PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Asset-backed securities—8.1%
Ameriquest Mortgage Securities, Inc.
Pass-Through Certificates,
Series 2005-R1, Class M4,
1 mo. USD LIBOR + 1.110%,
6.130%, due 03/25/351	$	200,000	$	194,091
AMMC CLO 16 Ltd.,
Series 2015-16A, Class AR2,
3 mo. USD LIBOR + 0.980%,
6.231%, due 04/14/291,2		331,767		330,633
Amortizing Residential Collateral Trust,
Series 2004-1, Class A5,
1 mo. USD LIBOR + 1.000%,
6.020%, due 10/25/341		87,805		85,314
Bear Stearns Asset-Backed Securities Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 1.200%,
6.220%, due 08/25/341		2,095,474		2,130,509
Chase Funding Trust,
Series 2002-3, Class 2A1,
1 mo. USD LIBOR + 0.640%,
5.660%, due 08/25/321		125,924		117,973
Series 2002-4, Class 2A1,
1 mo. USD LIBOR + 0.740%,
5.760%, due 10/25/321		6,413		6,075
CIT Mortgage Loan Trust,
Series 2007-1, Class 1A,
1 mo. USD LIBOR + 1.350%,
6.370%, due 10/25/371,2		122,406		121,886
Countrywide Asset-Backed Certificates,
Series 2004-2, Class 3A4,
1 mo. USD LIBOR + 0.500%,
5.520%, due 07/25/341		64,535		61,186
CWABS, Inc. Asset-Backed Certificates Trust,
Series 2004-4, Class M1,
1 mo. USD LIBOR + 0.720%,
5.740%, due 07/25/341		35,899		35,193
Series 2004-6, Class M1,
1 mo. USD LIBOR + 0.900%,
5.920%, due 10/25/341		69,156		67,332
Dryden Senior Loan Fund,
Series 2017-47A, Class A1R,
3 mo. USD LIBOR + 0.980%,
6.240%, due 04/15/281,2		1,484,280		1,473,496
EMC Mortgage Loan Trust,
Series 2003-A, Class A2,
1 mo. USD LIBOR + 1.500%,
6.520%, due 08/25/401,2		45,190		43,051

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

 

	Face amount		Value
Asset-backed securities—(continued)
EquiFirst Loan Securitization Trust,
Series 2007-1, Class A1,
1 mo. USD LIBOR + 0.170%,
5.190%, due 04/25/371,2	$	1,270,873	$	1,076,310
Gallatin CLO VIII Ltd.,
Series 2017-1A, Class A1R,
3 mo. USD LIBOR + 1.090%,
6.350%, due 07/15/311,2		1,400,000		1,380,372
KGS-Alpha SBA COOF Trust,
Series 2012-5, Class A,
1.026%, due 04/25/382,3,4,5		7,020,493		150,218
LCM XX LP,
Series 20A, Class AR,
3 mo. USD LIBOR + 1.040%,
6.290%, due 10/20/271,2		31,386		31,283
Option One Mortgage Loan Trust,
Series 2007-4, Class 2A2,
1 mo. USD LIBOR + 0.180%,
5.200%, due 04/25/371		47,851		26,917
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2005-WHQ3, Class M4,
1 mo. USD LIBOR + 0.945%,
5.965%, due 06/25/351		25,297		24,961
PRET LLC,
Series 2021-RN2, Class A1,
1.744%, due 07/25/512,5,6		4,213,942		3,943,464
Series 2022-RN1, Class A1,
3.721%, due 07/25/512,5,6		1,372,793		1,290,847
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
5.650%, due 12/25/351		74,346		73,573
Renaissance Home Equity Loan Trust,
Series 2003-2, Class A,
1 mo. USD LIBOR + 0.880%,
4.288%, due 08/25/331		106,046		95,780
Saxon Asset Securities Trust,
Series 2005-3, Class M3,
1 mo. USD LIBOR + 0.750%,
1.458%, due 11/25/351		936,479		888,595
Sound Point CLO XIV Ltd.,
Series 2016-3A, Class AR2,
3 mo. USD LIBOR + 0.990%,
6.263%, due 01/23/291,2		110,334		109,898
Soundview Home Loan Trust,
Series 2007-OPT1, Class 1A1,
1 mo. USD LIBOR + 0.200%,
5.220%, due 06/25/371		573,861		394,526

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Asset-backed securities—(continued)
Structured Asset Securities Corp. Mortgage Loan Trust,
Series 2006-EQ1A, Class A1,
1 mo. USD LIBOR + 0.135%,
5.155%, due 07/25/361,2	$	38,238	$	37,718
Structured Asset Securities Corp. Trust,
Series 2005-AR1, Class M2,
1 mo. USD LIBOR + 0.690%,
5.710%, due 09/25/351		951,806		898,655
Symphony CLO XVII Ltd.,
Series 2016-17A, Class AR,
3 mo. USD LIBOR + 0.880%,
6.140%, due 04/15/281,2		123,297		122,692
Venture 33 CLO Ltd.,
Series 2018-33A, Class A1LR,
3 mo. USD LIBOR + 1.060%,
6.320%, due 07/15/311,2		500,000		492,160
Venture 36 CLO Ltd.,
Series 2019-36A, Class A1AR,
3 mo. USD LIBOR + 1.130%,
6.380%, due 04/20/321,2		800,000		784,067
Vibrant CLO VI Ltd.,
Series 2017-6A, Class AR,
3 mo. USD LIBOR + 0.950%,
5.913%, due 06/20/291,2		824,528		815,010
Total asset-backed securities (cost—$17,580,168)				17,303,785
Mortgage-backed securities—17.7%
Adjustable Rate Mortgage Trust
Series 2005-8, Class 3A21,
3.611%, due 11/25/355		273,229		206,851
BCAP LLC Trust
Series 2010-RR1, Class 1A4,
3.857%, due 03/26/372,5		58,814		46,803
Series 2013-RR1, Class 3A4,
6.000%, due 10/26/372,5		139,395		106,364
Bear Stearns ARM Trust
Series 2002-11, Class 1A2,
3.250%, due 02/25/335		1,227		921
Series 2004-2, Class 12A2,
3.609%, due 05/25/345		20,632		18,601
Bear Stearns Asset-Backed Securities I Trust
Series 2004-AC3, Class A2,
5.500%, due 06/25/345,6		328,597		320,946
Bear Stearns Asset-Backed Securities Trust
Series 2003-AC5, Class A1,
5.750%, due 10/25/335,6		177,440		181,733

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Chevy Chase Funding LLC
Mortgage-Backed Certificates
Series 2004-1A, Class A1,
1 mo. USD LIBOR + 0.280%,
5.718%, due 01/25/351,2	$	13,496	$	12,536
CHL Mortgage Pass-Through Trust
Series 2003-HYB1, Class 1A1,
3.874%, due 05/19/335		2,849		2,420
Series 2007-15, Class 2A2,
6.500%, due 09/25/37		24,159		10,474
Citigroup Commercial Mortgage Trust
Series 2019-SMRT, Class A,
4.149%, due 01/10/362		3,200,000		3,138,595
Citigroup Mortgage Loan Trust, Inc.
Series 2021-INV3, Class A3A,
2.500%, due 05/25/512,5		2,933,992		2,410,688
CSMC Trust
Series 2021-INV1, Class A3,
2.500%, due 07/25/562,5		249,690		205,155
Series 2013-MH1, Class A,
4.698%, due 05/27/532,5		905,021		763,832
FHLMC GNMA
Series 23, Class KZ,
6.500%, due 11/25/23		309		307
Series 13, Class B,
7.000%, due 06/25/23		89		0
FHLMC REMIC
Series 4265, Class ES,
(3.200)* 1 mo. USD LIBOR + 13.760%,
0.000%, due 11/15/431		828,981		737,739
Series 2614, Class WO,
0.010%, due 05/15/337		378,875		318,197
Series 4839, Class UO,
0.010%, due 08/15/567		448,563		369,641
Series 4836, Class PO,
0.010%, due 10/15/587		738,809		549,433
Series 4338, Class SB,
0.030%, due 10/15/415		65,047		2,908
Series 4263, Class SD,
(2.667)* 1 mo. USD LIBOR + 12.267%,
0.032%, due 11/15/431		340,389		287,194
Series 4438, Class WI,
0.073%, due 11/15/385		123,467		5,662
Series 4255, Class SN,
(2.667)* 1 mo. USD LIBOR + 12.267%,
0.092%, due 05/15/351		310,763		288,448
Series 4394, Class WI,
0.121%, due 08/15/415		38,256		1,721

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 3962, Class KS,
0.180%, due 06/15/385	$	109,484	$	6,485
Series 3598, Class JI,
0.188%, due 10/15/375		16,346		513
Series 4463, Class IO,
0.197%, due 02/15/385		79,900		3,408
Series 3684, Class JI,
0.200%, due 11/15/365		140,581		8,966
Series 4324, Class IO,
0.439%, due 08/15/365		51,458		1,555
Series 3635, Class IB,
0.487%, due 10/15/375		50,050		2,024
Series 3621, Class WI,
0.573%, due 05/15/375		26,626		1,151
Series 4367, Class GS,
0.575%, due 03/15/375		44,069		2,414
Series 4076, Class SW,
(1.000)* 1 mo. USD LIBOR + 6.050%,
1.102%, due 07/15/421		1,033,754		119,815
Series 4156, Class SA,
(1.000)* 1 mo. USD LIBOR + 6.200%,
1.252%, due 01/15/331		745,622		50,174
Series 3339, Class LI,
(1.000)* 1 mo. USD LIBOR + 6.480%,
1.532%, due 07/15/371		492,029		48,692
Series 5034, Class MI,
2.000%, due 11/25/50		694,248		89,150
Series 4182, Class YI,
2.500%, due 03/15/28		1,188,734		51,961
Series 4037, Class PI,
3.000%, due 04/15/27		440,664		10,954
Series 4100, Class HI,
3.000%, due 08/15/27		108,123		4,628
Series 4182, Class QI,
3.000%, due 02/15/33		64,773		3,884
Series 4165, Class TI,
3.000%, due 12/15/42		571,366		42,202
Series 2513, Class AS,
(1.000)* 1 mo. USD LIBOR + 8.000%,
3.052%, due 02/15/321		131,912		14,308
Series 4457, Class DI,
4.000%, due 08/15/24		64,994		1,032
Series 4544, Class IP,
4.000%, due 01/15/46		1,046,529		165,581
Series 4832, Class FW,
1 mo. USD LIBOR + 0.350%,
4.162%, due 04/15/381		889,218		865,284

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 4945, Class F,
1 mo. USD LIBOR + 0.500%,
4.172%, due 12/15/461	$	138,336	$	135,102
Series 3442, Class MT,
1 mo. USD LIBOR,
4.948%, due 07/15/341		32,142		30,670
Series 1534, Class Z,
5.000%, due 06/15/23		233		233
Series 2411, Class FJ,
1 mo. USD LIBOR + 0.350%,
5.298%, due 12/15/291		6,111		6,085
Series 3096, Class FL,
1 mo. USD LIBOR + 0.400%,
5.348%, due 01/15/361		65,589		64,903
Series 3114, Class PF,
1 mo. USD LIBOR + 0.400%,
5.348%, due 02/15/361		355,841		352,232
Series 3153, Class UF,
1 mo. USD LIBOR + 0.430%,
5.378%, due 05/15/361		88,519		87,791
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
5.448%, due 01/15/321		25,299		25,312
Series 4068, Class UF,
1 mo. USD LIBOR + 0.500%,
5.448%, due 06/15/421		432,308		423,635
Series 3667, Class FW,
1 mo. USD LIBOR + 0.550%,
5.498%, due 02/15/381		7,750		7,678
Series 3864, Class NT,
(9.167)* 1 mo. USD LIBOR + 60.500%,
5.500%, due 03/15/391		235,567		238,990
Series 4940, Class FE,
1 mo. USD LIBOR + 0.550%,
5.570%, due 01/25/501		271,204		265,086
Series 3671, Class FQ,
1 mo. USD LIBOR + 0.850%,
5.798%, due 12/15/361		525,795		531,980
Series 1694, Class Z,
6.500%, due 03/15/24		3,826		3,828
Series 1573, Class PZ,
7.000%, due 09/15/23		170		170
Series 1658, Class GZ,
7.000%, due 01/15/24		310		310
Series 2136, Class GD,
7.000%, due 03/15/29		727		78
Series 2178, Class PI,
7.500%, due 08/15/29		4,535		620
Series 1775, Class Z,
8.500%, due 03/15/25		363		371

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
FHLMC STRIPs
Series 386, Class C3,
2.500%, due 03/15/52	$	471,913	$	72,362
Series 389, Class C40,
2.500%, due 10/15/52		4,991,922		782,021
Series 303, Class C19,
3.500%, due 01/15/43		431,456		68,229
Series 345, Class C13,
3.500%, due 08/15/45		568,733		91,688
Series 330, Class F4,
1 mo. USD LIBOR + 0.350%,
4.137%, due 10/15/371		197,672		193,550
Series 326, Class F2,
1 mo. USD LIBOR + 0.550%,
5.498%, due 03/15/441		262,484		257,641
FHLMC Whole Loan Securities Trust
Series 2015-SC02, Class 1A,
3.000%, due 09/25/45		218,734		195,091
Series 2017-SC01, Class 1A,
3.000%, due 12/25/46		367,314		326,177
Series 2017-SC01, Class 2A,
3.500%, due 12/25/46		416,349		378,311
FNMA Aces
Series 2020-M33, Class X2,
2.348%, due 01/25/315		588,778		58,378
Series 2016-M11, Class AL,
2.944%, due 07/25/39		475,517		432,307
FNMA REMIC
Series 2020-70, Class IO,
0.000%, due 10/25/505		11,259,755		643,658
Series 2012-111, Class HS,
(0.833)* 1 mo. USD LIBOR + 3.667%,
0.009%, due 10/25/421		37,214		24,488
Series 2014-42, Class SA,
0.012%, due 07/25/445		129,603		4,616
Series 2016-76, Class CS,
0.023%, due 10/25/465		45,714		1,958
Series 2015-64, Class KS,
0.036%, due 09/25/455		164,649		7,499
Series 2014-45, Class SA,
0.061%, due 08/25/445		103,322		4,026
Series 2016-17, Class CS,
0.078%, due 04/25/465		93,904		5,513
Series 2015-10, Class SA,
0.092%, due 03/25/455		248,395		11,953
Series 2015-58, Class AI,
0.101%, due 08/25/555		122,726		4,239
Series 2014-92, Class SB,
0.118%, due 01/25/455		131,067		6,848
Series 2015-50, Class SB,
0.126%, due 07/25/455		660,876		33,602

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2014-84, Class AI,
(1.000)* 1 mo. USD LIBOR + 6.150%,
0.200%, due 02/25/431	$	269,850	$	1,924
Series 2022-3, Class SD,
(1.000)* 30 day USD SOFR
Average + 2.550%,
0.269%, due 02/25/521		4,017,445		86,008
Series 2015-19, Class AI,
0.310%, due 04/25/555		206,095		8,436
Series 2014-43, Class BS,
0.340%, due 07/25/445		219,436		10,345
Series 2014-47, Class BI,
0.396%, due 08/25/545		212,285		9,342
Series 2012-77, Class IO,
0.453%, due 07/25/525		129,980		5,066
Series 2015-73, Class ES,
(2.333)* 1 mo. USD LIBOR + 9.333%,
0.542%, due 10/25/451		176,805		114,002
Series 2019-62, Class SN,
(1.000)* 1 mo. USD LIBOR + 6.000%,
0.980%, due 11/25/491		211,530		31,227
Series 2013-28, Class YS,
(1.000)* 1 mo. USD LIBOR + 6.150%,
1.130%, due 07/25/421		370,411		48,324
Series 2013-34, Class PS,
(1.000)* 1 mo. USD LIBOR + 6.150%,
1.130%, due 08/25/421		353,860		22,728
Series 2010-76, Class SA,
(1.000)* 1 mo. USD LIBOR + 6.500%,
1.480%, due 07/25/401		438,036		39,424
Series 2013-30, Class GI,
3.000%, due 01/25/43		685,177		61,067
Series 2013-45, Class IK,
3.000%, due 02/25/43		509,338		57,538
Series 2013-30, Class JI,
3.000%, due 04/25/43		261,194		35,148
Series 2013-116, Class IY,
3.000%, due 09/25/43		183,640		12,738
Series 2016-14, Class IO,
3.000%, due 03/25/46		373,587		48,760
Series 2016-20, Class EI,
3.000%, due 04/25/46		118,404		15,505
Series 2016-52, Class PI,
3.000%, due 04/25/46		291,891		34,941
Series 2016-64, Class IA,
3.000%, due 05/25/46		300,075		38,212

