 03/25/71<sup>2,3</sup> | 83072 | $82544 |
| Adjustable Rate Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.711%, due 09/25/35<sup>2</sup> | 16248 | 13895 |
| BAHA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-MAR, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;7.069%, due 12/10/41<sup>2,3</sup> | 1400000 | 1446842 |
| Banc of America Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-D, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.495%, due 05/25/35<sup>2</sup> | 87883 | 84433 |
| Bank, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-BN17, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.660%, due 04/15/52<sup>2</sup> | 72000 | 68031 |
| 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> | 52 | 51 |
| Bank5, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-5YR3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;7.559%, due 09/15/56<sup>2</sup> | 43000 | 44172 |
| BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-C17, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;1.323%, due 09/15/55<sup>2</sup> | 1292025 | 76061 |
| &nbsp;&nbsp;&nbsp;Series 2018-TALL, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.919%, |  |  |
| &nbsp;&nbsp;&nbsp;4.574%, due 03/15/37<sup>2,3</sup> | 100000 | 94500 |
| &nbsp;&nbsp;&nbsp;Series 2024-5C31, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.756%, due 12/15/57<sup>2</sup> | 34000 | 33787 |
| Bear Stearns ALT-A Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-1, Class 21A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.356%, due 02/25/36<sup>2</sup> | 225594 | 156738 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-9, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.421%, due 09/25/34<sup>2</sup> | 41241 | $37255 |
| &nbsp;&nbsp;&nbsp;Series 2005-7, Class 22A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.705%, due 09/25/35<sup>2</sup> | 206982 | 107506 |
| Bear Stearns ARM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-7, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/25/34<sup>2,11</sup> | 36550 | 27352 |
| &nbsp;&nbsp;&nbsp;Series 2004-6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.040%, due 09/25/34<sup>2</sup> | 98471 | 90453 |
| &nbsp;&nbsp;&nbsp;Series 2003-5, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.467%, due 08/25/33<sup>2</sup> | 28441 | 26319 |
| &nbsp;&nbsp;&nbsp;Series 2004-3, Class 1A2, |  |  |
| &nbsp;&nbsp;&nbsp;4.602%, due 07/25/34<sup>2</sup> | 28413 | 26936 |
| &nbsp;&nbsp;&nbsp;Series 2003-1, Class 6A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/25/33<sup>2</sup> | 2542 | 2571 |
| Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-B16, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.521%, due 02/15/53<sup>2</sup> | 59000 | 49191 |
| &nbsp;&nbsp;&nbsp;Series 2018-B4, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;3.976%, due 07/15/51 | 23268 | 23177 |
| &nbsp;&nbsp;&nbsp;Series 2026-V21, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.006%, due 03/15/59 | 67000 | 65925 |
| BLP Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-IND2, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.650%, |  |  |
| &nbsp;&nbsp;&nbsp;6.305%, due 12/15/42<sup>2,3</sup> | 93000 | 93174 |
| BRAVO Residential Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM5, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 02/25/65<sup>2,3</sup> | 104791 | 105070 |
| BX Commercial Mortgage Trust, |  |  |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-CSMO, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;5.055%, due 02/15/43<sup>2,3</sup> | 1220000 | $1220762 |
| &nbsp;&nbsp;&nbsp;Series 2026-LP3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.550%, |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 04/15/43<sup>2,3</sup> | 770000 | 771684 |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.940%, |  |  |
| &nbsp;&nbsp;&nbsp;5.595%, due 05/15/34<sup>2,3</sup> | 103636 | 103636 |
| &nbsp;&nbsp;&nbsp;Series 2024-MF, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.941%, |  |  |
| &nbsp;&nbsp;&nbsp;5.596%, due 02/15/39<sup>2,3</sup> | 143444 | 143847 |
| &nbsp;&nbsp;&nbsp;Series 2024-GPA2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.191%, |  |  |
| &nbsp;&nbsp;&nbsp;5.846%, due 11/15/41<sup>2,3</sup> | 117931 | 118152 |
| &nbsp;&nbsp;&nbsp;Series 2024-KING, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.490%, |  |  |
| &nbsp;&nbsp;&nbsp;6.144%, due 05/15/34<sup>2,3</sup> | 118441 | 118441 |
| &nbsp;&nbsp;&nbsp;Series 2024-XL5, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.690%, |  |  |
| &nbsp;&nbsp;&nbsp;6.345%, due 03/15/41<sup>2,3</sup> | 114100 | 114171 |
| BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-OC11, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;4.076%, due 12/09/41<sup>2,3</sup> | 100000 | 94773 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-OPTM, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.855%, due 03/15/39<sup>2,3</sup> | 620000 | $618450 |
| &nbsp;&nbsp;&nbsp;Series 2026-RISE, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.300%, |  |  |
| &nbsp;&nbsp;&nbsp;4.970%, due 04/15/41<sup>2,3</sup> | 1140000 | 1141425 |
| &nbsp;&nbsp;&nbsp;Series 2025-ROIC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.993%, |  |  |
| &nbsp;&nbsp;&nbsp;5.647%, due 03/15/30<sup>2,3</sup> | 192275 | 191915 |
| &nbsp;&nbsp;&nbsp;Series 2025-ARIA, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.701%, due 12/13/42<sup>2,3</sup> | 125000 | 125382 |
| &nbsp;&nbsp;&nbsp;Series 2024-BIO, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.640%, |  |  |
| &nbsp;&nbsp;&nbsp;6.295%, due 02/15/41<sup>2,3</sup> | 100000 | 99375 |
| &nbsp;&nbsp;&nbsp;Series 2022-CLS, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 10/13/27<sup>3</sup> | 2700000 | 2692167 |
| &nbsp;&nbsp;&nbsp;Series 2025-GW, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.405%, due 07/15/42<sup>2,3</sup> | 100000 | 100125 |
| &nbsp;&nbsp;&nbsp;Series 2025-VOLT, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.750%, |  |  |
| &nbsp;&nbsp;&nbsp;6.405%, due 12/15/44<sup>2,3</sup> | 100000 | 99594 |
| &nbsp;&nbsp;&nbsp;Series 2024-VLT4, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.889%, |  |  |
| &nbsp;&nbsp;&nbsp;6.544%, due 06/15/41<sup>2,3</sup> | 130492 | 128539 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-VLT7, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.250%, |  |  |
| &nbsp;&nbsp;&nbsp;6.905%, due 07/15/44<sup>2,3</sup> | 128000 | $127840 |
| Chase Home Lending Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-10, Class A9B, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/25/56<sup>2,3</sup> | 82143 | 81607 |
| &nbsp;&nbsp;&nbsp;Series 2024-2, Class A6A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 52032 | 52137 |
| &nbsp;&nbsp;&nbsp;Series 2024-3, Class A6, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/25/55<sup>2,3</sup> | 84319 | 84544 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9A, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/25/55<sup>2,3</sup> | 34421 | 34644 |
| &nbsp;&nbsp;&nbsp;Series 2024-11, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.300%, due 11/25/55<sup>2,3</sup> | 18309 | 18517 |
| Chase Mortgage Finance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-S6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/22<sup>8</sup> | 472347 | 176352 |
| &nbsp;&nbsp;&nbsp;Series 2005-S3, Class A10, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/25/35 | 650885 | 450655 |
| CHI Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-110W, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.629%, due 12/13/40<sup>2,3</sup> | 135000 | 132368 |
| &nbsp;&nbsp;&nbsp;Series 2025-SFT, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;7.569%, due 04/15/42<sup>2,3</sup> | 100000 | 101657 |
| CHL Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-HYB9, Class 5A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD Term SOFR + 2.465%, |  |  |
| &nbsp;&nbsp;&nbsp;6.148%, due 02/20/36<sup>2</sup> | 74995 | 70767 |
| CHL Reperforming Loan REMICS Trust, |  |  |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-R1, Class AF1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.454%, |  |  |
| &nbsp;&nbsp;&nbsp;4.109%, due 01/25/36<sup>2,3</sup> | 133482 | $127399 |
| &nbsp;&nbsp;&nbsp;Series 2003-R4, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;4.719%, due 01/25/34<sup>2,3</sup> | 295071 | 268896 |
| Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SMRT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.048%, due 06/12/40<sup>2,3</sup> | 100000 | 100514 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 07/10/28<sup>2,3</sup> | 100000 | 101861 |
| &nbsp;&nbsp;&nbsp;Series 2023-PRM3, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;6.572%, due 07/10/28<sup>2,3</sup> | 1120000 | 1147717 |
| Citigroup Mortgage Loan Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.510%, due 09/25/35<sup>2</sup> | 174 | 173 |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.675%, due 08/25/35<sup>2</sup> | 13494 | 13477 |
| &nbsp;&nbsp;&nbsp;Series 2005-6, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.150%, |  |  |
| &nbsp;&nbsp;&nbsp;5.860%, due 09/25/35<sup>2</sup> | 2270 | 2286 |
| &nbsp;&nbsp;&nbsp;Series 2005-11, Class A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.400%, |  |  |
| &nbsp;&nbsp;&nbsp;6.190%, due 05/25/35<sup>2</sup> | 6822 | 6919 |
| COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SBX, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.432%, due 08/10/41<sup>2,3</sup> | 980000 | 977839 |
| &nbsp;&nbsp;&nbsp;Series 2024-CBM, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;8.190%, due 12/10/41<sup>2,3</sup> | 100000 | 102065 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| CONE Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-DFW1, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.040%, |  |  |
| &nbsp;&nbsp;&nbsp;6.694%, due 08/15/41<sup>2,3</sup> | 57000 | $56484 |
| Countrywide Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-62, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;4.509%, due 12/25/35<sup>2</sup> | 54933 | 47805 |
| &nbsp;&nbsp;&nbsp;Series 2006-14CB, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/25/36 | 1108313 | 570786 |
| &nbsp;&nbsp;&nbsp;Series 2006-41CB, Class 1A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/25/37 | 280477 | 135527 |
| &nbsp;&nbsp;&nbsp;Series 2003-J3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/25/33 | 8472 | 8602 |
| Cross Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-H8, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;6.315%, due 12/25/69<sup>2,3</sup> | 100000 | 100222 |
| CRSO Trust |  |  |
| &nbsp;&nbsp;&nbsp;7.658%, due 07/10/28<sup>2</sup> | 1130000 | 1156379 |
| 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 | 869662 |
| DC Office Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-MTC, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.174%, due 09/15/45<sup>2,3</sup> | 100000 | 86383 |
| 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;4.296%, due 08/19/45<sup>2</sup> | 79227 | 71544 |
| Ellington Financial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.441%, due 10/25/69<sup>2,3</sup> | 81351 | 81247 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV2, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.726%, due 10/25/69<sup>2,3</sup> | 100000 | $99476 |
| ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-ELM, Class D15, |  |  |
| &nbsp;&nbsp;&nbsp;6.897%, due 06/10/39<sup>2,3</sup> | 100000 | 99906 |
| 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> | 3436302 | 144643 |
| Federal Home Loan Mortgage Corp. REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2400, Class FQ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 0.614%, |  |  |
| &nbsp;&nbsp;&nbsp;4.254%, due 01/15/32<sup>2</sup> | 1438 | 1437 |
| &nbsp;&nbsp;&nbsp;Series 2764, Class LZ, |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/34 | 139893 | 139434 |
| &nbsp;&nbsp;&nbsp;Series 5475, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.100%, |  |  |
| &nbsp;&nbsp;&nbsp;4.745%, due 11/25/54<sup>2</sup> | 124868 | 125738 |
| &nbsp;&nbsp;&nbsp;Series 5471, Class FK, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;4.795%, due 08/25/54<sup>2</sup> | 167865 | 169366 |
| &nbsp;&nbsp;&nbsp;Series 5474, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.150%, |  |  |
| &nbsp;&nbsp;&nbsp;4.795%, due 11/25/54<sup>2</sup> | 213682 | 215584 |
| &nbsp;&nbsp;&nbsp;Series 5468, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.200%, |  |  |
| &nbsp;&nbsp;&nbsp;4.845%, due 11/25/54<sup>2</sup> | 201186 | 201790 |
| &nbsp;&nbsp;&nbsp;Series 2921, Class PG, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/35 | 343251 | 347075 |
| &nbsp;&nbsp;&nbsp;Series 5521, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.345%, due 03/25/55<sup>2</sup> | 165133 | 167128 |
| &nbsp;&nbsp;&nbsp;Series 5513, Class FJ, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.445%, due 11/25/54<sup>2</sup> | 163789 | 166197 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2764, Class ZG, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/34 | 99985 | $102389 |
| &nbsp;&nbsp;&nbsp;Series 2983, Class TZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/35 | 332318 | 345061 |
| &nbsp;&nbsp;&nbsp;Series 3149, Class CZ, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/15/36 | 427275 | 445590 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.445%, due 11/25/41<sup>2,3</sup> | 130000 | 130618 |
| &nbsp;&nbsp;&nbsp;Series 2024-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.000%, |  |  |
| &nbsp;&nbsp;&nbsp;5.645%, due 03/25/44<sup>2,3</sup> | 210000 | 211376 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.500%, |  |  |
| &nbsp;&nbsp;&nbsp;6.145%, due 01/25/42<sup>2,3</sup> | 417000 | 421047 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 2.900%, |  |  |
| &nbsp;&nbsp;&nbsp;6.545%, due 04/25/42<sup>2,3</sup> | 99000 | 100697 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;6.995%, due 05/25/42<sup>2,3</sup> | 180000 | 184050 |
| &nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.400%, |  |  |
| &nbsp;&nbsp;&nbsp;7.045%, due 10/25/41<sup>2,3</sup> | 200000 | 202174 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.395%, due 02/25/42<sup>2,3</sup> | 439000 | 448193 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.350%, |  |  |
| &nbsp;&nbsp;&nbsp;7.995%, due 04/25/42<sup>2,3</sup> | 111000 | $114485 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 4.500%, |  |  |
| &nbsp;&nbsp;&nbsp;8.145%, due 06/25/42<sup>2,3</sup> | 192000 | 199260 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.250%, |  |  |
| &nbsp;&nbsp;&nbsp;8.895%, due 03/25/42<sup>2,3</sup> | 221000 | 228781 |
| &nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.895%, due 05/25/42<sup>2,3</sup> | 81000 | 85046 |
| &nbsp;&nbsp;&nbsp;Series 2022-HQA1, Class B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 7.000%, |  |  |
| &nbsp;&nbsp;&nbsp;10.645%, due 03/25/42<sup>2,3</sup> | 200000 | 209882 |
| 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 | 276527 | 290332 |
| &nbsp;&nbsp;&nbsp;Series T-58, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/25/43 | 105681 | 107494 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.500%, |  |  |
| &nbsp;&nbsp;&nbsp;5.145%, due 02/25/46<sup>2,3</sup> | 100000 | 100238 |
| &nbsp;&nbsp;&nbsp;Series 2026-R03, Class 2M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.550%, |  |  |
| &nbsp;&nbsp;&nbsp;5.190%, due 04/25/46<sup>2,3</sup> | 173000 | 173302 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-R06, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.550%, |  |  |
| &nbsp;&nbsp;&nbsp;5.195%, due 09/25/45<sup>2,3</sup> | 153000 | $153272 |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.245%, due 02/25/45<sup>2,3</sup> | 108000 | 108272 |
| &nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.345%, due 01/25/45<sup>2,3</sup> | 90000 | 89607 |
| &nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.950%, |  |  |
| &nbsp;&nbsp;&nbsp;5.595%, due 02/25/45<sup>2,3</sup> | 75000 | 74993 |
| &nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.100%, |  |  |
| &nbsp;&nbsp;&nbsp;6.745%, due 03/25/42<sup>2,3</sup> | 191000 | 194215 |
| &nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.150%, |  |  |
| &nbsp;&nbsp;&nbsp;6.795%, due 12/25/41<sup>2,3</sup> | 178000 | 180200 |
| &nbsp;&nbsp;&nbsp;Series 2023-R02, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.350%, |  |  |
| &nbsp;&nbsp;&nbsp;6.995%, due 01/25/43<sup>2,3</sup> | 144000 | 148944 |
| &nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.500%, |  |  |
| &nbsp;&nbsp;&nbsp;7.145%, due 03/25/42<sup>2,3</sup> | 82000 | 83763 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-R01, Class 1M2, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 3.750%, |  |  |
| &nbsp;&nbsp;&nbsp;7.395%, due 12/25/42<sup>2,3</sup> | 133000 | $138457 |
| &nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1B1, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 5.600%, |  |  |
| &nbsp;&nbsp;&nbsp;9.245%, due 07/25/42<sup>2,3</sup> | 336000 | 353640 |
| 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;4.795%, due 03/25/54<sup>2</sup> | 168534 | 169889 |
| &nbsp;&nbsp;&nbsp;Series 2024-67, Class FA, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;4.815%, due 09/25/54<sup>2</sup> | 174820 | 176301 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class FC, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.245%, due 02/25/55<sup>2</sup> | 166003 | 167532 |
| &nbsp;&nbsp;&nbsp;Series 2025-35, Class HF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.700%, |  |  |
| &nbsp;&nbsp;&nbsp;5.345%, due 05/25/55<sup>2</sup> | 172797 | 174845 |
| &nbsp;&nbsp;&nbsp;Series 2025-6, Class LF, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.800%, |  |  |
| &nbsp;&nbsp;&nbsp;5.445%, due 02/25/55<sup>2</sup> | 169314 | 171747 |
| &nbsp;&nbsp;&nbsp;Series 2006-65, Class GD, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/26 | 185 | 184 |
| &nbsp;&nbsp;&nbsp;Series 2003-64, Class AH, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/25/33 | 413966 | 426446 |
| Federal National Mortgage Association REMICS Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1999-W4, Class A9, |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/25/29 | 18668 | 18873 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Federal National Mortgage Association Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-W8, Class 2A, |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/25/44 | 90801 | $92319 |
| First Horizon Mortgage Pass-Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR3, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.992%, due 08/25/35<sup>2</sup> | 6560 | 4284 |
| Government National Mortgage Association REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-86, Class WK, |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/20/50 | 193704 | 148390 |
| &nbsp;&nbsp;&nbsp;Series 2021-119, Class NC, |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 07/20/51 | 172492 | 141878 |
| &nbsp;&nbsp;&nbsp;Series 2021-103, Class HE, |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/20/51 | 168404 | 138777 |
| &nbsp;&nbsp;&nbsp;Series 2018-38, Class WF, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.414%, |  |  |
| &nbsp;&nbsp;&nbsp;4.079%, due 10/20/43<sup>2</sup> | 454762 | 440374 |
| &nbsp;&nbsp;&nbsp;Series 2017-182, Class FW, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.464%, |  |  |
| &nbsp;&nbsp;&nbsp;4.129%, due 05/20/47<sup>2</sup> | 148409 | 143038 |
| &nbsp;&nbsp;&nbsp;Series 2015-H20, Class FB, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.714%, |  |  |
| &nbsp;&nbsp;&nbsp;4.379%, due 08/20/65<sup>2</sup> | 158964 | 159041 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class FY, |  |  |
| &nbsp;&nbsp;&nbsp;30 day USD SOFR Average + 1.600%, |  |  |
| &nbsp;&nbsp;&nbsp;5.240%, due 01/20/55<sup>2</sup> | 157430 | 158725 |
| GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-GC42, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;3.834%, due 09/10/52<sup>2</sup> | 79000 | 65494 |
| &nbsp;&nbsp;&nbsp;Series 2016-GS2, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.732%, due 05/10/49<sup>2</sup> | 70000 | 67014 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| GSR Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-AR6, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.856%, due 09/25/35<sup>2</sup> | 53399 | $51441 |
| HarborView Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-11, Class 3A1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.814%, |  |  |
| &nbsp;&nbsp;&nbsp;4.476%, due 01/19/35<sup>2</sup> | 13062 | 12459 |
| &nbsp;&nbsp;&nbsp;Series 2005-4, Class 3A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.652%, due 07/19/35<sup>2</sup> | 87259 | 64935 |
| 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 | 102505 |
| &nbsp;&nbsp;&nbsp;Series 2025-SPRL, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.901%, due 01/13/40<sup>2,3</sup> | 100000 | 102945 |
| INTOWN Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-STAY, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;5.005%, due 03/15/42<sup>2,3</sup> | 1660000 | 1658962 |
| IP Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-IP, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.525%, due 06/10/42<sup>2,3</sup> | 55000 | 55537 |
| &nbsp;&nbsp;&nbsp;Series 2025-IP, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;7.074%, due 06/10/42<sup>2,3</sup> | 31000 | 31408 |
| JP Morgan Chase Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-OPO, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;3.565%, due 01/05/39<sup>2,3</sup> | 144000 | 109584 |
| JP Morgan Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2005-A8, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;4.723%, due 11/25/35<sup>2</sup> | 199294 | 154852 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** | <br>**Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-A4, Class 2A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.469%, due 06/25/36<sup>2</sup> | 105024 | $70101 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.648%, due 11/25/65<sup>2,3</sup> | 80206 | 80314 |
| 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 | 217540 |
| MAD Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-11MD, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;6.571%, due 10/15/42<sup>2,3</sup> | 217000 | 219328 |
| 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 | 95771 |
| MFA Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM5, Class A2, |  |  |
| &nbsp;&nbsp;&nbsp;5.338%, due 11/25/70<sup>2,3</sup> | 92672 | 92280 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C33, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.558%, due 05/15/50<sup>2</sup> | 18000 | 17108 |
| &nbsp;&nbsp;&nbsp;Series 2025-C35, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;6.349%, due 08/15/58<sup>2</sup> | 42000 | 42354 |
| Morgan Stanley Capital I Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;4.075%, due 06/15/50 | 19000 | 18607 |
| &nbsp;&nbsp;&nbsp;Series 2017-H1, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.281%, due 06/15/50<sup>2</sup> | 50000 | 47542 |
| &nbsp;&nbsp;&nbsp;Series 2018-H4, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;5.215%, due 12/15/51<sup>2</sup> | 45000 | 42073 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-NQM3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;5.609%, due 07/25/69<sup>2,3</sup> | 100000 | $99333 |
| 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;5.057%, due 03/15/39<sup>2,3</sup> | 2650000 | 2649172 |
| 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> | 277348 | 241390 |
| 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 | 112643 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM3, Class M1, |  |  |
| &nbsp;&nbsp;&nbsp;6.320%, due 05/25/65<sup>2,3</sup> | 100000 | 100717 |
| 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> | 105914 | 106061 |
| 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;6.096%, due 02/15/42<sup>2,3</sup> | 100000 | 100125 |
| NYMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, due 06/25/69<sup>2,3</sup> | 85075 | 85350 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| 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> | 1226650 | $1209905 |
| OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.957%, due 10/25/61<sup>2,3</sup> | 239471 | 205249 |
| &nbsp;&nbsp;&nbsp;Series 2025-NQM7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.864%, due 05/25/55<sup>2,3</sup> | 69437 | 69779 |
| 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 | 2869154 |
| 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 | 70670 |
| &nbsp;&nbsp;&nbsp;Series 2017-1MKT, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.016%, due 02/10/32<sup>3</sup> | 100000 | 94499 |
| 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 | 137867 |
| ORL Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-GLKS, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.791%, |  |  |
| &nbsp;&nbsp;&nbsp;6.445%, due 12/15/39<sup>2,3</sup> | 100000 | 100313 |
| PRM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-PRM6, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;6.803%, due 07/05/33<sup>2,3</sup> | 127000 | 126776 |
| RFMSI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-S9, Class 1A23, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/25/34 | 124548 | 121794 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| ROCK Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-CNTR, Class D, |  |  |
| &nbsp;&nbsp;&nbsp;7.109%, due 11/13/41<sup>3</sup> | 209000 | $218763 |
| SCOTT Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2023-SFS, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.910%, due 03/10/40<sup>3</sup> | 1125000 | 1143473 |
| Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-3, Class 1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.514%, |  |  |
| &nbsp;&nbsp;&nbsp;4.176%, due 07/20/36<sup>2</sup> | 25650 | 21994 |
| 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;6.170%, due 05/15/38<sup>2,3</sup> | 63000 | 62532 |
| 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> | 92852 | 79512 |
| SMRT Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-MINI, Class E, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.700%, |  |  |
| &nbsp;&nbsp;&nbsp;6.355%, due 01/15/39<sup>2,3</sup> | 115000 | 114713 |
| Structured Adjustable Rate Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2004-8, Class 3A, |  |  |
| &nbsp;&nbsp;&nbsp;5.548%, due 07/25/34<sup>2</sup> | 90005 | 87859 |
| 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;4.189%, due 04/25/36<sup>2</sup> | 227275 | 209143 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** |  |  |
| Structured Asset Mortgage Investments Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2002-AR3, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.774%, |  |  |
| &nbsp;&nbsp;&nbsp;4.436%, due 09/19/32<sup>2</sup> | 6113 | $5777 |
| 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;5.647%, due 12/15/39<sup>2,3</sup> | 100000 | 100125 |
| Thornburg Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2007-4, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.996%, due 09/25/37<sup>2</sup> | 59448 | 59189 |
| Towd Point Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2022-4, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/25/62<sup>3</sup> | 169753 | 161588 |
| Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;1.630%, due 10/25/66<sup>2,3</sup> | 73442 | 64465 |
| &nbsp;&nbsp;&nbsp;Series 2021-6, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;1.887%, due 10/25/66<sup>2,3</sup> | 170264 | 149940 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;5.095%, due 09/25/69<sup>2,3</sup> | 82873 | 83032 |
| &nbsp;&nbsp;&nbsp;Series 2024-7, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 09/25/69<sup>2,3</sup> | 64747 | 64617 |
| &nbsp;&nbsp;&nbsp;Series 2026-4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.476%, due 04/25/71<sup>3</sup> | 100000 | 99761 |
| &nbsp;&nbsp;&nbsp;Series 2025-4, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.753%, due 05/25/70<sup>2,3</sup> | 79264 | 79420 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| WaMu Mortgage Pass-Through Certificates Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2006-AR2, Class 2A1, |  |  |
| &nbsp;&nbsp;&nbsp;3.851%, due 03/25/36<sup>2</sup> | 268566 | $240876 |
| &nbsp;&nbsp;&nbsp;Series 2005-AR13, Class A1A1, |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.694%, |  |  |
| &nbsp;&nbsp;&nbsp;4.349%, due 10/25/45<sup>2</sup> | 124052 | 120711 |
| &nbsp;&nbsp;&nbsp;Series 2006-AR9, Class 1A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.000%, |  |  |
| &nbsp;&nbsp;&nbsp;4.509%, due 08/25/46<sup>2</sup> | 183650 | 173159 |
| &nbsp;&nbsp;&nbsp;Series 2002-AR6, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;1 yr. USD MTA + 1.400%, |  |  |
| &nbsp;&nbsp;&nbsp;4.909%, due 06/25/42<sup>2</sup> | 3489 | 3309 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-NXS6, Class B, |  |  |
| &nbsp;&nbsp;&nbsp;3.811%, due 11/15/49 | 143000 | 141215 |
| &nbsp;&nbsp;&nbsp;Series 2017-C39, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.118%, due 09/15/50 | 36000 | 32970 |
| WFRBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2014-C22, Class XA, |  |  |
| &nbsp;&nbsp;&nbsp;IO, |  |  |
| &nbsp;&nbsp;&nbsp;0.383%, due 09/15/57<sup>2</sup> | 574830 | 89 |
| 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;7.738%, due 11/15/27<sup>2,3</sup> | 2711708 | 2715158 |
| **Total mortgage-backed securities**<br>(cost—$47,134,706) |  | **46602697** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **Municipal bonds—0.4%** | **Municipal bonds—0.4%** | **Municipal bonds—0.4%** |
| **California—0.1%** | **California—0.1%** | **California—0.1%** |
| Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds, | Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds, | Golden State Tobacco Securitization Corp., Taxable Refunding, Revenue Bonds, |
| &nbsp;&nbsp;&nbsp;Series A-1, | &nbsp;&nbsp;&nbsp;Series A-1, | &nbsp;&nbsp;&nbsp;Series A-1, |
| &nbsp;&nbsp;&nbsp;3.714%, due 06/01/41 | 200000 | $157481 |
| **Florida—0.0%<sup><sup>†</sup></sup>** | **Florida—0.0%<sup><sup>†</sup></sup>** | **Florida—0.0%<sup><sup>†</sup></sup>** |
| State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds, | State Board of Administration Finance Corp., Florida Hurricane Catastrophe Fund, Revenue Bonds, | 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 | 100000 | 104521 |
| **Illinois—0.3%** | **Illinois—0.3%** | **Illinois—0.3%** |
| Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds, | Sales Tax Securitization Corp. Second Lien, Taxable Refunding, Revenue Bonds, | 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 | 1243977 |
| **New York—0.0%<sup>†</sup>** | **New York—0.0%<sup>†</sup>** | **New York—0.0%<sup>†</sup>** |
| 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 | 140000 | 133338 |
| **Texas—0.0%<sup>†</sup>** | **Texas—0.0%<sup>†</sup>** | **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 | 79079 | 81194 |
| **Total municipal bonds**<br>(cost—$1,750,033) |  | **1720511** |
| **Non-U.S. government agency obligations—2.6%** | **Non-U.S. government agency obligations—2.6%** | **Non-U.S. government agency obligations—2.6%** |
| **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 | 10181 |
| &nbsp;&nbsp;&nbsp;8.750%, due 04/14/32<sup>3</sup> | 10000 | 10397 |
| &nbsp;&nbsp;&nbsp;9.125%, due 11/26/49<sup>3</sup> | 20000 | 19080 |
| &nbsp;&nbsp;&nbsp;9.375%, due 03/31/33<sup>3</sup> | 20000 | 21154 |
| &nbsp;&nbsp;&nbsp;9.375%, due 05/08/48<sup>3</sup> | 25000 | 24351 |
|  |  | **85163** |
| **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** | **Australia—0.0%<sup>†</sup>** |
| Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/21/35<sup>5</sup> | 300000 | 180021 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Brazil Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/22/36 |  | 20000 | $19920 |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/12/56 |  | 100000 | 100700 |
| Brazil Letras do Tesouro Nacional |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/26<sup>11</sup> | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | 420314 |
|  |  |  | **540934** |
| **Canada—0.2%** | **Canada—0.2%** | **Canada—0.2%** | **Canada—0.2%** |
| Province of Alberta |  |  |  |
| &nbsp;&nbsp;&nbsp;3.050%, due 12/01/48 |  | 335000 | 191352 |
| &nbsp;&nbsp;&nbsp;3.100%, due 06/01/50 |  | 95000 | 54153 |
| Province of British Columbia |  |  |  |
| &nbsp;&nbsp;&nbsp;4.600%, due 06/18/57 |  | 335000 | 241515 |
| Province of Ontario |  |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, due 12/02/51 |  | 140000 | 60931 |
| &nbsp;&nbsp;&nbsp;2.650%, due 12/02/50 |  | 240000 | 125038 |
| &nbsp;&nbsp;&nbsp;2.900%, due 06/02/49 |  | 120000 | 66305 |
| &nbsp;&nbsp;&nbsp;4.150%, due 12/02/54 |  | 90000 | 60883 |
| &nbsp;&nbsp;&nbsp;4.600%, due 12/02/55 |  | 165000 | 120423 |
|  |  |  | **920600** |
| **Chile—0.1%** | **Chile—0.1%** | **Chile—0.1%** | **Chile—0.1%** |
| Chile Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 01/31/34 |  | 210000 | 191730 |
| **Costa Rica—0.1%** | **Costa Rica—0.1%** | **Costa Rica—0.1%** | **Costa Rica—0.1%** |
| Costa Rica Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.550%, due 04/03/34<sup>3</sup> |  | 200000 | 214550 |
| &nbsp;&nbsp;&nbsp;7.158%, due 03/12/45<sup>5</sup> |  | 30000 | 33043 |
|  |  |  | **247593** |
| **Dominican Republic—0.1%** | **Dominican Republic—0.1%** | **Dominican Republic—0.1%** | **Dominican Republic—0.1%** |
| Dominican Republic International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 01/21/41<sup>3</sup> |  | 10000 | 8840 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/28/35<sup>3</sup> |  | 25000 | 24450 |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/30/60<sup>3</sup> |  | 25000 | 21725 |
| &nbsp;&nbsp;&nbsp;6.400%, due 06/05/49<sup>3</sup> |  | 10000 | 9580 |
| &nbsp;&nbsp;&nbsp;6.850%, due 01/27/45<sup>3</sup> |  | 60000 | 60300 |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/15/37<sup>3</sup> |  | 185000 | 193140 |
| &nbsp;&nbsp;&nbsp;7.150%, due 02/24/55<sup>3</sup> |  | 30000 | 31320 |
|  |  |  | **349355** |
| **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** | **El Salvador—0.0%<sup>†</sup>** |
| El Salvador Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/52<sup>3</sup> |  | 25000 | 27960 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** | **Guatemala—0.0%<sup>†</sup>** |
| Guatemala Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/15/55<sup>3</sup> |  | 30000 | $32412 |
| **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** | **Indonesia—0.0%<sup>†</sup>** |
| Indonesia Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/43<sup>3</sup> |  | 165000 | 146850 |
| **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** | **Israel—0.1%** |
| Israel Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/12/34 |  | 200000 | 203625 |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/13/56 |  | 25000 | 23937 |
|  |  |  | **227562** |
| **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** | **Italy—0.0%<sup>†</sup>** |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, due 02/01/31<sup>5</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 115533 |
| **Ivory Coast—0.1%** | **Ivory Coast—0.1%** | **Ivory Coast—0.1%** | **Ivory Coast—0.1%** |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/25/41<sup>3</sup> |  | 30000 | 27646 |
| &nbsp;&nbsp;&nbsp;7.625%, due 01/30/33<sup>3</sup> |  | 20000 | 21006 |
| &nbsp;&nbsp;&nbsp;8.075%, due 04/01/36<sup>3</sup> |  | 180000 | 190833 |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/30/37<sup>3</sup> |  | 75000 | 80463 |
|  |  |  | **319948** |
| **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** | **Japan—0.2%** |
| Japan Bank for International Cooperation |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 07/21/27 |  | 300000 | 295790 |
| Japan International Cooperation Agency |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/27/27 |  | 300000 | 296425 |
|  |  |  | **592215** |
| **Kazakhstan—0.1%** | **Kazakhstan—0.1%** | **Kazakhstan—0.1%** | **Kazakhstan—0.1%** |
| Kazakhstan Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/37<sup>3</sup> |  | 200000 | 203850 |
| **Mexico—0.3%** | **Mexico—0.3%** | **Mexico—0.3%** | **Mexico—0.3%** |
| Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/17/30<sup>3</sup> |  | 365000 | 367445 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** | **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)** | **Non-U.S. government agency obligations—(continued)** |
| **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** |
| Mexico Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/19/29 | EUR | 100000 | $| 116540 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/22/33 |  | 30000 |  | 29490 |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/09/34 |  | 200000 |  | 198000 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/09/38 |  | 200000 |  | 197800 |
| &nbsp;&nbsp;&nbsp;6.338%, due 05/04/53 |  | 65000 |  | 61206 |
| &nbsp;&nbsp;&nbsp;6.350%, due 02/09/35 |  | 50000 |  | 51500 |
| &nbsp;&nbsp;&nbsp;6.400%, due 05/07/54 |  | 15000 |  | 14184 |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/13/55 |  | 25000 |  | 26641 |
|  |  |  |  | **1062806** |
| **Morocco—0.1%** | **Morocco—0.1%** | **Morocco—0.1%** | **Morocco—0.1%** | **Morocco—0.1%** |
| Morocco Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/08/33<sup>3</sup> |  | 400000 |  | 427528 |
| **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** | **Nigeria—0.0%<sup>†</sup>** |
| Nigeria Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 09/28/33<sup>3</sup> |  | 40000 |  | 40894 |
| &nbsp;&nbsp;&nbsp;8.250%, due 09/28/51<sup>3</sup> |  | 20000 |  | 20263 |
| &nbsp;&nbsp;&nbsp;8.631%, due 01/13/36<sup>3</sup> |  | 20000 |  | 21880 |
|  |  |  |  | **83037** |
| **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** | **Panama—0.0%<sup>†</sup>** |
| Panama Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.227%, due 02/23/34 |  | 10000 |  | 9979 |
| &nbsp;&nbsp;&nbsp;5.662%, due 02/23/38 |  | 70000 |  | 70372 |
|  |  |  |  | **80351** |
| **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** | **Paraguay—0.0%<sup>†</sup>** |
| Paraguay Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 03/30/50<sup>3</sup> |  | 60000 |  | 54390 |
| **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** | **Peru—0.1%** |
| Peru Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/12/34<sup>5</sup> |  | 331000 |  | 91257 |
| &nbsp;&nbsp;&nbsp;6.150%, due 08/12/32<sup>3</sup> |  | 800000 |  | 237499 |
| &nbsp;&nbsp;&nbsp;6.950%, due 08/12/31<sup>5</sup> |  | 81000 |  | 24986 |
|  |  |  |  | **353742** |
| **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** | **Poland—0.0%<sup>†</sup>** |
| Republic of Poland Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 09/18/34 |  | 100000 |  | 100800 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Qatar—0.1%** | **Qatar—0.1%** | **Qatar—0.1%** | **Qatar—0.1%** |
| Qatar Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, due 04/16/50<sup>3</sup> |  | 60000 | $51113 |
| &nbsp;&nbsp;&nbsp;4.800%, due 04/08/33<sup>3</sup> |  | 200000 | 202000 |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/27/35<sup>3</sup> |  | 110000 | 112705 |
|  |  |  | **365818** |
| **Romania—0.1%** | **Romania—0.1%** | **Romania—0.1%** | **Romania—0.1%** |
| Romania Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/14/31<sup>5</sup> |  | 104000 | 93110 |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/22/31<sup>3</sup> | EUR | 250000 | 298510 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/16/30<sup>3</sup> |  | 20000 | 20200 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/24/35<sup>3</sup> |  | 10000 | 9610 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/25/34<sup>3</sup> |  | 20000 | 19750 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/16/36<sup>3</sup> |  | 25000 | 25263 |
|  |  |  | **466443** |
| **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** |
| Saudi Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 11/17/51<sup>3</sup> |  | 120000 | 77106 |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/21/55<sup>3</sup> |  | 50000 | 34513 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/18/33<sup>3</sup> |  | 200000 | 198773 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/18/53<sup>3</sup> |  | 200000 | 172368 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/13/35<sup>3</sup> |  | 35000 | 36312 |
|  |  |  | **519072** |
| **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** | **Serbia—0.0%<sup>†</sup>** |
| Serbia International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/12/34<sup>3</sup> |  | 35000 | 35892 |
| **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** |
| Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/31/36 |  | 400000 | 19823 |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/31/44 |  | 90000 | 5095 |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/28/48 |  | 400000 | 22643 |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/28/35 |  | 11470000 | 691478 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/31/40 |  | 530000 | 31090 |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/27/47 |  | 90000 | 72720 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/49 |  | 65000 | 52520 |
| &nbsp;&nbsp;&nbsp;6.125%, due 12/11/37<sup>3</sup> |  | 75000 | 71400 |
| &nbsp;&nbsp;&nbsp;7.100%, due 11/19/36<sup>3</sup> |  | 355000 | 371330 |
| &nbsp;&nbsp;&nbsp;7.250%, due 12/11/55<sup>3</sup> |  | 20000 | 18840 |
| &nbsp;&nbsp;&nbsp;7.300%, due 04/20/52 |  | 10000 | 9583 |
| &nbsp;&nbsp;&nbsp;7.950%, due 11/19/54<sup>3</sup> |  | 80000 | 81704 |
|  |  |  | **1448226** |
| **Supranationals—0.1%** | **Supranationals—0.1%** | **Supranationals—0.1%** | **Supranationals—0.1%** |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 10/05/29<sup>5</sup> |  | 400000 | 469676 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** | **Non-U.S. government agency obligations—(continued)** |
| **Trinidad And Tobago—0.0%<sup>†</sup>** | **Trinidad And Tobago—0.0%<sup>†</sup>** | **Trinidad And Tobago—0.0%<sup>†</sup>** | **Trinidad And Tobago—0.0%<sup>†</sup>** |
| Trinidad & Tobago Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/28/36<sup>3</sup> |  | 15000 | $15361 |
| **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** | **Turkey—0.0%<sup>†</sup>** |
| Turkiye Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/11/47 |  | 40000 | 31100 |
| **United Arab Emirates—0.1%** | **United Arab Emirates—0.1%** | **United Arab Emirates—0.1%** | **United Arab Emirates—0.1%** |
| Abu Dhabi Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/30/34<sup>3</sup> |  | 290000 | 296380 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/30/54<sup>3</sup> |  | 15000 | 14597 |
|  |  |  | **310977** |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/54<sup>5</sup> | GBP | 395000 | 437361 |
| **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** | **Uruguay—0.0%<sup>†</sup>** |
| Uruguay Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 06/18/50 |  | 95000 | 88262 |
| **Total non-U.S. government agency obligations**<br>(cost—$10,487,184) |  |  | **10532568** |
| **U.S. government agency obligations—8.4%** | **U.S. government agency obligations—8.4%** | **U.S. government agency obligations—8.4%** | **U.S. government agency obligations—8.4%** |
| Federal Home Loan Bank Discount Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/17/26<sup>12</sup> |  | 900000 | 895764 |
| Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/01/52 |  | 216126 | 182070 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/52 |  | 419615 | 382701 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/01/52 |  | 68241 | 62342 |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/52 |  | 444195 | 418423 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 |  | 85680 | 80693 |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/54 |  | 51855 | 48841 |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/01/52 |  | 669866 | 648283 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 |  | 188513 | 182319 |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/56 |  | 99682 | 96052 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 |  | 185457 | 183943 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/52 |  | 258751 | 256871 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 |  | 365101 | 362449 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 |  | 186478 | 184888 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 |  | 160324 | 159020 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/54 |  | 195112 | 192613 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/53 | 408500 | $412423 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/53 | 215110 | 217212 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/53 | 150302 | 151686 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/53 | 113430 | 114991 |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/53 | 345314 | 348440 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/54 | 105730 | 106914 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 114159 | 115589 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 29695 | 30007 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/55 | 89006 | 89498 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 164040 | 168719 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 301910 | 308912 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 121061 | 123861 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/01/55 | 162996 | 166667 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/52 | 845268 | 746635 |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/53 | 41642 | 36557 |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/52 | 140883 | 128489 |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/52 | 231068 | 218152 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/01/52 | 71855 | 68241 |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/01/54 | 131408 | 124063 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/52 | 189638 | 183324 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/53 | 164024 | 159051 |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/01/54 | 194272 | 187165 |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/26<sup>2,13,14</sup> | 363 | 363 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/52 | 229939 | 227955 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/52 | 433990 | 430837 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/53 | 373808 | 371158 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/53 | 171332 | 169445 |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/53 | 352387 | 349797 |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/53 | 82801 | 82128 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/53 | 420505 | 417086 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/53 | 162837 | 161987 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/56 | 123174 | 121418 |
| &nbsp;&nbsp;&nbsp;5.187%, due 11/01/34<sup>2</sup> | 945133 | 967129 |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/01/53 | 337398 | 341345 |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/53 | 165664 | 167519 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/53 | 46988 | 47473 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/53 | 106461 | 107511 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/01/54 | 129907 | 130856 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/54 | 124524 | 125849 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/01/55 | 105884 | 106457 |
| &nbsp;&nbsp;&nbsp;6 mo. USD RFUCCT + 1.538%, |  |  |
| &nbsp;&nbsp;&nbsp;5.788%, due 01/01/36<sup>2</sup> | 2186 | 2203 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.603%, |  |  |
| &nbsp;&nbsp;&nbsp;5.978%, due 12/01/35<sup>2</sup> | 10969 | 11128 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.815%, |  |  |
| &nbsp;&nbsp;&nbsp;5.998%, due 03/01/36<sup>2</sup> | 13105 | 13346 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** | **Value** |
| **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** | **U.S. government agency obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/53 | 271910 | $| 278365 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 | 304229 |  | 311285 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 | 29916 |  | 30608 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/54 | 96948 |  | 99146 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/55 | 135401 |  | 139085 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.106%, |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.001%, due 05/01/30<sup>2</sup> | 6888 |  | 6930 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.821%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.072%, due 03/01/36<sup>2</sup> | 11383 |  | 11606 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.780%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.155%, due 11/01/35<sup>2</sup> | 2519 |  | 2570 |
| &nbsp;&nbsp;&nbsp;1 yr. USD RFUCCT + 1.912%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.162%, due 02/01/36<sup>2</sup> | 7691 |  | 7861 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 2.228%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.164%, due 04/01/27<sup>2</sup> | 996 |  | 996 |
| Government National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/20/49 | 34234 |  | 34563 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/54 | 384898 |  | 382731 |
| &nbsp;&nbsp;&nbsp;1 yr. CMT + 1.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/20/26<sup>2</sup> | 6 |  | 6 |
| Government National Mortgage Association, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500% | 455000 |  | 410872 |
| &nbsp;&nbsp;&nbsp;4.000% | 500000 |  | 465984 |
| &nbsp;&nbsp;&nbsp;4.500% | 580000 |  | 558652 |
| &nbsp;&nbsp;&nbsp;5.000% | 220000 |  | 218122 |
| &nbsp;&nbsp;&nbsp;6.000% | 420000 |  | 428282 |
| Uniform Mortgage-Backed Security, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000% | 560000 |  | 524917 |
| &nbsp;&nbsp;&nbsp;4.500% | 3275000 |  | 3149020 |
| &nbsp;&nbsp;&nbsp;5.000% | 2635000 |  | 2594843 |
| &nbsp;&nbsp;&nbsp;5.500% | 9265000 |  | 9304060 |
| &nbsp;&nbsp;&nbsp;6.000% | 1950000 |  | 1989978 |
| **Total U.S. government agency obligations**<br> (cost—$33,737,702) |  |  | **33847340** |
| **U.S. Treasury obligations—11.4%** | **U.S. Treasury obligations—11.4%** | **U.S. Treasury obligations—11.4%** | **U.S. Treasury obligations—11.4%** |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375% due 08/15/50 | 8650000 |  | 4178693 |
| &nbsp;&nbsp;&nbsp;1.625% due 11/15/50 | 2200000 |  | 1133859 |
| &nbsp;&nbsp;&nbsp;1.750% due 08/15/41 | 8775000 |  | 5824749 |
| &nbsp;&nbsp;&nbsp;1.875% due 02/15/51 | 725000 |  | 397617 |
| &nbsp;&nbsp;&nbsp;1.875% due 11/15/51 | 150000 |  | 81334 |
| &nbsp;&nbsp;&nbsp;2.000% due 11/15/41 | 100000 |  | 68656 |
| &nbsp;&nbsp;&nbsp;2.000% due 02/15/50 | 1100000 |  | 632973 |
| &nbsp;&nbsp;&nbsp;2.000% due 08/15/51 | 675000 |  | 379450 |
| &nbsp;&nbsp;&nbsp;2.250% due 08/15/49 | 675000 |  | 415020 |
| &nbsp;&nbsp;&nbsp;2.375% due 11/15/49 | 100000 |  | 62984 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Value** |
| **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** | **U.S. Treasury obligations—(continued)** |
| &nbsp;&nbsp;&nbsp;2.375% due 05/15/51 | 100000 | $61820 |
| &nbsp;&nbsp;&nbsp;2.875% due 08/15/45 | 500000 | 367754 |
| &nbsp;&nbsp;&nbsp;2.875% due 05/15/49 | 800000 | 562375 |
| &nbsp;&nbsp;&nbsp;3.000% due 11/15/44 | 500000 | 379375 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/48 | 1200000 | 875344 |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/48 | 100000 | 72539 |
| &nbsp;&nbsp;&nbsp;3.000% due 02/15/49 | 500000 | 360918 |
| &nbsp;&nbsp;&nbsp;3.000% due 08/15/52 | 2400000 | 1684219 |
| &nbsp;&nbsp;&nbsp;3.250% due 05/15/42 | 8300000 | 6794652 |
| &nbsp;&nbsp;&nbsp;3.375% due 08/15/42 | 38400 | 31847 |
| &nbsp;&nbsp;&nbsp;3.375% due 11/15/48 | 100000 | 77480 |
| &nbsp;&nbsp;&nbsp;3.875% due 02/15/43 | 300000 | 264422 |
| &nbsp;&nbsp;&nbsp;4.000% due 11/15/42 | 31000 | 27846 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/54 | 300000 | 265359 |
| &nbsp;&nbsp;&nbsp;4.375% due 05/15/40 | 5875000 | 5665703 |
| &nbsp;&nbsp;&nbsp;4.375% due 05/15/41 | 49000 | 46807 |
| &nbsp;&nbsp;&nbsp;4.375% due 08/15/43 | 31000 | 29012 |
| &nbsp;&nbsp;&nbsp;4.500% due 11/15/54 | 100000 | 92246 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/44 | 100000 | 96133 |
| &nbsp;&nbsp;&nbsp;4.625% due 05/15/54 | 200000 | 188297 |
| &nbsp;&nbsp;&nbsp;4.625% due 11/15/55 | 35800 | 33764 |
| &nbsp;&nbsp;&nbsp;4.750% due 02/15/37 | 1750000 | 1802227 |
| &nbsp;&nbsp;&nbsp;4.875% due 08/15/45 | 344000 | 339754 |
| U.S. Treasury Inflation-Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;0.125% due 02/15/51 | 125497 | 66646 |
| &nbsp;&nbsp;&nbsp;0.750% due 02/15/45 | 416253 | 299671 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/46 | 344737 | 256216 |
| &nbsp;&nbsp;&nbsp;1.000% due 02/15/49 | 129844 | 92190 |
| &nbsp;&nbsp;&nbsp;1.500% due 02/15/53 | 659502 | 504660 |
| &nbsp;&nbsp;&nbsp;2.125% due 02/15/54 | 385389 | 339323 |
| &nbsp;&nbsp;&nbsp;2.375% due 02/15/55 | 103545 | 96053 |
| U.S. Treasury Inflation-Indexed Notes, |  |  |
| &nbsp;&nbsp;&nbsp; 1.250%, due 04/15/28 | 762510 | 767342 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.500% due 08/31/27 | 5900000 | 5644871 |
| &nbsp;&nbsp;&nbsp;2.625% due 07/31/29<sup>15</sup> | 700000 | 672246 |
| &nbsp;&nbsp;&nbsp;3.500% due 02/28/31 | 700000 | 684359 |
| &nbsp;&nbsp;&nbsp;3.750% due 04/30/28 | 775000 | 773002 |
| &nbsp;&nbsp;&nbsp;3.875% due 03/31/28 | 2205000 | 2204483 |
| &nbsp;&nbsp;&nbsp;4.250% due 08/15/35 | 10000 | 9913 |
| U.S. Treasury STRIPS Coupon |  |  |
| &nbsp;&nbsp;&nbsp;0.000% due 05/15/41<sup>11</sup> | 300000 | 141246 |
| &nbsp;&nbsp;&nbsp;0.000% due 08/15/41<sup>11</sup> | 400000 | 185554 |
| **Total U.S. Treasury obligations**<br>(cost—$48,139,449) |  | **46033003** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Preferred stocks—1.6%** |  |  |
| **Capital markets—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CION Investment Corp.<sup>6</sup> | $48000 | $1211040 |
| &nbsp;&nbsp;&nbsp;OFS Capital Corp. | 27000 | 693090 |
| &nbsp;&nbsp;&nbsp;Trinity Capital, Inc.<sup>6</sup> | 50000 | 1269500 |
|  |  | 3173630 |
| **Mortgage real estate investment—0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. Series C<sup>2,7</sup> | 121000 | 3061300 |
| **Total preferred stocks**<br>(cost—$6,150,000) |  | **6234930** |
| **Exchange traded funds: 0.4%** |  |  |
| Invesco Senior Loan ETF<sup>6</sup> <br> (cost—$1,876,499) | 82474 | 1697315 |
| **Short-term investments—3.7%** |  |  |
| **Investment companies—3.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>16</sup> (cost—$12,062,688) | 12062688 | 12062688 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | |
| **Short-term U.S. Treasury obligations—0.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.582% due 07/09/26<sup>16</sup> | 1300000 | 1291020 |
| &nbsp;&nbsp;&nbsp;3.692% due 09/24/26<sup>16</sup> | 1350000 | 1330254 |
| **Total short-term U.S. Treasury obligations**<br>(cost—$2,621,749) |  | **2621274** |
| **Total Short-term investments**<br>(cost—$14,684,437) |  | **14683962** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment of cash collateral from securities loaned—1.9%** |  |  |
| **Money market funds—1.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>16</sup> (cost—$7,791,084) | 7791084 | $7791084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | |
| **Swaptions Purchased—0.0%<sup>†</sup>** | **Swaptions Purchased—0.0%<sup>†</sup>** | **Swaptions Purchased—0.0%<sup>†</sup>** | **Swaptions Purchased—0.0%<sup>†</sup>** | **Swaptions Purchased—0.0%<sup>†</sup>** |
| **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** | **Call swaptions—0.0%<sup>†</sup>** |
| 1 Year Interest Rate Swap strike @ 3.500, expires 07/20/26 (Counterparty: DB; pay floating rate); underlying swap terminates 07/22/27 | 3100000 | USD | 3100000 | 2122 |
| 1 Year Interest Rate Swap strike @ 3.500, expires 07/13/26 (Counterparty: CITI; pay floating rate); underlying swap terminates 07/15/27 | 2900000 | USD | 2900000 | 1787 |
| **Total call swaptions** |  |  |  | **3909** |
| **Total Swaptions Purchased<br>(cost—$12,477)** |  |  |  | **3909** |
| **Total investments—110.6%**<br>(cost—$448,070,652)<sup>17</sup> |  |  |  | **444738794** |
| Liabilities in excess of other assets—(10.6)% |  |  |  | (42687466) |
| **Net assets—100.0%** |  |  |  | $**402051328** |

---

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

**Foreign exchange options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 92775 | 68722 | Call KRW vs. Put USD, 0.000, 1,350.000 | BOA | 07/09/26 | $(246) | $(29) | $217 |
| USD | 238275 | 176500 | Call KRW vs. Put USD, 0.000, 1,350.000 | HSBC | 07/09/26 | (556) | (74) | 482 |
| USD | 237600 | 176000 | Call KRW vs. Put USD, 0.000, 1,350.000 | HSBC | 07/10/26 | (454) | (78) | 376 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 164400 | 121778 | Call KRW vs. Put USD, 0.000, 1,350.000 | BOA | 07/13/26 | $(266) | $(57) | $209 |
| **Total** | **Total** |  |  |  |  | $**(1522)** | $**(238)** | $**1284** |

---

**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 | 675 | 6000 | 10 Year U.S. Treasury Notes, strike @ 112.500 | GS | 05/22/26 | $(1102) | $(375) | $727 |
| USD | 112 | 1000 | 10 Year U.S. Treasury Notes, strike @ 112.000 | GS | 05/22/26 | (140) | (94) | 46 |
| **Total** | **Total** |  |  |  |  | $**(1242)** | $**(469)** | $**773** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 105000 | 100000 | iTraxx Europe S45, strike @ 1.050 | BOA | 05/20/26 | $(173) | $(8) | $165 |
| USD | 170000 | 200000 | CDX.NA.IG.S45, strike @ 0.850 | GSI | 05/20/26 | (235) | (16) | 219 |
| USD | 220 | 2000 | 10 Year U.S. Treasury Notes, strike @ 110.000 | GS | 05/22/26 | (466) | (594) | (128) |
| USD | 553 | 5000 | 10 Year U.S. Treasury Notes, strike @ 110.500 | GS | 05/22/26 | (1567) | (2266) | (699) |
| USD | 320000 | 400000 | CDX.NA.IG.S45, strike @ 0.800 | GSI | 06/17/26 | (440) | (103) | 337 |
| **Total** | **Total** |  |  |  |  | $**(2881)** | $**(2987)** | $**(106)** |
| **Total options written** | **Total options written** | **Total options written** |  |  |  | $**(4123)** | $**(3456)** | $**667** |

---

**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 | 3100 | 3100000 | 1 Year Interest Rate Swap strike @ 3.080 terminating 07/22/27 | DB | Pay | 07/20/26 | $(2377) | $(678) | $1699 |
| USD | 3100 | 3100000 | 1 Year Interest Rate Swap strike @ 3.290 terminating 07/22/27 | DB | Pay | 07/20/26 | (3720) | (1181) | 2539 |
| USD | 2900 | 2900000 | 1 Year Interest Rate Swap strike @ 3.250 terminating 07/15/27 | CITI | Pay | 07/13/26 | (3190) | (857) | 2333 |
| USD | 2900 | 2900000 | 1 Year Interest Rate Swap strike @ 3.000 terminating 07/15/27 | CITI | Pay | 07/13/26 | (2494) | (432) | 2062 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.685 terminating 05/05/36 | BOA | Pay | 05/01/26 | (282) |  | 282 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.733 terminating 05/11/36 | BOA | Pay | 05/07/26 | (283) | (8) | 275 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (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 | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.684 terminating 05/13/36 | MSCI | Pay | 05/11/26 | $(250) | $(12) | $238 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.720 terminating 05/22/36 | BOA | Pay | 05/20/26 | (269) | (72) | 197 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.742 terminating 05/28/36 | GS | Pay | 05/26/26 | (252) | (111) | 141 |
| **Total** | **Total** |  |  |  |  |  | $**(13117)** | $**(3351)** | $**9766** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Number of<br> contracts** | **Put Swaptions** | **Counterparty** | **Pay/<br> receive<br> floating<br> rate** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 4.025 terminating 05/05/36 | BOA | Pay | 05/01/26 | $(282) | $(5) | $277 |
| USD | 200 | 200000 | 2 Year Interest Rate Swap strike @ 3.842 terminating 05/08/28 | GS | Pay | 05/06/26 | (210) | (23) | 187 |
| GBP | 100 | 100000 | 2 Year Interest Rate Swap strike @ 4.590 terminating 05/07/28 | JPMCB | Pay | 05/07/26 | (169) | (22) | 147 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 4.073 terminating 05/11/36 | BOA | Pay | 05/07/26 | (282) | (42) | 240 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.984 terminating 05/13/36 | MSCI | Pay | 05/11/26 | (250) | (243) | 7 |
| GBP | 100 | 100000 | 2 Year Interest Rate Swap strike @ 4.370 terminating 05/11/28 | JPMCB | Pay | 05/11/26 | (161) | (163) | (2) |
| GBP | 100 | 100000 | 2 Year Interest Rate Swap strike @ 4.450 terminating 05/13/28 | CITI | Pay | 05/13/26 | (144) | (136) | 8 |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 3.960 terminating 05/22/36 | BOA | Pay | 05/20/26 | (269) | (487) | (218) |
| USD | 100 | 100000 | 10 Year Interest Rate Swap strike @ 4.002 terminating 05/28/36 | GS | Pay | 05/26/26 | (252) | (401) | (149) |
| GBP | 100 | 100000 | 2 Year Interest Rate Swap strike @ 4.660 terminating 05/29/28 | MSCI | Pay | 05/29/26 | (155) | (156) | (1) |
| **Total** | **Total** |  |  |  |  |  | $**(2174)** | $**(1678)** | $**496** |
| **Total swaptions written** | **Total swaptions written** | **Total swaptions written** |  |  |  |  | $**(15291)** | $**(5029)** | $**10262** |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 26 | USD | 3 Month SOFR Futures | September 2026 | $6271126 | $6262425 | $(8701) |
| 27 | USD | 3 Month SOFR Futures | March 2027 | 6524621 | 6500925 | (23696) |
| 17 | AUD | Australian Bond 10 Year Futures | June 2026 | 1326222 | 1310361 | (15861) |
| 11 | CAD | Canadian Bond 10 Year Futures | June 2026 | 991340 | 964722 | (26618) |
| 8 | EUR | Euro Bund 10 Year Futures | June 2026 | 1191707 | 1177030 | (14677) |
| 8 | EUR | EURO Schatz 2 Year Futures | June 2026 | 1002738 | 992908 | (9830) |
| 47 | CAD | Montreal Exchange 2 Year Canadian Bond Futures | June 2026 | 3645687 | 3633430 | (12257) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 134 | USD | U.S. Long Bond Futures | June 2026 | $15692589 | $15121062 | $(571527) |
| 14 | GBP | United Kingdom Long Gilt Bond Futures | June 2026 | 1764048 | 1649582 | (114466) |
| **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:** |
| 50 | USD | U.S. Treasury Note 2 Year Futures | June 2026 | $10393843 | $10356250 | $(37593) |
| 162 | USD | U.S. Treasury Note 5 Year Futures | June 2026 | 17647812 | 17469422 | (178390) |
| 299 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 33671375 | 33067531 | (603844) |
| 161 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | 18583230 | 18170359 | (412871) |
| 194 | USD | Ultra U.S. Treasury Bond Futures | June 2026 | 23321439 | 22316063 | (1005376) |
| **Total** |  |  |  | $**142027777** | $**138992070** | $**(3035707)** |
| **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** | **Interest rate futures sell contracts:** |
| 4 | EUR | EURO Bobl 5 Year Index Future | June 2026 | $(552498) | $(541992) | $10506 |
| 7 | CAD | Montreal Exchange 5 Year Canadian Bond Futures | June 2026 | (584776) | (581654) | 3122 |
| **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:** |
| 35 | USD | Ultra U.S. Treasury Bond Futures | June 2026 | $(4143750) | $(4026093) | $117657 |
| 5 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2026 | (580545) | (564297) | 16248 |
| **Total** |  |  |  | $**(5861569)** | $**(5714036)** | $**147533** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(2888174)** |

---

**Centrally cleared credit default swap agreements on credit indices—sell protection<sup>18</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2026<sup>19</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>20</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| iTraxx Europe Crossover S43 | N/A | EUR | 350 | 06/20/30 | Quarterly | (5.000)% | $31843 | $43949 | $12106 |
| CDX.NA.HY.S46 | N/A | USD | 400 | 06/20/31 | Quarterly | (5.000) | 29472 | 30861 | 1389 |
| CDX.NA.IG.S46 | N/A | USD | 1300 | 06/20/31 | Quarterly | (1.000) | 22727 | 28866 | 6139 |
| CDX.EM.S45 | N/A | USD | 345 | 06/20/31 | Quarterly | (1.000) | (8059) | (9166) | (1107) |
| iTraxx Europe S45 | N/A | EUR | 300 | 06/20/31 | Quarterly | (1.000) | 5402 | 7217 | 1815 |
| **Total** |  |  |  |  |  |  | $**81385** | $**101727** | $**20342** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** | **Centrally cleared credit default swap agreements on corporate issues—sell protection<sup>18</sup>** |
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2026<sup>19</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>20</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AT&T, Inc., 3.800%, due 06/20/28 | N/A | USD | 400 | 06/20/28 | Quarterly | 1.000% | $(673) | $5712 | $6385 |
| Boeing Co., 2.600%, due 06/20/26 | N/A | USD | 100 | 06/20/26 | Quarterly | 1.000 | 23 | 230 | 207 |
| Boeing Co., 5.150%, due 06/20/31 | N/A | USD | 200 | 06/20/31 | Quarterly | 1.000 | 2495 | 3303 | 808 |
| Boeing Co., 5.150%, due 12/20/30 | N/A | USD | 100 | 12/20/30 | Quarterly | 1.000 | 1468 | 1768 | 300 |
| T-Mobile USA, Inc., 4.750%, due 06/20/28 | N/A | USD | 200 | 06/20/28 | Quarterly | 5.000 | 14737 | 20978 | 6241 |
| Verizon Communications, Inc., 4.125%, due 06/20/28 | N/A | USD | 400 | 06/20/28 | Quarterly | 1.000 | (453) | 5936 | 6389 |
| Verizon Communications, Inc., 4.125%, due 12/20/28 | N/A | USD | 100 | 12/20/28 | Quarterly | 1.000 | (125) | 1683 | 1808 |
| **Total** |  |  |  |  |  |  | $**17472** | $**39610** | $**22138** |

---

**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>20</sup>** | **Payments<br> received by<br> the portfolio<sup>20</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| AUD | 500 | 09/20/33 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500% | $(11509) | $(5930) |
| AUD | 300 | 03/20/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | (7613) | (1032) |
| AUD | 500 | 09/18/34 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.500 | (13490) | (15369) |
| AUD | 300 | 03/19/35 | Semi-annual | 6 mo. AUD Bank Bill Swap | 4.000 | (16555) | (16279) |
| BRL | 4300 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.548 | (36849) | (36849) |
| BRL | 1050 | 01/04/27 | At Maturity | 1 day BRL CDI | 11.528 | (9118) | (9117) |
| BRL | 300 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.926 | (507) | (507) |
| BRL | 3100 | 01/04/27 | At Maturity | 1 day BRL CDI | 13.927 | (5229) | (5241) |
| BRL | 200 | 01/04/27 | At Maturity | 1 day BRL CDI | 14.009 | (291) | (291) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.320 | (595) | (595) |
| BRL | 1800 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.291 | (5601) | (5585) |
| BRL | 200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.354 | (559) | (559) |
| BRL | 2200 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.400 | (5013) | (4973) |
| BRL | 3100 | 01/02/29 | At Maturity | 13.017% | 1 day BRL CDI | 11849 | 11850 |
| BRL | 700 | 01/02/29 | At Maturity | 13.000 | 1 day BRL CDI | 2721 | 2721 |
| BRL | 400 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.681 | 274 | 581 |
| BRL | 1300 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.657 | 716 | 1204 |
| BRL | 100 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.899 | 176 | 176 |
| BRL | 800 | 01/02/31 | At Maturity | 1 day BRL CDI | 14.067 | 2069 | 2069 |
| CAD | 1100 | 06/01/32 | Semi-annual | 3.500 | 1 day CAD CORRA | (23698) | (16801) |
| EUR | 200 | 10/05/29 | Annual | 2.063 | 1 day EUR STR | 3707 | 3707 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (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>20</sup>** | **Payments<br> received by<br> the portfolio<sup>20</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 100 | 10/05/29 | Annual | 2.050% | 1 day EUR STR | $1912 | $1912 |
| EUR | 100 | 10/05/29 | Annual | 2.056 | 1 day EUR STR | 1883 | 1883 |
| EUR | 200 | 03/09/33 | Annual | 6 mo. EURIBOR | 2.547% | (5430) | (5430) |
| EUR | 100 | 11/05/34 | Annual | 6 mo. EURIBOR | 2.410 | (5177) | (5177) |
| EUR | 1710 | 09/16/36 | Annual | 6 mo. EURIBOR | 2.750 | (61609) | (54047) |
| EUR | 100 | 08/13/29 | Semi-annual | 2.700 | 6 mo. EURIBOR | (1299) | (1299) |
| EUR | 100 | 08/14/29 | Semi-annual | 2.650 | 6 mo. EURIBOR | (1057) | (1057) |
| EUR | 100 | 09/25/29 | Semi-annual | 2.300 | 6 mo. EURIBOR | 767 | 767 |
| EUR | 100 | 04/09/30 | Semi-annual | 2.400 | 6 mo. EURIBOR | 2003 | 2003 |
| EUR | 100 | 04/29/30 | Semi-annual | 2.350 | 6 mo. EURIBOR | 720 | 720 |
| EUR | 760 | 09/16/56 | Semi-annual | 3.000 | 6 mo. EURIBOR | 27745 | 12997 |
| GBP | 800 | 09/16/36 | Annual | 4.000 | 1 day GBP SONIA | 50988 | 25172 |
| GBP | 100 | 09/16/56 | Annual | 4.500 | 1 day GBP SONIA | 9961 | 5045 |
| JPY | 70000 | 06/18/32 | Annual | 1.250 | 1 day JPY TONA | 15282 | 3443 |
| JPY | 10000 | 06/18/45 | Annual | 1 day JPY TONA | 2.000 | (7585) | (861) |
| JPY | 10000 | 06/18/55 | Annual | 1 day JPY TONA | 2.000 | (13287) | (515) |
| USD | 400 | 05/31/28 | Annual | 3.807 | 1 day USD SOFR | (24) | (24) |
| USD | 200 | 06/20/29 | Annual | 3.750 | 1 day USD SOFR | 36 | 1020 |
| USD | 800 | 12/18/29 | Annual | 3.750 | 1 day USD SOFR | (1878) | 8773 |
| USD | 100 | 10/31/30 | Annual | 3.727 | 1 day USD SOFR | (73) | (73) |
| USD | 100 | 10/31/30 | Annual | 3.722 | 1 day USD SOFR | (50) | (50) |
| USD | 200 | 10/31/30 | Annual | 3.739 | 1 day USD SOFR | (260) | (260) |
| USD | 100 | 10/31/30 | Annual | 3.732 | 1 day USD SOFR | (96) | (96) |
| USD | 100 | 03/18/31 | Annual | 3.500 | 1 day USD SOFR | 993 | 1692 |
| USD | 675 | 04/30/31 | Annual | 3.694 | 1 day USD SOFR | 3150 | 3150 |
| USD | 700 | 05/15/32 | Annual | 3.750 | 1 day USD SOFR | 1082 | 1652 |
| USD | 200 | 06/15/32 | Annual | 1.750 | 1 day USD SOFR | 26055 | 7157 |
| USD | 1200 | 06/21/33 | Annual | 3.000 | 1 day USD SOFR | 71344 | 55802 |
| USD | 1690 | 08/15/33 | Annual | 3.687 | 1 day USD SOFR | 17313 | 17313 |
| USD | 700 | 08/15/33 | Annual | 3.734 | 1 day USD SOFR | 4849 | 4849 |
| USD | 300 | 08/15/33 | Annual | 3.763 | 1 day USD SOFR | 1467 | 1467 |
| USD | 200 | 08/15/33 | Annual | 3.753 | 1 day USD SOFR | 1121 | 1121 |
| USD | 700 | 08/15/33 | Annual | 3.717 | 1 day USD SOFR | 5705 | 5705 |
| USD | 300 | 08/15/33 | Annual | 3.745 | 1 day USD SOFR | 1849 | 1849 |
| USD | 300 | 08/15/33 | Annual | 3.754 | 1 day USD SOFR | 1655 | 1656 |
| USD | 100 | 11/22/33 | Annual | 4.250 | 1 day USD SOFR | (2953) | (2953) |
| USD | 30 | 12/19/33 | Annual | 3.950 | 1 day USD SOFR | (251) | (251) |
| USD | 600 | 12/20/33 | Annual | 3.500 | 1 day USD SOFR | 13820 | 11449 |
| USD | 300 | 02/18/35 | Annual | 4.095 | 1 day USD SOFR | (4811) | (4811) |
| USD | 100 | 03/11/35 | Annual | 3.899 | 1 day USD SOFR | (75) | (75) |
| USD | 100 | 03/12/35 | Annual | 3.905 | 1 day USD SOFR | (120) | (120) |
| USD | 200 | 03/24/35 | Annual | 3.930 | 1 day USD SOFR | (582) | (582) |
| USD | 100 | 08/15/35 | Annual | 3.640 | 1 day USD SOFR | 2110 | 1918 |
| USD | 100 | 08/15/35 | Annual | 3.700 | 1 day USD SOFR | 1637 | 1721 |
| USD | 109 | 08/15/35 | Annual | 3.715 | 1 day USD SOFR | 1655 | 1361 |
| USD | 100 | 09/17/35 | Annual | 3.551 | 1 day USD SOFR | 3063 | 3063 |
| USD | 100 | 03/03/36 | Annual | 3.748 | 1 day USD SOFR | 1532 | 1532 |
| USD | 100 | 03/03/36 | Annual | 3.775 | 1 day USD SOFR | 1307 | 1307 |
| USD | 100 | 03/18/36 | Annual | 4.000 | 1 day USD SOFR | (542) | 2576 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (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>20</sup>** | **Payments<br> received by<br> the portfolio<sup>20</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| USD | 1800 | 06/20/54 | Annual | 3.500% | 1 day USD SOFR | $221215 | $178760 |
| USD | 100 | 12/17/54 | Annual | 3.765 | 1 day USD SOFR | 7471 | 7471 |
| USD | 200 | 12/18/54 | Annual | 3.500 | 1 day USD SOFR | 23960 | 19467 |
| USD | 100 | 02/15/55 | Annual | 3.642 | 1 day USD SOFR | 9564 | 9564 |
| USD | 200 | 06/17/56 | Annual | 4.000 | 1 day USD SOFR | 7302 | 2889 |
| USD | 475 | 06/17/56 | Annual | 4.000 | 1 day USD SOFR | 16550 | 9075 |
| **Total** | **Total** |  |  |  |  | $**336792** | $**244800** |

---

**OTC credit default swap agreements on credit indices—sell protection<sup>18</sup>**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2026<sup>19</sup>** | **Referenced<br> obligations** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> date** | **Payment<br> frequency** | **Payments<br> made by<br> the <br> portfolio<sup>20</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | N/A | iTraxx Europe Crossover S44 | EUR | 200 | 12/20/30 | Quarterly | 5.000% | $41312 | $43729 | $2417 |
| BOA | N/A | iTraxx Europe Crossover S44 | EUR | 200 | 12/20/30 | Quarterly | 5.000 | 40194 | 43729 | 3535 |
| MSCI | N/A | iTraxx Europe Crossover S44 | EUR | 70 | 12/20/30 | Quarterly | 5.000 | 14550 | 15305 | 755 |
| JPMCB | N/A | iTraxx Europe Crossover S44 | EUR | 330 | 12/20/30 | Quarterly | 5.000 | 68284 | 72153 | 3869 |
| CITI | N/A | iTraxx Europe Crossover S44 | EUR | 500 | 12/20/30 | Quarterly | 5.000 | 103328 | 109323 | 5995 |
|  |  |  |  |  |  |  |  | $**267668** | $**284239** | $16571 |

---

**OTC credit default swap agreements on corporate issues—sell protection<sup>18</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Referenced 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>20</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| DB | Petroleos Mexicanos | USD | 18 | 07/6/26 | Monthly | (4.750)% | $— | $71 | $71 |
| GSI | SoftBank Group Corp. | USD | 100 | 06/20/26 | Quarterly | (1.000) | (66) | 39 | 105 |
| **Total** |  |  |  |  |  |  | $**(66)** | $**110** | $176 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