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2018-28, Class CA,
3.000%, due 05/25/48	$	254,661	$	234,340
Series 2020-54, Class WF,
1 mo. USD LIBOR + 0.450%,
3.161%, due 08/25/501		538,980		509,913
Series 2016-63, Class YI,
3.500%, due 04/25/46		58,727		4,316
Series 2003-70, Class SH,
(2.000)* 1 mo. USD LIBOR + 14.000%,
3.959%, due 07/25/231		4,592		4,565
Series 2015-47, Class GI,
4.000%, due 06/25/44		43,916		4,337
Series 2012-122, Class LI,
4.500%, due 07/25/41		317,956		25,619
Series 2018-85, Class FE,
1 mo. USD LIBOR + 0.300%,
5.320%, due 12/25/481		1,587,018		1,546,667
Series 2007-67, Class FB,
1 mo. USD LIBOR + 0.320%,
5.340%, due 07/25/371		31,249		30,592
Series 2012-128, Class FK,
1 mo. USD LIBOR + 0.350%,
5.370%, due 11/25/421		130,719		126,976
Series 2002-60, Class F1,
1 mo. USD LIBOR + 0.400%,
5.420%, due 06/25/321		38,281		38,127
Series 2019-10, Class FA,
1 mo. USD LIBOR + 0.400%,
5.420%, due 03/25/491		2,616,417		2,559,210
Series 2012-90, Class FB,
1 mo. USD LIBOR + 0.440%,
5.460%, due 08/25/421		46,358		45,277
Series 2010-141, Class FA,
1 mo. USD LIBOR + 0.500%,
5.520%, due 12/25/401		131,419		128,969
Series 2009-33, Class FB,
1 mo. USD LIBOR + 0.820%,
5.840%, due 03/25/371		297,109		299,686
Series G94-6, Class PJ,
8.000%, due 05/17/24		100		101
FNMA REMICS
Series 2021-3, Class TI,
2.500%, due 02/25/51		800,635		129,967
FNMA STRIPs
Series 426, Class C25,
2.000%, due 01/25/52		1,051,806		138,494
Series 419, Class C3,
3.000%, due 11/25/43		92,608		13,373
Series 413, Class 111,
4.000%, due 07/25/425		462,093		67,340

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 386, Class 14,
6.500%, due 04/25/38	$	34,256	$	9,947
Fremont Home Loan Trust
Series 2004-A, Class M1,
1 mo. USD LIBOR + 0.825%,
5.845%, due 01/25/341		321,535		301,190
GNMA
Series 2007-18, Class CO,
0.010%, due 03/20/357		15,515		14,179
Series 2015-166, Class SA,
0.011%, due 06/20/425		159,820		3,899
Series 2015-127, Class AS,
0.059%, due 06/20/435		158,865		4,851
Series 2017-57, Class WI,
0.088%, due 12/20/455		73,990		2,109
Series 2015-180, Class SA,
0.152%, due 06/20/425		172,933		3,743
Series 2017-15, Class WI,
0.196%, due 11/20/455		172,754		3,490
Series 2016-180, Class WI,
0.447%, due 09/20/455		270,246		5,214
Series 2016-138, Class WI,
0.463%, due 08/20/455		147,221		2,713
Series 2015-126, Class GS,
(2.333)* 1 mo. USD LIBOR + 9.333%,
0.542%, due 09/20/451		323,052		217,668
Series 2013-77, Class GI,
3.000%, due 02/20/43		777,929		77,339
Series 2017-H23, Class MA,
3.000%, due 11/20/67		669,871		637,137
Series 2014-158, Class IA,
3.500%, due 10/20/29		305,302		21,519
Series 2013-23, Class IP,
3.500%, due 08/20/42		512,955		62,538
Series 2015-165, Class IB,
3.500%, due 11/20/42		175,211		17,939
Series 2016-118, Class IE,
3.500%, due 09/20/46		32,128		5,503
Series 2015-H29, Class FJ,
1 mo. USD LIBOR + 0.680%,
4.498%, due 11/20/651		1,224,104		1,207,768
Series 2015-H27, Class FA,
1 mo. USD LIBOR + 0.750%,
4.518%, due 09/20/651		1,626,911		1,609,014
Series 2016-H14, Class FA,
1 mo. USD LIBOR + 0.800%,
4.620%, due 06/20/661		318,803		316,692
Series 2015-H29, Class FA,
1 mo. USD LIBOR + 0.700%,
4.654%, due 10/20/651		2,506		2,482

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-H30, Class FA,
1 mo. USD LIBOR + 0.680%,
4.811%, due 08/20/611	$	4,138	$	4,078
Series 2013-H19, Class DF,
1 mo. USD LIBOR + 0.650%,
5.351%, due 05/20/631		296,924		294,537
Series 2013-H23, Class TA,
1 mo. USD LIBOR + 0.720%,
5.421%, due 09/20/631		226,637		226,104
Series 2010-H01, Class FA,
1 mo. USD LIBOR + 0.820%,
5.651%, due 01/20/601		767,052		765,717
Series 2013-H20, Class FB,
1 mo. USD LIBOR + 1.000%,
5.701%, due 08/20/631		258,168		258,282
GS Mortgage-Backed Securities Trust
Series 2021-INV1, Class A2,
2.500%, due 12/25/512,5		346,730		284,887
Series 2021-GR2, Class A2,
2.500%, due 02/25/522,5		516,541		424,411
Series 2022-MM1, Class A2,
2.500%, due 07/25/522,5		1,631,980		1,340,901
GSR Mortgage Loan Trust
Series 2004-14, Class 2A1,
1 mo. USD LIBOR + 0.330%,
5.350%, due 12/25/341		2,889		2,771
IndyMac INDX Mortgage Loan Trust
Series 2005-AR2, Class 2A1A,
1 mo. USD LIBOR + 0.640%,
5.660%, due 02/25/351		184,087		164,263
J.P. Morgan Alternative Loan Trust
Series 2008-R4, Class 2A1,
1 mo. USD LIBOR + 0.500%,
5.345%, due 06/27/371,2		462,182		326,873
JP Morgan Mortgage Trust
Series 2021-INV6, Class A2,
3.000%, due 04/25/522,5		1,256,504		1,073,183
Series 2019-6, Class A11,
1 mo. USD LIBOR + 0.900%,
5.745%, due 12/25/491,2		456,612		431,659
Series 2019-INV2, Class A11,
1 mo. USD LIBOR + 0.900%,
5.745%, due 02/25/501,2		554,749		518,923
Merrill Lynch Mortgage Investors Trust
Series 2004-1, Class 2A2,
3.766%, due 12/25/345		69,961		64,983
Series 2004-A, Class A1,
1 mo. USD LIBOR + 0.460%,
5.480%, due 04/25/291		13,086		11,798

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Mortgage-backed securities—(continued)
Morgan Stanley Mortgage Loan Trust
Series 2004-11AR, Class 1A1,
1 mo. USD LIBOR + 0.320%,
5.340%, due 01/25/351	$	16,189	$	14,193
Morgan Stanley Re-REMIC Trust
Series 2010-R4, Class 4B,
1 mo. USD LIBOR + 0.230%,
2.702%, due 02/26/371,2		101,896		92,342
Mortgage Equity Conversion Asset Trust
Series 2007-FF3, Class A,
1 yr. CMT + 0.500%,
5.280%, due 05/25/421,2		1,946,828		1,857,287
OBX Trust
Series 2022-INV2, Class A1,
3.000%, due 01/25/522,5		571,946		486,244
Pepper Residential Securities Trust No. 22
Series 22A, Class A1U,
1 mo. USD LIBOR + 1.000%,
5.953%, due 06/20/601,2		164,646		164,515
Residential Asset Securitization Trust
Series 2006-A7CB, Class 1A1,
1 mo. USD LIBOR + 0.500%,
5.520%, due 07/25/361		210,492		152,130
Sequoia Mortgage Trust
Series 5, Class A,
1 mo. USD LIBOR + 0.700%,
5.651%, due 10/19/261		25,229		23,873
Series 11, Class A,
1 mo. USD LIBOR + 0.900%,
5.853%, due 12/20/321		96,305		85,836
Structured Adjustable Rate Mortgage Loan Trust
Series 2007-4, Class 1A2,
1 mo. USD LIBOR + 0.440%,
5.460%, due 05/25/371		87,121		75,436
Structured Asset Mortgage Investments II Trust
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
5.440%, due 04/25/361		194,916		169,237
Thornburg Mortgage Securities Trust
Series 2005-1, Class A3,
3.859%, due 04/25/455		22,322		20,814
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR9, Class 2A,
4.164%, due 09/25/335		33,298		29,796
Total mortgage-backed securities (cost—$42,727,129)				37,741,190

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
U.S. government agency obligations: 151.0%
FHLMC
1.500%, due 04/01/37	$	959,657	$	842,757
2.000%, due 04/01/36		764,090		690,790
2.500%, due 01/01/31		96,787		91,681
2.500%, due 11/01/31		28,798		27,231
2.500%, due 07/01/32		51,520		48,266
2.500%, due 08/01/32		231,825		217,180
2.500%, due 09/01/32		307,060		287,662
2.500%, due 11/01/32		9,951		9,323
2.500%, due 12/01/32		280,676		262,945
2.500%, due 01/01/33		69,499		65,109
2.500%, due 12/01/50		1,121,553		974,470
2.500%, due 08/01/51		5,194,581		4,545,835
2.500%, due 09/01/51		888,966		775,178
2.500%, due 03/01/52		1,371,413		1,190,032
2.500%, due 04/01/52		102,237		88,611
3.000%, due 01/01/33		783,918		753,595
3.000%, due 02/01/40		1,141,268		1,079,329
3.000%, due 06/01/42		1,582,093		1,445,800
3.000%, due 07/01/42		180,975		165,385
3.000%, due 08/01/42		64,042		58,524
3.000%, due 04/01/43		131,063		121,138
3.000%, due 05/01/43		71,728		66,296
3.000%, due 12/01/44		134,671		123,967
3.000%, due 04/01/45		628,409		576,749
3.000%, due 08/01/46		137,416		122,763
3.000%, due 12/01/46		666,617		611,287
3.000%, due 06/01/50		562,166		511,534
3.000%, due 04/01/51		1,642,534		1,480,844
3.000%, due 06/01/51		825,293		743,842
3.000%, due 07/01/51		4,088,192		3,722,958
3.000%, due 10/01/51		174,082		157,971
3.000%, due 12/01/51		1,401,495		1,261,292
3.000%, due 02/01/52		458,143		411,535
3.000%, due 03/01/52		1,141,990		1,027,853
3.000%, due 04/01/52		2,922,240		2,629,545
3.500%, due 09/01/32		213,134		207,778
3.500%, due 12/01/33		129,336		126,181
3.500%, due 06/01/34		75,455		73,423
3.500%, due 07/01/34		30,936		30,103
3.500%, due 03/01/35		442,834		430,909
3.500%, due 04/01/35		235,965		229,158
3.500%, due 03/01/42		895		855
3.500%, due 07/01/43		727		695
3.500%, due 05/01/48		655,418		621,019
3.500%, due 02/01/50		281,793		264,426
3.500%, due 11/01/51		249,300		232,363
3.500%, due 01/01/52		214,433		199,832
4.000%, due 01/01/37		151,980		149,433
4.000%, due 07/01/43		86,055		84,271

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 08/01/44	$	1,272,234	$	1,251,342
4.000%, due 11/01/47		136,367		132,478
4.000%, due 01/01/48		380,207		369,362
4.000%, due 02/01/48		17,477		16,979
4.000%, due 03/01/48		12,567		12,187
4.000%, due 04/01/48		27,149		26,329
4.000%, due 06/01/48		121,080		115,971
4.000%, due 10/01/48		1,685,059		1,632,573
4.000%, due 12/01/48		158,104		153,329
4.000%, due 04/01/49		592,188		572,333
4.500%, due 09/01/34		551,419		547,651
4.500%, due 01/01/36		10,604		10,532
4.500%, due 05/01/37		1,137		1,128
4.500%, due 05/01/38		28,501		28,204
4.500%, due 02/01/49		59,541		59,087
4.500%, due 06/01/50		361,347		356,926
5.000%, due 10/01/25		8,408		8,351
5.000%, due 11/01/27		1,730		1,730
5.000%, due 09/01/33		77,642		78,916
5.000%, due 06/01/34		3,598		3,664
5.000%, due 04/01/35		26,476		26,965
5.000%, due 05/01/35		35,738		36,478
5.000%, due 07/01/35		64,422		65,756
5.000%, due 08/01/35		9,703		9,904
5.000%, due 10/01/35		9,082		9,270
5.000%, due 12/01/35		268		274
5.000%, due 07/01/38		123,059		126,080
5.000%, due 11/01/38		85,538		87,588
5.000%, due 06/01/39		20,183		20,695
5.000%, due 03/01/40		2,140		2,195
5.000%, due 07/01/40		90,136		92,439
5.000%, due 09/01/40		82,728		84,803
5.000%, due 11/01/40		27,620		28,326
5.000%, due 02/01/41		111,964		114,850
5.000%, due 03/01/41		18,542		18,537
5.000%, due 04/01/41		42,221		43,309
5.000%, due 05/01/41		29,099		29,849
5.000%, due 07/01/41		17,586		18,039
5.000%, due 08/01/44		21,200		21,708
5.000%, due 03/01/49		673,182		680,843
5.500%, due 02/01/32		586		604
5.500%, due 12/01/32		1,031		1,064
5.500%, due 02/01/33		26,980		27,879
5.500%, due 05/01/33		252		260
5.500%, due 06/01/33		96,955		100,188
5.500%, due 12/01/33		20,778		21,471
5.500%, due 12/01/34		16,798		17,397
5.500%, due 06/01/35		278,177		288,131
5.500%, due 07/01/35		2,211		2,285
5.500%, due 10/01/35		92,942		96,489

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 12/01/35	$	34,410	$	35,724
5.500%, due 06/01/36		157,075		162,670
5.500%, due 12/01/36		240,637		251,101
5.500%, due 03/01/37		29,776		31,082
5.500%, due 07/01/37		46,346		48,103
5.500%, due 10/01/37		1,218		1,271
5.500%, due 04/01/38		46,056		48,058
5.500%, due 05/01/38		4,402		4,601
5.500%, due 12/01/38		904		945
5.500%, due 01/01/39		22,162		23,134
5.500%, due 09/01/39		68,953		71,978
5.500%, due 02/01/40		2,804		2,931
5.500%, due 03/01/40		2,895		3,026
5.500%, due 05/01/40		40,772		42,616
5.500%, due 03/01/41		41,709		43,596
6.000%, due 11/01/37		429,142		455,971
7.000%, due 08/01/25		31		31
FHLMC ARM
1 yr. USD LIBOR + 1.760%,
4.009%, due 11/01/361		209,029		208,770
1 yr. USD LIBOR + 1.866%,
4.091%, due 11/01/411		553,196		557,716
1 yr. CMT + 2.258%,
4.191%, due 10/01/231		135		133
1 yr. CMT + 2.115%,
4.243%, due 04/01/291		1,284		1,268
1 yr. USD LIBOR + 1.771%,
4.254%, due 10/01/391		534,573		532,705
1 yr. CMT + 2.137%,
4.262%, due 01/01/281		4,204		4,142
1 yr. CMT + 2.250%,
4.266%, due 09/01/341		301,666		304,884
1 yr. CMT + 2.225%,
4.300%, due 11/01/291		33,679		33,249
1 yr. CMT + 2.282%,
4.352%, due 07/01/281		32,465		32,087
1 yr. CMT + 2.221%,
4.427%, due 07/01/241		4,174		4,115
1 yr. CMT + 2.415%,
4.487%, due 01/01/291		28,863		28,492
1 yr. CMT + 2.442%,
4.532%, due 10/01/271		24,730		24,537
1 yr. CMT + 2.415%,
4.615%, due 11/01/251		18,809		18,502
1 yr. CMT + 2.464%,
4.631%, due 10/01/271		21,888		21,630
1 yr. CMT + 2.525%,
4.650%, due 12/01/291		4,021		4,003
1 yr. CMT + 2.625%,
4.750%, due 01/01/301		15,512		15,509

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 2.150%,
4.808%, due 11/01/271	$	23,798	$	23,508
1 yr. CMT + 2.282%,
5.187%, due 06/01/281		12,268		12,168
FNMA
1.500%, due 08/01/51		496,146		391,891
2.000%, due 05/01/28		90,001		85,689
2.000%, due 09/01/31		73,828		69,086
2.000%, due 11/01/31		282,996		264,818
2.000%, due 01/01/32		55,357		51,801
2.500%, due 06/01/28		61,334		58,394
2.500%, due 07/01/28		573,972		546,461
2.500%, due 08/01/28		170,428		162,259
2.500%, due 09/01/30		13,834		13,104
2.500%, due 11/01/30		22,256		21,082
2.500%, due 01/01/33		219,883		202,355
2.500%, due 11/01/50		435,113		378,179
2.500%, due 01/01/51		1,159,228		1,006,825
2.500%, due 02/01/51		541,716		470,329
2.500%, due 04/01/51		1,560,218		1,355,833
2.500%, due 09/01/51		1,775,795		1,547,806
2.500%, due 01/01/52		1,725,976		1,500,679
2.500%, due 03/01/52		778,150		675,226
2.500%, due 04/01/52		1,434,650		1,244,582
3.000%, due 11/01/26		114,097		110,648
3.000%, due 05/01/28		67,025		64,671
3.000%, due 02/01/30		85,689		82,990
3.000%, due 04/01/30		29,093		27,978
3.000%, due 05/01/30		34,445		33,125
3.000%, due 10/01/30		12,052		11,590
3.000%, due 04/01/31		860,446		827,479
3.000%, due 01/01/38		285,879		269,762
3.000%, due 04/01/38		268,752		253,599
3.000%, due 05/01/42		188,964		172,687
3.000%, due 06/01/42		193,058		176,428
3.000%, due 07/01/42		377,741		345,203
3.000%, due 10/01/42		267,293		246,915
3.000%, due 01/01/43		1,037,808		958,686
3.000%, due 04/01/43		315,508		291,326
3.000%, due 05/01/43		334,735		309,078
3.000%, due 06/01/43		43,501		40,166
3.000%, due 09/01/43		493,816		455,965
3.000%, due 11/01/46		1,213,234		1,120,046
3.000%, due 12/01/46		2,863,749		2,629,104
3.000%, due 02/01/47		229,314		211,738
3.000%, due 09/01/49		838,962		759,668
3.000%, due 11/01/49		245,942		224,848
3.000%, due 02/01/50		1,645,343		1,489,836
3.000%, due 03/01/50		3,773,200		3,418,605
3.000%, due 07/01/50		615,510		556,823