**OTC Total return swap agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional<br> amount<br> (000)** | **Notional<br> amount<br> (000)** | **Maturity<br> Date** | **Payment<br> frequency** | **Payment<br> made by the<br> Portfolio<sup>20</sup>** | **Payments<br> received by<br> the <br> Portfolio<sup>20</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| GSI | USD | 16 | 05/13/26 | At Maturity | 1 day USD SOFR | (0.450)% | $— | $(25) | $(25) |
| GSI | USD | 13 | 05/20/26 | At Maturity | 1 day USD SOFR | (0.250) |  | (3627) | (3627) |
|  |  |  |  |  |  |  | $**—** | $**(3652)** | $**(3652)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | CAD | 927504 | USD | 669736 | 05/04/26 | $(13165) |
| BB | CHF | 37183 | USD | 46649 | 05/04/26 | (939) |
| BB | TRY | 1534090 | USD | 32826 | 05/04/26 | (1125) |
| BB | USD | 32826 | TRY | 1521452 | 05/04/26 | 846 |
| BB | TRY | 1020538 | USD | 21884 | 05/05/26 | (682) |
| BB | USD | 19964 | ILS | 59134 | 05/05/26 | 96 |
| BB | TRY | 2796020 | USD | 60181 | 05/06/26 | (1592) |
| BB | USD | 71765 | TRY | 3328483 | 05/06/26 | 1772 |
| BB | USD | 352540 | TRY | 16038987 | 05/07/26 | 1508 |
| BB | USD | 28223 | TRY | 1290200 | 05/12/26 | 133 |
| BB | USD | 26448 | TRY | 1212694 | 05/13/26 | 179 |
| BB | USD | 26448 | TRY | 1212535 | 05/14/26 | 151 |
| BB | USD | 17176 | TRY | 789512 | 05/15/26 | 127 |
| BB | USD | 28223 | TRY | 1297722 | 05/18/26 | 137 |
| BB | MYR | 92976 | USD | 23081 | 05/20/26 | (340) |
| BB | USD | 13738 | TRY | 632530 | 05/20/26 | 59 |
| BB | USD | 25856 | TRY | 1192519 | 05/21/26 | 132 |
| BB | USD | 28223 | TRY | 1302139 | 05/22/26 | 127 |
| BB | USD | 10978 | TRY | 508016 | 05/26/26 | 41 |
| BB | USD | 41888 | TRY | 1945472 | 06/01/26 | 76 |
| BB | USD | 12826 | TRY | 596919 | 06/03/26 | 26 |
| BB | TRY | 1511486 | USD | 32419 | 06/05/26 | (62) |
| BB | ILS | 456693 | USD | 148414 | 06/10/26 | (6538) |
| BB | USD | 8593 | TRY | 404928 | 06/12/26 | 52 |
| BB | USD | 35043 | TRY | 1652946 | 06/15/26 | 146 |
| BB | ILS | 59089 | USD | 19964 | 07/21/26 | (95) |
| BNP | CHF | 43000 | USD | 54455 | 05/04/26 | (578) |
| BNP | IDR | 1018052946 | USD | 58765 | 05/04/26 | (48) |
| BNP | TWD | 2511061 | USD | 78000 | 05/04/26 | (1252) |
| BNP | USD | 60000 | IDR | 1018052946 | 05/04/26 | (1187) |
| BNP | USD | 695866 | SGD | 885636 | 05/04/26 | (49) |
| BNP | USD | 79537 | TWD | 2511061 | 05/04/26 | (285) |
| BNP | BRL | 408595 | USD | 81906 | 05/05/26 | (609) |
| BNP | ILS | 161334 | USD | 50993 | 05/05/26 | (3738) |
| BNP | USD | 80000 | BRL | 408596 | 05/05/26 | 2514 |
| BNP | USD | 12000 | THB | 392907 | 05/05/26 | 53 |
| BNP | INR | 6434907 | USD | 68100 | 05/06/26 | 306 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | TWD | 1603083 | USD | 50000 | 05/07/26 | $(601) |
| BNP | USD | 19947 | CNH | 136000 | 05/07/26 | (39) |
| BNP | USD | 48010 | TWD | 1514331 | 05/07/26 | (210) |
| BNP | PLN | 32000 | USD | 8808 | 05/13/26 | (20) |
| BNP | TWD | 1515244 | USD | 48010 | 05/13/26 | 163 |
| BNP | USD | 60519 | TWD | 1910454 | 05/13/26 | (192) |
| BNP | USD | 26327 | INR | 2457241 | 05/20/26 | (468) |
| BNP | USD | 450359 | PLN | 1613926 | 05/20/26 | (5124) |
| BNP | USD | 60000 | INR | 5643895 | 05/26/26 | (639) |
| BNP | SGD | 883830 | USD | 695866 | 06/02/26 | 93 |
| BNP | NZD | 779000 | USD | 459065 | 06/03/26 | (1598) |
| BNP | IDR | 887438983 | USD | 51053 | 06/10/26 | (135) |
| BNP | ILS | 62000 | USD | 19780 | 06/10/26 | (1256) |
| BNP | USD | 138549 | IDR | 2355928648 | 06/10/26 | (2659) |
| BNP | THB | 787103 | USD | 24588 | 06/17/26 | 361 |
| BNP | USD | 51822 | INR | 4881871 | 06/17/26 | (579) |
| BNP | USD | 114313 | MXN | 1990046 | 06/17/26 | (800) |
| BNP | USD | 28793 | INR | 2711062 | 06/24/26 | (355) |
| BNP | USD | 51053 | IDR | 891931647 | 09/16/26 | 113 |
| BOA | EUR | 2614651 | USD | 3009667 | 05/04/26 | (59017) |
| BOA | INR | 2821950 | USD | 30000 | 05/06/26 | 270 |
| BOA | USD | 359553 | JPY | 57193923 | 05/07/26 | 5775 |
| BOA | PLN | 29000 | USD | 8055 | 05/13/26 | 55 |
| BOA | ZAR | 7297000 | USD | 444660 | 05/20/26 | 7097 |
| BOA | IDR | 688663000 | USD | 40000 | 05/26/26 | 251 |
| BOA | CAD | 13000 | USD | 9526 | 06/02/26 | (57) |
| BOA | EUR | 2576651 | USD | 3018768 | 06/02/26 | (9296) |
| BOA | USD | 298561 | JPY | 47520666 | 06/02/26 | 5646 |
| BOA | ILS | 142884 | USD | 46381 | 06/10/26 | (2098) |
| BOA | ILS | 268831 | USD | 87165 | 06/17/26 | (4054) |
| BOA | MXN | 346000 | USD | 19838 | 06/17/26 | 102 |
| BOA | MXN | 1570000 | USD | 87626 | 06/17/26 | (1928) |
| BOA | USD | 248661 | MXN | 4310000 | 06/17/26 | (2819) |
| BOA | BRL | 2200000 | USD | 402562 | 10/02/26 | (26007) |
| CITI | IDR | 559636747 | USD | 32595 | 05/04/26 | 265 |
| CITI | TWD | 1185914 | USD | 37573 | 05/04/26 | 144 |
| CITI | USD | 32304 | IDR | 559636747 | 05/04/26 | 26 |
| CITI | USD | 37561 | TWD | 1185914 | 05/04/26 | (133) |
| CITI | USD | 99699 | INR | 9386994 | 05/06/26 | (805) |
| CITI | ILS | 298955 | USD | 95224 | 05/12/26 | (6193) |
| CITI | TWD | 722299 | USD | 22837 | 05/13/26 | 29 |
| CITI | INR | 4747726 | USD | 50278 | 05/20/26 | 315 |
| CITI | USD | 145968 | INR | 13674432 | 05/20/26 | (2066) |
| CITI | USD | 10099 | KRW | 14901732 | 05/20/26 | (48) |
| CITI | PEN | 296387 | USD | 85431 | 06/08/26 | 1124 |
| CITI | ILS | 310000 | USD | 100565 | 06/10/26 | (4615) |
| CITI | USD | 67486 | IDR | 1153166253 | 06/10/26 | (970) |
| CITI | THB | 1158103 | USD | 36195 | 06/17/26 | 548 |
| CITI | USD | 95747 | INR | 9037184 | 06/17/26 | (888) |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| CITI | USD | 82214 | INR | 7748582 | 06/24/26 | $(934) |
| CITI | AUD | 60000 | USD | 42748 | 07/15/26 | (390) |
| CITI | CAD | 1275152 | USD | 922149 | 07/15/26 | (19527) |
| CITI | EUR | 2574726 | USD | 2997478 | 07/15/26 | (33953) |
| CITI | GBP | 670000 | USD | 890182 | 07/15/26 | (21326) |
| CITI | USD | 41597 | AUD | 60000 | 07/15/26 | 1542 |
| CITI | USD | 17043 | BRL | 90000 | 07/15/26 | 819 |
| CITI | USD | 44884 | CLP | 41500000 | 07/15/26 | 1240 |
| CITI | USD | 82983 | EUR | 70000 | 07/15/26 | (566) |
| CITI | ZAR | 3257899 | USD | 192408 | 07/15/26 | (2121) |
| CITI | PEN | 430703 | USD | 124747 | 07/16/26 | 2477 |
| CITI | USD | 37389 | MXN | 668784 | 09/17/26 | 464 |
| DB | AUD | 815000 | USD | 558874 | 05/04/26 | (27885) |
| DB | SGD | 885559 | USD | 694807 | 05/04/26 | (950) |
| DB | USD | 485312 | AUD | 678000 | 05/04/26 | 2814 |
| DB | THB | 717263 | USD | 22199 | 05/05/26 | 196 |
| DB | IDR | 668974900 | USD | 38860 | 05/06/26 | 216 |
| DB | USD | 49201 | INR | 4615841 | 05/06/26 | (572) |
| DB | CNH | 106306 | USD | 15409 | 05/07/26 | (153) |
| DB | USD | 163286 | CNH | 1116227 | 05/07/26 | 114 |
| DB | KRW | 29884918 | USD | 20246 | 05/20/26 | 90 |
| DB | KRW | 20739733 | USD | 13764 | 05/20/26 | (224) |
| DB | AUD | 678000 | USD | 485069 | 06/02/26 | (2806) |
| DB | CNH | 1114176 | USD | 163286 | 06/02/26 | (112) |
| DB | USD | 70316 | IDR | 1209521332 | 06/10/26 | (551) |
| DB | THB | 456663 | USD | 14221 | 06/17/26 | 165 |
| DB | THB | 1281189 | USD | 39307 | 06/17/26 | (128) |
| DB | USD | 22215 | THB | 717263 | 06/17/26 | (138) |
| GS | BRL | 408784 | USD | 82168 | 05/05/26 | (385) |
| GS | USD | 163850 | BRL | 817379 | 05/05/26 | 1218 |
| GS | USD | 10000 | THB | 324356 | 05/05/26 | (50) |
| GS | INR | 4742836 | USD | 50200 | 05/06/26 | 233 |
| GS | USD | 40000 | IDR | 676760000 | 05/06/26 | (906) |
| GS | CNH | 412000 | USD | 59903 | 05/07/26 | (408) |
| GS | INR | 935480 | USD | 10000 | 05/18/26 | 154 |
| GS | USD | 177109 | INR | 16533204 | 05/20/26 | (3123) |
| GS | USD | 10000 | INR | 936640 | 05/26/26 | (149) |
| GS | USD | 10000 | KRW | 14790645 | 05/26/26 | (23) |
| GS | BRL | 191 | USD | 38 | 06/02/26 | 0 |
| GS | USD | 1092779 | BRL | 5884452 | 06/02/26 | 86991 |
| GS | IDR | 335860092 | USD | 19921 | 06/10/26 | 549 |
| GS | USD | 48838 | IDR | 827731358 | 06/10/26 | (1094) |
| GS | PEN | 463065 | USD | 137469 | 06/17/26 | 5821 |
| GS | THB | 658313 | USD | 20530 | 06/17/26 | 267 |
| GS | THB | 1102042 | USD | 33643 | 06/17/26 | (278) |
| GS | USD | 90893 | INR | 8582755 | 06/17/26 | (803) |
| GS | USD | 353939 | MXN | 6307000 | 06/17/26 | 5813 |
| GS | USD | 30 | THB | 959 | 06/17/26 | 0 |
| GS | USD | 82168 | BRL | 414569 | 07/02/26 | 375 |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| GSI | BRL | 90000 | USD | 17510 | 07/15/26 | $(353) |
| GSI | USD | 15813 | BRL | 80000 | 07/15/26 | 64 |
| GSI | USD | 82273 | EUR | 70000 | 07/15/26 | 144 |
| GSI | USD | 312967 | MXN | 5635377 | 07/15/26 | 7725 |
| GSI | USD | 40152 | MXN | 700000 | 07/15/26 | (318) |
| GSI | USD | 23587 | NZD | 40000 | 07/15/26 | 97 |
| GSI | USD | 41510 | NZD | 70000 | 07/15/26 | (62) |
| GSI | USD | 12158 | ZAR | 200000 | 07/15/26 | (216) |
| HSBC | CHF | 32000 | USD | 40103 | 05/04/26 | (851) |
| HSBC | NZD | 779000 | USD | 446384 | 05/04/26 | (13810) |
| HSBC | USD | 95098 | AUD | 137000 | 05/04/26 | 3535 |
| HSBC | USD | 884141 | CAD | 1210123 | 05/04/26 | 6847 |
| HSBC | USD | 44739 | EUR | 38000 | 05/04/26 | (140) |
| HSBC | USD | 55980 | SEK | 534558 | 05/04/26 | 1918 |
| HSBC | JPY | 67742256 | USD | 423919 | 05/07/26 | (8787) |
| HSBC | USD | 366720 | JPY | 58330002 | 05/07/26 | 5865 |
| HSBC | USD | 26551 | INR | 2478918 | 05/20/26 | (464) |
| HSBC | CAD | 1208632 | USD | 884141 | 06/02/26 | (6835) |
| HSBC | USD | 423919 | JPY | 67592061 | 06/02/26 | 8776 |
| HSBC | USD | 57496 | SEK | 532724 | 06/02/26 | 289 |
| HSBC | USD | 19961 | IDR | 340084973 | 06/10/26 | (345) |
| JPMCB | CAD | 282000 | USD | 202870 | 05/04/26 | (4761) |
| JPMCB | IDR | 459246986 | USD | 26797 | 05/04/26 | 266 |
| JPMCB | USD | 142256 | CHF | 112222 | 05/04/26 | 1370 |
| JPMCB | USD | 26509 | IDR | 459246986 | 05/04/26 | 21 |
| JPMCB | GBP | 458000 | USD | 606514 | 05/05/26 | (16709) |
| JPMCB | USD | 618758 | GBP | 458000 | 05/05/26 | 4465 |
| JPMCB | USD | 34192 | ILS | 102215 | 05/05/26 | 483 |
| JPMCB | CNH | 733846 | USD | 106820 | 05/07/26 | (605) |
| JPMCB | ILS | 510248 | USD | 163707 | 05/12/26 | (9388) |
| JPMCB | USD | 88238 | ILS | 263285 | 05/12/26 | 1078 |
| JPMCB | PLN | 48095 | USD | 13184 | 05/13/26 | (84) |
| JPMCB | KRW | 17858372 | USD | 11880 | 05/20/26 | (165) |
| JPMCB | CHF | 111872 | USD | 142256 | 06/02/26 | (1356) |
| JPMCB | GBP | 458000 | USD | 618736 | 06/02/26 | (4469) |
| JPMCB | ILS | 88000 | USD | 28228 | 06/10/26 | (1629) |
| JPMCB | USD | 133575 | IDR | 2293036268 | 06/10/26 | (1312) |
| JPMCB | MXN | 401000 | USD | 22345 | 06/17/26 | (528) |
| JPMCB | THB | 450678 | USD | 14032 | 06/17/26 | 160 |
| JPMCB | THB | 638686 | USD | 19564 | 06/17/26 | (95) |
| JPMCB | USD | 225335 | MXN | 3921099 | 06/17/26 | (1675) |
| JPMCB | USD | 40464 | INR | 3779338 | 06/24/26 | (820) |
| JPMCB | ILS | 365293 | USD | 122430 | 07/07/26 | (1549) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(179315)** |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $50275336 | $— | $50275336 |
| Commercial paper |  | 249916 |  | 249916 |
| Corporate bonds |  | 191322902 |  | 191322902 |
| Loan assignments |  | 33743321 |  | 33743321 |
| Mortgage-backed securities |  | 46602697 |  | 46602697 |
| Municipal bonds |  | 1720511 |  | 1720511 |
| Non-U.S. government agency obligations |  | 10532568 |  | 10532568 |
| U.S. government agency obligations |  | 33846977 | 363 | 33847340 |
| U.S. Treasury obligations |  | 46033003 |  | 46033003 |
| Preferred stocks | 6234930 |  |  | 6234930 |
| Exchange traded funds | 1697315 |  |  | 1697315 |
| Swaptions Purchased |  | 3909 |  | 3909 |
| Short-term investments | 12062688 |  |  | 12062688 |
| Short-term U.S. Treasury obligations |  | 2621274 |  | 2621274 |
| Investment of cash collateral from securities loaned | 7791084 |  |  | 7791084 |
| Futures contracts | 147533 |  |  | 147533 |
| Swap agreements |  | 1015430 |  | 1015430 |
| Forward foreign currency contracts |  | 185519 |  | 185519 |
| **Total** | $**27933550** | $**418153363** | $**363** | $**446087276** |
| **Liabilities** |  |  |  |  |
| Foreign exchange options written | $— | $(238) | $— | $(238) |
| Options written | (3329) | (127) |  | (3456) |
| Swaptions written |  | (5029) |  | (5029) |
| Futures contracts | (3035707) |  |  | (3035707) |
| Swap agreements |  | (256604) |  | (256604) |
| Forward foreign currency contracts |  | (364834) |  | (364834) |
| **Total** | $**(3039036)** | $**(626832)** | $**—** | $**(3665868)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| <sup>†</sup> | Amount represents less than 0.05% or (0.05)%. |
| 1 | In U.S. dollars unless otherwise indicated. |
| 2 | Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |

---

**PACE Strategic Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | |
|:---|:---|
| 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 $172,213,419, represented 42.8% 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 was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 6 | Security, or portion thereof, was on loan at the period end. |
| 7 | Perpetual investment. Date shown reflects the next call date. |
| 8 | Bond interest in default. |
| 9 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 10 | Position is unsettled. Contract rate was not determined at April 30, 2026 and does not take effect until settlement. |
| 11 | Zero coupon bond. |
| 12 | Rate shown is the discount rate at the date of purchase unless otherwise noted. |
| 13 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 14 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 15 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 16 | Rate shown reflects yield at April 30, 2026. |
| 17 | Includes $13,119,481 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $7,791,084 and non-cash collateral of $5,628,493. |
| 18 | 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. |
| 19 | 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. |
| 20 | Payments made or received are based on the notional amount. |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—99.2%** |  |  |
| **Alabama—6.0%** |  |  |
| Black Belt Energy Gas District, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | $1000000 | $1002713 |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/34 | 1000000 | 1058997 |
| County of Jefferson Sewer Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | 1000000 | 1106945 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/38 | 1000000 | 1084472 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/39 | 1000000 | 1075403 |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/40 | 750000 | 818801 |
| Southeast Energy Authority A Cooperative District, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/30 | 2500000 | 2671747 |
|  |  | 8819078 |
| **Arizona—3.2%** |  |  |
| Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/31 | 1000000 | 1087579 |
| Arizona Industrial Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2019-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/20/33 | 776642 | 775257 |
| Chandler Industrial Development Authority, Intel Corp., Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/01/49<sup>1</sup> | 750000 | 757336 |
| City of Phoenix Civic Improvement Corp., City of Phoenix Airport, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/30 | 1000000 | 1056078 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Arizona—(continued)** |  |  |
| Salt Verde Financial Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/32 | $1000000 | $1071983 |
|  |  | 4748233 |
| **California—2.6%** |  |  |
| California Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2021-1, Class A |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/20/35 | 1379862 | 1371517 |
| California Municipal Finance Authority, Municipal Certificates, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, Class A-1 |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 07/20/41 | 499595 | 490842 |
| Los Angeles Department of Water & Power, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/37 | 850000 | 918053 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/39 | 1000000 | 1082081 |
|  |  | 3862493 |
| **Colorado—0.8%** |  |  |
| Colorado Health Facilities Authority, AdventHealth Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/49<sup>1,2</sup> | 140000 | 141759 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35<sup>3</sup> | 1000000 | 1079299 |
|  |  | 1221058 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Connecticut—0.7%** |  |  |
| State of Connecticut Special Tax, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/36 | $1000000 | $1031039 |
| **District of Columbia—1.1%** |  |  |
| District of Columbia Income Tax Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 1500000 | 1619174 |
| **Florida—2.6%** |  |  |
| County of Miami-Dade Water & Sewer System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/40 | 1250000 | 1381880 |
| Miami Beach Redevelopment Agency, Tax Allocation Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31 | 720000 | 782157 |
| Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/39 | 1500000 | 1657548 |
|  |  | 3821585 |
| **Georgia—4.3%** |  |  |
| 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 | 1013886 |
| Georgia Ports Authority, Houston Methodist Hospital Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/41 | 1500000 | 1619260 |
| Main Street Natural Gas, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/28 | 1500000 | 1572177 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Georgia—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/53<sup>1</sup> | $1000000 | $1058926 |
| 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 | 1039234 |
|  |  | 6303483 |
| **Illinois—7.9%** |  |  |
| Chicago Midway International Airport, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/34 | 1500000 | 1639766 |
| City of Chicago 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 | 1852777 |
| City of Chicago, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/44 | 500000 | 488445 |
| City of Chicago, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/35 | 1250000 | 1208324 |
| County of Cook Sales Tax, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/35 | 2500000 | 2569048 |
| Illinois Finance Authority, University of Chicago, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/01/43 | 900000 | 984108 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Illinois—(continued)** |  |  |
| Regional Transportation Authority, Revenue Bonds, (National Public Finance Guarantee Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30 | $1000000 | $1093292 |
| Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/36 | 1770000 | 1855634 |
|  |  | 11691394 |
| **Indiana—3.5%** |  |  |
| 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 | 2071333 |
| Indiana Finance Authority, Franciscan Alliance, Inc. Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/01/41<sup>4</sup> | 1000000 | 1102759 |
| 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 | 2058899 |
|  |  | 5232991 |
| **Iowa—0.4%** |  |  |
| Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, Class 1 |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/33 | 500000 | 541395 |
| **Kentucky—2.0%** |  |  |
| 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 | 2133398 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Kentucky—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/36 | $750000 | $797097 |
|  |  | 2930495 |
| **Louisiana—0.7%** |  |  |
| Parish of St John the Baptist, 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 | 998714 |
| **Massachusetts—1.4%** |  |  |
| Commonwealth of Massachusetts, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/34 | 2000000 | 2051127 |
| **Michigan—1.5%** |  |  |
| Detroit Downtown Development Authority, Catalyst Development Area, Refunding, Tax Allocation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/38 | 1000000 | 1098021 |
| Michigan State Hospital Finance Authority, Bronson Health Care Group Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/33 | 1000000 | 1104985 |
|  |  | 2203006 |
| **New Jersey—4.2%** |  |  |
| Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 6000000 | 6216568 |
| **New Mexico—2.4%** |  |  |
| New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/28 | 2000000 | 2058528 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **New Mexico—(continued)** |  |  |
| New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/39 | $1585000 | $1503632 |
|  |  | 3562160 |
| **New York—10.4%** |  |  |
| Albany Capital Resource Corp., Albany Medical Center Hospital Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/01/41 | 1000000 | 1123815 |
| City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, Subseries B-1, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/41 | 1180000 | 1285406 |
| 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 | 2822616 |
| New York State Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.100%, due 05/01/56<sup>1</sup> | 1000000 | 999203 |
| 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 | 1897678 |
| New York Transportation Development Corp., JFK International Air New Terminal One LLC, Revenue Bonds, (Assured Guaranty Corp.), AMT, |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/30/42 | 1000000 | 968865 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **New York—(continued)** |  |  |
| New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | $2000000 | $2141143 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/36 | 1000000 | 1064976 |
| 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 | 1000774 |
| New York Transportation Development Corp., Revenue Bonds, (Assured Guaranty Corp.), AMT, |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/30/43 | 1000000 | 1128027 |
| TSASC, Inc., Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/34 | 1000000 | 1014429 |
|  |  | 15446932 |
| **North Carolina—1.8%** |  |  |
| Charlotte Airport Revenue, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/36 | 1540000 | 1658490 |
| Nash Health Care Systems, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/44 | 995000 | 1084981 |
|  |  | 2743471 |
| **North Dakota—1.0%** |  |  |
| North Dakota Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/42 | 1330000 | 1443019 |
| **Ohio—4.6%** |  |  |
| 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 | 1656203 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Ohio—(continued)** |  |  |
| Ohio Water Development Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/39 | $1500000 | $1661042 |
| 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 | 1969719 |
| Summit County Development Finance Authority, Akron Properties LLC Project, Revenue Bonds, (Build America Mutual Assurance Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/36 | 360000 | 394156 |
| University of Cincinnati, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/43 | 1000000 | 1098184 |
|  |  | 6779304 |
| **Oklahoma—0.4%** |  |  |
| Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/33 | 650000 | 673195 |
| **Pennsylvania—9.9%** |  |  |
| 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 | 3308966 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Pennsylvania—(continued)** |  |  |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/34 | $2200000 | $2369864 |
| Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/27 | 1250000 | 1278016 |
| Pennsylvania Housing Finance Agency, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 151-A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | 1050000 | 1157498 |
| Philadelphia Airport, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/32 | 1250000 | 1274717 |
| Philadelphia Housing Authority, Philadelphia Housing Authority Development Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/29 | 1000000 | 1054469 |
| 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 | 10075 |
| Philadelphia School District, GO Bonds, (State Aid Withholding), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/01/35 | 1500000 | 1524753 |
| Pittsburgh Water & Sewer Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/43 | 750000 | 821111 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Pennsylvania—(continued)** |  |  |
| Southeastern Pennsylvania Transportation Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/40 | $1750000 | $1912598 |
|  |  | 14712067 |
| **Rhode Island—2.3%** |  |  |
| 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 | 2263080 |
| 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 | 1198751 |
|  |  | 3461831 |
| **South Carolina—1.0%** |  |  |
| Piedmont Municipal Power Agency, Catawba Project Power Sales, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/01/34 | 1500000 | 1517989 |
| **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 | 1370592 |
| **Texas—9.3%** |  |  |
| 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 | 1046734 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(continued)** |  |  |
| Central Texas Turnpike System, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/37 | $1000000 | $1106569 |
| City of Houston Hotel Occupancy Tax & Special Revenue, Refunding, Revenue Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/43 | 500000 | 547380 |
| Garland Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/42 | 2000000 | 2151345 |
| 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 | 1766052 |
| 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 | 2354477 |
| North East Texas Regional Mobility Authority Senior Lien, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/38 | 700000 | 768819 |
| Plano Independent School District, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/43 | 1000000 | 1069080 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(continued)** |  |  |
| Tarrant County Cultural Education Facilities Finance Corp., Cumberland Rest Inc Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/32 | $1675000 | $1804664 |
| 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 | 1092645 |
|  |  | 13707765 |
| **Virginia—1.7%** |  |  |
| Virginia Small Business Financing Authority, Capital Beltway Express LLC, Refunding, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/31/42 | 1000000 | 1031645 |
| 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 | 1469411 |
|  |  | 2501056 |
| **Washington—3.0%** |  |  |
| Port of Seattle, Revenue Bonds, AMT, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/32 | 1000000 | 1000934 |
| State of Washington, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/43 | 1000000 | 1076720 |
| State of Washington, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2022-C, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/01/36 | 1500000 | 1547167 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Washington—(continued)** |  |  |
| Washington State Housing Finance Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/20/35 | $912119 | $879985 |
|  |  | 4504806 |
| **Wisconsin—7.6%** |  |  |
| City of Milwaukee, GO Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series B4, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/35 | 2000000 | 2223885 |
| Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/34 | 1500000 | 1501740 |
| 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 | 2361802 |
| Public Finance Authority, Kahala Senior Living Community, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 11/15/40 | 425000 | 450139 |
| Public Finance Authority, Lindenwood Education System Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/33 | 1155000 | 1213120 |
| Public Finance Authority, Oxford Properties LLC Project, Revenue Bonds, (Build America Mutual Assurance Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/34 | 500000 | 549981 |

---

**PACE Municipal Fixed Income Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** |  |  |
| **Wisconsin—(continued)** |  |  |
| Public Finance Authority, The Ground LLC - Wake Forest University Project, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/35 | $1000000 | $1103472 |
| Sparta Area School District, GO Bonds, (Assured Guaranty Corp.), |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/39 | 2000000 | 1797305 |
|  |  | 11201444 |
| **Total municipal bonds** <br> (cost—$148,148,623) |  | **146917464** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—0.5%** |  |  |
| **Investment companies—0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>5</sup><br> (cost—$763,995) | 763995 | $763995 |
| **Total investments—99.7%**<br> (cost—$148,912,618) |  | **147681459** |
| Other assets in excess of liabilities—0.3% |  | 419044 |
| **Net assets—100.0%** |  | $**148100503** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $146917464 | $— | $146917464 |
| Short-term investments | 763995 |  |  | 763995 |
| **Total** | $**763995** | $**146917464** | $**—** | $**147681459** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

<sup>2</sup> Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call.

<sup>3</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $1,079,299, represented 0.7% of the Portfolio's net assets at period end.

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

<sup>5</sup> Rate shown reflects yield at April 30, 2026.

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount**<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—3.3%** |  |  |
| **Ireland—1.4%** |  |  |
| ARES European CLO XXI DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 21A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.220%, |  |  |
| &nbsp;&nbsp;&nbsp;3.424%, due 04/15/38<sup>2,3</sup> | 394000 | $462616 |
| Avoca CLO XXXII DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 32A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.374%, due 04/15/39<sup>2,3</sup> | 396000 | 463716 |
| Palmer Square European CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.350%, |  |  |
| &nbsp;&nbsp;&nbsp;3.554%, due 07/15/38<sup>2,3</sup> | 381000 | 447574 |
| Ravensdale Park CLO DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.170%, |  |  |
| &nbsp;&nbsp;&nbsp;3.335%, due 04/25/38<sup>2,3</sup> | 287000 | 335930 |
| RRE 24 Loan Management DAC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 24A, Class A1, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.160%, |  |  |
| &nbsp;&nbsp;&nbsp;3.176%, due 04/15/40<sup>2,3</sup> | 400000 | 468757 |
|  |  | 2178593 |
| **Netherlands—0.2%** |  |  |
| Dryden Euro CLO, |  |  |
| &nbsp;&nbsp;&nbsp;Series 131A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 1.210%, |  |  |
| &nbsp;&nbsp;&nbsp;3.743%, due 04/15/39<sup>2,3</sup> | 300000 | 350893 |
| **United States—1.7%** |  |  |
| Aqua Finance Issuer Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-B, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.790%, due 05/17/51<sup>2</sup> | 169020 | 169113 |
| 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> | 503985 | 506055 |
| GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1, Class A3, |  |  |
| &nbsp;&nbsp;&nbsp;5.090%, due 03/22/27 | 18985 | 18998 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.780%, due 10/20/34<sup>2</sup> | 420000 | 420316 |
| &nbsp;&nbsp;&nbsp;Series 2026-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 11/20/35<sup>2,4</sup> | 181000 | 180718 |
| Merchants Fleet Funding LLC, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-1A, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;5.820%, due 04/20/37<sup>2</sup> | 248063 | 249041 |
| Progress Residential Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-SFR3, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.390%, due 07/17/42<sup>2</sup> | 415000 | 392063 |
| Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-3, Class C, |  |  |
| &nbsp;&nbsp;&nbsp;4.680%, due 09/15/31 | 96000 | 96003 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Asset-backed securities—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| Sierra Timeshare Receivables Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2025-2A, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.720%, due 04/20/44<sup>2</sup> |  | 61958 | $61930 |
| Tesla Auto Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024-A, Class A3, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 06/21/27<sup>2</sup> |  | 46583 | 46642 |
| Towd Point Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-FIX2, Class A1A, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.309%, due 04/25/66<sup>2</sup> |  | 460000 | 458979 |
| UPG HI Issuer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2026-1, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.030%, due 02/25/48<sup>2,4</sup> |  | 100000 | 99994 |
|  |  |  | 2699852 |
| **Total asset-backed securities** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$5,036,249) |  |  | **5229338** |
| **Corporate bonds—33.1%** |  |  |  |
| **Argentina—0.0%†** |  |  |  |
| Tecpetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 11/03/30<sup>2</sup> |  | 50000 | 51150 |
| **Australia—0.6%** |  |  |  |
| Amcor U.K. Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.200%, due 11/17/29 | EUR | 250000 | 290009 |
| Glencore Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.634%, due 04/04/34<sup>2</sup> |  | 461000 | 473795 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/06/30<sup>2</sup> |  | 87000 | 92224 |
| Santos Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/19/33<sup>2</sup> |  | 152000 | 165761 |
|  |  |  | 1021789 |
| **Austria—0.1%** |  |  |  |
| Benteler International Austria GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/31<sup>5</sup> | EUR | 100000 | 124285 |
| **Belgium—0.3%** |  |  |  |
| KBC Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/23/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.454%, due 09/23/31<sup>2,3</sup> |  | 200000 | 196839 |
| &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 | 226472 |
|  |  |  | 423311 |
| **Canada—0.8%** |  |  |  |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 04/05/29 |  | 260000 | 265518 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Canada—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-A, (fixed, converts to FRN on 07/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/15/77<sup>3</sup> |  | 110000 | $109750 |
| Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;3.666%, due 09/08/31<sup>5</sup> | EUR | 700000 | 842008 |
| TransCanada PipeLines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/17/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/17/56<sup>3</sup> |  | 21000 | 21092 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/17/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/17/56<sup>3</sup> |  | 23000 | 23176 |
|  |  |  | 1261544 |
| **Colombia—0.2%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/19/29 |  | 200000 | 211700 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 12/30/30<sup>5</sup> |  | 198071 | 183592 |
|  |  |  | 395292 |
| **Denmark—0.1%** |  |  |  |
| Danske Bank AS |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.705%, due 03/01/30<sup>2,3</sup> |  | 230000 | 236360 |
| **France—3.7%** |  |  |  |
| Alstom SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/29/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.868%, due 05/29/29<sup>3,5,6</sup> | EUR | 100000 | 119714 |
| 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 | 207032 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/16/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/16/29<sup>2,3,6</sup> |  | 200000 | 209774 |
| &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 | 295045 |
| BPCE SA |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 02/24/27<sup>5</sup> | EUR | 100000 | 115289 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **France—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/13/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.417%, due 01/13/37<sup>2,3</sup> |  | 250000 | $244304 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/14/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.876%, due 01/14/31<sup>2,3</sup> |  | 475000 | 489869 |
| &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 | 868499 |
| &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 | 273167 |
| BPCE SFH SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/31<sup>5</sup> | EUR | 400000 | 466055 |
| 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 | 250118 |
| &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 | 368676 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/15/30<sup>3,5,6</sup> | EUR | 200000 | 222113 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/17/32<sup>3,5,6</sup> | EUR | 200000 | 242305 |
| Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/10/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 04/10/37<sup>2,3</sup> |  | 580000 | 566425 |
| &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 | 260202 |
| TotalEnergies SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 08/19/34<sup>3,5,6</sup> | EUR | 200000 | 231558 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **France—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Series NC12, (fixed, converts to FRN on 01/25/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 07/25/32<sup>3,5,6</sup> | EUR | 100000 | 102222 |
| Unibail-Rodamco-Westfield SE |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/04/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/04/30<sup>3,5,6</sup> | EUR | 200000 | 235043 |
|  |  |  | 5767410 |
| **Germany—1.4%** |  |  |  |
| Commerzbank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/16/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/16/32<sup>3,5</sup> | EUR | 100000 | 118673 |
| Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/06/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.725%, due 02/06/32<sup>3</sup> |  | 150000 | 147567 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/10/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.079%, due 02/10/34<sup>3</sup> |  | 390000 | 419267 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/04/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 08/04/31<sup>3</sup> |  | 155000 | 154514 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/20/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.819%, due 11/20/29<sup>3</sup> |  | 185000 | 194149 |
| IHO Verwaltungs GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% Cash or 7.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/15/29<sup>5,8</sup> | EUR | 100000 | 122785 |
| RWE Finance U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/16/34<sup>2</sup> |  | 150000 | 155192 |
| Volkswagen International Finance NV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.493%, due 11/15/30<sup>3,5,6</sup> | EUR | 100000 | 117699 |
| Volkswagen Leasing GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 07/19/29<sup>5</sup> | EUR | 200000 | 215080 |
| Vonovia SE |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 12/14/29<sup>5</sup> | EUR | 400000 | 424387 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Germany—(continued)** |  |  |  |
| ZF Europe Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/12/30<sup>5</sup> | EUR | 100000 | $122665 |
|  |  |  | 2191978 |
| **Guatemala—0.1%** |  |  |  |
| Energuate Trust 2 0 |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, due 09/15/35<sup>2</sup> |  | 200000 | 200551 |
| **Hong Kong—0.1%** |  |  |  |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/21/28<sup>2</sup> |  | 200000 | 198611 |
| **Ireland—1.7%** |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, due 01/30/32 |  | 592000 | 541110 |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/28/29 |  | 175000 | 172842 |
| AIB Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 04/04/28<sup>3,5</sup> | EUR | 500000 | 582295 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/30/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/30/29<sup>3,5,6</sup> | EUR | 200000 | 249736 |
| Avolon Holdings Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 01/15/30<sup>2</sup> |  | 405000 | 406397 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/29<sup>2</sup> |  | 380000 | 388109 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/29<sup>2</sup> |  | 165000 | 168897 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/04/28<sup>2</sup> |  | 155000 | 159422 |
|  |  |  | 2668808 |
| **Italy—1.2%** |  |  |  |
| Eni SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/21/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 01/21/34<sup>3,5,6</sup> | EUR | 150000 | 175896 |
| Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/20/33<sup>2</sup> |  | 405000 | 441071 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/20/32<sup>3,5,6</sup> | EUR | 200000 | 251748 |
| UniCredit SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;0.850%, due 01/19/31<sup>5</sup> | EUR | 350000 | 365553 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.731%, due 01/15/32<sup>3,5</sup> | EUR | 400000 | 467078 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Italy—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/03/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/03/31<sup>3,5,6</sup> | EUR | 200000 | $246754 |
|  |  |  | 1948100 |
| **Jamaica—0.1%** |  |  |  |
| Digicel International Finance Ltd./Difl U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 08/01/32<sup>2</sup> |  | 200000 | 207500 |
| **Japan—0.2%** |  |  |  |
| Rakuten Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.250%, due 02/15/27<sup>2</sup> |  | 248000 | 257850 |
| **Luxembourg—0.2%** |  |  |  |
| Herens Holdco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/28<sup>2,7</sup> |  | 200000 | 177000 |
| Maxam Prill SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/15/30<sup>5</sup> | EUR | 100000 | 118522 |
|  |  |  | 295522 |
| **Macau—0.1%** |  |  |  |
| Studio City Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29<sup>5</sup> |  | 200000 | 190690 |
| **Mexico—0.6%** |  |  |  |
| Alpek SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/18/29<sup>5</sup> |  | 200000 | 186836 |
| CFE Fibra E |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/23/40<sup>2</sup> |  | 197160 | 195262 |
| Corp. Inmobiliaria Vesta SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 01/30/33<sup>2</sup> |  | 200000 | 199250 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 |  | 345000 | 316883 |
|  |  |  | 898231 |
| **Netherlands—0.4%** |  |  |  |
| ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/16/26<sup>3,6</sup> |  | 580000 | 581492 |
| **Saudi Arabia—0.2%** |  |  |  |
| Greensaif Pipelines Bidco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.853%, due 02/23/36<sup>5</sup> |  | 255000 | 260865 |
| **Spain—1.0%** |  |  |  |
| Banco de Sabadell SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/20/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/20/31<sup>3,5,6</sup> | EUR | 200000 | 243701 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **Spain—(continued)** |  |  |  |
| Banco Santander SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/21/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 11/21/28<sup>3,6</sup> |  | 200000 | $219636 |
| CaixaBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.673%, due 03/15/30<sup>2,3</sup> |  | 415000 | 425630 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/19/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/19/29<sup>3,5</sup> | EUR | 400000 | 486170 |
| &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 | 251348 |
|  |  |  | 1626485 |
| **Turkey—0.3%** |  |  |  |
| Mersin Uluslararasi Liman Isletmeciligi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/15/28<sup>5</sup> |  | 200000 | 206250 |
| Turkiye Varlik Fonu Yonetimi AS |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/14/29<sup>5</sup> |  | 210000 | 220500 |
|  |  |  | 426750 |
| **United Kingdom—3.5%** |  |  |  |
| BAT Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.540%, due 08/15/47 |  | 157000 | 127965 |
| Heathrow Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 12/10/31<sup>5</sup> | GBP | 350000 | 495035 |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/03/26<sup>5</sup> | GBP | 478000 | 656735 |
| 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 | 450401 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/19/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.191%, due 05/19/36<sup>3,5</sup> | EUR | 200000 | 235516 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/06/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.619%, due 11/06/31<sup>3</sup> |  | 470000 | 465609 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/19/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.130%, due 11/19/28<sup>3</sup> |  | 200000 | 201687 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United Kingdom—(continued)** |  |  |  |
| INEOS Quattro Finance 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/29<sup>5</sup> | EUR | 100000 | $114193 |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 04/28/27<sup>5</sup> | EUR | 300000 | 349244 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/20/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 06/20/27<sup>3,5,6</sup> | GBP | 200000 | 272090 |
| NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/06/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.067%, due 09/06/28<sup>3,5</sup> | EUR | 505000 | 599681 |
| Santander U.K. Group Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.858%, due 09/11/30<sup>3</sup> |  | 340000 | 340438 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/22/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.320%, due 09/22/29<sup>3</sup> |  | 200000 | 198450 |
| 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 | 338232 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/27<sup>2,3,6</sup> |  | 200000 | 205630 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/23/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, due 09/23/31<sup>3,5</sup> | EUR | 200000 | 232990 |
| &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 | 201372 |
|  |  |  | 5485268 |
| **United States—16.2%** |  |  |  |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.050%, due 11/21/39 |  | 81000 | 70945 |
| Aircastle Ltd./Aircastle Ireland DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/31<sup>2</sup> |  | 375000 | 372497 |
| Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 03/13/46 |  | 95000 | 93689 |
| American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2016-3, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/28 |  | 43927 | 42028 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-2, Class A, |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 10/15/29 | 53867 | $51232 |
| 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 | 82862 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/20/32), |  |  |
| &nbsp;&nbsp;&nbsp;4.918%, due 07/20/33<sup>3</sup> | 65000 | 65154 |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/02/63 | 139000 | 132850 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.033%, due 07/17/30<sup>2</sup> | 305000 | 302056 |
| &nbsp;&nbsp;&nbsp;5.543%, due 08/22/35<sup>2</sup> | 92000 | 90355 |
| 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 | 657000 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/06/36), |  |  |
| &nbsp;&nbsp;&nbsp;5.045%, due 02/06/37<sup>3</sup> | 105000 | 103375 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/08/32), |  |  |
| &nbsp;&nbsp;&nbsp;3.846%, due 03/08/37<sup>3</sup> | 71000 | 65952 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/31), |  |  |
| &nbsp;&nbsp;&nbsp;4.695%, due 04/23/32<sup>3</sup> | 70000 | 69713 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/20/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.572%, due 10/20/32<sup>3</sup> | 311000 | 277065 |
| Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.600%, due 05/01/34 | 240000 | 215708 |
| 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>3,6</sup> | 143000 | 149744 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/18/35), |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/18/35<sup>3,6</sup> | 235000 | 240286 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.469%, due 04/15/34 | 35000 | 31587 |
| &nbsp;&nbsp;&nbsp;5.200%, due 07/15/35 | 114000 | 114983 |
| Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 05/15/30 | 51000 | 47661 |
| &nbsp;&nbsp;&nbsp;4.900%, due 02/13/36 | 52000 | 50734 |
| CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 06/01/43 | 159000 | 143031 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 01/15/29 | 250000 | $233645 |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/41 | 141000 | 97808 |
| &nbsp;&nbsp;&nbsp;6.650%, due 02/01/34 | 125000 | 129624 |
| Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29 | 440000 | 437745 |
| 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 | 588840 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/20/29), |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, due 03/20/30<sup>3</sup> | 460000 | 452237 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/31/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.412%, due 03/31/31<sup>3</sup> | 415000 | 410474 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/31), |  |  |
| &nbsp;&nbsp;&nbsp;2.561%, due 05/01/32<sup>3</sup> | 330000 | 296524 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/11/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.503%, due 09/11/31<sup>3</sup> | 110000 | 108769 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/19/29), |  |  |
| &nbsp;&nbsp;&nbsp;4.542%, due 09/19/30<sup>3</sup> | 488000 | 486173 |
| Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.927%, due 08/15/30<sup>2</sup> | 65000 | 67938 |
| &nbsp;&nbsp;&nbsp;6.036%, due 11/15/33<sup>2</sup> | 230000 | 242956 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/39 | 175000 | 184620 |
| Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.900%, due 02/15/55 | 10000 | 9623 |
| Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33 | 32000 | 34310 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/56<sup>3</sup> | 158000 | 158083 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>3</sup> | 28000 | 28726 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 09/01/34 | 80000 | 81635 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/56<sup>3</sup> |  | 321000 | $321865 |
| Entergy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/56<sup>3</sup> |  | 25000 | 25010 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/01/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/54<sup>3</sup> |  | 257000 | 264576 |
| 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 | 73792 |
| EUSHI Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/56<sup>3</sup> |  | 111000 | 109932 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 12/15/54<sup>3</sup> |  | 78000 | 80754 |
| Expand Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/30 |  | 338000 | 341493 |
| Fifth Third Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/29/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.566%, due 04/29/32<sup>3</sup> |  | 160000 | 157589 |
| FirstEnergy Transmission LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;2.866%, due 09/15/28<sup>2</sup> |  | 210000 | 201953 |
| Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.550%, due 02/15/31 |  | 100000 | 98021 |
| Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.867%, due 08/03/27 | EUR | 677000 | 808161 |
| &nbsp;&nbsp;&nbsp;5.420%, due 04/09/31 |  | 210000 | 208178 |
| Foundry JV Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/25/35<sup>2</sup> |  | 260000 | 274535 |
| General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/04/32 |  | 411000 | 421605 |
| Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 11/15/35 |  | 115000 | 110913 |
| Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/21/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.516%, due 01/21/32<sup>3</sup> |  | 295000 | 290698 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/21/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.065%, due 01/21/37<sup>3</sup> |  | 168000 | 164243 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/28/30), |  |  |
| &nbsp;&nbsp;&nbsp;5.207%, due 01/28/31<sup>3</sup> | 660000 | $670584 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/30), |  |  |
| &nbsp;&nbsp;&nbsp;4.369%, due 10/21/31<sup>3</sup> | 370000 | 362969 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 09/01/30 | 117000 | 111245 |
| &nbsp;&nbsp;&nbsp;3.500%, due 07/15/51 | 190000 | 125117 |
| &nbsp;&nbsp;&nbsp;4.600%, due 11/15/32 | 48000 | 46812 |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/31 | 80000 | 79625 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/49 | 10000 | 8841 |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/47 | 70000 | 64234 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/01/27<sup>2</sup> | 360000 | 361593 |
| ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 05/14/30<sup>2</sup> | 45000 | 42134 |
| &nbsp;&nbsp;&nbsp;5.400%, due 06/01/33<sup>2</sup> | 370000 | 375111 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/09/34<sup>2</sup> | 140000 | 143943 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 04/20/35 | 265000 | 274345 |
| &nbsp;&nbsp;&nbsp;6.500%, due 12/01/52 | 65000 | 65189 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/53 | 120000 | 130837 |
| Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 03/01/32<sup>2</sup> | 330000 | 296514 |
| LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/36 | 63000 | 63639 |
| M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/16/35), |  |  |
| &nbsp;&nbsp;&nbsp;5.385%, due 01/16/36<sup>3</sup> | 84000 | 83699 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/13/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.082%, due 03/13/32<sup>3</sup> | 60000 | 62881 |
| Maple Parent Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, due 03/26/36<sup>2</sup> | 42000 | 42052 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/26/56<sup>2</sup> | 44000 | 44548 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 03/01/35<sup>2</sup> | 150000 | 151339 |
| Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 04/15/31 | 179000 | 165012 |
| &nbsp;&nbsp;&nbsp;5.450%, due 07/15/35 | 202000 | 206597 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/35 | 103000 | 100384 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/36 | 100000 | 99719 |
| &nbsp;&nbsp;&nbsp;5.400%, due 08/15/54 | 120000 | 106654 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/45 |  | 165000 | $153304 |
| &nbsp;&nbsp;&nbsp;5.625%, due 11/15/55 |  | 16000 | 14691 |
| &nbsp;&nbsp;&nbsp;6.300%, due 05/15/56 |  | 140000 | 140216 |
| MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 03/15/56<sup>3</sup> |  | 20000 | 19729 |
| Monongahela Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 02/15/34<sup>2</sup> |  | 60000 | 62784 |
| 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 | 249062 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/16/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.493%, due 01/16/32<sup>3</sup> |  | 195000 | 191873 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/18/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.314%, due 01/18/41<sup>3</sup> |  | 75000 | 72991 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/19/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.948%, due 01/19/38<sup>3</sup> |  | 182000 | 187493 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/30/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.073%, due 01/30/37<sup>3</sup> |  | 200000 | 195686 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.424%, due 07/21/34<sup>3</sup> |  | 173000 | 176317 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/18/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.654%, due 10/18/30<sup>3</sup> |  | 480000 | 479184 |
| &nbsp;&nbsp;&nbsp;Series I, (fixed, converts to FRN on 10/22/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.356%, due 10/22/31<sup>3</sup> |  | 256000 | 251438 |
| Morgan Stanley Private Bank NA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/18/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.734%, due 07/18/31<sup>3</sup> |  | 250000 | 249645 |
| Netflix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;700000 | 854336 |
| 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> |  | 85000 | 87920 |
| Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.950%, due 03/25/51 |  | 35000 | 22000 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/46 |  | 20000 | 13350 |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/27/54 |  | 41000 | 31560 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/03/55 |  | 96000 | $80486 |
| &nbsp;&nbsp;&nbsp;6.550%, due 02/04/46 |  | 119000 | 110669 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/04/56 |  | 225000 | 207361 |
| &nbsp;&nbsp;&nbsp;6.850%, due 02/04/66 |  | 110000 | 101067 |
| Pacific Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, due 05/15/34 |  | 265000 | 271764 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/35 |  | 225000 | 232450 |
| &nbsp;&nbsp;&nbsp;6.150%, due 01/15/33 |  | 210000 | 220141 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/53 |  | 143000 | 149313 |
| 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> |  | 90000 | 92570 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 09/15/56<sup>3</sup> |  | 98000 | 97980 |
| PNC Financial Services Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/25/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.423%, due 01/25/41<sup>3</sup> |  | 45000 | 44132 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/21/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.373%, due 07/21/36<sup>3</sup> |  | 30000 | 30146 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/21/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.812%, due 10/21/32<sup>3</sup> |  | 155000 | 154779 |
| Quanta Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, due 08/09/35 |  | 215000 | 214087 |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 07/06/34 | EUR | 100000 | 125776 |
| Road Michigan Property Owner I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/30/45<sup>2</sup> |  | 139000 | 138972 |
| Roper Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.450%, due 09/15/30 |  | 110000 | 108370 |
| San Diego Gas & Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series DDDD, 5.200%, due 03/15/36 |  | 55000 | 54859 |
| Sempra |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/01/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/01/56<sup>3</sup> |  | 85000 | 85970 |
| Sierra Pacific Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.200%, due 12/15/55<sup>3</sup> |  | 170000 | 167186 |
| Solventum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/13/31 |  | 166000 | 170571 |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/23/34 |  | 85000 | 86896 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |  |
| **United States—(continued)** |  |  |  |
| Southern California Edison Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.200%, due 06/01/34 |  | 30000 | $29704 |
| &nbsp;&nbsp;&nbsp;5.450%, due 03/01/35 |  | 46000 | 45926 |
| Southern Co. Gas Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/33 |  | 100000 | 104113 |
| Southern Power Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 4.250%, due 10/01/30 |  | 27000 | 26680 |
| &nbsp;&nbsp;&nbsp;Series B, 4.900%, due 10/01/35 |  | 71000 | 68755 |
| Stellantis Financial Services U.S. Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, due 09/15/30<sup>2</sup> |  | 385000 | 380390 |
| Truist Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/23/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.964%, due 10/23/36<sup>3</sup> |  | 245000 | 236728 |
| 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 | 67173 |
| Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/34 |  | 16000 | 15680 |
| &nbsp;&nbsp;&nbsp;4.800%, due 09/15/35 |  | 450000 | 438278 |
| Vistra Operations Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, due 01/30/27<sup>2</sup> |  | 209000 | 207729 |
| &nbsp;&nbsp;&nbsp;4.600%, due 10/15/30<sup>2</sup> |  | 27000 | 26503 |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/15/35<sup>2</sup> |  | 65000 | 63067 |
| &nbsp;&nbsp;&nbsp;5.350%, due 01/31/36<sup>2</sup> |  | 80000 | 78130 |
| &nbsp;&nbsp;&nbsp;5.700%, due 12/30/34<sup>2</sup> |  | 135000 | 136300 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/34<sup>2</sup> |  | 65000 | 67071 |
| 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> |  | 560000 | 570867 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/23/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, due 04/23/31<sup>3</sup> |  | 415000 | 422146 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/25/33), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.557%, due 07/25/34<sup>3</sup> |  | 201000 | 206509 |
| WPC Eurobond BV |  |  |  |
| &nbsp;&nbsp;&nbsp;1.350%, due 04/15/28 | EUR | 200000 | 225993 |
|  |  |  | 25576038 |
| **Total corporate bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$51,444,102) |  |  | **52295880** |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Mortgage-backed securities—2.4%** |  |  |  |
| **Spain—0.1%** |  |  |  |
| Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Class A, |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 0.150%, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.388%, due 01/18/49<sup>3,5</sup> | EUR | 70590 | $82697 |
|  |  |  | 82697 |
| **United Kingdom—0.4%** |  |  |  |
| Silverstone Master Issuer PLC, Series 2022-1A, Class 2A, |  |  |  |
| &nbsp;&nbsp;&nbsp;1 day GBP SONIA + 0.290%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.037%, due 01/21/70<sup>2,3</sup> | GBP | 504000 | 685012 |
|  |  |  | 685012 |
| **United States—1.9%** |  |  |  |
| Angel Oak Mortgage Trust, Series 2020-1, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.466%, due 12/25/59<sup>2,3</sup> |  | 31835 | 31230 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.480%, due 09/10/58<sup>3</sup> |  | 310118 | 300039 |
| CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.018%, due 01/15/49<sup>3</sup> |  | 320000 | 308002 |
| Federal National Mortgage Association REMICS, Series 2021-86, Class T, |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/25/48 |  | 1281486 | 1144446 |
| GS Mortgage Securities Trust, Series 2017-GS6, Class C, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.322%, due 05/10/50<sup>3</sup> |  | 350000 | 274437 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.100%, due 07/25/65<sup>2,3</sup> |  | 92524 | 89883 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** | **Value** | **Value** |
| **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** | **Mortgage-backed securities—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| OBX Trust, Series 2020-EXP1, Class 2A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 0.864%, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.519%, due 02/25/60<sup>2,3</sup> |  | 43948 | $| 43378 |
| Starwood Mortgage Residential Trust, Series 2020-1, Class A1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.275%, due 02/25/50<sup>2,3</sup> |  | 9968 |  | 9620 |
| UBS Commercial Mortgage Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2017-C1, Class C, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.530%, due 11/15/50<sup>3</sup> |  | 360000 |  | 340424 |
| &nbsp;&nbsp;&nbsp;Series 2018-C11, Class B, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.713%, due 06/15/51<sup>3</sup> |  | 440000 |  | 417871 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, Class A, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.528%, due 07/15/40<sup>2,3</sup> |  | 100000 |  | 101759 |
|  |  |  |  | 3061089 |
| **Total mortgage-backed securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$4,056,532) |  |  |  |  |
|  |  |  |  | **3828798** |
| **Non-U.S. government agency obligations—30.9%** | **Non-U.S. government agency obligations—30.9%** | **Non-U.S. government agency obligations—30.9%** | **Non-U.S. government agency obligations—30.9%** | **Non-U.S. government agency obligations—30.9%** |
| **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
| Bermuda Government International Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/29<sup>2</sup> |  | 910000 |  | 913504 |
| **Canada—1.1%** | **Canada—1.1%** | **Canada—1.1%** | **Canada—1.1%** | **Canada—1.1%** |
| Hydro-Quebec |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/35 | CAD | 750000 |  | 655397 |
| Province of British Columbia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.800%, due 06/18/48 | CAD | 300000 |  | 162126 |
| Province of Quebec |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/41 | CAD | 1100000 |  | 852183 |
|  |  |  |  | 1669706 |
| **China—3.0%** | **China—3.0%** | **China—3.0%** | **China—3.0%** | **China—3.0%** |
| China Development Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.870%, due 09/05/35 | CNY | 3370000 |  | 493415 |
| China Government Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.150%, due 08/25/55<sup>4</sup> | CNY | 21680000 |  | 3083977 |
| &nbsp;&nbsp;&nbsp;2.380%, due 01/15/56<sup>4</sup> | CNY | 7410000 |  | 1112656 |
|  |  |  |  | 4690048 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Ecuador—0.1%** |  |  |  |
| Ecuador Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/29/34<sup>5</sup> |  | 200000 | $204091 |
| **Egypt—0.1%** |  |  |  |
| Egypt Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/31/47<sup>5</sup> |  | 200000 | 182120 |
| **El Salvador—0.1%** |  |  |  |
| El Salvador Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;7.650%, due 06/15/35<sup>5</sup> |  | 78000 | 79997 |
| **Germany—6.6%** |  |  |  |
| Bundesobligation |  |  |  |
| &nbsp;&nbsp;&nbsp;2.200%, due 10/10/30<sup>5</sup> | EUR | 3895000 | 4473602 |
| Bundesrepublik Deutschland Bundesanleihe |  |  |  |
| &nbsp;&nbsp;&nbsp;2.600%, due 08/15/35<sup>5</sup> | EUR | 1115000 | 1266451 |
| &nbsp;&nbsp;&nbsp;2.900%, due 02/15/36<sup>5</sup> | EUR | 120000 | 139307 |
| &nbsp;&nbsp;&nbsp;2.900%, due 08/15/56<sup>5</sup> | EUR | 140000 | 145155 |
| Bundesschatzanweisungen |  |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 12/16/27<sup>5</sup> | EUR | 3724275 | 4327328 |
|  |  |  | 10351843 |
| **Ghana—0.1%** |  |  |  |
| Ghana Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 6.000% on 07/03/28, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/03/35<sup>5</sup> |  | 100000 | 91544 |
| **Hungary—0.2%** |  |  |  |
| Hungary Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/26/36<sup>2</sup> |  | 321000 | 321241 |
| **Indonesia—0.8%** |  |  |  |
| Indonesia Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/15/31 | IDR | 19821000000 | 1241814 |
| **Italy—1.7%** |  |  |  |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, due 10/01/54<sup>5</sup> | EUR | 2405000 | 2712330 |
| **Ivory Coast—0.1%** |  |  |  |
| Ivory Coast Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/25/41<sup>2</sup> |  | 200000 | 184308 |
| **Japan—2.3%** |  |  |  |
| Japan Government Thirty Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, due 12/20/54 | JPY | 77500000 | 370671 |
| &nbsp;&nbsp;&nbsp;2.400%, due 03/20/55 | JPY | 242850000 | 1187685 |
| Japan Government Twenty Year Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;1.400%, due 12/20/42 | JPY | 224900000 | 1105401 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **Japan—(continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/20/43 | JPY | 189100000 | $927980 |
|  |  |  | 3591737 |
| **Mexico—2.2%** |  |  |  |
| Mexico Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/26/33 | MXN | 30000000 | 1580866 |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/23/34 | MXN | 25000000 | 1312600 |
| Mexico Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/09/38 |  | 630000 | 623070 |
|  |  |  | 3516536 |
| **Pakistan—0.1%** |  |  |  |
| Pakistan Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;6.975%, due 04/24/29<sup>2</sup> |  | 200000 | 196850 |
| **Poland—0.7%** |  |  |  |
| Republic of Poland Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/25/35 | PLN | 4104000 | 1071132 |
| **South Africa—1.4%** |  |  |  |
| Republic of South Africa Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/31/30 | ZAR | 18220000 | 1087206 |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/31/40 | ZAR | 6600000 | 387158 |
| Republic of South Africa Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/30/49 |  | 240000 | 193920 |
| &nbsp;&nbsp;&nbsp;7.250%, due 12/11/55<sup>5</sup> |  | 485000 | 456870 |
|  |  |  | 2125154 |
| **South Korea—1.3%** |  |  |  |
| Korea Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/10/34 | KRW | 3193870000 | 2090675 |
| **Spain—0.7%** |  |  |  |
| Spain Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/31/54<sup>5</sup> | EUR | 980000 | 1121470 |
| **Supranationals—0.9%** |  |  |  |
| Africa Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, due 10/08/29<sup>5</sup> |  | 200000 | 202206 |
| Banque Ouest Africaine de Developpement |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/22/33<sup>2</sup> | EUR | 227000 | 226738 |
| &nbsp;&nbsp;&nbsp;4.700%, due 10/22/31<sup>5</sup> |  | 250000 | 228750 |
| European Union |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/04/53<sup>5</sup> | EUR | 866628 | 832795 |
|  |  |  | 1490489 |
| **Suriname—0.1%** |  |  |  |
| Suriname Government International Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/06/35<sup>2</sup> |  | 200000 | 218763 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount**<sup>1</sup>** | **amount**<sup>1</sup>** |<br>**Value** |
| **Non-U.S. government agency obligations—(continued)** |  |  |  |
| **United Kingdom—6.7%** |  |  |  |
| U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 03/07/31<sup>5</sup> | GBP | &nbsp;&nbsp;&nbsp;&nbsp;7945000 | $10624829 |
| **Total non-U.S. government agency obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$51,435,370) |  |  | **48690181** |
| **U.S. government agency obligations—12.9%** |  |  |  |
| Federal Home Loan Mortgage Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/53 |  | 924002 | 916105 |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/53 |  | 600043 | 606128 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/53 |  | 755403 | 761991 |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/01/53 |  | 851934 | 877280 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 |  | 199750 | 204370 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/53 |  | 580035 | 596784 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/01/54 |  | 574451 | 591038 |
| Federal National Mortgage Association |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/52 |  | 635973 | 536400 |
| &nbsp;&nbsp;&nbsp;2.500%, due 05/01/52 |  | 678193 | 577044 |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/01/52 |  | 1329759 | 1181971 |
| &nbsp;&nbsp;&nbsp;3.500%, due 05/01/58 |  | 1047581 | 960128 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/56 |  | 362621 | 357453 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/01/55 |  | 864217 | 868994 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/52 |  | 151127 | 155487 |
| Government National Mortgage Association, TBA, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500% |  | 2757000 | 2776078 |
| Uniform Mortgage-Backed Security, TBA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% |  | 2401000 | 2365588 |
| &nbsp;&nbsp;&nbsp;5.500% |  | 5961000 | 5991103 |
| **Total U.S. government agency obligations** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$20,371,951) |  |  | **20323942** |
| **U.S. Treasury obligations—21.4%** |  |  |  |
| U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/55 |  | 57000 | 53758 |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/55 |  | 1120800 | 1077588 |
| &nbsp;&nbsp;&nbsp;4.750%, due 08/15/55 |  | 486000 | 467547 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount**<sup>1</sup>** |<br>**Value** |
| **U.S. Treasury obligations—(continued)** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/29/28 | 14507700 | $14380758 |
| &nbsp;&nbsp;&nbsp;3.500%, due 10/31/27 | 5975000 | 5942558 |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/31/30 | 5928000 | 5836070 |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/30/27 | 5336400 | 5332022 |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/15/35 | 620000 | 614575 |
| **Total U.S. Treasury obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$33,957,540) |  | **33704876** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**shares** | |
| **Short-term investments—3.6%** |  |  |
| **Investment companies—2.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$3,679,725) | 3679725 | 3679725 |
| **Short-term U.S. Treasury obligations—1.3%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.665%, due 06/23/26 |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$1,964,587) | 1975000 | 1964434 |
| **Total Short-term investments** |  |  |
| &nbsp;&nbsp;&nbsp;**(cost—$5,644,312)** |  | **5644159** |
| **Investment of cash collateral from securities loaned—0.5%** |  |  |
| **Money market funds—0.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>9</sup> |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$755,715) | 755715 | 755715 |
| **Total investments—108.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$172,701,771)<sup>10</sup> |  | **170472889** |
| Liabilities in excess of other assets—(8.1)% |  | (12729208) |
| **Net assets—100.0%** |  | $**157743681** |

---

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

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** | **Interest rate futures buy contracts:** |
| 95 | AUD | Australian Bond 10 Year Futures | June 2026 | $7424861 | $7322603 | $(102258) |
| 26 | CAD | Canadian Bond 10 Year Futures | June 2026 | 2296375 | 2280252 | (16123) |
| 21 | CAD | Canadian Bond 5 Year Futures | June 2026 | 1754594 | 1744963 | (9631) |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 61 | EUR | Eurex Short-term Euro-BTP Futures | June 2026 | $7635956 | $7588819 | $(47137) |
| 67 | EUR | EURO Bobl 5 Year Index Future | June 2026 | 9078353 | 9078356 | 3 |
| 44 | EUR | Euro Bund 10 Year Futures | June 2026 | 6483355 | 6473664 | (9691) |
| 151 | EUR | EURO Schatz 2 Year Futures | June 2026 | 18825060 | 18741132 | (83928) |
| 30 | EUR | French Government Bond Futures | June 2026 | 4281158 | 4199436 | (81722) |
| 80 | EUR | Italian Government Bond Futures | June 2026 | 11095733 | 10981605 | (114128) |
| 7 | JPY | Japan Government Bond 10 Year Futures | June 2026 | 5811912 | 5779566 | (32346) |
| 63 | USD | U.S. Long Bond Futures | June 2026 | 7388958 | 7109156 | (279802) |
| **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:** |
| 28 | USD | U.S. Treasury Note 10 Year Futures | June 2026 | $3113482 | $3096625 | $(16857) |
| 8 | USD | Ultra U.S. Treasury Bond Futures | June 2026 | 948107 | 920250 | (27857) |
| **Total** |  |  |  | $**86137904** | $**85316427** | $**(821477)** |
| **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:** |
| 29 | EUR | German Euro Buxl 30 Year Futures | June 2026 | $(3787474) | $(3709226) | $78248 |
| 4 | GBP | United Kingdom Long Gilt Bond Futures | June 2026 | (471141) | (471309) | (168) |
| **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:** |
| 136 | USD | U.S. Treasury Note 2 Year Futures | June 2026 | (28267552) | (28169000) | $98552 |
| 195 | USD | U.S. Treasury Note 5 Year Futures | June 2026 | (21189381) | (21028008) | 161373 |
| 22 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2026 | (2496190) | (2482908) | 13282 |
| **Total** |  |  |  | $**(56211738)** | $**(55860451)** | $**351287** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  | $**(470190)** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | EUR | 427820 | USD | 501180 | 06/02/26 | $(1590) |
| BB | GBP | 26295 | USD | 35332 | 06/02/26 | (448) |
| BB | USD | 113327 | GBP | 84561 | 06/02/26 | 1736 |
| BB | USD | 3543250 | NZD | 6010003 | 06/02/26 | 10659 |
| BB | USD | 154851 | RON | 670501 | 06/02/26 | (3679) |
| BB | USD | 199273 | SGD | 253057 | 06/02/26 | (60) |
| BB | USD | 2011619 | TRY | 93779292 | 06/02/26 | 9324 |
| BNP | AUD | 794651 | USD | 559858 | 06/02/26 | (11957) |
| BNP | CHF | 463868 | EUR | 504842 | 06/02/26 | (2188) |
| BNP | CHF | 1092765 | USD | 1406353 | 06/02/26 | 3551 |
| BNP | CHF | 156207 | USD | 200073 | 06/02/26 | (453) |
| BNP | EUR | 169683 | CZK | 4133175 | 06/02/26 | (410) |
| BNP | EUR | 169589 | JPY | 31719163 | 06/02/26 | 3752 |
| BNP | EUR | 169589 | NZD | 338908 | 06/02/26 | 1107 |
| BNP | EUR | 310667 | USD | 366662 | 06/02/26 | 1569 |
| BNP | GBP | 72321 | USD | 97557 | 06/02/26 | (852) |
| BNP | JPY | 44367465 | CHF | 220540 | 06/02/26 | (910) |
| BNP | NZD | 336792 | USD | 198417 | 06/02/26 | (739) |
| BNP | USD | 1280489 | CAD | 1758028 | 06/02/26 | 15487 |
| BNP | USD | 172240 | EUR | 147162 | 06/02/26 | 704 |
| BNP | USD | 3591487 | EUR | 3039321 | 06/02/26 | (19696) |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BNP | USD | 87565 | GBP | 64780 | 06/02/26 | $584 |
| BNP | USD | 9386813 | JPY | 1487100461 | 06/02/26 | 132947 |
| BOA | USD | 1570380 | AUD | 2214453 | 06/02/26 | 23095 |
| CITI | CAD | 544182 | USD | 398944 | 06/02/26 | (2215) |
| CITI | CHF | 177177 | USD | 225466 | 06/02/26 | (1978) |
| CITI | EUR | 169683 | NZD | 338622 | 06/02/26 | 828 |
| CITI | EUR | 2041201 | USD | 2405164 | 06/02/26 | 6357 |
| CITI | GBP | 295328 | USD | 398688 | 06/02/26 | (3168) |
| CITI | JPY | 44376139 | CHF | 220546 | 06/02/26 | (957) |
| CITI | MXN | 3293013 | USD | 187537 | 06/02/26 | (533) |
| CITI | NZD | 1769114 | USD | 1035686 | 06/02/26 | (10448) |
| CITI | SEK | 3680987 | CAD | 549524 | 06/02/26 | 5815 |
| CITI | SEK | 3658506 | USD | 400654 | 06/02/26 | 3811 |
| CITI | SEK | 6045886 | USD | 650199 | 06/02/26 | (5605) |
| CITI | USD | 399241 | CAD | 544109 | 06/02/26 | 1864 |
| CITI | USD | 640250 | EUR | 545743 | 06/02/26 | 1104 |
| CITI | USD | 2875360 | SEK | 26301078 | 06/02/26 | (22452) |
| CITI | USD | 583790 | THB | 18685014 | 06/02/26 | (9370) |
| CITI | USD | 99640 | ZAR | 1654029 | 06/02/26 | (552) |
| CITI | ZAR | 3296178 | USD | 200126 | 06/02/26 | 2663 |
| GSI | AUD | 842322 | USD | 599503 | 06/02/26 | (6614) |
| GSI | EUR | 341946 | GBP | 298423 | 06/02/26 | 4215 |
| GSI | GBP | 573951 | USD | 775518 | 06/02/26 | (5463) |
| GSI | JPY | 61811325 | USD | 393777 | 06/02/26 | (1912) |
| GSI | PLN | 1471289 | USD | 408496 | 06/02/26 | 2621 |
| GSI | SGD | 1590349 | USD | 1253960 | 06/02/26 | 1997 |
| GSI | USD | 676491 | AUD | 965662 | 06/02/26 | 18380 |
| GSI | USD | 198707 | CHF | 154329 | 06/02/26 | (593) |
| GSI | USD | 15041984 | CNH | 102164436 | 06/02/26 | (59159) |
| GSI | USD | 559033 | CZK | 11554076 | 06/02/26 | (2739) |
| GSI | USD | 560321 | EUR | 478725 | 06/02/26 | 2273 |
| GSI | USD | 385434 | ILS | 1165259 | 06/02/26 | 9898 |
| GSI | USD | 986453 | MXN | 17066425 | 06/02/26 | (11759) |
| GSI | USD | 2698806 | ZAR | 44318320 | 06/02/26 | (43837) |
| HSBC | AUD | 419304 | CAD | 408792 | 06/02/26 | (371) |
| HSBC | CNH | 7552 | USD | 1111 | 06/02/26 | 4 |
| HSBC | EUR | 182100 | USD | 213147 | 06/02/26 | (855) |
| HSBC | GBP | 5426080 | USD | 7343347 | 06/02/26 | (39976) |
| HSBC | JPY | 7451001 | USD | 46897 | 06/02/26 | (801) |
| HSBC | USD | 418269 | DKK | 2646151 | 06/02/26 | (1995) |
| HSBC | USD | 103869 | EUR | 89625 | 06/02/26 | 1458 |
| HSBC | USD | 800768 | NZD | 1369894 | 06/02/26 | 9295 |
| HSBC | ZAR | 10521907 | USD | 637673 | 06/02/26 | 7339 |
| MSCI | CAD | 19664 | USD | 14410 | 06/02/26 | (86) |
| MSCI | EUR | 2852869 | USD | 3362372 | 06/02/26 | 9699 |
| MSCI | EUR | 297079 | USD | 348135 | 06/02/26 | (990) |
| MSCI | GBP | 11564 | USD | 15613 | 06/02/26 | (123) |
| MSCI | TRY | 4656940 | USD | 100036 | 06/02/26 | (321) |
| MSCI | USD | 1595203 | EUR | 1360533 | 06/02/26 | 3688 |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 23462 | GBP | 17362 | 06/02/26 | $163 |
| MSCI | USD | 1589655 | MXN | 27508983 | 06/02/26 | (18568) |
| MSCI | USD | 166532 | NOK | 1572727 | 06/02/26 | 3175 |
| MSCI | ZAR | 1624098 | USD | 98444 | 06/02/26 | 1150 |
| SSB | JPY | 28583308 | USD | 178402 | 06/02/26 | (4576) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**1314** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $5229338 | $— | $5229338 |
| Corporate bonds |  | 52295880 |  | 52295880 |
| Mortgage-backed securities |  | 3828798 |  | 3828798 |
| Non-U.S. government agency obligations |  | 48690181 |  | 48690181 |
| U.S. government agency obligations |  | 20323942 |  | 20323942 |
| U.S. Treasury obligations |  | 33704876 |  | 33704876 |
| Short-term investments | 3679725 |  |  | 3679725 |
| Short-term U.S. Treasury obligations |  | 1964434 |  | 1964434 |
| Investment of cash collateral from securities loaned | 755715 |  |  | 755715 |
| Futures contracts | 351458 |  |  | 351458 |
| Forward foreign currency contracts |  | 302312 |  | 302312 |
| **Total** | $**4786898** | $**166339761** | $**—** | $**171126659** |
| **Liabilities** |  |  |  |  |
| Futures contracts | $(821648) | $— | $— | $(821648) |
| Forward foreign currency contracts |  | (300998) |  | (300998) |
| **Total** | $**(821648)** | $**(300998)** | $**—** | $**(1122646)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| <sup>1</sup> | In U.S. dollars unless otherwise indicated. |
| <sup>2</sup> | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $22,360,129, represented 14.2% of the Portfolio's net assets at period end. |

---

**PACE Global Fixed Income Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

<sup>3</sup> Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

<sup>5</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

<sup>6</sup> Perpetual investment. Date shown reflects the next call date.

<sup>7</sup> Security, or portion thereof, was on loan at the period end.

<sup>8</sup> Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

<sup>9</sup> Rate shown reflects yield at April 30, 2026.

<sup>10</sup> Includes $2,351,747 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $755,715 and non-cash collateral of $1,640,318.