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 12/01/50	$	479,237	$	432,766
3.000%, due 04/01/51		3,458,880		3,119,278
3.000%, due 05/01/51		3,637,287		3,279,138
3.000%, due 08/01/51		458,709		412,124
3.000%, due 10/01/51		193,428		174,085
3.000%, due 11/01/51		248,165		223,222
3.000%, due 12/01/51		446,580		401,826
3.000%, due 02/01/52		128,827		116,365
3.000%, due 03/01/52		1,012,748		909,761
3.000%, due 04/01/52		4,315,523		3,877,042
3.000%, due 07/01/52		492,341		443,134
3.000%, due 02/01/57		591,874		538,436
3.000%, due 05/01/58		644,033		586,022
3.500%, due 11/01/25		59,310		58,050
3.500%, due 08/01/26		216,962		212,090
3.500%, due 06/01/28		110,347		107,602
3.500%, due 08/01/29		17,858		17,448
3.500%, due 09/01/32		555,574		542,515
3.500%, due 11/01/33		47,048		45,901
3.500%, due 02/01/34		76,825		74,952
3.500%, due 01/01/35		143,633		139,767
3.500%, due 02/01/35		140,910		137,117
3.500%, due 04/01/35		138,345		134,356
3.500%, due 05/01/35		917,040		895,258
3.500%, due 03/01/42		192,646		183,979
3.500%, due 04/01/42		12,782		12,157
3.500%, due 07/01/42		339		325
3.500%, due 09/01/42		65,336		62,397
3.500%, due 12/01/42		784,973		750,927
3.500%, due 03/01/43		472,682		451,868
3.500%, due 05/01/43		1,986		1,899
3.500%, due 07/01/43		2,691,476		2,559,923
3.500%, due 08/01/43		6,325,493		6,016,379
3.500%, due 01/01/44		89,730		85,694
3.500%, due 06/01/45		1,362,976		1,289,225
3.500%, due 08/01/45		23,124		21,872
3.500%, due 10/01/45		8,516		8,107
3.500%, due 09/01/46		604,559		575,838
3.500%, due 02/01/47		1,677,616		1,601,099
3.500%, due 08/01/47		149,875		141,219
3.500%, due 09/01/47		211,619		201,429
3.500%, due 11/01/47		283,732		267,924
3.500%, due 12/01/47		280,128		263,948
3.500%, due 02/01/48		246,345		231,941
3.500%, due 03/01/48		888,257		836,320
3.500%, due 02/01/50		97,020		91,042
3.500%, due 03/01/50		4,322,491		4,050,901
3.500%, due 04/01/50		358,649		336,068
3.500%, due 06/01/56		783,108		739,650
3.500%, due 01/01/57		708,292		668,689

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 01/01/59	$	1,060,789	$	996,851
3.575%, due 02/01/26		500,000		488,430
4.000%, due 07/01/25		928		912
4.000%, due 09/01/25		783		770
4.000%, due 10/01/25		1,324		1,303
4.000%, due 11/01/25		2,340		2,300
4.000%, due 01/01/26		45,602		44,819
4.000%, due 02/01/26		104,792		102,956
4.000%, due 03/01/26		10,591		10,404
4.000%, due 04/01/26		245,559		241,312
4.000%, due 08/01/32		1,292		1,281
4.000%, due 06/01/33		42,161		41,791
4.000%, due 07/01/33		270,107		267,737
4.000%, due 08/01/33		870,908		858,032
4.000%, due 07/01/34		367,294		364,075
4.000%, due 07/01/35		787,403		780,627
4.000%, due 04/01/37		576,779		572,227
4.000%, due 03/01/38		460,374		457,754
4.000%, due 07/01/38		553,019		546,207
4.000%, due 08/01/38		243,046		241,042
4.000%, due 09/01/38		296,393		292,742
4.000%, due 05/01/39		55,829		54,743
4.000%, due 09/01/39		144,672		142,073
4.000%, due 09/01/40		1,003,187		981,454
4.000%, due 12/01/40		783,847		770,251
4.000%, due 11/01/41		308,537		303,184
4.000%, due 12/01/41		407,943		400,865
4.000%, due 07/01/42		1,662,676		1,635,352
4.000%, due 09/01/42		2,530,008		2,486,130
4.000%, due 10/01/42		2,015,241		1,980,292
4.000%, due 08/01/44		107,755		106,213
4.000%, due 12/01/44		7,237		7,063
4.000%, due 06/01/45		10,442		10,181
4.000%, due 08/01/45		847,997		826,854
4.000%, due 02/01/47		77,379		75,246
4.000%, due 03/01/47		32,074		31,142
4.000%, due 04/01/47		113,202		109,908
4.000%, due 05/01/47		232,015		225,184
4.000%, due 06/01/47		5,331		5,198
4.000%, due 11/01/47		24,694		23,967
4.000%, due 01/01/48		100,860		97,890
4.000%, due 02/01/48		203,528		195,139
4.000%, due 03/01/48		106,757		102,686
4.000%, due 12/01/48		252,969		242,053
4.000%, due 06/01/49		809,861		788,463
4.490%, due 04/01/33		300,000		307,053
4.500%, due 06/01/29		7,823		7,828
4.500%, due 06/01/35		13,346		13,242
4.500%, due 12/01/38		156,670		157,642
4.500%, due 01/01/39		520		523

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 02/01/39	$	62,509	$	62,664
4.500%, due 03/01/39		3,846		3,874
4.500%, due 06/01/39		23,785		23,960
4.500%, due 07/01/39		1,814		1,830
4.500%, due 08/01/39		63,510		63,734
4.500%, due 10/01/39		1,927		1,941
4.500%, due 12/01/39		148,211		149,560
4.500%, due 01/01/40		1,631		1,633
4.500%, due 02/01/40		1,624		1,639
4.500%, due 03/01/40		34,130		34,437
4.500%, due 08/01/40		26,692		26,933
4.500%, due 11/01/40		274,193		277,182
4.500%, due 07/01/41		177,705		178,972
4.500%, due 08/01/41		340,029		343,736
4.500%, due 01/01/42		879,638		887,566
4.500%, due 08/01/42		2,005		2,023
4.500%, due 09/01/43		144,134		146,069
4.500%, due 11/01/43		29,094		29,356
4.500%, due 07/01/44		127,137		128,139
4.500%, due 12/01/44		991		994
4.500%, due 09/01/48		167,967		166,685
4.500%, due 01/01/49		148,990		147,849
4.500%, due 04/01/59		745,488		738,561
4.700%, due 04/01/33		313,000		324,863
5.000%, due 03/01/25		2,571		2,549
5.000%, due 03/01/33		2,686		2,661
5.000%, due 05/01/37		3,518		3,537
5.000%, due 09/01/37		7,890		7,837
5.000%, due 06/01/38		33,723		33,515
5.000%, due 06/01/48		99,684		100,515
5.000%, due 07/01/48		36,058		36,429
5.000%, due 03/01/49		31,488		31,732
5.500%, due 11/01/32		21,046		21,709
5.500%, due 12/01/33		485		501
5.500%, due 04/01/34		11,721		12,126
5.500%, due 01/01/35		63,813		66,018
5.500%, due 05/01/37		75,639		78,866
5.500%, due 07/01/37		38,305		39,939
5.500%, due 06/01/38		57,005		59,515
5.500%, due 11/01/39		146,486		152,936
5.500%, due 07/01/40		171,582		179,137
5.500%, due 02/01/42		98,199		102,389
6.000%, due 12/01/32		4,514		4,745
6.000%, due 02/01/33		8,300		8,724
6.000%, due 09/01/34		45,655		48,114
6.000%, due 05/01/35		10,355		10,976
6.000%, due 06/01/35		5,748		6,092
6.000%, due 07/01/35		18,708		19,830
6.000%, due 09/01/35		724		767
6.000%, due 01/01/36		11,112		11,778

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
6.000%, due 06/01/36	$	195	$	206
6.000%, due 09/01/36		17,581		18,653
6.000%, due 12/01/36		59,299		62,915
6.000%, due 03/01/37		4,883		5,183
6.000%, due 10/01/37		18,021		18,976
6.000%, due 11/01/38		153,377		162,797
6.000%, due 05/01/39		18,930		20,093
6.000%, due 11/01/40		211,695		224,697
6.000%, due 05/01/49		339,887		346,851
6.500%, due 10/01/36		192,993		206,908
6.500%, due 02/01/37		2,705		2,900
6.500%, due 07/01/37		27,265		29,234
6.500%, due 08/01/37		22,094		23,689
6.500%, due 09/01/37		21,690		23,256
6.500%, due 12/01/37		40,005		42,894
6.500%, due 05/01/40		415,788		445,935
7.500%, due 11/01/26		526		524
FNMA ARM
1 yr. CMT + 2.104%,
3.305%, due 05/01/301		16,897		16,408
1 yr. USD LIBOR + 1.731%,
3.893%, due 05/01/381		495,708		495,428
1 yr. CMT + 2.239%,
3.897%, due 01/01/361		163,049		164,798
1 yr. CMT + 2.095%,
4.095%, due 09/01/261		6		6
1 yr. CMT + 2.235%,
4.143%, due 10/01/371		789,740		800,930
1 yr. USD LIBOR + 1.790%,
4.272%, due 02/01/421		69,139		68,784
1 yr. CMT + 2.155%,
4.324%, due 09/01/411		136,385		136,878
1 yr. MTA + 1.200%,
4.338%, due 03/01/441		72,750		70,705
1 yr. CMT + 2.283%,
4.373%, due 05/01/351		71,408		71,899
1 yr. CMT + 2.504%,
4.629%, due 12/01/271		9,001		8,957
GNMA
3.000%, due 11/15/42		32,165		29,875
3.000%, due 02/15/43		396,595		368,355
3.000%, due 05/15/43		408,841		378,360
3.000%, due 06/15/43		136,392		126,650
3.000%, due 07/15/43		24,928		23,148
3.000%, due 01/15/45		268,533		248,937
3.000%, due 02/15/45		19,521		18,010
3.000%, due 07/15/45		382,067		352,500
3.000%, due 10/15/45		682,328		627,837
3.000%, due 02/20/53		989,788		910,173
3.500%, due 11/15/42		361,765		342,571
3.500%, due 03/15/45		119,629		114,229

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 04/15/45	$	120,701	$	114,023
3.500%, due 10/20/52		1,094,567		1,026,884
3.500%, due 02/20/53		396,132		373,635
4.000%, due 12/15/41		763,835		751,563
4.000%, due 01/15/47		37,284		36,323
4.000%, due 02/15/47		188,775		183,906
4.000%, due 04/15/47		350,051		340,954
4.000%, due 05/15/47		58,475		56,955
4.000%, due 06/15/47		44,263		43,155
4.000%, due 07/15/47		73,398		71,490
4.000%, due 08/15/47		99,259		96,774
4.000%, due 12/15/47		19,304		18,802
4.000%, due 07/15/49		31,927		30,672
4.500%, due 09/15/39		226,917		227,715
4.500%, due 06/15/40		113,394		113,799
4.500%, due 12/15/45		9,790		9,714
4.500%, due 08/15/46		8,016		7,953
4.500%, due 09/15/46		140,058		138,961
4.500%, due 10/15/46		177,353		175,964
4.500%, due 01/15/47		273,948		271,803
5.000%, due 12/15/34		11,110		11,091
5.000%, due 04/15/38		49,781		50,839
5.000%, due 12/15/39		3,922		4,038
5.000%, due 05/15/40		90,538		93,201
5.000%, due 05/15/41		32,038		32,653
5.500%, due 08/15/35		10,262		10,702
5.500%, due 02/15/38		949		995
5.500%, due 04/15/38		85,308		89,336
5.500%, due 05/15/38		81,136		85,066
5.500%, due 06/15/38		53,208		55,864
5.500%, due 10/15/38		243,428		255,071
5.500%, due 11/15/38		13,160		13,794
5.500%, due 12/15/38		2,868		3,006
5.500%, due 03/15/39		28,113		28,742
5.500%, due 05/15/39		21,788		22,840
5.500%, due 09/15/39		113,664		119,183
5.500%, due 01/15/40		3,693		3,850
5.500%, due 03/15/40		141,183		147,502
6.500%, due 02/15/29		135		137
6.500%, due 01/15/36		8,318		8,552
6.500%, due 09/15/36		74,059		78,093
6.500%, due 02/15/37		1,134		1,177
6.500%, due 04/15/37		4,569		4,891
6.500%, due 01/15/38		5,244		5,546
6.500%, due 06/15/38		12,488		13,287
6.500%, due 07/15/38		1,202		1,230
6.500%, due 11/15/38		2,215		2,443
4.000% due		2,000,000		1,922,636
GNMA II
2.500%, due 09/20/51		5,882,108		5,207,319

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 01/20/43	$	462,134	$	431,972
3.000%, due 02/20/43		467,240		436,744
3.000%, due 11/20/43		95,984		89,535
3.000%, due 09/20/47		485,716		450,102
3.000%, due 02/20/48		297,826		275,989
3.000%, due 04/20/50		1,777,490		1,636,708
3.000%, due 10/20/51		171,941		157,595
3.500%, due 04/20/45		3,832		3,638
3.500%, due 11/20/45		550,217		525,015
3.500%, due 12/20/45		226,961		217,008
3.500%, due 04/20/46		363,285		346,108
3.500%, due 05/20/46		363,187		346,016
3.500%, due 04/20/47		318,003		302,746
3.500%, due 07/20/47		2,432,191		2,315,497
3.500%, due 08/20/47		248,322		236,408
3.500%, due 09/20/47		98,268		93,553
3.500%, due 11/20/47		324,786		309,204
3.500%, due 12/20/47		84,662		80,600
3.500%, due 01/20/48		1,598,419		1,521,728
3.500%, due 02/20/48		1,236,817		1,177,371
3.500%, due 03/20/48		1,874,850		1,784,896
3.500%, due 09/20/48		529,371		503,972
3.750%, due 05/20/30		346,092		329,522
4.000%, due 12/20/40		123,362		119,576
4.000%, due 07/20/41		44,113		43,348
4.000%, due 12/20/47		56,581		55,192
4.000%, due 01/20/48		147,329		143,713
4.000%, due 03/20/48		210,688		204,991
4.000%, due 04/20/48		454,619		442,329
4.000%, due 05/20/48		144,581		140,672
4.000%, due 06/20/48		153,216		149,075
4.000%, due 07/20/48		43,475		42,300
4.500%, due 10/20/44		55,192		54,662
4.500%, due 08/20/45		77,046		77,274
4.500%, due 04/20/48		21,868		21,728
4.500%, due 05/20/48		61,777		61,381
4.500%, due 06/20/48		151,371		150,408
4.500%, due 10/20/48		169,972		166,758
4.500%, due 01/20/49		145,520		144,594
4.500%, due 02/20/49		255,474		253,849
5.000%, due 12/20/33		77,668		79,755
5.000%, due 01/20/34		40,518		41,607
5.000%, due 02/20/38		53,613		54,927
5.000%, due 04/20/38		61,049		62,540
5.000%, due 08/20/41		8,249		8,455
5.000%, due 12/20/42		10,587		10,847
5.000%, due 08/20/43		850,203		871,225
5.000%, due 09/20/48		95,251		96,106
5.000%, due 10/20/48		166,221		167,713
5.000%, due 11/20/48		215,488		217,422

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
5.000%, due 12/20/48	$	195,106	$	196,857
5.500%, due 09/20/48		33,622		34,025
6.000%, due 10/20/38		1,253		1,299
6.500%, due 09/20/32		630		662
6.500%, due 12/20/38		4,668		4,941
9.000%, due 04/20/25		1,203		1,210
9.000%, due 12/20/26		1,035		1,050
9.000%, due 01/20/27		4,799		4,876
9.000%, due 09/20/30		773		791
9.000%, due 10/20/30		2,396		2,512
9.000%, due 11/20/30		2,952		3,024
GNMA II ARM
1 yr. CMT + 1.500%,
2.625%, due 01/20/241		2,091		2,072
1 yr. CMT + 1.500%,
2.625%, due 01/20/251		460		452
1 yr. CMT + 1.500%,
2.625%, due 02/20/251		897		881
1 yr. CMT + 1.500%,
2.625%, due 03/20/251		2,356		2,313
1 yr. CMT + 1.500%,
2.625%, due 08/20/251		2,604		2,537
1 yr. CMT + 1.500%,
2.625%, due 09/20/251		3,945		3,841
1 yr. CMT + 1.500%,
2.625%, due 03/20/261		2,036		1,991
1 yr. CMT + 1.500%,
2.625%, due 08/20/261		4,885		4,735
1 yr. CMT + 1.500%,
2.625%, due 01/20/271		31,750		30,979
1 yr. CMT + 1.500%,
2.625%, due 02/20/271		2,116		2,064
1 yr. CMT + 1.500%,
2.625%, due 07/20/271		1,984		1,926
1 yr. CMT + 1.500%,
2.625%, due 01/20/281		3,010		2,939
1 yr. CMT + 1.500%,
2.625%, due 02/20/281		1,557		1,518
1 yr. CMT + 1.500%,
2.625%, due 07/20/301		11,955		11,622
1 yr. CMT + 1.500%,
2.875%, due 04/20/241		3,088		3,049
1 yr. CMT + 1.500%,
2.875%, due 04/20/261		21,435		20,938
1 yr. CMT + 1.500%,
2.875%, due 06/20/261		8,610		8,406
1 yr. CMT + 1.500%,
2.875%, due 04/20/271		5,355		5,221
1 yr. CMT + 1.500%,
2.875%, due 04/20/301		2,107		2,066
1 yr. CMT + 1.500%,
2.875%, due 05/20/301		23,653		23,221

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 1.500%,
3.000%, due 05/20/251	$	765	$	750
1 yr. CMT + 1.500%,
3.000%, due 09/20/261		610		594
1 yr. CMT + 1.500%,
3.000%, due 04/20/271		974		951
1 yr. CMT + 1.500%,
3.000%, due 08/20/271		6,643		6,459
1 yr. CMT + 1.500%,
3.000%, due 04/20/301		1,936		1,893
1 yr. CMT + 1.500%,
3.000%, due 05/20/301		100,476		98,864
1 yr. CMT + 1.500%,
3.000%, due 07/20/301		4,645		4,548
1 yr. CMT + 1.500%,
3.000%, due 08/20/301		20,722		20,251
1 yr. CMT + 1.500%,
3.500%, due 05/20/251		3,781		3,723
1 yr. CMT + 1.500%,
3.500%, due 06/20/251		3,867		3,807
1 yr. CMT + 1.500%,
3.500%, due 07/20/301		5,129		5,021
1 yr. CMT + 1.500%,
3.500%, due 08/20/301		1,129		1,104
1 yr. CMT + 1.500%,
3.500%, due 10/20/301		3,353		3,270
GNMA TBA
2.000%		6,700,000		5,734,584
3.000%		17,450,000		15,936,719
3.500%		5,000,000		4,693,665
4.500%		6,360,000		6,239,351
5.000%		5,000,000		4,977,245
5.500%		4,500,000		4,529,790
UMBS TBA
1.500%		3,000,000		2,362,875
2.000%		30,550,000		25,545,172
2.500%		21,450,000		18,581,735
3.000%		1,350,000		1,284,282
3.500%		1,500,000		1,452,289
4.000%		2,600,000		2,484,277
4.500%		16,400,000		16,069,931
5.000%		9,400,000		9,368,263
5.500%		9,500,000		9,577,900
6.000%		11,900,000		12,124,196
6.500%		16,000,000		16,480,895
Total U.S. government agency obligations (cost—$335,986,708)				321,807,767
Repurchase agreements: 2.1%
Repurchase agreement dated 04/28/23 with BNP Paribas SA, 4.830% due 05/01/23, collateralized by $4,687,500 US Treasury Note, 2.750% due 04/30/27; (value --$4,687,500); proceeds: $4,501,811
(cost—$4,500,000)		4,500,000		4,500,000

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of
	shares		Value
Short-term investments—0.8%
Investment companies: 0.7%
State Street Institutional U.S. Government Money Market Fund, 4.756%8 (cost $1,560,719)	$	1,560,719	$	1,560,719
Short-term U.S. Treasury obligations—0.1%
U.S. Treasury Bills
4.333% due 06/01/238,9		63,000		62,769
4.800% due 05/25/238,9		41,000		40,872
Total short-term U.S. Treasury obligations (cost—$103,641)				103,641
Total Short-term investments (cost—$1,664,360)				1,664,360

 

	Number of		Notional
	contracts		amount
Options Purchased: 0.0%†
UMBS TBA, 5.500%, strike @ $99, expires 07/06/23 (Counterparty CITI), (cost—$1,094)		700,000		69,139,000	746
Swaptions Purchased: 0.5%
Call swaptions: 0.3%
7 Year USD SOFR Interest Rate Swap, strike @ 2.770%, expires 12/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/26/30		7,300,000		7,300,000	134,186
7 Year USD SOFR Interest Rate Swap, strike @ 2.800%, expires 12/20/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 12/22/30		700,000		700,000	13,311
7 Year USD SOFR Interest Rate Swap, strike @ 2.800%, expires 12/20/23 (Counterparty: BB; pay floating rate); underlying swap terminates 12/22/30		800,000		800,000	15,213
10 Year USD SOFR Interest Rate Swap, strike @ 2.875%, expires 01/03/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/05/34		100,000		100,000	2,481
10 Year USD SOFR Interest Rate Swap, strike @ 2.040%, expires 01/11/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/16/34		3,000,000		3,000,000	19,423
10 Year USD SOFR Interest Rate Swap, strike @ 1.500%, expires 01/24/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/26/34		200,000		200,000	518
10 Year USD SOFR Interest Rate Swap, strike @ 2.430% expires 02/27/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 02/28/34		1,300,000		1,300,000	19,256
7 Year USD SOFR Interest Rate Swap, strike @ 3.560%, expires 05/04/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 05/08/30		2,900,000		2,900,000	67,828
7 Year USD SOFR Interest Rate Swap, strike @ 3.540%, expires 05/04/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 05/08/30		400,000		400,000	9,021
7 Year USD SOFR Interest Rate Swap, strike @ 3.210%, expires 03/08/24 (Counterparty: BB; pay floating rate); underlying swap terminates 03/12/31		2,300,000		2,300,000	83,761
7 Year USD SOFR Interest Rate Swap, strike @ 2.660%, expires 06/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/30		2,100,000		2,100,000	4,537
7 Year USD SOFR Interest Rate Swap, strike @ 2.510%, expires 04/05/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/09/31		2,200,000		2,200,000	38,038
7 Year USD SOFR Interest Rate Swap, strike @ 2.660%, expires 06/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 06/08/30		2,100,000		2,100,000	4,561
7 Year USD SOFR Interest Rate Swap, strike @ 2.670%, expires 04/11/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/15/31		2,300,000		2,300,000	48,740

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of		Notional
	contracts		amount		Value
Swaptions Purchased—(continued)
Call swaptions—(continued)
7 Year USD SOFR Interest Rate Swap, strike @ 2.732% expires 04/24/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/26/31		1,600,000	$	1,600,000	$	37,327
Put swaptions: 0.2%
7 Year USD SOFR Interest Rate Swap, strike @ 3.520%, expires 12/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/26/30		7,300,000		7,300,000		82,456
7 Year USD SOFR Interest Rate Swap, strike @ 3.550%, expires 12/20/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 12/22/30		2,200,000		2,200,000		23,746
7 Year USD SOFR Interest Rate Swap, strike @ 3.550%, expires 12/20/23 (Counterparty: BB; pay floating rate); underlying swap terminates 12/22/30		2,200,000		2,200,000		23,746
10 Year USD SOFR Interest Rate Swap, strike @ 3.625%, expires 01/03/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/05/34		100,000		100,000		1,161
10 Year USD SOFR Interest Rate Swap, strike @ 4.040%, expires 01/11/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/16/34		3,000,000		3,000,000		18,346
1 Year USD SOFR Interest Rate Swap, strike @ 4.600%, expires 01/31/24 (Counterparty: DB; pay floating rate); underlying swap terminates 02/02/25		16,000,000		16,000,000		28,413
1 Year USD SOFR Interest Rate Swap, strike @ 4.100%, expires 02/01/24 (Counterparty: DB; pay floating rate); underlying swap terminates 02/05/25		15,500,000		15,500,000		49,755
1 Year USD SOFR Interest Rate Swap, strike @ 4.100%, expires 02/01/24 (Counterparty: GS; pay floating rate); underlying swap terminates 02/05/25		14,000,000		14,000,000		44,940
1 Year USD SOFR Interest Rate Swap, strike @ 4.100%, expires 02/02/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 02/06/25		27,500,000		27,500,000		48,356
7 Year USD SOFR Interest Rate Swap, strike @ 3.710%, expires 03/08/24 (Counterparty: BB; pay floating rate); underlying swap terminates 03/12/31		2,300,000		2,300,000		23,517
7 Year USD SOFR Interest Rate Swap, strike @ 3.010%, expires 04/05/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/09/31		2,200,000		2,200,000		54,496

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of		Notional
	contracts		amount		Value
Swaptions Purchased—(continued)
Put swaptions—(continued)
7 Year USD SOFR Interest Rate Swap, strike @ 3.170%, expires 04/11/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/15/31		2,300,000	$	2,300,000	$	47,946
10 Year USD SOFR Interest Rate Swap, strike @ 3.260%, expires 06/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 06/08/33		700,000		700,000		5,284
7 Year USD SOFR Interest Rate Swap, strike @ 3.232% expires 04/24/24 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/26/31		1,600,000		1,600,000		31,558
Total swaptions purchased (cost—$1,014,090)						981,921
Total investments before investments sold short (cost—$403,473,549)—180.1%					$	383,999,769

	Number of shares
Investments sold short: (30.1)%
U.S. government agency obligations: (30.1)%
GNMA TBA
2.500%		(3,900,000	)		(3,454,815	)
4.000%		(450,000	)		(432,688	)
UMBS TBA
3.000%		(1,750,000	)		(1,571,673	)
3.000%		(33,550,000	)		(30,171,481	)
3.500%		(500,000	)		(464,641	)
3.500%		(9,050,000	)		(8,418,844	)
4.000%		(14,875,000	)		(14,225,558	)
4.000%		(2,500,000	)		(2,455,480	)
4.000%		(2,600,000	)		(2,484,277	)
6.500%		(500,000	)		(515,895	)
Total U.S. government agency obligations (cost—$(64,231,684))					(64,195,352	)
Total investments (cost—$339,241,865)—150.0%					319,804,417
Liabilities in excess of other assets—(50.0)%					(106,615,400	)
Net assets—100.0%				$	213,189,017
Reverse Repurchase Agreement: 6.6%
Reverse repurchase agreement dated 4/12/23 with Wells Fargo, 4.940%, to be repurchased 05/04/23 for $(8,893,302), collateralized by 9,671,561 Government National Mortgage Association obligation, 3.000% - 5.500% due 09/15/39 - 12/20/48; (value --$(9,671,561)); (proceeds --$(8,866,534))		(8,866,534	)		(8,866,534	)
Reverse repurchase agreement dated 4/12/23 with Wells Fargo, 4.970%, to be repurchased 05/11/23 for $(5,259,591), collateralized by 5,721,245 Government National Mortgage Association obligation, 3.000% - 5.500% due 9/20/38 - 01/20/48; (value --$(5,721,245)); (proceeds --$(5,238,617))		(5,238,617	)		(5,238,617	)
Total Reverse Repurchase Agreement (cost—$(14,105,152))					14,105,152

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

Options written

Notional amount (000)		Number of contracts	Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	346,710,000	3,500,000	UMBS TBA, 5.000% , strike @ 99.06	JPMCB	05/04/23	$	22,012	$	(16,503	)	$	5,509
USD	49,580,000	500,000	UMBS TBA, 5.000%, strike @ 99.16	CITI	05/04/23		3,144		(2,005	)		1,139
USD	396,440,000	4,000,000	UMBS TBA, 4.500%, strike @ 99.11	CITI	05/04/23		13,750		(286	)		13,464
USD	242,200,000	2,500,000	UMBS TBA, 4.000%, strike @ 96.88	BOA	05/04/23		9,766		(908	)		8,858
USD	95,230,000	1,000,000	UMBS TBA, 4.000%, strike @ 95.23	JPMCB	05/04/23		3,321		(6,008	)		(2,687	)
USD	405,320,000	4,000,000	UMBS TBA, 5.000%, strike @ 101.33	CITI	06/06/23		17,812		(2,550	)		15,262
USD	48,130,000	500,000	UMBS TBA, 4.000%, strike @ 96.26	JPMCB	06/06/23		2,265		(3,104	)		(839	)
Total						$	72,070	$	(31,364	)	$	40,706

Notional amount (000)		Number of contracts	Put options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	388,440,000	4,000,000	UMBS TBA, 4.500%, strike @ 97.11	CITI	05/04/23	$	16,250	$	(3,735	)	$	12,515
USD	237,200,000	2,500,000	UMBS TBA, 4.000%, strike @ 94.88	BOA	05/04/23		12,500		(2,928	)		9,572
USD	220,110,000	2,300,000	UMBS TBA, 4.000%, strike @ 95.70	CITI	05/04/23		10,781		(9,377	)		1,404
USD	397,320,000	4,000,000	UMBS TBA, 5.000%, strike @ 99.33	CITI	06/06/23		19,375		(20,046	)		(671	)
USD	191,540,000	2,000,000	UMBS TBA, 4.000%, strike @ 95.77	MSCI	06/06/23		15,078		(18,127	)		(3,049	)
USD	94,610,000	1,000,000	UMBS TBA, 4.000%, strike @ 94.61	JPMCB	06/06/23		7,187		(4,706	)		2,481
USD	47,130,000	500,000	UMBS TBA, 4.000% , strike @ 94.26	JPMCB	06/06/23		2,735		(1,899	)		836
Total						$	83,906	$	(60,818	)	$	23,088
Total equity options written						$	155,976	$	(92,182	)	$	63,794

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

Swaptions written  

Notional amount (000)		Number of contracts	Put Swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	15,500	15,500,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.600%, underlying swap terminates 02/05/25	DB	Pay	02/01/24	$	17,050	$	(27,229	)	$	(10,179	)
USD	14,000	14,000,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.600%, underlying swap terminates 02/05/25	GSI	Pay	02/01/24		13,020		(24,594	)		(11,574	)
USD	350	350,000	7 Year USD SOFR Interest Rate Swap, strike @ 3.740%, underlying swap terminates 07/10/30	CITI	Pay	07/06/23		1,120		(843	)		277
Total							$	31,190	$	(52,666	)	$	(21,476	)

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts
74	USD	3 Month SOFR Futures	December 2023	$	17,557,465		$	17,603,675		$	46,210
U.S. Treasury futures buy contracts
148	USD	U.S. Treasury Note 10 Year Futures	June 2023		16,534,585			17,050,063			515,478
1	USD	U.S. Treasury Note 5 Year Futures	June 2023		107,781			109,742			1,961
Total				$	34,199,831		$	34,763,480		$	563,649
Interest rate futures sell contracts
37	USD	3 Month SOFR Futures	March 2024		(8,807,932	)		(8,838,375	)	$	(30,443	)
37	USD	3 Month SOFR Futures	June 2024		(8,851,967	)		(8,884,625	)		(32,658	)
Net unrealized appreciation (depreciation)										$	500,548

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

Centrally cleared interest rate swap agreements  

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio10	Payments received by the portfolio10	Value			Unrealized appreciation (depreciation)
USD	3,400	04/17/25	Annual	3.750	12 Month SOFR	$	(23,320	)	$	(23,320	)
USD	3,400	04/18/25	Annual	3.750	12 Month SOFR		(22,920	)		(22,920	)
USD	6,600	04/24/25	Annual	12 Month SOFR	4.000		(10,686	)		(10,686	)
USD	3,600	04/25/25	Annual	12 Month SOFR	4.000		(5,916	)		(5,916	)
USD	18,600	06/21/25	Annual	12 Month SOFR	3.750		56,243			(128,305	)
USD	3,000	12/21/27	Annual	12 Month SOFR	2.000		182,073			(13,497	)
USD	17,500	06/15/29	Annual	1.750	12 Month SOFR		(1,553,675	)		(400,327	)
USD	2,300	11/09/29	Annual	12 Month SOFR	3.205		18,430			18,430
USD	2,300	11/09/29	Annual	12 Month SOFR	3.218		16,618			16,618
USD	2,400	11/09/29	Annual	12 Month SOFR	3.217		17,416			17,416
USD	1,300	12/21/29	Annual	12 Month SOFR	2.000		107,458			(829	)
USD	1,400	03/08/30	Annual	12 Month SOFR	3.513		(21,583	)		(21,583	)
USD	1,400	03/08/30	Annual	12 Month SOFR	3.513		(21,539	)		(21,539	)
USD	500	03/08/30	Annual	12 Month SOFR	3.635		(11,514	)		(11,514	)
USD	2,900	04/10/30	Annual	3.560	12 Month SOFR		57,786			57,786
USD	6,400	06/21/30	Annual	12 Month SOFR	3.000		67,873			(19,288	)
USD	1,400	06/08/32	Annual	12 Month SOFR	2.451		91,292			91,292
USD	7,100	06/15/32	Annual	12 Month SOFR	1.750		834,166			(64,695	)
USD	500	06/15/32	Annual	12 Month SOFR	1.750		63,462			29,650
USD	4,000	06/15/32	Annual	12 Month SOFR	2.550		227,057			227,057
USD	17,400	07/08/32	Annual	12 Month SOFR	2.313		1,369,979			1,369,979
USD	2,300	09/16/32	Annual	12 Month SOFR	2.998		48,555			48,555
USD	5,500	10/06/32	Annual	12 Month SOFR	3.275		(14,588	)		(14,588	)
USD	7,700	11/09/32	Annual	12 Month SOFR	3.275		(19,893	)		(19,893	)
USD	8,000	11/28/32	Annual	12 Month SOFR	3.368		(87,208	)		(87,208	)
USD	600	12/21/32	Annual	12 Month SOFR	2.000		63,679			(7,329	)
USD	1,400	03/08/33	Annual	12 Month SOFR	3.453		(29,796	)		(29,796	)
USD	3,100	03/08/33	Annual	12 Month SOFR	3.505		(79,880	)		(79,880	)
USD	1,000	03/08/33	Annual	3.510	12 Month SOFR		26,195			26,195
USD	29,275	06/21/33	Annual	3.000	12 Month SOFR		(346,921	)		753,292
USD	10,800	04/29/23	At Maturity	12 Month US Federal Funds Effective Rate	0.200		312,167			312,167
USD	36,100	06/16/23	Quarterly	3 Month USD LIBOR	0.250		417,071			380,701
USD	8,900	08/04/23	Quarterly	3 Month SOFR	1.500		125,721			125,721
USD	27,000	09/03/23	Quarterly	3 Month SOFR	1.350		589,148			636,129
USD	27,000	03/03/25	Quarterly	3 Month SOFR	0.262		1,088,136			1,088,136
USD	8,900	05/04/25	Quarterly	3 Month SOFR	0.262		392,752			392,752
Total						$	3,923,838		$	4,608,763

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities		—		17,153,567		150,218		17,303,785
Mortgage-backed securities		—		37,741,190		—		37,741,190
U.S. government agency obligations		—		321,807,767		—		321,807,767
Repurchase agreements		—		4,500,000		—		4,500,000
Short-term investments		—		1,664,360		—		1,664,360
Reverse Repurchase Agreement		—		14,105,152		—		14,105,152
Options purchased		—		746		—		746
Swaptions Purchased		—		981,921		—		981,921
Futures contracts		563,649		—		—		563,649
Swap agreements		—		6,173,277		—		6,173,277
Total	$	563,649	$	404,127,980	$	150,218	$	404,841,847

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Liabilities
Investments sold short	$	—		$	(64,195,352	)	$	—		(64,195,352	)
Options written		—			(92,182	)		—		(92,182	)
Swaptions written		—			(52,666	)		—		(52,666	)
Futures contracts		(63,101	)		—			—		(63,101	)
Swap agreements		—			(2,249,439	)		—		(2,249,439	)
Total	$	(63,101	)	$	(66,589,639	)	$	—	$	(66,652,740	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

1 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

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 $25,888,303, represented 12.1% of the Portfolios net assets at period end.