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—96.8%** | **Corporate bonds—96.8%** | **Corporate bonds—96.8%** | **Corporate bonds—96.8%** |
| **Advertising—0.8%** | **Advertising—0.8%** | **Advertising—0.8%** | **Advertising—0.8%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/01/29<sup>2</sup> |  | 125000 | $125230 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/28<sup>2</sup> |  | 200000 | 201435 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/30<sup>2</sup> |  | 100000 | 104115 |
| Lamar Media Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/01/33<sup>2</sup> |  | 50000 | 49470 |
| Neptune Bidco U.S., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.290%, due 04/15/29<sup>2</sup> |  | 275000 | 278121 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/33<sup>2</sup> |  | 75000 | 75059 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/29<sup>2</sup> |  | 50000 | 48781 |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/30<sup>2</sup> |  | 175000 | 170278 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/27<sup>2</sup> |  | 175000 | 174741 |
|  |  |  | 1227230 |
| **Aerospace & defense—1.3%** | **Aerospace & defense—1.3%** | **Aerospace & defense—1.3%** | **Aerospace & defense—1.3%** |
| ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/01/29 |  | 75000 | 74494 |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/31 |  | 125000 | 124517 |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/30 |  | 50000 | 52074 |
| Boeing Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.528%, due 05/01/34 |  | 75000 | 82022 |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/31<sup>2</sup> |  | 50000 | 52609 |
| Czechoslovak Group AS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/10/31<sup>3</sup> | EUR | 250000 | 300014 |
| Evander Gold Mines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/19/26<sup>4,5,6</sup> |  | 119906 | 0 |
| Goat Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 50000 | 51238 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 07/31/34<sup>2</sup> |  | 200000 | 200220 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/31/34<sup>2</sup> |  | 50000 | 51130 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/29<sup>2</sup> |  | 50000 | 50998 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/31/33<sup>2</sup> |  | 525000 | 529037 |
| &nbsp;&nbsp;&nbsp;6.625%, due 03/01/32<sup>2</sup> |  | 75000 | 77077 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/15/28<sup>2</sup> |  | 250000 | 253377 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/31/34<sup>2</sup> |  | 75000 | 77047 |
| &nbsp;&nbsp;&nbsp;7.125%, due 12/01/31<sup>2</sup> |  | 100000 | 103627 |
|  |  |  | 2079481 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** | **Agriculture—0.3%** |
| Darling Ingredients, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/27<sup>2</sup> |  | 25000 | $24980 |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/30<sup>2</sup> |  | 75000 | 75650 |
| MHP Lux SA |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 07/28/29<sup>2</sup> |  | 200000 | 204500 |
| Tereos Finance Groupe I SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/30/31<sup>3</sup> | EUR | 125000 | 137902 |
|  |  |  | 443032 |
| **Airlines—1.1%** | **Airlines—1.1%** | **Airlines—1.1%** | **Airlines—1.1%** |
| Allegiant Travel Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/27<sup>2</sup> |  | 39000 | 39130 |
| American Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/28<sup>2</sup> |  | 100000 | 101342 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/20/29<sup>2</sup> |  | 300000 | 300204 |
| Avianca Midco 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 01/28/31<sup>2</sup> |  | 300000 | 280500 |
| Gol Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, due 06/06/30<sup>2</sup> |  | 200000 | 191000 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/20/31<sup>2</sup> |  | 225000 | 209558 |
| Latam Airlines Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> |  | 75000 | 76196 |
| OneSky Flight LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 12/15/29<sup>2</sup> |  | 75000 | 79211 |
| Transportes Aereos Portugueses SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/15/29<sup>2</sup> | EUR | 100000 | 116837 |
| United Airlines Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/31 |  | 125000 | 123202 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/30<sup>2</sup> |  | 125000 | 117058 |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/01/28<sup>2</sup> |  | 50000 | 50544 |
|  |  |  | 1684782 |
| **Apparel—0.4%** | **Apparel—0.4%** | **Apparel—0.4%** | **Apparel—0.4%** |
| Beach Acquisition Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000% Cash or 10.750% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 07/15/33<sup>2,7</sup> |  | 210809 | 231892 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Apparel—(continued)** | **Apparel—(continued)** | **Apparel—(continued)** | **Apparel—(continued)** | **Apparel—(continued)** |
| Crocs, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> |  | 125000 | $| 116317 |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 25000 |  | 24270 |
| CT Investment GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 04/15/30<sup>2</sup> | EUR | 100000 |  | 119914 |
| Samsonite Finco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/33<sup>2</sup> |  | 125000 |  | 141920 |
|  |  |  |  | 634313 |
| **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** | **Auto manufacturers—0.5%** |
| Allison Transmission, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/30/31<sup>2</sup> |  | 50000 |  | 46981 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/01/27<sup>2</sup> |  | 75000 |  | 74866 |
| &nbsp;&nbsp;&nbsp;5.875%, due 12/01/33<sup>2</sup> |  | 50000 |  | 50478 |
| JB Poindexter & Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/31<sup>2</sup> |  | 125000 |  | 129530 |
| Nissan Motor Acceptance Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/29/28<sup>2</sup> |  | 75000 |  | 74582 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/30<sup>2</sup> |  | 100000 |  | 98488 |
| Nissan Motor Co. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/17/33<sup>2</sup> | EUR | 100000 |  | 120504 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 01/15/31<sup>2</sup> |  | 25000 |  | 24883 |
| Uzauto Motors AJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 11/19/30<sup>2</sup> |  | 200000 |  | 203906 |
|  |  |  |  | 824218 |
| **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** | **Auto parts & equipment—2.0%** |
| Adient Global Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/33<sup>2</sup> |  | 50000 |  | 51147 |
| American Axle & Manufacturing, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/29 |  | 125000 |  | 121461 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/32<sup>2</sup> |  | 50000 |  | 49911 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 48816 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/31<sup>2</sup> | EUR | 100000 |  | 117279 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/30<sup>2</sup> |  | 50000 |  | 51659 |
| Cyprium Corp./Cyprium Holdings Luxembourg SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/31<sup>2</sup> |  | 25000 |  | 25173 |
| Dana, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/32 |  | 41000 |  | 38725 |
| Dexko Global, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/15/32<sup>2</sup> |  | 180250 |  | 162184 |
| Forvia SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/15/31<sup>2</sup> | EUR | 200000 |  | 238113 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Auto parts & equipment—(continued)** | **Auto parts & equipment—(continued)** | **Auto parts & equipment—(continued)** | **Auto parts & equipment—(continued)** | **Auto parts & equipment—(continued)** |
| Goodyear Tire & Rubber Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/31 |  | 250000 | $| 227243 |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/30/33 |  | 50000 |  | 44836 |
| 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> | EUR | 125000 |  | 150108 |
| &nbsp;&nbsp;&nbsp;7.000% Cash or 7.750% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/15/31<sup>3,7</sup> |  | 175000 |  | 217221 |
| Mahle GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 07/15/32<sup>3</sup> |  | 100000 |  | 123178 |
| Opmobility |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.296%, due 02/05/31<sup>3</sup> |  | 100000 |  | 117659 |
| Phinia, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 51227 |
| Qnity Electronics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/15/32<sup>2</sup> |  | 75000 |  | 75722 |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/15/33<sup>2</sup> |  | 50000 |  | 51156 |
| Tenneco, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 11/17/28<sup>2</sup> |  | 200000 |  | 202376 |
| Valeo SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/23/32<sup>3</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 |  | 116481 |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/20/31<sup>3</sup> |  | 200000 |  | 239615 |
| ZF Europe Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 10/23/27<sup>3</sup> |  | 100000 |  | 115218 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/23/29<sup>3</sup> |  | 200000 |  | 219751 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/13/29<sup>3</sup> |  | 100000 |  | 120460 |
| ZF North America Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/24/31<sup>2</sup> |  | 150000 |  | 150193 |
|  |  |  |  | 3126912 |
| **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** | **Banks—1.2%** |
| Akbank TAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/19/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.950%, due 02/19/31<sup>2,6,8</sup> |  | 300000 |  | 292641 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** | **Banks—(continued)** |
| Freedom Mortgage Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/27<sup>2</sup> |  | 250000 | $| 249762 |
| &nbsp;&nbsp;&nbsp;12.250%, due 10/01/30<sup>2</sup> |  | 25000 |  | 27132 |
| TC Ziraat Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/05/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/05/30<sup>2,6,8</sup> |  | 300000 |  | 297750 |
| Turkiye Garanti Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/15/36<sup>2,6</sup> |  | 250000 |  | 248537 |
| Turkiye Is Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/05/32), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.575%, due 02/05/37<sup>2,6</sup> |  | 300000 |  | 295746 |
| Turkiye Vakiflar Bankasi TAO |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/31/30<sup>2</sup> |  | 200000 |  | 202875 |
| Walker & Dunlop, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 50000 |  | 49723 |
| Yapi ve Kredi Bankasi AS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/11/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 06/11/36<sup>2,6</sup> |  | 200000 |  | 197390 |
|  |  |  |  | 1861556 |
| **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** | **Beverages—0.4%** |
| Primo Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>3</sup> | EUR | 94000 |  | 109522 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/31/28<sup>2</sup> |  | 231000 |  | 269145 |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/30/29<sup>2</sup> |  | 150000 |  | 146385 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/01/29<sup>2</sup> |  | 100000 |  | 100119 |
|  |  |  |  | 625171 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** | **Biotechnology—0.2%** |
| Cidron Aida Finco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/27/31<sup>3</sup> | EUR | 100000 |  | 110350 |
| Genmab AS/Genmab Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 12/15/33<sup>2</sup> |  | 200000 |  | 208533 |
|  |  |  |  | 318883 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Building Materials—2.1%** | **Building Materials—2.1%** | **Building Materials—2.1%** | **Building Materials—2.1%** |
| Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/32<sup>2</sup> |  | 300000 | $278291 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/30<sup>2</sup> |  | 100000 | 97861 |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/32<sup>2</sup> |  | 225000 | 226568 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/34<sup>2</sup> |  | 250000 | 248759 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/15/35<sup>2</sup> |  | 125000 | 126235 |
| Camelot Return Merger Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 08/01/28<sup>2</sup> |  | 50000 | 31874 |
| Cornerstone Building Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 08/15/29<sup>2</sup> |  | 25000 | 15899 |
| CP Atlas Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/30<sup>2</sup> |  | 50000 | 46484 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/15/30<sup>2</sup> | EUR | 125000 | 151310 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/30<sup>2</sup> |  | 125000 | 127972 |
| Griffon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/01/28 |  | 250000 | 249392 |
| JELD-WEN, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/15/27<sup>2</sup> |  | 25000 | 18617 |
| JH North America Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/31/31<sup>2</sup> |  | 75000 | 74965 |
| &nbsp;&nbsp;&nbsp;6.125%, due 07/31/32<sup>2</sup> |  | 50000 | 50106 |
| Knife River Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/01/31<sup>2</sup> |  | 50000 | 51917 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/01/32<sup>2</sup> |  | 25000 | 24711 |
| MIWD Holdco II LLC/MIWD Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/30<sup>2</sup> |  | 25000 | 23064 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 75000 | 74351 |
| &nbsp;&nbsp;&nbsp;9.750%, due 07/15/28<sup>2</sup> |  | 100000 | 100714 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/32<sup>2</sup> |  | 200000 | 203156 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/33<sup>2</sup> |  | 75000 | 76055 |
| Sisecam U.K. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/02/32<sup>2</sup> |  | 200000 | 204822 |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/01/28<sup>2</sup> |  | 225000 | 224816 |
| &nbsp;&nbsp;&nbsp;8.875%, due 11/15/31<sup>2</sup> |  | 25000 | 26177 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Building Materials—(continued)** | **Building Materials—(continued)** | **Building Materials—(continued)** | **Building Materials—(continued)** | **Building Materials—(continued)** |
| Standard Building Solutions, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/34<sup>2</sup> |  | 175000 | $| 170604 |
| &nbsp;&nbsp;&nbsp;6.250%, due 08/01/33<sup>2</sup> |  | 100000 |  | 99936 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/15/32<sup>2</sup> |  | 125000 |  | 126235 |
| Standard Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/15/30<sup>2</sup> |  | 175000 |  | 167086 |
| Wilsonart LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 08/15/32<sup>2</sup> |  | 50000 |  | 38634 |
|  |  |  |  | 3356611 |
| **Chemicals—3.2%** | **Chemicals—3.2%** | **Chemicals—3.2%** | **Chemicals—3.2%** | **Chemicals—3.2%** |
| Braskem Netherlands Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/31/50<sup>3</sup> |  | 500000 |  | 252350 |
| Celanese U.S. Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 234731 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/31 |  | 50000 |  | 52025 |
| &nbsp;&nbsp;&nbsp;Steps to 7.550% on 05/15/26, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 11/15/30 |  | 50000 |  | 53671 |
| &nbsp;&nbsp;&nbsp;Steps to 7.700% on 05/15/26, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.200%, due 11/15/33 |  | 300000 |  | 324356 |
| &nbsp;&nbsp;&nbsp;7.330%, due 07/15/29 |  | 50000 |  | 52454 |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/34 |  | 50000 |  | 52349 |
| &nbsp;&nbsp;&nbsp;7.379%, due 07/15/32 |  | 225000 |  | 238451 |
| Chemours Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 47959 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/28<sup>2</sup> |  | 133000 |  | 132705 |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/34<sup>2</sup> |  | 125000 |  | 127827 |
| &nbsp;&nbsp;&nbsp;8.000%, due 01/15/33<sup>2</sup> |  | 125000 |  | 128836 |
| Consolidated Energy Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/28<sup>2</sup> | EUR | 100000 |  | 109289 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** |
| FMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 10/01/29 |  | 75000 | $67869 |
| &nbsp;&nbsp;&nbsp;5.650%, due 05/18/33 |  | 75000 | 66293 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/18/53 |  | 50000 | 37718 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/01/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.450%, due 11/01/55<sup>6</sup> |  | 25000 | 16568 |
| INEOS Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/31/31<sup>3</sup> | EUR | 200000 | 227233 |
| INEOS Quattro Finance 2 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/29<sup>3</sup> |  | 100000 | 114193 |
| Innophos Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 06/15/29<sup>2</sup> |  | 203125 | 187383 |
| Mativ Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/29<sup>2</sup> |  | 50000 | 48392 |
| Methanex Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/15/27 |  | 75000 | 75042 |
| Monitchem HoldCo 3 SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/01/28<sup>3</sup> | EUR | 100000 | 118141 |
| NOVA Chemicals Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 50000 | 48713 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/01/27<sup>2</sup> |  | 75000 | 74968 |
| &nbsp;&nbsp;&nbsp;8.500%, due 11/15/28<sup>2</sup> |  | 125000 | 129621 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/30<sup>2</sup> |  | 150000 | 158196 |
| OCP SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/22/36), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.368%, due 04/22/36<sup>2,6,8,9</sup> |  | 200000 | 198840 |
| Olin Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/29 |  | 125000 | 124160 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/33<sup>2</sup> |  | 25000 | 24766 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>3</sup> | EUR | 100000 | 115706 |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/29<sup>2</sup> |  | 200000 | 195487 |
| Orbia Advance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;SAB de CV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/17/44<sup>3</sup> |  | 225000 | 175227 |
| Sasol Financing USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/18/31 |  | 200000 | 187850 |
| &nbsp;&nbsp;&nbsp;8.750%, due 05/03/29<sup>2</sup> |  | 200000 | 210536 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** | **Chemicals—(continued)** |
| SCIH Salt Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/28<sup>2</sup> |  | 25000 | $| 24755 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/01/29<sup>2</sup> |  | 150000 |  | 148891 |
| SCIL IV LLC/SCIL USA Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/15/28<sup>2</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;150000 |  | 182536 |
| Solstice Advanced Materials, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/33<sup>2</sup> |  | 25000 |  | 24867 |
| 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>2,7,10</sup> |  | 209532 |  | 4191 |
| Tronox, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/29<sup>2</sup> |  | 125000 |  | 104608 |
| WR Grace Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/15/29<sup>2</sup> |  | 150000 |  | 143115 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/33<sup>2</sup> |  | 25000 |  | 24834 |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/01/31<sup>2</sup> |  | 25000 |  | 25260 |
|  |  |  |  | 5092962 |
| **Coal—0.0%†** | **Coal—0.0%†** | **Coal—0.0%†** | **Coal—0.0%†** | **Coal—0.0%†** |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/24<sup>4,5,10,11</sup> |  | 550000 |  | 4125 |
| **Commercial services—4.3%** | **Commercial services—4.3%** | **Commercial services—4.3%** | **Commercial services—4.3%** | **Commercial services—4.3%** |
| ADT Security Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/01/29<sup>2</sup> |  | 25000 |  | 24043 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/32<sup>2</sup> |  | 150000 |  | 142855 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/33<sup>2</sup> |  | 100000 |  | 98515 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/21/30<sup>3</sup> | EUR | 200000 |  | 239034 |
| Allied Universal Holdco LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/31<sup>2</sup> |  | 25000 |  | 26222 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/01/29<sup>2</sup> |  | 400000 |  | 396905 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** |
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | $115510 |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/28<sup>2</sup> |  | 200000 | 197009 |
| Alta Equipment Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/29<sup>2</sup> |  | 75000 | 71217 |
| AMN Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> |  | 125000 | 119488 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/31<sup>2</sup> |  | 25000 | 24912 |
| APCOA GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.290%, due 04/15/31<sup>2,6</sup> | EUR | 100000 | 116552 |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.290%, due 04/15/31<sup>3,6</sup> |  | 100000 | 116552 |
| APi Group DE, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/29<sup>2</sup> |  | 175000 | 170549 |
| Arena Luxembourg Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 2.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.520%, due 05/01/30<sup>2,6</sup> | EUR | 100000 | 117717 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/29<sup>2</sup> |  | 150000 | 145750 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/27<sup>2</sup> |  | 22000 | 21981 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/32<sup>2</sup> |  | 125000 | 125671 |
| BCP V Modular Services Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/10/31<sup>3</sup> | EUR | 100000 | 102892 |
| Belron U.K. Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 200000 | 238335 |
| Block, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/15/30<sup>2</sup> |  | 75000 | 75076 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/15/33<sup>2</sup> |  | 125000 | 124759 |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/32 |  | 50000 | 50953 |
| Boels Topholding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/30<sup>2</sup> | EUR | 100000 | 119173 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** |
| Brink's Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/29<sup>2</sup> |  | 75000 | $76731 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/32<sup>2</sup> |  | 100000 | 102592 |
| Carriage Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/29<sup>2</sup> |  | 75000 | 72610 |
| Champions Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> |  | 25000 | 24328 |
| CompoSecure Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/01/33<sup>2</sup> |  | 75000 | 73514 |
| EC Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/26<sup>3</sup> | EUR | 125000 | 144558 |
| EquipmentShare.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/33<sup>2</sup> |  | 125000 | 131086 |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/15/32<sup>2</sup> |  | 100000 | 106056 |
| Garda World Security Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/31<sup>2</sup> |  | 25000 | 25539 |
| GEO Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/15/29 |  | 75000 | 78032 |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/31 |  | 125000 | 134157 |
| Herc Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/15/31<sup>2</sup> |  | 25000 | 25060 |
| &nbsp;&nbsp;&nbsp;6.000%, due 03/15/34<sup>2</sup> |  | 50000 | 49576 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51232 |
| Hertz Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/28<sup>2,5,11</sup> |  | 50000 | 5 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/26<sup>2</sup> |  | 30000 | 28978 |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/29<sup>2</sup> |  | 25000 | 12290 |
| &nbsp;&nbsp;&nbsp;12.625%, due 07/15/29<sup>2</sup> |  | 75000 | 70704 |
| Loxam SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/31<sup>2</sup> | EUR | 100000 | 115480 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/31/29<sup>2</sup> |  | 90000 | 108602 |
| Mavis Tire Express Services Topco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/29<sup>2</sup> |  | 50000 | 49852 |
| Mundys SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/24/30<sup>3</sup> | EUR | 100000 | 119274 |
| NESCO Holdings II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/29<sup>2</sup> |  | 125000 | 124377 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 25000 | 20943 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** | **Commercial services—(continued)** |
| Q-Park Holding I BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/01/30<sup>2</sup> | EUR | 100000 | $117136 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>2</sup> |  | 100000 | 118867 |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/30<sup>3</sup> |  | 125000 | 148583 |
| Rekeep SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/15/29<sup>2</sup> |  | 100000 | 89320 |
| RR Donnelley & Sons Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 08/01/29<sup>2</sup> |  | 75000 | 77410 |
| &nbsp;&nbsp;&nbsp;10.875%, due 08/01/29<sup>2</sup> |  | 75000 | 77056 |
| RRD Intermediate Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000% Cash or 12.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/01/30<sup>2,7</sup> |  | 84376 | 86409 |
| Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/15/31 |  | 225000 | 212584 |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/32 |  | 100000 | 100882 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/15/33<sup>2</sup> | EUR | 100000 | 112577 |
| Synergy Infrastructure Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/01/30<sup>2</sup> |  | 25000 | 26248 |
| Techem Verwaltungsgesellschaft 675 GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/32<sup>2</sup> | EUR | 150000 | 174261 |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/32<sup>3</sup> |  | 125000 | 145218 |
| United Rentals North America, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/32 |  | 75000 | 69612 |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/31 |  | 125000 | 118372 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/30 |  | 225000 | 215717 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/33<sup>2</sup> |  | 50000 | 49439 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/34<sup>2</sup> |  | 25000 | 25689 |
| WEX, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33<sup>2</sup> |  | 75000 | 74701 |
| Williams Scotsman, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/15/28<sup>2</sup> |  | 75000 | 74245 |
| &nbsp;&nbsp;&nbsp;6.625%, due 06/15/29<sup>2</sup> |  | 50000 | 51321 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/30<sup>2</sup> |  | 25000 | 25748 |
|  |  |  | 6918641 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Computers—0.9%** | **Computers—0.9%** | **Computers—0.9%** | **Computers—0.9%** |
| Almaviva-The Italian Innovation Co. SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/30/30<sup>3</sup> | EUR | 100000 | $112627 |
| Amentum Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/32<sup>2</sup> |  | 75000 | 77633 |
| 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;9.360%, due 12/18/29<sup>3</sup> | EUR | 200000 | 267865 |
| CACI International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/15/33<sup>2</sup> |  | 50000 | 51153 |
| Diebold Nixdorf, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/31/30<sup>2</sup> |  | 75000 | 78785 |
| Everforth, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/28<sup>2</sup> |  | 75000 | 70106 |
| Insight Enterprises, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/32<sup>2</sup> |  | 25000 | 24797 |
| McAfee Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/30<sup>2</sup> |  | 50000 | 40513 |
| NCR Atleos Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 04/01/29<sup>2</sup> |  | 125000 | 132982 |
| NCR Voyix Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/15/29<sup>2</sup> |  | 88000 | 85438 |
| Seagate Data Storage Technology Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.091%, due 06/01/29<sup>2</sup> |  | 50000 | 48704 |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/31<sup>2</sup> |  | 80000 | 77264 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/30<sup>2</sup> |  | 50000 | 51086 |
| &nbsp;&nbsp;&nbsp;9.625%, due 12/01/32<sup>2</sup> |  | 224000 | 249115 |
|  |  |  | 1368068 |
| **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** | **Cosmetics/Personal Care—0.2%** |
| 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> |  | 102642 | 101872 |
| Perrigo Finance Unlimited Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 09/30/32 | EUR | 100000 | 113557 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/30/32 |  | 50000 | 47048 |
| Prestige Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 04/01/31<sup>2</sup> |  | 25000 | 23092 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/28<sup>2</sup> |  | 25000 | 24963 |
|  |  |  | 310532 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Distribution & wholesale—0.1%** | **Distribution & wholesale—0.1%** | **Distribution & wholesale—0.1%** | **Distribution & wholesale—0.1%** |
| Dealer Tire LLC/DT Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 02/01/28<sup>2</sup> |  | 75000 | $74521 |
| RB Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 03/15/31<sup>2</sup> |  | 25000 | 25957 |
|  |  |  | 100478 |
| **Diversified financial services—5.0%** | **Diversified financial services—5.0%** | **Diversified financial services—5.0%** | **Diversified financial services—5.0%** |
| Aareal Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/12/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/12/34<sup>3,6</sup> | EUR | 100000 | 120271 |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/15/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/15/26<sup>6,8</sup> |  | 100000 | 99742 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/14/33 |  | 50000 | 51623 |
| &nbsp;&nbsp;&nbsp;Series D, |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/15/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.100%, due 08/15/31<sup>6,8</sup> |  | 50000 | 49961 |
| Azorra Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/15/34<sup>2</sup> |  | 50000 | 47875 |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/31<sup>2</sup> |  | 75000 | 76825 |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/15/30<sup>2</sup> |  | 88000 | 91052 |
| Bracken MidCo1 PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750% Cash or 7.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/01/27<sup>3,7</sup> | GBP | 100000 | 135858 |
| Bread Financial Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/15/35<sup>2,6</sup> |  | 25000 | 26216 |
| Coinbase Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 10/01/28<sup>2</sup> |  | 350000 | 335588 |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/31<sup>2</sup> |  | 325000 | 284868 |
| Credito Real SAB de CV SOFOM ER |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/01/27<sup>11,12</sup> | EUR | 275000 | 37104 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| CrossCountry Intermediate HoldCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/30<sup>2</sup> |  | 50000 | $49123 |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/01/32<sup>2</sup> |  | 75000 | 72493 |
| doValue SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>2</sup> | EUR | 100000 | 119074 |
| Freedom Mortgage Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/01/33<sup>2</sup> |  | 50000 | 48746 |
| &nbsp;&nbsp;&nbsp;9.250%, due 02/01/29<sup>2</sup> |  | 50000 | 51802 |
| GGAM Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/30<sup>2</sup> |  | 75000 | 75553 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 25000 | 25541 |
| goeasy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/30<sup>2</sup> |  | 25000 | 21112 |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/15/31<sup>2</sup> |  | 50000 | 41535 |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 75000 | 67213 |
| &nbsp;&nbsp;&nbsp;9.250%, due 12/01/28<sup>2</sup> |  | 50000 | 47282 |
| Hightower Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> |  | 25000 | 25951 |
| Intrum Investments & Financing AB |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 1, |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 09/11/28<sup>3</sup> | EUR | 61561 | 65640 |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/11/27<sup>3</sup> |  | 48009 | 56629 |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/11/29 |  | 61561 | 64146 |
| &nbsp;&nbsp;&nbsp;8.500%, due 09/11/30<sup>3</sup> |  | 73873 | 75520 |
| Iqera Group SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. EURIBOR + 4.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.484%, due 04/30/30<sup>2,7,11</sup> |  | 55881 | 34448 |
| Jane Street Group/JSG Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/29<sup>2</sup> |  | 75000 | 72841 |
| &nbsp;&nbsp;&nbsp;6.125%, due 11/01/32<sup>2</sup> |  | 25000 | 25131 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/01/33<sup>2</sup> |  | 125000 | 128414 |
| 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> |  | 150000 | 156985 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/15/29<sup>2</sup> |  | 100000 | 105225 |
| Jerrold Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/30<sup>2</sup> | GBP | 100000 | 137730 |
| &nbsp;&nbsp;&nbsp;8.500%, due 07/15/32<sup>2,9</sup> |  | 100000 | 135866 |
| LFS Topco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/15/30<sup>2</sup> |  | 150000 | 144941 |
| Midcap Financial Issuer Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/01/28<sup>2</sup> |  | 200000 | 198431 |
| Muangthai Capital PCL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.550%, due 07/21/30<sup>2</sup> |  | 250000 | 253537 |
| Muthoot Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/02/30<sup>2</sup> |  | 200000 | 201500 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/15/29 | 75000 | $72084 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 08/01/33 | 100000 | 85105 |
| &nbsp;&nbsp;&nbsp;11.500%, due 03/15/31 | 50000 | 53662 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/15/28 | 25000 | 24175 |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/30 | 75000 | 68986 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/29 | 25000 | 24644 |
| &nbsp;&nbsp;&nbsp;6.125%, due 05/15/30 | 100000 | 99965 |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/15/33 | 25000 | 24486 |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/28 | 50000 | 50709 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/32 | 375000 | 374892 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/15/33 | 125000 | 122950 |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/31 | 75000 | 76054 |
| &nbsp;&nbsp;&nbsp;7.125%, due 09/15/32 | 50000 | 50703 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/31 | 100000 | 102526 |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/30 | 275000 | 286684 |
| Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/15/31<sup>2,9</sup> | 25000 | 24875 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29<sup>2</sup> | 175000 | 167212 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/31<sup>2</sup> | 75000 | 71373 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/34<sup>2</sup> | 100000 | 96783 |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/15/32<sup>2</sup> | 50000 | 49451 |
| &nbsp;&nbsp;&nbsp;6.875%, due 02/15/33<sup>2</sup> | 125000 | 122919 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/15/29<sup>2</sup> | 100000 | 103757 |
| PHH Escrow Issuer LLC/PHH Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 11/01/29<sup>2</sup> | 100000 | 100994 |
| Phoenix Aviation Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 07/15/30<sup>2</sup> | 25000 | 25514 |
| PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/28<sup>2</sup> | 100000 | 101580 |
| &nbsp;&nbsp;&nbsp;8.875%, due 01/31/30<sup>2</sup> | 25000 | 25867 |
| Rfna LP |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/15/30<sup>2</sup> | 200000 | 198509 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/01/33<sup>2</sup> | 275000 | 278354 |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> | 25000 | 25467 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> | 100000 | 103362 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** | **Diversified financial services—(continued)** |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 03/01/31<sup>2</sup> |  | 25000 | $| 23210 |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/33<sup>2</sup> |  | 250000 |  | 225243 |
| Sammaan Capital Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/16/30<sup>2</sup> |  | 200000 |  | 199250 |
| SLM Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 11/02/26 |  | 75000 |  | 74076 |
| Stonebriar ABF Issuer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 12/15/30<sup>2</sup> |  | 100000 |  | 105044 |
| Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/02/33 |  | 75000 |  | 77750 |
| Titanium 2l Bondco SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/14/31<sup>7</sup> | EUR | 490800 |  | 86821 |
| TrueNoord Capital DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 03/01/30<sup>2</sup> |  | 75000 |  | 76471 |
| Velocity Commercial Capital LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/15/31<sup>2</sup> |  | 25000 |  | 25851 |
| X3G Mergeco SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/30<sup>2</sup> | EUR | 100000 |  | 108198 |
|  |  |  |  | 7974448 |
| **Electric—4.7%** | **Electric—4.7%** | **Electric—4.7%** | **Electric—4.7%** | **Electric—4.7%** |
| AES Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 07/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 07/15/55<sup>6</sup> |  | 25000 |  | 24389 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.600%, due 01/15/55<sup>6</sup> |  | 100000 |  | 101873 |
| Alpha Generation LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/34<sup>2</sup> |  | 75000 |  | 74487 |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/32<sup>2</sup> |  | 100000 |  | 102421 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| American Electric Power Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/34), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 12/15/54<sup>6</sup> |  | 50000 | $53263 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.050%, due 12/15/54<sup>6</sup> |  | 75000 | 78483 |
| Aydem Yenilenebilir Enerji AS |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 09/30/30<sup>2</sup> |  | 200000 | 202740 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/32<sup>3</sup> | EUR | 100000 | 117213 |
| Clearway Energy Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/34<sup>2</sup> |  | 50000 | 50013 |
| Constellation Energy Generation LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/31<sup>2</sup> |  | 150000 | 150401 |
| Continuum Energy Aura Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/24/27<sup>3</sup> |  | 400000 | 403500 |
| ContourGlobal Power Holdings SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 07/31/31<sup>2</sup> | EUR | 400000 | 455382 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/28/30<sup>2</sup> |  | 100000 | 117975 |
| Eastern European Electric Co. BV |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 05/15/30<sup>3</sup> |  | 100000 | 121033 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| Edison International |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 06/15/54<sup>6</sup> |  | 25000 | $25789 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 06/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/15/53<sup>6</sup> |  | 50000 | 51297 |
| Electricite de France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/17/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 06/17/32<sup>3,6,8</sup> | EUR | 400000 | 484610 |
| Energia Group Roi Financeco DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/31/28<sup>2</sup> |  | 250000 | 298736 |
| Energo - Pro as |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/27/30<sup>2</sup> |  | 100000 | 122573 |
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU |  |  |  |
| &nbsp;&nbsp;&nbsp;8.499%, due 06/30/32<sup>2</sup> |  | 300000 | 309975 |
| Hawaiian Electric Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/33<sup>2</sup> |  | 25000 | 25083 |
| Long Ridge Energy LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/32<sup>2</sup> |  | 25000 | 26720 |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 02/15/31<sup>2</sup> |  | 50000 | 46447 |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/29<sup>2</sup> |  | 150000 | 149443 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/28 |  | 25000 | 25029 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 250000 | 249886 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/34<sup>2</sup> |  | 200000 | 198522 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/15/34<sup>2</sup> |  | 75000 | 74730 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/33<sup>2</sup> |  | 150000 | 151160 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/36<sup>2</sup> |  | 325000 | 322776 |
| &nbsp;&nbsp;&nbsp;6.125%, due 05/15/36<sup>2</sup> |  | 50000 | 49811 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/34<sup>2</sup> |  | 100000 | 101163 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/28), |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 03/15/28<sup>2,6,8</sup> |  | 125000 | 135788 |
| Pampa Energia SA |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/14/37<sup>2</sup> |  | 250000 | 256862 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** | **Electric—(continued)** |
| PG&E Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/01/28 |  | 150000 | $| 149266 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/15/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 09/15/56<sup>6</sup> |  | 25000 |  | 24995 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/15/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 03/15/55<sup>6</sup> |  | 175000 |  | 179997 |
| Public Power Corp. SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/31/31<sup>3</sup> | EUR | 100000 |  | 118058 |
| Saavi Energia SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 02/10/35<sup>2</sup> |  | 200000 |  | 222820 |
| Talen Energy Supply LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 05/01/31<sup>2</sup> |  | 125000 |  | 125223 |
| &nbsp;&nbsp;&nbsp;6.250%, due 02/01/34<sup>2</sup> |  | 175000 |  | 173694 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/01/33<sup>2</sup> |  | 25000 |  | 25033 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/36<sup>2</sup> |  | 150000 |  | 150568 |
| TransAlta Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/01/34 |  | 75000 |  | 74812 |
| Vistra Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/26<sup>2,6,8</sup> |  | 225000 |  | 225657 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/15/26), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/15/26<sup>2,6,8</sup> |  | 150000 |  | 151318 |
| Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/30/33<sup>2</sup> |  | 50000 |  | 49823 |
| &nbsp;&nbsp;&nbsp;5.550%, due 04/30/36<sup>2</sup> |  | 75000 |  | 74278 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/32<sup>2</sup> |  | 350000 |  | 365391 |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/31<sup>2</sup> |  | 175000 |  | 183528 |
| VoltaGrid LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 11/01/30<sup>2</sup> |  | 25000 |  | 25948 |
|  |  |  |  | 7479982 |
| **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** | **Electrical components & equipment—0.2%** |
| Belden, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 07/15/31<sup>3</sup> | EUR | 100000 |  | 112027 |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/33<sup>2</sup> |  | 100000 |  | 113733 |
| Senvion Holding GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/25/22<sup>3,10</sup> |  | 400000 |  | 47 |
| WESCO Distribution, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/31<sup>2</sup> |  | 25000 |  | 24985 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/15/34<sup>2</sup> |  | 50000 |  | 49871 |
|  |  |  |  | 300663 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** | **Electronics—0.5%** |
| Atkore, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/01/31<sup>2</sup> |  | 25000 | $23843 |
| Coherent Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/29<sup>2</sup> |  | 225000 | 222567 |
| Ingram Micro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 375000 | 368498 |
| Sensata Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 75000 | 69666 |
| TTM Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/01/29<sup>2</sup> |  | 75000 | 72555 |
|  |  |  | 757129 |
| **Energy-Alternate Sources—0.4%** | **Energy-Alternate Sources—0.4%** | **Energy-Alternate Sources—0.4%** | **Energy-Alternate Sources—0.4%** |
| Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy |  |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, due 03/12/42<sup>2</sup> |  | 197848 | 190923 |
| Greenko Wind Projects Mauritius Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 09/27/28<sup>2</sup> |  | 394000 | 397546 |
| RRI Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/17<sup>4,5,10</sup> |  | 75000 | 0 |
| TerraForm Power Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/30<sup>2</sup> |  | 50000 | 48442 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/31/28<sup>2</sup> |  | 25000 | 24756 |
|  |  |  | 661667 |
| **Engineering & construction—0.8%** | **Engineering & construction—0.8%** | **Engineering & construction—0.8%** | **Engineering & construction—0.8%** |
| Brand Industrial Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 08/01/30<sup>2</sup> |  | 75000 | 69046 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/01/32<sup>2</sup> |  | 100000 | 101630 |
| Gatwick Airport Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/21/30<sup>3</sup> | GBP | 100000 | 133753 |
| HTA Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/01/31<sup>2</sup> |  | 200000 | 203437 |
| IHS Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 11/29/31<sup>2</sup> |  | 200000 | 208796 |
| IHS Netherlands Holdco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/18/27<sup>3</sup> |  | 206242 | 206372 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Engineering & construction—(continued)** | **Engineering & construction—(continued)** | **Engineering & construction—(continued)** | **Engineering & construction—(continued)** | **Engineering & construction—(continued)** |
| OHL Operaciones SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.100% Cash and 4.650% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/31/29<sup>3,7</sup> | EUR | 83160 | $| 89871 |
| &nbsp;&nbsp;&nbsp;5.100% Cash or 4.650% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 12/31/29<sup>2,7</sup> |  | 79002 |  | 85378 |
| TopBuild Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/32<sup>2</sup> |  | 75000 |  | 74974 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/28<sup>2</sup> |  | 125000 |  | 122217 |
|  |  |  |  | 1295474 |
| **Entertainment—2.6%** | **Entertainment—2.6%** | **Entertainment—2.6%** | **Entertainment—2.6%** | **Entertainment—2.6%** |
| 888 Acquisitions Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/31<sup>3</sup> | EUR | 200000 |  | 226514 |
| Affinity Interactive |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/15/27<sup>2</sup> |  | 150000 |  | 92779 |
| Allwyn Entertainment Financing U.K. PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/30/30<sup>2</sup> | EUR | 112500 |  | 137152 |
| AMC Entertainment Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/29<sup>2</sup> |  | 175000 |  | 147321 |
| Betclic Everest Group SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 12/10/31<sup>2</sup> | EUR | 100000 |  | 117654 |
| Boyne USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/15/29<sup>2</sup> |  | 50000 |  | 48879 |
| Caesars Entertainment, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/29<sup>2</sup> |  | 75000 |  | 72389 |
| Churchill Downs, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/28<sup>2</sup> |  | 25000 |  | 24782 |
| &nbsp;&nbsp;&nbsp;5.500%, due 04/01/27<sup>2</sup> |  | 50000 |  | 49953 |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/01/30<sup>2</sup> |  | 125000 |  | 124592 |
| Cinemark USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/28<sup>2</sup> |  | 100000 |  | 99614 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32<sup>2</sup> |  | 50000 |  | 51674 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Discovery Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 |  | 25000 | $23409 |
| &nbsp;&nbsp;&nbsp;4.054%, due 03/15/29 |  | 100000 | 97323 |
| &nbsp;&nbsp;&nbsp;4.279%, due 03/15/32 |  | 75000 | 67930 |
| &nbsp;&nbsp;&nbsp;5.050%, due 03/15/42 |  | 300000 | 214059 |
| Entain PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/30/31<sup>3</sup> | EUR | 100000 | 117356 |
| Great Canadian Gaming Corp./Raptor LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 11/15/29<sup>2</sup> |  | 50000 | 48751 |
| Jacobs Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/29<sup>2</sup> |  | 225000 | 220500 |
| Light & Wonder International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>2</sup> |  | 50000 | 49586 |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/29<sup>2</sup> |  | 25000 | 25570 |
| Live Nation Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/28<sup>2</sup> |  | 125000 | 122584 |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/27<sup>2</sup> |  | 100000 | 99701 |
| Lottomatica Group SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/30/32<sup>2,9</sup> | EUR | 100000 | 117869 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/30<sup>2</sup> |  | 100000 | 119925 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> |  | 125000 | 122212 |
| Motion Bondco DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/27<sup>3</sup> | EUR | 100000 | 113477 |
| Muvico LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000% Cash or 6.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;15.000%, due 02/19/29<sup>2,7</sup> |  | 229112 | 238945 |
| Penn Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/01/29<sup>2</sup> |  | 200000 | 190352 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/01/31<sup>2</sup> |  | 50000 | 49587 |
| Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/01/29<sup>2</sup> |  | 125000 | 81456 |
| &nbsp;&nbsp;&nbsp;5.875%, due 09/01/31<sup>2</sup> |  | 125000 | 71875 |
| SeaWorld Parks & Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 08/15/29<sup>2</sup> |  | 150000 | 145019 |
| Six Flags Entertainment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/15/31<sup>2</sup> |  | 50000 | 49300 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** | **Entertainment—(continued)** |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/29 |  | 25000 | $| 24051 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/28 |  | 200000 |  | 200561 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 01/15/32<sup>2</sup> |  | 175000 |  | 177914 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 10/01/29<sup>2</sup> |  | 125000 |  | 124171 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 75000 |  | 75368 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/15/31<sup>2</sup> |  | 50000 |  | 52920 |
|  |  |  |  | 4235074 |
| **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** | **Environmental control—0.7%** |
| Biffa Group Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/31<sup>3</sup> | EUR | 100000 |  | 115926 |
| &nbsp;&nbsp;&nbsp;7.380%, due 06/15/31<sup>2</sup> | GBP | 100000 |  | 136048 |
| Clean Harbors, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 50464 |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/01/31<sup>2</sup> |  | 50000 |  | 50887 |
| GFL Environmental Holdings U.S., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 02/01/34<sup>2</sup> |  | 50000 |  | 49184 |
| GFL Environmental, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/31<sup>2</sup> |  | 50000 |  | 51839 |
| Luna 2 5SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/32<sup>2</sup> | EUR | 100000 |  | 117691 |
| Paprec Holding SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/30<sup>2</sup> |  | 300000 |  | 350242 |
| Reworld Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/01/30 |  | 100000 |  | 87194 |
| Seche Environnement SACA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/25/30<sup>3</sup> | EUR | 100000 |  | 117834 |
| Waste Pro USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/33<sup>2</sup> |  | 50000 |  | 50935 |
|  |  |  |  | 1178244 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food—2.4%** | **Food—2.4%** | **Food—2.4%** | **Food—2.4%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/29<sup>2</sup> |  | 25000 | $23841 |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> |  | 175000 | 171302 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/31/32<sup>2</sup> |  | 50000 | 49326 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/28<sup>2</sup> |  | 100000 | 101187 |
| B&G Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/15/28<sup>2</sup> |  | 75000 | 74332 |
| Bellis Acquisition Co. PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 05/14/30<sup>3</sup> | GBP | 125000 | 157285 |
| Boparan Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/07/29<sup>3</sup> |  | 90000 | 128897 |
| C&S Group Enterprises LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/15/28<sup>2</sup> |  | 50000 | 46639 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 07/01/29<sup>2</sup> |  | 50000 | 51614 |
| Darling Global Finance BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/32<sup>2</sup> | EUR | 225000 | 265995 |
| Fiesta Purchaser, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.625%, due 09/15/32<sup>2</sup> |  | 75000 | 77563 |
| Froneri Lux FinCo SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 08/01/32<sup>3</sup> | EUR | 200000 | 227334 |
| Grupo Nutresa SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/21/32), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/21/31<sup>2,6,8</sup> |  | 200000 | 199000 |
| Industrial F&B Investments III, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/11/33<sup>2</sup> |  | 25000 | 25263 |
| Ingles Markets, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31<sup>2</sup> |  | 175000 | 165414 |
| J&F Luxembourg Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/23/33<sup>2</sup> |  | 200000 | 198858 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/30/33<sup>2</sup> |  | 50000 | 50620 |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/29<sup>2</sup> |  | 150000 | 156797 |
| Kroger Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/15/34 |  | 100000 | 98784 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/54 |  | 100000 | 92810 |
| &nbsp;&nbsp;&nbsp;5.650%, due 09/15/64 |  | 50000 | 46462 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** | **Food—(continued)** |
| Lamb Weston Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/31/30<sup>2</sup> |  | 75000 | $| 71852 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/31/32<sup>2</sup> |  | 125000 |  | 117731 |
| Minerva Luxembourg SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/22/36<sup>2</sup> |  | 200000 |  | 196100 |
| Performance Food Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/01/29<sup>2</sup> |  | 125000 |  | 121188 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/15/32<sup>2</sup> |  | 50000 |  | 50684 |
| Post Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/15/30<sup>2</sup> |  | 225000 |  | 218595 |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/34<sup>2</sup> |  | 25000 |  | 24679 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/01/33<sup>2</sup> |  | 100000 |  | 99961 |
| Quatrim SAS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/27<sup>3,7</sup> | EUR | 54288 |  | 62142 |
| Rallye SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series COFP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/28/32<sup>3</sup> |  | 800000 |  | 472 |
| 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 |  | 168845 |
| U.S. Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/15/33<sup>2</sup> |  | 25000 |  | 25092 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/28<sup>2</sup> |  | 50000 |  | 51056 |
| &nbsp;&nbsp;&nbsp;7.250%, due 01/15/32<sup>2</sup> |  | 50000 |  | 52008 |
| United Natural Foods, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/28<sup>2</sup> |  | 19000 |  | 19012 |
| Viking Baked Goods Acquisition Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/31<sup>2</sup> |  | 75000 |  | 76576 |
|  |  |  |  | 3765316 |
| **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** | **Food service—0.2%** |
| Aramark International Finance SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/15/33<sup>3</sup> | EUR | 200000 |  | 228068 |
| TKC Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 08/15/30<sup>2</sup> |  | 75000 |  | 76769 |
| &nbsp;&nbsp;&nbsp;12.000%, due 02/15/31<sup>2</sup> |  | 75000 |  | 78150 |
|  |  |  |  | 382987 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** | **Forest products & paper—0.1%** |
| Domtar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/28<sup>2</sup> |  | 83000 | $65769 |
| Magnera Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 11/15/31<sup>2</sup> |  | 25000 | 23407 |
| Mercer International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/01/29 |  | 25000 | 10000 |
| WEPA Hygieneprodukte GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/30/32<sup>3</sup> | EUR | 125000 | 141231 |
|  |  |  | 240407 |
| **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** | **Gas—0.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/20/27 |  | 150000 | 150719 |
| **Healthcare-products—0.6%** | **Healthcare-products—0.6%** | **Healthcare-products—0.6%** | **Healthcare-products—0.6%** |
| Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/15/28<sup>3</sup> | EUR | 100000 | 117085 |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/01/29<sup>2</sup> |  | 100000 | 95061 |
| &nbsp;&nbsp;&nbsp;4.625%, due 07/15/28<sup>2</sup> |  | 225000 | 221758 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/28<sup>2</sup> |  | 175000 | 180687 |
| Insulet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/33<sup>2</sup> |  | 50000 | 51040 |
| Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 10/01/29<sup>2</sup> |  | 250000 | 248803 |
|  |  |  | 914434 |
| **Healthcare-services—3.0%** | **Healthcare-services—3.0%** | **Healthcare-services—3.0%** | **Healthcare-services—3.0%** |
| Acadia Healthcare Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/28<sup>2</sup> |  | 125000 | 124368 |
| AHP Health Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/15/29<sup>2</sup> |  | 100000 | 99099 |
| Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.450%, due 07/15/28 |  | 75000 | 70803 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/01/31 |  | 75000 | 65365 |
| &nbsp;&nbsp;&nbsp;2.625%, due 08/01/31 |  | 50000 | 43346 |
| &nbsp;&nbsp;&nbsp;3.000%, due 10/15/30 |  | 125000 | 112383 |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/15/30 |  | 75000 | 69693 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/29 |  | 125000 | 121862 |
| Charles River Laboratories International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/31<sup>2</sup> |  | 57000 | 53217 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face<br> amount<sup>1</sup>** | **Face<br> amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** | **Healthcare-services—(continued)** |
| CHS/Community Health Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/31<sup>2</sup> |  | 125000 | $116961 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/30<sup>2</sup> |  | 75000 | 70818 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/29<sup>2</sup> |  | 75000 | 74406 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/30<sup>2</sup> |  | 100000 | 88655 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/01/28<sup>2</sup> |  | 25000 | 24188 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> |  | 175000 | 172173 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/34<sup>2</sup> |  | 125000 | 128926 |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/32<sup>2</sup> |  | 140000 | 150358 |
| Cidron Atrium SE |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/33<sup>2</sup> | EUR | 150000 | 172785 |
| Concentra Health Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>2</sup> |  | 100000 | 103629 |
| DaVita, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 06/01/30<sup>2</sup> |  | 150000 | 145208 |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/01/32<sup>2</sup> |  | 100000 | 103219 |
| Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 125000 | 123064 |
| Global Medical Response, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>2</sup> |  | 25000 | 26061 |
| Gruppo San Donato SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/31/31<sup>2</sup> | EUR | 100000 | 117218 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/31/31<sup>3</sup> |  | 100000 | 117218 |
| IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/32<sup>2</sup> |  | 75000 | 76380 |
| Laboratoire Eimer SELAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/29<sup>3</sup> | EUR | 125000 | 140322 |
| LifePoint Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/29<sup>2</sup> |  | 75000 | 72339 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/34<sup>2</sup> |  | 125000 | 121883 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> |  | 75000 | 78690 |
| &nbsp;&nbsp;&nbsp;10.000%, due 06/01/32<sup>2</sup> |  | 50000 | 51175 |
| Mehilainen Yhtiot OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/30/32<sup>2</sup> | EUR | 100000 | 117810 |
| Molina Healthcare, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 11/15/30<sup>2</sup> |  | 75000 | 69501 |
| &nbsp;&nbsp;&nbsp;4.375%, due 06/15/28<sup>2</sup> |  | 75000 | 73943 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/33<sup>2</sup> |  | 50000 | 49947 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/31<sup>2</sup> |  | 25000 | 25436 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** | **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)** |
| MPH Acquisition Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/31/30<sup>2</sup> | 107848 | $| 89421 |
| &nbsp;&nbsp;&nbsp;6.500% Cash and 5.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 12/31/30<sup>2,7</sup> | 59176 |  | 55219 |
| Radiology Partners, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 07/15/32<sup>2</sup> | 25000 |  | 24857 |
| Select Medical Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/32<sup>2</sup> | 50000 |  | 48551 |
| Sotera Health Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/31<sup>2</sup> | 100000 |  | 103944 |
| Surgery Center Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/15/32<sup>2</sup> | 125000 |  | 124666 |
| Team Health Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/30/28<sup>2</sup> | 25000 |  | 25085 |
| TEAM Services Holding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/15/33<sup>2</sup> | 25000 |  | 25011 |
| Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/01/29 | 50000 |  | 48702 |
| &nbsp;&nbsp;&nbsp;4.375%, due 01/15/30 | 75000 |  | 72659 |
| &nbsp;&nbsp;&nbsp;5.125%, due 11/01/27 | 100000 |  | 99910 |
| &nbsp;&nbsp;&nbsp;5.500%, due 11/15/32<sup>2</sup> | 100000 |  | 99745 |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/33<sup>2</sup> | 25000 |  | 25268 |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/28 | 240000 |  | 240605 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 | 275000 |  | 276635 |
| &nbsp;&nbsp;&nbsp;6.750%, due 05/15/31 | 25000 |  | 25689 |
| U.S. Acute Care Solutions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/15/29<sup>2</sup> | 75000 |  | 70878 |
|  |  |  | 4829294 |
| **Home builders—1.4%** | **Home builders—1.4%** | **Home builders—1.4%** | **Home builders—1.4%** |
| Adams Homes, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/15/28<sup>2</sup> | 300000 |  | 310110 |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29<sup>2</sup> | 75000 |  | 71788 |
| &nbsp;&nbsp;&nbsp;4.625%, due 04/01/30<sup>2</sup> | 150000 |  | 142814 |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/33<sup>2</sup> | 25000 |  | 24530 |
| Beazer Homes USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/27 | 50000 |  | 49932 |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/29 | 100000 |  | 101298 |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/15/31<sup>2</sup> | 75000 |  | 74690 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home builders—(continued)** | **Home builders—(continued)** | **Home builders—(continued)** |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 02/15/30<sup>2</sup> | 25000 | $23438 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/15/29<sup>2</sup> | 125000 | 120397 |
| Century Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/29<sup>2</sup> | 75000 | 71023 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/33<sup>2</sup> | 50000 | 49749 |
| Dream Finders Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 09/15/30<sup>2</sup> | 25000 | 24516 |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/15/28<sup>2</sup> | 100000 | 102499 |
| Empire Communities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 05/01/29<sup>2</sup> | 75000 | 76443 |
| Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/28<sup>2</sup> | 125000 | 124030 |
| Installed Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/01/34<sup>2</sup> | 25000 | 24876 |
| K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/31<sup>2</sup> | 25000 | 25209 |
| &nbsp;&nbsp;&nbsp;8.375%, due 10/01/33<sup>2</sup> | 25000 | 25116 |
| KB Home |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/31 | 125000 | 115729 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/30 | 75000 | 76581 |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/29<sup>2</sup> | 25000 | 22678 |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/15/32<sup>2</sup> | 50000 | 47918 |
| &nbsp;&nbsp;&nbsp;8.750%, due 12/15/28<sup>2</sup> | 100000 | 102969 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> | 125000 | 118906 |
| Shea Homes LP/Shea Homes Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/28 | 50000 | 49408 |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/01/29 | 125000 | 121084 |
| STL Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/29<sup>2</sup> | 75000 | 77825 |
| Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/29<sup>2</sup> | 25000 | 23670 |
| Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/15/28<sup>2</sup> | 30000 | 29932 |
|  |  | 2229158 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Home furnishings—0.4%** | **Home furnishings—0.4%** | **Home furnishings—0.4%** |
| FXI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 11/15/30<sup>2</sup> | 217792 | $182354 |
| &nbsp;&nbsp;&nbsp;16.000% PIK, |  |  |
| &nbsp;&nbsp;&nbsp;14.000%, due 11/15/29<sup>2,7</sup> | 130216 | 58597 |
| Somnigroup International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/29<sup>2</sup> | 125000 | 120922 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/46 | 50000 | 33600 |
| &nbsp;&nbsp;&nbsp;4.600%, due 05/15/50 | 25000 | 16810 |
| &nbsp;&nbsp;&nbsp;4.700%, due 05/14/32 | 25000 | 21943 |
| &nbsp;&nbsp;&nbsp;5.150%, due 03/01/43 | 75000 | 55924 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/01/33 | 50000 | 45001 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/30 | 25000 | 24516 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/33 | 50000 | 47888 |
|  |  | 607555 |
| **Household products/wares—0.1%** | **Household products/wares—0.1%** | **Household products/wares—0.1%** |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/30/31<sup>2</sup> | 100000 | 93807 |
| **Housewares—0.3%** | **Housewares—0.3%** | **Housewares—0.3%** |
| Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/15/27 | 75000 | 75517 |
| &nbsp;&nbsp;&nbsp;6.375%, due 05/15/30 | 25000 | 24485 |
| &nbsp;&nbsp;&nbsp;6.625%, due 09/15/29 | 50000 | 49966 |
| &nbsp;&nbsp;&nbsp;7.375%, due 04/01/36 | 125000 | 119030 |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/01/46 | 50000 | 43140 |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/01/28<sup>2</sup> | 25000 | 26124 |
| Scotts Miracle-Gro Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/01/31 | 125000 | 116305 |
|  |  | 454567 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Insurance—0.7%** | **Insurance—0.7%** | **Insurance—0.7%** | **Insurance—0.7%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29<sup>2</sup> |  | 25000 | $23878 |
| &nbsp;&nbsp;&nbsp;6.000%, due 08/01/29<sup>2</sup> |  | 75000 | 70765 |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/01/29<sup>2</sup> |  | 100000 | 100351 |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/29<sup>2</sup> |  | 25000 | 25015 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 10/01/32<sup>2</sup> |  | 50000 | 49129 |
| Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 07/15/33<sup>2</sup> |  | 25000 | 24377 |
| 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 | 96815 |
| Asurion LLC/Asurion Co-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/01/34<sup>2</sup> |  | 175000 | 172656 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 05/15/31<sup>2</sup> |  | 100000 | 101248 |
| HUB International Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/01/29<sup>2</sup> |  | 75000 | 74058 |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/15/30<sup>2</sup> |  | 50000 | 51724 |
| Nassau Cos., of New York |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/30<sup>2</sup> |  | 75000 | 69966 |
| Panther Escrow Issuer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>2</sup> |  | 150000 | 150702 |
| Ryan Specialty LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/01/32<sup>2</sup> |  | 75000 | 74989 |
|  |  |  | 1085673 |
| **Internet—0.7%** | **Internet—0.7%** | **Internet—0.7%** | **Internet—0.7%** |
| Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, due 02/15/56 |  | 25000 | 24521 |
| Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> |  | 50000 | 49748 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/27<sup>2</sup> |  | 25000 | 24847 |
| Engineering - Ingegneria Informatica - SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 02/15/30<sup>3</sup> | EUR | 100000 | 114113 |
| &nbsp;&nbsp;&nbsp;11.125%, due 05/15/28<sup>3</sup> |  | 100000 | 120455 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Internet—(continued)** | **Internet—(continued)** | **Internet—(continued)** | **Internet—(continued)** | **Internet—(continued)** |
| Gen Digital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/30/27<sup>2</sup> |  | 50000 | $| 50206 |
| &nbsp;&nbsp;&nbsp;7.125%, due 09/30/30<sup>2</sup> |  | 100000 |  | 101415 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/27<sup>2</sup> |  | 50000 |  | 49898 |
| iliad SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/15/29<sup>3</sup> | EUR | 100000 |  | 118296 |
| &nbsp;&nbsp;&nbsp;5.375%, due 05/02/31<sup>3</sup> |  | 100000 |  | 123758 |
| Snap, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/33<sup>2</sup> |  | 175000 |  | 170369 |
| United Group BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/01/30<sup>3</sup> | EUR | 100000 |  | 116550 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/31/31<sup>3</sup> |  | 100000 |  | 119407 |
|  |  |  |  | 1183583 |
| **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** |
| Compass Group Diversified Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/32<sup>2</sup> |  | 77202 |  | 68290 |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/29<sup>2</sup> |  | 25733 |  | 24352 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/15/31), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/56<sup>6</sup> |  | 25000 |  | 25237 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/01/29 |  | 50000 |  | 43829 |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27 |  | 250000 |  | 247602 |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/15/30 |  | 75000 |  | 72231 |
| &nbsp;&nbsp;&nbsp;9.750%, due 01/15/29 |  | 125000 |  | 125636 |
| &nbsp;&nbsp;&nbsp;10.000%, due 11/15/29<sup>2</sup> |  | 125000 |  | 126091 |
|  |  |  |  | 733268 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Iron & steel—1.4%** | **Iron & steel—1.4%** | **Iron & steel—1.4%** | **Iron & steel—1.4%** |
| Algoma Steel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 04/15/29<sup>2</sup> |  | 50000 | $46433 |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/15/26<sup>2</sup> |  | 125000 | 100000 |
| Big River Steel LLC/BRS Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/31/29<sup>2</sup> |  | 140000 | 140118 |
| Carpenter Technology Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/01/34<sup>2</sup> |  | 75000 | 75045 |
| Celsa Opco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 12/15/30<sup>2</sup> | EUR | 100000 | 120465 |
| Champion Iron Canada, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/32<sup>2</sup> |  | 50000 | 52405 |
| Cleveland-Cliffs, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 03/01/31<sup>2</sup> |  | 50000 | 46080 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/30<sup>2</sup> |  | 25000 | 24610 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/32<sup>2</sup> |  | 150000 | 149907 |
| &nbsp;&nbsp;&nbsp;7.375%, due 05/01/33<sup>2</sup> |  | 175000 | 176860 |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/15/31<sup>2</sup> |  | 25000 | 25530 |
| Commercial Metals Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 01/15/30 |  | 50000 | 48009 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/32 |  | 75000 | 70604 |
| &nbsp;&nbsp;&nbsp;5.750%, due 11/15/33<sup>2</sup> |  | 50000 | 50084 |
| &nbsp;&nbsp;&nbsp;6.000%, due 12/15/35<sup>2</sup> |  | 50000 | 49951 |
| CSN Resources SA |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 12/05/30<sup>2</sup> |  | 200000 | 161020 |
| Infrabuild Australia Pty. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;14.500%, due 11/15/28<sup>2</sup> |  | 50000 | 53418 |
| Mineral Resources Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/32<sup>2</sup> |  | 50000 | 49612 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/01/34<sup>2</sup> |  | 50000 | 49371 |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/01/31<sup>2</sup> |  | 50000 | 51898 |
| Samarco Mineracao SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500% Cash or 9.000% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 06/30/31<sup>3,7</sup> |  | 764528 | 765293 |
|  |  |  | 2306713 |
| **Leisure time—2.0%** | **Leisure time—2.0%** | **Leisure time—2.0%** | **Leisure time—2.0%** |
| Acushnet Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/01/33<sup>2</sup> |  | 50000 | 50232 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Leisure time—(continued)** | **Leisure time—(continued)** | **Leisure time—(continued)** | **Leisure time—(continued)** |
| Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 05/01/29<sup>2</sup> |  | 50000 | $49850 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/30<sup>2</sup> | EUR | 175000 | 214738 |
| &nbsp;&nbsp;&nbsp;5.750%, due 08/01/32<sup>2</sup> |  | 200000 | 201006 |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/31<sup>2</sup> |  | 100000 | 101422 |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/33<sup>2</sup> |  | 150000 | 152199 |
| &nbsp;&nbsp;&nbsp;6.650%, due 01/15/28 |  | 100000 | 102223 |
| Carnival PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 07/15/31<sup>3</sup> | EUR | 200000 | 230614 |
| Deuce Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 11/20/31<sup>2</sup> | GBP | 150000 | 203849 |
| Life Time, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 11/15/31<sup>2</sup> |  | 125000 | 126890 |
| Lindblad Expeditions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/15/30<sup>2</sup> |  | 25000 | 25682 |
| MajorDrive Holdings IV LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 06/01/29<sup>2</sup> |  | 150000 | 125428 |
| NCL Corp. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/31<sup>2</sup> |  | 50000 | 48666 |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/15/33<sup>2</sup> |  | 25000 | 24196 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/32<sup>2</sup> |  | 100000 | 99509 |
| &nbsp;&nbsp;&nbsp;7.750%, due 02/15/29<sup>2</sup> |  | 100000 | 104392 |
| NCL Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/28<sup>2</sup> |  | 100000 | 101455 |
| Patrick Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/29<sup>2</sup> |  | 100000 | 98247 |
| Pinnacle Bidco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/11/28<sup>3</sup> | EUR | 100000 | 122046 |
| Royal Caribbean Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/27<sup>2</sup> |  | 300000 | 301004 |
| &nbsp;&nbsp;&nbsp;5.625%, due 09/30/31<sup>2</sup> |  | 125000 | 126720 |
| Sabre GLBL, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.125%, due 07/15/30<sup>2</sup> |  | 25000 | 21500 |
| TUI AG |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/29<sup>2</sup> | EUR | 100000 | 118252 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/29<sup>3</sup> |  | 100000 | 118251 |
| Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/15/33<sup>2</sup> |  | 50000 | 50127 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/29<sup>2</sup> |  | 100000 | 100268 |
| Viking Ocean Cruises Ship VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/15/29<sup>2</sup> |  | 75000 | 74951 |
| VOC Escrow Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/28<sup>2</sup> |  | 75000 | 74841 |
|  |  |  | 3168558 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face**<br> **amount<sup>1</sup>** | **Face**<br> **amount<sup>1</sup>** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Lodging—2.2%** | **Lodging—2.2%** | **Lodging—2.2%** | **Lodging—2.2%** |
| Boyd Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/01/27 |  | 25000 | $24888 |
| &nbsp;&nbsp;&nbsp;4.750%, due 06/15/31<sup>2</sup> |  | 250000 | 240944 |
| Essendi SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 05/15/32<sup>3</sup> | EUR | 100000 | 116739 |
| Fortune Star BVI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 09/09/29<sup>3</sup> |  | 200000 | 196360 |
| Full House Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 02/15/28<sup>2</sup> |  | 100000 | 94801 |
| Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/31<sup>2</sup> |  | 275000 | 260431 |
| &nbsp;&nbsp;&nbsp;5.500%, due 03/31/34<sup>2</sup> |  | 50000 | 49630 |
| &nbsp;&nbsp;&nbsp;5.750%, due 09/15/33<sup>2</sup> |  | 75000 | 75504 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/33<sup>2</sup> |  | 75000 | 75943 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/01/32<sup>2</sup> |  | 75000 | 76394 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/01/31<sup>2</sup> |  | 175000 | 161948 |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/29<sup>2</sup> |  | 100000 | 96776 |
| Marriott Ownership Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/15/29<sup>2</sup> |  | 50000 | 47812 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/33<sup>2</sup> |  | 100000 | 96154 |
| Melco Resorts Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/24/33<sup>2</sup> |  | 300000 | 297375 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/17/32<sup>2</sup> |  | 200000 | 205864 |
| MGM Resorts International |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/01/26 |  | 75000 | 74965 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32 |  | 125000 | 126581 |
| Motel One GmbH/Muenchen |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 04/02/31<sup>3</sup> | EUR | 120000 | 148353 |
| Sani/Ikos Financial Holdings 1 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/31/30<sup>3</sup> |  | 100000 | 120822 |
| Station Casinos LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/28<sup>2</sup> |  | 25000 | 24611 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/01/31<sup>2</sup> |  | 75000 | 70594 |
| Studio City Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/29<sup>2</sup> |  | 200000 | 190690 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** | **Lodging—(continued)** |
| Travel & Leisure Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/01/30<sup>2</sup> |  | 75000 | $| 72354 |
| &nbsp;&nbsp;&nbsp;6.125%, due 09/01/33<sup>2</sup> |  | 50000 |  | 49549 |
| Wyndham Hotels & Resorts, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/01/33<sup>2</sup> |  | 50000 |  | 49478 |
| Wynn Las |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vegas LLC/Wynn Las |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vegas Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 05/15/27<sup>2</sup> |  | 50000 |  | 50045 |
| Wynn Macau Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/34<sup>2</sup> |  | 450000 |  | 450563 |
|  |  |  |  | 3546168 |
| **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** | **Machinery-construction & mining—0.1%** |
| Manitowoc Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 10/01/31<sup>2</sup> |  | 50000 |  | 53460 |
| Terex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/29<sup>2</sup> |  | 150000 |  | 148980 |
|  |  |  |  | 202440 |
| **Machinery-diversified—0.0%†** | **Machinery-diversified—0.0%†** | **Machinery-diversified—0.0%†** | **Machinery-diversified—0.0%†** | **Machinery-diversified—0.0%†** |
| Columbus McKinnon Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/33<sup>2</sup> |  | 25000 |  | 25143 |
| Galapagos SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/21<sup>3,10,11</sup> | EUR | 27500 |  | 161 |
| GrafTech Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Enterprises, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 12/23/29<sup>2</sup> |  | 75000 |  | 56063 |
|  |  |  |  | 81367 |
| **Media—6.3%** | **Media—6.3%** | **Media—6.3%** | **Media—6.3%** | **Media—6.3%** |
| Altice Holdings 1 SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/99<sup>2,8,12</sup> | EUR | 863 |  | 137 |
| AMC Global Media, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/29 |  | 28000 |  | 24589 |
| &nbsp;&nbsp;&nbsp;10.500%, due 07/15/32<sup>2</sup> |  | 51000 |  | 52574 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/31<sup>2</sup> |  | 200000 | $181652 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/15/34<sup>2</sup> |  | 150000 | 125813 |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/3<sup>2</sup> |  | 25000 | 21954 |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/33<sup>2</sup> |  | 375000 | 322165 |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/30<sup>2</sup> |  | 175000 | 165888 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/32<sup>2</sup> |  | 550000 | 492486 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/01/29<sup>2</sup> |  | 50000 | 49193 |
| &nbsp;&nbsp;&nbsp;6.375%, due 09/01/29<sup>2</sup> |  | 200000 | 200348 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/33<sup>2</sup> |  | 150000 | 147860 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;6.484%, due 10/23/45 |  | 50000 | 46067 |
| CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/15/31<sup>2</sup> |  | 200000 | 116610 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/01/29<sup>2</sup> |  | 200000 | 124509 |
| &nbsp;&nbsp;&nbsp;11.250%, due 05/15/28<sup>2</sup> |  | 200000 | 162658 |
| &nbsp;&nbsp;&nbsp;11.750%, due 01/31/29<sup>2</sup> |  | 400000 | 286435 |
| Digi Romania SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/29/31<sup>2</sup> | EUR | 200000 | 230230 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 08/15/27<sup>2</sup> |  | 103000 | 103076 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/15/31<sup>2</sup> |  | 400000 | 416196 |
| Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 05/15/30 |  | 150000 | 141014 |
| &nbsp;&nbsp;&nbsp;3.950%, due 03/20/28 |  | 50000 | 49187 |
| &nbsp;&nbsp;&nbsp;4.125%, due 05/15/29 |  | 175000 | 170636 |
| &nbsp;&nbsp;&nbsp;5.000%, due 09/20/37 |  | 25000 | 19000 |
| &nbsp;&nbsp;&nbsp;6.350%, due 06/01/40 |  | 25000 | 19752 |
| DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 06/01/29 |  | 125000 | 115100 |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/26<sup>2</sup> |  | 75000 | 74286 |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/01/28<sup>2</sup> |  | 250000 | 245623 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/01/28 |  | 175000 | 170903 |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/01/26 |  | 100000 | 99629 |
| DISH Network Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 11/15/27<sup>2</sup> |  | 275000 | 283882 |
| EchoStar Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 11/30/29 |  | 338000 | 366984 |
| &nbsp;&nbsp;&nbsp;6.75% Cash or 6.75% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 11/30/30<sup>7</sup> |  | 232425 | 235822 |
| EW Scripps Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.875%, due 08/15/30<sup>2</sup> |  | 100000 | 100296 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| Gray Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/30<sup>2</sup> |  | 175000 | $140093 |
| &nbsp;&nbsp;&nbsp;5.375%, due 11/15/31<sup>2</sup> |  | 175000 | 136673 |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/15/33<sup>2</sup> |  | 50000 | 50912 |
| &nbsp;&nbsp;&nbsp;9.625%, due 07/15/32<sup>2</sup> |  | 75000 | 76254 |
| Grupo Televisa SAB |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/31/46 |  | 300000 | 229575 |
| iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/28<sup>2</sup> |  | 100000 | 95666 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/31<sup>2</sup> |  | 40000 | 36867 |
| &nbsp;&nbsp;&nbsp;7.750%, due 08/15/30<sup>2</sup> |  | 133500 | 128494 |
| &nbsp;&nbsp;&nbsp;9.125%, due 05/01/29<sup>2</sup> |  | 153776 | 154063 |
| &nbsp;&nbsp;&nbsp;10.875%, due 05/01/30<sup>2</sup> |  | 160000 | 152400 |
| McGraw-Hill Education, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/01/29<sup>2</sup> |  | 125000 | 125043 |
| Midcontinent Communications |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 08/15/32<sup>2</sup> |  | 50000 | 47056 |
| News Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 02/15/32<sup>2</sup> |  | 50000 | 49148 |
| Nexstar Media, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/15/33<sup>2</sup> |  | 150000 | 151154 |
| Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 02/15/28 |  | 50000 | 48534 |
| &nbsp;&nbsp;&nbsp;4.200%, due 06/01/29 |  | 75000 | 72257 |
| &nbsp;&nbsp;&nbsp;4.200%, due 05/19/32 |  | 25000 | 21847 |
| &nbsp;&nbsp;&nbsp;4.375%, due 03/15/43 |  | 50000 | 31885 |
| &nbsp;&nbsp;&nbsp;4.950%, due 01/15/31 |  | 375000 | 353741 |
| &nbsp;&nbsp;&nbsp;4.950%, due 05/19/50 |  | 125000 | 78506 |
| &nbsp;&nbsp;&nbsp;5.850%, due 09/01/43 |  | 100000 | 73407 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/30/36 |  | 100000 | 93025 |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/30/30 |  | 25000 | 26603 |
| Rite Aid Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/30/34<sup>4,5,12</sup> |  | 5396 | 1 |
| Scripps Escrow II, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 01/15/31<sup>2</sup> |  | 75000 | 57666 |
| Sinclair Television Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 12/31/32<sup>2</sup> |  | 50000 | 38537 |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/33<sup>2</sup> |  | 75000 | 77668 |
| Sirius XM Radio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/31<sup>2</sup> |  | 350000 | 316838 |
| &nbsp;&nbsp;&nbsp;4.000%, due 07/15/28<sup>2</sup> |  | 50000 | 48555 |
| &nbsp;&nbsp;&nbsp;5.500%, due 07/01/29<sup>2</sup> |  | 150000 | 148918 |
| Summer BidCo BV |  |  |  |
| &nbsp;&nbsp;&nbsp;Series PIYC, |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 01/31/31<sup>2</sup> | EUR | 100000 | 118551 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Media—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** | **Media—(continued)** |
| Sunrise FinCo I BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/15/32<sup>3</sup> |  | 100000 | $| 116176 |
| &nbsp;&nbsp;&nbsp;4.875%, due 07/15/31<sup>2</sup> |  | 200000 |  | 192144 |
| Univision Communications, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/01/29<sup>2</sup> |  | 275000 |  | 262380 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/30<sup>2</sup> |  | 25000 |  | 24976 |
| &nbsp;&nbsp;&nbsp;9.375%, due 08/01/32<sup>2</sup> |  | 125000 |  | 129356 |
| UPCB Finance VII Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 06/15/29<sup>3</sup> | EUR | 106065 |  | 122209 |
| Virgin Media O2 Vendor Financing Notes V DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 03/15/32<sup>2</sup> | GBP | 100000 |  | 121199 |
| Virgin Media O2 Vendor Financing Notes VI DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/33<sup>2</sup> |  | 200000 |  | 179510 |
| Virgin Media O2 Vendor Financing Notes VII DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 07/15/33<sup>2</sup> | EUR | 100000 |  | 106832 |
| Virgin Media O2 Vendor Financing Notes VIII DAC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 07/15/33<sup>2</sup> | GBP | 150000 |  | 183637 |
| VZ Vendor Financing II BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 01/15/29<sup>3</sup> | EUR | 100000 |  | 109817 |
|  |  |  |  | 10090727 |
| **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%** |
| Advanced Drainage Systems, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 03/01/34<sup>2</sup> |  | 25000 |  | 24647 |
| Roller Bearing Co. of America, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 10/15/29<sup>2</sup> |  | 125000 |  | 122223 |
| TMS International Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/29<sup>2</sup> |  | 50000 |  | 48801 |
|  |  |  |  | 195671 |
| **Mining—2.0%** | **Mining—2.0%** | **Mining—2.0%** | **Mining—2.0%** | **Mining—2.0%** |
| Aris Mining Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/31/29<sup>2</sup> |  | 200000 |  | 207514 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** | **Mining—(continued)** |
| Arsenal AIC Parent LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>2</sup> |  | 150000 | $| 156816 |
| &nbsp;&nbsp;&nbsp;11.500%, due 10/01/31<sup>2</sup> |  | 50000 |  | 54091 |
| Capstone Copper Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/31/33<sup>2</sup> |  | 25000 |  | 25442 |
| Century Aluminum Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/32<sup>2</sup> |  | 100000 |  | 103519 |
| Compass Minerals International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 07/01/30<sup>2</sup> |  | 50000 |  | 52194 |
| Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 07/15/29<sup>2</sup> | EUR | 100000 |  | 114034 |
| &nbsp;&nbsp;&nbsp;3.125%, due 07/15/29<sup>3</sup> |  | 100000 |  | 114034 |
| First Quantum Minerals Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 02/15/36<sup>2</sup> |  | 300000 |  | 294570 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/34<sup>2</sup> |  | 200000 |  | 206188 |
| Fortescue Treasury Pty. Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 04/01/31<sup>2</sup> |  | 84000 |  | 80265 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/30<sup>2</sup> |  | 75000 |  | 76526 |
| &nbsp;&nbsp;&nbsp;6.125%, due 04/15/32<sup>2</sup> |  | 150000 |  | 155022 |
| IAMGOLD Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/28<sup>2</sup> |  | 50000 |  | 49563 |
| Kaiser Aluminum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 06/01/31<sup>2</sup> |  | 75000 |  | 71945 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/34<sup>2</sup> |  | 50000 |  | 50078 |
| Novelis Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 08/15/31<sup>2</sup> |  | 50000 |  | 45451 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/30/30<sup>2</sup> |  | 75000 |  | 71719 |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/15/33<sup>2</sup> |  | 25000 |  | 25105 |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/30/30<sup>2</sup> |  | 50000 |  | 51261 |
| Novelis Sheet Ingot GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 04/15/29<sup>3</sup> | EUR | 200000 |  | 227287 |
| PLS Group Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/01/31<sup>2</sup> |  | 25000 |  | 25591 |
| Stillwater Mining Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 11/16/29<sup>3</sup> |  | 200000 |  | 190625 |
| Taseko Mines Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/01/30<sup>2</sup> |  | 50000 |  | 52342 |
| Vedanta Resources Finance II PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, due 10/15/32<sup>2</sup> |  | 400000 |  | 415500 |
| WE Soda Investments Holding PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 10/06/28<sup>3</sup> |  | 300000 |  | 303187 |
|  |  |  |  | 3219869 |
| **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** | **Miscellaneous manufacturers—0.4%** |
| Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/31<sup>2</sup> |  | 50000 |  | 50726 |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/30<sup>2</sup> |  | 75000 |  | 76386 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Miscellaneous manufacturers—(continued)** | **Miscellaneous manufacturers—(continued)** | **Miscellaneous manufacturers—(continued)** | **Miscellaneous manufacturers—(continued)** | **Miscellaneous manufacturers—(continued)** |
| Axon Enterprise, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/15/30<sup>2</sup> |  | 125000 | $| 127815 |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> |  | 175000 |  | 179578 |
| Maxam Prill SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 118522 |
| Trinity Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 07/15/28<sup>2</sup> |  | 100000 |  | 102644 |
|  |  |  |  | 655671 |
| **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** | **Office & business equipment—0.1%** |
| Xerox Holdings Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/15/28<sup>2</sup> |  | 50000 |  | 24000 |
| Zebra Technologies Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> |  | 175000 |  | 178404 |
|  |  |  |  | 202404 |
| **Oil & gas—9.2%** | **Oil & gas—9.2%** | **Oil & gas—9.2%** | **Oil & gas—9.2%** | **Oil & gas—9.2%** |
| Aethon United BR LP/Aethon United Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/01/29<sup>2</sup> |  | 50000 |  | 52235 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/30/29<sup>2</sup> |  | 25000 |  | 25032 |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/15/32<sup>2</sup> |  | 50000 |  | 51308 |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/33<sup>2</sup> |  | 25000 |  | 25685 |
| &nbsp;&nbsp;&nbsp;9.000%, due 11/01/27<sup>2</sup> |  | 150000 |  | 172125 |
| Azule Energy Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 01/22/31<sup>2</sup> |  | 300000 |  | 309375 |
| Borr IHC Ltd./Borr Finance LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.375%, due 11/15/30<sup>2</sup> |  | 180583 |  | 189539 |
| Breakwater Energy Holdings SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 11/15/30<sup>2</sup> |  | 250000 |  | 266246 |
| California Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/34<sup>2</sup> |  | 25000 |  | 25511 |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/15/29<sup>2</sup> |  | 46000 |  | 47966 |
| Caturus Energy LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 05/15/31<sup>2</sup> |  | 25000 |  | 25069 |
| Chord Energy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/30<sup>2</sup> |  | 25000 |  | 25482 |
| CITGO Petroleum Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/15/29<sup>2</sup> |  | 150000 |  | 154360 |
| CNX Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/34<sup>2</sup> |  | 50000 |  | 49599 |
| &nbsp;&nbsp;&nbsp;7.250%, due 03/01/32<sup>2</sup> |  | 25000 |  | 26046 |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/31<sup>2</sup> |  | 25000 |  | 25769 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |
| Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 01/15/30<sup>2</sup> | 100000 | $96864 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>2</sup> | 75000 | 74974 |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/01/29<sup>2</sup> | 75000 | 74748 |
| Constellation Oil Services Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, due 11/07/29<sup>2</sup> | 200000 | 208500 |
| Cosan Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/05/26<sup>3,8</sup> | 400000 | 387188 |
| Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 01/15/33<sup>2</sup> | 125000 | 127932 |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/32<sup>2</sup> | 75000 | 77226 |
| &nbsp;&nbsp;&nbsp;7.875%, due 04/15/32<sup>2</sup> | 195000 | 202157 |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/15/30<sup>2</sup> | 150000 | 160312 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 02/15/31<sup>2</sup> | 100000 | 101272 |
| DBR Land Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 12/01/30<sup>2</sup> | 25000 | 25594 |
| DNO ASA |  |  |
| &nbsp;&nbsp;&nbsp;Series 1235, |  |  |
| &nbsp;&nbsp;&nbsp;Steps to 15.750% on 06/17/31, |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 06/17/85<sup>3</sup> | 400000 | 422288 |
| Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/02/ 31 | 250000 | 224650 |
| &nbsp;&nbsp;&nbsp;5.875%, due 05/28/45 | 500000 | 384325 |
| &nbsp;&nbsp;&nbsp;8.375%, due 01/19/36 | 200000 | 207340 |
| FORESEA Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 06/15/30<sup>3</sup> | 200000 | 197750 |
| Global Marine, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/01/28 | 152000 | 152625 |
| Gran Tierra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 04/15/31<sup>2</sup> | 200000 | 182000 |
| Gulfport Energy Operating Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/01/29<sup>2</sup> | 25000 | 25648 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** | **Oil & gas—(continued)** |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 02/01/29<sup>2</sup> |  | 25000 | $24984 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> |  | 100000 | 99604 |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/31<sup>2</sup> |  | 125000 | 123537 |
| &nbsp;&nbsp;&nbsp;6.250%, due 11/01/28<sup>2</sup> |  | 100000 | 100529 |
| &nbsp;&nbsp;&nbsp;8.375%, due 11/01/33<sup>2</sup> |  | 25000 | 26733 |
| Infinity Natural Resources LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 04/01/31<sup>2</sup> |  | 25000 | 25423 |
| Ithaca Energy North Sea PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/31<sup>2</sup> | EUR | 200000 | 237414 |
| Kosmos Energy Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 10/01/31<sup>3</sup> |  | 200000 | 185600 |
| Kraken Oil & Gas Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 08/15/29<sup>2</sup> |  | 200000 | 203789 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 12/01/32<sup>2</sup> |  | 100000 | 103468 |
| Matador Resources Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/34<sup>2</sup> |  | 50000 | 50190 |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/33<sup>2</sup> |  | 125000 | 127121 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>2</sup> |  | 75000 | 76587 |
| MC Brazil Downstream Trading SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 06/30/31<sup>3</sup> |  | 226542 | 211930 |
| Medco Cypress Tree Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 05/19/30<sup>2</sup> |  | 250000 | 260625 |
| Moss Creek Resources Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 09/01/31<sup>2</sup> |  | 125000 | 126545 |
| Murphy Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 10/01/32 |  | 25000 | 25165 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/34 |  | 25000 | 25193 |
| Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 11/15/32<sup>2</sup> |  | 25000 | 26086 |
| &nbsp;&nbsp;&nbsp;8.875%, due 08/15/31<sup>2</sup> |  | 25000 | 26398 |
| &nbsp;&nbsp;&nbsp;9.125%, due 01/31/30<sup>2</sup> |  | 75000 | 78767 |
| Noble Finance II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/15/30<sup>2</sup> |  | 150000 | 156010 |
| Northern Oil & Gas, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 10/15/33<sup>2</sup> |  | 50000 | 51820 |
| &nbsp;&nbsp;&nbsp;8.750%, due 06/15/31<sup>2</sup> |  | 250000 | 261057 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |
| PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/15/28 | 250000 | $249783 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/30<sup>2</sup> | 25000 | 25628 |
| &nbsp;&nbsp;&nbsp;9.875%, due 03/15/30<sup>2</sup> | 25000 | 26863 |
| Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;6.850%, due 06/05/15 | 350000 | 332150 |
| &nbsp;&nbsp;&nbsp;6.900%, due 03/19/49 | 250000 | 247975 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 01/28/31 | 400000 | 391500 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/02/41 | 1250000 | 1103750 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/30/26<sup>3,8</sup> | 650000 | 498062 |
| &nbsp;&nbsp;&nbsp;6.700%, due 02/16/32 | 150000 | 150525 |
| &nbsp;&nbsp;&nbsp;6.750%, due 09/21/47 | 279000 | 235057 |
| &nbsp;&nbsp;&nbsp;7.690%, due 01/23/50 | 350000 | 321475 |
| &nbsp;&nbsp;&nbsp;10.000%, due 02/07/33 | 100000 | 117300 |
| Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/29<sup>2</sup> | 100000 | 100903 |
| Raizen Fuels Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 03/05/54<sup>2</sup> | 200000 | 106576 |
| Sanchez Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/21<sup>10</sup> | 475000 | 48 |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/23<sup>10,12</sup> | 325000 | 33 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/34<sup>2</sup> | 50000 | 50691 |
| &nbsp;&nbsp;&nbsp;6.750%, due 08/01/29<sup>2</sup> | 75000 | 76935 |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/01/32<sup>2</sup> | 50000 | 51326 |
| &nbsp;&nbsp;&nbsp;8.625%, due 11/01/30<sup>2</sup> | 125000 | 132222 |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/31<sup>2</sup> | 175000 | 183586 |
| &nbsp;&nbsp;&nbsp;9.625%, due 06/15/33<sup>2</sup> | 150000 | 167142 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/29<sup>2</sup> | 150000 | 146999 |
| &nbsp;&nbsp;&nbsp;4.625%, due 05/01/30<sup>2</sup> | 100000 | 97254 |
| &nbsp;&nbsp;&nbsp;5.375%, due 07/15/31<sup>2</sup> | 25000 | 24883 |
| &nbsp;&nbsp;&nbsp;5.625%, due 03/15/31<sup>2</sup> | 50000 | 50186 |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/15/34<sup>2</sup> | 25000 | 24664 |
| &nbsp;&nbsp;&nbsp;5.875%, due 07/15/27<sup>2</sup> | 75000 | 74998 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/15/34<sup>2</sup> | 75000 | 74731 |
| &nbsp;&nbsp;&nbsp;6.250%, due 07/01/33<sup>2</sup> | 100000 | 102202 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/18/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/18/30<sup>2,6,8</sup> | 200000 | 207111 |
| Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/30/30 | 25000 | 24291 |
| &nbsp;&nbsp;&nbsp;7.000%, due 09/15/28<sup>2</sup> | 50000 | 51191 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Oil & gas—(continued)** |  |  |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/29<sup>2</sup> | 75000 | $78242 |
| &nbsp;&nbsp;&nbsp;9.375%, due 02/01/31<sup>2</sup> | 100000 | 106394 |
| Teine Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/29<sup>2</sup> | 100000 | 100030 |
| TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/15/29<sup>2</sup> | 75000 | 73979 |
| Transocean Aquila Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 09/30/28<sup>2</sup> | 30769 | 31573 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, due 03/15/38 | 275000 | 267032 |
| &nbsp;&nbsp;&nbsp;7.500%, due 04/15/31 | 200000 | 206042 |
| &nbsp;&nbsp;&nbsp;8.250%, due 05/15/29<sup>2</sup> | 125000 | 129784 |
| &nbsp;&nbsp;&nbsp;8.500%, due 05/15/31<sup>2</sup> | 75000 | 79310 |
| &nbsp;&nbsp;&nbsp;8.750%, due 02/15/30<sup>2</sup> | 17500 | 18330 |
| Valaris Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 04/30/30<sup>2</sup> | 150000 | 156415 |
| Vermilion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/01/30<sup>2</sup> | 50000 | 50504 |
| &nbsp;&nbsp;&nbsp;7.250%, due 02/15/33<sup>2</sup> | 25000 | 25359 |
| YPF SA |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 12/15/47<sup>2</sup> | 300000 | 270450 |
| &nbsp;&nbsp;&nbsp;8.750%, due 09/11/31<sup>2</sup> | 200000 | 211720 |
|  |  | 14692519 |
| **Oil & gas services—0.7%** |  |  |
| Archrock Services LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 02/01/34<sup>2</sup> | 25000 | 25163 |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/33<sup>2</sup> | 75000 | 76319 |
| CHC Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 09/01/30<sup>2</sup> | 100000 | 90362 |
| Enerflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/31<sup>2</sup> | 50000 | 51510 |
| Helix Energy Solutions Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 03/01/29<sup>2</sup> | 75000 | 78772 |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/31<sup>2</sup> | 75000 | 75545 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/01/33<sup>2</sup> | 25000 | 25573 |
| OHI Group SA |  |  |
| &nbsp;&nbsp;&nbsp;13.000%, due 07/22/29<sup>2</sup> | 190000 | 192460 |
| SESI LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/30/30<sup>2</sup> | 50000 | 51632 |
| Star Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 08/01/31<sup>2</sup> | 50000 | 51017 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Oil & gas services—(continued)** | **Oil & gas services—(continued)** | **Oil & gas services—(continued)** | **Oil & gas services—(continued)** | **Oil & gas services—(continued)** |
| USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/01/33<sup>2</sup> |  | 75000 | $| 75683 |
| &nbsp;&nbsp;&nbsp;7.125%, due 03/15/29<sup>2</sup> |  | 150000 |  | 155015 |
| WBI Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 10/15/30<sup>2</sup> |  | 25000 |  | 25348 |
| Weatherford International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/33<sup>2</sup> |  | 75000 |  | 77808 |
|  |  |  |  | 1052207 |
| **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** | **Packaging & containers—1.7%** |
| ARD Finance SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000% Cash or 5.750% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/30/27<sup>3,7</sup> | EUR | 1 |  | 0 |
| &nbsp;&nbsp;&nbsp;6.500% Cash or 7.250% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/30/27<sup>2,7,10</sup> |  | 1 |  | 0 |
| Ardagh Group SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 12/01/30<sup>2</sup> |  | 228000 |  | 241768 |
| &nbsp;&nbsp;&nbsp;4.500% Cash and 7.500% PIK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 12/01/30<sup>2,7</sup> | EUR | 300000 |  | 314027 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>3</sup> |  | 100000 |  | 110180 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/30/31<sup>2</sup> |  | 100000 |  | 117072 |
| Ball Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 09/15/31 |  | 125000 |  | 113339 |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/32 | EUR | 100000 |  | 117718 |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/15/33 |  | 25000 |  | 25067 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/15/29<sup>2</sup> |  | 25000 |  | 24607 |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/15/32<sup>2</sup> |  | 200000 |  | 188163 |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/30<sup>2</sup> |  | 25000 |  | 24443 |
| &nbsp;&nbsp;&nbsp;8.750%, due 04/15/30<sup>2</sup> |  | 75000 |  | 68049 |
| Crown European Holdings SACA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/30/31<sup>2</sup> | EUR | 100000 |  | 115647 |
| Mauser Packaging Solutions Holding Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 04/15/30<sup>2</sup> |  | 75000 |  | 71480 |
| OI European Group BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/15/30<sup>2</sup> |  | 225000 |  | 208905 |
| &nbsp;&nbsp;&nbsp;6.250%, due 05/15/28<sup>3</sup> | EUR | 100000 |  | 118339 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Packaging & containers—(continued)** | **Packaging & containers—(continued)** | **Packaging & containers—(continued)** | **Packaging & containers—(continued)** | **Packaging & containers—(continued)** |
| Owens-Brockway Glass Container, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/13/27<sup>2</sup> |  | 163000 | $| 163166 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/15/31<sup>2</sup> |  | 150000 |  | 143350 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/01/32<sup>2</sup> |  | 25000 |  | 23621 |
| Silgan Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/31<sup>3</sup> | EUR | 125000 |  | 145018 |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/31<sup>2</sup> |  | 100000 |  | 116014 |
| TriMas Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 04/15/29<sup>2</sup> |  | 150000 |  | 144308 |
| Trivium Packaging Finance BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 07/15/30<sup>2</sup> | EUR | 100000 |  | 120350 |
|  |  |  |  | 2714631 |
| **Pharmaceuticals—2.3%** | **Pharmaceuticals—2.3%** | **Pharmaceuticals—2.3%** | **Pharmaceuticals—2.3%** | **Pharmaceuticals—2.3%** |
| 1261229 BC Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 04/15/32<sup>2</sup> |  | 400000 |  | 413111 |
| AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.600%, due 03/15/55 |  | 25000 |  | 24442 |
| Accendra Health, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/31/29<sup>2</sup> |  | 25000 |  | 16667 |
| &nbsp;&nbsp;&nbsp;6.625%, due 04/01/30<sup>2</sup> |  | 50000 |  | 26869 |
| Amneal Pharmaceuticals LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 08/01/32<sup>2</sup> |  | 50000 |  | 51927 |
| Bausch Health Americas, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/31/27<sup>2</sup> |  | 50000 |  | 49750 |
| Bausch Health Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/28<sup>2</sup> |  | 50000 |  | 46966 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/30/28<sup>2</sup> |  | 50000 |  | 42750 |
| &nbsp;&nbsp;&nbsp;5.250%, due 01/30/30<sup>2</sup> |  | 50000 |  | 32551 |
| &nbsp;&nbsp;&nbsp;5.250%, due 02/15/31<sup>2</sup> |  | 50000 |  | 29750 |
| &nbsp;&nbsp;&nbsp;7.000%, due 01/15/28<sup>2</sup> |  | 175000 |  | 154003 |
| &nbsp;&nbsp;&nbsp;7.250%, due 05/30/29<sup>2</sup> |  | 100000 |  | 74000 |
| &nbsp;&nbsp;&nbsp;11.000%, due 09/30/28<sup>2</sup> |  | 125000 |  | 130000 |
| &nbsp;&nbsp;&nbsp;14.000%, due 10/15/30<sup>2</sup> |  | 25000 |  | 24063 |
| BellRing Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/15/30<sup>2</sup> |  | 175000 |  | 177712 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** | **Pharmaceuticals—(continued)** |
| CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/10/34), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/10/54<sup>6</sup> |  | 25000 | $| 25901 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/10/30), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/10/55<sup>6</sup> |  | 125000 |  | 129690 |
| Dolcetto Holdco SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 07/14/32<sup>2</sup> | EUR | 200000 |  | 234568 |
| Endo Finance Holdings LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 04/15/31<sup>2</sup> |  | 25000 |  | 26501 |
| Grifols SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/30<sup>3</sup> | EUR | 325000 |  | 396104 |
| Gruenenthal GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/31<sup>3</sup> |  | 100000 |  | 117029 |
| HLF Financing SARL LLC/Herbalife International, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> |  | 50000 |  | 47015 |
| Neopharmed Gentili SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/08/30<sup>3</sup> | EUR | 175000 |  | 211637 |
| Nidda Healthcare Holding GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 02/21/30<sup>3</sup> |  | 200000 |  | 236337 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, due 04/30/31<sup>2</sup> |  | 200000 |  | 198729 |
| Rossini SARL |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/31/29<sup>2</sup> | EUR | 100000 |  | 121707 |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 06/01/31 |  | 100000 |  | 116844 |
| &nbsp;&nbsp;&nbsp;4.375%, due 05/09/30 |  | 100000 |  | 118737 |
| &nbsp;&nbsp;&nbsp;7.875%, due 09/15/31 |  | 300000 |  | 413007 |
|  |  |  |  | 3688367 |
| **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** | **Pipelines—4.3%** |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>2</sup> |  | 25000 |  | 24975 |
| &nbsp;&nbsp;&nbsp;5.750%, due 10/15/33<sup>2</sup> |  | 50000 |  | 49901 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/01/34<sup>2</sup> |  | 75000 |  | 74807 |
| &nbsp;&nbsp;&nbsp;6.625%, due 02/01/32<sup>2</sup> |  | 75000 |  | 76910 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/29<sup>2</sup> |  | 50000 |  | 51786 |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/15/32<sup>2</sup> |  | 25000 |  | 26151 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;5.850%, due 11/15/43 | 50000 | $45795 |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/01/30<sup>2</sup> | 50000 | 51724 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/01/29<sup>2</sup> | 100000 | 103251 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 06/15/31<sup>2</sup> | 250000 | 246953 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/28<sup>2</sup> | 75000 | 74991 |
| &nbsp;&nbsp;&nbsp;7.375%, due 06/30/33<sup>2</sup> | 50000 | 51602 |
| &nbsp;&nbsp;&nbsp;8.625%, due 03/15/29<sup>2</sup> | 200000 | 208671 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/31), |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/56<sup>6</sup> | 100000 | 100270 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 02/15/36), |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 02/15/56<sup>6</sup> | 75000 | 75539 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 10/01/29), |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 10/01/54<sup>6</sup> | 75000 | 77005 |
| Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/30<sup>2</sup> | 125000 | 132561 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 03/15/34 | 25000 | 25180 |
| &nbsp;&nbsp;&nbsp;7.875%, due 05/15/32 | 175000 | 183467 |
| &nbsp;&nbsp;&nbsp;8.000%, due 05/15/33 | 125000 | 131593 |
| &nbsp;&nbsp;&nbsp;8.875%, due 04/15/30 | 50000 | 52385 |
| Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 07/01/33<sup>2</sup> | 75000 | 76863 |
| Golar LNG Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 10/02/30<sup>2</sup> | 250000 | 254375 |
| Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 09/01/28<sup>2</sup> | 200000 | 201318 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/15/32<sup>2</sup> | 75000 | 78086 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/29<sup>2</sup> | 50000 | 51229 |
| Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 01/15/34<sup>2</sup> | 75000 | 76297 |
| &nbsp;&nbsp;&nbsp;7.375%, due 07/15/32<sup>2</sup> | 125000 | 130345 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 08/01/29<sup>2</sup> | 25000 | 24645 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 06/15/30<sup>2</sup> | 100000 | $100338 |
| &nbsp;&nbsp;&nbsp;6.625%, due 12/15/28<sup>2</sup> | 25000 | 25502 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;11.500%, due 02/15/28<sup>2</sup> | 150000 | 154315 |
| New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 09/30/26<sup>2</sup> | 50000 | 9250 |
| NFE Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.000%, due 11/15/29\*<sup>,2,10</sup> | 125000 | 56250 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 02/15/29<sup>2</sup> | 175000 | 181401 |
| &nbsp;&nbsp;&nbsp;8.375%, due 02/15/32<sup>2</sup> | 100000 | 104959 |
| Northriver Midstream Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/15/32<sup>2</sup> | 125000 | 127984 |
| NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, due 04/28/27 | 25000 | 25089 |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/01/30 | 175000 | 181917 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, due 04/01/45 | 75000 | 64882 |
| &nbsp;&nbsp;&nbsp;5.450%, due 06/01/47 | 125000 | 113097 |
| &nbsp;&nbsp;&nbsp;5.600%, due 04/01/44 | 25000 | 23130 |
| Plains All American Pipeline LP |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.372%, |  |  |
| &nbsp;&nbsp;&nbsp;8.024%, due 05/30/26<sup>6,8</sup> | 150000 | 149931 |
| Prairie Acquiror LP |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 08/01/29<sup>2</sup> | 75000 | 78320 |
| Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, due 05/15/30<sup>2</sup> | 50000 | 48722 |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/15/29<sup>2</sup> | 50000 | 49316 |
| &nbsp;&nbsp;&nbsp;6.875%, due 04/15/40<sup>2</sup> | 100000 | 100988 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/35), |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 03/01/55<sup>6</sup> | 50000 | 52862 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 03/01/30), |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 03/01/55<sup>6</sup> | 75000 | 78279 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Pipelines—(continued)** | **Pipelines—(continued)** | **Pipelines—(continued)** |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/01/31<sup>2</sup> | 100000 | $100548 |
| &nbsp;&nbsp;&nbsp;7.375%, due 02/15/29<sup>2</sup> | 75000 | 77267 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 04/15/52 | 50000 | 42064 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/53 | 50000 | 51759 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 06/15/30<sup>2</sup> | 50000 | 51747 |
| Transportadora de Gas del Sur SA |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 11/20/35<sup>2</sup> | 300000 | 309153 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 08/15/31<sup>2</sup> | 25000 | 23419 |
| &nbsp;&nbsp;&nbsp;6.000%, due 05/01/36<sup>2</sup> | 50000 | 50389 |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/30<sup>2</sup> | 50000 | 51460 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 06/01/28<sup>2</sup> | 125000 | 127903 |
| &nbsp;&nbsp;&nbsp;8.375%, due 06/01/31<sup>2</sup> | 25000 | 26066 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 09/30/29), |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>2,6,8</sup> | 100000 | 98904 |
| &nbsp;&nbsp;&nbsp;9.500%, due 02/01/29<sup>2</sup> | 275000 | 300126 |
| &nbsp;&nbsp;&nbsp;9.875%, due 02/01/32<sup>2</sup> | 175000 | 187750 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 12/15/30<sup>2</sup> | 125000 | 128910 |
| &nbsp;&nbsp;&nbsp;6.500%, due 01/15/34<sup>2</sup> | 325000 | 340438 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/34<sup>2</sup> | 125000 | 130804 |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/36<sup>2</sup> | 100000 | 106304 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/01/33<sup>2</sup> | 50000 | 55448 |
| Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;5.300%, due 03/01/48 | 50000 | 42523 |
| &nbsp;&nbsp;&nbsp;7.250%, due 04/01/30<sup>2</sup> | 50000 | 52708 |
|  |  | 6840897 |
| **Real estate—2.8%** |  |  |
| Alpha Star Holding IX Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 08/26/28<sup>3</sup> | 400000 | 397000 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/30<sup>2</sup> | 244400 | 244515 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/15/30<sup>2</sup> |  | 50000 | $47711 |
| &nbsp;&nbsp;&nbsp;5.750%, due 01/15/29<sup>2</sup> |  | 125000 | 122482 |
| &nbsp;&nbsp;&nbsp;9.750%, due 04/15/30<sup>2</sup> |  | 50000 | 53393 |
| Aroundtown Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/30/31), |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 04/30/31<sup>3,6,8</sup> | EUR | 150000 | 166647 |
| CPI Property Group SA |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 11/16/26), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 08/18/26<sup>3,6,8</sup> |  | 200000 | 224167 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/27/32<sup>3</sup> |  | 200000 | 229214 |
| Five Point Operating Co. LP |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 10/01/30<sup>2</sup> |  | 75000 | 76906 |
| Heimstaden AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 01/15/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/15/26<sup>3,6,8</sup> | EUR | 100000 | 118440 |
| &nbsp;&nbsp;&nbsp;7.361%, due 01/24/31<sup>3</sup> |  | 100000 | 118983 |
| Heimstaden Bostad AB |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/01/27), |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 02/01/27<sup>3,6,8</sup> |  | 475000 | 543381 |
| Howard Hughes Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/01/29<sup>2</sup> |  | 125000 | 120356 |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/32<sup>2</sup> |  | 25000 | 24460 |
| &nbsp;&nbsp;&nbsp;6.125%, due 03/01/34<sup>2</sup> |  | 25000 | 24497 |
| IWG U.S. Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/28/30<sup>3</sup> | EUR | 100000 | 126152 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** | **Real estate—(continued)** |
| Kennedy-Wilson, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 03/01/29 |  | 50000 | $| 49453 |
| &nbsp;&nbsp;&nbsp;4.750%, due 02/01/30 |  | 75000 |  | 73776 |
| Neinor Homes SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 02/15/30<sup>2</sup> | EUR | 100000 |  | 120217 |
| New Immo Holding SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 12/08/28<sup>3</sup> |  | 100000 |  | 117323 |
| NWD MTN Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 05/19/30<sup>3</sup> |  | 250000 |  | 199247 |
| Omniyat Sukuk 1 Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, due 05/06/28<sup>3</sup> |  | 200000 |  | 194802 |
| Pingan Real Estate Capital Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.450%, due 07/29/26<sup>3</sup> |  | 200000 |  | 197501 |
| Port of Spain Waterfront Development |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 02/19/40<sup>2</sup> |  | 280000 |  | 286356 |
| Ronshine China Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.100%, due 06/09/23<sup>3,10</sup> |  | 50000 |  | 375 |
| Samhallsbyggnadsbolaget I Norden Holding AB |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/12/27<sup>3</sup> | EUR | 100000 |  | 113242 |
| &nbsp;&nbsp;&nbsp;2.375%, due 08/04/26<sup>3</sup> |  | 100000 |  | 116567 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/20/29<sup>3</sup> |  | 250000 |  | 269498 |
| Signa Development Finance SCS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/23/26<sup>3,10</sup> |  | 100000 |  | 16443 |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/23/26<sup>2,10,11</sup> |  | 200000 |  | 32886 |
|  |  |  |  | 4425990 |
| **Real estate investment trusts—3.3%** | **Real estate investment trusts—3.3%** | **Real estate investment trusts—3.3%** | **Real estate investment trusts—3.3%** | **Real estate investment trusts—3.3%** |
| Alexandrite Monnet U.K. Holdco PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 05/31/31<sup>2,9</sup> |  | 100000 |  | 117256 |
| &nbsp;&nbsp;&nbsp;10.500%, due 05/15/29<sup>3</sup> |  | 225000 |  | 278027 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Real estate investment trusts—(continued)** | **Real estate investment trusts—(continued)** | **Real estate investment trusts—(continued)** | **Real estate investment trusts—(continued)** |
| Arbor Realty SR, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 07/15/30<sup>2</sup> |  | 75000 | $70849 |
| &nbsp;&nbsp;&nbsp;8.500%, due 12/15/28<sup>2</sup> |  | 25000 | 24770 |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/27<sup>2</sup> |  | 225000 | 221670 |
| Brandywine Operating Partnership LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 01/15/31 |  | 25000 | 23267 |
| CTR Partnership LP/CareTrust Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/30/28<sup>2</sup> |  | 100000 | 97425 |
| Diversified Healthcare Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 10/15/30<sup>2</sup> |  | 25000 | 25509 |
| Iron Mountain Information Management Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/32<sup>2</sup> |  | 325000 | 313806 |
| Iron Mountain, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/31<sup>2</sup> |  | 200000 | 192195 |
| &nbsp;&nbsp;&nbsp;4.750%, due 01/15/34<sup>3</sup> | EUR | 500000 | 567911 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/27<sup>2</sup> |  | 200000 | 199553 |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/15/29<sup>2</sup> |  | 75000 | 73964 |
| &nbsp;&nbsp;&nbsp;5.000%, due 07/15/28<sup>2</sup> |  | 50000 | 49837 |
| &nbsp;&nbsp;&nbsp;5.250%, due 07/15/30<sup>2</sup> |  | 275000 | 272154 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/01/27<sup>2</sup> |  | 25000 | 24797 |
| &nbsp;&nbsp;&nbsp;7.000%, due 07/15/31<sup>2</sup> |  | 25000 | 25928 |
| Millrose Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 09/15/32<sup>2</sup> |  | 50000 | 50219 |
| &nbsp;&nbsp;&nbsp;6.375%, due 08/01/30<sup>2</sup> |  | 125000 | 126596 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.993%, due 10/15/26 | EUR | 200000 | 228982 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/31 |  | 250000 | 179194 |
| &nbsp;&nbsp;&nbsp;4.625%, due 08/01/29 |  | 25000 | 20687 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/15/27 |  | 150000 | 146249 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/15/32<sup>3</sup> | EUR | 100000 | 118528 |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/32<sup>2</sup> |  | 125000 | 129862 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Real estate investment trusts—(continued)** |  |  |
| 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 | $121593 |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/28<sup>2</sup> | 50000 | 49880 |
| &nbsp;&nbsp;&nbsp;7.000%, due 02/01/30<sup>2</sup> | 50000 | 51047 |
| Pebblebrook Hotel LP/PEB Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 10/15/29<sup>2</sup> | 100000 | 101619 |
| Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 06/15/53 | 50000 | 46595 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 02/15/29<sup>2</sup> | 100000 | 98308 |
| &nbsp;&nbsp;&nbsp;5.750%, due 03/15/34<sup>2</sup> | 50000 | 49700 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/01/32<sup>2</sup> | 100000 | 102611 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/15/33<sup>2</sup> | 25000 | 25750 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 04/01/29<sup>2</sup> | 75000 | 75345 |
| &nbsp;&nbsp;&nbsp;8.000%, due 07/15/30<sup>2</sup> | 125000 | 125091 |
| RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/29<sup>2</sup> | 200000 | 188980 |
| Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, due 02/15/30 | 50000 | 45008 |
| &nbsp;&nbsp;&nbsp;4.950%, due 02/15/27 | 6000 | 5998 |
| &nbsp;&nbsp;&nbsp;4.950%, due 10/01/29 | 75000 | 70481 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/15/30<sup>2</sup> | 100000 | 101169 |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/01/30<sup>2</sup> | 50000 | 51227 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/30<sup>2</sup> | 50000 | 51425 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> | 150000 | 144938 |
| XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/29<sup>2</sup> | 75000 | 73613 |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/30<sup>2</sup> | 50000 | 51160 |
|  |  | 5210773 |
| **Retail—3.0%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 10/15/30<sup>2</sup> | 500000 | 475679 |
| &nbsp;&nbsp;&nbsp;6.125%, due 06/15/29<sup>2</sup> | 75000 | 76323 |
| Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, due 08/01/33<sup>2</sup> | 125000 | 128979 |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/01/28 | 15000 | 14852 |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> | 50000 | 48660 |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/32<sup>2</sup> | 25000 | 23973 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| Bath & Body Works, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 10/01/30<sup>2</sup> |  | 50000 | $50672 |
| &nbsp;&nbsp;&nbsp;6.750%, due 07/01/36 |  | 150000 | 145875 |
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/01/32<sup>2</sup> |  | 75000 | 65416 |
| Carvana Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/30<sup>2</sup> |  | 53250 | 55394 |
| &nbsp;&nbsp;&nbsp;9.000%, due 06/01/31<sup>2</sup> |  | 25000 | 27656 |
| CD&R Firefly Bidco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 04/30/29<sup>3</sup> | GBP | 100000 | 140124 |
| Dufry One BV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/18/31<sup>3</sup> | EUR | 150000 | 177714 |
| Eroski S Coop |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 05/15/31<sup>2</sup> |  | 100000 | 121155 |
| Ferrellgas LP/Ferrellgas Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/01/29<sup>2</sup> |  | 250000 | 244037 |
| &nbsp;&nbsp;&nbsp;9.250%, due 01/15/31<sup>2</sup> |  | 125000 | 131201 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 01/15/30<sup>2</sup> |  | 200000 | 193788 |
| FirstCash, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/01/28<sup>2</sup> |  | 75000 | 73739 |
| &nbsp;&nbsp;&nbsp;5.625%, due 01/01/30<sup>2</sup> |  | 75000 | 74639 |
| &nbsp;&nbsp;&nbsp;6.875%, due 03/01/32<sup>2</sup> |  | 75000 | 76866 |
| Gap, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 10/01/29<sup>2</sup> |  | 25000 | 23587 |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/01/31<sup>2</sup> |  | 25000 | 22873 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, due 01/15/32<sup>2</sup> |  | 200000 | 183983 |
| LBM Acquisition LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 01/15/29<sup>2</sup> |  | 100000 | 69300 |
| LCM Investments Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 05/01/29<sup>2</sup> |  | 200000 | 195810 |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/01/31<sup>2</sup> |  | 75000 | 78568 |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 06/01/29<sup>2</sup> |  | 100000 | 95840 |
| &nbsp;&nbsp;&nbsp;4.625%, due 12/15/27<sup>2</sup> |  | 150000 | 149291 |
| &nbsp;&nbsp;&nbsp;5.500%, due 10/01/30<sup>2</sup> |  | 25000 | 24868 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** | **Retail—(continued)** |
| Macy's Retail Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/34 |  | 50000 | $| 43634 |
| &nbsp;&nbsp;&nbsp;5.125%, due 01/15/42 |  | 150000 |  | 113419 |
| &nbsp;&nbsp;&nbsp;6.375%, due 03/15/37 |  | 75000 |  | 68820 |
| Men's Wearhouse LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>2</sup> |  | 25000 |  | 26457 |
| Michaels Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/15/33<sup>2</sup> |  | 100000 |  | 98755 |
| Murphy Oil USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/31<sup>2</sup> |  | 25000 |  | 23351 |
| &nbsp;&nbsp;&nbsp;4.750%, due 09/15/29 |  | 50000 |  | 49482 |
| Park River Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, due 03/15/31<sup>2</sup> |  | 50000 |  | 50274 |
| Punch Finance PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/30/30<sup>3</sup> | GBP | 200000 |  | 275974 |
| QXO Building Products, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 04/30/32<sup>2</sup> |  | 75000 |  | 76503 |
| Saks Global Enterprises LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/15/29<sup>2,10</sup> |  | 134100 |  | 1006 |
| SGUS LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11.000%, due 12/15/29<sup>2,10</sup> |  | 58828 |  | 10221 |
| Sonic Automotive, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 11/15/29<sup>2</sup> |  | 50000 |  | 48914 |
| &nbsp;&nbsp;&nbsp;4.875%, due 11/15/31<sup>2</sup> |  | 25000 |  | 24037 |
| Staples, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.750%, due 09/01/29<sup>2</sup> |  | 100000 |  | 95585 |
| &nbsp;&nbsp;&nbsp;12.750%, due 01/15/30<sup>2</sup> |  | 69659 |  | 52304 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 06/01/31<sup>2</sup> |  | 75000 |  | 72004 |
| Superior Plus LP/Superior General Partner, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 03/15/29<sup>2</sup> |  | 50000 |  | 48483 |
| Takko Fashion GmbH |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10.250%, due 04/15/30<sup>2</sup> | EUR | 180000 |  | 225540 |
| Yum! Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/01/32 |  | 225000 |  | 225157 |
|  |  |  |  | 4820782 |
| **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** | **Savings & loans—0.0%†** |
| Washington Mutual, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/21/17<sup>4,10,11,12</sup> |  | 500000 |  | 75 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Semiconductors—0.7%** | **Semiconductors—0.7%** | **Semiconductors—0.7%** | **Semiconductors—0.7%** |
| Amkor Technology, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 10/01/33<sup>2</sup> |  | 50000 | $50272 |
| ams-OSRAM AG |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, due 03/30/29<sup>3</sup> | EUR | 200000 | 247230 |
| BE Semiconductor Industries NV |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>2</sup> |  | 125000 | 149595 |
| &nbsp;&nbsp;&nbsp;4.500%, due 07/15/31<sup>3</sup> |  | 100000 | 119676 |
| Entegris, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, due 06/15/30<sup>2</sup> |  | 25000 | 25308 |
| MKS, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 02/15/34<sup>3</sup> | EUR | 150000 | 169899 |
| ON Semiconductor Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 09/01/28<sup>2</sup> |  | 175000 | 170605 |
| Synaptics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 06/15/29<sup>2</sup> |  | 125000 | 118869 |
|  |  |  | 1051454 |
| **Software—1.1%** | **Software—1.1%** | **Software—1.1%** | **Software—1.1%** |
| AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/30<sup>2</sup> |  | 400000 | 381259 |
| Cloud Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 03/31/29<sup>2</sup> |  | 325000 | 316438 |
| &nbsp;&nbsp;&nbsp;8.250%, due 06/30/32<sup>2</sup> |  | 25000 | 23751 |
| &nbsp;&nbsp;&nbsp;9.000%, due 09/30/29<sup>2</sup> |  | 100000 | 98188 |
| CoreWeave, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 02/01/31<sup>2</sup> |  | 100000 | 99366 |
| &nbsp;&nbsp;&nbsp;9.250%, due 06/01/30<sup>2</sup> |  | 50000 | 50630 |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/01/31<sup>2</sup> |  | 300000 | 301737 |
| OAK-Eagle Acquireco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/01/33<sup>2</sup> |  | 75000 | 77281 |
| &nbsp;&nbsp;&nbsp;8.750%, due 07/01/34<sup>2</sup> |  | 50000 | 52031 |
| Open Text Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 02/15/28<sup>2</sup> |  | 25000 | 24189 |
| &nbsp;&nbsp;&nbsp;3.875%, due 12/01/29<sup>2</sup> |  | 75000 | 67597 |
| Open Text Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, due 02/15/30<sup>2</sup> |  | 50000 | 45012 |
| &nbsp;&nbsp;&nbsp;4.125%, due 12/01/31<sup>2</sup> |  | 50000 | 42694 |
| Playtika Holding Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 03/15/29<sup>2</sup> |  | 75000 | 64604 |
| SS&C Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 09/30/27<sup>2</sup> |  | 50000 | 49956 |
| &nbsp;&nbsp;&nbsp;6.500%, due 06/01/32<sup>2</sup> |  | 50000 | 50592 |
| UKG, Inc. |  |  |  |
| 6.875%, due 02/01/31<sup>2</sup> |  | 75000 | 72999 |
|  |  |  | 1818324 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—7.3%** | **Telecommunications—7.3%** | **Telecommunications—7.3%** | **Telecommunications—7.3%** |
| Altice Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 01/15/28<sup>3</sup> | EUR | 175000 | $152190 |
| &nbsp;&nbsp;&nbsp;4.250%, due 08/15/29<sup>3</sup> |  | 100000 | 87438 |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/15/28<sup>2</sup> |  | 200000 | 147168 |
| Altice France Lux 3/Altice Holdings 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 01/15/33<sup>2</sup> |  | 206688 | 204441 |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/30<sup>2</sup> | EUR | 304838 | 349595 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/31<sup>2</sup> |  | 24743 | 24277 |
| &nbsp;&nbsp;&nbsp;6.500%, due 04/15/32<sup>2</sup> |  | 135310 | 133082 |
| &nbsp;&nbsp;&nbsp;6.875%, due 10/15/30<sup>2</sup> |  | 24743 | 24324 |
| &nbsp;&nbsp;&nbsp;6.875%, due 07/15/32<sup>2</sup> |  | 201926 | 198626 |
| &nbsp;&nbsp;&nbsp;9.500%, due 11/01/29<sup>2</sup> |  | 74230 | 75777 |
| APLD ComputeCo LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 12/15/30<sup>2</sup> |  | 250000 | 268721 |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.550%, due 09/15/55 |  | 50000 | 32196 |
| &nbsp;&nbsp;&nbsp;6.000%, due 04/30/56 |  | 200000 | 192918 |
| Axian Telecom Holding & Management PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 07/11/30<sup>2</sup> |  | 200000 | 201290 |
| Black Pearl Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 02/15/31<sup>2</sup> |  | 100000 | 101459 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 12/03/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, due 12/03/55<sup>3,6</sup> | GBP | 125000 | 170021 |
| C&W Senior Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 01/15/33<sup>2</sup> |  | 400000 | 408875 |
| Cipher Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 11/15/30<sup>2</sup> |  | 125000 | 129564 |
| Colombia Telecomunicaciones SA ESP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.950%, due 07/17/30<sup>3</sup> |  | 450000 | 422325 |
| Core Scientific Finance I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 05/15/31<sup>2,9</sup> |  | 25000 | 24938 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| Digicel Group Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 1B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 55330 | $2767 |
| &nbsp;&nbsp;&nbsp;Series 3B, |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/31/30<sup>2,4,5,12</sup> |  | 45961 | 460 |
| Digicel International Finance Ltd./Difl U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, due 08/01/32<sup>2</sup> |  | 300000 | 311250 |
| eircom Finance DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/30/31<sup>3</sup> | EUR | 175000 | 206688 |
| Embarq LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.995%, due 06/01/36 |  | 100000 | 27100 |
| Eutelsat Communications SACA |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 03/15/33<sup>2</sup> | EUR | 100000 | 120504 |
| Eutelsat SA |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/13/28<sup>3</sup> |  | 100000 | 111765 |
| Fibercop SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/17/55 |  | 100000 | 99513 |
| &nbsp;&nbsp;&nbsp;6.000%, due 09/30/34<sup>2</sup> |  | 200000 | 191791 |
| Flash Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 12/31/30<sup>2</sup> |  | 100000 | 102007 |
| Frontier Communications Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 11/01/29 |  | 17911 | 18001 |
| &nbsp;&nbsp;&nbsp;6.000%, due 01/15/30<sup>2</sup> |  | 100000 | 100552 |
| Frontier North, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.730%, due 02/15/28 |  | 25000 | 25781 |
| Hughes Satellite Systems Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 08/01/26 |  | 25000 | 17750 |
| HUT 8 DC LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.192%, due 11/15/42<sup>2</sup> |  | 25000 | 25207 |
| Iliad Holding SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, due 04/15/30<sup>2</sup> | EUR | 100000 | 119683 |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 01/15/29<sup>2</sup> |  | 75000 | 71250 |
| &nbsp;&nbsp;&nbsp;4.250%, due 07/01/28<sup>2</sup> |  | 75000 | 72938 |
| &nbsp;&nbsp;&nbsp;6.875%, due 06/30/33<sup>2</sup> |  | 25000 | 25801 |
| &nbsp;&nbsp;&nbsp;7.000%, due 03/31/34<sup>2</sup> |  | 125000 | 129653 |
| &nbsp;&nbsp;&nbsp;8.500%, due 01/15/36<sup>2</sup> |  | 75000 | 80326 |
| Liberty Costa Rica Senior Secured Finance |  |  |  |
| &nbsp;&nbsp;&nbsp;10.875%, due 01/15/31<sup>2</sup> |  | 156000 | 164048 |
| Lorca Telecom Bondco SA |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, due 04/30/29<sup>3</sup> | EUR | 100000 | 120850 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 01/15/29<sup>2</sup> |  | 75000 | $72000 |
| &nbsp;&nbsp;&nbsp;5.375%, due 06/15/29<sup>2</sup> |  | 50000 | 47985 |
| &nbsp;&nbsp;&nbsp;Series G, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, due 01/15/28 |  | 25000 | 25368 |
| Meridian Arc Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/30/31<sup>2</sup> |  | 275000 | 274937 |
| NJJ Continental SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/30<sup>3</sup> | EUR | 100000 | 115484 |
| Nokia of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, due 03/15/29 |  | 175000 | 178986 |
| Nokia OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, due 05/15/39 |  | 75000 | 79067 |
| Odido Holding BV |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 01/15/29<sup>3</sup> | EUR | 175000 | 204287 |
| PLT VII Finance SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, due 06/15/31<sup>3</sup> |  | 225000 | 270006 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/15/55<sup>6</sup> |  | 25000 | 25517 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/15/35), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 04/15/55<sup>6</sup> |  | 25000 | 25790 |
| SoftBank Group Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 07/06/32<sup>3</sup> | EUR | 100000 | 103968 |
| &nbsp;&nbsp;&nbsp;5.750%, due 07/08/32<sup>3</sup> |  | 100000 | 112823 |
| &nbsp;&nbsp;&nbsp;6.375%, due 07/10/33<sup>3</sup> |  | 100000 | 114457 |
| SV RNO Property Owner 1 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, due 03/01/31<sup>2</sup> |  | 200000 | 196230 |
| TalkTalk Telecom Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;11.750%, due 03/01/28<sup>2,7</sup> | GBP | 41908 | 1640 |
| Telecom Argentina SA |  |  |  |
| &nbsp;&nbsp;&nbsp;9.500%, due 07/18/31<sup>3</sup> |  | 390000 | 415970 |
| Telecommunications Co. Telekom Srbija AD Belgrade |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 10/28/29<sup>2</sup> |  | 300000 | 301092 |
| Telecommunications Services of Trinidad & Tobago Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, due 10/18/29<sup>3</sup> |  | 400000 | 405728 |
| Telefonica Europe BV |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 05/03/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;6.135%, due 02/03/30<sup>3,6,8</sup> | EUR | 100000 | 123105 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>1</sup>** | **amount<sup>1</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** | **Telecommunications—(continued)** |
| Telefonica Moviles Chile SA |  |  |  |
| &nbsp;&nbsp;&nbsp;3.537%, due 11/18/31<sup>3</sup> |  | 200000 | $156676 |
| &nbsp;&nbsp;&nbsp;3.537%, due 11/18/31<sup>2</sup> |  | 300000 | 235014 |
| Telesat Canada/Telesat LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/01/27<sup>2</sup> |  | 50000 | 41250 |
| &nbsp;&nbsp;&nbsp;5.625%, due 12/06/26<sup>2</sup> |  | 125000 | 106875 |
| &nbsp;&nbsp;&nbsp;6.500%, due 10/15/27<sup>2</sup> |  | 75000 | 45000 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 04/15/28<sup>2</sup> |  | 75000 | 74712 |
| &nbsp;&nbsp;&nbsp;6.500%, due 02/15/29<sup>2</sup> |  | 175000 | 171940 |
| &nbsp;&nbsp;&nbsp;8.625%, due 06/15/32<sup>2</sup> |  | 275000 | 287816 |
| Uniti Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.500%, due 12/01/27 |  | 25000 | 30083 |
| Veon Midco BV |  |  |  |
| &nbsp;&nbsp;&nbsp;9.000%, due 07/15/29<sup>2</sup> |  | 200000 | 207000 |
| Viasat, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, due 07/15/28<sup>2</sup> |  | 50000 | 49804 |
| &nbsp;&nbsp;&nbsp;7.500%, due 05/30/31<sup>2</sup> |  | 50000 | 50110 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 01/31/29<sup>3</sup> | GBP | 100000 | 128191 |
| &nbsp;&nbsp;&nbsp;4.250%, due 01/31/31<sup>2</sup> |  | 200000 | 172184 |
| &nbsp;&nbsp;&nbsp;4.750%, due 07/15/31<sup>2</sup> |  | 200000 | 173019 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 08/27/30), |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 08/27/80<sup>3,6</sup> | EUR | 100000 | 111157 |
| &nbsp;&nbsp;&nbsp;(fixed, converts to FRN on 04/04/29), |  |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 04/04/79<sup>6</sup> |  | 175000 | 182504 |
| Windstream Services LLC/Windstream Escrow Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 10/01/31<sup>2</sup> |  | 300000 | 317309 |
| WULF Compute LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, due 10/15/30<sup>2</sup> |  | 275000 | 289024 |
| Zayo Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750% Cash and 0.500% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.250%, due 03/09/30<sup>2,7</sup> |  | 167155 | 167239 |
| &nbsp;&nbsp;&nbsp;7.125% Cash and 1.875% PIK, |  |  |  |
| &nbsp;&nbsp;&nbsp;13.750%, due 09/09/30<sup>2,7</sup> |  | 45800 | 45159 |
|  |  |  | 11631416 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Textiles—0.1%** | **Textiles—0.1%** | **Textiles—0.1%** | **Textiles—0.1%** |
| Linx Capital Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;15.200%, due 03/31/26<sup>2,4,5,10</sup> | EUR | 555920 | $88082 |
| **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** | **Toys/Games/Hobbies—0.1%** |
| Asmodee Group AB |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 12/15/31<sup>2</sup> |  | 100000 | 115894 |
| &nbsp;&nbsp;&nbsp;5.750%, due 12/15/29<sup>3</sup> |  | 53333 | 64945 |
| Mattel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.450%, due 11/01/41 |  | 25000 | 22800 |
|  |  |  | 203639 |
| **Transportation—0.7%** | **Transportation—0.7%** | **Transportation—0.7%** | **Transportation—0.7%** |
| Beacon Mobility Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.250%, due 08/01/30<sup>2</sup> |  | 50000 | 52064 |
| Edge Finco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, due 08/15/31<sup>2</sup> | GBP | 200000 | 279416 |
| Genesee & Wyoming, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 04/15/32<sup>2</sup> |  | 100000 | 102349 |
| Rand Parent LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, due 02/15/30<sup>2</sup> |  | 50000 | 51937 |
| Seaspan Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 08/01/29<sup>2</sup> |  | 75000 | 72052 |
| Star Leasing Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, due 02/15/30<sup>2</sup> |  | 50000 | 48384 |
| Watco Cos. LLC/Watco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, due 08/01/32<sup>2</sup> |  | 125000 | 129819 |
| XPO, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, due 06/01/28<sup>2</sup> |  | 50000 | 50631 |
| &nbsp;&nbsp;&nbsp;7.125%, due 06/01/31<sup>2</sup> |  | 50000 | 51757 |
| &nbsp;&nbsp;&nbsp;7.125%, due 02/01/32<sup>2</sup> |  | 50000 | 52141 |
| Yinson Bergenia Production BV |  |  |  |
| &nbsp;&nbsp;&nbsp;8.498%, due 01/31/45<sup>2</sup> |  | 246675 | 263918 |
|  |  |  | 1154468 |
| **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** | **Trucking & leasing—0.3%** |
| FTAI Aviation Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 05/01/28<sup>2</sup> |  | 75000 | 74969 |
| &nbsp;&nbsp;&nbsp;5.875%, due 04/15/33<sup>2</sup> |  | 125000 | 124296 |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/01/31<sup>2</sup> |  | 100000 | 103492 |
| &nbsp;&nbsp;&nbsp;7.000%, due 06/15/32<sup>2</sup> |  | 225000 | 232253 |
| &nbsp;&nbsp;&nbsp;7.875%, due 12/01/30<sup>2</sup> |  | 25000 | 26250 |
|  |  |  | 561260 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| **Water—0.2%** | **Water—0.2%** | **Water—0.2%** | **Water—0.2%** |
| Holding d'Infrastructures des Metiers de l'Environnement SAS |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 10/24/29<sup>3</sup> | EUR | 300000 | $359098 |
| Thames Water Super Senior Issuer PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, due 10/10/27<sup>2</sup> | GBP | 20679 | 30675 |
| Thames Water Utilities Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/22/27<sup>2,12</sup> |  | 1500 | 1872 |
|  |  |  | 391645 |
| **Total corporate bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$157,625,841) |  |  | **154546561** |
| **Loan assignments—0.5%** | **Loan assignments—0.5%** | **Loan assignments—0.5%** | **Loan assignments—0.5%** |
| **Apparel—0.0%†** | **Apparel—0.0%†** | **Apparel—0.0%†** | **Apparel—0.0%†** |
| Beach Acquisition Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, due 09/12/32<sup>6</sup> |  | 49875 | 50031 |
| **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** | **Building materials—0.1%** |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 02/10/32<sup>6</sup> |  | 74250 | 74278 |
| **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** | **Diversified financial services—0.1%** |
| Mulhacen Pte. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6 mo. EURIBOR + 10.000%, |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, due 08/01/26<sup>6</sup> | EUR | 150851 | 68458 |
| **Electric—0.0%†** | **Electric—0.0%†** | **Electric—0.0%†** | **Electric—0.0%†** |
| Lightning Power LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.250%, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.902%, due 08/18/31<sup>6</sup> |  | 49250 | 49417 |
| **Entertainment—0.0%†** | **Entertainment—0.0%†** | **Entertainment—0.0%†** | **Entertainment—0.0%†** |
| Allen Media LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;9.350%, due 02/10/27<sup>6</sup> |  | 69636 | 45264 |
| **Food—0.1%** | **Food—0.1%** | **Food—0.1%** | **Food—0.1%** |
| Northeast Grocery, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 7.500%, |  |  |  |
| &nbsp;&nbsp;&nbsp;11.152%, due 12/13/28<sup>6</sup> |  | 144774 | 144954 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br> **amount**<sup>1</sup>** | **Value** |
| **Loan assignments—(continued)** | **Loan assignments—(continued)** | **Loan assignments—(continued)** |
| **Media—0.2%** | **Media—0.2%** | **Media—0.2%** |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.875%, |  |  |
| &nbsp;&nbsp;&nbsp;10.548%, due 05/31/31<sup>6</sup> | 120862 | $123000 |
| iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.775%, |  |  |
| &nbsp;&nbsp;&nbsp;9.542%, due 05/01/29<sup>6</sup> | 198617 | 193354 |
|  |  | **316354** |
| **Paper & forest products—0.0%†** | **Paper & forest products—0.0%†** | **Paper & forest products—0.0%†** |
| Glatfelter Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.250%, |  |  |
| &nbsp;&nbsp;&nbsp;7.923%, due 11/04/31<sup>6</sup> | 67459 | 64727 |
| **Pharmaceuticals—0.0%†** | **Pharmaceuticals—0.0%†** | **Pharmaceuticals—0.0%†** |
| Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.250%, |  |  |
| &nbsp;&nbsp;&nbsp;9.902%, due 10/08/30<sup>6</sup> | 49625 | 48248 |
| **Total loan assignments**<br> (cost—$964,361) |  | **861731** |
| **Non-U.S. government agency obligations—0.0†%** | **Non-U.S. government agency obligations—0.0†%** | **Non-U.S. government agency obligations—0.0†%** |
| **Ukraine—0.0%†** | **Ukraine—0.0%†** | **Ukraine—0.0%†** |
| Ukraine Government International Bonds Steps to 7.750% on 08/01/33, |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/34<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost—$96,638) | 200000 | 94200 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Number of<br> shares** | |
| **Common stocks—0.8%** | **Common stocks—0.8%** | **Common stocks—0.8%** | **Common stocks—0.8%** |
| **Aerospace & defense—0.0%** | **Aerospace & defense—0.0%** | **Aerospace & defense—0.0%** | **Aerospace & defense—0.0%** |
| &nbsp;&nbsp;&nbsp;Evander Gold Mines Ltd.\*<sup>,4,5</sup> | EUR | 2750 | 0 |
| **Capital markets—0.1%** | **Capital markets—0.1%** | **Capital markets—0.1%** | **Capital markets—0.1%** |
| &nbsp;&nbsp;&nbsp;Ardagh Holdings SA\*<sup>,4</sup> |  | 14431 | 106703 |
| **Chemicals—0.0%†** | **Chemicals—0.0%†** | **Chemicals—0.0%†** | **Chemicals—0.0%†** |
| &nbsp;&nbsp;&nbsp;Cornerstone CS\*<sup>,4,5</sup> |  | 1205 | 0 |
| &nbsp;&nbsp;&nbsp;SK Mohawk Holdings SCS\*<sup>,4,5</sup> |  | 548 | 4384 |
|  |  |  | 4384 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Commercial services & supplies—0.0%†** | **Commercial services & supplies—0.0%†** | **Commercial services & supplies—0.0%†** |
| &nbsp;&nbsp;&nbsp;Intrum AB\* | 1233 | $4616 |
| **Consumer finance—0.0%†** | **Consumer finance—0.0%†** | **Consumer finance—0.0%†** |
| &nbsp;&nbsp;&nbsp;Curo Group Holdings LLC\*<sup>,4</sup> | 824 | 8240 |
| **Containers & packaging—0.0%†** | **Containers & packaging—0.0%†** | **Containers & packaging—0.0%†** |
| &nbsp;&nbsp;&nbsp;Ardagh Holdings SA\*<sup>,4</sup> | 10614 | 66868 |
| **Energy equipment & services—0.0%†** | **Energy equipment & services—0.0%†** | **Energy equipment & services—0.0%†** |
| &nbsp;&nbsp;&nbsp;Nine Energy Service, Inc.\*<sup>,4</sup> | 6975 | 66332 |
| **Financial services—0.0%†** | **Financial services—0.0%†** | **Financial services—0.0%†** |
| &nbsp;&nbsp;&nbsp;Iqera Group SAS\*<sup>,4,5</sup> | 421500 | 0 |
| &nbsp;&nbsp;&nbsp;Mulhacen Pte. Ltd.\*<sup>,4</sup> | 291077 | 5124 |
|  |  | 5124 |
| **Gas utilities—0.0%†** | **Gas utilities—0.0%†** | **Gas utilities—0.0%†** |
| &nbsp;&nbsp;&nbsp;Ferrellgas Partners LP\* | 1620 | 41007 |
| **Health care providers & services—0.0%†** | **Health care providers & services—0.0%†** | **Health care providers & services—0.0%†** |
| &nbsp;&nbsp;&nbsp;Air Methods Corp.\*<sup>,4,11</sup> | 70 | 8750 |
| **Hotels, restaurants & leisure—0.1%** | **Hotels, restaurants & leisure—0.1%** | **Hotels, restaurants & leisure—0.1%** |
| &nbsp;&nbsp;&nbsp;Codere Group SA A1 Ordinary Shares\*<sup>,4,11</sup> | 2541 | 104379 |
| &nbsp;&nbsp;&nbsp;Codere Group SA A2 Ordinary Shares\*<sup>,4,11</sup> | 634 | 26043 |
|  |  | 130422 |
| **IT services—0.2%** | **IT services—0.2%** | **IT services—0.2%** |
| &nbsp;&nbsp;&nbsp;Carnelian Point Holdings LP<sup>4,5</sup> | 140 | 1500 |
| &nbsp;&nbsp;&nbsp;Carnelian Point Holdings LP\*<sup>,4,5</sup> | 9478 | 101509 |
| &nbsp;&nbsp;&nbsp;Carnelian Point Holdings LP\*<sup>,4,5</sup> | 14851 | 159054 |
|  |  | 262063 |
| **Leisure products—0.0%** | **Leisure products—0.0%** | **Leisure products—0.0%** |
| &nbsp;&nbsp;&nbsp;Teide 10 SL\*<sup>,4,5</sup> | 5444137 | 0 |
| **Media—0.1%** | **Media—0.1%** | **Media—0.1%** |
| &nbsp;&nbsp;&nbsp;SES SA\*<sup>,4,13</sup> | 5083 | 75610 |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Metals & mining—0.0%** | **Metals & mining—0.0%** | **Metals & mining—0.0%** | **Metals & mining—0.0%** |
| &nbsp;&nbsp;&nbsp;Cloud Peak Energy, Inc.\*<sup>,4,5</sup> |  | 66 | $0 |
| **Paper & forest products—0.0%†** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hardwood Holdings LLC\*<sup>,4</sup> |  | 936 | 936 |
| **Pharmaceuticals—0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Keenova Therapeutics PLC\*<sup>,4</sup> |  | 985 | 89635 |
| &nbsp;&nbsp;&nbsp;Mallinckrodt PLC\*<sup>,4</sup> |  | 459 | 41769 |
| &nbsp;&nbsp;&nbsp;Par Health, Inc.\*<sup>,4,11</sup> |  | 1444 | 11552 |
|  |  |  | 142956 |
| **Real estate management & development—0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ADLER Group SA\*<sup>,4,5</sup> | EUR | 55882 | 0 |
| **Wireless telecommunication services—0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Luxco Co. Ltd.\*<sup>,4</sup> |  | 14466 | 299238 |
| **Total common stocks**<br> (cost—$1,751,848) |  |  | **1223249** |
| **Investment companies—0.0%** |  |  |  |
| Endo GUC Trust<sup>4,5</sup> (cost—$0) |  | 25821 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Warrants** | **Number of<br> Warrants** | |
| **Warrants—0.0%†** | **Warrants—0.0%†** | **Warrants—0.0%†** | **Warrants—0.0%†** |
| Air Methods Corp.\*<sup>,4,5</sup> |  | 389 | 0 |
| Air Methods Corp.\*<sup>,4,5</sup> |  | 184 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4,5</sup> |  | 23 | 0 |
| Audacy Capital Corp. expires 09/30/28\*<sup>,4,5</sup> |  | 137 | 0 |
| Audacy, Inc.\*<sup>,4,13</sup> |  | 113 | 339 |
| Curo Group Holdings LLC expires 08/01/28\*<sup>,4,13</sup> |  | 1440 | 990 |
| Linx Synthetic expires 12/31/49\*<sup>,4,5</sup> | EUR | 2 | 14365 |
| **Total warrants** <br> (cost—$12,255) |  |  | **15694** |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short-term investments—0.7%** | **Short-term investments—0.7%** | **Short-term investments—0.7%** |
| **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>14</sup> (cost—$1,070,510) | 1070510 | $1070510 |
| **Total investments**—98.8%<br> (cost—$161,521,453) |  | **157811945** |
| Other assets in excess of liabilities—1.2% |  | 1904844 |
| **Net assets—100.0%** |  | $**159716789** |

---

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 | 200000 | GBP | 174689 | 05/08/26 | $2945 |
| SSB | EUR | 25239220 | USD | 29155404 | 05/08/26 | (470752) |
| SSB | GBP | 2326029 | USD | 3074438 | 05/08/26 | (90695) |
| SSB | SEK | 44265 | USD | 4686 | 05/08/26 | (110) |
| SSB | USD | 130000 | EUR | 110882 | 05/08/26 | 155 |
| SSB | USD | 253159 | GBP | 187959 | 05/08/26 | 2606 |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(555851)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** | | | | |
| Corporate bonds | $— | $154451121 | $95440 | $154546561 |
| Loan assignments |  | 861731 |  | 861731 |
| Non-U.S. government agency obligations |  | 94200 |  | 94200 |
| Common stocks | 411193 | 545609 | 266447 | 1223249 |
| Investment companies |  |  | 0 | 0 |
| Warrants |  | 1329 | 14365 | 15694 |
| Short-term investments | 1070510 |  |  | 1070510 |
| Forward foreign currency contracts |  | 5706 |  | 5706 |
| **Total** | $**1481703** | $**155959696** | $**376252** | $**157817651** |

---

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (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 | $— | $(561557) | $— | $(561557) |
| **Total** | $**—** | $**(561557)** | $**—** | $**(561557)** |

---

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

**Portfolio footnotes**

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

\* Non–income producing security.

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

<sup>2</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $106,129,671, represented 66.4% of the Portfolio's net assets at period end.

<sup>3</sup> Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

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

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

<sup>6</sup> Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description.

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

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

<sup>9</sup> Security purchased on a when–issued basis. When–issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

<sup>10</sup> Bond interest in default.

<sup>11</sup> This security is considered restricted. At period end, the value of restricted security was $259,528, represented 0.2% of the Fund's net assets. The table below provides further information:

**PACE High Yield Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Restricted security** | **Acquisition<br> date** | **Acquisition<br> cost** | **Acquisition cost<br> as a percentage<br> of net asset** | **Value at<br> 04/30/26** | **Value as a<br> percentage of<br> net assets** |
| Air Methods Corp. | 01/04/24 | $1706 | 0.0% | $8750 | 0.0% |
| Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. | 12/18/19 | 550000 | 0.3 | 4125 | 0.0 |
| Codere Group SA A1 Ordinary Shares | 11/18/24 | 67279 | 0.1 | 104379 | 0.1 |
| Codere Group SA A2 Ordinary Shares | 11/18/24 | 16787 | 0.0 | 26043 | 0.0 |
| Credito Real SAB de CV SOFOM ER | 06/25/20 |  | 0.0 | 37104 | 0.0 |
| Galapagos SA | 06/15/21 | 34145 | 0.0 | 161 | 0.0 |
| Hertz Corp. | 07/02/21 |  | 0.0 | 5 | 0.0 |
| Iqera Group SAS | 09/24/20 | 92435 | 0.1 | 34448 | 0.0 |
| Par Health, Inc. | 11/16/23 | 10481 | 0.0 | 11552 | 0.0 |
| Signa Development Finance SCS | 07/23/26 | 235806 | 0.1 | 32886 | 0.0 |
| Washington Mutual, Inc. | 09/21/17 |  | 0.0 | 75 | 0.0 |

---

<sup>12</sup> Zero coupon bond. <br> <sup>13</sup> Transferred from Level 3 to 2 due to utilizing significant observable inputs. As of prior reporting period, the security utilized significant unobservable inputs. <br> <sup>14</sup> Rate shown reflects yield at April 30, 2026.