3 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

5 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

6 Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate  at the period end; the maturity date disclosed is the ultimate maturity date.

7 Zero coupon bond.

8 Rates shown reflect yield at April 30, 2023.

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

10 Payments made or received are based on the notional amount.

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—21.6%
Aligned Data Centers Issuer LLC,
Series 2022-1A, Class A2,
6.350%, due 10/15/471	$	2,300,000	$	2,332,811
American Homes 4 Rent Trust,
Series 2014-SFR3, Class A,
3.678%, due 12/17/361		426,064		414,733
Avis Budget Rental Car Funding
AESOP LLC,
Series 2023-4A, Class A,
5.490%, due 06/20/291		1,620,000		1,641,697
BHG Securitization Trust,
Series 2022-C, Class B,
5.930%, due 10/17/351		1,750,000		1,728,739
Capital One Multi-Asset Execution Trust,
Series 2022-A2, Class A,
3.490%, due 05/15/27		1,189,000		1,165,070
CarMax Auto Owner Trust,
Series 2022-2, Class A2A,
2.810%, due 05/15/25		196,193		194,175
College Ave Student Loans LLC,
Series 2021-A, Class A1,
1 mo. USD LIBOR + 1.100%,
6.120%, due 07/25/511,2		56,975		55,562
Series 2021-B, Class A2,
1.760%, due 06/25/521		70,281		60,097
Series 2021-C, Class A1,
1 mo. USD LIBOR + 0.900%,
5.920%, due 07/26/551,2		219,451		210,580
Series 2021-C, Class B,
2.720%, due 07/26/551		100,000		84,350
Series 2021-C, Class A2,
2.320%, due 07/26/551		110,544		95,786
Credit Acceptance Auto Loan Trust,
Series 2020-2A, Class A,
1.370%, due 07/16/291		16,304		16,267
Series 2021-2A, Class A,
0.960%, due 02/15/301		426,796		415,766
Series 2021-3A, Class A,
1.000%, due 05/15/301		280,000		271,419
Series 2021-4, Class A,
1.260%, due 10/15/301		395,000		376,640
Series 2022-1A, Class A,
4.600%, due 06/15/321		495,000		486,003
Series 2022-3A, Class C,
8.450%, due 02/15/331		2,300,000		2,428,479
Credit Suisse Seasoned Loan Trust,
Series 2006-1, Class A,
1 mo. USD LIBOR + 0.480%,
5.500%, due 10/25/341,2		7,659		7,741

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
DataBank Issuer,
Series 2023-1A, Class A2,
5.116%, due 02/25/531	$	995,000	$	937,483
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class A,
1.800%, due 11/25/451		65,164		57,209
Elara HGV Timeshare Issuer LLC,
Series 2016-A, Class A,
2.730%, due 04/25/281		21,473		21,431
Ford Credit Auto Lease Trust,
Series 2022-A, Class A2A,
2.780%, due 10/15/24		250,048		248,446
FREED ABS Trust,
Series 2022-4FP, Class B,
7.580%, due 12/18/291		2,150,000		2,148,700
Golub Capital Partners ABS Funding Ltd.,
Series 2022-1A, Class A2B,
6.580%, due 07/22/301		1,910,000		1,803,557
GoodLeap Sustainable Home Solutions Trust,
Series 2021-4GS, Class A,
1.930%, due 07/20/481		184,795		139,971
Series 2021-5CS, Class A,
2.310%, due 10/20/481		103,641		81,905
Series 2022-3CS, Class A,
4.950%, due 07/20/491		216,482		206,023
Lendmark Funding Trust,
Series 2021-1A, Class A,
1.900%, due 11/20/311		210,000		183,497
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/361		180,000		160,764
Series 2022-AA, Class B,
7.200%, due 10/20/371		1,830,000		1,842,937
MCF CLO Ltd.,
Series 2023-1A, Class C,
3 mo. USD SOFR + 4.200,
9.032%, due 04/15/351		630,000		632,116
Monroe Capital ABS Funding II Ltd.,
Series 2023-1A, Class A1,
6.650%, due 04/22/331		1,700,000		1,700,000
Mosaic Solar Loan Trust,
Series 2022-1A, Class A,
2.640%, due 01/20/531		174,612		153,893
Mosaic Solar Loans LLC,
Series 2017-2A, Class C,
2.000%, due 06/22/431		40,702		39,162

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
Navient Private Education Refi Loan Trust,
Series 2019-D, Class A2B,
1 mo. USD LIBOR + 1.050%,
5.998%, due 12/15/591,2	$	146,075	$	143,653
Series 2020-IA, Class B,
2.950%, due 04/15/691		100,000		82,810
Series 2021-A, Class A,
0.840%, due 05/15/691		60,266		52,893
Series 2021-DA, Class A,
U.S. (Fed) Prime Rate -1.990%,
6.010%, due 04/15/601,2		305,517		285,882
Navient Student Loan Trust,
Series 2018-EA, Class A2,
4.000%, due 12/15/591		24,442		23,734
Nelnet Student Loan Trust,
Series 2021-A, Class APT2,
1.360%, due 04/20/621		444,497		399,723
Series 2021-BA, Class AFL,
1 mo. USD LIBOR + 0.780%,
5.733%, due 04/20/621,2		632,899		624,013
Series 2021-CA, Class AFL,
1 mo. USD LIBOR + 0.740%,
5.693%, due 04/20/621,2		397,144		387,801
New Economy Assets Phase 1 Sponsor LLC,
Series 2021-1, Class A1,
1.910%, due 10/20/611		1,150,000		998,593
NextGear Floorplan Master Owner Trust,
Series 2023-1A, Class A2,
5.740%, due 03/15/281		1,740,000		1,752,330
NFAS2 LLC,
Series 2022-1, Class B,
7.590%, due 09/15/281		1,090,000		1,081,936
NMEF Funding LLC,
Series 2022-B, Class A2,
6.070%, due 06/15/291		2,380,000		2,392,158
OneMain Financial Issuance Trust,
Series 2022-3A, Class A,
5.940%, due 05/15/341		1,610,000		1,630,155
Oportun Issuance Trust,
Series 2022-3, Class B,
8.533%, due 01/08/301		2,290,000		2,288,622
Oxford Finance Funding Trust,
Series 2023-1A, Class B,
7.879%, due 02/15/311		1,970,000		1,962,490
Prodigy Finance Ltd.,
Series 2021-1A, Class A,
1 mo. USD LIBOR + 1.250%,
6.270%, due 07/25/511,2		169,965		165,753

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
Regional Management Issuance Trust,
Series 2021-2, Class A,
1.900%, due 08/15/331	$	245,000	$	210,321
Series 2022-2B, Class B,
8.510%, due 11/17/321		2,360,000		2,407,068
Santander Drive Auto Receivables Trust,
Series 2022-7, Class C,
6.690%, due 03/17/31		2,200,000		2,286,421
Sesac Finance LLC,
Series 2019-1, Class A2,
5.216%, due 07/25/491		115,500		109,136
SLM Private Education Loan Trust,
Series 2010-C, Class A5,
1 mo. USD LIBOR + 4.750%,
9.698%, due 10/15/411,2		381,092		412,667
SMB Private Education Loan Trust,
Series 2017-B, Class A2B,
1 mo. USD LIBOR + 0.750%,
5.698%, due 10/15/351,2		71,676		70,805
Series 2018-A, Class A2B,
1 mo. USD LIBOR + 0.800%,
5.748%, due 02/15/361,2		258,852		253,416
Series 2018-C, Class A2B,
1 mo. USD LIBOR + 0.750%,
5.698%, due 11/15/351,2		337,497		330,471
Series 2021-A, Class A2A1,
1 mo. USD LIBOR + 0.730%,
5.678%, due 01/15/531,2		497,288		482,301
Series 2021-A, Class B,
2.310%, due 01/15/531		100,000		90,112
Series 2021-C, Class APT1,
1.390%, due 01/15/531		162,593		143,457
SoFi Professional Loan Program LLC,
Series 2018-A, Class A2B,
2.950%, due 02/25/421		57,369		55,429
Series 2020-C, Class AFX,
1.950%, due 02/15/461		94,445		85,417
Stack Infrastructure Issuer LLC,
Series 2023-1A, Class A2,
5.900%, due 03/25/481		740,000		735,944
Store Master Funding I-VII XIV XIX XX,
Series 2021-1A, Class A1,
2.120%, due 06/20/511		1,010,650		865,037
T-Mobile U.S. Trust,
Series 2022-1A, Class A,
4.910%, due 05/22/281		2,300,000		2,307,135
Vantage Data Centers Issuer LLC,
Series 2023-1A, Class A2,
6.316%, due 03/16/481		1,070,000		1,084,534

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(concluded)
Westlake Automobile Receivables Trust,
Series 2021-3A, Class A2,
0.570%, due 09/16/241	$	29,289	$	29,232
Total asset-backed securities (cost—$48,653,139)				48,574,458
Corporate bonds—55.9%
Aerospace & defense: 0.7%
Boeing Co.
3.250%, due 02/01/28		1,600,000		1,490,821
Agriculture: 0.4%
Cargill, Inc.
5.125%, due 10/11/321,3		810,000		840,295
Airlines: 0.2%
Air Canada Pass-Through Trust
Series 2017-1AA,
3.300%, due 01/15/301		43,098		38,437
American Airlines Pass-Through Trust
Series 2016-3, Class AA,
3.000%, due 10/15/28		89,951		79,837
Series AA,
3.200%, due 06/15/28		39,573		36,137
Series AA,
3.575%, due 01/15/28		48,344		44,577
Series 2015-2, Class AA,
3.600%, due 09/22/27		37,430		34,519
Series AA,
3.650%, due 02/15/29		29,110		26,653
Delta Airlines Pass-Through Trust
Series 2020-1, Class AA,
2.000%, due 06/10/28		55,283		48,786
Series AA,
3.204%, due 04/25/24		101,000		98,490
United Airlines Pass-Through Trust
Series AA,
2.700%, due 05/01/32		44,226		38,085
Series 2015-1, Class AA,
3.450%, due 12/01/27		32,228		29,593
Series AA,
3.500%, due 03/01/30		15,687		14,152
Series AA,
4.150%, due 08/25/31		56,256		51,862
				541,128
Auto manufacturers: 1.5%
Ford Motor Credit Co. LLC
7.350%, due 11/04/27		1,240,000		1,275,095
7.350%, due 03/06/30		1,310,000		1,345,580

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
General Motors Financial Co., Inc.
5.850%, due 04/06/30	$	665,000	$	664,670
				3,285,345
Banks: 17.5%
ASB Bank Ltd.
(fixed, converts to FRN on 06/17/27),
5.284%, due 06/17/321,2		1,500,000		1,448,657
5.398%, due 11/29/271		1,260,000		1,285,418
Bank of America Corp.
(fixed, converts to FRN on 01/20/27),
3.824%, due 01/20/282		840,000		801,891
Bank of New York Mellon Corp.
(fixed, converts to FRN on 02/07/27),
3.442%, due 02/07/282		1,400,000		1,340,773
Bank of New Zealand
4.846%, due 02/07/281		1,075,000		1,076,661
Canadian Imperial Bank of Commerce
3.450%, due 04/07/27		1,400,000		1,336,516
Citigroup, Inc.
(fixed, converts to FRN on 06/03/30),
2.572%, due 06/03/312		1,198,000		1,013,741
Series VAR,
(fixed, converts to FRN on 02/24/27),
3.070%, due 02/24/282		742,000		693,667
(fixed, converts to FRN on 03/31/30),
4.412%, due 03/31/312		1,310,000		1,250,699
Comerica Bank
(fixed, converts to FRN on 08/25/32),
5.332%, due 08/25/332		1,280,000		1,077,362
DNB Bank ASA
(fixed, converts to FRN on 10/09/25),
5.896%, due 10/09/261,2		1,175,000		1,181,832
Fifth Third Bancorp
(fixed, converts to FRN on 07/28/29),
4.772%, due 07/28/302		25,000		23,792
(fixed, converts to FRN on 10/27/27),
6.361%, due 10/27/282		1,885,000		1,945,372

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(continued)
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 02/24/27),
2.640%, due 02/24/282	$	1,217,000	$	1,114,180
(fixed, converts to FRN on 02/24/32),
3.102%, due 02/24/332		1,128,000		970,607
(fixed, converts to FRN on 03/15/27),
3.615%, due 03/15/282		578,000		550,320
(fixed, converts to FRN on 08/23/27),
4.482%, due 08/23/282		1,280,000		1,255,857
HSBC Holdings PLC
(fixed, converts to FRN on 06/04/30),
2.848%, due 06/04/312		1,800,000		1,514,412
(fixed, converts to FRN on 11/03/27),
7.390%, due 11/03/282		905,000		974,188
Huntington National Bank
5.650%, due 01/10/30		1,240,000		1,235,488
ING Groep NV
(fixed, converts to FRN on 03/28/25),
3.869%, due 03/28/262		1,400,000		1,355,583
JPMorgan Chase & Co.
(fixed, converts to FRN on 02/01/27),
3.782%, due 02/01/282		793,000		761,184
(fixed, converts to FRN on 01/29/26),
3.960%, due 01/29/272		495,000		481,555
KeyBank NA
5.850%, due 11/15/27		1,080,000		1,078,536
Lloyds Banking Group PLC
(fixed, converts to FRN on 03/18/27),
3.750%, due 03/18/282		1,420,000		1,335,635
(fixed, converts to FRN on 11/15/32),
7.953%, due 11/15/332		610,000		677,869
Morgan Stanley
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/282		1,420,000		1,345,807
(fixed, converts to FRN on 10/18/32),
6.342%, due 10/18/332		885,000		962,222

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
NatWest Group PLC
(fixed, converts to FRN on 11/10/25),
7.472%, due 11/10/262	$	1,030,000	$	1,077,536
Royal Bank of Canada
6.000%, due 11/01/27		1,295,000		1,360,947
Santander Holdings USA, Inc.
(fixed, converts to FRN on 09/09/25),
5.807%, due 09/09/262		855,000		847,698
(fixed, converts to FRN on 03/09/28),
6.499%, due 03/09/292		755,000		758,905
State Street Corp.
(fixed, converts to FRN on 11/04/27),
5.820%, due 11/04/282		555,000		579,858
Svenska Handelsbanken AB
3.950%, due 06/10/271		1,400,000		1,360,251
Truist Financial Corp.
(fixed, converts to FRN on 06/06/27),
4.123%, due 06/06/282		1,370,000		1,305,335
(fixed, converts to FRN on 10/28/32),
6.123%, due 10/28/332		580,000		603,170
Wells Fargo & Co.
(fixed, converts to FRN on 03/02/32),
3.350%, due 03/02/332		1,525,000		1,331,111
				39,314,635
Beverages: 1.0%
Brown-Forman Corp.
4.750%, due 04/15/33		900,000		918,994
Constellation Brands, Inc.
4.750%, due 05/09/32		1,400,000		1,395,417
				2,314,411
Commercial services: 0.7%
Ashtead Capital, Inc.
5.500%, due 08/11/321		1,500,000		1,481,592
Computers: 0.5%
Dell International LLC/EMC Corp.
5.750%, due 02/01/333		1,175,000		1,190,666
Diversified financial services: 2.9%
Aviation Capital Group LLC
3.500%, due 11/01/271		1,500,000		1,356,976
Avolon Holdings Funding Ltd.
5.500%, due 01/15/261		1,500,000		1,472,236

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Capital One Financial Corp.
(fixed, converts to FRN on 05/10/27),
4.927%, due 05/10/282	$	1,400,000	$	1,358,706
(fixed, converts to FRN on 05/10/32),
5.268%, due 05/10/332		164,000		156,436
Credit Acceptance Corp.
6.625%, due 03/15/263		1,150,000		1,099,013
Oxford Finance LLC/Oxford Finance
Co.-Issuer II, Inc.
6.375%, due 02/01/271		1,250,000		1,161,321
				6,604,688
Electric: 3.9%
Atlantica Sustainable Infrastructure PLC
4.125%, due 06/15/281		1,110,000		1,012,875
Duke Energy Florida LLC
5.950%, due 11/15/52		880,000		1,001,867
Duke Energy Ohio, Inc.
5.650%, due 04/01/53		590,000		626,429
Edison International
Series A,
(fixed, converts to FRN on 03/15/26),
5.375%, due 03/15/262,4		1,360,000		1,211,114
MidAmerican Energy Co.
3.650%, due 04/15/29		204,000		196,558
Nevada Power Co.
Series GG,
5.900%, due 05/01/53		935,000		1,048,517
Public Service Electric & Gas Co.
3.100%, due 03/15/32		1,465,000		1,319,993
Southern California Edison Co.
5.950%, due 11/01/32		585,000		636,354
Southern Co.
5.700%, due 10/15/32		480,000		506,928
Vistra Operations Co. LLC
5.500%, due 09/01/261		1,210,000		1,185,609
				8,746,244
Healthcare-products: 0.4%
Medtronic Global Holdings SCA
4.500%, due 03/30/33		950,000		958,851
Healthcare-services: 0.5%
CommonSpirit Health
6.073%, due 11/01/27		965,000		1,003,983
Sutter Health
Series 20A,
2.294%, due 08/15/30		20,000		16,914
				1,020,897