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—96.0%** |  |  |
| **Aerospace & defense—1.5%** |  |  |
| Boeing Co.\* | 6797 | $1556717 |
| General Dynamics Corp. | 3272 | 1126549 |
| L3Harris Technologies, Inc. | 27709 | 8882120 |
|  |  | 11565386 |
| **Air freight & logistics—0.4%** |  |  |
| FedEx Corp. | 8110 | 3270844 |
| **Automobile components—0.7%** |  |  |
| Aptiv PLC\* | 28075 | 1691799 |
| BorgWarner, Inc. | 14813 | 843897 |
| Magna International, Inc. | 52100 | 3317207 |
|  |  | 5852903 |
| **Automobiles—0.4%** |  |  |
| General Motors Co. | 46040 | 3540016 |
| **Banks—7.1%** |  |  |
| Bank of America Corp. | 31489 | 1683402 |
| Citigroup, Inc. | 151677 | 19411622 |
| Citizens Financial Group, Inc. | 11929 | 775981 |
| First Citizens BancShares, Inc., Class A<sup>1</sup> | 1029 | 2041351 |
| Huntington Bancshares, Inc. | 756160 | 12673242 |
| M&T Bank Corp. | 49022 | 10717680 |
| Truist Financial Corp. | 38600 | 1987900 |
| U.S. Bancorp | 60372 | 3420678 |
| Wells Fargo & Co. | 34640 | 2848447 |
|  |  | 55560303 |
| **Beverages—2.8%** |  |  |
| Constellation Brands, Inc., Class A | 10600 | 1659748 |
| Diageo PLC | 344244 | 6890604 |
| Keurig Dr. Pepper, Inc. | 459924 | 13521766 |
|  |  | 22072118 |
| **Biotechnology—1.3%** |  |  |
| Gilead Sciences, Inc. | 77846 | 10185371 |
| **Capital markets—8.0%** |  |  |
| Bank of New York Mellon Corp. | 118622 | 15939238 |
| Charles Schwab Corp. | 149233 | 13675712 |
| Nasdaq, Inc. | 130412 | 11986167 |
| Raymond James Financial, Inc. | 68856 | 10901282 |
| State Street Corp. | 13405 | 2048820 |
| TPG, Inc. | 193667 | 8447755 |
|  |  | 62998974 |
| **Chemicals—3.2%** |  |  |
| Axalta Coating Systems Ltd.\* | 453887 | 12908546 |
| Olin Corp. | 47500 | 1352800 |
| PPG Industries, Inc. | 100750 | 10931375 |
|  |  | 25192721 |
| **Communications equipment—2.5%** |  |  |
| Cisco Systems, Inc. | 96005 | 8784458 |
| F5, Inc.\* | 17500 | 5668250 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Communications equipment—(continued)** |  |  |
| Telefonaktiebolaget LM Ericsson, ADR | 413361 | $4881793 |
|  |  | 19334501 |
| **Construction & engineering—0.1%** |  |  |
| Fluor Corp.\* | 11827 | 630970 |
| **Construction materials—1.5%** |  |  |
| Heidelberg Materials AG | 52851 | 11683079 |
| **Consumer finance—1.7%** |  |  |
| American Express Co. | 40220 | 12993071 |
| **Distributors—0.1%** |  |  |
| Genuine Parts Co. | 10400 | 1115192 |
| **Diversified telecommunication services—0.5%** |  |  |
| Comcast Corp., Class A | 149099 | 4031637 |
| **Electric utilities—1.2%** |  |  |
| American Electric Power Co., Inc. | 63088 | 8649996 |
| PPL Corp. | 20060 | 751046 |
|  |  | 9401042 |
| **Electrical equipment—1.1%** |  |  |
| Eaton Corp. PLC | 20412 | 8838600 |
| **Electronic equipment, instruments & components—1.7%** |  |  |
| CDW Corp. | 9900 | 1355409 |
| TE Connectivity PLC | 55813 | 11813380 |
|  |  | 13168789 |
| **Energy equipment & services—0.5%** |  |  |
| NOV, Inc. | 70100 | 1434246 |
| SLB Ltd. | 38997 | 2218149 |
|  |  | 3652395 |
| **Entertainment—1.1%** |  |  |
| Universal Music Group NV<sup>1</sup> | 410137 | 8575378 |
| **Financial services—2.2%** |  |  |
| Berkshire Hathaway, Inc., Class B\* | 25779 | 12208934 |
| Corebridge Financial, Inc. | 63163 | 1739509 |
| Fidelity National Information Services, Inc. | 18377 | 855082 |
| Fiserv, Inc.\* | 44000 | 2756600 |
|  |  | 17560125 |
| **Food products—1.7%** |  |  |
| Archer-Daniels-Midland Co. | 102155 | 7614634 |
| Conagra Brands, Inc. | 35000 | 502250 |
| J.M. Smucker Co. | 14100 | 1382223 |
| Kraft Heinz Co.<sup>1</sup> | 89200 | 2021272 |
| Mondelez International, Inc., Class A | 28700 | 1763328 |
|  |  | 13283707 |
| **Ground transportation—0.2%** |  |  |
| Norfolk Southern Corp. | 4200 | 1326486 |
| **Health care equipment & supplies—1.0%** |  |  |
| GE HealthCare Technologies, Inc. | 62563 | 3806333 |
| Medtronic PLC | 29337 | 2375417 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Health care equipment & supplies—(continued)** |  |  |
| Zimmer Biomet Holdings, Inc. | 18138 | $1495115 |
|  |  | 7676865 |
| **Health care providers & services—7.0%** |  |  |
| Centene Corp.\* | 15500 | 832195 |
| Cigna Group | 2497 | 725578 |
| CVS Health Corp. | 15714 | 1308819 |
| Elevance Health, Inc. | 90315 | 33996372 |
| Henry Schein, Inc.\* | 146998 | 10964581 |
| Humana, Inc. | 8921 | 2109281 |
| Labcorp Holdings, Inc. | 5906 | 1516661 |
| UnitedHealth Group, Inc. | 8500 | 3149080 |
|  |  | 54602567 |
| **Hotels, restaurants & leisure—1.6%** |  |  |
| Aramark | 273240 | 12484336 |
| **Insurance—6.4%** |  |  |
| American International Group, Inc. | 170092 | 12722882 |
| Hartford Insurance Group, Inc. | 6710 | 917995 |
| Marsh & McLennan Cos., Inc. | 143338 | 24039216 |
| Progressive Corp. | 61600 | 12398848 |
|  |  | 50078941 |
| **Interactive media & services—3.8%** |  |  |
| Alphabet, Inc., Class A | 49232 | 18944474 |
| Meta Platforms, Inc., Class A | 18285 | 11188774 |
|  |  | 30133248 |
| **IT services—0.2%** |  |  |
| Cognizant Technology Solutions Corp., Class A | 25752 | 1362281 |
| **Life sciences tools & services—1.4%** |  |  |
| IQVIA Holdings, Inc.\* | 68706 | 10880969 |
| **Machinery—3.6%** |  |  |
| CNH Industrial NV | 231845 | 2483060 |
| Cummins, Inc. | 1793 | 1203121 |
| Deere & Co. | 2100 | 1238727 |
| Fortive Corp. | 27800 | 1662162 |
| PACCAR, Inc. | 80006 | 9504713 |
| Snap-on, Inc. | 27131 | 10402025 |
| Stanley Black & Decker, Inc. | 12300 | 961368 |
| Timken Co. | 5486 | 608343 |
|  |  | 28063519 |
| **Media—0.5%** |  |  |
| Omnicom Group, Inc. | 31900 | 2447368 |
| WPP PLC, ADR<sup>1</sup> | 69100 | 1250019 |
|  |  | 3697387 |
| **Metals & mining—1.1%** |  |  |
| Anglo American PLC | 184378 | 8998253 |
| **Multi-utilities—2.6%** |  |  |
| Dominion Energy, Inc. | 192486 | 12415347 |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Multi-utilities—(continued)** |  |  |
| Sempra | 84215 | $8010531 |
|  |  | 20425878 |
| **Oil, gas & consumable fuels—5.1%** |  |  |
| APA Corp. | 164800 | 6712304 |
| ConocoPhillips | 8823 | 1109757 |
| Diamondback Energy, Inc. | 54991 | 11307799 |
| EQT Corp. | 118946 | 7146276 |
| Ovintiv, Inc. | 46820 | 2881771 |
| Shell PLC | 159977 | 7240325 |
| Shell PLC, ADR | 35862 | 3251607 |
|  |  | 39649839 |
| **Personal care products—1.9%** |  |  |
| Unilever PLC, ADR<sup>1</sup> | 251379 | 14826333 |
| **Pharmaceuticals—1.9%** |  |  |
| GSK PLC, ADR<sup>1</sup> | 15864 | 829846 |
| Merck & Co., Inc. | 126764 | 13840093 |
|  |  | 14669939 |
| **Professional services—0.9%** |  |  |
| Automatic Data Processing, Inc. | 31731 | 6725068 |
| Leidos Holdings, Inc. | 1300 | 193986 |
|  |  | 6919054 |
| **Semiconductors & semiconductor equipment—3.1%** |  |  |
| Broadcom, Inc. | 28823 | 12031585 |
| NXP Semiconductors NV | 42629 | 12515448 |
|  |  | 24547033 |
| **Software—2.7%** |  |  |
| Microsoft Corp. | 21806 | 8892051 |
| Salesforce, Inc. | 20700 | 3654171 |
| SAP SE, ADR | 7200 | 1220328 |
| Workday, Inc., Class A\* | 58200 | 7123680 |
|  |  | 20890230 |
| **Specialized REITs—3.4%** |  |  |
| Crown Castle, Inc. | 147478 | 13093097 |
| Gaming & Leisure Properties, Inc. | 274394 | 13297133 |
|  |  | 26390230 |
| **Specialty retail—1.3%** |  |  |
| Dick's Sporting Goods, Inc. | 42619 | 9671103 |
| Lithia Motors, Inc. | 2200 | 638264 |
|  |  | 10309367 |
| **Technology hardware, storage & peripherals—2.1%** |  |  |
| Samsung Electronics Co. Ltd. | 112122 | 16668623 |
| **Trading companies & distributors—1.5%** |  |  |
| Ferguson Enterprises, Inc. | 43335 | 11601213 |
| **Wireless telecommunication services—1.4%** |  |  |
| T-Mobile U.S., Inc. | 57876 | 11314758 |
| **Total common stocks<br> (cost—$614,007,581)** |  | **752024471** |

---

**PACE Large Co Value Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short term investments—4.1%** |  |  |
| **Investment companies—4.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>2</sup><br> (cost—$31,904,266) | 31904266 | $31904266 |
| **Investment of cash collateral from securities loaned—1.9%** |  |  |
| **Money market funds—1.9%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>2</sup><br> (cost—$15,448,647) | 15448647 | 15448647 |
| **Total Investments**—102.0%<br> (cost—$661,360,494)<sup>3</sup> |  | **799377384** |
| Liabilities in excess of other assets—(2.0)% |  | (15796948) |
| **Net Assets—100.0%** |  | $**783580436** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $752024471 | $— | $— | $752024471 |
| Short-term investments | 31904266 |  |  | 31904266 |
| Investment of cash collateral from securities loaned | 15448647 |  |  | 15448647 |
| **Total** | $**799377384** | $**—** | $**—** | $**799377384** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at April 30, 2026. |
| 3 | Includes $15,207,483 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $15,448,647 and non-cash collateral of $1,074,558. |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—95.5%** |  |  |
| **Aerospace & defense—2.0%** |  |  |
| General Electric Co. | 23130 | $6706081 |
| Rocket Lab Corp.\* | 19445 | 1604407 |
| RTX Corp. | 31429 | 5533704 |
|  |  | 13844192 |
| **Automobiles—2.1%** |  |  |
| Tesla, Inc.\* | 38153 | 14560329 |
| **Beverages—1.7%** |  |  |
| Coca-Cola Co. | 94608 | 7451326 |
| Monster Beverage Corp.\* | 56943 | 4388597 |
|  |  | 11839923 |
| **Biotechnology—3.8%** |  |  |
| Alnylam Pharmaceuticals, Inc.\* | 9154 | 2833072 |
| Amgen, Inc. | 11854 | 4104448 |
| Gilead Sciences, Inc. | 55910 | 7315264 |
| Insmed, Inc.\* | 46771 | 6376290 |
| Natera, Inc.\* | 27982 | 5768769 |
|  |  | 26397843 |
| **Broadline retail—4.3%** |  |  |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 32398 | 4272648 |
| Amazon.com, Inc.\* | 92423 | 24497640 |
| MercadoLibre, Inc.\* | 311 | 557508 |
| Sea Ltd., ADR\* | 462 | 39215 |
|  |  | 29367011 |
| **Building products—0.2%** |  |  |
| Trane Technologies PLC | 2468 | 1215589 |
| **Capital markets—3.2%** |  |  |
| Charles Schwab Corp. | 58236 | 5336747 |
| CME Group, Inc. | 1526 | 439213 |
| Goldman Sachs Group, Inc. | 11401 | 10531902 |
| Intercontinental Exchange, Inc. | 5762 | 910915 |
| MSCI, Inc. | 8544 | 5053007 |
|  |  | 22271784 |
| **Commercial services & supplies—0.2%** |  |  |
| Rollins, Inc. | 23532 | 1311438 |
| **Communications equipment—1.6%** |  |  |
| Ciena Corp.\* | 14919 | 7870966 |
| Lumentum Holdings, Inc.\* | 3802 | 3430621 |
|  |  | 11301587 |
| **Construction & engineering—0.7%** |  |  |
| Quanta Services, Inc. | 7045 | 5127140 |
| **Consumer staples distribution & retail—1.7%** |  |  |
| Dollar General Corp. | 12277 | 1422659 |
| Kroger Co. | 6531 | 444565 |
| Walmart, Inc. | 73852 | 9743294 |
|  |  | 11610518 |
| **Diversified telecommunication services—0.4%** |  |  |
| AT&T, Inc. | 47191 | 1233101 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Diversified telecommunication services—(continued)** |  |  |
| Verizon Communications, Inc. | 25259 | $1213189 |
|  |  | 2446290 |
| **Electric utilities—0.4%** |  |  |
| American Electric Power Co., Inc. | 6096 | 835822 |
| Duke Energy Corp. | 3412 | 442025 |
| Exelon Corp. | 11415 | 524976 |
| NextEra Energy, Inc. | 5759 | 563691 |
| Xcel Energy, Inc. | 5201 | 431423 |
|  |  | 2797937 |
| **Electrical equipment—2.0%** |  |  |
| Bloom Energy Corp., Class A\* | 642 | 181917 |
| GE Vernova, Inc. | 12179 | 13195459 |
| Vertiv Holdings Co., Class A | 1103 | 362325 |
|  |  | 13739701 |
| **Electronic equipment, instruments & components—1.2%** |  |  |
| Amphenol Corp., Class A | 31952 | 4705571 |
| Celestica, Inc.\* | 8374 | 3429907 |
|  |  | 8135478 |
| **Entertainment—0.4%** |  |  |
| Netflix, Inc.\* | 25105 | 2350079 |
| ROBLOX Corp., Class A\* | 731 | 40395 |
|  |  | 2390474 |
| **Financial services—4.1%** |  |  |
| Berkshire Hathaway, Inc., Class B\* | 10813 | 5121037 |
| Mastercard, Inc., Class A | 31287 | 15734858 |
| Visa, Inc., Class A | 22511 | 7425028 |
|  |  | 28280923 |
| **Gas utilities—0.1%** |  |  |
| Atmos Energy Corp. | 1864 | 354123 |
| **Ground transportation—0.9%** |  |  |
| Uber Technologies, Inc.\* | 32255 | 2406546 |
| Union Pacific Corp. | 13549 | 3651184 |
|  |  | 6057730 |
| **Health care equipment & supplies—1.5%** |  |  |
| Abbott Laboratories | 34706 | 3150958 |
| IDEXX Laboratories, Inc.\* | 6720 | 3768576 |
| Intuitive Surgical, Inc.\* | 7749 | 3546020 |
|  |  | 10465554 |
| **Health care providers & services—0.9%** |  |  |
| Cigna Group | 3150 | 915327 |
| Hims & Hers Health, Inc.<sup>\*,1</sup> | 5972 | 162259 |
| McKesson Corp. | 6013 | 4901798 |
|  |  | 5979384 |
| **Hotels, restaurants & leisure—2.1%** |  |  |
| Airbnb, Inc., Class A\* | 22175 | 3112483 |
| Booking Holdings, Inc. | 6875 | 1157475 |
| Chipotle Mexican Grill, Inc.\* | 14743 | 501115 |
| DoorDash, Inc., Class A\* | 1130 | 190574 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |
| McDonald's Corp. | 16252 | $4771425 |
| Starbucks Corp. | 46221 | 4868458 |
|  |  | 14601530 |
| **Household durables—0.1%** |  |  |
| DR Horton, Inc. | 5352 | 823459 |
| **Household products—0.4%** |  |  |
| Procter & Gamble Co. | 18742 | 2756761 |
| **Independent power and renewable electricity producers—0.2%** |  |  |
| Vistra Corp. | 9024 | 1424348 |
| **Industrial conglomerates—0.7%** |  |  |
| 3M Co. | 33862 | 4961460 |
| **Insurance—0.9%** |  |  |
| Allstate Corp. | 3612 | 784743 |
| American International Group, Inc. | 498 | 37251 |
| Aon PLC, Class A | 11357 | 3539409 |
| Cincinnati Financial Corp. | 2710 | 443356 |
| Old Republic International Corp. | 7779 | 310771 |
| Progressive Corp. | 3822 | 769292 |
| RenaissanceRe Holdings Ltd. | 1128 | 346262 |
|  |  | 6231084 |
| **Interactive media & services—9.4%** |  |  |
| Alphabet, Inc., Class C | 122704 | 46865566 |
| Meta Platforms, Inc., Class A | 29568 | 18092955 |
|  |  | 64958521 |
| **IT services—2.1%** |  |  |
| Accenture PLC, Class A | 13741 | 2455654 |
| Cloudflare, Inc., Class A\* | 294 | 60261 |
| International Business Machines Corp. | 12630 | 2917277 |
| Shopify, Inc., Class A\* | 59989 | 7266468 |
| Snowflake, Inc.\* | 4091 | 558299 |
| Twilio, Inc., Class A\* | 8985 | 1330319 |
|  |  | 14588278 |
| **Machinery—0.5%** |  |  |
| Deere & Co. | 6216 | 3666632 |
| **Metals & mining—0.4%** |  |  |
| Freeport-McMoRan, Inc. | 51969 | 3002769 |
| **Multi-utilities—0.1%** |  |  |
| CenterPoint Energy, Inc. | 10078 | 439905 |
| **Oil, gas & consumable fuels—1.7%** |  |  |
| BP PLC, ADR | 9488 | 449541 |
| Cheniere Energy, Inc. | 2009 | 552374 |
| Chevron Corp. | 2928 | 566012 |
| Devon Energy Corp. | 11021 | 566149 |
| Diamondback Energy, Inc. | 2283 | 469453 |
| Enbridge, Inc. | 9471 | 524883 |
| Exxon Mobil Corp. | 48345 | 7461084 |
| Occidental Petroleum Corp. | 12539 | 759613 |
|  |  | 11349109 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Pharmaceuticals—6.0%** |  |  |
| Bristol-Myers Squibb Co. | 39741 | $2407907 |
| Eli Lilly & Co. | 18899 | 17663006 |
| Johnson & Johnson | 44798 | 10296820 |
| Merck & Co., Inc. | 49046 | 5354842 |
| Novartis AG, ADR<sup>1</sup> | 5164 | 763497 |
| Zoetis, Inc. | 39869 | 4583739 |
|  |  | 41069811 |
| **Real estate management & development—0.6%** |  |  |
| CoStar Group, Inc.\* | 120925 | 4185214 |
| **Semiconductors & semiconductor equipment—20.2%** |  |  |
| Advanced Micro Devices, Inc.\* | 26506 | 9396112 |
| Analog Devices, Inc. | 9395 | 3779233 |
| Broadcom, Inc. | 75402 | 31475057 |
| Lam Research Corp. | 41398 | 10674888 |
| NVIDIA Corp. | 345757 | 69002724 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18861 | 7470088 |
| Texas Instruments, Inc. | 26793 | 7530976 |
|  |  | 139329078 |
| **Software—8.3%** |  |  |
| Adobe, Inc.\* | 437 | 107546 |
| AppLovin Corp., Class A\* | 553 | 246831 |
| Atlassian Corp., Class A\* | 1019 | 69893 |
| Autodesk, Inc.\* | 332 | 78684 |
| Crowdstrike Holdings, Inc., Class A\* | 1012 | 451099 |
| Intuit, Inc. | 2230 | 866355 |
| Microsoft Corp. | 89801 | 36619052 |
| Oracle Corp. | 48738 | 7865826 |
| Palantir Technologies, Inc., Class A\* | 3713 | 516515 |
| Salesforce, Inc. | 2418 | 426849 |
| ServiceNow, Inc.\* | 73047 | 6450781 |
| Synopsys, Inc.\* | 6898 | 3328975 |
| Workday, Inc., Class A\* | 1350 | 165240 |
|  |  | 57193646 |
| **Specialty retail—0.2%** |  |  |
| AutoZone, Inc.\* | 183 | 677837 |
| Carvana Co.\* | 1486 | 588159 |
| Wayfair, Inc., Class A\* | 5371 | 343368 |
|  |  | 1609364 |
| **Technology hardware, storage & peripherals—6.8%** |  |  |
| Apple, Inc. | 146215 | 39675440 |
| Western Digital Corp. | 16751 | 7278645 |
|  |  | 46954085 |
| **Tobacco—1.3%** |  |  |
| Altria Group, Inc. | 13721 | 996831 |
| Philip Morris International, Inc. | 47334 | 7813423 |
|  |  | 8810254 |

---

**PACE Large Co Growth Equity Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Water utilities—0.1%** |  |  |
| American Water Works Co., Inc. | 5271 | $676902 |
| **Total common stocks<br> (cost—$508,343,576)** |  | **658127158** |
| **Exchange traded funds—1.3%** | **Exchange traded funds—1.3%** | **Exchange traded funds—1.3%** |
| State Street SPDR S&P 500 ETF Trust<br> (cost—$8,797,369) | 12496 | 8980375 |
| **Short term investments—2.9%** | **Short term investments—2.9%** | **Short term investments—2.9%** |
| **Investment companies—2.9%** | **Investment companies—2.9%** | **Investment companies—2.9%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>2</sup><br> (cost—$20,144,294) | $20144294 | 20144294 |
| **Investment of cash collateral from securities loaned—0.6%** |  |  |
| **Money market funds—0.6%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>2</sup><br> (cost—$4,075,666) | 4075666 | 4075666 |
| **Total Investments—100.3%<br> (cost—$541,360,905)<sup>3</sup>** |  | **691327493** |
| Liabilities in excess of other assets—(0.3)% |  | (2206521) |
| **Net Assets—100.0%** |  | $**689120972** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $658127158 | $— | $— | $658127158 |
| Exchange traded funds | 8980375 |  |  | 8980375 |
| Short-term investments | 20144294 |  |  | 20144294 |
| Investment of cash collateral from securities loaned | 4075666 |  |  | 4075666 |
| **Total** | $**691327493** | $**—** | $**—** | $**691327493** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at April 30, 2026. |
| 3 | Includes $4,888,928 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $4,075,666 and non-cash collateral of $842,799. |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—99.3%** |  |  |
| **Aerospace & defense—1.1%** |  |  |
| Textron, Inc. | 20600 | $1976776 |
| V2X, Inc.\* | 14700 | 996807 |
|  |  | 2973583 |
| **Air freight & logistics—0.7%** |  |  |
| CH Robinson Worldwide, Inc. | 9775 | 1777193 |
| **Automobile components—1.6%** |  |  |
| Gentex Corp. | 62095 | 1435016 |
| LCI Industries | 13610 | 1622584 |
| Visteon Corp. | 9400 | 1050074 |
|  |  | 4107674 |
| **Automobiles—0.7%** |  |  |
| Thor Industries, Inc.<sup>1</sup> | 24918 | 1969519 |
| **Banks—5.9%** |  |  |
| Banc of California, Inc. | 62589 | 1172292 |
| Bank of Hawaii Corp. | 18786 | 1493675 |
| BOK Financial Corp. | 6950 | 929841 |
| Columbia Banking System, Inc. | 70375 | 2083100 |
| Commerce Bancshares, Inc. | 33650 | 1750810 |
| First Financial Bankshares, Inc. | 28587 | 922502 |
| First Horizon Corp. | 55900 | 1395264 |
| First Interstate BancSystem, Inc., Class A<sup>1</sup> | 35400 | 1256346 |
| Glacier Bancorp, Inc.<sup>1</sup> | 30045 | 1473707 |
| Southstate Bank Corp. | 17070 | 1667227 |
| Western Alliance Bancorp | 18660 | 1521536 |
|  |  | 15666300 |
| **Beverages—0.4%** |  |  |
| National Beverage Corp.\* | 28383 | 971266 |
| **Biotechnology—0.3%** |  |  |
| United Therapeutics Corp.\* | 1260 | 719901 |
| **Building products—2.2%** |  |  |
| Armstrong World Industries, Inc. | 10018 | 1706967 |
| Builders FirstSource, Inc.\* | 11087 | 876871 |
| Owens Corning | 9594 | 1183324 |
| Zurn Elkay Water Solutions Corp. | 40444 | 2101470 |
|  |  | 5868632 |
| **Capital markets—2.7%** |  |  |
| Artisan Partners Asset Management, Inc., Class A | 30200 | 1130688 |
| Houlihan Lokey, Inc. | 8809 | 1363193 |
| Invesco Ltd. | 50321 | 1318913 |
| LPL Financial Holdings, Inc. | 5871 | 1961677 |
| Virtus Investment Partners, Inc. | 8750 | 1273563 |
|  |  | 7048034 |
| **Chemicals—2.8%** |  |  |
| Element Solutions, Inc. | 33000 | 1405470 |
| HB Fuller Co. | 25439 | 1539569 |
| Ingevity Corp.\* | 15700 | 1196183 |
| Mosaic Co. | 43475 | 1011663 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Chemicals—(continued)** |  |  |
| Olin Corp. | 40638 | $1157370 |
| Solstice Advanced Materials, Inc. | 13800 | 1130910 |
|  |  | 7441165 |
| **Commercial services & supplies—0.5%** |  |  |
| Brink's Co. | 11569 | 1234991 |
| **Communications equipment—0.6%** |  |  |
| F5, Inc.\* | 5037 | 1631484 |
| **Construction & engineering—1.1%** |  |  |
| EMCOR Group, Inc. | 825 | 735628 |
| Valmont Industries, Inc. | 4315 | 2192192 |
|  |  | 2927820 |
| **Consumer finance—0.9%** |  |  |
| Navient Corp. | 48972 | 452501 |
| SLM Corp. | 88453 | 2041495 |
|  |  | 2493996 |
| **Consumer staples distribution & retail—2.2%** |  |  |
| BJ's Wholesale Club Holdings, Inc.\* | 27377 | 2570426 |
| Casey's General Stores, Inc. | 1690 | 1389433 |
| Dollar Tree, Inc.\* | 7715 | 749204 |
| Performance Food Group Co.\* | 13101 | 1186427 |
|  |  | 5895490 |
| **Containers & packaging—2.3%** |  |  |
| Avery Dennison Corp. | 14347 | 2351904 |
| Crown Holdings, Inc. | 11848 | 1164777 |
| Silgan Holdings, Inc. | 20855 | 845670 |
| Sonoco Products Co.<sup>1</sup> | 34675 | 1732363 |
|  |  | 6094714 |
| **Distributors—0.5%** |  |  |
| Pool Corp. | 5733 | 1222963 |
| **Diversified consumer services—0.3%** |  |  |
| Stride, Inc.<sup>\*,1</sup> | 7326 | 711794 |
| **Diversified REITs—0.5%** |  |  |
| WP Carey, Inc. | 18900 | 1378377 |
| **Electric utilities—0.9%** |  |  |
| Evergy, Inc. | 15700 | 1300588 |
| Pinnacle West Capital Corp. | 10750 | 1114990 |
|  |  | 2415578 |
| **Electrical equipment—1.2%** |  |  |
| Atkore, Inc. | 8665 | 677170 |
| Power Solutions International, Inc.<sup>\*,1</sup> | 12263 | 898510 |
| Sensata Technologies Holding PLC | 39524 | 1645779 |
|  |  | 3221459 |
| **Electronic equipment, instruments & components—4.8%** |  |  |
| Arrow Electronics, Inc.\* | 19068 | 3581542 |
| Avnet, Inc. | 29363 | 2422741 |
| Belden, Inc. | 8396 | 944382 |
| Flex Ltd.\* | 19499 | 1785134 |
| Littelfuse, Inc. | 3080 | 1244844 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Electronic equipment, instruments & components—(continued)** |  |  |
| TD SYNNEX Corp. | 6398 | $1459896 |
| Zebra Technologies Corp., Class A\* | 5974 | 1351677 |
|  |  | 12790216 |
| **Energy equipment & services—2.4%** |  |  |
| Cactus, Inc., Class A | 13218 | 736507 |
| Patterson-UTI Energy, Inc. | 452926 | 5534756 |
|  |  | 6271263 |
| **Entertainment—1.0%** |  |  |
| Cinemark Holdings, Inc. | 43717 | 1290526 |
| Roku, Inc.\* | 11730 | 1367249 |
|  |  | 2657775 |
| **Financial services—2.1%** |  |  |
| Essent Group Ltd. | 20008 | 1210884 |
| Jack Henry & Associates, Inc. | 20455 | 3144956 |
| Walker & Dunlop, Inc. | 26145 | 1316401 |
|  |  | 5672241 |
| **Food products—0.3%** |  |  |
| Post Holdings, Inc.<sup>\*,1</sup> | 7935 | 831191 |
| **Gas utilities—1.1%** |  |  |
| National Fuel Gas Co. | 11900 | 1004122 |
| UGI Corp. | 53600 | 1934424 |
|  |  | 2938546 |
| **Ground transportation—1.8%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 22871 | 1484328 |
| Landstar System, Inc. | 9293 | 1710563 |
| Ryder System, Inc. | 6459 | 1639100 |
|  |  | 4833991 |
| **Health care equipment & supplies—2.3%** |  |  |
| Envista Holdings Corp.\* | 72355 | 1876889 |
| Globus Medical, Inc., Class A\* | 15600 | 1406808 |
| Integer Holdings Corp.\* | 11144 | 986355 |
| Lantheus Holdings, Inc.<sup>\*,1</sup> | 9002 | 761749 |
| LivaNova PLC\* | 19900 | 1195990 |
|  |  | 6227791 |
| **Health care providers & services—2.2%** |  |  |
| Acadia Healthcare Co., Inc.<sup>\*,1</sup> | 44031 | 1140183 |
| AMN Healthcare Services, Inc.\* | 29767 | 609331 |
| CorVel Corp.\* | 14447 | 830125 |
| DaVita, Inc.\* | 4732 | 734122 |
| Encompass Health Corp. | 8336 | 833600 |
| Molina Healthcare, Inc.\* | 4070 | 792103 |
| Tenet Healthcare Corp.\* | 5710 | 1011355 |
|  |  | 5950819 |
| **Hotels, restaurants & leisure—2.3%** |  |  |
| Caesars Entertainment, Inc.\* | 115356 | 3206897 |
| Marriott Vacations Worldwide Corp. | 14800 | 1065748 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |
| Wynn Resorts Ltd.<sup>1</sup> | 16225 | $1737859 |
|  |  | 6010504 |
| **Household durables—1.7%** |  |  |
| Mohawk Industries, Inc.\* | 26937 | 2843470 |
| Taylor Morrison Home Corp.\* | 19097 | 1159952 |
| TopBuild Corp.<sup>\*,1</sup> | 1293 | 572411 |
|  |  | 4575833 |
| **Household products—0.5%** |  |  |
| WD-40 Co. | 6385 | 1340595 |
| **Independent power and renewable electricity producers—0.3%** |  |  |
| Talen Energy Corp.\* | 2200 | 819324 |
| **Industrial REITs—0.6%** |  |  |
| First Industrial Realty Trust, Inc. | 25450 | 1578154 |
| **Insurance—4.2%** |  |  |
| Assurant, Inc. | 5437 | 1284600 |
| Everest Group Ltd. | 4584 | 1635388 |
| First American Financial Corp. | 41116 | 2883465 |
| Globe Life, Inc. | 7182 | 1108182 |
| Lincoln National Corp. | 30900 | 1168329 |
| RLI Corp. | 24478 | 1267226 |
| W.R. Berkley Corp. | 26467 | 1768790 |
|  |  | 11115980 |
| **IT services—0.8%** |  |  |
| Amdocs Ltd. | 19394 | 1254210 |
| Okta, Inc.\* | 13157 | 969013 |
|  |  | 2223223 |
| **Leisure products—0.4%** |  |  |
| Brunswick Corp. | 12520 | 994714 |
| **Life sciences tools & services—1.4%** |  |  |
| Avantor, Inc.\* | 186215 | 1508341 |
| Charles River Laboratories International, Inc.\* | 6375 | 1064434 |
| Revvity, Inc. | 13193 | 1142778 |
|  |  | 3715553 |
| **Machinery—6.4%** |  |  |
| Allison Transmission Holdings, Inc. | 12120 | 1628322 |
| Graco, Inc. | 20892 | 1677001 |
| ITT, Inc. | 7575 | 1623626 |
| JBT Marel Corp. | 8593 | 1014833 |
| Kadant, Inc. | 4896 | 1435165 |
| Oshkosh Corp. | 9877 | 1543775 |
| RBC Bearings, Inc.\* | 4715 | 2824709 |
| Terex Corp. | 19000 | 1181800 |
| Timken Co. | 16296 | 1807063 |
| Toro Co. | 25679 | 2443870 |
|  |  | 17180164 |
| **Marine transportation—0.7%** |  |  |
| Kirby Corp.\* | 12165 | 1831319 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Media—0.4%** |  |  |
| Nexstar Media Group, Inc. | 5536 | $1152263 |
| **Metals & mining—1.7%** |  |  |
| Alcoa Corp. | 28756 | 1834345 |
| Commercial Metals Co. | 22258 | 1534912 |
| Reliance, Inc. | 3120 | 1131000 |
|  |  | 4500257 |
| **Mortgage real estate investment—0.9%** |  |  |
| AGNC Investment Corp.<sup>1</sup> | 109700 | 1208894 |
| Annaly Capital Management, Inc. | 55243 | 1265065 |
|  |  | 2473959 |
| **Office REITs—0.9%** |  |  |
| Highwoods Properties, Inc. | 47000 | 1142570 |
| Kilroy Realty Corp. | 38400 | 1277184 |
|  |  | 2419754 |
| **Oil, gas & consumable fuels—3.9%** |  |  |
| Antero Resources Corp.\* | 28257 | 1109370 |
| California Resources Corp. | 26968 | 1840836 |
| Chord Energy Corp. | 11900 | 1732640 |
| Core Natural Resources, Inc. | 9052 | 812326 |
| DHT Holdings, Inc. | 55058 | 1017472 |
| Murphy Oil Corp. | 36600 | 1528416 |
| Permian Resources Corp., Class A | 54742 | 1183522 |
| Scorpio Tankers, Inc. | 15202 | 1236378 |
|  |  | 10460960 |
| **Passenger airlines—0.4%** |  |  |
| SkyWest, Inc.\* | 12150 | 997758 |
| **Pharmaceuticals—1.4%** |  |  |
| Jazz Pharmaceuticals PLC\* | 12229 | 2482732 |
| Prestige Consumer Healthcare, Inc.\* | 23669 | 1333038 |
|  |  | 3815770 |
| **Professional services—3.7%** |  |  |
| Broadridge Financial Solutions, Inc. | 6203 | 955138 |
| CACI International, Inc., Class A\* | 6591 | 3424288 |
| Insperity, Inc.<sup>1</sup> | 28462 | 1012393 |
| Korn Ferry | 14635 | 972350 |
| ManpowerGroup, Inc. | 50216 | 1520038 |
| TransUnion | 28333 | 2011643 |
|  |  | 9895850 |
| **Real estate management & development—0.6%** |  |  |
| Cushman & Wakefield Ltd.\* | 114872 | 1612803 |
| **Residential REITs—0.5%** |  |  |
| Camden Property Trust | 13680 | 1436674 |
| **Retail REITs—0.6%** |  |  |
| Federal Realty Investment Trust | 14623 | 1621691 |
| **Semiconductors & semiconductor equipment—6.8%** |  |  |
| Axcelis Technologies, Inc.\* | 30544 | 4248976 |
| Diodes, Inc.\* | 14875 | 1593856 |
| Ichor Holdings Ltd.\* | 38671 | 2551126 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** |  |  |  |
| **Semiconductors & semiconductor equipment—(continued)** |  |  |  |
| MKS, Inc. | 7646 | $| 2169553 |
| Onto Innovation, Inc.\* | 12291 |  | 3626582 |
| Qorvo, Inc.\* | 12355 |  | 1164088 |
| Skyworks Solutions, Inc. | 17182 |  | 1205661 |
| Synaptics, Inc.<sup>\*,1</sup> | 17935 |  | 1678537 |
|  |  |  | 18238379 |
| **Software—1.5%** |  |  |  |
| Docusign, Inc.\* | 21540 |  | 990624 |
| JFrog Ltd.\* | 12752 |  | 592203 |
| Progress Software Corp.\* | 25000 |  | 696250 |
| Q2 Holdings, Inc.\* | 14893 |  | 755820 |
| Teradata Corp.\* | 36300 |  | 956505 |
|  |  |  | 3991402 |
| **Specialized REITs—1.1%** |  |  |  |
| Gaming & Leisure Properties, Inc. | 25900 |  | 1255114 |
| Lamar Advertising Co., Class A | 12690 |  | 1749190 |
|  |  |  | 3004304 |
| **Specialty retail—3.1%** |  |  |  |
| Academy Sports & Outdoors, Inc. | 28087 |  | 1540291 |
| Bath & Body Works, Inc. | 48466 |  | 942179 |
| Murphy USA, Inc. | 3510 |  | 2063880 |
| National Vision Holdings, Inc.\* | 40500 |  | 940410 |
| Sally Beauty Holdings, Inc.\* | 64337 |  | 912299 |
| Signet Jewelers Ltd. | 12055 |  | 1073257 |
| Victoria's Secret & Co.<sup>\*,1</sup> | 16538 |  | 857164 |
|  |  |  | 8329480 |
| **Textiles, apparel & luxury goods—1.8%** |  |  |  |
| Capri Holdings Ltd.\* | 102978 |  | 2009101 |
| Carter's, Inc. | 10956 |  | 395731 |
| Kontoor Brands, Inc.<sup>1</sup> | 14645 |  | 1074357 |
| PVH Corp. | 15496 |  | 1416954 |
|  |  |  | 4896143 |
| **Trading companies & distributors—3.3%** |  |  |  |
| Boise Cascade Co. | 19029 |  | 1508429 |
| MSC Industrial Direct Co., Inc., Class A | 14355 |  | 1468086 |
| Watsco, Inc.<sup>1</sup> | 4449 |  | 1947950 |
| WESCO International, Inc. | 11239 |  | 3923759 |
|  |  |  | 8848224 |
| **Total common stocks<br> (cost—$217,448,565)** |  |  | **265026800** |
| **Short term investments—0.7%** | **Short term investments—0.7%** | **Short term investments—0.7%** | **Short term investments—0.7%** |
| **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** | **Investment companies—0.7%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>2</sup><br> (cost—$1,882,545) | 1882545 |  | 1882545 |

---

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

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment of cash collateral from securities loaned—2.8%** |  |  |
| **Money market funds—2.8%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>2</sup><br> (cost—$7,451,821) | 7451821 | $7451821 |
| **Total Investments—102.8%<br> (cost—$226,782,931)<sup>3</sup>** |  | **274361166** |
| Liabilities in excess of other assets—(2.8)% |  | (7457903) |
| **Net Assets—100.0%** |  | $**266903263** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $265026800 | $— | $— | $265026800 |
| Short-term investments | 1882545 |  |  | 1882545 |
| Investment of cash collateral from securities loaned | 7451821 |  |  | 7451821 |
| **Total** | $**274361166** | $**—** | $**—** | $**274361166** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown reflects yield at April 30, 2026. |
| 3 | Includes $11,010,664 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $7,451,821 and non-cash collateral of $3,750,879. |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—99.6%** |  |  |
| **Aerospace & defense—2.5%** |  |  |
| Astronics Corp.\* | 2442 | $174359 |
| Carpenter Technology Corp. | 1843 | 789173 |
| Ducommun, Inc.\* | 5559 | 788989 |
| FTAI Aviation Ltd. | 1010 | 252167 |
| Intuitive Machines, Inc.<sup>\*,1</sup> | 39306 | 996407 |
| Karman Holdings, Inc.<sup>\*,1</sup> | 13863 | 942407 |
| Loar Holdings, Inc.\* | 14768 | 828780 |
| Mercury Systems, Inc.\* | 6783 | 535246 |
| Redwire Corp.<sup>\*,1</sup> | 19956 | 183396 |
| Satellogic, Inc., Class A\* | 55553 | 358872 |
| V2X, Inc.\* | 6393 | 433509 |
|  |  | 6283305 |
| **Automobile components—0.1%** |  |  |
| Dana, Inc. | 7316 | 266668 |
| **Banks—0.5%** |  |  |
| First Internet Bancorp | 3829 | 87761 |
| Live Oak Bancshares, Inc. | 11437 | 430031 |
| Popular, Inc. | 5287 | 794795 |
|  |  | 1312587 |
| **Beverages—0.6%** |  |  |
| Vita Coco Co., Inc.\* | 21020 | 1387110 |
| Zevia PBC, Class A<sup>\*,1</sup> | 35974 | 46047 |
|  |  | 1433157 |
| **Biotechnology—7.7%** |  |  |
| Aduro Biotech, Inc.<sup>\*,2,3</sup> | 9389 | 0 |
| Akebia Therapeutics, Inc.\* | 36441 | 50289 |
| Aldeyra Therapeutics, Inc.<sup>\*,1</sup> | 52300 | 79496 |
| Alector, Inc.\* | 73610 | 174456 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*,1</sup> | 27431 | 236455 |
| Arcus Biosciences, Inc.\* | 40406 | 1030353 |
| Arrowhead Pharmaceuticals, Inc.\* | 5179 | 380553 |
| Atrium Therapeutics, Inc.\* | 4478 | 57184 |
| Aurinia Pharmaceuticals, Inc.\* | 54962 | 845590 |
| BioCryst Pharmaceuticals, Inc.\* | 68231 | 624996 |
| Bridgebio Pharma, Inc.\* | 25050 | 1781305 |
| CareDx, Inc.\* | 26922 | 560247 |
| Cogent Biosciences, Inc.\* | 10356 | 370641 |
| Cytokinetics, Inc.\* | 4990 | 319210 |
| Design Therapeutics, Inc.\* | 15478 | 210501 |
| Exelixis, Inc.\* | 43525 | 1935121 |
| Foghorn Therapeutics, Inc.<sup>\*,1</sup> | 14476 | 68761 |
| Gossamer Bio, Inc.\* | 145404 | 53480 |
| Halozyme Therapeutics, Inc.\* | 24702 | 1572529 |
| Insmed, Inc.\* | 1735 | 236533 |
| Ironwood Pharmaceuticals, Inc.\* | 107812 | 444725 |
| MacroGenics, Inc.\* | 34554 | 106426 |
| Madrigal Pharmaceuticals, Inc.\* | 895 | 463064 |
| Mirum Pharmaceuticals, Inc.<sup>\*,1</sup> | 3186 | 310030 |
| Neurocrine Biosciences, Inc.\* | 14054 | 1850490 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Biotechnology—(continued)** |  |  |
| Novavax, Inc.<sup>\*,1</sup> | 12118 | $96035 |
| Organogenesis Holdings, Inc.\* | 43800 | 102930 |
| Palvella Therapeutics, Inc.\* | 3069 | 393814 |
| Praxis Precision Medicines, Inc.\* | 591 | 188429 |
| Protagonist Therapeutics, Inc.\* | 5611 | 555321 |
| Prothena Corp. PLC\* | 17450 | 192997 |
| Rezolute, Inc.\* | 31606 | 101139 |
| Travere Therapeutics, Inc.\* | 48184 | 2029510 |
| Ultragenyx Pharmaceutical, Inc.\* | 46199 | 1140653 |
| UroGen Pharma Ltd.<sup>\*,1</sup> | 5382 | 128253 |
| Vera Therapeutics, Inc.\* | 4729 | 168400 |
| Vir Biotechnology, Inc.\* | 20105 | 205373 |
| Xenon Pharmaceuticals, Inc.\* | 3805 | 213232 |
| Zymeworks, Inc.\* | 9828 | 270663 |
|  |  | 19549184 |
| **Broadline retail—0.6%** |  |  |
| Etsy, Inc.\* | 23157 | 1489921 |
| **Building products—1.7%** |  |  |
| AAON, Inc. | 11442 | 1067653 |
| Armstrong World Industries, Inc. | 1130 | 192541 |
| CSW Industrials, Inc. | 5562 | 1619654 |
| Insteel Industries, Inc. | 8686 | 227399 |
| Simpson Manufacturing Co., Inc. | 6708 | 1279417 |
|  |  | 4386664 |
| **Capital markets—2.6%** |  |  |
| Acadian Asset Management, Inc. | 18900 | 1272915 |
| Federated Hermes, Inc. | 6180 | 358996 |
| Marex Group PLC | 23883 | 1274158 |
| Perella Weinberg Partners<sup>1</sup> | 13094 | 297757 |
| Piper Sandler Cos. | 12744 | 1111277 |
| StoneX Group, Inc.\* | 11921 | 1263984 |
| WisdomTree, Inc.<sup>1</sup> | 62027 | 1054459 |
|  |  | 6633546 |
| **Chemicals—0.1%** |  |  |
| Solstice Advanced Materials, Inc. | 3717 | 304608 |
| **Commercial services & supplies—1.4%** |  |  |
| ACV Auctions, Inc., Class A\* | 121331 | 629708 |
| Casella Waste Systems, Inc., Class A\* | 10012 | 793451 |
| RB Global, Inc. | 21238 | 2215123 |
|  |  | 3638282 |
| **Communications equipment—3.2%** |  |  |
| ADTRAN Holdings, Inc.\* | 25058 | 443276 |
| BK Technologies Corp.\* | 1030 | 99251 |
| Ciena Corp.\* | 3717 | 1961015 |
| Inseego Corp.<sup>\*,1</sup> | 3000 | 54690 |
| Lantronix, Inc.\* | 32761 | 219826 |
| Lumentum Holdings, Inc.\* | 3976 | 3587624 |
| Ondas, Inc.<sup>\*,1</sup> | 16792 | 168592 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Communications equipment—(continued)** |  |  |
| Viavi Solutions, Inc.\* | 29339 | $1537364 |
|  |  | 8071638 |
| **Construction & engineering—6.3%** |  |  |
| Argan, Inc. | 5394 | 3613872 |
| Comfort Systems USA, Inc. | 1039 | 1912020 |
| EMCOR Group, Inc. | 3058 | 2726727 |
| Legence Corp., Class A\* | 6097 | 530195 |
| MasTec, Inc.\* | 973 | 383411 |
| MYR Group, Inc.\* | 6690 | 2708179 |
| Primoris Services Corp. | 12715 | 2303322 |
| Sterling Infrastructure, Inc.\* | 2878 | 1483954 |
| Tutor Perini Corp. | 2231 | 207305 |
|  |  | 15868985 |
| **Construction materials—0.6%** |  |  |
| James Hardie Industries PLC<sup>\*,1</sup> | 73066 | 1533655 |
| **Consumer finance—2.1%** |  |  |
| Ally Financial, Inc. | 36426 | 1616950 |
| Atlanticus Holdings Corp.\* | 2772 | 220124 |
| Dave, Inc.\* | 7799 | 2121250 |
| LendingTree, Inc.\* | 11142 | 552532 |
| NerdWallet, Inc., Class A\* | 32250 | 349590 |
| Regional Management Corp. | 2648 | 98903 |
| SoFi Technologies, Inc.\* | 30338 | 488442 |
|  |  | 5447791 |
| **Consumer staples distribution & retail—0.4%** |  |  |
| Sprouts Farmers Market, Inc.\* | 11965 | 979335 |
| **Containers & packaging—0.1%** |  |  |
| Ardagh Metal Packaging SA | 71894 | 276792 |
| **Diversified consumer services—1.2%** |  |  |
| Carriage Services, Inc. | 607 | 29804 |
| Grand Canyon Education, Inc.\* | 15426 | 2608074 |
| Stride, Inc.\* | 4159 | 404088 |
|  |  | 3041966 |
| **Diversified telecommunication services—0.4%** |  |  |
| Bandwidth, Inc., Class A\* | 19394 | 713893 |
| IDT Corp., Class B | 6095 | 305664 |
|  |  | 1019557 |
| **Electric utilities—0.0%†** |  |  |
| Genie Energy Ltd., Class B | 4982 | 69599 |
| **Electrical equipment—3.5%** |  |  |
| Amprius Technologies, Inc.\* | 84625 | 1782203 |
| Babcock & Wilcox Enterprises, Inc.\* | 10920 | 171007 |
| Bloom Energy Corp., Class A\* | 3808 | 1079035 |
| Enovix Corp.<sup>\*,1</sup> | 20720 | 138202 |
| LSI Industries, Inc. | 8702 | 211546 |
| Nextpower, Inc., Class A\* | 14864 | 1770748 |
| Powell Industries, Inc. | 7212 | 1999671 |
| Power Solutions International, Inc.<sup>\*,1</sup> | 856 | 62719 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Electrical equipment—(continued)** |  |  |
| Vicor Corp.\* | 5695 | $1533493 |
|  |  | 8748624 |
| **Electronic equipment, instruments & components—4.8%** |  |  |
| Advanced Energy Industries, Inc. | 2990 | 1147891 |
| Cognex Corp. | 28525 | 1583423 |
| Fabrinet\* | 1466 | 1001967 |
| Frequency Electronics, Inc.<sup>\*,1</sup> | 10720 | 537715 |
| Insight Enterprises, Inc.\* | 8567 | 624534 |
| Itron, Inc.\* | 14287 | 1197251 |
| Jabil, Inc. | 6955 | 2347243 |
| LightPath Technologies, Inc., Class A\* | 104425 | 1337684 |
| Napco Security Technologies, Inc. | 16408 | 767074 |
| nLight, Inc.\* | 8487 | 592817 |
| TTM Technologies, Inc.\* | 3814 | 603451 |
| Vishay Intertechnology, Inc. | 11238 | 325565 |
|  |  | 12066615 |
| **Energy equipment & services—0.8%** |  |  |
| DMC Global, Inc.\* | 6200 | 38316 |
| Energy Services of America Corp. | 16540 | 281180 |
| National Energy Services Reunited Corp.\* | 16811 | 419267 |
| Natural Gas Services Group, Inc. | 13928 | 566730 |
| Tidewater, Inc.\* | 8418 | 751980 |
|  |  | 2057473 |
| **Entertainment—1.2%** |  |  |
| CuriosityStream, Inc. | 10310 | 32476 |
| Madison Square Garden Entertainment Corp.\* | 19116 | 1279243 |
| Playtika Holding Corp. | 45911 | 167805 |
| Roku, Inc.\* | 13618 | 1587314 |
|  |  | 3066838 |
| **Financial services—0.7%** |  |  |
| Marqeta, Inc., Class A\* | 173905 | 754748 |
| Payoneer Global, Inc.\* | 142400 | 709152 |
| Paysign, Inc.\* | 12600 | 82656 |
| Priority Technology Holdings, Inc.<sup>\*,1</sup> | 22574 | 116933 |
|  |  | 1663489 |
| **Food products—1.3%** |  |  |
| Freshpet, Inc.\* | 25994 | 1751476 |
| Mama's Creations, Inc.\* | 106181 | 1506708 |
|  |  | 3258184 |
| **Ground transportation—1.1%** |  |  |
| ArcBest Corp. | 7803 | 995429 |
| Knight-Swift Transportation Holdings, Inc. | 13363 | 867259 |
| Lyft, Inc., Class A\* | 4441 | 62840 |
| Saia, Inc.\* | 472 | 211843 |
| U-Haul Holding Co.<sup>\*,1</sup> | 5377 | 276163 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Ground transportation—(continued)** |  |  |
| Werner Enterprises, Inc. | 8988 | $331387 |
|  |  | 2744921 |
| **Health care equipment & supplies—4.1%** |  |  |
| Axogen, Inc.\* | 33957 | 1466942 |
| Beta Bionics, Inc.<sup>\*,1</sup> | 20778 | 211936 |
| Bioventus, Inc., Class A<sup>\*,1</sup> | 6400 | 63168 |
| Ceribell, Inc.\* | 10676 | 215228 |
| Glaukos Corp.\* | 17730 | 2547269 |
| Inspire Medical Systems, Inc.\* | 5403 | 303324 |
| Integer Holdings Corp.\* | 3800 | 336338 |
| iRadimed Corp. | 5809 | 484703 |
| Lantheus Holdings, Inc.\* | 16650 | 1408923 |
| LeMaitre Vascular, Inc. | 6084 | 667719 |
| Novocure Ltd.\* | 52709 | 801704 |
| OrthoPediatrics Corp.\* | 15086 | 227195 |
| Owlet, Inc.<sup>\*,1</sup> | 11071 | 54691 |
| RxSight, Inc.\* | 53135 | 375665 |
| Sanara Medtech, Inc.\* | 56 | 1064 |
| Sight Sciences, Inc.\* | 18093 | 74000 |
| Tandem Diabetes Care, Inc.\* | 54909 | 1072098 |
| Treace Medical Concepts, Inc.\* | 30379 | 54986 |
|  |  | 10366953 |
| **Health care providers & services—4.5%** |  |  |
| agilon health, Inc.\* | 15601 | 436048 |
| Alignment Healthcare, Inc.\* | 20740 | 467480 |
| Ardent Health, Inc.\* | 1000 | 9760 |
| Astrana Health, Inc.\* | 20758 | 708678 |
| Aveanna Healthcare Holdings, Inc.\* | 16244 | 106236 |
| BrightSpring Health Services, Inc.\* | 5027 | 241145 |
| Chemed Corp. | 2123 | 902232 |
| Ensign Group, Inc. | 12554 | 2343706 |
| GeneDx Holdings Corp.\* | 4090 | 257220 |
| Guardant Health, Inc.\* | 11182 | 973729 |
| Hinge Health, Inc., Class A\* | 3946 | 175992 |
| Molina Healthcare, Inc.\* | 1898 | 369389 |
| Omada Health, Inc.\* | 7924 | 115532 |
| Option Care Health, Inc.\* | 35359 | 718848 |
| Pennant Group, Inc.\* | 37481 | 1173905 |
| Privia Health Group, Inc.\* | 95031 | 2361520 |
|  |  | 11361420 |
| **Health care technology—0.3%** |  |  |
| Doximity, Inc., Class A\* | 28003 | 684393 |
| HealthStream, Inc. | 3540 | 73491 |
|  |  | 757884 |
| **Hotels, restaurants & leisure—4.1%** |  |  |
| Brinker International, Inc.\* | 195 | 29687 |
| Cava Group, Inc.\* | 11460 | 1070479 |
| DraftKings, Inc., Class A\* | 10423 | 243064 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hotels, restaurants & leisure—(continued)** |  |  |
| Dutch Bros, Inc., Class A\* | 18729 | $1077105 |
| First Watch Restaurant Group, Inc.\* | 92046 | 1207643 |
| Lindblad Expeditions Holdings, Inc.\* | 53647 | 994079 |
| Monarch Casino & Resort, Inc. | 4423 | 524966 |
| Rush Street Interactive, Inc.\* | 116985 | 3287278 |
| Super Group SGHC Ltd. | 77036 | 998387 |
| Target Hospitality Corp.\* | 12097 | 175890 |
| Wingstop, Inc.<sup>1</sup> | 4593 | 753528 |
|  |  | 10362106 |
| **Household durables—1.7%** |  |  |
| Cavco Industries, Inc.\* | 2557 | 1296399 |
| Installed Building Products, Inc. | 902 | 260272 |
| SharkNinja, Inc.\* | 12775 | 1475896 |
| Sonos, Inc.\* | 77580 | 1150511 |
|  |  | 4183078 |
| **Household products—0.3%** |  |  |
| WD-40 Co. | 3503 | 735490 |
| **Insurance—2.8%** |  |  |
| American Coastal Insurance Corp. | 3924 | 46696 |
| Crawford & Co., Class A | 1158 | 12437 |
| Everest Group Ltd. | 3020 | 1077415 |
| Goosehead Insurance, Inc., Class A\* | 11203 | 501782 |
| HCI Group, Inc. | 2505 | 384693 |
| Heritage Insurance Holdings, Inc.\* | 11420 | 334834 |
| Hippo Holdings, Inc.\* | 9793 | 257850 |
| Kinsale Capital Group, Inc. | 6232 | 2016738 |
| Neptune Insurance Holdings, Inc., Class A<sup>\*,1</sup> | 1000 | 25130 |
| Oscar Health, Inc., Class A\* | 62960 | 1162242 |
| Root, Inc., Class A\* | 855 | 46580 |
| Selectquote, Inc.\* | 9000 | 8278 |
| Slide Insurance Holdings, Inc.\* | 13435 | 250563 |
| Trupanion, Inc.<sup>\*,1</sup> | 460 | 11035 |
| TWFG, Inc.\* | 32135 | 597068 |
| Universal Insurance Holdings, Inc. | 9933 | 393645 |
|  |  | 7126986 |
| **Interactive media & services—0.8%** |  |  |
| EverQuote, Inc., Class A\* | 19410 | 279892 |
| Grindr, Inc.<sup>\*,1</sup> | 25753 | 344318 |
| MediaAlpha, Inc., Class A\* | 36322 | 309100 |
| QuinStreet, Inc.\* | 45045 | 574774 |
| Travelzoo<sup>\*,1</sup> | 8380 | 82040 |
| Yelp, Inc.\* | 5233 | 144431 |
| ZipRecruiter, Inc., Class A\* | 78100 | 228052 |
|  |  | 1962607 |
| **IT services—1.7%** |  |  |
| Commerce.com, Inc.\* | 16892 | 47804 |
| Crexendo, Inc.\* | 6600 | 43164 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **IT services—(continued)** |  |  |
| DigitalOcean Holdings, Inc.\* | 30343 | $2925975 |
| Globant SA\* | 14859 | 612637 |
| Grid Dynamics Holdings, Inc.\* | 92404 | 525779 |
| Unisys Corp.\* | 32493 | 84807 |
| VTEX, Class A<sup>\*,1</sup> | 34666 | 130344 |
|  |  | 4370510 |
| **Leisure products—0.2%** |  |  |
| Latham Group, Inc.\* | 37344 | 226678 |
| Peloton Interactive, Inc., Class A\* | 43556 | 237380 |
|  |  | 464058 |
| **Life sciences tools & services—3.1%** |  |  |
| 10X Genomics, Inc., Class A<sup>\*,1</sup> | 57205 | 1261370 |
| Bio-Techne Corp. | 20307 | 1123383 |
| Codexis, Inc.<sup>\*,1</sup> | 66004 | 186131 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*,1</sup> | 7643 | 64660 |
| Medpace Holdings, Inc.\* | 5165 | 2162379 |
| Mesa Laboratories, Inc. | 4169 | 416900 |
| OmniAb, Inc.\* | 8700 | 12093 |
| Repligen Corp.\* | 11805 | 1396650 |
| Sotera Health Co.\* | 17064 | 265516 |
| Stevanato Group SpA | 58393 | 992681 |
|  |  | 7881763 |
| **Machinery—3.4%** |  |  |
| CECO Environmental Corp.\* | 13116 | 972420 |
| Energy Recovery, Inc.\* | 21737 | 240628 |
| ESCO Technologies, Inc. | 2868 | 929089 |
| FreightCar America, Inc.\* | 10368 | 85432 |
| Gorman-Rupp Co. | 6508 | 492916 |
| Graham Corp.\* | 15543 | 1479694 |
| Helios Technologies, Inc. | 2473 | 169153 |
| Hillman Solutions Corp.\* | 117529 | 959037 |
| Kadant, Inc.<sup>1</sup> | 6618 | 1939934 |
| Kennametal, Inc. | 13677 | 529437 |
| Perma-Pipe International Holdings, Inc.\* | 12996 | 425359 |
| Symbotic, Inc.<sup>\*,1</sup> | 1986 | 117373 |
| Timken Co. | 1925 | 213463 |
|  |  | 8553935 |
| **Media—0.3%** |  |  |
| DoubleVerify Holdings, Inc.\* | 57584 | 634576 |
| MNTN, Inc., Class A\* | 7194 | 67839 |
|  |  | 702415 |
| **Metals & mining—0.3%** |  |  |
| U.S. Antimony Corp.<sup>\*,1</sup> | 73239 | 879600 |
| **Mortgage real estate investment—0.0%†** |  |  |
| Angel Oak Mortgage REIT, Inc. | 7000 | 63490 |
| **Oil, gas & consumable fuels—0.2%** |  |  |
| PrimeEnergy Resources Corp.\* | 1305 | 289175 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Oil, gas & consumable fuels—(continued)** |  |  |
| World Kinect Corp. | 5010 | $135120 |
|  |  | 424295 |
| **Paper & forest products—0.1%** |  |  |
| Sylvamo Corp. | 5662 | 241937 |
| **Personal care products—0.1%** |  |  |
| Herbalife Ltd.\* | 1226 | 20352 |
| Nature's Sunshine Products, Inc.\* | 9173 | 249139 |
| SkinHealth Systems, Inc.\* | 4629 | 3942 |
|  |  | 273433 |
| **Pharmaceuticals—1.6%** |  |  |
| Arvinas, Inc.\* | 14107 | 139659 |
| Axsome Therapeutics, Inc.\* | 1811 | 376235 |
| BioAge Labs, Inc.\* | 3521 | 59329 |
| Biote Corp., Class A<sup>\*,1</sup> | 4500 | 9990 |
| Corcept Therapeutics, Inc.\* | 11503 | 535119 |
| LB Pharmaceuticals, Inc.<sup>\*,1</sup> | 15145 | 480248 |
| LENZ Therapeutics, Inc.<sup>\*,1</sup> | 8766 | 78719 |
| Ligand Pharmaceuticals, Inc.\* | 5195 | 1191993 |
| Maze Therapeutics, Inc.\* | 4391 | 116713 |
| Nektar Therapeutics\* | 1318 | 112083 |
| Ocular Therapeutix, Inc.<sup>\*,1</sup> | 52943 | 496076 |
| Phibro Animal Health Corp., Class A | 6790 | 361092 |
| SIGA Technologies, Inc. | 8950 | 41170 |
| Tarsus Pharmaceuticals, Inc.\* | 2793 | 177663 |
|  |  | 4176089 |
| **Professional services—3.2%** |  |  |
| Barrett Business Services, Inc. | 36326 | 1145359 |
| CRA International, Inc. | 2291 | 360764 |
| Exponent, Inc. | 20273 | 1356061 |
| Franklin Covey Co.\* | 6871 | 145665 |
| Insperity, Inc. | 34710 | 1234635 |
| Kforce, Inc. | 14393 | 650707 |
| Paylocity Holding Corp.\* | 14166 | 1494371 |
| Planet Labs PBC\* | 25367 | 937818 |
| Spire Global, Inc.\* | 9863 | 175857 |
| TriNet Group, Inc. | 12429 | 569000 |
|  |  | 8070237 |
| **Real estate management & development—0.5%** |  |  |
| Compass, Inc., Class A\* | 106708 | 807779 |
| eXp World Holdings, Inc. | 41537 | 258360 |
| Real Brokerage, Inc.\* | 98567 | 206991 |
|  |  | 1273130 |
| **Retail REITs—0.2%** |  |  |
| Alexander's, Inc. | 300 | 75588 |
| Tanger, Inc. | 14644 | 543000 |
|  |  | 618588 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Semiconductors & semiconductor equipment—7.6%** |  |  |
| ACM Research, Inc., Class A\* | 1424 | $73607 |
| Alpha & Omega Semiconductor Ltd.\* | 5138 | 223143 |
| Ambarella, Inc.\* | 20748 | 1427462 |
| Astera Labs, Inc.\* | 1714 | 333784 |
| Axcelis Technologies, Inc.\* | 1653 | 229949 |
| AXT, Inc.\* | 3001 | 237739 |
| Credo Technology Group Holding Ltd.\* | 5131 | 892845 |
| Diodes, Inc.\* | 16613 | 1780083 |
| FormFactor, Inc.\* | 2658 | 361302 |
| Ichor Holdings Ltd.\* | 22234 | 1466777 |
| Impinj, Inc.\* | 5416 | 784887 |
| Kopin Corp.\* | 298769 | 1332510 |
| Kulicke & Soffa Industries, Inc. | 15334 | 1311057 |
| Onto Innovation, Inc.\* | 4819 | 1421894 |
| Power Integrations, Inc. | 24465 | 1778850 |
| Silicon Motion Technology Corp., ADR | 6432 | 1407193 |
| SiTime Corp.\* | 3406 | 1914683 |
| SolarEdge Technologies, Inc.<sup>\*,1</sup> | 5395 | 231230 |
| Tower Semiconductor Ltd.\* | 3514 | 776770 |
| Ultra Clean Holdings, Inc.\* | 17570 | 1373095 |
|  |  | 19358860 |
| **Software—8.0%** |  |  |
| Agilysys, Inc.\* | 9807 | 628236 |
| Alarm.com Holdings, Inc.\* | 24643 | 1094396 |
| Amplitude, Inc., Class A\* | 37169 | 264272 |
| Appfolio, Inc., Class A\* | 9100 | 1520519 |
| Appian Corp., Class A\* | 22788 | 473762 |
| Arteris, Inc.\* | 11480 | 332461 |
| Asana, Inc., Class A\* | 70824 | 447608 |
| AudioEye, Inc.<sup>\*,1</sup> | 7650 | 54774 |
| Blend Labs, Inc., Class A\* | 191218 | 279178 |
| C3.ai, Inc., Class A<sup>\*,1</sup> | 27345 | 241456 |
| CCC Intelligent Solutions Holdings, Inc.\* | 199347 | 1044578 |
| Clear Secure, Inc., Class A | 4387 | 234222 |
| Commvault Systems, Inc.\* | 760 | 75149 |
| Core Scientific, Inc.\* | 30409 | 608180 |
| CS Disco, Inc.\* | 4308 | 18654 |
| Descartes Systems Group, Inc.\* | 21136 | 1524117 |
| Docusign, Inc.\* | 6651 | 305879 |
| Domo, Inc., Class B<sup>\*,1</sup> | 53996 | 192226 |
| Dropbox, Inc., Class A\* | 50298 | 1221738 |
| Guidewire Software, Inc.\* | 6561 | 907977 |
| InterDigital, Inc.<sup>1</sup> | 4910 | 1456110 |
| Manhattan Associates, Inc.\* | 9424 | 1299475 |
| Netskope, Inc., Class A\* | 43551 | 433768 |
| Nutanix, Inc., Class A\* | 14170 | 579411 |
| OneSpan, Inc. | 24493 | 283629 |
| Ooma, Inc.\* | 11513 | 187892 |
| Pegasystems, Inc. | 16818 | 614698 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Software—(continued)** |  |  |
| Red Violet, Inc.\* | 7863 | $294312 |
| Rimini Street, Inc.<sup>\*,1</sup> | 14434 | 49220 |
| RingCentral, Inc., Class A | 14105 | 567303 |
| SPS Commerce, Inc.\* | 16822 | 944051 |
| Telos Corp.\* | 6589 | 28135 |
| Varonis Systems, Inc.\* | 13148 | 345792 |
| Weave Communications, Inc.\* | 49215 | 241646 |
| Workiva, Inc.\* | 25460 | 1361601 |
|  |  | 20156425 |
| **Specialty retail—3.1%** |  |  |
| Arhaus, Inc. | 37194 | 275235 |
| Arko Corp. | 4311 | 28453 |
| Citi Trends, Inc.\* | 2682 | 130640 |
| Envela Corp.\* | 1542 | 27155 |
| Five Below, Inc.\* | 18218 | 4293254 |
| Floor & Decor Holdings, Inc., Class A\* | 26503 | 1282745 |
| Genesco, Inc.\* | 8588 | 304788 |
| Petco Health & Wellness Co., Inc.\* | 5200 | 14768 |
| RealReal, Inc.\* | 7058 | 83920 |
| RH\* | 2711 | 357743 |
| Stitch Fix, Inc., Class A\* | 30900 | 112476 |
| Wayfair, Inc., Class A\* | 14162 | 905377 |
|  |  | 7816554 |
| **Textiles, apparel & luxury goods—0.6%** |  |  |
| Figs, Inc., Class A\* | 106612 | 1594916 |
| **Trading companies & distributors—1.3%** |  |  |
| Alta Equipment Group, Inc.<sup>1</sup> | 1000 | 7750 |
| Global Industrial Co. | 7116 | 235611 |
| Karat Packaging, Inc. | 4488 | 128761 |
| NPK International, Inc.\* | 111680 | 1825968 |
| Transcat, Inc.\* | 13826 | 1052158 |
|  |  | 3250248 |
| **Total common stocks<br> (cost—$218,344,755)** |  | **252240391** |
| **Short term investments—0.8%** |  |  |
| **Investment companies—0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>4</sup><br> (cost—$1,972,717) | 1972717 | 1972717 |