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Housewares: 0.4%
Newell Brands, Inc.
6.375%, due 09/15/27	$	995,000	$	980,075
Insurance: 9.8%
Athene Global Funding
2.550%, due 06/29/251		1,600,000		1,484,328
Athene Holding Ltd.
6.650%, due 02/01/33		1,175,000		1,197,562
Corebridge Financial, Inc.
(fixed, converts to FRN on 12/15/27),
6.875%, due 12/15/521,2		1,280,000		1,159,008
Enstar Finance LLC
(fixed, converts to FRN on 01/15/27),
5.500%, due 01/15/422		1,500,000		1,079,845
Enstar Group Ltd.
4.950%, due 06/01/29		1,400,000		1,326,763
F&G Annuities & Life, Inc.
7.400%, due 01/13/281		2,110,000		2,146,191
Fairfax Financial Holdings Ltd.
5.625%, due 08/16/321		1,400,000		1,385,860
First American Financial Corp.
2.400%, due 08/15/31		1,240,000		963,727
Intact Financial Corp.
5.459%, due 09/22/321		915,000		925,339
Metropolitan Life Global Funding I
4.300%, due 08/25/291		1,690,000		1,646,176
Northwestern Mutual Global Funding
4.350%, due 09/15/271		740,000		737,505
Protective Life Global Funding
3.218%, due 03/28/251		1,400,000		1,347,234
RenaissanceRe Holdings Ltd.
3.600%, due 04/15/29		1,440,000		1,335,601
Stewart Information Services Corp.
3.600%, due 11/15/31		1,700,000		1,341,238
Swiss Re Finance Luxembourg SA
(fixed, converts to FRN on 04/02/29),
5.000%, due 04/02/491,2		2,600,000		2,477,358
Teachers Insurance & Annuity Association of America
4.900%, due 09/15/441		1,500,000		1,397,020
				21,950,755
Investment companies: 1.0%
Blackstone Private Credit Fund
2.350%, due 11/22/24		1,450,000		1,352,283
3.250%, due 03/15/27		209,000		180,101
OWL Rock Core Income Corp.
7.750%, due 09/16/271		710,000		713,352
				2,245,736

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Media: 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp.
7.375%, due 03/01/311	$	1,005,000	$	984,858
Oil & gas: 0.6%
Equinor ASA
2.375%, due 05/22/30		1,555,000		1,382,068
Pharmaceuticals: 1.3%
CVS Health Corp.
5.125%, due 02/21/30		1,005,000		1,022,394
Elanco Animal Health, Inc.
6.650%, due 08/28/285		1,255,000		1,221,906
Teva Pharmaceutical Finance Netherlands III BV
7.875%, due 09/15/29		559,000		583,875
				2,828,175
Pipelines: 3.5%
Buckeye Partners LP
4.350%, due 10/15/24		730,000		709,512
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
7.375%, due 02/01/311		1,160,000		1,160,000
Energy Transfer LP
Series A,
(fixed, converts to FRN on 02/15/23),
8.892%, due 05/15/232,4		2,420,000		2,158,298
EnLink Midstream LLC
6.500%, due 09/01/301		1,115,000		1,126,339
Harvest Midstream I LP
7.500%, due 09/01/281		1,205,000		1,179,033
Hess Midstream Operations LP
5.500%, due 10/15/301		1,500,000		1,396,080
				7,729,262
Real estate investment trusts: 5.3%
Arbor Realty SR, Inc.
Series QIB,
8.500%, due 10/15/271		1,790,000		1,792,994
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/271		2,635,000		2,201,797
Extra Space Storage LP
5.700%, due 04/01/28		460,000		470,670
Federal Realty OP LP
5.375%, due 05/01/28		905,000		902,428
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/261		1,515,000		1,344,725
Realty Income Corp.
4.850%, due 03/15/30		500,000		497,638

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Rexford Industrial Realty LP
5.000%, due 06/15/28	$	860,000	$	854,519
SBA Tower Trust
6.599%, due 01/15/281		2,300,000		2,412,208
Scentre Group Trust 1/Scentre Group Trust 2
4.375%, due 05/28/301,3		1,363,000		1,300,679
				11,777,658
Retail: 1.2%
Nordstrom, Inc.
4.375%, due 04/01/30		1,475,000		1,153,539
Target Corp.
4.500%, due 09/15/32		1,510,000		1,520,763
				2,674,302
Semiconductors: 1.1%
ams-OSRAM AG
7.000%, due 07/31/251,3		1,265,000		1,181,510
Intel Corp.
5.700%, due 02/10/53		1,145,000		1,171,133
				2,352,643
Telecommunications: 0.5%
Connect Finco SARL/Connect
U.S. Finco LLC
6.750%, due 10/01/261		1,255,000		1,196,081
Trucking & leasing: 0.6%
Penske Truck Leasing Co. LP/PTL Finance Corp.
5.550%, due 05/01/281		570,000		573,795
5.700%, due 02/01/281		760,000		768,969
				1,342,764
Total corporate bonds (cost—$125,537,104)				125,233,950
Loan assignments—5.5%
CDK Global, Inc.
2022 USD Term Loan B,
3 mo. USD LIBOR + 4.250%,
9.148%, due 07/06/292		1,147,125		1,145,381
CenturyLink, Inc.
2020 Term Loan A,
1 mo. USD SOFR + 2.000%,
6.922%, due 01/31/252		1,059,125		981,460
Jazz Financing Lux S.a.r.l.
USD Term Loan,
1 mo. USD LIBOR + 3.500%,
8.340%, due 05/05/282		1,183,320		1,181,521
LendingTree, Inc.
3 mo. USD LIBOR + 0.000%,
0.000%, due 09/15/282		1,241,872		1,052,486

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Loan assignments—(concluded)
Broadcast—(concluded)
Medline Borrower LP
USD Term Loan B,
1 mo. USD LIBOR + 3.250%,
8.090%, due 10/23/282	$	1,233,769	$	1,196,583
MIP V Waste Holdings, LLC
1 mo. USD LIBOR + 1.060,
4.310%, due 12/08/282		1,135,000		1,112,300
MPH Acquisition Holdings LLC
2021 Term Loan B,
3 mo. USD LIBOR + 4.250%,
9.203%, due 09/01/282		1,293,434		1,106,158
Sotera Health Holdings LLC
2023 Incremental Term Loan B,
6 mo. USD SOFR + 3.750%,
8.816%, due 12/11/262		1,900,000		1,885,750
Starwood Property Trust, Inc.
2022 Term Loan B,
1 mo. USD SOFR + 3.250%,
8.057%, due 11/18/272		763,088		736,379
UGI Energy Services LLC
1 mo. USD LIBOR + 3.250%,
8.157%, due 02/22/302		1,178,983		1,168,420
Verscend Holding Corp.
2021 Term Loan B,
1 mo. USD LIBOR + 4.000%,
8.840%, due 08/27/252		845,696		844,115
Total loan assignments (cost—$12,637,884)				12,410,553
Mortgage-backed securities—11.1%
Arbor Multifamily Mortgage Securities Trust
Series 2020-MF1, Class A5,
2.756%, due 05/15/531		465,000		403,602
BAMLL Commercial Mortgage Securities Trust
Series 2017-SCH, Class AL,
1 mo. USD LIBOR + 0.900%,
5.848%, due 11/15/321,2		1,150,000		1,114,021
BANK
Series 2022-BNK42, Class A5,
4.493%, due 06/15/556		220,000		213,217
Barclays Commercial Mortgage Trust
Series 2019-C3, Class B,
4.096%, due 05/15/52		90,000		79,166
Benchmark Mortgage Trust
Series 2019-B15, Class B,
3.564%, due 12/15/72		210,000		177,214
Series 2019-B15, Class C,
3.837%, due 12/15/726		111,000		85,228

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2022-B35, Class A5,
4.593%, due 05/15/556	$	270,000	$	256,330
BFLD Trust
Series 2019-DPLO, Class A,
1 mo. USD LIBOR + 1.204%,
6.095%, due 10/15/341,2		350,000		345,145
BX Commercial Mortgage Trust
Series 2021-XL2, Class A,
1 mo. USD LIBOR + 0.689%,
5.637%, due 10/15/381,2		291,915		281,410
Series 2021-CIP, Class A,
1 mo. USD LIBOR + 0.921%,
5.869%, due 12/15/381,2		215,000		208,005
Series 2019-XL, Class A,
1 mo. USD SOFR + 1.034%,
5.924%, due 10/15/361,2		309,119		305,819
BX Trust
Series 2021-ARIA, Class A,
1 mo. USD LIBOR + 0.899%,
5.847%, due 10/15/361,2		535,000		516,417
Series 2022-CLS, Class B,
6.300%, due 10/13/271		2,020,000		1,983,446
Series 2022-GPA, Class B,
1 mo. USD SOFR + 2.664%,
7.554%, due 10/15/391,2		1,000,000		992,480
Series 2022-GPA, Class C,
1 mo. USD SOFR + 3.213%,
8.103%, due 10/15/391,2		950,000		940,475
Cantor Commercial Real Estate Lending
Series 2019-CF3, Class B,
3.500%, due 01/15/536		101,000		82,370
CD Mortgage Trust
Series 2017-CD3, Class A4,
3.631%, due 02/10/50		300,000		280,451
Cold Storage Trust
Series 2020-ICE5, Class A,
1 mo. USD LIBOR + 0.900%,
5.848%, due 11/15/371,2		530,815		518,831
COMM Mortgage Trust
Series 2015-CR25, Class A3,
3.505%, due 08/10/48		247,716		238,099
Series 2014-CR16, Class A4,
4.051%, due 04/10/47		145,000		142,127
CSMC Trust
Series 2021-980M, Class B,
2.795%, due 07/15/311		130,000		108,363
Series 2017-CALI, Class A,
3.431%, due 11/10/321		260,000		226,649

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Extended Stay America Trust
Series 2021-ESH, Class A,
1 mo. USD LIBOR + 1.080%,
6.028%, due 07/15/381,2	$	400,239	$	389,964
FHLMC Multifamily Structured Pass-Through Certificates
Series K121, Class X1,
1.119%, due 10/25/306		1,186,361		68,716
Series K038, Class X1,
1.230%, due 03/25/246		2,271,597		14,411
Series KL06, Class XFX,
1.467%, due 12/25/296		720,000		45,148
Series K142, Class A2,
2.400%, due 03/25/32		385,000		335,317
Series K144, Class A2,
2.450%, due 04/25/32		270,000		235,806
Series K145, Class A2,
2.580%, due 05/25/32		605,000		532,868
Series KC02, Class A2,
3.370%, due 07/25/25		537,772		522,450
FHLMC Multifamily WI Certificates
Series K146, Class A2,
2.920%, due 07/25/32		170,000		153,840
FNMA Aces
Series 2022-M5, Class A3,
2.447%, due 01/01/346		325,000		273,739
FRESB Mortgage Trust
Series 2019-SB60, Class A10H,
3.500%, due 01/25/396		182,871		172,053
GS Mortgage Securities Corp. Trust
Series 2022-SHIP, Class A,
1 mo. USD SOFR + 0.731%,
5.621%, due 08/15/361,2		320,000		317,831
J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2021-MHC, Class A,
1 mo. USD LIBOR + 0.800%,
5.748%, due 04/15/381,2		85,041		82,908
Series 2022-ACB, Class A,
30 day USD SOFR Average + 1.400%,
6.150%, due 03/15/391,2		360,000		351,888
Series 2019-BKWD, Class A,
1 mo. USD LIBOR + 1.250%,
6.198%, due 09/15/291,2		111,882		103,838
MF1 Trust
Series 2021-W10, Class A,
1 mo. USD SOFR + 1.070%,
5.960%, due 12/15/341,2		100,000		96,238
Series 2021-W10, Class B,
1 mo. USD SOFR + 1.370%,
6.260%, due 12/15/341,2		370,000		347,844

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(concluded)
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4,
3.779%, due 05/15/486	$	520,000	$	499,709
Series 2018-SUN, Class A,
1 mo. USD LIBOR + 0.900%,
5.848%, due 07/15/351,2		290,000		284,893
Series 2019-NUGS, Class A,
1 mo. USD LIBOR + 0.950%,
5.898%, due 12/15/361,2		241,000		220,648
MTN Commercial Mortgage Trust
Series 2022-LPFL, Class A,
1 mo. USD SOFR + 1.397%,
6.286%, due 03/15/391,2		2,000,000		1,962,385
OAKST Commercial Mortgage Trust
Series 2023-NLP, Class A,
6.298%, due 03/15/401,6		2,050,000		2,092,193
One Bryant Park Trust
Series 2019-OBP, Class A,
2.516%, due 09/15/541		2,300,000		1,907,819
One New York Plaza Trust
Series 2020-1NYP, Class A,
1 mo. USD LIBOR + 0.950%,
5.898%, due 01/15/361,2		240,000		228,897
SCOTT Trust
Series 2023-SFS, Class A,
5.910%, due 03/15/401		870,000		885,821
Taubman Centers Commercial
Mortgage Trust
Series 2022-DPM, Class A,
1 mo. USD SOFR + 2.186%,
7.076%, due 05/15/371,2		260,000		250,874
Tharaldson Hotel Portfolio Trust
Series 2018-THL, Class A,
1 mo. USD LIBOR + 1.050%,
5.941%, due 11/11/341,2		81,008		79,690
Wells Fargo Commercial Mortgage Trust
Series 2018-C46, Class A4,
4.152%, due 08/15/51		135,000		129,225
Series 2018-C44, Class A5,
4.212%, due 05/15/51		445,000		426,698
WMRK Commercial Mortgage Trust
Series 2022-WMRK, Class C,
1 mo. USD SOFR + 4.083%,
8.973%, due 11/15/271,2		2,330,000		2,312,467
Total mortgage-backed securities (cost—$25,481,442)				24,825,043

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount		Value
Municipal bonds—0.4%
California: 0.1%
Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds
6.574%, due 07/01/45	$	145,000	$	176,508
State of California, GO Bonds
7.550%, due 04/01/39		70,000		91,874
				268,382
Michigan: 0.0%†
University of Michigan, Revenue Bonds,
Series B,
3.504%, due 04/01/52		93,000		78,188
Minnesota: 0.0%†
University of Minnesota, Revenue Bonds
4.048%, due 04/01/52		78,000		71,113
New Jersey: 0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds,
Series B,
6.561%, due 12/15/40		105,000		121,460
New Jersey Turnpike Authority, Taxable Refunding, Revenue Bonds,
Series B,
2.782%, due 01/01/40		25,000		19,040
				140,500
New York: 0.1%
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds
Series C,
2.052%, due 03/15/30		120,000		103,326
Series C,
2.152%, due 03/15/31		165,000		140,063
				243,389
Texas: 0.1%
City of Houston TX, GO Bonds
3.961%, due 03/01/47		85,000		78,542
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds,
Series B,
2.754%, due 10/01/41		50,000		37,467
				116,009
Total municipal bonds (cost—$1,045,754)				917,581

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
U.S. Treasury obligations: 2.2%
U.S. Treasury Bonds
1.375% due 08/15/50	$	7,000,000	$	4,211,211
3.625% due 02/15/53		750,000		743,672
Total U.S. Treasury obligations (cost—$5,197,764)				4,954,883

	Number of shares
Common stocks: 0.9%
Mortgage real estate investment: 0.9%
Ellington Financial, Inc., Series C2,4 (cost—$2,335,000)		93,400	2,050,130

Short-term investments—2.0%
Investment companies: 1.1%
State Street Institutional U.S. Government Money Market Fund, 4.756%7 (cost $2,459,582)	2,459,582	2,459,582

		Face amount
Short-term U.S. Treasury obligations—0.9%
U.S. Treasury Bills
4.921% due 10/05/238	$	275,000	269,219
4.972% due 10/12/238		1,700,000	1,662,527
Total short-term U.S. Treasury obligations (cost—$1,932,330)			1,931,746
Total Short-term investments (cost—$4,391,912)			4,391,328

	Number of shares
Investment of cash collateral from securities loaned—2.3%
Money market funds: 2.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%7 (cost—$5,109,085)	5,109,085		5,109,085
Total investments (cost—$230,389,084)—101.9%			228,467,011
Liabilities in excess of other assets—(1.9)%			(4,274,129	)
Net assets—100.0%		$	224,192,882

PACE Intermediate Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

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

Futures contracts  

 

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts
49	USD	U.S. Long Bond Futures	June 2023	$	6,161,878		$	6,451,156		$	289,278
233	USD	U.S. Treasury Note 10 Year Futures	June 2023		26,001,714			26,842,328			840,614
27	USD	U.S. Treasury Note 2 Year Futures	June 2023		5,513,128			5,566,430			53,302
130	USD	Ultra U.S. Treasury Bond Futures	June 2023		17,913,260			18,382,812			469,552
80	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		9,389,846			9,716,250			326,404
Total				$	64,979,826		$	66,958,976		$	1,979,150
U.S. Treasury futures sell contracts
220	USD	U.S. Treasury Note 5 Year Futures	June 2023	$	(23,574,428	)	$	(24,143,281	)	$	(568,854	)
Net unrealized appreciation (depreciation)										$	1,410,296

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	46,874,458	$	1,700,000		48,574,458
Corporate bonds		—			125,233,950		—		125,233,950
Loan assignments		—			12,410,553		—		12,410,553
Mortgage-backed securities		—			24,825,043		—		24,825,043
Municipal bonds		—			917,581		—		917,581
U.S. Treasury obligations		—			4,954,883		—		4,954,883
Common stocks		2,050,130			—	$	—		2,050,130
Short-term investments		—			4,391,328		—		4,391,328
Investment of cash collateral from securities loaned		—			5,109,085		—		5,109,085
Futures contracts		1,979,151			—		—		1,979,151
Total	$	4,029,281		$	224,716,881	$	1,700,000	$	230,446,162
Liabilities
Futures contracts	$	(568,854	)	$	—	$	—	$	(568,854	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

1 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $113,481,806, represented 50.6% of the Portfolios net assets at period end.