---

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

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment of cash collateral from securities loaned—2.2%** |  |  |
| **Money market funds—2.2%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>4</sup><br> (cost—$5,651,188) | 5651188 | $5651188 |
| **Total Investments—102.6%<br> (cost—$225,968,660)<sup>5</sup>** |  | **259864296** |
| Liabilities in excess of other assets—(2.6)% |  | (6621874) |
| **Net Assets—100.0%** |  | $**253242422** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $252240391 | $— | $0 | $252240391 |
| Short-term investments | 1972717 |  |  | 1972717 |
| Investment of cash collateral from securities loaned | 5651188 |  |  | 5651188 |
| **Total** | $**259864296** | $**—** | $**0** | $**259864296** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 3 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 4 | Rate shown reflects yield at April 30, 2026. |
| 5 | Includes $9,309,795 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,651,188 and non-cash collateral of $3,734,442. |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—111.8%** | **Common stocks—111.8%** | **Common stocks—111.8%** |
| **Australia—4.7%** |  |  |
| ASX Ltd.<sup>1</sup> | 23609 | $1034446 |
| Aurizon Holdings Ltd. | 1472768 | 4449260 |
| BHP Group Ltd.<sup>1,2</sup> | 90241 | 3571679 |
| Coles Group Ltd.<sup>1</sup> | 165780 | 2642201 |
| Computershare Ltd.<sup>2</sup> | 131215 | 2882687 |
| CSL Ltd.<sup>1</sup> | 37837 | 3415189 |
| Evolution Mining Ltd. | 15983 | 141308 |
| Fortescue Ltd.<sup>1,2</sup> | 378737 | 5458763 |
| Macquarie Group Ltd.<sup>2</sup> | 7138 | 1226253 |
| QBE Insurance Group Ltd. | 11842 | 191815 |
| Rio Tinto PLC<sup>2</sup> | 28787 | 2899901 |
| Santos Ltd. | 76958 | 443385 |
| South32 Ltd. | 1044827 | 3096394 |
| Stockland<sup>2</sup> | 53311 | 156345 |
| Woolworths Group Ltd.<sup>1,2</sup> | 120248 | 2985817 |
|  |  | 34595443 |
| **Austria—0.7%** |  |  |
| ANDRITZ AG | 44218 | 3757231 |
| Verbund AG | 14147 | 1067437 |
|  |  | 4824668 |
| **Belgium—0.2%** |  |  |
| UCB SA <sup>\*,1</sup> | 4331 | 1179294 |
| **Canada—2.1%** |  |  |
| Brookfield Renewable Corp.<sup>1</sup> | 150928 | 5472649 |
| Canadian Pacific Kansas City Ltd. | 68322 | 5941281 |
| Constellation Software, Inc. | 2333 | 4248968 |
|  |  | 15662898 |
| **China—3.2%** |  |  |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 22225 | 2931033 |
| BOC Hong Kong Holdings Ltd. | 477000 | 2743794 |
| KE Holdings, Inc., ADR<sup>1</sup> | 193086 | 3307563 |
| Prosus NV<sup>1</sup> | 127126 | 6154546 |
| SITC International Holdings Co. Ltd. | 451000 | 1888324 |
| Wilmar International Ltd. | 823800 | 2349785 |
| Wuxi Biologics Cayman, Inc.<sup>\*,3</sup> | 785690 | 3357054 |
| Yangzijiang Shipbuilding Holdings Ltd. | 221600 | 755759 |
|  |  | 23487858 |
| **Denmark—2.1%** |  |  |
| Coloplast AS, Class B | 53168 | 3284382 |
| Genmab AS\* | 22572 | 5976534 |
| Novo Nordisk AS, Class B<sup>2</sup> | 25811 | 1097895 |
| Pandora AS<sup>2</sup> | 17783 | 1353268 |
| Vestas Wind Systems AS | 125345 | 3854282 |
|  |  | 15566361 |
| **Finland—2.2%** |  |  |
| Metso OYJ<sup>1</sup> | 36052 | 622773 |
| Neste OYJ | 110376 | 3812691 |
| Nordea Bank Abp | 321534 | 6046410 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Finland—(continued)** | **Finland—(continued)** | **Finland—(continued)** | **Finland—(continued)** |
| Sampo OYJ, Class A<sup>2</sup> | 71900 | $| 747130 |
| UPM-Kymmene OYJ<sup>1</sup> | 171431 |  | 5136559 |
|  |  |  | 16365563 |
| **France—8.8%** | **France—8.8%** | **France—8.8%** | **France—8.8%** |
| Air Liquide SA<sup>2</sup> | 6220 |  | 1338172 |
| Airbus SE<sup>1</sup> | 24370 |  | 5024104 |
| AXA SA<sup>2</sup> | 18299 |  | 882109 |
| BNP Paribas SA | 55160 |  | 5792983 |
| Bouygues SA<sup>1</sup> | 93241 |  | 5514249 |
| Capgemini SE | 40496 |  | 4924974 |
| Carrefour SA | 205957 |  | 4105929 |
| Cie de Saint-Gobain SA<sup>1</sup> | 3571 |  | 327174 |
| Credit Agricole SA | 14714 |  | 287395 |
| Edenred SE | 20597 |  | 515832 |
| Eiffage SA | 11537 |  | 1860091 |
| Engie SA<sup>2</sup> | 22635 |  | 746107 |
| Hermes International SCA<sup>2</sup> | 541 |  | 1034988 |
| Kering SA | 6075 |  | 1671313 |
| Klepierre SA<sup>2</sup> | 22138 |  | 896948 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>2</sup> | 2602 |  | 1390012 |
| Pernod Ricard SA | 72946 |  | 5422942 |
| Renault SA<sup>2</sup> | 41473 |  | 1456913 |
| Safran SA | 34101 |  | 10950259 |
| Thales SA | 3101 |  | 851960 |
| TotalEnergies SE<sup>2</sup> | 12497 |  | 1161890 |
| Unibail-Rodamco-Westfield<sup>\*,2</sup> | 4818 |  | 584941 |
| Vinci SA | 54977 |  | 8313745 |
|  |  |  | 65055030 |
| **Germany—6.9%** | **Germany—6.9%** | **Germany—6.9%** | **Germany—6.9%** |
| Allianz SE, Registered Shares | 17828 |  | 8142624 |
| Aumovio SE<sup>\*,2</sup> | 15885 |  | 688908 |
| Daimler Truck Holding AG | 16925 |  | 853661 |
| Deutsche Bank AG, Registered Shares | 17220 |  | 535009 |
| Deutsche Post AG<sup>2</sup> | 187855 |  | 11123685 |
| Deutsche Telekom AG, Registered Shares<sup>2</sup> | 154152 |  | 4979208 |
| Evonik Industries AG | 215379 |  | 4454724 |
| Hannover Rueck SE<sup>2</sup> | 5590 |  | 1689035 |
| Infineon Technologies AG | 49090 |  | 3301560 |
| Knorr-Bremse AG | 3938 |  | 459300 |
| Mercedes-Benz Group AG<sup>2</sup> | 7320 |  | 426684 |
| Merck KGaA | 47023 |  | 6088870 |
| MTU Aero Engines AG | 3722 |  | 1276483 |
| Rheinmetall AG | 245 |  | 390728 |
| SAP SE<sup>2</sup> | 2245 |  | 376920 |
| Scout24 SE<sup>2,3</sup> | 2095 |  | 174435 |
| Siemens Energy AG | 7934 |  | 1681387 |
| Talanx AG<sup>2</sup> | 21871 |  | 2850671 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (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)** |
| Zalando SE<sup>\*,2,3</sup> | 37668 | $| 930396 |
|  |  |  | 50424288 |
| **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** |
| AIA Group Ltd. | 715288 |  | 7852978 |
| HKT Trust & HKT Ltd. | 1259000 |  | 2042287 |
| Hong Kong Exchanges & Clearing Ltd.<sup>2</sup> | 12800 |  | 681763 |
| Swire Pacific Ltd., Class A | 74000 |  | 804897 |
| Techtronic Industries Co. Ltd. | 88000 |  | 1275973 |
| Wharf Real Estate Investment Co. Ltd.<sup>2</sup> | 117000 |  | 366385 |
|  |  |  | 13024283 |
| **Indonesia—0.4%** | **Indonesia—0.4%** | **Indonesia—0.4%** | **Indonesia—0.4%** |
| Jardine Matheson Holdings Ltd. | 45700 |  | 3115473 |
| **Israel—1.7%** | **Israel—1.7%** | **Israel—1.7%** | **Israel—1.7%** |
| Bank Hapoalim BM | 157209 |  | 4217922 |
| Bank Leumi Le-Israel BM | 135972 |  | 3442083 |
| Israel Discount Bank Ltd., Class A | 385042 |  | 4283535 |
| Mizrahi Tefahot Bank Ltd. | 2703 |  | 212546 |
| Nova Ltd.\* | 1078 |  | 538285 |
|  |  |  | 12694371 |
| **Italy—5.9%** | **Italy—5.9%** | **Italy—5.9%** | **Italy—5.9%** |
| Coca-Cola HBC AG, Class DI<sup>2</sup> | 33584 |  | 1958918 |
| Enel SpA<sup>2</sup> | 812876 |  | 9490883 |
| Eni SpA | 103869 |  | 2937042 |
| Ferrari NV<sup>2</sup> | 1040 |  | 359893 |
| FinecoBank Banca Fineco SpA | 198095 |  | 4917831 |
| Intesa Sanpaolo SpA | 626323 |  | 4255382 |
| Leonardo SpA | 22885 |  | 1429071 |
| Prysmian SpA | 5458 |  | 830211 |
| Recordati Industria Chimica e Farmaceutica SpA<sup>1</sup> | 25228 |  | 1473004 |
| Ryanair Holdings PLC, ADR | 70850 |  | 3871952 |
| Snam SpA<sup>1</sup> | 841096 |  | 6632393 |
| UniCredit SpA | 72299 |  | 5587438 |
|  |  |  | 43744018 |
| **Japan—26.3%** | **Japan—26.3%** | **Japan—26.3%** | **Japan—26.3%** |
| Advantest Corp.<sup>2</sup> | 23400 |  | 4369214 |
| Aeon Co. Ltd. | 56500 |  | 544405 |
| Aisin Corp.<sup>2</sup> | 42800 |  | 678697 |
| Ajinomoto Co., Inc.<sup>2</sup> | 37000 |  | 1189195 |
| ANA Holdings, Inc.<sup>2</sup> | 57400 |  | 953884 |
| Asahi Kasei Corp.<sup>2</sup> | 99900 |  | 983000 |
| Asics Corp.<sup>1,2</sup> | 63800 |  | 1811768 |
| Bandai Namco Holdings, Inc.<sup>2</sup> | 30900 |  | 709319 |
| Central Japan Railway Co.<sup>2</sup> | 14100 |  | 338266 |
| Chugai Pharmaceutical Co. Ltd. | 82800 |  | 4415671 |
| Daifuku Co. Ltd.<sup>1</sup> | 15500 |  | 677686 |
| Daiichi Sankyo Co. Ltd. | 153400 |  | 2491842 |
| Daikin Industries Ltd. | 22900 |  | 3235660 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** |
| Daiwa House Industry Co. Ltd.<sup>2</sup> | 26100 | $796336 |
| Disco Corp. | 5100 | 2426490 |
| ENEOS Holdings, Inc. | 269500 | 2263391 |
| FANUC Corp. | 146537 | 6472989 |
| FUJIFILM Holdings Corp.<sup>1</sup> | 341500 | 6284838 |
| Fujikura Ltd. | 9600 | 370397 |
| Fujitsu Ltd. | 212000 | 4255125 |
| Hitachi Ltd. | 150800 | 4795191 |
| Honda Motor Co. Ltd. | 182100 | 1477638 |
| Hulic Co. Ltd.<sup>2</sup> | 38800 | 437605 |
| Idemitsu Kosan Co. Ltd. | 195900 | 1676185 |
| Inpex Corp.<sup>2</sup> | 40900 | 1066270 |
| Isuzu Motors Ltd.<sup>1,2</sup> | 64600 | 890092 |
| Japan Airlines Co. Ltd.<sup>2</sup> | 51800 | 814600 |
| Japan Post Bank Co. Ltd. | 76800 | 1317909 |
| Japan Tobacco, Inc.<sup>2</sup> | 25000 | 931368 |
| Kansai Electric Power Co., Inc. | 237300 | 3801583 |
| Kao Corp.<sup>2</sup> | 50500 | 1881825 |
| KDDI Corp.<sup>1</sup> | 351800 | 5757040 |
| Keyence Corp.2 | 16618 | 7622110 |
| Kioxia Holdings Corp.<sup>\*,2</sup> | 3800 | 919443 |
| Komatsu Ltd.<sup>1</sup> | 72100 | 3087178 |
| Konami Group Corp.<sup>2</sup> | 18900 | 2269383 |
| Kyocera Corp.<sup>2</sup> | 65500 | 1138126 |
| Kyowa Kirin Co. Ltd.<sup>1</sup> | 25500 | 384180 |
| M3, Inc.<sup>2</sup> | 81600 | 786008 |
| Makita Corp. | 53700 | 1994040 |
| MatsukiyoCocokara & Co. | 30900 | 450206 |
| Minebea Mitsumi, Inc. | 205900 | 4116571 |
| Mitsubishi Electric Corp. | 206900 | 8303099 |
| Mitsubishi Heavy Industries Ltd. | 87000 | 2596591 |
| Mitsubishi UFJ Financial Group, Inc. | 88000 | 1580730 |
| Mitsui Fudosan Co. Ltd.<sup>2</sup> | 364500 | 3992013 |
| MS&AD Insurance Group Holdings, Inc.<sup>2</sup> | 64000 | 1645700 |
| Murata Manufacturing Co. Ltd.<sup>2</sup> | 65000 | 2155675 |
| NEC Corp.<sup>2</sup> | 85200 | 2266321 |
| Nintendo Co. Ltd.<sup>2</sup> | 36700 | 1795323 |
| Nitto Denko Corp.<sup>1</sup> | 120200 | 2286235 |
| Obayashi Corp. | 137100 | 3223312 |
| Osaka Gas Co. Ltd. | 11300 | 406048 |
| Otsuka Holdings Co. Ltd. | 91400 | 6661429 |
| Panasonic Holdings Corp. | 474600 | 9708325 |
| Recruit Holdings Co. Ltd.<sup>2</sup> | 164960 | 7641766 |
| Renesas Electronics Corp. | 145700 | 2946439 |
| Resona Holdings, Inc. | 15800 | 197621 |
| Sanrio Co. Ltd.<sup>2</sup> | 130000 | 757589 |
| SCREEN Holdings Co. Ltd.<sup>1</sup> | 12200 | 808873 |
| Secom Co. Ltd. | 94900 | 3455283 |
| Seibu Holdings, Inc.<sup>2</sup> | 41600 | 978951 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** |
| Shimizu Corp. | 171100 | $| 3305668 |
| Shin-Etsu Chemical Co. Ltd. | 88200 |  | 4060920 |
| SoftBank Group Corp.<sup>2</sup> | 42000 |  | 1434670 |
| Sompo Holdings, Inc. | 100000 |  | 3721540 |
| Sony Group Corp.<sup>2</sup> | 447600 |  | 8967813 |
| Sumitomo Electric Industries Ltd.<sup>2</sup> | 14800 |  | 974346 |
| Sumitomo Mitsui Financial Group, Inc. | 98600 |  | 3481472 |
| Sumitomo Mitsui Trust Group, Inc. | 43200 |  | 1444320 |
| Suzuki Motor Corp. | 230034 |  | 2572569 |
| TDK Corp.<sup>2</sup> | 262400 |  | 4797826 |
| Tokyo Electron Ltd. | 7300 |  | 2151183 |
|  |  |  | 193202374 |
| **Luxembourg—0.0%†** | **Luxembourg—0.0%†** | **Luxembourg—0.0%†** | **Luxembourg—0.0%†** |
| Eurofins Scientific SE<sup>1</sup> | 2399 |  | 166760 |
| **Netherlands—5.7%** | **Netherlands—5.7%** | **Netherlands—5.7%** | **Netherlands—5.7%** |
| Adyen NV<sup>\*,1,2,3</sup> | 4235 |  | 4779008 |
| Argenx SE<sup>\*</sup> | 1193 |  | 935584 |
| Argenx SE<sup>\*</sup> | 108 |  | 84697 |
| ASM International NV | 3019 |  | 2953414 |
| ASML Holding NV<sup>2</sup> | 7081 |  | 10235908 |
| ASML Holding NV, NY Reg Shares | 4650 |  | 6691303 |
| BE Semiconductor Industries NV<sup>1</sup> | 8484 |  | 2481693 |
| EXOR NV | 29990 |  | 2352517 |
| Heineken NV<sup>2</sup> | 2805 |  | 218369 |
| Koninklijke Ahold Delhaize NV<sup>2</sup> | 92618 |  | 4344558 |
| Koninklijke Philips NV<sup>1</sup> | 156442 |  | 4126591 |
| NN Group NV<sup>1</sup> | 4336 |  | 379547 |
| Universal Music Group NV<sup>1</sup> | 78844 |  | 1653169 |
| Wolters Kluwer NV<sup>2</sup> | 5935 |  | 463199 |
|  |  |  | 41699557 |
| **New Zealand—0.1%** | **New Zealand—0.1%** | **New Zealand—0.1%** | **New Zealand—0.1%** |
| Contact Energy Ltd. | 30370 |  | 170693 |
| Meridian Energy Ltd. | 73565 |  | 246976 |
|  |  |  | 417669 |
| **Nigeria—0.2%** | **Nigeria—0.2%** | **Nigeria—0.2%** | **Nigeria—0.2%** |
| Airtel Africa PLC<sup>3</sup> | 357822 |  | 1728145 |
| **Norway—1.1%** | **Norway—1.1%** | **Norway—1.1%** | **Norway—1.1%** |
| Equinor ASA<sup>2</sup> | 6730 |  | 273892 |
| Gjensidige Forsikring ASA | 19014 |  | 534124 |
| Norsk Hydro ASA | 469204 |  | 5194761 |
| Telenor ASA | 136433 |  | 2248896 |
|  |  |  | 8251673 |
| **Portugal—0.0%†** | **Portugal—0.0%†** | **Portugal—0.0%†** | **Portugal—0.0%†** |
| Galp Energia SGPS SA | 7349 |  | 171893 |
| **Singapore—4.4%** | **Singapore—4.4%** | **Singapore—4.4%** | **Singapore—4.4%** |
| CapitaLand Ascendas REIT | 291600 |  | 573130 |
| DBS Group Holdings Ltd. | 265255 |  | 12231085 |
| Grab Holdings Ltd., Class A<sup>\*,1</sup> | 33010 |  | 126098 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Singapore—(continued)** | **Singapore—(continued)** | **Singapore—(continued)** | **Singapore—(continued)** |
| Oversea-Chinese Banking Corp. Ltd. | 178000 | $| 3070963 |
| Sea Ltd., ADR<sup>\*</sup> | 58555 |  | 4970148 |
| Singapore Exchange Ltd. | 130900 |  | 2238225 |
| Singapore Technologies Engineering Ltd. | 28500 |  | 241523 |
| United Overseas Bank Ltd. | 311298 |  | 8865474 |
|  |  |  | 32316646 |
| **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** |
| Anglo American PLC | 32735 |  | 1619889 |
| Valterra Platinum Ltd.<sup>1</sup> | 3803 |  | 308967 |
|  |  |  | 1928856 |
| **South Korea—0.0%†** | **South Korea—0.0%†** | **South Korea—0.0%†** | **South Korea—0.0%†** |
| Delivery Hero SE <sup>\*,3</sup> | 10948 |  | 266454 |
| **Spain—4.2%** | **Spain—4.2%** | **Spain—4.2%** | **Spain—4.2%** |
| Acciona SA<sup>1</sup> | 5397 |  | 1570972 |
| Banco Bilbao Vizcaya Argentaria SA | 192565 |  | 4252297 |
| Banco Santander SA<sup>1</sup> | 879414 |  | 10730887 |
| CaixaBank SA | 48635 |  | 619043 |
| Cellnex Telecom SA<sup>\*,1,3</sup> | 137318 |  | 4622482 |
| EDP Renovaveis SA<sup>\*,1</sup> | 83199 |  | 1391151 |
| Endesa SA<sup>1</sup> | 39701 |  | 1780537 |
| Grifols SA<sup>1</sup> | 99900 |  | 1053352 |
| Iberdrola SA<sup>1,2</sup> | 128959 |  | 3023342 |
| Industria de Diseno Textil SA<sup>2</sup> | 29586 |  | 1770741 |
| Naturgy Energy Group SA | 4134 |  | 130075 |
|  |  |  | 30944879 |
| **Sweden—1.6%** | **Sweden—1.6%** | **Sweden—1.6%** | **Sweden—1.6%** |
| AddTech AB, Class B<sup>1</sup> | 6448 |  | 236809 |
| Assa Abloy AB, Class B<sup>1</sup> | 119610 |  | 4603513 |
| Epiroc AB, Class A<sup>1</sup> | 12492 |  | 360637 |
| Swedish Orphan Biovitrum AB<sup>\*,1</sup> | 53213 |  | 2496386 |
| Tele2 AB, Class B | 13759 |  | 282119 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>2</sup> | 90791 |  | 1083046 |
| Volvo AB, Class B | 71962 |  | 2508360 |
|  |  |  | 11570870 |
| **Switzerland—3.0%** | **Switzerland—3.0%** | **Switzerland—3.0%** | **Switzerland—3.0%** |
| ABB Ltd., Registered Shares | 85973 |  | 8695280 |
| Avolta AG<sup>2</sup> | 7283 |  | 402484 |
| Cie Financiere Richemont SA, Class A<sup>2</sup> | 7791 |  | 1495228 |
| Galderma Group AG<sup>1</sup> | 28132 |  | 5901906 |
| Partners Group Holding AG<sup>2</sup> | 432 |  | 469672 |
| Schindler Holding AG | 786 |  | 274800 |
| Sika AG, Registered Shares<sup>2</sup> | 2383 |  | 439583 |
| Temenos AG, Registered Shares | 43013 |  | 4079503 |
|  |  |  | 21758456 |
| **Taiwan—1.2%** | **Taiwan—1.2%** | **Taiwan—1.2%** | **Taiwan—1.2%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 23133 |  | 9162056 |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United Kingdom—13.4%** | **United Kingdom—13.4%** | **United Kingdom—13.4%** |
| 3i Group PLC<sup>2</sup> | 89210 | $3102521 |
| Associated British Foods PLC<sup>1</sup> | 217173 | 5407932 |
| AstraZeneca PLC | 38813 | 7363688 |
| BAE Systems PLC | 114563 | 3186403 |
| Barclays PLC<sup>2</sup> | 154427 | 907708 |
| British American Tobacco PLC<sup>2</sup> | 90182 | 5311251 |
| Centrica PLC | 1779522 | 5197524 |
| CK Hutchison Holdings Ltd. | 894000 | 7465066 |
| Entain PLC<sup>2</sup> | 127163 | 938587 |
| GSK PLC<sup>2</sup> | 278582 | 7303715 |
| Halma PLC<sup>2</sup> | 23171 | 1394376 |
| HSBC Holdings PLC | 440429 | 8103812 |
| Imperial Brands PLC<sup>2</sup> | 23849 | 906086 |
| JD Sports Fashion PLC<sup>2</sup> | 859421 | 788953 |
| Lloyds Banking Group PLC | 7616973 | 10353766 |
| London Stock Exchange Group PLC<sup>2</sup> | 49206 | 6384807 |
| Marks & Spencer Group PLC<sup>1</sup> | 389023 | 1750198 |
| National Grid PLC<sup>2</sup> | 46645 | 834973 |
| NatWest Group PLC | 488290 | 3894538 |
| Next PLC<sup>2</sup> | 4201 | 741428 |
| Rolls-Royce Holdings PLC | 218060 | 3508925 |
| SSE PLC | 127349 | 4559650 |
| United Utilities Group PLC | 156350 | 3100763 |
| Vodafone Group PLC<sup>2</sup> | 2154945 | 3428830 |
| Wise PLC, Class A<sup>\*,1</sup> | 21080 | 301472 |
| WPP PLC<sup>1</sup> | 642839 | 2327443 |
|  |  | 98564415 |
| **United States—9.6%** | **United States—9.6%** | **United States—9.6%** |
| AP Moller - Maersk AS, Class B<sup>2</sup> | 227 | 538948 |
| BeOne Medicines Ltd., ADR<sup>\*</sup> | 16888 | 4986520 |
| BP PLC<sup>2</sup> | 672644 | 5324536 |
| Experian PLC<sup>2</sup> | 11465 | 419493 |
| Haleon PLC | 550981 | 2544358 |
| Holcim AG<sup>2</sup> | 1759 | 163457 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 19673 | 2708972 |
| Nestle SA, Registered Shares<sup>2</sup> | 149689 | 15154461 |
| Novartis AG, Registered Shares | 28555 | 4220134 |
| Roche Holding AG<sup>2</sup> | 17259 | 7033040 |
| Sanofi SA<sup>1,2</sup> | 103627 | 9697047 |
| Shell PLC<sup>2</sup> | 220318 | 10017148 |
| Spotify Technology SA<sup>\*</sup> | 2306 | 1029744 |
| Swiss Re AG<sup>2</sup> | 2273 | 366155 |
| Waste Connections, Inc. | 40673 | 6699657 |
|  |  | 70903670 |
| **Total common stocks<br> (cost—$629,174,253)** |  | **822793921** |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Warrants** | **Value** |
| **Warrant—0.0%** | **Warrant—0.0%** | **Warrant—0.0%** |
| **Canada—0.0%** | **Canada—0.0%** | **Canada—0.0%** |
| Constellation Software, Inc. expires 03/31/40<sup>\*,1,4,5</sup><br> (cost—$0) | 2948 | $0 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Short-term investments—0.5%** | **Short-term investments—0.5%** | **Short-term investments—0.5%** |
| **Investment companies—0.5%** | **Investment companies—0.5%** | **Investment companies—0.5%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>6</sup><br> (cost—$3,796,753) | 3796753 | 3796753 |
| **Investment of cash collateral from securities loaned—12.8%** | **Investment of cash collateral from securities loaned—12.8%** | **Investment of cash collateral from securities loaned—12.8%** |
| **Money market funds—12.8%** | **Money market funds—12.8%** | **Money market funds—12.8%** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>6</sup><br> (cost—$94,129,371) | 94129371 | 94129371 |
| **Total investments before investments sold short—125.1%<br> (Cost—$727,100,377)** |  | **920720045** |
| **Investments sold short—(13.7)%** | **Investments sold short—(13.7)%** | **Investments sold short—(13.7)%** |
| **Common stocks—(13.7)%** | **Common stocks—(13.7)%** | **Common stocks—(13.7)%** |
| **Australia—(1.3)%** |  |  |
| Cochlear Ltd. | (8886) | (604614) |
| Commonwealth Bank of Australia | (9938) | (1251757) |
| CSL Ltd. | (10854) | (979688) |
| Medibank Pvt Ltd. | (19948) | (67830) |
| Qantas Airways Ltd. | (483633) | (2957121) |
| Washington H Soul Pattinson & Co. Ltd. | (114762) | (3499546) |
|  |  | **(9360556)** |
| **Belgium—(0.3)%** |  |  |
| D'ieteren Group | (7368) | (1522533) |
| Syensqo SA | (14397) | (955085) |
|  |  | **(2477618)** |
| **Czech Republic—(0.1)%** |  |  |
| CSG NV | (32188) | (697111) |
| **Denmark—(0.1)%** |  |  |
| Novonesis Novozymes B, Class B | (9403) | (577774) |
| Tryg AS | (6810) | (163635) |
|  |  | **(741409)** |
| **Finland—(0.1)%** |  |  |
| Kesko OYJ, Class B | (28150) | (693817) |
| **France—(0.4)%** |  |  |
| Aeroports de Paris SA | (7167) | (870243) |
| BioMerieux | (8476) | (715247) |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **France—(continued)** |  |  |
| Cie Generale des Etablissements Michelin SCA | (4867) | $(176312) |
| Dassault Systemes SE | (17734) | (399611) |
| Rexel SA | (5318) | (224915) |
| Societe Generale SA | (5396) | (434378) |
| Sodexo SA | (10355) | (526692) |
|  |  | **(3347398)** |
| **Germany—(0.7)%** |  |  |
| BASF SE | (6119) | (392452) |
| Beiersdorf AG | (11397) | (944807) |
| Brenntag SE | (12160) | (885551) |
| CTS Eventim AG & Co. KGaA | (20106) | (1327070) |
| Deutsche Boerse AG | (3359) | (1030534) |
| Deutsche Lufthansa AG, Registered Shares | (52488) | (449740) |
|  |  | **(5030154)** |
| **Hong Kong—(0.3)%** |  |  |
| Henderson Land Development Co. Ltd. | (42000) | (166014) |
| Sino Land Co. Ltd. | (1138021) | (1824895) |
|  |  | **(1990909)** |
| **Ireland—(0.1)%** |  |  |
| Kerry Group PLC, Class A | (9511) | (806041) |
| **Italy—(0.5)%** |  |  |
| BPER Banca SpA | (129715) | (1914824) |
| DiaSorin SpA | (7368) | (502683) |
| Moncler SpA | (18660) | (1126534) |
| Poste Italiane SpA | (6512) | (172854) |
|  |  | **(3716895)** |
| **Ivory Coast—(0.1)%** |  |  |
| Endeavour Mining PLC | (7523) | (454064) |
| **Japan—(4.5)%** |  |  |
| Daikin Industries Ltd. | (9700) | (1370563) |
| Daito Trust Construction Co. Ltd. | (67800) | (1525027) |
| Daiwa Securities Group, Inc. | (19600) | (184492) |
| FUJIFILM Holdings Corp. | (231400) | (4258599) |
| Hikari Tsushin, Inc. | (2300) | (558523) |
| Honda Motor Co. Ltd. | (45800) | (371641) |
| Ibiden Co. Ltd. | (9800) | (838195) |
| Kawasaki Heavy Industries Ltd. | (31500) | (647590) |
| MEIJI Holdings Co. Ltd. | (23400) | (555396) |
| Mitsubishi HC Capital, Inc. | (25100) | (227986) |
| NIDEC Corp. | (21400) | (329641) |
| Nissan Motor Co. Ltd. | (239600) | (548209) |
| Nissin Foods Holdings Co. Ltd. | (65500) | (1172656) |
| Olympus Corp. | (63500) | (624555) |
| Oriental Land Co. Ltd. | (136000) | (1892165) |
| Otsuka Corp. | (19400) | (359870) |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** |  |  |
| Secom Co. Ltd. | (57300) | $(2086277) |
| Sekisui House Ltd. | (7300) | (158950) |
| Shimadzu Corp. | (77900) | (1810822) |
| Shimano, Inc. | (24400) | (2559923) |
| Shin-Etsu Chemical Co. Ltd. | (44200) | (2035064) |
| Shiseido Co. Ltd. | (103100) | (2105808) |
| Suntory Beverage & Food Ltd. | (14200) | (409221) |
| Sysmex Corp. | (339300) | (2996168) |
| Yakult Honsha Co. Ltd. | (88200) | (1535922) |
| Yamaha Motor Co. Ltd. | (278900) | (1958986) |
|  |  | **(33122249)** |
| **Netherlands—(0.5)%** |  |  |
| Akzo Nobel NV | (17809) | (1045330) |
| Randstad NV | (31520) | (933981) |
| Universal Music Group NV | (78844) | (1653169) |
|  |  | **(3632480)** |
| **New Zealand—(0.2)%** |  |  |
| Auckland International Airport Ltd. | (119003) | (580907) |
| Fisher & Paykel Healthcare Corp. Ltd. | (31636) | (681764) |
| Infratil Ltd. | (64436) | (474669) |
|  |  | **(1737340)** |
| **Singapore—(0.2)%** |  |  |
| Keppel Ltd. | (41600) | (356072) |
| Keppel REIT | (4622) | (3254) |
| Singapore Airlines Ltd. | (291600) | (1444215) |
|  |  | **(1803541)** |
| **Sweden—(1.4)%** |  |  |
| Alfa Laval AB | (15996) | (962627) |
| Boliden AB | (3121) | (164057) |
| Holmen AB, Class B | (24774) | (854701) |
| Industrivarden AB, Class C | (28160) | (1481658) |
| Investment AB Latour, Class B | (41158) | (944854) |
| Investor AB, Class B | (106451) | (4320374) |
| Nibe Industrier AB, Class B | (218172) | (991777) |
| SKF AB, Class B | (7049) | (177485) |
| Svenska Cellulosa AB SCA, Class B | (39992) | (458253) |
|  |  | **(10355786)** |
| **Switzerland—(0.9)%** |  |  |
| Banque Cantonale Vaudoise, Registered Shares | (11719) | (1846617) |
| EMS-Chemie Holding AG, Registered Shares | (284) | (242088) |
| Helvetia Baloise Holding AG | (674) | (184800) |
| SGS SA | (12838) | (1390998) |
| SIG Group AG | (11826) | (191632) |
| Swiss Prime Site AG, Registered Shares | (13679) | (2370512) |

---

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Switzerland—(continued)** |  |  |
| Swisscom AG, Registered Shares | (410) | $(346789) |
|  |  | **(6573436)** |
| **United Kingdom—(1.5)%** |  |  |
| BT Group PLC | (424866) | (1249036) |
| Croda International PLC | (11024) | (427581) |
| Informa PLC | (406952) | (4400007) |
| Legal & General Group PLC | (446632) | (1532719) |
| Pearson PLC | (17124) | (252698) |
| Rentokil Initial PLC | (271431) | (1829922) |
| Standard Life PLC | (102185) | (1051288) |
| WPP PLC | (48424) | (175322) |
|  |  | **(10918573)** |
| **United States—(0.5)%** |  |  |
| Alcon AG | (9244) | (690086) |
| Ferrovial SE | (31703) | (2177092) |
| Tenaris SA | (19702) | (628915) |
|  |  | **(3496093)** |
| **Total common stocks<br> (cost—$(101785665))** |  | **(100955470)** |
| **Rights— 0.0%** |  |  |
| **Italy—0.0%** |  |  |
| Telecom Italia SpA<br> (cost—$0) | (2272477) | 0 |
| **Total investments sold short—(13.7)%<br> (proceeds—$(101785665))** |  | **(100955470)** |
| **Total investments—111.4%<br> (cost—$625,314,712)<sup>7</sup>** |  | **819764575** |
| Liabilities in excess of other assets—(11.4)% |  | (83865735) |
| **Net assets—100.0%** |  | $**735898840** |

---

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, 2026 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $62147944 | $760645977 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $822793921 |
| Warrant |  |  | 0 | 0 |
| Short-term investments | 3796753 |  |  | 3796753 |
| Investment of cash collateral from securities loaned | 94129371 |  |  | 94129371 |
| **Total** | $**160074068** | $**760645977** | $**0** | $**920720045** |
| **Liabilities** |  |  |  |  |
| Common stocks | $— | $(100955470) | $— | $(100955470) |
| **Total** | $**—** | $**(100955470)** | $**—** | $**(100955470)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

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

\* Non–income producing security.

**PACE International Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | |
|:---|:---|
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Security, or portion thereof, pledged as collateral for investments sold short. |
| 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 $15,857,974, represented 2.2% 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, 2026. |
| 7 | Includes $98,532,980 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $94,129,371 and non-cash collateral of $7,734,304. |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.9%** |  |  |
| **Argentina—1.1%** |  |  |
| Grupo Financiero Galicia SA, ADR\* | 10019 | $414185 |
| Vista Energy SAB de CV, ADR\* | 73881 | 5490836 |
|  |  | 5905021 |
| **Australia—0.6%** |  |  |
| Anglogold Ashanti PLC | 15462 | 1449253 |
| Anglogold Ashanti PLC | 18141 | 1685828 |
|  |  | 3135081 |
| **Brazil—12.3%** |  |  |
| Ambev SA | 372100 | 1090345 |
| B3 SA - Brasil Bolsa Balcao | 1909300 | 6951953 |
| Banco Bradesco SA | 52846 | 178437 |
| Banco Bradesco SA, ADR | 836740 | 3246551 |
| Banco BTG Pactual SA | 175700 | 2105505 |
| Banco do Brasil SA | 893500 | 4007560 |
| Embraer SA | 228300 | 3551887 |
| Embraer SA, ADR | 34579 | 2168103 |
| Inter & Co., Inc., Class A | 225814 | 1713928 |
| Itau Unibanco Holding SA, ADR | 181739 | 1581129 |
| Localiza Rent a Car SA | 293000 | 2716513 |
| Lojas Renner SA | 386540 | 1061623 |
| NU Holdings Ltd., Class A\* | 323930 | 4690506 |
| Petroleo Brasileiro SA - Petrobras, ADR | 451995 | 9957450 |
| PRIO SA\* | 543600 | 7290375 |
| Telefonica Brasil SA | 242400 | 1921362 |
| Vale SA | 129800 | 2127946 |
| Vale SA, ADR | 225613 | 3691029 |
| WEG SA | 183800 | 1665105 |
| XP, Inc., Class A | 363083 | 6956670 |
|  |  | 68673977 |
| **Chile—1.0%** |  |  |
| Antofagasta PLC | 50333 | 2441034 |
| Sociedad Quimica y Minera de Chile SA, ADR\* | 36053 | 3323005 |
|  |  | 5764039 |
| **China—21.9%** |  |  |
| Alibaba Group Holding Ltd. | 1055539 | 17396348 |
| Alibaba Group Holding Ltd., ADR<sup>1</sup> | 4034 | 532004 |
| Beijing New Building Materials PLC, Class A | 830535 | 3156738 |
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 1532350 | 3363017 |
| Budweiser Brewing Co. APAC Ltd.<sup>1,2</sup> | 2334400 | 2301696 |
| BYD Co. Ltd., Class H | 268100 | 3566310 |
| China Jushi Co. Ltd., Class A | 1078756 | 5475499 |
| China Overseas Land & Investment Ltd. | 2794387 | 4799848 |
| Contemporary Amperex Technology Co. Ltd., Class A | 147220 | 9450244 |
| Country Garden Services Holdings Co. Ltd. | 975152 | 778436 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **China—(continued)** |  |  |
| Eve Energy Co. Ltd., Class A | 119000 | $1272900 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 366700 | 3173424 |
| GF Securities Co. Ltd., Class H | 198000 | 448890 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | 180000 | 1601954 |
| Hengli Petrochemical Co. Ltd., Class A | 932430 | 3029633 |
| Horizon Robotics<sup>\*,1</sup> | 1096800 | 1031992 |
| Industrial & Commercial Bank of China Ltd., Class H | 4167000 | 3754259 |
| JD Health International, Inc.<sup>\*,2</sup> | 235200 | 1390006 |
| Kanzhun Ltd., ADR | 89252 | 1206687 |
| Kuaishou Technology<sup>2</sup> | 214007 | 1191340 |
| Kweichow Moutai Co. Ltd., Class A | 16100 | 3263326 |
| Li Ning Co. Ltd. | 1211500 | 3154102 |
| Longfor Group Holdings Ltd.<sup>2</sup> | 1176500 | 1218180 |
| Muyuan Foods Co. Ltd., Class A | 77200 | 506298 |
| Muyuan Foods Co. Ltd., Class H\* | 175100 | 926862 |
| NetEase, Inc. | 86500 | 2024894 |
| Ningbo Tuopu Group Co. Ltd., Class A | 136900 | 1220819 |
| Ping An Insurance Group Co. of China Ltd., Class A | 902900 | 7871924 |
| Shanghai Putailai New Energy Technology Group Co. Ltd. | 146640 | 781785 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 244200 | 2461501 |
| Tencent Holdings Ltd. | 288411 | 17515845 |
| Trip.com Group Ltd., ADR\* | 42702 | 2314875 |
| Victory Giant Technology Huizhou Co. Ltd., Class A | 18700 | 913861 |
| Victory Giant Technology Huizhou Co. Ltd., Class H\* | 950 | 38740 |
| Wanhua Chemical Group Co. Ltd., Class A | 101900 | 1339790 |
| WuXi XDC Cayman, Inc.\* | 428000 | 3249903 |
| YongXing Special Materials Technology Co. Ltd., Class A | 238900 | 3057860 |
| Zijin Mining Group Co. Ltd., Class H | 268000 | 1244592 |
|  |  | 122026382 |
| **Czech Republic—0.4%** |  |  |
| CSG NV <sup>\*,1</sup> | 105097 | 2276137 |
| **Greece—0.9%** |  |  |
| Eurobank SA | 630515 | 2743403 |
| Piraeus Bank SA | 251548 | 2381417 |
|  |  | 5124820 |
| **Hong Kong—1.2%** |  |  |
| AIA Group Ltd. | 246000 | 2700776 |
| ASMPT Ltd. | 59700 | 1250561 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Hong Kong—(continued)** |  |  |
| Melco Resorts & Entertainment Ltd., ADR\* | 211530 | $1220528 |
| Techtronic Industries Co. Ltd. | 42500 | 616237 |
| Zijin Gold International Co. Ltd.\* | 52320 | 1033504 |
|  |  | 6821606 |
| **Hungary—0.5%** |  |  |
| OTP Bank Nyrt | 21889 | 2935947 |
| **India—7.7%** |  |  |
| Bajaj Finance Ltd. | 284834 | 2829153 |
| Bharat Electronics Ltd. | 459076 | 2095778 |
| Bharti Airtel Ltd. | 301993 | 6036818 |
| CG Power & Industrial Solutions Ltd. | 57341 | 492607 |
| Eicher Motors Ltd. | 19947 | 1500909 |
| GE Vernova T&D India Ltd. | 32140 | 1511914 |
| GMR Airports Ltd.\* | 3090636 | 3158306 |
| HDFC Bank Ltd. | 383776 | 3138931 |
| HDFC Bank Ltd., ADR | 53450 | 1358165 |
| Hindalco Industries Ltd. | 276748 | 3034486 |
| ICICI Bank Ltd. | 105029 | 1409314 |
| Indian Oil Corp. Ltd. | 915119 | 1377638 |
| IndusInd Bank Ltd.\* | 333700 | 3240062 |
| Lodha Developers Ltd.<sup>2</sup> | 229732 | 2189716 |
| Mahindra & Mahindra Ltd. | 19755 | 647910 |
| Marico Ltd. | 248543 | 2034613 |
| Max Healthcare Institute Ltd. | 160647 | 1690251 |
| Polycab India Ltd. | 20391 | 1751332 |
| SBI Life Insurance Co. Ltd.<sup>2</sup> | 59184 | 1136670 |
| Tata Steel Ltd. | 1070449 | 2393692 |
|  |  | 43028265 |
| **Indonesia—1.6%** |  |  |
| Bank Central Asia Tbk. PT | 3627300 | 1229800 |
| Bank Mandiri Persero Tbk. PT | 14407500 | 3666008 |
| Bank Rakyat Indonesia Persero Tbk. PT | 24212546 | 4188639 |
|  |  | 9084447 |
| **Kazakhstan—0.2%** |  |  |
| Halyk Savings Bank of Kazakhstan JSC, GDR<sup>3</sup> | 23126 | 791622 |
| **Macau—0.6%** |  |  |
| Galaxy Entertainment Group Ltd. | 333000 | 1420699 |
| Sands China Ltd. | 1020000 | 2140116 |
|  |  | 3560815 |
| **Mexico—1.0%** |  |  |
| Grupo Financiero Banorte SAB de CV, Class O | 306100 | 3323757 |
| Wal-Mart de Mexico SAB de CV | 721100 | 2273291 |
|  |  | 5597048 |
| **Nigeria—0.3%** |  |  |
| Guaranty Trust Holding Co. PLC<sup>1</sup> | 16421120 | 1617365 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Peru—0.2%** |  |  |
| Credicorp Ltd. | 3079 | $998119 |
| **Poland—0.6%** |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA | 67218 | 1760816 |
| Zabka Group SA\* | 261778 | 1671512 |
|  |  | 3432328 |
| **Russia—0.0%** |  |  |
| Alrosa PJSC<sup>\*,4,5</sup> | 215380 | 0 |
| Rosneft Oil Co. PJSC<sup>\*,4,5</sup> | 126429 | 0 |
|  |  | 0 |
| **Saudi Arabia—0.2%** |  |  |
| Saudi Basic Industries Corp. | 75648 | 1236284 |
| **Singapore—0.4%** |  |  |
| Grab Holdings Ltd., Class A\* | 509961 | 1948051 |
| **South Africa—4.0%** |  |  |
| Absa Group Ltd.<sup>1</sup> | 138891 | 1947406 |
| Capitec Bank Holdings Ltd. | 11847 | 3075475 |
| Clicks Group Ltd. | 28221 | 448024 |
| FirstRand Ltd. | 549494 | 2913460 |
| Gold Fields Ltd. | 55223 | 2339370 |
| Gold Fields Ltd., ADR | 35799 | 1520742 |
| Impala Platinum Holdings Ltd. | 112652 | 1579048 |
| MTN Group Ltd. | 164920 | 2076026 |
| Naspers Ltd., Class N | 84820 | 4592994 |
| Standard Bank Group Ltd. | 99430 | 1916152 |
|  |  | 22408697 |
| **South Korea—19.3%** |  |  |
| Hana Financial Group, Inc. | 29424 | 2556403 |
| Hankook Tire & Technology Co. Ltd. | 27619 | 1111418 |
| HD Hyundai Marine Solution Co. Ltd. | 14328 | 2590591 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 6596 | 2065390 |
| Hyosung Heavy Industries Corp. | 831 | 2238556 |
| Hyundai Mobis Co. Ltd. | 15311 | 4428231 |
| Kakao Corp. | 49763 | 1602023 |
| KB Financial Group, Inc. | 44945 | 4921707 |
| Kia Corp. | 28244 | 2913135 |
| LG Chem Ltd. | 7191 | 1947632 |
| Samsung Biologics Co. Ltd.<sup>\*,2</sup> | 2061 | 2054897 |
| Samsung Electro-Mechanics Co. Ltd. | 15731 | 9024640 |
| Samsung Electronics Co. Ltd. | 254221 | 38282526 |
| Samsung SDI Co. Ltd.\* | 8611 | 4078230 |
| Shinhan Financial Group Co. Ltd. | 26978 | 1832041 |
| SK Hynix, Inc. | 21336 | 19026762 |
| SK Square Co. Ltd.\* | 7194 | 4186913 |
| SK Telecom Co. Ltd. | 40649 | 2634139 |
|  |  | 107495234 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Taiwan—18.5%** |  |  |
| Accton Technology Corp. | 14500 | $1061930 |
| Alchip Technologies Ltd. | 18700 | 2501217 |
| ASE Technology Holding Co. Ltd. | 221000 | 3464097 |
| Chailease Holding Co. Ltd. | 426813 | 1564251 |
| Fortune Electric Co. Ltd. | 112000 | 3189363 |
| Hon Hai Precision Industry Co. Ltd. | 1217000 | 8598128 |
| MediaTek, Inc. | 117969 | 9848242 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 527475 | 36618290 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 46160 | 18282130 |
| Unimicron Technology Corp. | 290886 | 8262134 |
| Wistron Corp. | 406000 | 1788081 |
| Yageo Corp. | 744012 | 7585712 |
|  |  | 102763575 |
| **Thailand—1.2%** |  |  |
| Kasikornbank PCL | 598300 | 3561930 |
| SCB X PCL | 733100 | 2948820 |
|  |  | 6510750 |
| **Turkey—1.1%** |  |  |
| Akbank TAS | 1550623 | 2511312 |
| BIM Birlesik Magazalar AS | 79924 | 1313031 |
| KOC Holding AS | 492730 | 2206207 |
|  |  | 6030550 |
| **United Arab Emirates—0.5%** |  |  |
| Aldar Properties PJSC | 718989 | 1512109 |
| Emirates NBD Bank PJSC | 157184 | 1241890 |
|  |  | 2753999 |
| **United States—0.4%** |  |  |
| Las Vegas Sands Corp. | 35950 | 1963229 |
| **Vietnam—0.6%** |  |  |
| Hoa Phat Group JSC | 1030085 | 1086363 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **Vietnam—(continued)** |  |  |
| Masan Group Corp.\* | 490900 | $1432276 |
| VPS Securities JSC\* | 429200 | 564659 |
|  |  | 3083298 |
| **Zambia—0.6%** |  |  |
| First Quantum Minerals Ltd.\* | 132443 | 3242945 |
| **Total common stocks<br> (cost—$400,379,937)** |  | **550209631** |
| **Preferred stocks—0.3%** |  |  |
| **Brazil—0.3%** |  |  |
| Itau Unibanco Holding SA<sup>6</sup> | 211309 | 1843054 |
| Localiza Rent a Car SA | 11269 | 100451 |
| **Total preferred stocks<br> (cost—$1,243,860)** |  | **1943505** |
| **Short-term investments—0.7%** |  |  |
| **Investment companies—0.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>7</sup><br> (cost—$3,772,815) | 3772815 | 3772815 |
| **Investment of cash collateral from securities loaned—1.0%** |  |  |
| **Money market funds—1.0%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>7</sup><br> (cost—$5,464,475) | 5464475 | 5464475 |
| **Total investments—100.9%<br> (cost—$410,861,087)<sup>8</sup>** |  | **561390426** |
| Liabilities in excess of other assets—(0.9)% |  | (4813263) |
| **Net assets—100.0%** |  | $**556577163** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $120501381 | $429708250 | $0 | $550209631 |

---

**PACE International Emerging Markets Equity Investments**

**Portfolio of investments – April 30, 2026 (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** |
| Preferred stocks | $1943505 | $— | $— | $1943505 |
| Short-term investments | 3772815 |  |  | 3772815 |
| Investment of cash collateral from securities loaned | 5464475 |  |  | 5464475 |
| **Total** | $**131682176** | $**429708250** | $**0** | $**561390426** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes** 

---

| | |
|:---|:---|
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at 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 $11,482,505, represented 2.1% of the Portfolio's net assets at period end. |
| 3 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 4 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 5 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 6 | Floating or variable rate securities. The rates disclosed are as of April 30, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 7 | Rate shown reflects yield at April 30, 2026. |
| 8 | Includes $7,396,996 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $5,464,475 and non-cash collateral of $2,296,029. |

---

**PACE Global Real Estate Securities Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—98.9%** |  |  |
| **Australia—8.7%** |  |  |
| Charter Hall Group | 51357 | $756287 |
| Goodman Group<sup>1</sup> | 97551 | 2113515 |
| GPT Group | 218295 | 752866 |
| Scentre Group | 417047 | 1120685 |
|  |  | 4743353 |
| **Belgium—2.1%** |  |  |
| Shurgard Self Storage Ltd. | 24153 | 742938 |
| Warehouses De Pauw CVA<sup>1</sup> | 14164 | 372290 |
|  |  | 1115228 |
| **France—3.6%** |  |  |
| Klepierre SA | 15655 | 634281 |
| Unibail-Rodamco-Westfield\* | 10966 | 1331354 |
|  |  | 1965635 |
| **Hong Kong—2.3%** |  |  |
| Hongkong Land Holdings Ltd. | 76100 | 601649 |
| Swire Properties Ltd. | 207600 | 663308 |
|  |  | 1264957 |
| **Japan—9.2%** |  |  |
| Industrial & Infrastructure Fund Investment Corp. | 505 | 472673 |
| Japan Metropolitan Fund Invest | 1076 | 797428 |
| Mitsubishi Estate Co. Ltd. | 65100 | 1855234 |
| Mitsui Fudosan Accommodations Fund, Inc. | 530 | 442752 |
| Nippon Building Fund, Inc.<sup>1</sup> | 970 | 814577 |
| Star Asia Investment Corp. | 192 | 69078 |
| Tokyo Tatemono Co. Ltd. | 24200 | 556861 |
|  |  | 5008603 |
| **Singapore—2.5%** |  |  |
| CapitaLand Integrated Commercial Trust | 588600 | 1096277 |
| Parkway Life Real Estate Investment Trust | 72100 | 228133 |
|  |  | 1324410 |
| **United Kingdom—6.6%** |  |  |
| Big Yellow Group PLC | 40581 | 498492 |
| Derwent London PLC<sup>1</sup> | 11381 | 266278 |
| Grainger PLC | 282412 | 616801 |
| Land Securities Group PLC | 93790 | 754661 |
| LondonMetric Property PLC | 156621 | 403154 |
| Segro PLC | 111665 | 1057689 |
|  |  | 3597075 |
| **United States—63.9%** |  |  |
| Acadia Realty Trust<sup>1</sup> | 45760 | 989331 |
| American Homes 4 Rent, Class A | 33341 | 1061577 |
| Americold Realty Trust, Inc. | 36072 | 441161 |
| BXP, Inc. | 12259 | 716661 |
| Cousins Properties, Inc. | 25597 | 655539 |
| Digital Realty Trust, Inc. | 10810 | 2172161 |
| Equinix, Inc. | 2979 | 3225751 |

---

**PACE Global Real Estate Securities Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Equity LifeStyle Properties, Inc. | 19383 | $1226750 |
| Equity Residential | 15616 | 1020974 |
| Essential Properties Realty Trust, Inc.<sup>1</sup> | 22241 | 699035 |
| Essex Property Trust, Inc. | 3423 | 900968 |
| Extra Space Storage, Inc. | 5566 | 797775 |
| Federal Realty Investment Trust | 9735 | 1079612 |
| Healthcare Realty Trust, Inc. | 55103 | 1030426 |
| Healthpeak Properties, Inc. | 16459 | 266142 |
| Highwoods Properties, Inc. | 31968 | 777142 |
| Janus Living, Inc., Class A-1\* | 39438 | 1034853 |
| Kimco Realty Corp. | 35543 | 840237 |
| Lamar Advertising Co., Class A | 7715 | 1063436 |
| Mid-America Apartment Communities, Inc. | 7172 | 926479 |
| NNN REIT, Inc. | 20108 | 880529 |
| Prologis, Inc. | 32023 | 4547907 |
| Regency Centers Corp. | 10822 | 842493 |
| Rexford Industrial Realty, Inc. | 20151 | 723219 |
| Ryman Hospitality Properties, Inc. | 7238 | 760641 |
| Simon Property Group, Inc. | 10371 | 2112676 |
| Sunstone Hotel Investors, Inc. | 59693 | 586185 |
| Ventas, Inc. | 25171 | 2211524 |
| VICI Properties, Inc. | 37596 | 1097803 |
|  |  | 34688987 |
| **Total common stocks<br> (cost—$50,479,965)** |  | **53708248** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | |
| **U.S. government agency obligations—1.1%** |  |  |
| Federal Home Loan Bank Discount Notes, 3.600%, due 05/01/26<sup>2</sup><br> (cost—$568,000) | $568000 | 568000 |

---

---

| | |
|:---|:---|
|  | **Number of<br> shares** |
| **Short-term investments—0.0%<sup>†</sup>** |  |
| **Investment companies—0.0%<sup>†</sup>** |  |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>3</sup><br> (cost—$849) | 849 |

---

**PACE Global Real Estate Securities Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investment of cash collateral from securities loaned—4.5%** |  |  |
| **Money market funds—4.5%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.626%<sup>3</sup><br> (cost—$2,451,430) | 2451430 | $2451430 |
| **Total investments—104.5%<br> (cost—$53,500,244)<sup>4</sup>** |  | **56728527** |
| Liabilities in excess of other assets—(4.5)% |  | (2423642) |
| **Net assets—100.0%** |  | $**54304885** |

---

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, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $34688987 | $19019261 | $— | $53708248 |
| U.S. government agency obligations |  | 568000 |  | 568000 |
| Short-term investments | 849 |  |  | 849 |
| Investment of cash collateral from securities loaned | 2451430 |  |  | 2451430 |
| **Total** | $**37141266** | $**19587261** | $**—** | $**56728527** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes** 

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security, or portion thereof, was on loan at the period end. |
| 2 | Rate shown is the discount rate at the date of purchase unless otherwise noted. |
| 3 | Rate shown reflects yield at April 30, 2026. |
| 4 | Includes $3,566,632 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,451,430 and non-cash collateral of $1,238,561. |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—21.8%** | **Common stocks—21.8%** | **Common stocks—21.8%** |
| **Australia—0.0%†** | **Australia—0.0%†** | **Australia—0.0%†** |
| Coles Group Ltd. | 93 | $1482 |
| CSL Ltd. | 25 | 2257 |
| Goodman Group | 1669 | 36160 |
| Rio Tinto PLC | 56 | 5641 |
| Westpac Banking Corp. | 196 | 5483 |
|  |  | 51023 |
| **Austria—0.0%†** | **Austria—0.0%†** | **Austria—0.0%†** |
| Erste Group Bank AG | 18 | 1989 |
| **Belgium—0.0%†** | **Belgium—0.0%†** | **Belgium—0.0%†** |
| Elia Group SA\* | 189 | 31344 |
| Groupe Bruxelles Lambert NV | 16 | 1495 |
| KBC Group NV | 15 | 1996 |
|  |  | 34835 |
| **Brazil—0.0%†** | **Brazil—0.0%†** | **Brazil—0.0%†** |
| Cosan SA\* | 640 | 651 |
| **Cameroon—0.2%** | **Cameroon—0.2%** | **Cameroon—0.2%** |
| Golar LNG Ltd. | 7797 | 428757 |
| **Canada—0.1%** | **Canada—0.1%** | **Canada—0.1%** |
| Bank of Nova Scotia | 70 | 5446 |
| Boralex, Inc., Class A | 44 | 1191 |
| Dollarama, Inc. | 415 | 53038 |
| Loblaw Cos. Ltd. | 39 | 1798 |
| Shopify, Inc., Class A\* | 66 | 8011 |
| TELUS Corp. | 76 | 952 |
| WSP Global, Inc. | 209 | 34773 |
|  |  | 105209 |
| **China—0.1%** | **China—0.1%** | **China—0.1%** |
| Sigenergy Technology Co. Ltd., Class H\* | 1725 | 125535 |
| **Denmark—0.0%†** | **Denmark—0.0%†** | **Denmark—0.0%†** |
| Danske Bank AS | 400 | 20564 |
| DSV AS | 132 | 32464 |
| Novo Nordisk AS, Class B | 519 | 22076 |
|  |  | 75104 |
| **Faeroe Islands—0.0%†** | **Faeroe Islands—0.0%†** | **Faeroe Islands—0.0%†** |
| Bakkafrost P | 137 | 6816 |
| **France—0.0%†** | **France—0.0%†** | **France—0.0%†** |
| Dassault Aviation SA | 51 | 17835 |
| Engie SA | 69 | 2274 |
| Gaztransport Et Technigaz SA | 64 | 15571 |
| Hermes International SCA | 7 | 13392 |
| Safran SA | 20 | 6422 |
| SCOR SE | 43 | 1605 |
| Veolia Environnement SA | 36 | 1522 |
|  |  | 58621 |
| **Germany—0.6%** | **Germany—0.6%** | **Germany—0.6%** |
| Bayer AG, Registered Shares | 103 | 4618 |
| Deutsche Boerse AG | 6 | 1841 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (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)** |
| E.ON SE | 1467 | $| 32574 |
| MTU Aero Engines AG | 4343 |  | 1489459 |
| Rheinmetall AG | 32 |  | 51034 |
| RWE AG | 34 |  | 2476 |
| SAP SE | 80 |  | 13431 |
| Siemens AG, Registered Shares | 38 |  | 11292 |
|  |  |  | 1606725 |
| **Hong Kong—0.0%†** | **Hong Kong—0.0%†** | **Hong Kong—0.0%†** | **Hong Kong—0.0%†** |
| AIA Group Ltd. | 552 |  | 6060 |
| **Ireland—0.0%†** | **Ireland—0.0%†** | **Ireland—0.0%†** | **Ireland—0.0%†** |
| Bank of Ireland Group PLC | 119 |  | 2344 |
| Kingspan Group PLC | 313 |  | 28960 |
|  |  |  | 31304 |
| **Italy—0.3%** | **Italy—0.3%** | **Italy—0.3%** | **Italy—0.3%** |
| Brunello Cucinelli SpA | 11 |  | 1073 |
| Enel SpA | 419 |  | 4892 |
| Prysmian SpA | 5413 |  | 823367 |
| Terna - Rete Elettrica Nazionale | 1702 |  | 20472 |
| UniCredit SpA | 70 |  | 5410 |
|  |  |  | 855214 |
| **Japan—1.5%** | **Japan—1.5%** | **Japan—1.5%** | **Japan—1.5%** |
| 77 Bank Ltd. | 1072 |  | 20637 |
| Capcom Co. Ltd. | 51 |  | 1077 |
| Chiba Bank Ltd. | 2948 |  | 40692 |
| Daiichi Sankyo Co. Ltd. | 671 |  | 10900 |
| Daikin Industries Ltd. | 12 |  | 1695 |
| Disco Corp. | 4 |  | 1903 |
| Fast Retailing Co. Ltd. | 106 |  | 49899 |
| FUJIFILM Holdings Corp. | 2700 |  | 49690 |
| Fujikura Ltd. | 7419 |  | 286247 |
| Fukuoka Financial Group, Inc. | 676 |  | 27596 |
| Gunma Bank Ltd. | 554 |  | 7586 |
| Hachijuni Nagano Bank Ltd. | 479 |  | 6490 |
| Hirogin Holdings, Inc. | 1373 |  | 16220 |
| Hitachi Ltd. | 11915 |  | 378877 |
| Ibiden Co. Ltd. | 4 |  | 342 |
| IHI Corp. | 3300 |  | 60276 |
| ITOCHU Corp. | 322 |  | 3991 |
| Itochu Enex Co. Ltd. | 1002 |  | 12193 |
| Japan Aviation Electronics Industry Ltd. | 200 |  | 3058 |
| Japan Steel Works Ltd. | 200 |  | 12222 |
| Kawasaki Heavy Industries Ltd. | 2000 |  | 41117 |
| KDDI Corp. | 180 |  | 2946 |
| Komatsu Ltd. | 2200 |  | 94200 |
| Kyushu Financial Group, Inc. | 1593 |  | 13009 |
| Mebuki Financial Group, Inc. | 4243 |  | 35227 |
| Minebea Mitsumi, Inc. | 1200 |  | 23992 |
| Mitsubishi Electric Corp. | 21577 |  | 865906 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** | **Japan—(continued)** |
| Mitsubishi Heavy Industries Ltd. | 8000 | $| 238767 |
| Mitsubishi UFJ Financial Group, Inc. | 3664 |  | 65816 |
| Mizuho Financial Group, Inc. | 1193 |  | 51302 |
| MS&AD Insurance Group Holdings, Inc. | 47 |  | 1209 |
| NEC Corp. | 3600 |  | 95760 |
| NIDEC Corp. | 19119 |  | 294504 |
| Nintendo Co. Ltd. | 282 |  | 13795 |
| Nishi-Nippon Financial Holdings, Inc. | 417 |  | 10470 |
| Panasonic Holdings Corp. | 32644 |  | 667759 |
| Resona Holdings, Inc. | 4525 |  | 56597 |
| Seven Bank Ltd. | 1934 |  | 3266 |
| Shiga Bank Ltd. | 1059 |  | 13056 |
| Shinmaywa Industries Ltd. | 200 |  | 3269 |
| Shizuoka Financial Group, Inc. | 1415 |  | 24841 |
| Sompo Holdings, Inc. | 41 |  | 1526 |
| Sony Group Corp. | 2434 |  | 48766 |
| Sumitomo Corp. | 2900 |  | 107828 |
| Sumitomo Heavy Industries Ltd. | 300 |  | 10150 |
| Sumitomo Mitsui Financial Group, Inc. | 673 |  | 23763 |
| Sumitomo Mitsui Trust Group, Inc. | 1236 |  | 41324 |
| Tohoku Electric Power Co., Inc. | 138 |  | 964 |
| Tokio Marine Holdings, Inc. | 77 |  | 3526 |
| Toray Industries, Inc. | 3600 |  | 25847 |
| Toyota Tsusho Corp. | 69 |  | 2709 |
| Unicharm Corp. | 2938 |  | 17163 |
| Yamaguchi Financial Group, Inc. | 1295 |  | 22252 |
| Yokohama Financial Group, Inc. | 4762 |  | 45204 |
|  |  |  | 3959421 |
| **Netherlands—0.1%** | **Netherlands—0.1%** | **Netherlands—0.1%** | **Netherlands—0.1%** |
| ASM International NV | 2 |  | 1956 |
| BE Semiconductor Industries NV | 64 |  | 18721 |
| NXP Semiconductors NV | 1052 |  | 308857 |
| SBM Offshore NV | 591 |  | 25284 |
|  |  |  | 354818 |
| **Norway—0.0%†** | **Norway—0.0%†** | **Norway—0.0%†** | **Norway—0.0%†** |
| Aker BP ASA | 15 |  | 586 |
| Aker Solutions ASA | 3668 |  | 16714 |
| Equinor ASA | 46 |  | 1872 |
| Kongsberg Gruppen ASA | 20 |  | 669 |
| Kongsberg Maritime AS\* | 20 |  | 131 |
| Mowi ASA | 616 |  | 13667 |
| Salmar ASA | 98 |  | 5934 |
| TOMRA Systems ASA | 80 |  | 817 |
|  |  |  | 40390 |
| **Spain—0.0%†** | **Spain—0.0%†** | **Spain—0.0%†** | **Spain—0.0%†** |
| Amadeus IT Group SA | 27 |  | 1558 |
| EDP Renovaveis SA\* | 175 |  | 2926 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> shares** | **Value** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **Spain—(continued)** | **Spain—(continued)** | **Spain—(continued)** | **Spain—(continued)** |
| Iberdrola SA | 1186 | $| 27805 |
|  |  |  | 32289 |
| **Sweden—0.0%†** | **Sweden—0.0%†** | **Sweden—0.0%†** | **Sweden—0.0%†** |
| Assa Abloy AB, Class B | 33 |  | 1270 |
| Atlas Copco AB, Class B | 79 |  | 1347 |
| Saab AB, Class B | 1176 |  | 71387 |
|  |  |  | 74004 |
| **Switzerland—0.0%†** | **Switzerland—0.0%†** | **Switzerland—0.0%†** | **Switzerland—0.0%†** |
| Kuehne & Nagel International AG, Registered Shares | 4 |  | 939 |
| Schindler Holding AG | 4 |  | 1399 |
| Zurich Insurance Group AG | 8 |  | 5578 |
|  |  |  | 7916 |
| **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** | **United Kingdom—0.1%** |
| 3i Group PLC | 30 |  | 1043 |
| AstraZeneca PLC | 80 |  | 15178 |
| Barclays PLC | 437 |  | 2569 |
| Compass Group PLC | 620 |  | 17519 |
| Computacenter PLC | 39 |  | 1975 |
| Future PLC | 765 |  | 3496 |
| HSBC Holdings PLC | 1843 |  | 33911 |
| ICG PLC | 39 |  | 961 |
| Lloyds Banking Group PLC | 1863 |  | 2532 |
| London Stock Exchange Group PLC | 24 |  | 3114 |
| NatWest Group PLC | 206 |  | 1643 |
| Savills PLC | 788 |  | 8888 |
| Segro PLC | 119 |  | 1127 |
| Softcat PLC | 57 |  | 1070 |
| SSE PLC | 717 |  | 25672 |
| Standard Chartered PLC | 1901 |  | 48409 |
| Unilever PLC | 117 |  | 6823 |
| UNITE Group PLC | 104 |  | 655 |
|  |  |  | 176585 |
| **United States—18.8%** | **United States—18.8%** | **United States—18.8%** | **United States—18.8%** |
| Abbott Laboratories | 95 |  | 8625 |
| AbbVie, Inc. | 161 |  | 34023 |
| ABIOMED, Inc.<sup>\*,1</sup> | 42 |  | 70 |
| Adobe, Inc.\* | 33 |  | 8121 |
| Advanced Micro Devices, Inc.\* | 119 |  | 42184 |
| Airbnb, Inc., Class A\* | 187 |  | 26247 |
| Albemarle Corp. | 1708 |  | 335964 |
| Allstate Corp. | 13 |  | 2824 |
| Alphabet, Inc., Class C | 401 |  | 153158 |
| Alphabet, Inc., Class A | 469 |  | 180471 |
| Amazon.com, Inc.\* | 8215 |  | 2177468 |
| American Airlines Group, Inc.\* | 13802 |  | 161621 |
| American Express Co. | 103 |  | 33274 |
| American Water Works Co., Inc. | 9 |  | 1156 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| AMETEK, Inc. | 196 | $46158 |
| Amgen, Inc. | 28 | 9695 |
| Aon PLC, Class A | 105 | 32723 |
| Apple, Inc. | 1147 | 311238 |
| Applied Materials, Inc. | 119 | 46944 |
| Arch Capital Group Ltd.\* | 383 | 36178 |
| Arthur J Gallagher & Co. | 70 | 14448 |
| AT&T, Inc. | 341 | 8910 |
| Atlassian Corp., Class A\* | 7074 | 485206 |
| Autodesk, Inc.\* | 109 | 25833 |
| Automatic Data Processing, Inc. | 22 | 4663 |
| AutoZone, Inc.\* | 7 | 25928 |
| Avantor, Inc.\* | 60753 | 492099 |
| Baker Hughes Co. | 819 | 57060 |
| Bank of America Corp. | 521 | 27853 |
| Bill Holdings, Inc.<sup>\*,2</sup> | 666 | 25308 |
| Blackrock, Inc. | 28 | 29837 |
| Bob's Discount Furniture, Inc.\* | 43129 | 463205 |
| Booz Allen Hamilton Holding Corp. | 8 | 622 |
| Boston Scientific Corp.\* | 400 | 23044 |
| BP PLC | 910 | 7203 |
| Bristol-Myers Squibb Co. | 112 | 6786 |
| Broadcom, Inc. | 463 | 193270 |
| Builders FirstSource, Inc.\* | 6 | 475 |
| Cadence Design Systems, Inc.\* | 14 | 4614 |
| Cardinal Health, Inc. | 480 | 92582 |
| Carrier Global Corp. | 357 | 23980 |
| Carvana Co.\* | 1010 | 399758 |
| Cavco Industries, Inc.\* | 559 | 283413 |
| Celsius Holdings, Inc.\* | 42 | 1410 |
| Cencora, Inc. | 386 | 118892 |
| Centene Corp.\* | 20 | 1074 |
| CF Industries Holdings, Inc. | 11 | 1366 |
| CH Robinson Worldwide, Inc. | 2609 | 474342 |
| Champion Homes, Inc.\* | 3631 | 276791 |
| Chevron Corp. | 117 | 22617 |
| Chipotle Mexican Grill, Inc.\* | 432 | 14684 |
| Churchill Downs, Inc. | 14579 | 1472333 |
| Cigna Group | 74 | 21503 |
| Cisco Systems, Inc. | 298 | 27267 |
| CME Group, Inc. | 18 | 5181 |
| CNX Resources Corp.\* | 648 | 25214 |
| Coherent Corp.\* | 3116 | 996216 |
| Colgate-Palmolive Co. | 84 | 7170 |
| Comcast Corp., Class A | 201 | 5435 |
| Consolidated Edison, Inc. | 4525 | 504492 |
| Constellation Energy Corp. | 1453 | 454789 |
| CorMedix, Inc.<sup>\*,2</sup> | 330 | 2505 |
| Corpay, Inc.\* | 95 | 29115 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Corteva, Inc. | 43 | $3483 |
| Costco Wholesale Corp. | 92 | 93337 |
| Cracker Barrel Old Country Store, Inc.<sup>2</sup> | 148 | 4635 |
| Crown Castle, Inc. | 17107 | 1518759 |
| CVS Health Corp. | 68 | 5664 |
| Danaher Corp. | 160 | 28632 |
| Deckers Outdoor Corp.\* | 72 | 7358 |
| Devon Energy Corp. | 40 | 2055 |
| Diamondback Energy, Inc. | 15 | 3084 |
| DR Horton, Inc. | 121 | 18617 |
| Duke Energy Corp. | 3903 | 505634 |
| Edison International | 2466 | 171362 |
| Edwards Lifesciences Corp.\* | 52 | 4342 |
| Elastic NV\* | 10304 | 478415 |
| Elevance Health, Inc. | 48 | 18068 |
| Eli Lilly & Co. | 96 | 89722 |
| Emerson Electric Co. | 211 | 29633 |
| Enovix Corp.\* | 29273 | 195251 |
| Enphase Energy, Inc.\* | 5667 | 186784 |
| Entergy Corp. | 9748 | 1149387 |
| Equifax, Inc. | 5 | 870 |
| Estee Lauder Cos., Inc., Class A | 17 | 1304 |
| Etsy, Inc.\* | 7675 | 493810 |
| Eversource Energy | 1989 | 140622 |
| Exelon Corp. | 10551 | 485241 |
| Experian PLC | 30 | 1098 |
| Exxon Mobil Corp. | 278 | 42904 |
| FactSet Research Systems, Inc. | 2 | 455 |
| Fair Isaac Corp.\* | 7 | 7175 |
| FedEx Corp. | 1862 | 750963 |
| FirstEnergy Corp. | 31444 | 1494219 |
| Fiserv, Inc.\* | 252 | 15788 |
| Flex Ltd.\* | 6916 | 633160 |
| Forgent Power Solutions, Inc.\* | 3810 | 143332 |
| Fortinet, Inc.\* | 35 | 2951 |
| Franklin Resources, Inc. | 17998 | 539400 |
| Goldman Sachs Group, Inc. | 16 | 14780 |
| Halliburton Co. | 63 | 2665 |
| Healthcare Realty Trust, Inc. | 63663 | 1190498 |
| Hecla Mining Co. | 1861 | 33535 |
| HubSpot, Inc.\* | 2 | 444 |
| Humana, Inc. | 4 | 946 |
| Huntington Ingalls Industries, Inc. | 985 | 358826 |
| Illumina, Inc.\* | 15 | 1901 |
| Ingersoll Rand, Inc. | 372 | 29708 |
| Insulet Corp.\* | 79 | 13599 |
| Interactive Brokers Group, Inc., Class A | 648 | 51516 |
| International Flavors & Fragrances, Inc. | 13604 | 955001 |
| Intuit, Inc. | 15 | 5828 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Johnson & Johnson | 213 | $48958 |
| Johnson Controls International PLC | 4046 | 590837 |
| JPMorgan Chase & Co. | 358 | 112136 |
| KB Home | 14 | 742 |
| KBR, Inc. | 18770 | 703687 |
| Keysight Technologies, Inc.\* | 1462 | 511568 |
| Kinder Morgan, Inc. | 46250 | 1520238 |
| KLA Corp. | 7 | 12252 |
| Kroger Co. | 1020 | 69431 |
| Lam Research Corp. | 67 | 17277 |
| Lennar Corp., Class A | 115 | 10385 |
| Lowe's Cos., Inc. | 29 | 6925 |
| Madison Air Solutions Corp., Class A\* | 1232 | 47038 |
| Marsh & McLennan Cos., Inc. | 25 | 4193 |
| Masco Corp. | 26 | 1867 |
| MasTec, Inc.\* | 4933 | 1943849 |
| Mastercard, Inc., Class A | 124 | 62362 |
| McDonald's Corp. | 54 | 15854 |
| McKesson Corp. | 159 | 129617 |
| Merck & Co., Inc. | 222 | 24238 |
| Meta Platforms, Inc., Class A | 185 | 113203 |
| Mettler-Toledo International, Inc.\* | 8 | 10213 |
| Microchip Technology, Inc. | 19 | 1765 |
| Microsoft Corp. | 589 | 240182 |
| Monster Beverage Corp.\* | 587 | 45240 |
| Morgan Stanley | 166 | 31638 |
| Mosaic Co. | 31 | 721 |
| MSCI, Inc. | 19 | 11237 |
| Netflix, Inc.\* | 373 | 34917 |
| Newmont Corp.1 | 35 | 3888 |
| NextEra Energy, Inc. | 16628 | 1627549 |
| Novanta, Inc.\* | 6 | 777 |
| Novartis AG, Registered Shares | 102 | 15075 |
| NRG Energy, Inc. | 3153 | 490544 |
| nVent Electric PLC | 299 | 42727 |
| NVIDIA Corp. | 1977 | 394550 |
| Oceaneering International, Inc.\* | 361 | 13552 |
| Okta, Inc.\* | 13 | 957 |
| Omnicom Group, Inc. | 11 | 844 |
| Oracle Corp. | 226 | 36474 |
| Palantir Technologies, Inc., Class A\* | 69 | 9599 |
| Palo Alto Networks, Inc.\* | 197 | 35326 |
| PAR Technology Corp.\* | 1567 | 21061 |
| Parsons Corp.\* | 9647 | 486305 |
| PayPal Holdings, Inc. | 67 | 3359 |
| Pebblebrook Hotel Trust | 35408 | 497482 |
| Penn Entertainment, Inc.\* | 54957 | 959549 |
| PepsiCo, Inc. | 147 | 23298 |
| PG&E Corp. | 26044 | 432851 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Phillips 66 | 26 | $4658 |
| PPL Corp. | 12842 | 480805 |
| Primo Brands Corp. | 58915 | 1200688 |
| Procter & Gamble Co. | 313 | 46039 |
| Progressive Corp. | 197 | 39652 |
| Prologis, Inc. | 48 | 6817 |
| PTC, Inc.\* | 58 | 7905 |
| PulteGroup, Inc. | 8 | 979 |
| QUALCOMM, Inc. | 85 | 15264 |
| Quanta Services, Inc. | 7 | 5094 |
| Republic Services, Inc. | 216 | 45192 |
| Rivian Automotive, Inc., Class A\* | 8340 | 136776 |
| ROBLOX Corp., Class A\* | 21 | 1160 |
| Rocket Cos., Inc., Class A\* | 102144 | 1493345 |
| Royal Gold, Inc. | 163 | 38041 |
| RTX Corp. | 70 | 12325 |
| S&P Global, Inc. | 63 | 27168 |
| Salesforce, Inc. | 71 | 12534 |
| Sanofi SA | 58 | 5427 |
| SBA Communications Corp. | 4541 | 1004469 |
| Schneider Electric SE | 100 | 31821 |
| Sempra | 223 | 21212 |
| SLB Ltd. | 713 | 40555 |
| SolarEdge Technologies, Inc.\* | 5258 | 225358 |
| Solv Energy, Inc., Class A\* | 5171 | 206013 |
| Southern Co. | 5324 | 514831 |
| Southwest Airlines Co. | 3137 | 118955 |
| Spotify Technology SA\* | 8 | 3572 |
| Starbucks Corp. | 61 | 6425 |
| Stellantis NV\* | 57971 | 425390 |
| Sunbelt Rentals Holdings, Inc. | 13 | 977 |
| Sunococorp LLC | 124 | 8268 |
| Super Micro Computer, Inc.\* | 37 | 1014 |
| Swiss Re AG | 9 | 1450 |
| Synopsys, Inc.\* | 1 | 483 |
| Take-Two Interactive Software, Inc.\* | 103 | 22017 |
| Teledyne Technologies, Inc.\* | 2 | 1292 |
| Tesla, Inc.\* | 214 | 81669 |
| Texas Pacific Land Corp. | 5 | 2218 |
| Thermo Fisher Scientific, Inc. | 74 | 35443 |
| TJX Cos., Inc. | 159 | 24923 |
| T-Mobile U.S., Inc. | 27 | 5279 |
| Toll Brothers, Inc. | 3387 | 481428 |
| Trade Desk, Inc., Class A\* | 23 | 543 |
| Trane Technologies PLC | 115 | 56642 |
| Travelers Cos., Inc. | 177 | 54010 |
| Tyler Technologies, Inc.\* | 2 | 682 |
| Uber Technologies, Inc.\* | 604 | 45064 |
| UL Solutions, Inc., Class A | 4699 | 425213 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Under Armour, Inc., Class A\* | 29784 | $187341 |
| UnitedHealth Group, Inc. | 1424 | 527564 |
| Vail Resorts, Inc. | 18265 | 2322943 |
| Verizon Communications, Inc. | 42294 | 2031381 |
| Versant Media Group, Inc. | 8 | 322 |
| Visa, Inc., Class A | 233 | 76853 |
| Voya Financial, Inc. | 13 | 1065 |
| Walmart, Inc. | 1512 | 199478 |
| Waste Connections, Inc. | 160 | 26357 |
| Waste Management, Inc. | 94 | 21860 |
| WEX, Inc.\* | 133 | 19994 |
| Williams Cos., Inc. | 8393 | 640470 |
| Wolfspeed, Inc.\* | 13255 | 391420 |
| Xcel Energy, Inc. | 22854 | 1895739 |
| Zions Bancorp NA | 7910 | 501652 |
|  |  | 50423257 |
| **Total common stocks<br> (cost—$53,280,561)** |  | **58456523** |
| **Exchange traded funds—1.3%** |  |  |
| iShares GSCI Commodity Dynamic Roll Strategy ETF | 63811 | 2306742 |
| SPDR Gold Shares | 3010 | 1275217 |
| **Total exchange traded funds**<br> (cost—$3,177,696) |  | **3581959** |
| **Investment companies—7.4%** |  |  |
| AQR Style Premia Alternative Fund, Class I | 593919 | 5719437 |
| Carillon Reams Unconstrained Bond Fund, Class I | 1105062 | 14023237 |
| **Total investment companies<br> (cost—$18,384,757)** |  | **19742674** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> warrants** | |
| **Warrants—0.0%†** |  |  |
| **United States—0.0%†** |  |  |
| Opendoor Technologies, Inc., expires 11/20/26<sup>\*,2</sup> | 30 | 23 |
| Opendoor Technologies, Inc., expires 11/20/26<sup>\*,2</sup> | 30 | 12 |
| Opendoor Technologies, Inc., expires 11/20/26<sup>\*,2</sup> | 30 | 11 |
| **Total warrants<br> (cost—$0)** |  | **46** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Face** | **Face** | |
|  | **amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—51.7%** | **Corporate bonds—51.7%** | **Corporate bonds—51.7%** |
| **Australia—1.9%** | **Australia—1.9%** | **Australia—1.9%** |
| IREN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/01/31<sup>2,4,5</sup> | 49000 | $42463 |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/01/32<sup>2,4</sup> | 57000 | 62522 |
| &nbsp;&nbsp;&nbsp;Series 33,1.000%, due 06/01/33<sup>2,4</sup> | 114000 | 125843 |
| &nbsp;&nbsp;&nbsp;3.250%, due 06/15/30<sup>2</sup> | 287000 | 828727 |
| &nbsp;&nbsp;&nbsp;Series IREN,3.500%, due 12/15/29<sup>2,4</sup> | 1109000 | 3881090 |
|  |  | 4940645 |
| **Brazil—0.1%** | **Brazil—0.1%** | **Brazil—0.1%** |
| Gol Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;14.375%, due 06/06/30<sup>2,4</sup> | 127220 | 121495 |
| **Cameroon—0.0%†** | **Cameroon—0.0%†** | **Cameroon—0.0%†** |
| Golar LNG Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 12/15/30<sup>2,4</sup> | 73000 | 88079 |
| **Canada—1.0%** | **Canada—1.0%** | **Canada—1.0%** |
| B2Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/30<sup>2,4</sup> | 204000 | 326115 |
| BlackBerry Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/15/29<sup>2</sup> | 82000 | 129016 |
| Denison Mines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 09/15/31<sup>2,4</sup> | 174000 | 284241 |
| Endeavour Silver Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 01/15/31<sup>2,4</sup> | 37000 | 39938 |
| Equinox Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 10/15/28<sup>2</sup> | 549000 | 1277940 |
| First Majestic Silver Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 01/15/31<sup>2,4</sup> | 37000 | 44994 |
| &nbsp;&nbsp;&nbsp;0.375%, due 01/15/27<sup>2</sup> | 44000 | 59027 |
| Fortuna Mining Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 06/30/29<sup>2</sup> | 317000 | 539385 |
| Premium Brands Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/31/32<sup>2</sup> CAD | 29000 | 21627 |
| StorageVault Canada, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/31/28<sup>2,4</sup> CAD | 41000 | 30241 |
|  |  | 2752524 |
| **China—2.0%** | **China—2.0%** | **China—2.0%** |
| Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/32<sup>2,5,6</sup> | 81000 | 81110 |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/01/31<sup>2</sup> | 896000 | 1293376 |
| indie Semiconductor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/15/29<sup>2,4</sup> | 112000 | 126713 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **China—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/31<sup>2,4</sup> | 98000 | $132803 |
| Lenovo Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 08/26/29<sup>2,6</sup> | 525000 | 737562 |
| NIO, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 10/15/30<sup>2</sup> | 42000 | 43857 |
| Ping An Insurance Group Co. of China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 07/22/29<sup>2,6</sup> | 1100000 | 1720213 |
| Silvercorp Metals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, due 12/15/29<sup>2</sup> | 327000 | 922889 |
| Trip.com Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/15/29<sup>2</sup> | 163000 | 174360 |
| &nbsp;&nbsp;&nbsp;1.500%, due 07/01/27<sup>2,6</sup> | 41000 | 58842 |
|  |  | 5291725 |
| **Colombia—0.0%†** |  |  |
| ABRA Global Finance |  |  |
| &nbsp;&nbsp;&nbsp;6.000% Cash and 8.000% PIK |  |  |
| &nbsp;&nbsp;&nbsp;14.000%, due 10/22/29<sup>2,4,7</sup> | 114043 | 106345 |
| **India—0.0%†** |  |  |
| MakeMyTrip Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/01/30<sup>2,4,5</sup> | 76000 | 66529 |
| **Israel—0.1%** |  |  |
| Camtek Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/30<sup>2,4,5</sup> | 54000 | 103334 |
| Check Point Software Technologies Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/30<sup>2,4,5</sup> | 24000 | 21630 |
| Wix.com Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/30<sup>2,4,5</sup> | 41000 | 33171 |
|  |  | 158135 |
| **Netherlands—2.5%** |  |  |
| Nebius Group NV |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/15/30<sup>2,4</sup> | 163000 | 208863 |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/15/31<sup>2,4</sup> | 407000 | 447037 |
| &nbsp;&nbsp;&nbsp;2.000%, due 06/05/29<sup>2,4</sup> | 1022000 | 2795201 |
| &nbsp;&nbsp;&nbsp;2.625%, due 03/15/33<sup>2,4</sup> | 81000 | 88896 |
| &nbsp;&nbsp;&nbsp;2.750%, due 09/15/32<sup>2,4</sup> | 326000 | 410574 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/05/31<sup>2,4</sup> | 899000 | 2504488 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Face** | **Face** | | |
|  | **amount<sup>3</sup>** | **amount<sup>3</sup>** | **Value** | **Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
| Pharming Group NV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 04/25/29<sup>2,6</sup> | EUR | 200000 | $| 332875 |
|  |  |  |  | 6787934 |
| **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** |
| T1 Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 04/15/31<sup>2</sup> |  | 33000 |  | 33665 |
| &nbsp;&nbsp;&nbsp;5.250%, due 12/01/30<sup>2</sup> |  | 70000 |  | 73847 |
|  |  |  |  | 107512 |
| **Singapore—0.0%†** | **Singapore—0.0%†** | **Singapore—0.0%†** | **Singapore—0.0%†** | **Singapore—0.0%†** |
| Grab Holdings Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,5,6</sup> |  | 50000 |  | 48382 |
| **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** | **Switzerland—0.1%** |
| CRISPR Therapeutics AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.731%, due 03/01/31<sup>2,4</sup> |  | 330000 |  | 340497 |
| **United States—43.9%** | **United States—43.9%** | **United States—43.9%** | **United States—43.9%** | **United States—43.9%** |
| A10 Networks, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 04/01/30<sup>2</sup> |  | 41000 |  | 53900 |
| ADTRAN Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 09/15/30<sup>2,4</sup> |  | 261000 |  | 462534 |
| Advanced Energy Industries, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 09/15/28<sup>2</sup> |  | 436000 |  | 1225779 |
| Affirm Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 12/15/29<sup>2</sup> |  | 40000 |  | 42090 |
| Akamai Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 05/15/33<sup>2,4</sup> |  | 897000 |  | 1156825 |
| &nbsp;&nbsp;&nbsp;0.375%, due 09/01/27<sup>2</sup> |  | 190000 |  | 209076 |
| &nbsp;&nbsp;&nbsp;1.125%, due 02/15/29<sup>2</sup> |  | 930000 |  | 1022907 |
| Alarm.com Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/01/29<sup>2</sup> |  | 25000 |  | 23375 |
| Alphatec Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 08/01/26<sup>2</sup> |  | 233000 |  | 232986 |
| &nbsp;&nbsp;&nbsp;0.750%, due 03/15/30<sup>2</sup> |  | 10000 |  | 9902 |
| ANI Pharmaceuticals, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/01/29<sup>2</sup> |  | 15000 |  | 18971 |
| Applied Digital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 06/01/30<sup>2</sup> |  | 713000 |  | 2609580 |
| Applied Optoelectronics, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2.750%, due 01/15/30<sup>2</sup> |  | 764000 |  | 2953311 |
| Array Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/01/28<sup>2</sup> |  | 15000 |  | 13968 |
| &nbsp;&nbsp;&nbsp;2.875%, due 07/01/31<sup>2,4</sup> |  | 30000 |  | 38506 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds —(continued)** | **Corporate bonds —(continued)** | **Corporate bonds —(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Arrowhead Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/32<sup>2,5</sup> | 41000 | $46371 |
| AST SpaceMobile, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 10/15/32<sup>2,4</sup> | 144000 | 197614 |
| Astronics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/15/31<sup>2,4,5</sup> | 104000 | 152868 |
| Atlas Energy Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 04/15/31<sup>2,4</sup> | 81000 | 111859 |
| Avnet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 09/01/30<sup>2,4</sup> | 16000 | 20950 |
| Bentley Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 07/01/27<sup>2</sup> | 98000 | 93429 |
| Bill Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/27<sup>2,5</sup> | 54000 | 51900 |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/30<sup>2,5</sup> | 575000 | 506801 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 05/15/27<sup>2</sup> | 41000 | 39411 |
| Bitdeer Technologies Group |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/31<sup>2,4</sup> | 25000 | 24113 |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/32<sup>2,4</sup> | 33000 | 46705 |
| BlackLine, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 06/01/29<sup>2</sup> | 81000 | 74156 |
| BlackSky Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.250%, due 08/01/33<sup>2,4</sup> | 124000 | 176142 |
| Bloom Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/30<sup>2,4,5</sup> | 98000 | 167037 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/28<sup>2</sup> | 523000 | 7860690 |
| &nbsp;&nbsp;&nbsp;3.000%, due 06/01/29<sup>2</sup> | 594000 | 8078400 |
| Box, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/15/29<sup>2</sup> | 163000 | 152409 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 03/01/31<sup>2</sup> | 37000 | 60606 |
| &nbsp;&nbsp;&nbsp;2.250%, due 02/01/29<sup>2</sup> | 37000 | 41023 |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/27<sup>2</sup> | 646000 | 1109550 |
| Cheesecake Factory, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 06/15/26<sup>2</sup> | 75000 | 75422 |
| &nbsp;&nbsp;&nbsp;2.000%, due 03/15/30<sup>2</sup> | 163000 | 179633 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 12/15/28<sup>2</sup> | 17000 | 31009 |
| Cipher Digital, Inc. |  |  |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/31<sup>2,4,5</sup> | 434000 | $603620 |
| &nbsp;&nbsp;&nbsp;1.750%, due 05/15/30<sup>2</sup> | 383000 | 1577914 |
| Cleanspark, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,5</sup> | 81000 | 96663 |
| Cloudflare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/26<sup>2,5</sup> | 163000 | 189080 |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,4,5</sup> | 416000 | 478824 |
| Cogent Biosciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/15/31<sup>2</sup> | 8000 | 9575 |
| Cohu, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 01/15/31<sup>2,4</sup> | 49000 | 93133 |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 04/01/30<sup>2</sup> | 49000 | 47169 |
| Collegium Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 02/15/29<sup>2</sup> | 29000 | 34025 |
| Compass, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 04/15/31<sup>2,4</sup> | 41000 | 36205 |
| CONMED Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/27<sup>2</sup> | 1000000 | 976899 |
| Core Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/31<sup>2,4,5</sup> | 330000 | 409500 |
| &nbsp;&nbsp;&nbsp;3.000%, due 09/01/29<sup>2,4</sup> | 670000 | 1352020 |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/01/31<sup>2,4</sup> | 334000 | 438432 |
| &nbsp;&nbsp;&nbsp;1.750%, due 10/01/32<sup>2,4</sup> | 166000 | 201293 |
| CorMedix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 08/01/30<sup>2,4</sup> | 226000 | 223890 |
| CyberArk Software Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,4,5</sup> | 200000 | 215124 |
| Cytokinetics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 10/01/31<sup>2,4</sup> | 155000 | 198291 |
| Danimer Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/26<sup>1,4,10</sup> | 265000 | 795 |
| Datadog, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/01/29<sup>2,5</sup> | 292000 | 291589 |
| Dave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 04/01/31<sup>2,4,5</sup> | 86000 | 106748 |
| Dexcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 05/15/28<sup>2</sup> | 47000 | 43341 |
| DigitalOcean Holdings, Inc. |  |  |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/01/26<sup>2,5</sup> | 382000 | $374742 |
| &nbsp;&nbsp;&nbsp;0.000%, due 08/15/30<sup>2,4,5</sup> | 743000 | 1919726 |
| DoorDash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/30<sup>2,4,5</sup> | 326000 | 309998 |
| Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/01/28<sup>2,5</sup> | 825000 | 795844 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/29<sup>2</sup> | 353000 | 494948 |
| Energy Vault Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, due 03/01/31<sup>2,4</sup> | 41000 | 46902 |
| Enovis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, due 10/15/28<sup>2</sup> | 345000 | 333924 |
| Eos Energy Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/01/31<sup>2,4</sup> | 81000 | 58176 |
| &nbsp;&nbsp;&nbsp;6.750%, due 06/15/30<sup>2,4</sup> | 227000 | 371794 |
| Etsy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 09/01/27<sup>2</sup> | 126000 | 118497 |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/15/28<sup>2</sup> | 495000 | 446954 |
| Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, due 12/15/27<sup>2</sup> | 844000 | 1137847 |
| Fastly, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/30<sup>2,4,5</sup> | 351000 | 648234 |
| &nbsp;&nbsp;&nbsp;7.750%, due 06/01/28<sup>2</sup> | 70000 | 118854 |
| Five9, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 03/15/29<sup>2</sup> | 42000 | 36205 |
| Fluence Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 06/15/30<sup>2</sup> | 148000 | 142210 |
| Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 08/15/29<sup>2</sup> | 567000 | 757126 |
| Freshpet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 04/01/28<sup>2</sup> | 204000 | 249857 |
| Galaxy Digital Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 12/01/29<sup>2,4</sup> | 750000 | 1052640 |
| &nbsp;&nbsp;&nbsp;3.000%, due 12/15/26<sup>2,4</sup> | 500000 | 557475 |
| GameStop Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/32<sup>2,4,5</sup> | 503000 | 543175 |
| Granite Construction, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 05/15/28<sup>2</sup> | 399000 | 1174532 |
| Green Plains, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 03/15/27<sup>2</sup> | 15000 | 15103 |
| &nbsp;&nbsp;&nbsp;5.250%, due 11/01/30<sup>2</sup> | 22000 | 32093 |
| Greenbrier Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 04/15/28<sup>2</sup> | 354000 | 397715 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount<sup>3</sup>** | **amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds —(continued)** | **Corporate bonds —(continued)** | **Corporate bonds —(continued)** | **Corporate bonds —(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Groupon, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Series UNRS, |  |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 06/30/30<sup>2</sup> |  | 37000 | $32204 |
| Guardant Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/27<sup>2,5</sup> |  | 951000 | 967148 |
| Guidewire Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 11/01/29<sup>2</sup> |  | 52000 | 50978 |
| Haemonetics Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 06/01/29<sup>2</sup> |  | 220000 | 212140 |
| HAT Holdings I LLC/HAT Holdings II LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 08/15/28<sup>2,4</sup> |  | 22000 | 35170 |
| Herbalife Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 06/15/28<sup>2</sup> |  | 99000 | 125252 |
| Hims & Hers Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/30<sup>2,4,5</sup> |  | 41000 | 33612 |
| Indivior Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 03/15/31<sup>2,4</sup> |  | 8000 | 9216 |
| Inotiv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 10/15/27<sup>2</sup> |  | 298000 | 66437 |
| InterDigital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/27<sup>2</sup> |  | 893000 | 3429950 |
| Intuitive Machines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 10/01/30<sup>2,4</sup> |  | 385000 | 862519 |
| Ionis Pharmaceuticals, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/01/30<sup>2,4,5</sup> |  | 8000 | 8258 |
| &nbsp;&nbsp;&nbsp;1.750%, due 06/15/28<sup>2</sup> |  | 40000 | 59472 |
| Itron, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;1.375%, due 07/15/30<sup>2</sup> |  | 41000 | 40662 |
| JBT Marel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 09/15/30<sup>4</sup> |  | 41000 | 38638 |
| JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 01/28/41<sup>5</sup> | ZAR | 4400000 | 58643 |
| Kite Realty Group LP |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 04/01/27<sup>2,4</sup> |  | 31000 | 35263 |
| Lantheus Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 12/15/27<sup>2</sup> |  | 306000 | 390661 |
| LCI Industries |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 03/01/30<sup>2</sup> |  | 41000 | 48467 |
| LeMaitre Vascular, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 02/01/30<sup>2</sup> |  | 37000 | 42020 |
| Liberty Interactive LLC |  |  |  |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** | **Corporate bonds—(continued)** | **Corporate bonds—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| &nbsp;&nbsp;&nbsp;3.750%, due 02/15/30<sup>2</sup> | 955000 | $53636 |
| &nbsp;&nbsp;&nbsp;4.000%, due 11/15/29<sup>2</sup> | 161000 | 7639 |
| Liberty Live Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, due 09/30/53<sup>2,4</sup> | 577000 | 944959 |
| Life360, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/01/30<sup>2,4,5</sup> | 49000 | 46013 |
| Ligand Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 10/01/30<sup>2,4</sup> | 90000 | 121855 |
| LivaNova PLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 03/15/29<sup>2</sup> | 225000 | 254934 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, due 01/15/29<sup>2</sup> | 39000 | 60480 |
| Lumentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, due 03/15/32<sup>2,4</sup> | 411000 | 2005438 |
| &nbsp;&nbsp;&nbsp;0.500%, due 06/15/28<sup>2</sup> | 34000 | 234091 |
| Lyft, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 09/15/30<sup>2,4,5</sup> | 210000 | 204159 |
| &nbsp;&nbsp;&nbsp;0.625%, due 03/01/29<sup>2</sup> | 285000 | 296765 |
| MACOM Technology Solutions Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 12/15/29<sup>2,5</sup> | 108000 | 189972 |
| Match Group Financeco 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 01/15/30<sup>2,4</sup> | 86000 | 77800 |
| Merit Medical Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 02/01/29<sup>2</sup> | 26000 | 27496 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 05/15/28<sup>2</sup> | 17000 | 16565 |
| MGP Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.875%, due 11/15/41<sup>2</sup> | 302000 | 290522 |
| Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 02/15/30<sup>2,4,5</sup> | 122000 | 138840 |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/01/30<sup>2</sup> | 791000 | 856424 |
| Mirion Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/01/30<sup>2,4</sup> | 412000 | 461836 |
| Mirum Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 05/01/29<sup>2</sup> | 591000 | 1854523 |
| MKS, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 06/01/30<sup>2</sup> | 738000 | 1436133 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 09/15/30<sup>2,4</sup> | 41000 | $38229 |
| &nbsp;&nbsp;&nbsp;0.875%, due 04/15/30<sup>2</sup> | 25000 | 26492 |
| &nbsp;&nbsp;&nbsp;1.125%, due 02/15/27<sup>2</sup> | 268000 | 258980 |
| Nutanix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/01/27<sup>2</sup> | 21000 | 21980 |
| &nbsp;&nbsp;&nbsp;0.500%, due 12/15/29<sup>2</sup> | 350000 | 321778 |
| Oddity Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,4,5</sup> | 287000 | 202325 |
| Omnicell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/01/29<sup>2</sup> | 37000 | 39216 |
| ON Semiconductor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/01/27<sup>2,5</sup> | 81000 | 156086 |
| &nbsp;&nbsp;&nbsp;0.500%, due 03/01/29<sup>2</sup> | 733000 | 886585 |
| Opendoor Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.000%, due 05/15/30<sup>2</sup> | 144000 | 536579 |
| Ormat Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series B, |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/31<sup>2,4,5</sup> | 220000 | 233418 |
| &nbsp;&nbsp;&nbsp;Series A, |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/15/31<sup>2,4</sup> | 204000 | 217595 |
| Oscar Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/01/30<sup>2,4</sup> | 41000 | 45478 |
| OSI Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 02/01/31<sup>2,4</sup> | 491000 | 519674 |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/01/29<sup>2</sup> | 315000 | 511947 |
| Pacira BioSciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 05/15/29<sup>2</sup> | 248000 | 248742 |
| Pagaya Technologies Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, due 10/01/29<sup>2</sup> | 302000 | 385204 |
| PagerDuty, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 10/15/28<sup>2</sup> | 19000 | 17314 |
| PAR Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 03/15/31<sup>2,4</sup> | 82000 | 86713 |
| Parsons Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, due 03/01/29<sup>2</sup> | 243000 | 237974 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 12/01/28<sup>2</sup> | 408000 | 606704 |
| Peloton Interactive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, due 12/01/29<sup>2</sup> | 11000 | 16921 |
| Penguin Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 02/01/29<sup>2</sup> | 385000 | 605844 |
| &nbsp;&nbsp;&nbsp;2.000%, due 08/15/30<sup>2</sup> | 480000 | 628565 |
| Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 08/15/30<sup>2,4</sup> | 41000 | 49632 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Planet Labs PBC |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 10/15/30<sup>2,4</sup> | 562000 | $1763410 |
| Plug Power, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 12/01/33<sup>2,4</sup> | 139000 | 193772 |
| Porch Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.750%, due 10/01/28<sup>2,4</sup> | 55000 | 55699 |
| Progress Software Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/30<sup>2</sup> | 29000 | 26522 |
| PTC Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 09/15/26<sup>2</sup> | 656000 | 828108 |
| Rapid7, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 03/15/27<sup>2</sup> | 25000 | 23562 |
| RealReal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 02/15/31<sup>2,4</sup> | 429000 | 608283 |
| Repligen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 12/15/28<sup>2</sup> | 251000 | 245893 |
| Riot Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 01/15/30<sup>2</sup> | 190000 | 268550 |
| Rivian Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 03/15/29<sup>2</sup> | 35000 | 40115 |
| Rubrik, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,4,5</sup> | 81000 | 72655 |
| Sarepta Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, due 09/01/30<sup>2,4</sup> | 30000 | 25743 |
| Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 06/01/28<sup>2</sup> | 851000 | 6954074 |
| Semtech Corp. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/30<sup>2,4,5</sup> | 15000 | 19818 |
| &nbsp;&nbsp;&nbsp;1.625%, due 11/01/27<sup>2</sup> | 287000 | 808981 |
| Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, due 08/01/27<sup>2</sup> | 200000 | 189020 |
| Sirius XM Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, due 03/15/28<sup>2</sup> | 17000 | 18599 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, due 03/01/28<sup>2</sup> | 38000 | 34578 |
| Snowflake, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/27<sup>2,5</sup> | 106000 | 118966 |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/01/29<sup>2,5</sup> | 246000 | 284654 |
| SoFi Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 10/15/26<sup>2,4,5</sup> | 42000 | 42718 |
| &nbsp;&nbsp;&nbsp;1.250%, due 03/15/29<sup>2,4</sup> | 796000 | 1472377 |
| SolarEdge Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/01/29<sup>2</sup> | 429000 | 655156 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Solaris Energy Infrastructure, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 10/01/31<sup>2</sup> | 41000 | $62876 |
| &nbsp;&nbsp;&nbsp;4.750%, due 05/01/30<sup>2</sup> | 505000 | 1514687 |
| Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, due 06/01/29 | 41000 | 41703 |
| Sphere Entertainment Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 12/01/28<sup>2</sup> | 37000 | 148134 |
| Stride, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, due 09/01/27<sup>2</sup> | 883000 | 1645859 |
| Super Micro Computer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 06/15/30<sup>2,4,5</sup> | 396000 | 317203 |
| &nbsp;&nbsp;&nbsp;2.250%, due 07/15/28<sup>2</sup> | 41000 | 37950 |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/01/29<sup>2</sup> | 42000 | 36693 |
| Synaptics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 12/01/31<sup>2</sup> | 41000 | 50221 |
| Tandem Diabetes Care, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Series 2024, |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 03/15/29<sup>2</sup> | 442000 | 447269 |
| Tempus AI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 07/15/30<sup>2,4</sup> | 130000 | 135706 |
| Terawulf, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/01/31<sup>2,4</sup> | 82000 | 159543 |
| &nbsp;&nbsp;&nbsp;2.750%, due 02/01/30<sup>2,4</sup> | 985000 | 2691266 |
| Tetra Tech, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 08/15/28<sup>2</sup> | 41000 | 44821 |
| TransMedics Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, due 06/01/28<sup>2</sup> | 555000 | 723942 |
| Transocean International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, due 09/30/29<sup>2</sup> | 160000 | 331566 |
| Travere Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 03/01/29<sup>2</sup> | 247000 | 372829 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 05/15/28<sup>2,4,5</sup> | 407000 | 441778 |
| &nbsp;&nbsp;&nbsp;Series 2028, |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, due 12/01/28 | 81000 | 99718 |
| Ultra Clean Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/31<sup>2,4,5</sup> | 37000 | 45586 |
| Unity Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 11/15/26<sup>2,5</sup> | 185000 | 180710 |
| &nbsp;&nbsp;&nbsp;0.000%, due 03/15/30<sup>2,5</sup> | 37000 | 39183 |
| Upstart Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.000%, due 10/01/29<sup>2</sup> | 409000 | 442325 |
| Upwork, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 08/15/26<sup>2</sup> | 485000 | 473408 |
| Varonis Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, due 09/15/29<sup>2</sup> | 371000 | 338634 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount<sup>3</sup>** |<br>**Value** |
| **Corporate bonds—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Veeco Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, due 06/01/29<sup>2</sup> | 459000 | $838813 |
| Viavi Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, due 03/01/31<sup>2,4</sup> | 82000 | 314801 |
| Vishay Intertechnology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, due 09/15/30<sup>2</sup> | 643000 | 773748 |
| Wayfair, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 09/15/27<sup>2</sup> | 681000 | 827238 |
| &nbsp;&nbsp;&nbsp;3.500%, due 11/15/28<sup>2</sup> | 371000 | 552464 |
| Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, due 11/15/28<sup>2</sup> | 1323000 | 15240960 |
| WisdomTree, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, due 08/15/29<sup>2</sup> | 90000 | 136434 |
| &nbsp;&nbsp;&nbsp;4.500%, due 10/01/31<sup>2,4</sup> | 320000 | 357808 |
| Wolfspeed, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, due 03/15/31<sup>2,4</sup> | 20000 | 32797 |
| Workiva, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, due 08/15/28<sup>2</sup> | 42000 | 38816 |
| Xometry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, due 06/15/30<sup>2,4</sup> | 128000 | 174589 |
| &nbsp;&nbsp;&nbsp;1.000%, due 02/01/27<sup>2</sup> | 428000 | 504223 |
| Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, due 03/01/28<sup>2,4</sup> | 153000 | 149370 |
| Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, due 06/15/29<sup>2,4</sup> | 111000 | 109937 |
| Zscaler, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, due 07/15/28<sup>2,4,5</sup> | 98000 | 88527 |
|  |  | 117872662 |
| **Total corporate bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$110,690,325) |  | **138682464** |