2 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

3 Security, or portion thereof, was on loan at the period end.

4 Perpetual investment. Date shown reflects the next call date.

5 Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate  at the period end; the maturity date disclosed is the ultimate maturity date.

6 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

7 Rates shown reflect yield at April 30, 2023.

8 Rate shown is the discount rate at the date of purchase unless otherwise noted.

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Asset-backed securities—13.8%
Accredited Mortgage Loan Trust,
Series 2004-2, Class A1,
1 mo. USD LIBOR + 0.290%,
5.600%, due 07/25/342		355,538	$	337,309
Aligned Data Centers Issuer LLC,
Series 2022-1A, Class A2,
6.350%, due 10/15/472		3,000,000		3,042,797
AM Capital Funding LLC,
Series 2018-1, Class A,
4.980%, due 12/15/232		440,000		436,923
Avis Budget Rental Car Funding AESOP LLC,
Series 2019-3A, Class A,
2.360%, due 03/20/262		147,000		139,505
Series 2021-2A, Class B,
1.900%, due 02/20/282		122,000		107,029
Series 2023-4A, Class A,
5.490%, due 06/20/292		2,100,000		2,128,126
BHG Securitization Trust,
Series 2022-C, Class B,
5.930%, due 10/17/352		2,340,000		2,311,571
BPCRE Ltd.,
Series 2022-FL2, Class A,
1 mo. USD SOFR + 2.400%,
7.293%, due 01/16/372,3		500,000		496,839
CHEC Loan Trust,
Series 2004-2, Class M1,
1 mo. USD LIBOR + 0.960%,
5.980%, due 06/25/343		365,284		354,929
Credit Acceptance Auto Loan Trust,
Series 2022-3A, Class C,
8.450%, due 02/15/332		3,050,000		3,220,374
CSAB Mortgage-Backed Trust,
Series 2006-1, Class A6A,
6.672%, due 06/25/364,5		236,239		69,325
CyrusOne Data Centers Issuer I LLC,
Series 2023-1A, Class A2,
4.300%, due 04/20/482		260,000		236,829
DataBank Issuer,
Series 2023-1A, Class A2,
5.116%, due 02/25/532,6		1,285,000		1,210,719
Delta Funding Home Equity Loan Trust,
Series 1999-3, Class A1A,
1 mo. USD LIBOR + 0.820%,
5.768%, due 09/15/293		29,325		27,751
First Franklin Mortgage Loan Trust,
Series 2006-FF13, Class A2D,
1 mo. USD LIBOR + 0.480%,
5.500%, due 10/25/363		1,034,329		693,241

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Asset-backed securities—(continued)
FREED ABS Trust,
Series 2022-4FP, Class B,
7.580%, due 12/18/292		2,850,000	$	2,848,277
FS Rialto Issuer LLC,
Series 2022-FL4, Class A,
30 day USD SOFR Average + 1.900%,
6.682%, due 01/19/392,3		800,000		781,377
GLS Auto Receivables Issuer Trust,
Series 2022-1A, Class A,
1.980%, due 08/15/252		375,274		371,291
Golub Capital Partners ABS Funding Ltd.,
Series 2022-1A, Class A2B,
6.580%, due 07/22/302		2,580,000		2,436,218
GSAMP Trust,
Series 2006-HE4, Class A1,
1 mo. USD LIBOR + 0.280%,
5.300%, due 06/25/363		697,239		664,408
HGI CRE CLO Ltd.,
Series 2022-FL3, Class A,
30 day USD SOFR Average + 1.700%,
6.450%, due 04/20/372,3		800,000		782,041
Hilton Grand Vacations Trust,
Series 2022-1D, Class D,
6.790%, due 06/20/342		84,558		81,349
Series 2022-2A, Class A,
4.300%, due 01/25/372		102,321		99,785
KREF Ltd.,
Series 2022-FL3, Class A,
1 mo. USD SOFR + 1.450%,
6.368%, due 02/17/392,3		600,000		587,440
LoanCore Issuer Ltd.,
Series 2021-CRE6, Class A,
1 mo. USD LIBOR + 1.300%,
6.248%, due 11/15/382,3		700,000		672,989
M360 Ltd.,
Series 2021-CRE3, Class A,
1 mo. USD LIBOR + 1.500%,
6.510%, due 11/22/382,3		700,000		681,444
Mariner Finance Issuance Trust,
Series 2021-AA, Class A,
1.860%, due 03/20/362		1,300,000		1,161,073
Series 2022-AA, Class B,
7.200%, due 10/20/372		2,431,000		2,448,185
MCF CLO Ltd.,
Series 2023-1A, Class C,
3 mo. USD SOFR + 4.200,
9.032%, due 04/15/352		820,000		822,754

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Asset-backed securities—(continued)
MetroNet Infrastructure Issuer LLC,
Series 2022-1A, Class A2,
6.350%, due 10/20/522		205,000	$	203,428
MF1 Ltd.,
Series 2022-FL8, Class A,
30 day USD SOFR Average + 1.350%,
6.132%, due 02/19/372,3		600,000		581,310
Monroe Capital ABS Funding II Ltd.,
Series 2023-1A, Class A1,
6.650%, due 04/22/332		2,170,000		2,170,000
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2005-HE1, Class M2,
1 mo. USD LIBOR + 0.705%,
5.725%, due 12/25/343		141,417		125,571
Morgan Stanley Dean Witter Capital I, Inc. Trust,
Series 2003-NC1, Class M1,
1 mo. USD LIBOR + 1.575%,
6.595%, due 11/25/323		37,685		37,593
MVW LLC,
Series 2022-1A, Class B,
4.400%, due 11/21/392		161,875		154,764
Navient Private Education Refi Loan Trust,
Series 2021-BA, Class A,
0.940%, due 07/15/692		55,250		48,623
Series 2021-EA, Class A,
0.970%, due 12/16/692		95,267		82,543
Series 2021-FA, Class A,
1.110%, due 02/18/702		562,641		484,763
Series 2021-GA, Class A,
1.580%, due 04/15/702		209,639		183,011
New Economy Assets Phase 1 Sponsor LLC,
Series 2021-1, Class A1,
1.910%, due 10/20/612		1,500,000		1,302,513
NextGear Floorplan Master Owner Trust,
Series 2023-1A, Class A2,
5.740%, due 03/15/282		2,250,000		2,265,944
NFAS2 LLC,
Series 2022-1, Class B,
7.590%, due 09/15/282		1,460,000		1,449,198
NMEF Funding LLC,
Series 2022-B, Class A2,
6.070%, due 06/15/292		3,180,000		3,196,244

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Asset-backed securities—(continued)
OneMain Financial Issuance Trust,
Series 2022-2A, Class A,
4.890%, due 10/14/342		288,000	$	284,891
Series 2022-3A, Class A,
5.940%, due 05/15/342		2,120,000		2,146,539
Oportun Issuance Trust,
Series 2022-3, Class B,
8.533%, due 01/08/302		3,040,000		3,038,171
Oxford Finance Funding Trust,
Series 2023-1A, Class B,
7.879%, due 02/15/312		2,560,000		2,550,241
RASC Trust,
Series 2005-KS11, Class M2,
1 mo. USD LIBOR + 0.630%,
5.650%, due 12/25/353		204,453		202,325
Regional Management Issuance Trust,
Series 2022-2B, Class B,
8.510%, due 11/17/322		3,140,000		3,202,624
Santander Drive Auto Receivables Trust,
Series 2022-7, Class C,
6.690%, due 03/17/31		3,000,000		3,117,847
SASCO Mortgage Loan Trust,
Series 2005-GEL1, Class M2,
1 mo. USD LIBOR + 1.350%,
4.605%, due 12/25/343		25,168		24,883
Saxon Asset Securities Trust,
Series 2004-1, Class M1,
1 mo. USD LIBOR + 0.795%,
2.140%, due 03/25/353		84,918		82,065
Series 2006-1, Class M1,
1 mo. USD LIBOR + 0.465%,
5.485%, due 03/25/363		894,338		848,144
Sierra Timeshare Receivables Funding LLC,
Series 2021-2A, Class C,
1.950%, due 09/20/382		92,598		83,832
Series 2021-2A, Class B,
1.800%, due 09/20/382		39,237		35,878
Series 2022-2A, Class B,
5.040%, due 06/20/402		173,560		171,293
Sofi Professional Loan Program LLC,
Series 2019-C, Class BFX,
3.050%, due 11/16/482		158,000		132,106
Stack Infrastructure Issuer LLC,
Series 2023-1A, Class A2,
5.900%, due 03/25/482		950,000		944,794
Store Master Funding I-VII XIV XIX XX,
Series 2021-1A, Class A1,
2.120%, due 06/20/512		1,357,442		1,161,863

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Asset-backed securities—(continued)
Structured Asset Securities Corp.,
Series 2005-WF1, Class M1,
1 mo. USD LIBOR + 0.660%,
5.680%, due 02/25/353		31,601	$	31,497
Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
Series 2001-SB1, Class A2,
3.375%, due 08/25/31		47,998		47,533
Sunrun Demeter Issuer LLC,
Series 2021-2A, Class A,
2.270%, due 01/30/572		1,296,887		1,045,302
TAL Advantage VII LLC,
Series 2020-1A, Class A,
2.050%, due 09/20/452		72,875		65,207
T-Mobile U.S. Trust,
Series 2022-1A, Class A,
4.910%, due 05/22/282		3,100,000		3,109,617
United States Small Business Administration,
Series 2005-20H, Class 1,
5.110%, due 08/01/25		39,032		38,644
Series 2007-20D, Class 1,
5.320%, due 04/01/27		142,649		140,980
Vantage Data Centers Issuer LLC,
Series 2023-1A, Class A2,
6.316%, due 03/16/482		1,370,000		1,388,609
VMC Finance LLC,
Series 2022-FL5, Class A,
30 day USD SOFR Average + 1.900%,
6.659%, due 02/18/392,3		800,000		786,781
Total asset-backed securities (cost—$66,225,910)				66,219,069
Corporate bonds—54.1%
Aerospace & defense: 0.7%
Boeing Co.
2.750%, due 02/01/26		300,000		284,347
3.250%, due 02/01/28		1,900,000		1,770,350
5.805%, due 05/01/50		490,000		487,376
Lockheed Martin Corp.
5.700%, due 11/15/54		155,000		175,136
The Boeing Co.
5.930%, due 05/01/60		100,000		98,808

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Aerospace & defense—(continued)
TransDigm, Inc.
6.250%, due 03/15/262		110,000	$	110,520
6.375%, due 06/15/26		135,000		134,817
6.750%, due 08/15/282		80,000		81,243
7.500%, due 03/15/27		180,000		180,898
				3,323,495
Agriculture: 0.2%
Cargill, Inc.
5.125%, due 10/11/322,7		1,085,000		1,125,581
Darling Ingredients, Inc.
6.000%, due 06/15/302		15,000		14,839
				1,140,420
Airlines: 0.7%
Air Canada
3.875%, due 08/15/262		55,000		50,913
American Airlines Pass-Through Trust Series AA,
3.200%, due 06/15/28		1,295,100		1,182,652
Series 2015-2, Class AA,
3.600%, due 09/22/27		1,269,962		1,171,195
American Airlines, Inc.
7.250%, due 02/15/282		30,000		29,179
11.750%, due 07/15/252		55,000		60,503
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/262		145,000		142,389
5.750%, due 04/20/292		100,000		95,028
Continental Airlines Pass-Through Trust
Series 2-A, Class A,
4.000%, due 10/29/24		105,418		102,198
Delta Air Lines, Inc.
3.750%, due 10/28/297		70,000		62,614
JetBlue Pass-Through Trust
Series 2019, Class A,
2.950%, due 05/15/28		259,763		223,821
Spirit Airlines Pass-Through Trust Series A,
4.100%, due 04/01/28		58,738		54,808
United Airlines Holdings, Inc.
4.875%, due 01/15/25		35,000		34,401
5.000%, due 02/01/24		35,000		34,677
United Airlines Pass-Through Trust
Series A, Class A,
4.150%, due 04/11/24		152,344		149,063
Series 20-1, Class A,
5.875%, due 10/15/27		114,989		114,967
United Airlines, Inc.
4.625%, due 04/15/292		40,000		36,201
				3,544,609

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Apparel: 0.0%†
Crocs, Inc.
4.125%, due 08/15/312		55,000	$	46,444
Auto manufacturers: 2.3%
Daimler Truck Finance North America LLC
Secured Overnight Financing Rate + 0.750%,
5.562%, due 12/13/243		1,200,000		1,188,942
Secured Overnight Financing Rate + 0.750%,
5.562%, due 12/13/243		200,000		198,157
Daimler Trucks Finance North America LLC
2.000%, due 12/14/262		200,000		181,185
Ford Motor Co.
3.250%, due 02/12/32		15,000		11,633
4.750%, due 01/15/43		110,000		82,643
5.291%, due 12/08/46		70,000		56,614
9.625%, due 04/22/30		70,000		81,400
Ford Motor Credit Co. LLC
3.375%, due 11/13/25		1,400,000		1,300,123
3.625%, due 06/17/31		25,000		20,609
4.125%, due 08/17/27		5,000		4,588
4.389%, due 01/08/26		10,000		9,501
5.125%, due 06/16/25		55,000		53,539
6.800%, due 05/12/28		10,000		10,006
6.950%, due 03/06/26		80,000		80,734
7.350%, due 11/04/27		1,690,000		1,737,830
7.350%, due 03/06/30		1,690,000		1,735,901
General Motors Financial Co., Inc.
3.800%, due 04/07/25		260,000		252,575
5.850%, due 04/06/30		855,000		854,576
Secured Overnight Financing Rate + 1.200%,
5.933%, due 11/17/233		1,000,000		999,172
Secured Overnight Financing Rate + 1.200%,
5.933%, due 11/17/233		200,000		199,834
Hyundai Capital America
0.875%, due 06/14/242		200,000		190,414
5.875%, due 04/07/252		200,000		202,104
Nissan Motor Acceptance Co. LLC
2.000%, due 03/09/262		100,000		88,126
2.750%, due 03/09/282		200,000		166,422
Nissan Motor Co. Ltd.
3.522%, due 09/17/252		200,000		187,112
4.810%, due 09/17/302		200,000		175,912
Volkswagen Bank GmbH
2.500%, due 07/31/268	EUR	700,000		733,939

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(continued)
Volkswagen Group of America Finance LLC
2.850%, due 09/26/242		200,000	$	193,915
				10,997,506
Auto parts & equipment: 0.1%
Clarios Global LP
6.750%, due 05/15/252		40,000		40,056
Goodyear Tire & Rubber Co.
5.000%, due 05/31/267		15,000		14,574
5.000%, due 07/15/297		60,000		53,038
5.250%, due 04/30/317		70,000		60,723
IHO Verwaltungs GmbH
6.375% Cash or 7.125% PIK,
6.375%, due 05/15/292,9		20,000		17,929
ZF North America Capital, Inc.
6.875%, due 04/14/282		60,000		61,751
7.125%, due 04/14/302		25,000		25,805
				273,876
Banks: 14.5%
ABN AMRO Bank NV
(fixed, converts to FRN on 03/13/32),
3.324%, due 03/13/372,3		200,000		155,316
ASB Bank Ltd.
(fixed, converts to FRN on 06/17/27),
5.284%, due 06/17/322,3		1,700,000		1,641,811
5.398%, due 11/29/272		1,680,000		1,713,891
Banco Santander SA
5.147%, due 08/18/25		200,000		198,597
(fixed, converts to FRN on 02/08/24),
7.500%, due 02/08/243,8,10		200,000		192,000

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp.
(fixed, converts to FRN on 02/04/24),
1.843%, due 02/04/253		415,000	$	402,616
(fixed, converts to FRN on 09/21/31),
2.482%, due 09/21/363		440,000		336,198
(fixed, converts to FRN on 02/13/30),
2.496%, due 02/13/313		290,000		244,820
(fixed, converts to FRN on 04/29/30),
2.592%, due 04/29/313		200,000		169,420
(fixed, converts to FRN on 02/04/32),
2.972%, due 02/04/333		270,000		227,930
4.000%, due 01/22/25		1,500,000		1,471,758
(fixed, converts to FRN on 03/20/50),
4.083%, due 03/20/513		280,000		234,854
4.125%, due 01/22/24		300,000		297,453
Series MM,
(fixed, converts to FRN on 01/28/25),
4.300%, due 01/28/253,10		45,000		40,724
Series RR,
(fixed, converts to FRN on 01/27/27),
4.375%, due 01/27/273,10		145,000		123,612
(fixed, converts to FRN on 07/22/27),
4.948%, due 07/22/283		225,000		224,227
Series FF,
(fixed, converts to FRN on 03/15/28),
5.875%, due 03/15/283,10		85,000		76,925
Series TT,
(fixed, converts to FRN on 04/27/27),
6.125%, due 04/27/273,7,10		115,000		111,500
Series X,
(fixed, converts to FRN on 09/05/24),
6.250%, due 09/05/243,10		102,000		99,715