---

---

| | | |
|:---|:---|:---|
| **Non-U.S. government agency obligations—0.5%** | **Non-U.S. government agency obligations—0.5%** | **Non-U.S. government agency obligations—0.5%** |
| **Mexico—0.5%** | **Mexico—0.5%** | **Mexico—0.5%** |
| Mexico Bonos | Mexico Bonos | Mexico Bonos |
| &nbsp;&nbsp;&nbsp;8.500%, due 03/02/28 | &nbsp;&nbsp;&nbsp;8.500%, due 03/02/28 | &nbsp;&nbsp;&nbsp;8.500%, due 03/02/28 |
| &nbsp;&nbsp;&nbsp;(cost—$1,410,227) | 26270000 | 1524106 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Short term investments—50.0%** | **Short term investments—50.0%** | **Short term investments—50.0%** |
| **Investment companies—39.1%** | **Investment companies—39.1%** | **Investment companies—39.1%** |
| State Street Institutional U.S. Government Money Market Fund, 3.596%<sup>9</sup><br> (cost—$105,038,283) | 105038283 | $105038283 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | |
| **Short-term U.S. Treasury obligations—10.9%** |  |  |
| U.S. Treasury Bills |  |  |
| 3.587%, due 07/09/26<sup>9</sup> | 900000 | 894004 |
| 3.614%, due 05/05/26<sup>9</sup> | 400000 | 399843 |
| 3.626%, due 07/16/26<sup>9</sup> | 910000 | 903230 |
| 3.626%, due 07/16/26<sup>9</sup> | 505000 | 501245 |
| 3.637%, due 05/05/26<sup>9</sup> | 310000 | 309878 |
| 3.637%, due 07/02/26<sup>9</sup> | 1005000 | 998873 |
| 3.643%, due 07/09/26<sup>9</sup> | 400000 | 397281 |
| 3.658%, due 07/02/26<sup>9</sup> | 1415000 | 1406335 |
| 3.661%, due 05/28/26<sup>2,9</sup> | 1310000 | 1306483 |
| 3.668%, due 09/24/26<sup>9</sup> | 1200000 | 1182665 |
| 3.672%, due 06/04/26<sup>9</sup> | 900000 | 896947 |
| 3.675%, due 09/24/26<sup>9</sup> | 2030000 | 2000679 |
| 3.679%, due 06/30/26<sup>9</sup> | 900000 | 894620 |
| 3.681%, due 06/30/26<sup>9</sup> | 100000 | 99402 |
| 3.687%, due 07/16/26<sup>9</sup> | 800000 | 793912 |
| 3.690%, due 06/11/26<sup>2,9</sup> | 1995000 | 1986803 |
| 3.692%, due 08/11/26<sup>9</sup> | 400000 | 395916 |
| 3.693%, due 06/04/26<sup>9</sup> | 500000 | 498293 |
| 3.694%, due 08/18/26<sup>2,9</sup> | 1000000 | 989095 |
| 3.695%, due 07/02/26<sup>9</sup> | 1800000 | 1788801 |
| 3.695%, due 09/24/26<sup>9</sup> | 300000 | 295638 |
| 3.699%, due 08/11/26<sup>9</sup> | 700000 | 692849 |
| 3.703%, due 07/16/26<sup>9</sup> | 1005000 | 997322 |
| 3.707%, due 07/09/26<sup>9</sup> | 2620000 | 2601809 |
| 3.708%, due 10/15/26<sup>2,9</sup> | 1320000 | 1298002 |
| 3.712%, due 10/08/26<sup>2,9</sup> | 1320000 | 1298898 |
| 3.727%, due 07/21/26<sup>2,9</sup> | 3435000 | 3406925 |
| **Total short-term U.S. Treasury obligations**<br> (cost—$29,235,748) |  | 29235748 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | |
| **Equity options purchased—0.7%** | **Equity options purchased—0.7%** | **Equity options purchased—0.7%** | **Equity options purchased—0.7%** |
| **Call options—0.3%** | **Call options—0.3%** | **Call options—0.3%** | **Call options—0.3%** |
| BlackLine, Inc., strike @37.500, expires 05/15/26 (Counterparty: MKM) | 8 | $300 | 200 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Bridgebio Pharma, Inc., strike @80.000, expires 05/15/26 (Counterparty: OCC) | 8 | $640 | $720 |
| EURO STOXX 50 Index, strike @6,000.000, expires 05/15/26 (Counterparty: JPMCB) | 46 | 276000 | 19436 |
| EURO STOXX 50 Index, strike @5,900.000, expires 09/18/26 (Counterparty: JPMCB) | 113 | 666700 | 318294 |
| EURO STOXX 50 Index, strike @5,900.000, expires 12/18/26 (Counterparty: JPMCB) | 113 | 666700 | 424126 |
| Galaxy Digital, Inc., strike @25.000, expires 05/15/26 (Counterparty: MCM) | 1 | 25 | 305 |
| HKG Hang Seng China Enterprises Index Futures, strike @9,800.000, expires 06/18/26 (Counterparty: JPMCB) | 23 | 225400 | 2790 |
| indie Semiconductor, Inc., strike @5.500, expires 05/15/26 (Counterparty: Seaport Group Securities LLC) | 15 | 83 | 300 |
| indie Semiconductor, Inc., strike @4.000, expires 05/15/26 (Counterparty: MCM) | 4 | 16 | 320 |
| iShares Expanded Tech-Software Sector ETF, strike @86.500, expires 05/01/26 (Counterparty: OCC) | 23 | 1989 | 46 |
| SPDR Gold Shares, strike @520.000, expires 06/18/26 (Counterparty: JPMCB) | 17 | 8840 | 1054 |
| SPDR Gold Shares, strike @485.000, expires 06/18/26 (Counterparty: JPMCB) | 17 | 8245 | 2856 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| SPDR Gold Shares, strike @500.000, expires 06/18/26 (Counterparty: JPMCB) | 17 | $| 8500 | $| 1768 |
| STOXX Europe 600 Basic Resources Index, strike @805.000, expires 06/19/26 (Counterparty: JPMCB) | 53 |  | 42665 |  | 83352 |
| **Total** |  |  |  |  | 855567 |
| **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** | **Put options—0.4%** |
| CME E-mini NASDAQ 100 Index Futures, strike @26,000.000, expires 06/18/26 (Counterparty: MSCI) | 1 |  | 26000 |  | 6400 |
| CME E-mini S&P 500 Index Futures, strike @6,500.000, expires 06/18/26 (Counterparty: MSCI) | 34 |  | 221000 |  | 45475 |
| CME E-mini S&P 500 Index Futures, strike @6,800.000, expires 06/18/26 (Counterparty: MSCI) | 70 |  | 476000 |  | 178500 |
| CME E-mini S&P 500 Index Futures, strike @7,000.000, expires 09/18/26 (Counterparty: MSCI) | 2 |  | 14000 |  | 19050 |
| EURO STOXX 50 Index, strike @5,500.000, expires 09/18/26 (Counterparty: JPMCB) | 185 |  | 1017500 |  | 389957 |
| EURO STOXX 50 Index, strike @5,400.000, expires 12/18/26 (Counterparty: JPMCB) | 185 |  | 999000 |  | 396254 |
| iShares Russell 2000 ETF, strike @268.000, expires 05/01/26 (Counterparty: BNP) | 46 |  | 12328 |  | 138 |
| Penguin Solutions, Inc., strike @30.000, expires 05/15/26 (Counterparty: OCC) | 5 |  | 150 |  | 600 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** | **Equity options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| State Street SPDR S&P 500 ETF Trust, strike @668.000, expires 05/08/26 (Counterparty: OCC) | 37 | $| 24716 | $| 629 |
| State Street SPDR S&P 500 ETF Trust, strike @685.000, expires 05/15/26 (Counterparty: OCC) | 41 |  | 28085 |  | 5453 |
| **Total** |  |  |  |  | 1042456 |
| **Total Equity options purchased<br> (cost—$2,508,738)** |  |  |  |  | 1898023 |
| **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 EUR vs. Put USD, strike @1.425, expires 07/03/26 (Counterparty: JPMCB) | 287000 |  | 408975 |  | 42 |
| Call MXN vs. Put JPY, strike @8.880, expires 07/06/26 (Counterparty: JPMCB) | 1396000 |  | 12396480 |  | 46400 |
| Call GBP vs. Put USD, strike @1.575, expires 09/14/26 (Counterparty: JPMCB) | 75000 |  | 118125 |  | 287 |
| Call USD vs. Put BRL, strike @6.350, expires 06/12/26 (Counterparty: JPMCB) | 71000 |  | 450850 |  | 161 |
| Call USD vs. Put CAD, strike @1.415, expires 03/25/27 (Counterparty: JPMCB) | 72000 |  | 101880 |  | 9368 |
| Call AUD vs. Put CAD, strike @0.958, expires 10/08/27 (Counterparty: JPMCB) | 72000 |  | 68940 |  | 24310 |
| Call AUD vs. Put NZD, strike @1.360, expires 06/28/27 (Counterparty: BB) | 1435000 |  | 1951600 |  | 24205 |
| Call USD vs. Put CNY, strike @7.130, expires 10/12/27 (Counterparty: JPMCB) | 53000 |  | 377890 |  | 2824 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call USD vs. Put CNY, strike @7.120, expires 11/05/27 (Counterparty: JPMCB) | 95000 | $676400 | $5371 |
| Call USD vs. Put CNY, strike @7.100, expires 12/30/26 (Counterparty: JPMCB) | 58000 | 411800 | 2234 |
| Call EUR vs. Put BRL, strike @7.350, expires 06/26/26 (Counterparty: JPMCB) | 49000 | 360150 | 202 |
| Call AUD vs. Put CAD, strike @1.049, expires 01/08/27 (Counterparty: JPMCB) | 225000 | 235980 | 10113 |
| Call USD vs. Put BRL, strike @6.150, expires 05/29/26 (Counterparty: JPMCB) | 58000 | 356700 | 70 |
| Call NZD vs. Put USD, strike @0.750, expires 01/29/27 (Counterparty: JPMCB) | 257000 | 192750 | 891 |
| Call AUD vs. Put USD, strike @0.840, expires 01/29/27 (Counterparty: JPMCB) | 445000 | 373800 | 8221 |
| Call EUR vs. Put GBP, strike @0.950, expires 06/09/26 (Counterparty: JPMCB) | 127000 | 120650 | 61 |
| Call EUR vs. Put GBP, strike @0.900, expires 06/04/26 (Counterparty: JPMCB) | 645000 | 580500 | 54 |
| Call EUR vs. Put CHF, strike @0.933, expires 08/28/26 (Counterparty: JPMCB) | 16000 | 14928 | 2715 |
| Call AUD vs. Put NZD, strike @1.228, expires 05/08/26 (Counterparty: JPMCB) | 62000 | 76105 | 7847 |
| Call USD vs. Put MXN, strike @20.300, expires 02/12/27 (Counterparty: JPMCB) | 100000 | 2030000 | 10483 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call EUR vs. Put HUF, strike @505.000, expires 03/31/28 (Counterparty: JPMCB) | 83000 | $41915000 | $5230 |
| Call USD vs. Put BRL, strike @6.750, expires 12/18/26 (Counterparty: JPMCB) | 84000 | 567000 | 3860 |
| Call USD vs. Put MXN, strike @20.250, expires 09/30/26 (Counterparty: JPMCB) | 67000 | 1356750 | 3333 |
| Call EUR vs. Put GBP, strike @0.890, expires 06/25/26 (Counterparty: JPMCB) | 1697000 | 1510330 | 1522 |
| Call EUR vs. Put USD, strike @1.230, expires 09/28/26 (Counterparty: JPMCB) | 1577000 | 1939710 | 6968 |
| Call USD vs. Put BRL, strike @6.720, expires 04/06/27 (Counterparty: JPMCB) | 93000 | 624960 | 8019 |
| Call USD vs. Put ILS, strike @3.380, expires 01/21/27 (Counterparty: JPMCB) | 97000 | 327860 | 5607 |
| Call EUR vs. Put CZK, strike @25.350, expires 02/08/27 (Counterparty: JPMCB) | 83000 | 2104050 | 9591 |
| Call USD vs. Put CHF, strike @0.835, expires 02/22/27 (Counterparty: JPMCB) | 115000 | 96025 | 8174 |
| Call EUR vs. Put HUF, strike @390.000, expires 06/04/26 (Counterparty: JPMCB) | 49000 | 19110000 | 1796 |
| Call USD vs. Put CAD, strike @1.420, expires 03/29/27 (Counterparty: JPMCB) | 146000 | 207320 | 17268 |
| Call USD vs. Put THB, strike @34.000, expires 07/22/26 (Counterparty: JPMCB) | 49000 | 1666000 | 6215 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Notional<br> amount** | **Value** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** | **Call options—(continued)** |
| Call USD vs. Put THB, strike @35.000, expires 10/21/26 (Counterparty: JPMCB) | 49000 | $| 1715000 | $| 4584 |
| Call AUD vs. Put SEK, strike @7.150, expires 04/28/28 (Counterparty: JPMCB) | 109000 |  | 779350 |  | 10682 |
| **Total** |  |  |  |  | 248708 |
| **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 |  | 449 |
| Call JPY vs. Put USD, strike @110.000, expires 12/02/26 (Counterparty: JPMCB) | 47000 |  | 5170000 |  | 72 |
| Call BRL vs. Put USD, strike @5.600, expires 08/11/26 (Counterparty: JPMCB) | 130000 |  | 728000 |  | 116606 |
| Call BRL vs. Put USD, strike @5.600, expires 05/11/26 (Counterparty: JPMCB) | 130000 |  | 728000 |  | 129812 |
| Call KRW vs. Put USD, strike @1,050.000, expires 05/07/26 (Counterparty: JPMCB) | 344000 |  | 361200000 |  | 0 |
| Call JPY vs. Put USD, strike @127.000, expires 05/12/27 (Counterparty: JPMCB) | 153000 |  | 19431000 |  | 4825 |
| Call MXN vs. Put USD, strike @17.300, expires 05/13/26 (Counterparty: JPMCB) | 30000 |  | 519000 |  | 8697 |
| Call SGD vs. Put GBP, strike @1.600, expires 05/21/26 (Counterparty: JPMCB) | 63000 |  | 100800 |  | 25 |
| USD/TRY vs. EURCMS30 Index, strike @63.000, expires 09/29/27 (Counterparty: JPMCB) | 100000 |  | 6300000 |  | 16127 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call COP vs. Put USD, strike @4,025.000, expires 09/01/26 (Counterparty: JPMCB) | 24000 | $96600000 | $18992 |
| Call HUF vs. Put EUR, strike @366.000, expires 12/08/26 (Counterparty: JPMCB) | 76000 | 27816000 | 40028 |
| Call HUF vs. Put EUR, strike @351.000, expires 12/18/26 (Counterparty: JPMCB) | 167000 | 58617000 | 38549 |
| Call BRL vs. Put USD, strike @4.550, expires 09/17/27 (Counterparty: JPMCB) | 60000 | 273000 | 6009 |
| Call BRL vs. Put USD, strike @4.820, expires 09/23/27 (Counterparty: JPMCB) | 71000 | 342220 | 13371 |
| Call TRY vs. Put USD, strike @59.550, expires 09/24/27 (Counterparty: JPMCB) | 72000 | 4287600 | 18041 |
| Call MXN vs. Put USD, strike @16.850, expires 09/25/26 (Counterparty: JPMCB) | 31000 | 522350 | 6582 |
| Call KRW vs. Put USD, strike @1,310.000, expires 06/29/26 (Counterparty: JPMCB) | 53000 | 69430000 | 169 |
| EUR/ZAR vs. EURCMS30 Index, strike @1,940.000, expires 10/06/28 (Counterparty: MSCI) | 76000 | 147440000 | 8987 |
| BRL/JPY vs. EUSA30 Index, strike @26,437.000, expires 10/09/28 (Counterparty: CITI) | 85000 | 2247145000 | 24412 |
| Call HUF vs. Put EUR, strike @361.000, expires 10/12/27 (Counterparty: JPMCB) | 6000 | 2166000 | 2201 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call BRL vs. Put USD, strike @4.760, expires 10/19/27 (Counterparty: JPMCB) | 80000 | $380800 | $13089 |
| Call CLP vs. Put USD, strike @863.000, expires 08/07/26 (Counterparty: JPMCB) | 11000 | 9493000 | 2896 |
| Call USD vs. Put NZD, strike @0.565, expires 08/07/26 (Counterparty: JPMCB) | 63000 | 35595 | 5183 |
| Call USD vs. Put NZD, strike @0.530, expires 08/28/26 (Counterparty: JPMCB) | 68000 | 36040 | 1154 |
| Call CLP vs. Put USD, strike @866.000, expires 05/15/26 (Counterparty: JPMCB) | 11000 | 9526000 | 861 |
| Call BRL vs. Put USD, strike @4.890, expires 05/28/26 (Counterparty: JPMCB) | 7000 | 34230 | 1993 |
| Call MXN vs. Put EUR, strike @20.030, expires 07/22/26 (Counterparty: JPMCB) | 25000 | 500750 | 4194 |
| Call BRL vs. Put USD, strike @5.160, expires 12/18/26 (Counterparty: JPMCB) | 11000 | 56760 | 5255 |
| Call BRL vs. Put USD, strike @4.870, expires 06/16/27 (Counterparty: JPMCB) | 29000 | 141230 | 6628 |
| Call JPY vs. Put USD, strike @152.550, expires 05/28/26 (Counterparty: JPMCB) | 31000 | 4729050 | 4198 |
| Call BRL vs. Put CAD, strike @3.900, expires 12/17/27 (Counterparty: JPMCB) | 120000 | 468000 | 27779 |
| Call PLN vs. Put EUR, strike @4.210, expires 07/10/26 (Counterparty: JPMCB) | 27000 | 113670 | 6612 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call JPY vs. Put USD, strike @133.000, expires 01/18/28 (Counterparty: JPMCB) | 56000 | $7448000 | $6358 |
| Call COP vs. Put USD, strike @3,855.000, expires 12/17/27 (Counterparty: JPMCB) | 35000 | 134925000 | 10106 |
| Call ZAR vs. Put USD, strike @15.310, expires 05/05/27 (Counterparty: JPMCB) | 59000 | 903290 | 8821 |
| Call JPY vs. Put USD, strike @135.000, expires 10/26/26 (Counterparty: JPMCB) | 581000 | 78435000 | 15361 |
| Call JPY vs. Put USD, strike @137.000, expires 09/30/26 (Counterparty: JPMCB) | 571000 | 78227000 | 15842 |
| Call CNY vs. Put USD, strike @6.650, expires 07/27/26 (Counterparty: JPMCB) | 846000 | 5625900 | 60229 |
| Call JPY vs. Put USD, strike @133.500, expires 03/17/27 (Counterparty: JPMCB) | 71000 | 9478500 | 3766 |
| Call CAD vs. Put USD, strike @1.310, expires 05/22/26 (Counterparty: JPMCB) | 285000 | 373350 | 1294 |
| Call KRW vs. Put USD, strike @1,403.000, expires 10/28/26 (Counterparty: JPMCB) | 83000 | 116449000 | 19720 |
| Call PLN vs. Put EUR, strike @4.100, expires 08/12/26 (Counterparty: JPMCB) | 58000 | 237800 | 1642 |
| Call HUF vs. Put EUR, strike @350.000, expires 08/13/26 (Counterparty: JPMCB) | 31000 | 10850000 | 4326 |
| Call CNY vs. Put USD, strike @6.730, expires 07/15/26 (Counterparty: JPMCB) | 33000 | 222090 | 6757 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call BRL vs. Put CHF, strike @6.650, expires 02/22/28 (Counterparty: JPMCB) | 66000 | $438900 | $16973 |
| Call HUF vs. Put EUR, strike @350.000, expires 08/24/26 (Counterparty: JPMCB) | 767000 | 268450000 | 2368 |
| Call CNY vs. Put USD, strike @6.570, expires 02/26/27 (Counterparty: JPMCB) | 84000 | 551880 | 19868 |
| Call HUF vs. Put EUR, strike @363.000, expires 03/03/28 (Counterparty: JPMCB) | 72000 | 26136000 | 26322 |
| Call HUF vs. Put EUR, strike @353.000, expires 03/06/28 (Counterparty: JPMCB) | 62000 | 21886000 | 16303 |
| Call AUD vs. Put GBP, strike @1.600, expires 03/11/27 (Counterparty: JPMCB) | 338000 | 540800 | 6454 |
| Call INR vs. Put USD, strike @90.500, expires 07/28/26 (Counterparty: JPMCB) | 84000 | 7602000 | 1223 |
| Call ZAR vs. Put USD, strike @15.310, expires 04/08/27 (Counterparty: JPMCB) | 53000 | 811430 | 7736 |
| Call AUD vs. Put EUR, strike @1.550, expires 10/30/26 (Counterparty: JPMCB) | 87000 | 134850 | 8645 |
| Call MXN vs. Put USD, strike @17.010, expires 02/12/27 (Counterparty: JPMCB) | 13000 | 221130 | 3810 |
| Call CLP vs. Put USD, strike @863.000, expires 10/21/26 (Counterparty: JPMCB) | 44000 | 37972000 | 13715 |
| Call AUD vs. Put EUR, strike @1.530, expires 03/17/27 (Counterparty: JPMCB) | 83000 | 126990 | 8539 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call HUF vs. Put EUR, strike @350.000, expires 03/31/28 (Counterparty: JPMCB) | 83000 | $29050000 | $19374 |
| Call ZAR vs. Put USD, strike @16.150, expires 02/22/27 (Counterparty: JPMCB) | 53000 | 855950 | 16240 |
| Call HUF vs. Put EUR, strike @360.000, expires 07/03/26 (Counterparty: JPMCB) | 11000 | 3960000 | 4398 |
| Call COP vs. Put USD, strike @3,550.000, expires 10/08/26 (Counterparty: JPMCB) | 66000 | 234300000 | 16926 |
| Call INR vs. Put USD, strike @93.750, expires 02/18/27 (Counterparty: JPMCB) | 74000 | 6937500 | 11186 |
| Call HUF vs. Put EUR, strike @3.700, expires 10/09/26 (Counterparty: JPMCB) | 79000 | 292300 | 51017 |
| Call HUF vs. Put EUR, strike @357.000, expires 08/28/26 (Counterparty: JPMCB) | 57000 | 20349000 | 18542 |
| Call HUF vs. Put EUR, strike @355.000, expires 12/08/26 (Counterparty: JPMCB) | 67000 | 23785000 | 20203 |
| Call CNY vs. Put USD, strike @6.530, expires 11/17/26 (Counterparty: JPMCB) | 119000 | 777070 | 10849 |
| Call HUF vs. Put EUR, strike @348.000, expires 06/04/26 (Counterparty: JPMCB) | 143000 | 49764000 | 2137 |
| Call HUF vs. Put EUR, strike @348.000, expires 05/20/26 (Counterparty: JPMCB) | 143000 | 49764000 | 487 |
| Call HUF vs. Put EUR, strike @348.000, expires 06/18/26 (Counterparty: JPMCB) | 143000 | 49764000 | 4799 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call COP vs. Put USD, strike @3,515.000, expires 01/28/27 (Counterparty: JPMCB) | 95000 | $333925000 | $18268 |
| Call USD vs. Put EUR, strike @1.146, expires 05/28/26 (Counterparty: JPMCB) | 68000 | 77894 | 5424 |
| Call USD vs. Put EUR, strike @1.141, expires 07/10/26 (Counterparty: JPMCB) | 45000 | 51345 | 5693 |
| Call HUF vs. Put EUR, strike @339.000, expires 05/25/27 (Counterparty: JPMCB) | 163000 | 55257000 | 19875 |
| Call HUF vs. Put EUR, strike @339.000, expires 11/30/27 (Counterparty: JPMCB) | 163000 | 55257000 | 23006 |
| Call BRL vs. Put USD, strike @4.820, expires 04/12/28 (Counterparty: JPMCB) | 154000 | 742280 | 24446 |
| Call BRL vs. Put USD, strike @5.000, expires 05/11/26 (Counterparty: JPMCB) | 2770000 | 13850000 | 15983 |
| Call HUF vs. Put EUR, strike @353.000, expires 09/23/26 (Counterparty: JPMCB) | 112000 | 39536000 | 26532 |
| Call BRL vs. Put USD, strike @5.035, expires 12/08/27 (Counterparty: JPMCB) | 53000 | 266855 | 13528 |
| Call USD vs. Put EUR, strike @1.130, expires 09/10/26 (Counterparty: JPMCB) | 390000 | 440700 | 47837 |
| Call HUF vs. Put EUR, strike @350.000, expires 10/15/26 (Counterparty: JPMCB) | 112000 | 39200000 | 21234 |
| Call USD vs. Put EUR, strike @1.143, expires 08/28/26 (Counterparty: JPMCB) | 34000 | 38862 | 6176 |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> contracts** | **Notional<br> amount** | **Value** |
| **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** | **Foreign exchange options purchased—(continued)** |
| **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** | **Put options—(continued)** |
| Call COP vs. Put USD, strike @3,270.000, expires 10/20/26 (Counterparty: JPMCB) | 176000 | $575520000 | $10359 |
| Call CNY vs. Put USD, strike @6.820, expires 05/11/26 (Counterparty: JPMCB) | 2904000 | 19805280 | 3038 |
| Call COP vs. Put USD, strike @3,425.000, expires 01/12/27 (Counterparty: JPMCB) | 78000 | 267150000 | 10707 |
| Call JPY vs. Put AUD, strike @107.280, expires 08/11/26 (Counterparty: JPMCB) | 100000 | 10728000 | 12144 |
| **Total** |  |  | 1260382 |
| **Total foreign exchange options purchased<br> (cost—$1,650,479)** |  |  | 1509090 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** | **Options Purchased—0.0%†** |
| **Call options— 0.0%†** | **Call options— 0.0%†** | **Call options— 0.0%†** | **Call options— 0.0%†** |
| 3 Month Euro Euribor Futures, strike @98.125, expires 09/14/26 (Counterparty: MSCI) | 152500 | 5986 | 1342 |
| &nbsp;&nbsp;&nbsp;**(cost—$10,035)** |  |  |  |
| **Total Investments before Investments Sold Short—134.0%<br> (cost—$325,386,849)** |  |  | **359670258** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | |
| **Investments sold short—(49.1%)** |  |  |
| **Common stocks—(45.1%)** |  |  |
| **Australia—(1.6%)** |  |  |
| IREN Ltd. | (96482) | (4390896) |
| **Belgium—(0.1%)** |  |  |
| Anheuser-Busch InBev SA, ADR | (1970) | (148834) |
| **Cameroon—(0.0%)†** |  |  |
| Golar LNG Ltd. | (967) | (53175) |
| **Canada—(0.8%)** |  |  |
| B2Gold Corp. | (52997) | (238486) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **Canada—(continued)** |  |  |
| BlackBerry Ltd. | (17852) | $(96401) |
| Denison Mines Corp. | (52611) | (201500) |
| Endeavour Silver Corp. | (2368) | (21857) |
| Equinox Gold Corp. | (80788) | (1127800) |
| First Majestic Silver Corp. | (3337) | (65772) |
| Fortuna Mining Corp. | (41292) | (398468) |
| Premium Brands Holdings Corp. | (55) | (3452) |
|  |  | (2153736) |
| **China—(1.6%)** |  |  |
| Alibaba Group Holding Ltd. | (7496) | (988572) |
| H World Group Ltd. | (1006) | (51950) |
| indie Semiconductor, Inc. | (36068) | (162667) |
| Lenovo Group Ltd. | (389800) | (586151) |
| NIO, Inc. | (2428) | (15515) |
| Ping An Insurance Group Co. of China Ltd. | (189900) | (1543526) |
| Silvercorp Metals, Inc. | (65210) | (781868) |
| Trip.com Group Ltd. | (1284) | (69605) |
|  |  | (4199854) |
| **Germany—(0.0%)†** |  |  |
| Mercedes-Benz Group AG | (2486) | (144909) |
| **India—(0.0%)†** |  |  |
| MakeMyTrip Ltd. | (201) | (9489) |
| **Israel—(0.0%)†** |  |  |
| Camtek Ltd. | (446) | (85596) |
| Check Point Software Technologies Ltd. | (22) | (2474) |
| Oddity Tech Ltd. | (1170) | (16755) |
| Wix.com Ltd. | (101) | (7544) |
|  |  | (112369) |
| **Netherlands—(2.1%)** |  |  |
| Nebius Group NV | (39396) | (5445709) |
| Pharming Group NV | (124756) | (210687) |
|  |  | (5656396) |
| **Norway—(0.1%)** |  |  |
| Frontline PLC | (2892) | (105529) |
| T1 Energy, Inc. | (12492) | (59962) |
|  |  | (165491) |
| **Singapore—(0.0%)†** |  |  |
| Grab Holdings Ltd., Class A | (3422) | (13072) |
| **Switzerland—(0.1%)** |  |  |
| CRISPR Therapeutics AG | (3192) | (167069) |
| **United States—(38.7%)** |  |  |
| 3M Co. | (1082) | (158535) |
| A10 Networks, Inc. | (1359) | (36258) |
| ADTRAN Holdings, Inc. | (26090) | (461532) |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Advanced Energy Industries, Inc. | (3039) | $(1166702) |
| Affirm Holdings, Inc. | (265) | (17034) |
| Akamai Technologies, Inc. | (12951) | (1333694) |
| Alarm.com Holdings, Inc. | (104) | (4619) |
| Alexandria Real Estate Equities, Inc. | (2429) | (98399) |
| Alphatec Holdings, Inc. | (422) | (4119) |
| Ameren Corp. | (1652) | (187750) |
| American Water Works Co., Inc. | (2797) | (359191) |
| Amkor Technology, Inc. | (1556) | (108531) |
| ANI Pharmaceuticals, Inc. | (154) | (12235) |
| APA Corp. | (2559) | (104228) |
| Applied Digital Corp. | (69871) | (2393082) |
| Applied Optoelectronics, Inc. | (16853) | (2769959) |
| Array Technologies, Inc. | (3352) | (25944) |
| Arrowhead Pharmaceuticals, Inc. | (376) | (27628) |
| AST SpaceMobile, Inc. | (1786) | (131985) |
| Astronics Corp. | (1644) | (117382) |
| Atlas Energy Solutions, Inc. | (4661) | (81008) |
| Aurora Innovation, Inc. | (26913) | (158248) |
| Automatic Data Processing, Inc. | (1924) | (407773) |
| AvalonBay Communities, Inc. | (788) | (144204) |
| Avnet, Inc. | (173) | (14274) |
| Bill Holdings, Inc. | (456) | (17328) |
| Bitdeer Technologies Group | (4115) | (46458) |
| BlackLine, Inc. | (354) | (11063) |
| BlackSky Technology, Inc. | (2956) | (104879) |
| Bloom Energy Corp. | (56659) | (16054894) |
| Box, Inc. | (1359) | (32888) |
| Bridgebio Pharma, Inc. | (14709) | (1045957) |
| Camden Property Trust | (1321) | (138731) |
| CenterPoint Energy, Inc. | (4502) | (196512) |
| Cheesecake Factory, Inc. | (1461) | (91853) |
| Chefs' Warehouse, Inc. | (327) | (25375) |
| Cipher Digital, Inc. | (105545) | (1872368) |
| Cleanspark, Inc. | (4201) | (52639) |
| Clear Secure, Inc. | (2530) | (135077) |
| Clorox Co. | (981) | (94608) |
| Cloudflare, Inc. | (1804) | (369766) |
| Cogent Biosciences, Inc. | (141) | (5046) |
| Cohu, Inc. | (1615) | (76470) |
| Coinbase Global, Inc. | (83) | (15585) |
| Collegium Pharmaceutical, Inc. | (525) | (17708) |
| Compass, Inc. | (1538) | (11643) |
| Conagra Brands, Inc. | (6830) | (98011) |
| Core Scientific, Inc. | (65628) | (1312560) |
| CoreWeave, Inc. | (3961) | (442048) |
| CorMedix, Inc. | (12013) | (91179) |
| Credit Acceptance Corp. | (157) | (79271) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Cytokinetics, Inc. | (1753) | $(112139) |
| Darden Restaurants, Inc. | (2003) | (401722) |
| Datadog, Inc. | (720) | (95177) |
| Dave, Inc. | (255) | (69357) |
| Dexcom, Inc. | (23) | (1370) |
| DHT Holdings, Inc. | (5675) | (104874) |
| Diamondback Energy, Inc. | (501) | (103021) |
| DigitalOcean Holdings, Inc. | (17934) | (1729376) |
| DoorDash, Inc. | (577) | (97311) |
| Dow, Inc. | (5051) | (204515) |
| Dropbox, Inc. | (7326) | (177949) |
| Duke Energy Corp. | (3751) | (485942) |
| Eastman Kodak Co. | (3836) | (51134) |
| Encore Capital Group, Inc. | (4437) | (367250) |
| Energy Vault Holdings, Inc. | (6965) | (32109) |
| Enovis Corp. | (1770) | (41489) |
| Eos Energy Enterprises, Inc. | (44048) | (295122) |
| Evergy, Inc. | (12648) | (1047760) |
| Fastly, Inc. | (23696) | (598442) |
| Fermi, Inc. | (8064) | (41368) |
| Fifth Third Bancorp | (3877) | (196797) |
| First Solar, Inc. | (585) | (118106) |
| Fluence Energy, Inc. | (5297) | (64517) |
| Fluor Corp. | (9614) | (512907) |
| Freshpet, Inc. | (1640) | (110503) |
| Galaxy Digital, Inc. | (33661) | (923658) |
| GameStop Corp. | (12081) | (301421) |
| Granite Construction, Inc. | (8495) | (1164410) |
| Green Plains, Inc. | (1335) | (23202) |
| Greenbrier Cos., Inc. | (3524) | (173099) |
| Groupon, Inc. | (275) | (3908) |
| Guardant Health, Inc. | (2763) | (240602) |
| Guidewire Software, Inc. | (110) | (15223) |
| HA Sustainable Infrastructure Capital, Inc. | (732) | (30707) |
| Haemonetics Corp. | (621) | (37316) |
| Herbalife Ltd. | (4258) | (70683) |
| Hims & Hers Health, Inc. | (385) | (10460) |
| Honeywell International, Inc. | (699) | (149817) |
| Illinois Tool Works, Inc. | (1672) | (431393) |
| Indivior Pharmaceuticals, Inc. | (148) | (5443) |
| InterDigital, Inc. | (11501) | (3410737) |
| Intuitive Machines, Inc. | (26962) | (683487) |
| Ionis Pharmaceuticals, Inc. | (683) | (51061) |
| Itron, Inc. | (191) | (16006) |
| JBT Marel Corp. | (111) | (13109) |
| Kinder Morgan, Inc. | (9931) | (326432) |
| Kite Realty Group Trust | (1035) | (27076) |
| Kraft Heinz Co. | (7564) | (171400) |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Lantheus Holdings, Inc. | (2592) | $(219335) |
| LCI Industries | (236) | (28136) |
| LeMaitre Vascular, Inc. | (190) | (20853) |
| Life360, Inc. | (394) | (16977) |
| Ligand Pharmaceuticals, Inc. | (368) | (84438) |
| LivaNova PLC | (1984) | (119238) |
| Live Nation Entertainment, Inc. | (5306) | (838030) |
| Lucid Group, Inc. | (5128) | (32665) |
| Lumentum Holdings, Inc. | (2388) | (2154740) |
| Lyft, Inc. | (12700) | (179705) |
| MACOM Technology Solutions Holdings, Inc. | (544) | (153196) |
| Marzetti Co. | (2866) | (373382) |
| Match Group, Inc. | (371) | (13883) |
| McCormick & Co., Inc. | (1840) | (93546) |
| Merit Medical Systems, Inc. | (155) | (10568) |
| Meritage Homes Corp. | (36) | (2424) |
| Microchip Technology, Inc. | (3971) | (368946) |
| Mid-America Apartment Communities, Inc. | (1057) | (136543) |
| Mirion Technologies, Inc. | (12741) | (251635) |
| Mirum Pharmaceuticals, Inc. | (18130) | (1764230) |
| MKS, Inc. | (4330) | (1228637) |
| Mondelez International, Inc. | (4590) | (282010) |
| NiSource, Inc. | (4748) | (229233) |
| Nordic American Tankers Ltd. | (18113) | (101071) |
| Norwegian Cruise Line Holdings Ltd. | (2124) | (38614) |
| NuScale Power Corp. | (3419) | (42601) |
| Nutanix, Inc. | (2079) | (85010) |
| Oklo, Inc. | (558) | (40455) |
| Old Dominion Freight Line, Inc. | (394) | (83697) |
| Omnicell, Inc. | (391) | (16195) |
| ON Semiconductor Corp. | (6419) | (647099) |
| Opendoor Technologies, Inc. | (88056) | (473741) |
| Oracle Corp. | (609) | (98287) |
| Ormat Technologies, Inc. | (1538) | (176716) |
| Oscar Health, Inc. | (1264) | (23333) |
| OSI Systems, Inc. | (2358) | (676557) |
| Otis Worldwide Corp. | (1995) | (155371) |
| Pacira BioSciences, Inc. | (3146) | (80192) |
| Pagaya Technologies Ltd. | (18779) | (260840) |
| Palo Alto Networks, Inc. | (539) | (96653) |
| PAR Technology Corp. | (3003) | (40360) |
| Parsons Corp. | (851) | (42899) |
| Patrick Industries, Inc. | (5390) | (501270) |
| Paychex, Inc. | (4271) | (395623) |
| Peloton Interactive, Inc. | (2009) | (10949) |
| Penguin Solutions, Inc. | (28575) | (868966) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** | **Investments sold short—(continued)** | **Investments sold short—(continued)** |
| **Common stocks—(continued)** | **Common stocks—(continued)** | **Common stocks—(continued)** |
| **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| Pitney Bowes, Inc. | (2301) | $(35573) |
| Planet Labs PBC | (44675) | (1651635) |
| Plug Power, Inc. | (41346) | (129413) |
| PPL Corp. | (4404) | (164886) |
| Progress Software Corp. | (49) | (1365) |
| PTC Therapeutics, Inc. | (10390) | (675973) |
| QuantumScape Corp. | (7972) | (58116) |
| RealReal, Inc. | (34308) | (407922) |
| Repligen Corp. | (490) | (57972) |
| ResMed, Inc. | (2672) | (571300) |
| Riot Platforms, Inc. | (10694) | (184365) |
| Rivian Automotive, Inc. | (1270) | (20828) |
| Rubrik, Inc. | (360) | (19145) |
| Sarepta Therapeutics, Inc. | (325) | (6786) |
| Seagate Technology Holdings PLC | (10319) | (6951291) |
| Semtech Corp. | (7535) | (791552) |
| Shake Shack, Inc. | (3972) | (406971) |
| Sirius XM Holdings, Inc. | (257) | (6924) |
| SL Green Realty Corp. | (9066) | (384489) |
| Snowflake, Inc. | (1493) | (203750) |
| SoFi Technologies, Inc. | (79500) | (1279950) |
| SolarEdge Technologies, Inc. | (10735) | (460102) |
| Solaris Energy Infrastructure, Inc. | (18413) | (1359616) |
| Southern Co. | (6311) | (610274) |
| Spectrum Brands Holdings, Inc. | (141) | (11647) |
| Sphere Entertainment Co. | (1017) | (144872) |
| Stride, Inc. | (15677) | (1523177) |
| Sunrun, Inc. | (5475) | (69697) |
| Super Micro Computer, Inc. | (5882) | (161167) |
| Synaptics, Inc. | (308) | (28826) |
| Tandem Diabetes Care, Inc. | (7011) | (136890) |
| Tempus AI, Inc. | (1037) | (57533) |
| Terawulf, Inc. | (114717) | (2492800) |
| Tetra Tech, Inc. | (538) | (17388) |
| Texas Instruments, Inc. | (1095) | (307783) |
| Trane Technologies PLC | (311) | (153180) |
| TransMedics Group, Inc. | (4379) | (441359) |
| Transocean Ltd. | (58083) | (396126) |
| Travere Therapeutics, Inc. | (6052) | (254910) |
| Uber Technologies, Inc. | (771) | (57524) |
| Ultra Clean Holdings, Inc. | (358) | (27978) |
| United Parcel Service, Inc. | (1523) | (165702) |
| United Rentals, Inc. | (104) | (99823) |
| Unity Software, Inc. | (744) | (19656) |
| Upstart Holdings, Inc. | (6238) | (196996) |
| Varonis Systems, Inc. | (2483) | (65303) |
| Veeco Instruments, Inc. | (13948) | (695308) |
| Viavi Solutions, Inc. | (5735) | (300514) |

---

**PACE Alternative Strategies Investments**

 **Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value** |
| **Investments sold short—(continued)** |  |  |
| **Common stocks—(continued)** |  |  |
| **United States—(continued)** |  |  |
| Vishay Intertechnology, Inc. | (15559) | $(450744) |
| Wayfair, Inc. | (13868) | (886581) |
| WEC Energy Group, Inc. | (3160) | (372690) |
| Wells Fargo & Co. | (1811) | (148919) |
| Western Digital Corp. | (35066) | (15236878) |
| WisdomTree, Inc. | (16913) | (287521) |
| Wolfspeed, Inc. | (888) | (26223) |
| Workiva, Inc. | (77) | (4118) |
| Xometry, Inc. | (6641) | (340484) |
| Ziff Davis, Inc. | (448) | (20500) |
| Zoetis, Inc. | (355) | (40814) |
| Zscaler, Inc. | (11) | (1437) |
|  |  | (103747253) |
| **Total common stocks<br> (proceeds—$(91977211))** |  | **(120962543)** |
| **Exchange traded funds—(2.2)%** |  |  |
| State Street SPDR S&P 500 ETF Trust | (3457) | (2484408) |
| State Street Industrial Select Sector SPDR ETF | (2394) | (417944) |
| iShares Russell 2000 ETF | (8911) | (2476991) |
| State Street Utilities Select Sector SPDR ETF | (6469) | (303073) |
| iShares MSCI Brazil ETF | (4869) | (193299) |
| **Total exchange traded funds**<br> (proceeds—$(5742844)) |  | **(5875715)** |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | |
| **Corporate bonds—(0.0%)†** | **Corporate bonds—(0.0%)†** | **Corporate bonds—(0.0%)†** |
| **United States—(0.0%)†** | **United States—(0.0%)†** | **United States—(0.0%)†** |
| Cracker Barrel Old Country Store, Inc.<br> 1.750%, due 09/15/30<br> (proceeds—$(28992)) | (37000) | (29768) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount<sup>3</sup>** | **Value** |
| **U.S. Treasury obligations—(1.7%)** |  |  |
| U.S. Treasury Notes |  |  |
| 3.500%, due 09/30/29 | (1141000) | $(1124866) |
| 3.875%, due 09/30/32 | (59000) | (58032) |
| 3.375%, due 02/29/28 | (1305000) | (1293581) |
| 3.750%, due 02/28/33 | (77000) | (74967) |
| 3.500%, due 02/28/31 | (822000) | (803633) |
| 3.500%, due 03/15/29 | (1157000) | (1144255) |
| **Total U.S. Treasury obligations**<br> (proceeds—$(4504677)) |  | **(4499334)** |
| **Short-term U.S. Treasury obligations—(0.1%)** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.738%, due 12/24/26<sup>9</sup> | (434000) | (421824) |
| **Total short-term U.S. Treasury obligations**<br> (proceeds—$(421824)) |  |  |
| **Total investments sold short—(49.1)%<br> (proceeds—$(102675548))** |  | **(131789184)** |
| **Total Investments—84.9%<br> (cost—$222,711,301)** |  | 227881074 |
| Other assets in excess of liabilities—15.1% |  | 40382159 |
| **Net Assets—100.0%** |  | $**268263233** |

---

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>11</sup>** | **Notional<br> amount**<sup>11</sup>** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 1147000 | 185 | EURO STOXX 50 Index, strike @ 6,200.000 | JPMCB | 09/18/26 | $(289254) | $(183688) | $105566 |
| EUR | 1165500 | 185 | EURO STOXX 50 Index, strike @ 6,300.000 | JPMCB | 12/18/26 | (360035) | (268149) | 91886 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount**<sup>11</sup>** | **Notional<br> amount**<sup>11</sup>** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| HKD | 248400 | 23 | HKG Hang Seng China Enterprises Index Futures, strike @ 10,800.000 | JPMCB | 06/18/26 | $(51562) | $(147) | $51415 |
| **Total** | **Total** |  |  |  |  | $**(700851)** | $**(451984)** | $**248867** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount**<sup>11</sup>** | **Notional<br> amount**<sup>11</sup>** | **Number of<br> contracts** | **Put options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 30400 | 40 | STOXX Europe 600 Basic Resources Index, strike @ 760.000 | JPMCB | 06/19/26 | $(60663) | $(55866) | $4797 |
| EUR | 666700 | 113 | EURO STOXX 50 Index, strike @ 5,900.000 | JPMCB | 09/18/26 | (351888) | (379167) | (27279) |
| EUR | 666700 | 113 | EURO STOXX 50 Index, strike @ 5,900.000 | JPMCB | 12/18/26 | (436292) | (453834) | (17542) |
| USD | 23902 | 37 | State Street SPDR S&P 500 ETF Trust, strike @ 646.000 | OCC | 05/08/26 | (17826) | (259) | 17567 |
| **Total** | **Total** |  |  |  |  | $**(866669)** | $**(889126)** | $**(22457)** |
| **Total equity options written** | **Total equity options written** | **Total equity options written** | **Total equity options written** |  |  | $**(1567520)** | $**(1341110)** | $**226410** |

---

**Options written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> amount** | **Notional<br> amount** | **Number of<br> contracts** | **Call options** | **Counterparty** | **Expiration<br> date** | **Premiums<br> received** | **Current<br> Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| EUR | 5997 | 152500 | 3 Month Euro Euribor Futures, strike @ 98.313 | MSCI | 09/14/26 | $(3649) | $(895) | $2754 |

---

**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 | Euronext CAC 40 Index Futures | May 2026 | $192244 | $189087 | $(3157) |
| 13 | GBP | FTSE 100 Index Futures | June 2026 | 1875425 | 1835930 | (39495) |
| 1 | ZAR | FTSE/JSE Top 40 Index Futures | June 2026 | 65650 | 64920 | (730) |
| 0 | HKD | HKG Hang Seng Index Futures | May 2026 | 1317388 | 1308599 | (8789) |
| 1 | EUR | Mini-DAX Index Futures | June 2026 | 136613 | 143109 | 6496 |
| 5 | SEK | OML Stockholm OMXS30 Index Futures | May 2026 | 168715 | 165593 | (3122) |
| 14 | JPY | OSE Nikkei 225 mini Index Futures | June 2026 | 530293 | 532350 | 2057 |
| 6 | USD | Russell 2000 Value Index Futures | June 2026 | 810140 | 842340 | 32200 |
| 0 | USD | S&P 500 E-Mini Index Futures | June 2026 | 9672078 | 9779062 | 106984 |
| 1 | AUD | S&P ASX Share Price Index 200 Futures | June 2026 | 163123 | 156013 | (7110) |
| 2 | CAD | S&P/TSX 60 Index Futures | June 2026 | 569402 | 584297 | 14895 |
| 3 | SGD | SGX MSCI Singapore Index Futures | May 2026 | 103679 | 104003 | 324 |
| 18 | EUR | VSTOXX Index Futures | May 2026 | 44180 | 45737 | 1557 |
| **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:** |
| 21 | AUD | Australian Bond 10 Year Futures | June 2026 | $1630995 | $1618681 | $(12314) |
| 4 | USD | Australian Dollar Currency Futures | June 2026 | 285400 | 287700 | 2300 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br> contracts** | **Currency** | **Currency** | **Expiration<br> date** | **Current<br> notional<br> amount** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| 16 | CAD | Canadian Bond 10 Year Futures | June 2026 | $1426981 | $1403232 | $(23749) |
| 1 | USD | Canadian Dollar Currency Futures | June 2026 | 73396 | 73750 | 354 |
| 111 | EUR | EURO Schatz 2 Year Futures | June 2026 | 13806880 | 13776593 | (30287) |
| 3 | EUR | French Government Bond Futures | June 2026 | 424861 | 419944 | (4917) |
| 3 | EUR | Italian Government Bond Futures | June 2026 | 413756 | 411810 | (1946) |
| 2 | JPY | Japan Government Bond 10 Year Futures | June 2026 | 1669254 | 1651305 | (17949) |
| 18 | USD | Mexican Peso Currency Futures | June 2026 | 503563 | 513270 | 9707 |
| 15 | USD | New Zealand Dollar Currency Futures | June 2026 | 887675 | 887250 | (425) |
| 1 | USD | Swedish Krona Currency Futures | June 2026 | 216100 | 217250 | 1150 |
| 18 | USD | U.S. Long Bond Futures | June 2026 | 2048240 | 2031187 | (17053) |
| **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:** |
| 79 | USD | U.S. Treasury Note 5 Year Futures | June 2026 | $8579940 | $8519039 | $(60901) |
| 8 | USD | Ultra U.S. Treasury Bond Futures | June 2026 | 933228 | 920250 | (12978) |
| **Total** |  |  |  | $**48549199** | $**48482301** | $**(66898)** |
| **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 | USD | E-mini NASDAQ 100 Index Futures | June 2026 | $(540925) | $(551920) | $(10995) |
| 3 | EUR | EURO STOXX 50 Index Futures | December 2027 | (54539) | (61546) | (7007) |
| 76 | EUR | EURO STOXX 50 Index Futures | June 2026 | (5195474) | (5209127) | (13653) |
| 10 | EUR | EURO STOXX 50 Index Futures | December 2028 | (194544) | (205036) | (10492) |
| 8 | EUR | EURO STOXX Banks Index Dividend Futures | December 2027 | (62110) | (62532) | (422) |
| 9 | EUR | EURO STOXX Banks Index Dividend Futures | December 2028 | (67655) | (68500) | (845) |
| 2 | EUR | Euronext CAC 40 Index Futures | May 2026 | (192784) | (189087) | 3697 |
| 10 | GBP | Financial Times Stock Index Futures | June 2026 | (586230) | (611045) | (24815) |
| 1 | HKD | Hang Seng China Enterprises Index Futures | May 2026 | (55557) | (55244) | 313 |
| 24 | USD | IFSC NIFTY 50 Index Futures | May 2026 | (1153564) | (1158864) | (5300) |
| 0 | USD | S&P 500 E-Mini Index Futures | June 2026 | (1361822) | (1448750) | (86928) |
| 9 | USD | SGX FTSE China A50 Futures Index Contract | May 2026 | (139295) | (139977) | (682) |
| 15 | JPY | TSE Mini Topix Index Futures | June 2026 | (343326) | (358724) | (15398) |
| 2 | USD | U.S. MSCI Emerging Markets Index Futures | June 2026 | (160790) | (163420) | (2630) |
| **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:** |
| 7 | AUD | Australian Bond 3 Year Futures | June 2026 | $(523421) | $(520961) | $2460 |
| 29 | USD | British Pound Currency Futures | June 2026 | (2435443) | (2465181) | (29738) |
| 6 | EUR | Eurex Short-term Euro-BTP Futures | June 2026 | (744974) | (746441) | (1467) |
| 20 | EUR | EURO Bobl 5 Year Index Future | June 2026 | (2705362) | (2709957) | (4595) |
| 1 | EUR | Euro Bund 10 Year Futures | June 2026 | (147199) | (147129) | 70 |
| 17 | USD | Euro Foreign Exchange Currency Futures | June 2026 | (2488737) | (2499000) | (10263) |
| 1 | EUR | German Euro Buxl 30 Year Futures | June 2026 | (126543) | (127904) | (1361) |
| 12 | USD | Japanese Yen Currency Futures | June 2026 | (945754) | (962400) | (16646) |
| 2 | KRW | Korea Treasury Bond 10 Year Futures | June 2026 | (147694) | (146305) | 1389 |
| 9 | KRW | Korea Treasury Bond 3 Year Futures | June 2026 | (631918) | (628216) | 3702 |
| 7 | USD | Swiss Franc Currency Futures | June 2026 | (1111559) | (1125119) | (13560) |
| 18 | GBP | United Kingdom Long Gilt Bond Futures | June 2026 | (2130444) | (2120892) | 9552 |
| **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:** |
| 5 | USD | U.S. Treasury Note 2 Year Futures | June 2026 | $(1035594) | $(1035625) | $(31) |
| 75 | USD | Ultra U.S. Treasury Note 10 Year Futures | June 2026 | (8607734) | (8464453) | 143281 |
| **Total** |  |  |  | $**(33890991)** | $**(33983355)** | $**(92364)** |
| **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |  |  |  | $**(159262)** |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** | **Centrally cleared credit default swap agreements on credit indices—buy protection<sup>12</sup>** |
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2026<sup>13</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>14</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| iTraxx Europe S45 | N/A | EUR | 1461 | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (1.000)% | $(35518) | $(35168) | $350 |
| CDX.NA.HY.S46 | N/A | USD | 671 | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (5.000) | (48271) | (51769) | (3498) |
| **Total** |  |  |  |  |  |  | $**(83789)** | $**(86937)** | $**(3148)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** | **Centrally cleared credit default swap agreements on credit indices—sell protection<sup>15</sup>** |
| **Referenced obligations** | **Implied<br> credit<br> spread as of<br> April 30,<br> 2026<sup>13</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>14</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| CDX.NA.IG.S46 | N/A | USD | 602 | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (1.000)% | $9576 | $13367 | $3791 |
| iTraxx Europe Crossover S45 | N/A | EUR | 289 | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (5.000) | 19124 | 32233 | 13109 |
| CDX.EM.S45 | N/A | USD | 1345 | 06/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;Quarterly | (1.000) | (56394) | (35733) | 20661 |
| **Total** |  |  |  |  |  |  | $**(27694)** | $**9867** | $**37561** |

---

**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>14</sup>** | **Payments<br> received by<br> the portfolio<sup>14</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BRL | 43270 | 07/01/26 | At Maturity | 14.600% | 1 day BRL CDI | $6659 | $7582 |
| BRL | 4774 | 01/02/29 | At Maturity | 1 day BRL CDI | 13.294% | (5416) | (5416) |
| BRL | 17839 | 01/02/31 | At Maturity | 1 day BRL CDI | 13.260 | (46654) | (18320) |
| BRL | 11681 | 01/02/37 | At Maturity | 1 day BRL CDI | 13.170 | (19679) | (6618) |
| CHF | 671 | 06/17/28 | Annual | 1 day CHF SARON | 0.077 | (2466) | (2455) |
| CHF | 274 | 06/17/36 | Annual | 1 day CHF SARON | 0.603 | (414) | (417) |
| CNY | 900 | 06/17/31 | Quarterly | 7 day CNY Repo Fixing | 1.550 | (57) | (70) |
| COP | 2584019 | 06/17/36 | Quarterly | 1 day COP IBR | 11.324 | (6924) | (6510) |
| EUR | 14250 | 06/17/28 | Annual | 2.566 | 1 day EUR STR | 6449 | 6449 |
| EUR | 14250 | 06/17/28 | Annual | 2.564 | 1 day EUR STR | 7101 | 7101 |
| EUR | 8800 | 06/17/28 | Annual | 2.630 | 1 day EUR STR | (8831) | (8830) |
| EUR | 19600 | 06/17/28 | Annual | 2.621 | 1 day EUR STR | (15847) | (15847) |
| EUR | 13573 | 03/19/36 | Annual | 1 day EUR STR | 3.136 | 17859 | 17859 |
| EUR | 6700 | 03/20/56 | Annual | 3.291 | 1 day EUR STR | (139395) | (139395) |
| EUR | 231 | 06/17/76 | Annual | 2.746 | 1 day EUR STR | 3871 | 4152 |
| GBP | 12718 | 06/17/28 | Annual | 1 day GBP SONIA | 4.299 | (16570) | (16570) |
| GBP | 6359 | 06/17/28 | Annual | 1 day GBP SONIA | 4.362 | 1854 | 1854 |
| GBP | 6350 | 06/17/28 | Annual | 1 day GBP SONIA | 4.313 | (6005) | (6005) |
| GBP | 25200 | 06/17/28 | Annual | 1 day GBP SONIA | 4.360 | 6190 | (29129) |
| GBP | 7007 | 06/17/28 | Annual | 1 day GBP SONIA | 4.309 | (7395) | (32067) |
| HUF | 542954 | 06/17/31 | Annual | 6 mo. HUF BIBOR | 6.933 | 79391 | 37061 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (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>14</sup>** | **Payments<br> received by<br> the portfolio<sup>14</sup>** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| ILS | 963 | 06/17/36 | Annual | 1 day ILS SHIR | 3.626% | $(5782) | $(5705) |
| INR | 7323 | 06/17/31 | Semi-annual | 6.483% | 6 mo. INR MIBOR | 571 | 776 |
| JPY | 177869 | 06/17/36 | Annual | 2.051 | 1 day JPY TONA | 28090 | 28025 |
| JPY | 85921 | 06/17/56 | Annual | 1 day JPY TONA | 2.889 | (28196) | (27317) |
| JPY | 42667 | 06/17/66 | Annual | 2.955 | 1 day JPY TONA | 14384 | 15378 |
| MXN | 54 | 06/04/36 | Monthly | 28 day TIIE-Banxico | 8.189 | (29) | (29) |
| NOK | 33804 | 06/17/28 | Semi-annual | 4.648 | 6 mo. NOK NIBOR | 24952 | 13627 |
| NOK | 12191 | 06/17/36 | Semi-annual | 4.379 | 6 mo. NOK NIBOR | 9059 | 5437 |
| NZD | 1167 | 06/17/36 | Semi-annual | 3 mo. NZD Bank Bill | 4.179 | (13381) | (13343) |
| SGD | 3371 | 06/17/29 | Semi-annual | 1.528 | 1 day SGD SORA | 11743 | (5375) |
| THB | 1447 | 06/17/31 | Quarterly | 1 day THB THOR | 1.425 | (592) | (592) |
| USD | 1360 | 11/15/52 | Annual | 4.136 | 1 day USD SOFR | 20832 | 20715 |
| ZAR | 26402 | 06/17/31 | Quarterly | 3 mo. ZAR JIBAR | 7.300 | (25337) | (12297) |
| ZAR | 6800 | 03/11/36 | Quarterly | 3 mo. ZAR JIBAR | 8.861 | (388) | 3314 |
| ZAR | 82 | 06/17/36 | Quarterly | 7.697 | 3 mo. ZAR JIBAR | 171 | 97 |
| **Total** | **Total** |  |  |  |  | $**(110182)** | $**(182880)** |

---

**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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | EUR | (195) | 05/06/26 | At Maturity | BC EU Quality-Yield | 0.000% | $— | $4048 | $4048 |
| BB | EUR | (46) | 05/19/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Growth SWAP COMP |  | 90 | 90 |
| BB | EUR | 463 | 05/19/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Small Size SWAP COMP |  | (2730) | (2730) |
| BB | EUR | 122 | 05/19/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Value (Cheap) SWAP COMP |  | (985) | (985) |
| BB | EUR | 221 | 05/19/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU Small Size SWAP COMP |  | (3146) | (3146) |
| BB | EUR | 175 | 05/19/26 | At Maturity | 1 mo. EUR EURIBOR | BC EU High Yield Index |  | (1951) | (1951) |
| BB | USD | 201 | 05/19/26 | At Maturity | 0.000% | MSCI AC World Daily Total Return Net USD |  | 2100 | 2100 |
| BB | EUR | (169) | 07/17/26 | At Maturity | BC EU High Quality SWAP COMP | 1 mo. EUR EURIBOR |  | 3036 | 3036 |
| BB | EUR | 165 | 03/19/27 | At Maturity | 1 mo. EUR EURIBOR | BCIISHDF Index |  | (14865) | (14865) |
| BB | EUR | (195) | 04/09/27 | At Maturity | BC EU Quality-Yield | 0.000 |  | 2434 | 2434 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | EUR | 35 | 04/09/27 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Growth SWAP COMP | $— | $(100) | $(100) |
| BB | EUR | 306 | 04/16/27 | At Maturity | 1 mo. EUR EURIBOR | BC EU Low Quality Index |  | 2491 | 2491 |
| BB | USD | 245 | 05/03/27 | At Maturity | 1 Day USD SOFR | BCIICROS Index |  | 18677 | 18677 |
| CITI | USD | 101 | 02/04/27 | At Maturity | 1 Day USD SOFR | CGFCMEMO SWAP COMP |  | 10859 | 10859 |
| GS | EUR | (287) | 05/19/26 | At Maturity | Defense Index | 1 mo. EUR EURIBOR |  | 1716 | 1716 |
| GS | USD | 414 | 05/03/27 | At Maturity | 1 Day USD SOFR | BC U.S. Value (Cheap) SWAP COMP |  | 10657 | 10657 |
| GS | USD | 15 | 08/29/28 | At Maturity | 1 Day USD SOFR | CUSTOM BASKET SWAP COMP |  | 533 | 533 |
| GS | USD | 94 | 02/22/29 | At Maturity | 1 Day USD SOFR | NKR COWOS SWAP COMP |  | 50533 | 50533 |
| GS | USD | 6 | 02/28/29 | At Maturity | 1 Day USD SOFR | GS GLOBAL MEMORY SWAP COMP |  | 1696 | 1696 |
| GS | EUR | (63) | 03/07/29 | At Maturity | Defense Index | 1 mo. EUR EURIBOR |  | 4934 | 4934 |
| GS | EUR | (23) | 03/07/29 | At Maturity | Dr. Ing hc F Porsche AG | 1 mo. EUR EURIBOR |  | (486) | (486) |
| GS | USD | 30 | 03/21/29 | At Maturity | 1 Day USD SOFR | GS U.S. Defensives Index |  | 318 | 318 |
| GS | USD | 1074 | 03/27/29 | At Maturity | 1 day USD SOFR | AI Conviction |  | 21057 | 21057 |
| GS | EUR | 581 | 03/27/29 | At Maturity | 1 mo. EUR EURIBOR | GS EU Cyclicals SWAP Index |  | 32243 | 32243 |
| GS | USD | (69) | 04/11/29 | At Maturity | GSMBCHAR Index | 1 Day USD SOFR |  | (7026) | (7026) |
| GS | EUR | 30 | 04/18/29 | At Maturity | 0.000% | GS EU Defensives SWAP Index |  | (509) | (509) |
| GS | GBP |  | 04/18/29 | At Maturity | Wizz Air Holdings PLC | 0.000% |  | 2 | 2 |
| GS | USD | 39 | 04/24/29 | At Maturity | 1 Day USD SOFR | GS U.S. Uranium |  | 14 | 14 |
| JPMCB | USD | 740 | 05/22/26 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | 63552 | 63552 |
| JPMCB | USD | (69) | 05/22/26 | At Maturity | JPFUITSV Index | 1 Day USD SOFR |  | 2200 | 2200 |
| JPMCB | USD | 68 | 05/22/26 | At Maturity | JPFUITSV Index | 1 day USD SOFR |  | (1999) | (1999) |
| JPMCB | USD | (87) | 05/26/26 | At Maturity | JPFUITSV Index | 1 day USD SOFR |  | 1697 | 1697 |
| JPMCB | JPY | 29 | 08/03/26 | At Maturity | 1 mo. JPY LIBOR | Nippon Sanso Holdings Corp. |  | (680) | (680) |
| JPMCB | USD | (158) | 08/13/26 | At Maturity | JP11DXYL Index | 1 Day USD SOFR |  | (2722) | (2722) |
| JPMCB | USD | 12 | 08/25/26 | At Maturity | 1 day USD SOFR | Chinook Therapeutics, Inc. |  | (289) | (289) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | USD |  | 08/26/26 | At Maturity | 1 day USD SOFR | Mirati Therapeutics, Inc. | $— | $14093 | $14093 |
| JPMCB | USD | (3) | 10/06/26 | At Maturity | Morgan Stanley | 0.000% |  | (45) | (45) |
| JPMCB | BRL | 110 | 10/30/26 | At Maturity | 1 mo. BRL LIBOR | JPFJBRL1 Index |  | 10004 | 10004 |
| JPMCB | USD | (734) | 11/26/26 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | (12545) | (12545) |
| JPMCB | BRL | 115 | 01/14/27 | At Maturity | 1 mo. BRL LIBOR | JPFJBRL2 SWAP COMP |  | 13477 | 13477 |
| JPMCB | USD | 48 | 01/14/27 | At Maturity | 1 Day USD SOFR | USGS CRITICAL MINERALS SWAP COMP |  | 11514 | 11514 |
| JPMCB | USD | 40 | 02/16/27 | At Maturity | 1 Day USD SOFR | USGS Critical Minerals SWAP COMP |  | 2730 | 2730 |
| JPMCB | USD | (132) | 02/18/27 | At Maturity | U.S. Pure Beta Winners | 1 Day USD SOFR |  | (22570) | (22570) |
| JPMCB | USD | 339 | 02/23/27 | At Maturity | 1 day USD SOFR | U.S. Pure Growth Laggards |  | 40684 | 40684 |
| JPMCB | USD | (13) | 02/23/27 | At Maturity | 1 Day USD SOFR | U.S. Pure Growth Laggards |  | (1464) | (1464) |
| JPMCB | EUR | 620 | 02/26/27 | At Maturity | 1 mo. EUR EURIBOR | ENEL SPA |  | 11717 | 11717 |
| JPMCB | USD | (53) | 03/31/27 | At Maturity | Inflation Laggards SWAP COMP | 1 Day USD SOFR |  | (4340) | (4340) |
| JPMCB | USD | (1792) | 05/03/27 | At Maturity | 1 day USD SOFR | U.S. Pure Value Winners Index |  | 10503 | 10503 |
| JPMCB | EUR | (1) | 05/05/27 | At Maturity | MFE-MediaForEurope NV | 1 mo. EUR EURIBOR |  | 9 | 9 |
| JPMCB | EUR | 2 | 05/26/27 | At Maturity | 1 mo. EUR EURIBOR | Anima Holding SpA |  | 45 | 45 |
| JPMCB | EUR | 13 | 05/27/27 | At Maturity | 1 mo. EUR EURIBOR | Leonardo SpA |  | (1024) | (1024) |
| JPMCB | EUR | 16 | 06/07/27 | At Maturity | 0.000% | Saipem SpA |  | 1581 | 1581 |
| JPMCB | EUR | (12) | 06/08/27 | At Maturity | De' Longhi SpA | 1 mo. EUR EURIBOR |  | (571) | (571) |
| JPMCB | EUR | (8) | 06/08/27 | At Maturity | Salvatore Ferragamo SpA | 1 mo. EUR EURIBOR |  | (552) | (552) |
| JPMCB | EUR | (9) | 06/08/27 | At Maturity | Brunello Cucinelli SpA | 1 mo. EUR EURIBOR |  | (613) | (613) |
| JPMCB | EUR | (12) | 06/08/27 | At Maturity | Ferrari NV | 1 mo. EUR EURIBOR |  | 25 | 25 |
| JPMCB | EUR | (10) | 06/08/27 | At Maturity | Moncler SpA | 1 mo. EUR EURIBOR |  | 395 | 395 |
| JPMCB | EUR | (19) | 06/08/27 | At Maturity | Lottomatica Group SpA | 1 mo. EUR EURIBOR |  | 243 | 243 |
| JPMCB | EUR | (8) | 06/08/27 | At Maturity | Brembo NV | 1 mo. EUR EURIBOR |  | 3 | 3 |
| JPMCB | EUR | (10) | 06/09/27 | At Maturity | Amplifon SpA | 1 mo. EUR EURIBOR |  | (813) | (813) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | EUR | (2) | 06/09/27 | At Maturity | Technogym SpA | 1 mo. EUR EURIBOR | $— | $(263) | $(263) |
| JPMCB | EUR | (15) | 06/09/27 | At Maturity | Stellantis NV | 1 mo. EUR EURIBOR |  | 177 | 177 |
| JPMCB | EUR | (2) | 06/09/27 | At Maturity | OVS SpA | 1 mo. EUR EURIBOR |  | (194) | (194) |
| JPMCB | EUR | (9) | 06/09/27 | At Maturity | Pirelli & C SpA | 1 mo. EUR EURIBOR |  | (69) | (69) |
| JPMCB | EUR | 4 | 06/14/27 | At Maturity | 0.000% | Buzzi SpA |  | (195) | (195) |
| JPMCB | USD | (2) | 06/21/27 | At Maturity | Morgan Stanley Direct Lending Fund | 1 Day USD SOFR |  | (69) | (69) |
| JPMCB | EUR |  | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Danieli & C Officine Meccaniche SpA |  | 67 | 67 |
| JPMCB | EUR | 29 | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Enel SpA |  | 676 | 676 |
| JPMCB | EUR | (3) | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Enel SpA |  | (284) | (284) |
| JPMCB | EUR |  | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Telecom Italia SpA |  | 65 | 65 |
| JPMCB | EUR | 28 | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Terna - Rete Elettrica Nazionale |  | 340 | 340 |
| JPMCB | EUR | (3) | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Terna - Rete Elettrica Nazionale |  | (290) | (290) |
| JPMCB | EUR | 30 | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Prysmian SpA |  | 4963 | 4963 |
| JPMCB | EUR | (3) | 06/23/27 | At Maturity | 1 mo. EUR EURIBOR | Prysmian SpA |  | (1144) | (1144) |
| JPMCB | EUR | (15) | 06/25/27 | At Maturity | Davide Campari-Milano NV | 0.000% |  | (204) | (204) |
| JPMCB | EUR | (24) | 07/09/27 | At Maturity | 0.000 | 0.000 |  | 554 | 554 |
| JPMCB | USD | 1011 | 07/14/27 | At Maturity | 1 Day USD SOFR | U.S. Pure Growth Laggards |  | 43692 | 43692 |
| JPMCB | EUR | 5 | 07/16/27 | At Maturity | 0.000 | Intesa Sanpaolo SpA |  | 77 | 77 |
| JPMCB | EUR | 3 | 07/16/27 | At Maturity | 0.000 | BPER Banca SPA |  | 61 | 61 |
| JPMCB | EUR | 3 | 07/16/27 | At Maturity | 0.000 | Banca Monte dei Paschi di Siena SpA |  | 245 | 245 |
| JPMCB | EUR | 6 | 07/16/27 | At Maturity | 0.000 | UniCredit SpA |  | (275) | (275) |
| JPMCB | EUR |  | 07/22/27 | At Maturity | 0.000 | Generali |  | 5 | 5 |
| JPMCB | EUR | 2 | 07/22/27 | At Maturity | 0.000 | Eni SpA |  | 144 | 144 |
| JPMCB | EUR |  | 07/22/27 | At Maturity | 0.000 | Unipol Assicurazioni SpA |  | (1) | (1) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | EUR |  | 07/22/27 | At Maturity | 0.000% | Nexi SpA | $— | $19 | $19 |
| JPMCB | EUR |  | 07/22/27 | At Maturity | 0.000 | Banco BPM SpA |  | (8) | (8) |
| JPMCB | EUR |  | 07/22/27 | At Maturity | 0.000 | Poste Italiane SpA |  | 2 | 2 |
| JPMCB | EUR |  | 07/28/27 | At Maturity | 0.000 | Interpump Group SpA |  | (1) | (1) |
| JPMCB | USD | 94 | 04/17/29 | At Maturity | JPFUITSV Index | 1 day USD SOFR |  | 2540 | 2540 |
| JPMCB | USD | 111 | 07/27/27 | At Maturity | 1 day USD SOFR | U.S. Pure Growth Laggards |  | 1184 | 1184 |
| JPMCB | USD | 111 | 07/27/27 | At Maturity | 1 Day USD SOFR | U.S. Pure Growth Laggards |  | 1353 | 1353 |
| JPMCB | USD | 271 | 07/01/27 | At Maturity | 1 Day USD SOFR | U.S. Pure Growth Laggards |  | 15879 | 15879 |
| JPMCB | USD | (14) | 07/01/27 | At Maturity | 1 Day USD SOFR | U.S. Pure Growth Laggards |  | (723) | (723) |
| MSCI | USD | (28) | 05/26/26 | At Maturity | Eva Airways Corp. | 1 Day USD SOFR |  | 976 | 976 |
| MSCI | USD | 4 | 07/17/26 | At Maturity | 1 Day USD SOFR | Banca Transilvania SA |  | (201) | (201) |
| MSCI | USD | 20 | 07/17/26 | At Maturity | 1 Day USD SOFR | Fortune Electric Co. Ltd. |  | (187) | (187) |
| MSCI | USD | 23 | 07/17/26 | At Maturity | 1 Day USD SOFR | Aselsan Elektronik Sanayi Ve Ticaret AS |  | (30) | (30) |
| MSCI | USD | 3 | 07/17/26 | At Maturity | 1 Day USD SOFR | Nanya Technology Corp. |  | 40 | 40 |
| MSCI | USD | 1 | 07/17/26 | At Maturity | 1 Day USD SOFR | ADATA Technology Co. Ltd. |  | 145 | 145 |
| MSCI | USD | 2 | 07/17/26 | At Maturity | 1 Day USD SOFR | Winbond Electronics Corp. |  | (15) | (15) |
| MSCI | USD | 6 | 07/17/26 | At Maturity | 1 Day USD SOFR | Innodisk Corp. |  | 539 | 539 |
| MSCI | USD | 2 | 07/21/26 | At Maturity | 1 Day USD SOFR | Allis Electric Co. Ltd. |  | (38) | (38) |
| MSCI | USD | 42 | 07/21/26 | At Maturity | 1 Day USD SOFR | Delta Electronics, Inc. |  | 8799 | 8799 |
| MSCI | USD | 5 | 07/21/26 | At Maturity | 1 Day USD SOFR | Shihlin Electric & Engineering Corp. |  | (137) | (137) |
| MSCI | USD | (8) | 07/21/26 | At Maturity | China Airlines Ltd. | 1 Day USD SOFR |  | 167 | 167 |
| MSCI | USD |  | 07/21/26 | At Maturity | Hotai Motor Co. Ltd. | 0.000% |  | 2 | 2 |
| MSCI | USD | (1) | 07/21/26 | At Maturity | Uni-President Enterprises Corp. | 0.000 |  | 12 | 12 |
| MSCI | USD |  | 07/21/26 | At Maturity | President Chain Store Corp. | 0.000 |  | 1 | 1 |
| MSCI | USD |  | 07/21/26 | At Maturity | PharmaEssentia Corp. | 0.000 |  | (31) | (31) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 880 | 07/22/26 | At Maturity | 1 day USD SOFR | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $— |  | (17673) | $(17673) |
| MSCI | USD |  | 01/27/27 | At Maturity | SD Guthrie Bhd. | 0.000% |  | (8 | (8) | (8) |
| MSCI | USD | 63 | 02/11/27 | At Maturity | 1 Day USD SOFR | Hubei Zhenhua Chemical Co. Ltd. |  | (1432 | (1432) | (1432) |
| MSCI | USD | 131 | 02/11/27 | At Maturity | 1 Day USD SOFR | Shenzhen Kaifa Technology Co. Ltd. |  | 3758 | 3758 | 3758 |
| MSCI | USD | 104 | 02/11/27 | At Maturity | 1 Day USD SOFR | Union Semiconductor Hefei Co. Ltd. |  | 6847 | 6847 | 6847 |
| MSCI | USD | 302 | 02/11/27 | At Maturity | 1 Day USD SOFR | Fujian Highton Development Co. Ltd. |  | 13748 | 13748 | 13748 |
| MSCI | EUR | 1009 | 02/26/27 | At Maturity | 1 mo. EUR EURIBOR | Engie SA |  | (24765 | (24765) | (24765) |
| MSCI | EUR | (143) | 02/26/27 | At Maturity | Iberdrola SA | 1 mo. EUR EURIBOR |  | (429 | (429) | (429) |
| MSCI | EUR | 2175 | 02/26/27 | At Maturity | 1 mo. EUR EURIBOR | Siemens Energy AG |  | 143848 | 143848 | 143848 |
| MSCI | EUR | 457 | 02/26/27 | At Maturity | 1 mo. EUR EURIBOR | ArcelorMittal SA |  | (26438 | (26438) | (26438) |
| MSCI | EUR | (81) | 02/26/27 | At Maturity | Schneider Electric SE | 1 mo. EUR EURIBOR |  | (730 | (730) | (730) |
| MSCI | EUR | (175) | 02/26/27 | At Maturity | Siemens AG | 1 mo. EUR EURIBOR |  | (11095 | (11095) | (11095) |
| MSCI | EUR | 531 | 02/26/27 | At Maturity | 0.000% | STMicroelectronics NV |  | 113418 | 113418 | 113418 |
| MSCI | EUR | (391) | 03/10/27 | At Maturity | STOXX Europe 600 Industrial Goods & Services Index | 1 mo. EUR EURIBOR |  | 6124 | 6124 | 6124 |
| MSCI | EUR | (395) | 03/10/27 | At Maturity | STOXX Europe 600 Utilities Index | 1 mo. EUR EURIBOR |  | (2988 | (2988) | (2988) |
| MSCI | GBP | 329 | 03/10/27 | At Maturity | 1 mo. GBP LIBOR | National Grid PLC |  | 4640 | 4640 | 4640 |
| MSCI | GBP | 424 | 03/10/27 | At Maturity | 1 mo. GBP LIBOR | SSE PLC |  | (10641 | (10641) | (10641) |
| MSCI | USD | 6 | 03/24/27 | At Maturity | 1 Day USD SOFR | SK Hynix, Inc. |  | 774 | 774 | 774 |
| MSCI | USD | 18 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hyundai Rotem Co. Ltd. |  | 4945 | 4945 | 4945 |
| MSCI | USD | 24 | 03/24/27 | At Maturity | 1 Day USD SOFR | Hanwha Systems Co. Ltd. |  | (2609 | (2609) | (2609) |
| MSCI | USD | 3 | 03/24/27 | At Maturity | 1 Day USD SOFR | Eo Technics Co. Ltd. |  | (36 | (36) | (36) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 6 | 03/24/27 | At Maturity | 1 Day USD SOFR | Samsung Electronics Co. Ltd. | $— | $241 | $241 |
| MSCI | USD | 3 | 03/24/27 | At Maturity | 1 Day USD SOFR | Samsung Electronics Co. Ltd. |  | 295 | 295 |
| MSCI | USD | 4 | 03/24/27 | At Maturity | 1 Day USD SOFR | WONIK IPS Co. Ltd. |  | (209) | (209) |
| MSCI | USD | 86 | 03/26/27 | At Maturity | 1 Day USD SOFR | LS Electric Co. Ltd. |  | 41446 | 41446 |
| MSCI | USD | 78 | 03/26/27 | At Maturity | 1 Day USD SOFR | HD Hyundai Electric Co. Ltd. |  | 14538 | 14538 |
| MSCI | USD | 6 | 03/26/27 | At Maturity | 1 Day USD SOFR | L&F Co. Ltd. |  | (198) | (198) |
| MSCI | USD | 18 | 03/26/27 | At Maturity | 1 Day USD SOFR | Samsung SDI Co. Ltd. |  | 1255 | 1255 |
| MSCI | USD | 5 | 03/26/27 | At Maturity | 1 Day USD SOFR | Ecopro BM Co. Ltd. |  | (94) | (94) |
| MSCI | USD | 7 | 03/26/27 | At Maturity | 1 Day USD SOFR | LG Energy Solution Ltd. |  | (268) | (268) |
| MSCI | USD | (9) | 10/11/27 | At Maturity | Thai Oil PCL | 1 day USD SOFR |  | (368) | (368) |
| MSCI | USD | (2) | 10/11/27 | At Maturity | Star Petroleum Refining PCL | 1 day USD SOFR |  | (89) | (89) |
| MSCI | USD |  | 10/13/27 | At Maturity | Charoen Pokphand Foods PCL | 0.000% |  | (1) | (1) |
| MSCI | USD |  | 10/13/27 | At Maturity | CP ALL PCL | 0.000 |  | 8 | 8 |
| MSCI | USD | 21 | 01/17/28 | At Maturity | 1 Day USD SOFR | CPFL Energia SA |  | (2643) | (2643) |
| MSCI | USD | 257 | 03/07/28 | At Maturity | 1 Day USD SOFR | Baidu, Inc. |  | 10511 | 10511 |
| MSCI | USD |  | 03/15/28 | At Maturity | Hyundai Mobis Co. Ltd. | 0.000 |  | 2 | 2 |
| MSCI | USD |  | 03/15/28 | At Maturity | Hyundai Motor Co. | 0.000 |  | 1 | 1 |
| MSCI | USD | (1) | 03/15/28 | At Maturity | Hyundai Motor Co. | 0.000 |  | (17) | (17) |
| MSCI | USD | (1) | 03/15/28 | At Maturity | Kia Corp. | 0.000 |  | 9 | 9 |
| MSCI | USD |  | 03/15/28 | At Maturity | Yuhan Corp. | 0.000 |  | 6 | 6 |
| MSCI | USD | (1) | 03/15/28 | At Maturity | Celltrion, Inc. | 0.000 |  | 19 | 19 |
| MSCI | USD |  | 03/15/28 | At Maturity | SK Biopharmaceuticals Co. Ltd. | 0.000 |  | 3 | 3 |
| MSCI | USD | (1) | 03/15/28 | At Maturity | Alteogen, Inc. | 0.000 |  | 6 | 6 |
| MSCI | USD | (1) | 03/15/28 | At Maturity | Samsung Biologics Co. Ltd. | 0.000 |  | 32 | 32 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments**—**April 30, 2026 (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>15</sup>** | **Payments<br> received by<br> the portfolio<sup>15</sup>** | **Upfront<br> payments<br> received<br> (made)** | **Value** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD |  | 05/02/28 | At Maturity | SM Investments Corp. | 0.000% | $— | $2 | $2 |
| MSCI | USD | 26769 | 04/24/28 | At Maturity | 1 day USD SOFR | MSFPACE Index |  | 158034 | 158034 |
|  |  |  |  |  |  |  | $**0** | $**770029** | $**770029** |

---

**Forward foreign currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BB | USD | 438000 | TRY | 21247380 | 07/14/26 | $2275 |
| BNP | CLP | 8966040 | USD | 10000 | 05/20/26 | 35 |
| BNP | COP | 414993000 | USD | 110000 | 05/20/26 | (3658) |
| BNP | MXN | 3504935 | USD | 200000 | 05/20/26 | (393) |
| BNP | SEK | 2060656 | USD | 230000 | 05/20/26 | 6631 |
| BNP | SGD | 417671 | USD | 330000 | 05/20/26 | 1503 |
| BNP | USD | 30000 | PEN | 104472 | 05/20/26 | (246) |
| BNP | BRL | 664015 | USD | 130000 | 06/17/26 | (2662) |
| BNP | COP | 37535100 | USD | 10000 | 06/17/26 | (216) |
| BNP | IDR | 172356919 | USD | 20000 | 06/17/26 | 10063 |
| BNP | INR | 17836022 | USD | 190000 | 06/17/26 | 2782 |
| BNP | KRW | 162310913 | USD | 110000 | 06/17/26 | 441 |
| BNP | TWD | 5734171 | USD | 180000 | 06/17/26 | (1462) |
| BNP | USD | 10000 | BRL | 53486 | 06/17/26 | 686 |
| BNP | USD | 10000 | INR | 949557 | 06/17/26 | (33) |
| BNP | USD | 10000 | PEN | 34985 | 06/17/26 | (54) |
| BNP | USD | 280000 | SGD | 355197 | 06/17/26 | (86) |
| BNP | USD | 90000 | TWD | 2867562 | 06/17/26 | 746 |
| BNP | USD | 59000 | TRY | 2850126 | 07/14/26 | 59 |
| BNP | COP | 36716300 | USD | 10000 | 07/15/26 | 66 |
| BNP | SGD | 354507 | USD | 280000 | 07/15/26 | 81 |
| BNP | TWD | 2868444 | USD | 90000 | 07/15/26 | (932) |
| BNP | USD | 130000 | BRL | 668557 | 07/15/26 | 2688 |
| BNP | USD | 10000 | INR | 948473 | 07/15/26 | (71) |
| BNP | USD | 10000 | TWD | 316810 | 07/15/26 | 43 |
| BOA | AUD | 50000 | USD | 35027 | 05/20/26 | (960) |
| BOA | CAD | 27306 | USD | 20000 | 05/20/26 | (118) |
| BOA | CZK | 821796 | USD | 40000 | 05/20/26 | 441 |
| BOA | CZK | 630464 | USD | 30000 | 05/20/26 | (350) |
| BOA | GBP | 10000 | USD | 13470 | 05/20/26 | (138) |
| BOA | HUF | 6397943 | USD | 20000 | 05/20/26 | (601) |
| BOA | IDR | 508413000 | USD | 30000 | 05/20/26 | 649 |
| BOA | NZD | 10000 | USD | 5924 | 05/20/26 | 13 |
| BOA | NZD | 20000 | USD | 11686 | 05/20/26 | (136) |
| BOA | PHP | 2362900 | USD | 40000 | 05/20/26 | 1582 |
| BOA | PLN | 536854 | USD | 150000 | 05/20/26 | 1897 |
| BOA | USD | 14175 | AUD | 20000 | 05/20/26 | 219 |
| BOA | USD | 10000 | CLP | 8655100 | 05/20/26 | (381) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | USD | 220000 | CZK | 4689258 | 05/20/26 | $5734 |
| BOA | USD | 11854 | EUR | 10000 | 05/20/26 | (109) |
| BOA | USD | 13639 | GBP | 10000 | 05/20/26 | (32) |
| BOA | USD | 30000 | HUF | 10157257 | 05/20/26 | 2705 |
| BOA | USD | 10000 | INR | 912821 | 05/20/26 | (394) |
| BOA | USD | 50000 | KRW | 71960500 | 05/20/26 | (1464) |
| BOA | USD | 10000 | NOK | 96641 | 05/20/26 | 430 |
| BOA | USD | 30000 | PEN | 103560 | 05/20/26 | (506) |
| BOA | USD | 220000 | PLN | 818548 | 05/20/26 | 5814 |
| BOA | USD | 10000 | SEK | 92287 | 05/20/26 | 4 |
| BOA | USD | 20000 | SEK | 181039 | 05/20/26 | (376) |
| BOA | USD | 10000 | ZAR | 162593 | 05/20/26 | (250) |
| BOA | ZAR | 490024 | USD | 30000 | 05/20/26 | 616 |
| BOA | CAD | 96718 | USD | 70000 | 06/17/26 | (1342) |
| BOA | CHF | 7907 | USD | 10000 | 06/17/26 | (167) |
| BOA | COP | 37772300 | USD | 10000 | 06/17/26 | (281) |
| BOA | CZK | 5112146 | USD | 240000 | 06/17/26 | (6182) |
| BOA | EUR | 20000 | USD | 23151 | 06/17/26 | (368) |
| BOA | IDR | 1701900 | USD | 10000 | 06/17/26 | 9902 |
| BOA | KRW | 14770300 | USD | 10000 | 06/17/26 | 30 |
| BOA | KRW | 14880400 | USD | 10000 | 06/17/26 | (44) |
| BOA | MXN | 178654 | USD | 10000 | 06/17/26 | (190) |
| BOA | NZD | 10000 | USD | 5721 | 06/17/26 | (195) |
| BOA | PHP | 595760 | USD | 10000 | 06/17/26 | 323 |
| BOA | PLN | 818698 | USD | 220000 | 06/17/26 | (5842) |
| BOA | USD | 76899 | AUD | 110000 | 06/17/26 | 2232 |
| BOA | USD | 10000 | CHF | 7844 | 06/17/26 | 86 |
| BOA | USD | 70000 | CLP | 62255200 | 06/17/26 | (810) |
| BOA | USD | 50000 | CZK | 1057996 | 06/17/26 | 949 |
| BOA | USD | 23444 | EUR | 20000 | 06/17/26 | 75 |
| BOA | USD | 26862 | GBP | 20000 | 06/17/26 | 351 |
| BOA | USD | 10000 | HUF | 3251544 | 06/17/26 | 452 |
| BOA | USD | 10000 | JPY | 1588401 | 06/17/26 | 181 |
| BOA | USD | 20000 | MXN | 350984 | 06/17/26 | 20 |
| BOA | USD | 30000 | PEN | 103008 | 06/17/26 | (715) |
| BOA | USD | 120000 | PLN | 439754 | 06/17/26 | 1308 |
| BOA | USD | 10000 | SEK | 92410 | 06/17/26 | 32 |
| BOA | ZAR | 169178 | USD | 10000 | 06/17/26 | (123) |
| BOA | USD | 28171 | AUD | 40000 | 07/15/26 | 587 |
| BOA | USD | 10000 | CZK | 208390 | 07/15/26 | 38 |
| BOA | USD | 10000 | CZK | 206415 | 07/15/26 | (57) |
| BOA | USD | 40545 | GBP | 30000 | 07/15/26 | 269 |
| BOA | USD | 10000 | HUF | 3126089 | 07/15/26 | 33 |
| BOA | USD | 10000 | HUF | 3088773 | 07/15/26 | (87) |
| BOA | USD | 10000 | KRW | 14675800 | 07/15/26 | (85) |
| BOA | USD | 5887 | NZD | 10000 | 07/15/26 | 35 |
| BOA | USD | 10000 | PEN | 33766 | 07/15/26 | (414) |
| BOA | USD | 10000 | PLN | 36387 | 07/15/26 | 37 |
| BOA | USD | 10000 | PLN | 36060 | 07/15/26 | (53) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| BOA | USD | 10000 | SEK | 91455 | 07/15/26 | $(58) |
| BOA | USD | 20000 | ZAR | 330918 | 07/15/26 | (241) |
| CITI | CLP | 9245392 | USD | 10000 | 06/17/26 | (275) |
| CITI | USD | 10000 | CLP | 8977193 | 06/17/26 | (23) |
| CITI | USD | 438000 | BRL | 2283951 | 07/15/26 | 15295 |
| CITI | USD | 497000 | CLP | 446840480 | 07/15/26 | (375) |
| DB | AUD | 100000 | USD | 69911 | 05/20/26 | (2063) |
| DB | BRL | 213475 | USD | 40000 | 05/20/26 | (2941) |
| DB | CAD | 27051 | USD | 20000 | 05/20/26 | 70 |
| DB | CAD | 122495 | USD | 90000 | 05/20/26 | (251) |
| DB | COP | 112572600 | USD | 30000 | 05/20/26 | (831) |
| DB | IDR | 340130000 | USD | 20000 | 05/20/26 | 364 |
| DB | KRW | 14708300 | USD | 10000 | 05/20/26 | 80 |
| DB | KRW | 268462800 | USD | 180000 | 05/20/26 | (1069) |
| DB | PHP | 3556540 | USD | 60000 | 05/20/26 | 2176 |
| DB | TWD | 955130 | USD | 30000 | 05/20/26 | (173) |
| DB | USD | 7055 | AUD | 10000 | 05/20/26 | 142 |
| DB | USD | 360000 | BRL | 1940667 | 05/20/26 | 30375 |
| DB | USD | 370000 | CAD | 504679 | 05/20/26 | 1834 |
| DB | USD | 47366 | EUR | 40000 | 05/20/26 | (387) |
| DB | USD | 50000 | IDR | 843950000 | 05/20/26 | (1278) |
| DB | USD | 580000 | INR | 52752160 | 05/20/26 | (24867) |
| DB | USD | 30000 | JPY | 4584495 | 05/20/26 | (685) |
| DB | USD | 10000 | KRW | 14359400 | 05/20/26 | (315) |
| DB | USD | 220000 | NOK | 2134259 | 05/20/26 | 10332 |
| DB | USD | 140000 | PEN | 471037 | 05/20/26 | (5849) |
| DB | USD | 120000 | SEK | 1121065 | 05/20/26 | 1520 |
| DB | USD | 20000 | SEK | 177827 | 05/20/26 | (724) |
| DB | USD | 10000 | SGD | 12561 | 05/20/26 | (121) |
| DB | USD | 160000 | TWD | 5076880 | 05/20/26 | 381 |
| DB | USD | 10000 | TWD | 313330 | 05/20/26 | (102) |
| DB | CAD | 109371 | USD | 80000 | 06/17/26 | (677) |
| DB | CLP | 9337000 | USD | 10000 | 06/17/26 | (377) |
| DB | COP | 186037300 | USD | 50000 | 06/17/26 | (635) |
| DB | INR | 935815 | USD | 10000 | 06/17/26 | 177 |
| DB | JPY | 17312799 | USD | 110000 | 06/17/26 | (968) |
| DB | NOK | 854662 | USD | 90000 | 06/17/26 | (2205) |
| DB | SEK | 1119442 | USD | 120000 | 06/17/26 | (1521) |
| DB | THB | 318802 | USD | 10000 | 06/17/26 | 187 |
| DB | USD | 13949 | AUD | 20000 | 06/17/26 | 437 |
| DB | USD | 120000 | CAD | 165516 | 06/17/26 | 2091 |
| DB | USD | 120000 | CHF | 94032 | 06/17/26 | 905 |
| DB | USD | 100000 | COP | 369843000 | 06/17/26 | 662 |
| DB | USD | 10000 | IDR | 170855000 | 06/17/26 | (149) |
| DB | USD | 180000 | KRW | 268218000 | 06/17/26 | 1045 |
| DB | USD | 10000 | PEN | 34453 | 06/17/26 | (205) |
| DB | USD | 100000 | PLN | 362978 | 06/17/26 | 129 |
| DB | CAD | 165316 | USD | 120000 | 07/15/26 | (2083) |
| DB | CHF | 78203 | USD | 100000 | 07/15/26 | (854) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| DB | PLN | 363015 | USD | 100000 | 07/15/26 | $(131) |
| DB | THB | 320959 | USD | 10000 | 07/15/26 | 98 |
| DB | USD | 10000 | BRL | 50692 | 07/15/26 | 61 |
| DB | USD | 40000 | CAD | 54491 | 07/15/26 | 240 |
| DB | USD | 10000 | CLP | 9021500 | 07/15/26 | 27 |
| DB | USD | 99000 | COP | 367071990 | 07/15/26 | 316 |
| DB | USD | 10000 | HUF | 3158211 | 07/15/26 | 136 |
| DB | USD | 10000 | INR | 934629 | 07/15/26 | (216) |
| DB | USD | 90000 | NOK | 855072 | 07/15/26 | 2209 |
| DB | USD | 10000 | TWD | 314566 | 07/15/26 | (28) |
| GS | BRL | 105837 | USD | 20000 | 05/20/26 | (1290) |
| GS | CLP | 26698871 | USD | 30000 | 05/20/26 | 328 |
| GS | CLP | 9226920 | USD | 10000 | 05/20/26 | (255) |
| GS | COP | 227465500 | USD | 60000 | 05/20/26 | (2297) |
| GS | CZK | 204802 | USD | 10000 | 05/20/26 | 141 |
| GS | EUR | 20000 | USD | 23337 | 05/20/26 | (152) |
| GS | GBP | 10000 | USD | 13519 | 05/20/26 | (88) |
| GS | HUF | 6726149 | USD | 20000 | 05/20/26 | (1658) |
| GS | IDR | 4745270000 | USD | 280000 | 05/20/26 | 6053 |
| GS | INR | 59573120 | USD | 640000 | 05/20/26 | 13088 |
| GS | KRW | 29386852 | USD | 20000 | 05/20/26 | 180 |
| GS | MYR | 629721 | USD | 160000 | 05/20/26 | 1373 |
| GS | NOK | 1848578 | USD | 190000 | 05/20/26 | (9501) |
| GS | PEN | 1652868 | USD | 490000 | 05/20/26 | 19263 |
| GS | PHP | 6007600 | USD | 100000 | 05/20/26 | 2324 |
| GS | PLN | 143305 | USD | 40000 | 05/20/26 | 467 |
| GS | THB | 8826633 | USD | 280000 | 05/20/26 | 8930 |
| GS | TWD | 4807010 | USD | 150000 | 05/20/26 | (1856) |
| GS | USD | 270000 | CHF | 211193 | 05/20/26 | 732 |
| GS | USD | 10000 | CHF | 7586 | 05/20/26 | (276) |
| GS | USD | 200000 | COP | 748822000 | 05/20/26 | 5085 |
| GS | USD | 50000 | IDR | 842186000 | 05/20/26 | (1380) |
| GS | USD | 10000 | INR | 912370 | 05/20/26 | (399) |
| GS | USD | 130000 | KRW | 189939049 | 05/20/26 | (1892) |
| GS | USD | 10000 | MYR | 39388 | 05/20/26 | (78) |
| GS | USD | 48060 | NZD | 80000 | 05/20/26 | (774) |
| GS | USD | 60000 | PEN | 204255 | 05/20/26 | (1828) |
| GS | USD | 410000 | SGD | 522277 | 05/20/26 | 769 |
| GS | USD | 170000 | THB | 5383700 | 05/20/26 | (4664) |
| GS | USD | 10000 | TWD | 311700 | 05/20/26 | (153) |
| GS | MYR | 121202 | USD | 30000 | 06/16/26 | (552) |
| GS | USD | 140000 | MYR | 556190 | 06/16/26 | 207 |
| GS | USD | 10000 | MYR | 39041 | 06/16/26 | (158) |
| GS | BRL | 728339 | USD | 140000 | 06/17/26 | (5513) |
| GS | CHF | 210550 | USD | 270000 | 06/17/26 | (723) |
| GS | CLP | 18292933 | USD | 20000 | 06/17/26 | (331) |
| GS | COP | 74708400 | USD | 20000 | 06/17/26 | (334) |
| GS | EUR | 20000 | USD | 23138 | 06/17/26 | (382) |
| GS | INR | 13269280 | USD | 140000 | 06/17/26 | 717 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| GS | KRW | 88887362 | USD | 60000 | 06/17/26 | $2 |
| GS | MXN | 177693 | USD | 10000 | 06/17/26 | (136) |
| GS | PHP | 2406960 | USD | 40000 | 06/17/26 | 902 |
| GS | SEK | 92715 | USD | 10000 | 06/17/26 | (65) |
| GS | SGD | 533961 | USD | 420000 | 06/17/26 | (790) |
| GS | THB | 2897901 | USD | 90000 | 06/17/26 | 803 |
| GS | TWD | 641260 | USD | 20000 | 06/17/26 | (293) |
| GS | USD | 140000 | CHF | 109621 | 06/17/26 | 950 |
| GS | USD | 190000 | IDR | 3228347000 | 06/17/26 | (3871) |
| GS | USD | 20000 | INR | 1912460 | 06/17/26 | 74 |
| GS | USD | 640000 | INR | 59713920 | 06/17/26 | (13205) |
| GS | USD | 190000 | NOK | 1849034 | 06/17/26 | 9482 |
| GS | USD | 10000 | PEN | 33965 | 06/17/26 | (344) |
| GS | USD | 90000 | PHP | 5414760 | 06/17/26 | (2043) |
| GS | USD | 120000 | TWD | 3849840 | 06/17/26 | 1831 |
| GS | USD | 10000 | ZAR | 171004 | 06/17/26 | 233 |
| GS | MYR | 78669 | USD | 20000 | 07/15/26 | 154 |
| GS | MYR | 357659 | USD | 90000 | 07/15/26 | (230) |
| GS | USD | 7109 | AUD | 10000 | 07/15/26 | 80 |
| GS | USD | 438000 | COP | 1631059440 | 07/15/26 | 3299 |
| GS | USD | 60000 | KRW | 88802694 | 07/15/26 | (7) |
| GS | USD | 30000 | MYR | 118405 | 07/15/26 | (129) |
| GS | USD | 10000 | PEN | 34012 | 07/15/26 | (344) |
| GS | USD | 40000 | PHP | 2410880 | 07/15/26 | (873) |
| HSBC | EUR | 10000 | USD | 11781 | 05/20/26 | 36 |
| HSBC | USD | 10000 | SEK | 92413 | 05/20/26 | 17 |
| HSBC | USD | 10000 | THB | 320150 | 06/17/26 | (146) |
| HSBC | USD | 1072000 | CNY | 7294183 | 07/15/26 | 540 |
| HSBC | USD | 438000 | MXN | 7700237 | 07/15/26 | 196 |
| JPMCB | USD | 207641 | JPY | 33051791 | 05/01/26 | 3480 |
| JPMCB | EUR | 20260 | USD | 23676 | 05/05/26 | (103) |
| JPMCB | HKD | 3189174 | USD | 415278 | 05/08/26 | 8060 |
| JPMCB | USD | 412497 | HKD | 3189174 | 05/08/26 | (5279) |
| JPMCB | AUD | 10000 | USD | 7016 | 05/20/26 | (182) |
| JPMCB | USD | 10000 | BRL | 52247 | 05/20/26 | 510 |
| JPMCB | USD | 89036 | EGP | 4743654 | 05/21/26 | (1379) |
| JPMCB | AUD | 184844 | NZD | 225508 | 05/29/26 | 313 |
| JPMCB | AUD | 324924 | NZD | 394434 | 05/29/26 | (615) |
| JPMCB | BRL | 100505 | USD | 20000 | 05/29/26 | (170) |
| JPMCB | CLP | 145215302 | USD | 162518 | 05/29/26 | 1129 |
| JPMCB | CLP | 395879224 | USD | 437000 | 05/29/26 | (2974) |
| JPMCB | CNH | 6529248 | USD | 958953 | 05/29/26 | 1681 |
| JPMCB | GBP | 24099 | USD | 32656 | 05/29/26 | (136) |
| JPMCB | HUF | 7442364 | USD | 24000 | 05/29/26 | 49 |
| JPMCB | IDR | 18444223406 | USD | 1068147 | 05/29/26 | 3685 |
| JPMCB | IDR | 277900800 | USD | 16000 | 05/29/26 | (38) |
| JPMCB | ILS | 666971 | USD | 223524 | 05/29/26 | (2753) |
| JPMCB | INR | 15763155 | USD | 166566 | 05/29/26 | 816 |
| JPMCB | INR | 953870 | USD | 10000 | 05/29/26 | (30) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| JPMCB | JPY | 43515028 | USD | 274117 | 05/29/26 | $(4353) |
| JPMCB | KRW | 616948260 | USD | 416370 | 05/29/26 | 159 |
| JPMCB | MXN | 40392868 | USD | 2318053 | 05/29/26 | 10366 |
| JPMCB | PHP | 13632426 | USD | 224032 | 05/29/26 | 2453 |
| JPMCB | PHP | 984592 | USD | 16000 | 05/29/26 | (3) |
| JPMCB | SGD | 903882 | USD | 711431 | 05/29/26 | 75 |
| JPMCB | TWD | 17242851 | USD | 546158 | 05/29/26 | 1142 |
| JPMCB | USD | 1231213 | BRL | 6226248 | 05/29/26 | 18356 |
| JPMCB | USD | 131000 | CLP | 118227639 | 05/29/26 | 396 |
| JPMCB | USD | 1113111 | CLP | 996466603 | 05/29/26 | (5654) |
| JPMCB | USD | 629242 | HUF | 195295195 | 05/29/26 | (738) |
| JPMCB | USD | 540295 | IDR | 9384541000 | 05/29/26 | 1309 |
| JPMCB | USD | 782817 | NOK | 7257721 | 05/29/26 | 371 |
| JPMCB | USD | 10000 | PLN | 36336 | 05/29/26 | 24 |
| JPMCB | USD | 471491 | PLN | 1704297 | 05/29/26 | (1334) |
| JPMCB | USD | 360739 | SEK | 3313091 | 05/29/26 | (1440) |
| JPMCB | USD | 1912289 | ZAR | 31611951 | 05/29/26 | (17955) |
| JPMCB | ZAR | 252422 | USD | 15000 | 05/29/26 | (126) |
| JPMCB | USD | 10000 | JPY | 1586867 | 06/17/26 | 171 |
| JPMCB | EGP | 16676548 | USD | 302000 | 09/16/26 | 8647 |
| JPMCB | NGN | 223046990 | USD | 146000 | 09/16/26 | (7411) |
| JPMCB | TRY | 12490000 | USD | 239741 | 09/16/26 | (4047) |
| JPMCB | USD | 1434163 | EGP | 78885606 | 09/16/26 | (46501) |
| JPMCB | USD | 16554 | NGN | 24532990 | 09/16/26 | 320 |
| JPMCB | USD | 138000 | NGN | 198514000 | 09/16/26 | (1463) |
| JPMCB | USD | 1193099 | TRY | 63973476 | 09/16/26 | 55579 |
| JPMCB | USD | 117436 | TRY | 6329000 | 09/17/26 | 5985 |
| JPMCB | TRY | 10368000 | USD | 144000 | 09/27/27 | (1574) |
| JPMCB | USD | 143654 | TRY | 10368000 | 09/27/27 | 1920 |
| JPMCB | NGN | 242302000 | USD | 158714 | 12/16/26 | (2731) |
| JPMCB | USD | 149000 | NGN | 242302000 | 12/16/26 | 12446 |
| MSCI | BRL | 266270 | USD | 50000 | 05/20/26 | (3561) |
| MSCI | CAD | 40545 | USD | 30000 | 05/20/26 | 128 |
| MSCI | CAD | 40864 | USD | 30000 | 05/20/26 | (108) |
| MSCI | CHF | 223289 | USD | 290000 | 05/20/26 | 3763 |
| MSCI | CLP | 43600900 | USD | 50000 | 05/20/26 | 1543 |
| MSCI | EUR | 10000 | USD | 11625 | 05/20/26 | (120) |
| MSCI | HUF | 3320352 | USD | 10000 | 05/20/26 | (691) |
| MSCI | JPY | 1553104 | USD | 10000 | 05/20/26 | 69 |
| MSCI | NZD | 20000 | USD | 11807 | 05/20/26 | (15) |
| MSCI | PHP | 588210 | USD | 10000 | 05/20/26 | 436 |
| MSCI | PLN | 35722 | USD | 10000 | 05/20/26 | 145 |
| MSCI | SGD | 50825 | USD | 40000 | 05/20/26 | 26 |
| MSCI | SGD | 25447 | USD | 20000 | 05/20/26 | (14) |
| MSCI | USD | 80000 | CLP | 73148800 | 05/20/26 | 1295 |
| MSCI | USD | 10000 | CLP | 8635500 | 05/20/26 | (403) |
| MSCI | USD | 40000 | HUF | 12950624 | 05/20/26 | 1700 |
| MSCI | USD | 150000 | IDR | 2529337000 | 05/20/26 | (3981) |
| MSCI | USD | 10000 | KRW | 14383100 | 05/20/26 | (299) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| MSCI | USD | 10000 | MXN | 175473 | 05/20/26 | $33 |
| MSCI | USD | 20000 | MXN | 345641 | 05/20/26 | (238) |
| MSCI | USD | 150000 | MYR | 588633 | 05/20/26 | (1723) |
| MSCI | USD | 23997 | NZD | 40000 | 05/20/26 | (354) |
| MSCI | USD | 130000 | PEN | 448950 | 05/20/26 | (2139) |
| MSCI | USD | 10000 | SGD | 12542 | 05/20/26 | (136) |
| MSCI | USD | 80000 | THB | 2474337 | 05/20/26 | (4011) |
| MSCI | USD | 20000 | ZAR | 320302 | 05/20/26 | (793) |
| MSCI | ZAR | 162633 | USD | 10000 | 05/20/26 | 248 |
| MSCI | CNH | 8653340 | USD | 1264657 | 05/22/26 | (3415) |
| MSCI | USD | 651162 | CNH | 4450102 | 05/22/26 | 962 |
| MSCI | MYR | 509639 | USD | 130000 | 06/16/26 | 1528 |
| MSCI | USD | 10000 | MYR | 39233 | 06/16/26 | (110) |
| MSCI | CLP | 82300500 | USD | 90000 | 06/17/26 | (1469) |
| MSCI | COP | 37628700 | USD | 10000 | 06/17/26 | (242) |
| MSCI | HUF | 3228570 | USD | 10000 | 06/17/26 | (379) |
| MSCI | IDR | 2894845000 | USD | 170000 | 06/17/26 | 3099 |
| MSCI | MXN | 543749 | USD | 30000 | 06/17/26 | (1016) |
| MSCI | NOK | 862634 | USD | 90000 | 06/17/26 | (3065) |
| MSCI | PLN | 37254 | USD | 10000 | 06/17/26 | (277) |
| MSCI | USD | 10000 | BRL | 53105 | 06/17/26 | 610 |
| MSCI | USD | 50000 | CLP | 44387000 | 06/17/26 | (668) |
| MSCI | USD | 180000 | CZK | 3754436 | 06/17/26 | 798 |
| MSCI | USD | 10000 | PHP | 603990 | 06/17/26 | (189) |
| MSCI | USD | 10000 | PLN | 37077 | 06/17/26 | 228 |
| MSCI | USD | 50000 | SEK | 462776 | 06/17/26 | 236 |
| MSCI | USD | 80000 | THB | 2570103 | 06/17/26 | (892) |
| MSCI | BRL | 2700116 | USD | 523749 | 07/15/26 | (12141) |
| MSCI | CHF | 15614 | USD | 20000 | 07/15/26 | (137) |
| MSCI | CLP | 44389000 | USD | 50000 | 07/15/26 | 665 |
| MSCI | CZK | 832108 | USD | 40000 | 07/15/26 | (84) |
| MSCI | EUR | 10000 | USD | 11743 | 07/15/26 | (31) |
| MSCI | MXN | 350060 | USD | 20000 | 07/15/26 | 80 |
| MSCI | SEK | 554835 | USD | 60000 | 07/15/26 | (315) |
| MSCI | THB | 2246986 | USD | 70000 | 07/15/26 | 679 |
| MSCI | USD | 7160 | AUD | 10000 | 07/15/26 | 30 |
| MSCI | USD | 40000 | CAD | 54647 | 07/15/26 | 356 |
| MSCI | USD | 10000 | CHF | 7738 | 07/15/26 | (21) |
| MSCI | USD | 10000 | CZK | 206190 | 07/15/26 | (68) |
| MSCI | USD | 11833 | EUR | 10000 | 07/15/26 | (59) |
| MSCI | USD | 10000 | HUF | 3234416 | 07/15/26 | 380 |
| MSCI | USD | 10000 | KRW | 14725260 | 07/15/26 | (52) |
| MSCI | USD | 69000 | MXN | 1210954 | 07/15/26 | (88) |
| MSCI | USD | 5918 | NZD | 10000 | 07/15/26 | 3 |
| MSCI | ZAR | 166432 | USD | 10000 | 07/15/26 | 62 |
| SCB | AUD | 10000 | USD | 7118 | 05/20/26 | (80) |
| SCB | BRL | 1380221 | USD | 260000 | 05/20/26 | (17638) |
| SCB | CAD | 26971 | USD | 20000 | 05/20/26 | 129 |
| SCB | CAD | 109057 | USD | 80000 | 05/20/26 | (351) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SCB | EUR | 30000 | USD | 34955 | 05/20/26 | $(280) |
| SCB | GBP | 20000 | USD | 26665 | 05/20/26 | (550) |
| SCB | HUF | 6463710 | USD | 20000 | 05/20/26 | (813) |
| SCB | INR | 3696951 | USD | 40000 | 05/20/26 | 1095 |
| SCB | JPY | 7780367 | USD | 50000 | 05/20/26 | 247 |
| SCB | JPY | 15794361 | USD | 100000 | 05/20/26 | (998) |
| SCB | KRW | 14662900 | USD | 10000 | 05/20/26 | 110 |
| SCB | NOK | 771501 | USD | 80000 | 05/20/26 | (3261) |
| SCB | NZD | 70000 | USD | 41444 | 05/20/26 | 69 |
| SCB | PHP | 5895825 | USD | 100000 | 05/20/26 | 4142 |
| SCB | SGD | 25366 | USD | 20000 | 05/20/26 | 50 |
| SCB | SGD | 25474 | USD | 20000 | 05/20/26 | (35) |
| SCB | THB | 1268148 | USD | 40000 | 05/20/26 | 1055 |
| SCB | TWD | 635634 | USD | 20000 | 05/20/26 | (80) |
| SCB | USD | 98664 | AUD | 140000 | 05/20/26 | 2102 |
| SCB | USD | 10000 | CHF | 7607 | 05/20/26 | (249) |
| SCB | USD | 23860 | EUR | 20000 | 05/20/26 | (371) |
| SCB | USD | 13606 | GBP | 10000 | 05/20/26 | 2 |
| SCB | USD | 13691 | GBP | 10000 | 05/20/26 | (84) |
| SCB | USD | 70000 | IDR | 1178966000 | 05/20/26 | (1937) |
| SCB | USD | 40000 | INR | 3653983 | 05/20/26 | (1548) |
| SCB | USD | 150000 | JPY | 23396325 | 05/20/26 | (391) |
| SCB | USD | 20000 | KRW | 29310300 | 05/20/26 | (231) |
| SCB | USD | 50000 | MXN | 881830 | 05/20/26 | 418 |
| SCB | USD | 50000 | MXN | 867588 | 05/20/26 | (396) |
| SCB | USD | 40000 | NOK | 381612 | 05/20/26 | 1184 |
| SCB | USD | 100000 | PEN | 341199 | 05/20/26 | (2827) |
| SCB | USD | 310000 | PHP | 18262410 | 05/20/26 | (13078) |
| SCB | USD | 50000 | SEK | 452446 | 05/20/26 | (957) |
| SCB | USD | 50000 | THB | 1547173 | 05/20/26 | (2486) |
| SCB | USD | 10000 | ZAR | 160842 | 05/20/26 | (355) |
| SCB | AUD | 130000 | USD | 91409 | 06/17/26 | (2108) |
| SCB | CAD | 54809 | USD | 40000 | 06/17/26 | (429) |
| SCB | CHF | 15772 | USD | 20000 | 06/17/26 | (279) |
| SCB | CZK | 211410 | USD | 10000 | 06/17/26 | (181) |
| SCB | EUR | 20000 | USD | 23199 | 06/17/26 | (320) |
| SCB | GBP | 20000 | USD | 26503 | 06/17/26 | (710) |
| SCB | INR | 2800599 | USD | 30000 | 06/17/26 | 603 |
| SCB | MXN | 358105 | USD | 20000 | 06/17/26 | (427) |
| SCB | NOK | 95923 | USD | 10000 | 06/17/26 | (349) |
| SCB | NZD | 160000 | USD | 92784 | 06/17/26 | (1873) |
| SCB | PEN | 240702 | USD | 70000 | 06/17/26 | 1569 |
| SCB | PHP | 3016231 | USD | 50000 | 06/17/26 | 1005 |
| SCB | SEK | 282986 | USD | 30000 | 06/17/26 | (719) |
| SCB | SGD | 25566 | USD | 20000 | 06/17/26 | (148) |
| SCB | TWD | 323180 | USD | 10000 | 06/17/26 | (227) |
| SCB | USD | 14095 | AUD | 20000 | 06/17/26 | 293 |
| SCB | USD | 260000 | BRL | 1388746 | 06/17/26 | 17454 |
| SCB | USD | 20000 | CHF | 15879 | 06/17/26 | 417 |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SCB | USD | 20000 | CZK | 423629 | 06/17/26 | $400 |
| SCB | USD | 46948 | EUR | 40000 | 06/17/26 | 91 |
| SCB | USD | 13418 | GBP | 10000 | 06/17/26 | 188 |
| SCB | USD | 90000 | JPY | 14242621 | 06/17/26 | 1289 |
| SCB | USD | 10000 | KRW | 15273500 | 06/17/26 | 310 |
| SCB | USD | 100000 | MXN | 1754989 | 06/17/26 | 105 |
| SCB | USD | 30000 | MXN | 524131 | 06/17/26 | (103) |
| SCB | USD | 40844 | NZD | 70000 | 06/17/26 | 569 |
| SCB | USD | 10000 | PEN | 35043 | 06/17/26 | (37) |
| SCB | USD | 100000 | SEK | 929799 | 06/17/26 | 934 |
| SCB | USD | 30000 | SGD | 38231 | 06/17/26 | 128 |
| SCB | USD | 130000 | SGD | 164857 | 06/17/26 | (84) |
| SCB | EUR | 10000 | USD | 11782 | 07/15/26 | 8 |
| SCB | EUR | 50000 | USD | 58716 | 07/15/26 | (153) |
| SCB | GBP | 1571000 | AUD | 2960848 | 07/15/26 | (8530) |
| SCB | GBP | 2621000 | USD | 3523984 | 07/15/26 | (41781) |
| SCB | JPY | 3160603 | USD | 20000 | 07/15/26 | (305) |
| SCB | MXN | 525418 | USD | 30000 | 07/15/26 | 100 |
| SCB | NOK | 93212 | USD | 10000 | 07/15/26 | (52) |
| SCB | PHP | 1211039 | USD | 20000 | 07/15/26 | 345 |
| SCB | SEK | 91181 | USD | 10000 | 07/15/26 | 88 |
| SCB | USD | 7131 | AUD | 10000 | 07/15/26 | 58 |
| SCB | USD | 59000 | BRL | 300280 | 07/15/26 | 597 |
| SCB | USD | 10000 | CAD | 13619 | 07/15/26 | 58 |
| SCB | USD | 10000 | CHF | 7751 | 07/15/26 | (4) |
| SCB | USD | 10000 | CLP | 8810500 | 07/15/26 | (208) |
| SCB | USD | 10000 | KRW | 14794100 | 07/15/26 | (6) |
| SCB | USD | 20000 | NOK | 189625 | 07/15/26 | 449 |
| SCB | USD | 41322 | NZD | 70000 | 07/15/26 | 127 |
| SCB | USD | 5938 | NZD | 10000 | 07/15/26 | (17) |
| SCB | USD | 10000 | PEN | 34481 | 07/15/26 | (211) |
| SCB | USD | 10000 | PLN | 35981 | 07/15/26 | (75) |
| SCB | USD | 10000 | TWD | 314617 | 07/15/26 | (26) |
| SG | CAD | 108971 | USD | 80000 | 05/20/26 | (287) |
| SG | CZK | 2675900 | USD | 130000 | 05/20/26 | 1186 |
| SG | CZK | 208963 | USD | 10000 | 05/20/26 | (59) |
| SG | INR | 1853680 | USD | 20000 | 05/20/26 | 493 |
| SG | JPY | 3129543 | USD | 20000 | 05/20/26 | (12) |
| SG | PLN | 71400 | USD | 20000 | 05/20/26 | 303 |
| SG | THB | 320313 | USD | 10000 | 05/20/26 | 163 |
| SG | USD | 13674 | GBP | 10000 | 05/20/26 | (67) |
| SG | USD | 10000 | IDR | 168730000 | 05/20/26 | (259) |
| SG | USD | 60000 | INR | 5492504 | 05/20/26 | (2201) |
| SG | USD | 60000 | MXN | 1076118 | 05/20/26 | 1527 |
| SG | USD | 10000 | MXN | 173596 | 05/20/26 | (75) |
| SG | USD | 30000 | THB | 931821 | 05/20/26 | (1384) |
| SG | USD | 20000 | TWD | 632324 | 05/20/26 | (25) |
| SG | AUD | 20000 | USD | 14117 | 06/17/26 | (270) |
| SG | BRL | 53082 | USD | 10000 | 06/17/26 | (605) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Sell** | **Sell** | **Purchase** | **Purchase** | **Settlement<br> date** | **Unrealized<br> appreciation<br> (depreciation)** |
| SG | GBP | 10000 | USD | 13249 | 06/17/26 | $(357) |
| SG | INR | 27945214 | USD | 300000 | 06/17/26 | 6669 |
| SG | MXN | 1435922 | USD | 80000 | 06/17/26 | (1905) |
| SG | USD | 70000 | CAD | 95238 | 06/17/26 | 251 |
| SG | USD | 10000 | CHF | 7793 | 06/17/26 | 20 |
| SG | USD | 58544 | NZD | 100000 | 06/17/26 | 617 |
| SG | USD | 10000 | THB | 326199 | 06/17/26 | 40 |
| SG | NZD | 100000 | USD | 58598 | 07/15/26 | (613) |
| SG | USD | 14110 | AUD | 20000 | 07/15/26 | 269 |
| SG | USD | 13472 | GBP | 10000 | 07/15/26 | 133 |
| SG | USD | 10000 | IDR | 1742300 | 07/15/26 | (9900) |
| SG | USD | 280000 | INR | 26183814 | 07/15/26 | (5890) |
| SSB | USD | 18883 | AUD | 26550 | 05/01/26 | 231 |
| SSB | CAD | 377000 | USD | 275987 | 06/25/26 | (2196) |
| SSB | EUR | 137000 | USD | 158997 | 06/25/26 | (2168) |
| **Net unrealized appreciation (depreciation)** |  |  |  |  |  | $**(10272)** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of April 30, 2026 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $50903886 | $7552637 | $— | $58456523 |
| Exchange traded funds | 3581959 |  |  | 3581959 |
| Investment companies | 19742674 |  |  | 19742674 |
| Warrants | 46 |  |  | 46 |
| Corporate bonds |  | 138681669 | 795 | 138682464 |
| Non-U.S. government agency obligations |  | 1524106 |  | 1524106 |
| Short-term investments | 105038283 |  |  | 105038283 |
| Short-term U.S. Treasury obligations |  | 29235748 |  | 29235748 |
| Equity options purchased | 1898023 |  |  | 1898023 |
| Foreign exchange options purchased |  | 1509090 |  | 1509090 |
| Options purchased | 1342 |  |  | 1342 |
| Futures contracts | 338467 | 4021 |  | 342488 |
| Swap agreements |  | 1243920 |  | 1243920 |
| Forward foreign currency contracts |  | 422922 |  | 422922 |
| **Total** | $181504680 | $180174113 | $795 | $361679588 |
| **Liabilities** |  |  |  |  |
| Common stocks | $(118477270) | $(2485273) | $— | $(120962543) |
| Exchange traded funds | (5875715) |  |  | (5875715) |
| Corporate bonds |  | (29768) |  | (29768) |

---

**PACE Alternative Strategies Investments**

**Portfolio of investments** – **April 30, 2026 (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** |
| U.S. Treasury obligations | $— | $(4499334) | $— | $(4499334) |
| Short-term U.S. Treasury obligations |  | (421824) |  | (421824) |
| Equity options written | (1341110) |  |  | (1341110) |
| Options written | (895) |  |  | (895) |
| Futures contracts | (425807) | (75944) |  | (501751) |
| Swap agreements |  | (661143) |  | (661143) |
| Forward foreign currency contracts |  | (433194) |  | (433194) |
| **Total** | $**(126120797)** | $**(8606480)** | $**—** | $**(134727277)** |

---

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

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

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| \* | Non–income producing security. |
| 1 | Security fair valued by the Valuation Committee under the direction of the Board of Trustees. |
| 2 | Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements. |
| 3 | In U.S. dollars unless otherwise indicated. |
| 4 | 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 $41,080,855, represented 15.3% of the Portfolio's net assets at period end. |
| 5 | Zero coupon bond. |
| 6 | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 7 | Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer. |
| 8 | Bond interest in default. |
| 9 | Rate shown reflects yield at April 30, 2026. |
| 10 | Significant unobservable inputs were used in the valuation of this security; i.e. Level 3. |
| 11 | For disclosure purposes. Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by the contract multiplier. |
| 12 | If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| 13 | 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. |
| 14 | Payments made or received are based on the notional amount. |
| 15 | If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |

---

**PACE Select Advisors Trust**

**Glossary of terms used in the Portfolio of investments<br> April 30, 2026 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio acronyms:** | **Portfolio acronyms:** |  |  |
| ABS<br> ACES<br> ADR<br> AGM<br> AID<br> AMBAC<br> AMT<br> ARM<br> BAM<br> BBSW<br> BOBL<br> CAC<br> CBOE<br> CDO<br> CDI<br> CDX.EM.S<br> CDX.NA.HY.S<br> CJSC<br> CLO<br> CMT<br> COFI<br> COP<br> CORRA<br> CPI<br> DAC<br> DIP<br> ETF<br> EURIBOR<br> FHA<br> FHLB<br> FHLMC<br> FNMA<br> FRN<br> GDR<br> GMAC<br> GNMA<br> GO<br> GSAMP<br> GTD | Asset-backed Security<br> Alternative Credit Enhancement Securities<br> American Depositary Receipt<br> Assured Guaranty Municipal<br> Anticipation Certificates of Indebtedness<br> American Municipal Bond Assurance Corporation<br> Alternative Minimum Tax<br> Adjustable Rate Mortgage<br> Build America Mutual<br> Bank Bill Swap Rate<br> Bundesobligationen<br> Cotation Assistée en Continu<br> Chicago Board Options Exchange<br> Collateralized Debt Obligation<br> Certificado de Depósito Interbancário<br> Markit Emerging Markets Index<br> Markit North American High Yield<br> Closed Joint Stock Company<br> Collateralized Loan Obligation<br> Constant Maturity Treasury Index<br> Cost of Funds Index<br> Certificate of Participation<br> Canadian Overnight Repo Rate Average<br> Consumer Price Index<br> Designated Activity Company<br> Debtor-in-possession<br> Exchange Traded Fund<br> Euro Interbank Offered Rate<br> Federal Housing Administration<br> Federal Home Loan Bank<br> Federal Home Loan Mortgage Corporation<br> Federal National Mortgage Association<br> Floating Rate Note<br> Global Depositary Receipt<br> General Motors Acceptance Corporation<br> Government National Mortgage Association<br> General Obligation<br> Goldman Sachs Asset Mortgage Passthrough<br> Guaranteed | IO<br> JSC<br> LIBOR<br> MGIC<br> MKM<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> MKM Partners<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<br> JPMCB | 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<br> JPMorgan Chase Bank | MCM<br> MSCI<br> NW<br> OCC<br> RBC<br> RBS<br> SCB<br> SG<br> SSB<br> TD<br> WBC<br> WF | ED&F Man Capital Markets, Inc.<br> Morgan Stanley & Co. International PLC<br> National Westminster<br> Options Clearing Corp.<br> Royal Bank of Canada<br> Royal Bank of Scotland PLC<br> Standard Chartered Bank<br> Societe Generale<br> State Street Bank and Trust Co.<br> Toronto-Dominion Bank<br> Westpac Banking Corp.<br> Wells Fargo Investment LLC |

---

See accompanying notes to financial statements.

**PACE Select Advisors Trust**

**Valuation of investments**

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio's assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern Time, a Portfolio's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Each Portfolio calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio's net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio's investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at "fair value," that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios' use of the practical expedient within ASC Topic 820, *Fair Value Measurement*, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee with respect to the Portfolios' portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

For more information regarding the Portfolio's other significant accounting policies, please refer to the Portfolio's semi-annual report to shareholders dated January 31, 2026.

## 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:** 1285 Avenue of the Americas

  - **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 Global Real Estate Securities Investments

- **b. EDGAR series identifier (if any):** S000006034

- **c. LEI of Series:** 549300943NI4EJH6E076

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $59553979.94

**Total Liabilities:** $5221063.10

**Net Assets:** $54332916.84

**Cash Not Reported:** $1402.50

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016586 | 5.38%                | -8.51%               | 8.22%                |
| Class ID C000016590 | 5.50%                | -8.49%               | 8.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $139407.29               | $2664080.46                                |
| Month 2  | $128313.09               | $-5113307.95                               |
| Month 3  | $-173106.59              | $4238339.56                                |

**Designated Index Information**

- **Index Name:** FTSE EPRA/NAREIT Developed Index

- **Index Identifier:** FTSE.MC.FTSEENGL

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LondonMetric Property PLC                        | LondonMetric Property PLC                                                   | CUSIP: 000000000<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               |  | GB        |    156621 | NS      | $403154.33    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity Residential                               | Equity Residential                                                          | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |     15616 | NS      | $1020974.08   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Derwent London PLC                               | Derwent London PLC                                                          | CUSIP: 000000000<br>LEI: 213800BXKQ9KZNUR1M61 | Long             | EC               |  | GB        |     11381 | NS      | $266277.89    | 0.49%             |  |  |  | No            |                  2 | On Loan: —       |
| Swire Properties Ltd                             | Swire Properties Ltd.                                                       | CUSIP: 000000000<br>LEI: 5299001L12PHYVQ92465 | Long             | EC               | CORP              | HK        |    207600 | NS      | $663308.17    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Highwoods Properties Inc                         | Highwoods Properties, Inc.                                                  | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               |  | US        |     31968 | NS      | $777142.08    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc            | Essential Properties Realty Trust, Inc.                                     | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |     22241 | NS      | $699034.63    | 1.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Land Securities Group PLC                        | Land Securities Group PLC                                                   | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               |  | GB        |     93790 | NS      | $754661.03    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group                                    | Scentre Group                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    417047 | NS      | $1120684.64   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                       | Ventas, Inc.                                                                | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |     25171 | NS      | $2211524.06   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Tatemono Co Ltd                            | Tokyo Tatemono Co. Ltd.                                                     | CUSIP: 000000000<br>LEI: 529900RQA4JTW1869J86 | Long             | EC               | CORP              | JP        |     24200 | NS      | $556860.69    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Americold Realty Trust Inc                       | Americold Realty Trust, Inc.                                                | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |     36072 | NS      | $441160.56    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                     | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   2451430 | NS      | $2451429.65   | 4.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers Corp                             | Regency Centers Corp.                                                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |     10822 | NS      | $842492.70    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                          | BXP, Inc.                                                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |     12259 | NS      | $716661.14    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                     | Prologis, Inc.                                                              | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |     32023 | NS      | $4547906.46   | 8.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Living Inc                                 | Janus Living, Inc.                                                          | CUSIP: 471024109<br>LEI: 2549003JCIOFKGHO7313 | Long             | EC               |  | US        |     39438 | NS      | $1034853.12   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                            | American Homes 4 Rent                                                       | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     33341 | NS      | $1061577.44   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Asia Investment Corp                        | Star Asia Investment Corp.                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |       216 | NS      | $77713.13     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                        | Unibail-Rodamco-Westfield                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | XX        |     10966 | NS      | $1331353.92   | 2.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Acadia Realty Trust                              | Acadia Realty Trust                                                         | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               |  | US        |     45760 | NS      | $989331.20    | 1.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Goodman Group                                    | Goodman Group                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     97551 | NS      | $2113514.75   | 3.89%             |  |  |  | No            |                  2 | On Loan: —       |
| Big Yellow Group PLC                             | Big Yellow Group PLC                                                        | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               |  | GB        |     40581 | NS      | $498492.62    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust                  | Federal Realty Investment Trust                                             | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |      9735 | NS      | $1079611.50   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                        | Shurgard Self Storage Ltd.                                                  | CUSIP: 000000000<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               |  | GG        |     24153 | NS      | $742938.47    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryman Hospitality Properties Inc                 | Ryman Hospitality Properties, Inc.                                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |      7238 | NS      | $760641.42    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                             | Lamar Advertising Co.                                                       | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               |  | US        |      7715 | NS      | $1063435.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkway Life Real Estate Investment Trust        | Parkway Life Real Estate Investment Trust                                   | CUSIP: 000000000<br>LEI: 549300I4DKVD2OF5LW91 | Long             | EC               |  | SG        |     74500 | NS      | $235727.18    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Accommodations Fund Inc           | Mitsui Fudosan Accommodations Fund, Inc.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |       530 | NS      | $442752.11    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunstone Hotel Investors Inc                     | Sunstone Hotel Investors, Inc.                                              | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |     59693 | NS      | $586185.26    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Grainger PLC                                     | Grainger PLC                                                                | CUSIP: 000000000<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               |  | GB        |    282412 | NS      | $616800.65    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                                | Kimco Realty Corp.                                                          | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |     35543 | NS      | $840236.52    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Hall Group                               | Charter Hall Group                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     51357 | NS      | $756287.32    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| FED HOME LN DISCOUNT NT                          | Federal Home Loan Bank Discount Notes                                       | CUSIP: 313385WF9<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    568000 | PA      | $568000.00    | 1.05%             | 2026-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Japan Metropolitan Fund Invest                   | Japan Metropolitan Fund Invest                                              | CUSIP: 000000000<br>LEI: 353800QDHNIP60E1LQ93 | Long             | EC               |  | JP        |      1076 | NS      | $797427.61    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                     | State Street Institutional U.S. Government Money Market Fund                | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |       849 | NS      | $849.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                         | Essex Property Trust, Inc.                                                  | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |      3423 | NS      | $900967.83    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                         | Nippon Building Fund, Inc.                                                  | CUSIP: 000000000<br>LEI: 52990053R8NL2MB32172 | Long             | EC               |  | JP        |       970 | NS      | $814577.11    | 1.50%             |  |  |  | No            |                  2 | On Loan: —       |
| GPT Group/The                                    | GPT Group                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    218295 | NS      | $752865.62    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust           | CapitaLand Integrated Commercial Trust                                      | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               |  | SG        |    588600 | NS      | $1096276.75   | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Infrastructure Fund Investment Corp | Industrial & Infrastructure Fund Investment Corp.                           | CUSIP: 000000000<br>LEI: 353800WCHFY04YKYCI19 | Long             | EC               |  | JP        |       505 | NS      | $472672.66    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                         | Mitsubishi Estate Co. Ltd.                                                  | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     65100 | NS      | $1855234.43   | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI Properties Inc                              | VICI Properties, Inc.                                                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |     37596 | NS      | $1097803.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group, Inc.                                                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     10371 | NS      | $2112676.41   | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Klepierre SA                                     | Klepierre SA                                                                | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |     15655 | NS      | $634281.12    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| NNN REIT Inc                                     | NNN REIT, Inc.                                                              | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |     20108 | NS      | $880529.32    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong Land Holdings Ltd                       | Hongkong Land Holdings Ltd.                                                 | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |     76100 | NS      | $601649.04    | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities, Inc.                                     | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |      7172 | NS      | $926478.96    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                         | Digital Realty Trust, Inc.                                                  | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |     10810 | NS      | $2172161.40   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                           | Warehouses De Pauw CVA                                                      | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               |  | BE        |     14164 | NS      | $372289.49    | 0.69%             |  |  |  | No            |                  2 | On Loan: —       |
| Segro PLC                                        | Segro PLC                                                                   | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |    111665 | NS      | $1057688.81   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                          | Extra Space Storage, Inc.                                                   | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |      5566 | NS      | $797774.78    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                    | Rexford Industrial Realty, Inc.                                             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |     20151 | NS      | $723219.39    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                      | Healthcare Realty Trust, Inc.                                               | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |     55103 | NS      | $1030426.10   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                      | Equinix, Inc.                                                               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      2979 | NS      | $3225750.57   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                        | Healthpeak Properties, Inc.                                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |     16459 | NS      | $266142.03    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                           | Cousins Properties, Inc.                                                    | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |     25597 | NS      | $655539.17    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                  | Equity LifeStyle Properties, Inc.                                           | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     19383 | NS      | $1226750.07   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** PACE SELECT ADVISORS TRUST

**Signature:** Rose Ann Bubloski

**Name of Signer:** Rose Ann Bubloski

**Title:** Director