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of New York Mellon Corp.
(fixed, converts to FRN on 02/07/27),
3.442%, due 02/07/283		1,760,000	$	1,685,544
Series H,
(fixed, converts to FRN on 03/20/26),
3.700%, due 03/20/263,10		23,000		20,312
Series I,
(fixed, converts to FRN on 12/20/26),
3.750%, due 12/20/263,10		75,000		62,673
Bank of New Zealand
4.846%, due 02/07/282		1,390,000		1,392,148
Barclays PLC
4.836%, due 05/09/28		535,000		507,587
(fixed, converts to FRN on 05/16/28),
4.972%, due 05/16/293		200,000		193,345
(fixed, converts to FRN on 06/15/26),
6.125%, due 12/15/253,10		200,000		171,780
(fixed, converts to FRN on 11/02/32),
7.437%, due 11/02/333		400,000		440,515
(fixed, converts to FRN on 09/15/29),
8.000%, due 03/15/293,10		400,000		350,360
BNP Paribas SA
(fixed, converts to FRN on 01/12/27),
4.625%, due 01/12/272,3,10		200,000		156,980
(fixed, converts to FRN on 03/25/24),
6.625%, due 03/25/242,3,10		200,000		190,580
Canadian Imperial Bank of Commerce
3.450%, due 04/07/277		1,760,000		1,680,191

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Citigroup, Inc.
(fixed, converts to FRN on 11/05/29),
2.976%, due 11/05/303		200,000	$	175,549
(fixed, converts to FRN on 03/17/25),
3.290%, due 03/17/263		240,000		231,565
(fixed, converts to FRN on 01/10/27),
3.887%, due 01/10/283		755,000		726,228
4.400%, due 06/10/25		980,000		963,325
(fixed, converts to FRN on 03/31/30),
4.412%, due 03/31/313		1,745,000		1,666,007
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/253,10		52,000		45,583
Series U,
(fixed, converts to FRN on 09/12/24),
5.000%, due 09/12/243,10		89,000		83,437
Series Z,
(fixed, converts to FRN on 05/15/28),
7.375%, due 05/15/2810		140,000		138,250
Citizens Financial Group, Inc.
Series B,
(fixed, converts to FRN on 07/06/23),
6.000%, due 07/06/233,10		60,000		51,450
Series C,
(fixed, converts to FRN on 04/06/24),
6.375%, due 04/06/243,10		80,000		69,200
Comerica Bank
(fixed, converts to FRN on 08/25/32),
5.332%, due 08/25/333		1,690,000		1,422,455
Credit Suisse Group AG
(fixed, converts to FRN on 08/12/32),
6.537%, due 08/12/332,3		200,000		202,719
(fixed, converts to FRN on 11/15/32),
9.016%, due 11/15/332,3		200,000		237,334
Deutsche Bank AG
(fixed, converts to FRN on 11/26/24),
3.961%, due 11/26/253,7		200,000		191,164

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
DNB Bank ASA
(fixed, converts to FRN on 10/09/25),
5.896%, due 10/09/262,3		1,570,000	$	1,579,129
Fifth Third Bancorp
(fixed, converts to FRN on 07/28/29),
4.772%, due 07/28/303		35,000		33,308
Series H,
(fixed, converts to FRN on 06/30/23),
5.100%, due 06/30/233,10		115,000		104,075
(fixed, converts to FRN on 10/27/27),
6.361%, due 10/27/283		2,430,000		2,507,827
Goldman Sachs Group, Inc.
(fixed, converts to FRN on 01/24/24),
1.757%, due 01/24/253		415,000		402,795
(fixed, converts to FRN on 04/22/31),
2.615%, due 04/22/323		615,000		513,249
Series U,
(fixed, converts to FRN on 08/10/26),
3.650%, due 08/10/263,10		75,000		61,266
Series T,
(fixed, converts to FRN on 05/10/26),
3.800%, due 05/10/263,10		35,000		29,006
(fixed, converts to FRN on 10/31/37),
4.017%, due 10/31/383		290,000		250,456
Series V,
(fixed, converts to FRN on 11/10/26),
4.125%, due 11/10/263,10		120,000		100,586
(fixed, converts to FRN on 08/23/27),
4.482%, due 08/23/283		1,760,000		1,726,803
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/253,10		39,000		36,464
Series O,
(fixed, converts to FRN on 11/10/26),
5.300%, due 11/10/263,10		104,000		98,674
3 mo. USD LIBOR + 1.750%,
7.023%, due 10/28/273		200,000		203,497

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Grupo Aval Ltd.
4.375%, due 02/04/302		70,000	$	53,169
HSBC Holdings PLC
(fixed, converts to FRN on 06/04/30),
2.848%, due 06/04/313		2,000,000		1,682,680
(fixed, converts to FRN on 09/09/31),
4.700%, due 03/09/313,7,10		200,000		149,000
(fixed, converts to FRN on 08/11/32),
5.402%, due 08/11/333		200,000		198,233
(fixed, converts to FRN on 05/22/27),
6.000%, due 05/22/273,10		870,000		768,645
(fixed, converts to FRN on 03/09/33),
6.254%, due 03/09/343		600,000		625,211
(fixed, converts to FRN on 11/03/27),
7.390%, due 11/03/283		1,205,000		1,297,124
Huntington Bancshares, Inc.
Series G,
(fixed, converts to FRN on 10/15/27),
4.450%, due 10/15/273,10		8,000		6,619
Series F,
(fixed, converts to FRN on 07/15/30),
5.625%, due 07/15/303,10		19,000		16,948
Series E,
(fixed, converts to FRN on 04/15/23),
8.140%, due 07/15/233,10		124,000		112,344
Huntington National Bank
5.650%, due 01/10/30		1,645,000		1,639,014
ING Groep NV
(fixed, converts to FRN on 03/28/25),
3.869%, due 03/28/263		1,800,000		1,742,892
(fixed, converts to FRN on 11/16/27),
3.875%, due 05/16/273,7,10		227,000		160,239
(fixed, converts to FRN on 11/16/26),
5.750%, due 11/16/263,10		200,000		174,171

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Intesa Sanpaolo SpA
Series XR,
4.000%, due 09/23/292		200,000	$	177,569
(fixed, converts to FRN on 11/21/32),
8.248%, due 11/21/332,3		200,000		214,683
JPMorgan Chase & Co.
(fixed, converts to FRN on 09/22/26),
1.470%, due 09/22/273		1,600,000		1,424,727
(fixed, converts to FRN on 12/10/24),
1.561%, due 12/10/253		320,000		300,451
(fixed, converts to FRN on 06/01/27),
2.182%, due 06/01/283		250,000		224,561
(fixed, converts to FRN on 02/24/27),
2.947%, due 02/24/283		200,000		186,072
(fixed, converts to FRN on 04/22/40),
3.109%, due 04/22/413		470,000		358,903
(fixed, converts to FRN on 04/23/28),
4.005%, due 04/23/293		650,000		622,131
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/253,10		41,000		38,027
Series FF,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/243,10		95,000		91,045
Series CC,
3 mo. USD LIBOR + 2.580%,
7.879%, due 08/01/233,10		100,000		99,210
KeyBank NA
5.850%, due 11/15/277		1,435,000		1,433,055
Lloyds Bank PLC
0.000%, due 04/02/323,4,8		2,200,000		1,411,737

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Lloyds Banking Group PLC
(fixed, converts to FRN on 03/18/27),
3.750%, due 03/18/283		1,785,000	$	1,678,950
(fixed, converts to FRN on 09/27/25),
7.500%, due 09/27/253,10		200,000		189,618
(fixed, converts to FRN on 11/15/32),
7.953%, due 11/15/333		810,000		900,121
(fixed, converts to FRN on 03/27/29),
8.000%, due 09/27/293,10		200,000		182,900
M&T Bank Corp.
Series I,
(fixed, converts to FRN on 09/01/26),
3.500%, due 09/01/263,10		190,000		124,925
Series G,
(fixed, converts to FRN on 08/01/24),
5.000%, due 08/01/243,10		56,000		45,208
Mizuho Financial Group, Inc.
(fixed, converts to FRN on 05/22/29),
3.261%, due 05/22/303		200,000		179,258
Morgan Stanley
(fixed, converts to FRN on 09/16/31),
2.484%, due 09/16/363		440,000		338,189
(fixed, converts to FRN on 01/22/30),
2.699%, due 01/22/313		210,000		181,240
(fixed, converts to FRN on 07/22/27),
3.591%, due 07/22/283		2,320,000		2,198,783
(fixed, converts to FRN on 01/19/33),
5.948%, due 01/19/383		90,000		90,478
(fixed, converts to FRN on 10/18/32),
6.342%, due 10/18/333		1,380,000		1,500,414

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
NatWest Group PLC
(fixed, converts to FRN on 11/28/30),
3.032%, due 11/28/353		550,000	$	431,192
(fixed, converts to FRN on 05/22/27),
3.073%, due 05/22/283		200,000		183,050
(fixed, converts to FRN on 03/02/33),
6.016%, due 03/02/343		200,000		207,861
(fixed, converts to FRN on 11/10/25),
7.472%, due 11/10/263		1,370,000		1,433,228
PNC Financial Services Group, Inc.
Series T,
(fixed, converts to FRN on 09/15/26),
3.400%, due 09/15/263,10		244,000		186,678
Series S,
(fixed, converts to FRN on 11/01/26),
5.000%, due 11/01/263,10		67,000		60,970
Series W,
(fixed, converts to FRN on 03/15/30),
6.250%, due 03/15/303,10		75,000		68,737
Royal Bank of Canada
3.375%, due 04/14/25		160,000		155,555
6.000%, due 11/01/27		1,730,000		1,818,099
Santander Holdings USA, Inc.
(fixed, converts to FRN on 01/06/27),
2.490%, due 01/06/283		1,400,000		1,227,769
(fixed, converts to FRN on 09/09/25),
5.807%, due 09/09/263		1,140,000		1,130,264
(fixed, converts to FRN on 03/09/28),
6.499%, due 03/09/293		1,370,000		1,377,086
Santander UK Group Holdings PLC
(fixed, converts to FRN on 01/10/28),
6.534%, due 01/10/293		100,000		102,758
Skandinaviska Enskilda Banken AB
(fixed, converts to FRN on 05/13/25),
5.125%, due 05/13/253,8,10		200,000		182,412

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Societe Generale SA
4.250%, due 09/14/232		200,000	$	198,075
(fixed, converts to FRN on 01/10/33),
6.691%, due 01/10/342,3		300,000		311,654
Standard Chartered PLC
(fixed, converts to FRN on 05/21/24),
3.785%, due 05/21/252,3		200,000		195,420
(fixed, converts to FRN on 02/19/29),
4.300%, due 08/19/282,3,10		210,000		148,071
State Street Corp.
(fixed, converts to FRN on 11/04/27),
5.820%, due 11/04/283		740,000		773,144
Svenska Handelsbanken AB
3.950%, due 06/10/272		1,800,000		1,748,895
Truist Financial Corp.
(fixed, converts to FRN on 06/06/27),
4.123%, due 06/06/283		1,720,000		1,638,814
Series Q,
(fixed, converts to FRN on 09/01/30),
5.100%, due 03/01/303,10		15,000		13,231
(fixed, converts to FRN on 01/26/33),
5.122%, due 01/26/343		200,000		193,921
(fixed, converts to FRN on 10/28/32),
6.123%, due 10/28/333		770,000		800,760
Series L,
3 mo. USD LIBOR + 3.102%,
7.968%, due 12/15/243,10		73,000		70,080
UniCredit SpA
7.830%, due 12/04/232		500,000		502,783
US Bancorp
Series N,
(fixed, converts to FRN on 01/15/27),
3.700%, due 01/15/273,10		205,000		157,850
(fixed, converts to FRN on 02/01/33),
4.839%, due 02/01/343		200,000		191,533

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Wells Fargo & Co.
(fixed, converts to FRN on 02/11/30),
2.572%, due 02/11/313		625,000	$	533,780
(fixed, converts to FRN on 03/02/32),
3.350%, due 03/02/333		1,915,000		1,671,526
Series BB,
(fixed, converts to FRN on 03/15/26),
3.900%, due 03/15/263,10		135,000		117,476
Series U,
(fixed, converts to FRN on 06/15/25),
5.875%, due 06/15/253,10		69,000		67,497
Series S,
(fixed, converts to FRN on 06/15/24),
5.900%, due 06/15/243,10		84,000		79,204
Westpac Banking Corp.
(fixed, converts to FRN on 11/18/31),
3.020%, due 11/18/363		240,000		189,263
				69,653,963
Beverages: 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.650%, due 02/01/26		260,000		255,573
Brown-Forman Corp.
4.750%, due 04/15/33		1,155,000		1,179,376
Constellation Brands, Inc.
2.250%, due 08/01/31		270,000		224,134
4.750%, due 05/09/32		1,700,000		1,694,435
Molson Coors Beverage Co.
4.200%, due 07/15/46		300,000		252,629
Suntory Holdings Ltd.
2.250%, due 10/16/242		200,000		191,107
				3,797,254
Biotechnology: 0.2%
Amgen, Inc.
2.770%, due 09/01/53		215,000		137,684
5.150%, due 03/02/28		100,000		102,351
5.650%, due 03/02/53		65,000		67,337
5.750%, due 03/02/63		180,000		186,435
Regeneron Pharmaceuticals, Inc.
1.750%, due 09/15/30		300,000		245,074
				738,881

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Building Materials: 0.1%
Builders FirstSource, Inc.
4.250%, due 02/01/322		25,000	$	21,904
6.375%, due 06/15/322		90,000		89,524
Fortune Brands Innovations, Inc.
3.250%, due 09/15/29		200,000		179,254
JELD-WEN, Inc.
4.875%, due 12/15/272		130,000		113,750
Knife River Holding Co.
7.750%, due 05/01/312		40,000		40,548
Masonite International Corp.
3.500%, due 02/15/302		70,000		59,944
5.375%, due 02/01/282		55,000		52,937
Standard Industries, Inc.
3.375%, due 01/15/312		15,000		11,871
4.375%, due 07/15/302		45,000		38,842
4.750%, due 01/15/282		75,000		70,098
				678,672
Chemicals: 0.2%
Avient Corp.
7.125%, due 08/01/302		75,000		76,651
INEOS Finance PLC
6.750%, due 05/15/282		50,000		49,403
INEOS Quattro Finance 2 PLC
3.375%, due 01/15/262,7		85,000		77,996
International Flavors & Fragrances, Inc.
2.300%, due 11/01/302		200,000		162,577
NOVA Chemicals Corp.
4.250%, due 05/15/292		50,000		40,433
5.250%, due 06/01/272		234,000		211,768
Olympus Water U.S. Holding Corp.
4.250%, due 10/01/282		90,000		76,776
SPCM SA
3.125%, due 03/15/272		30,000		26,787
Tronox, Inc.
4.625%, due 03/15/292		100,000		83,011
				805,402
Commercial services: 0.7%
ADT Security Corp.
4.125%, due 08/01/292		80,000		69,500
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.625%, due 06/01/282	GBP	40,000		34,746
APi Group DE, Inc.
4.125%, due 07/15/292		25,000		21,632
4.750%, due 10/15/292		35,000		31,710
APX Group, Inc.
6.750%, due 02/15/272		125,000		124,873

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Commercial services—(continued)
ASGN, Inc.
4.625%, due 05/15/282		90,000	$	83,171
Ashtead Capital, Inc.
5.500%, due 08/11/322		1,700,000		1,679,138
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.750%, due 07/15/272		10,000		9,370
CoStar Group, Inc.
2.800%, due 07/15/302		200,000		167,362
Duke University
Series 2020,
2.682%, due 10/01/44		300,000		229,380
Emory University
Series 2020,
2.143%, due 09/01/30		200,000		172,001
HealthEquity, Inc.
4.500%, due 10/01/292		70,000		62,594
Korn Ferry
4.625%, due 12/15/272		90,000		85,477
MPH Acquisition Holdings LLC
5.500%, due 09/01/282		65,000		49,689
5.750%, due 11/01/282,7		125,000		79,029
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, due 04/15/262		255,000		253,078
6.250%, due 01/15/282		60,000		56,192
United Rentals North America, Inc.
3.750%, due 01/15/32		65,000		55,734
5.250%, due 01/15/30		95,000		91,885
ZipRecruiter, Inc.
5.000%, due 01/15/302		30,000		26,201
				3,382,762
Computers: 0.6%
Apple, Inc.
2.450%, due 08/04/26		610,000		582,039
2.550%, due 08/20/60		210,000		139,155
Dell International LLC/EMC Corp.
5.750%, due 02/01/337		1,515,000		1,535,200
5.850%, due 07/15/25		200,000		204,256
Presidio Holdings, Inc.
4.875%, due 02/01/272		95,000		89,972
Wipro IT Services LLC
1.500%, due 06/23/262		200,000		180,725
				2,731,347
Distribution & wholesale: 0.0%†
Resideo Funding, Inc.
4.000%, due 09/01/292		70,000		59,288

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Distribution & wholesale—(continued)
Ritchie Bros Holdings, Inc.
6.750%, due 03/15/282		15,000	$	15,525
7.750%, due 03/15/312		30,000		31,875
Univar Solutions USA, Inc.
5.125%, due 12/01/272		75,000		75,112
				181,800
Diversified financial services: 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%, due 01/30/32		290,000		237,531
4.450%, due 04/03/26		1,200,000		1,160,978
Ally Financial, Inc.
2.200%, due 11/02/28		200,000		162,884
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/263,10		145,000		106,937
Series C,
(fixed, converts to FRN on 05/15/28),
4.700%, due 05/15/283,10		164,000		115,210
5.750%, due 11/20/25		15,000		14,575
6.700%, due 02/14/33		120,000		108,281
American Express Co.
2.550%, due 03/04/27		100,000		92,617
Series D,
(fixed, converts to FRN on 09/15/26),
3.550%, due 09/15/263,7,10		305,000		256,255
Aviation Capital Group LLC
3.500%, due 11/01/272		1,900,000		1,718,836
Avolon Holdings Funding Ltd.
5.500%, due 01/15/262		1,800,000		1,766,683
BGC Partners, Inc.
5.375%, due 07/24/23		200,000		199,315
Capital One Financial Corp.
Series M,
(fixed, converts to FRN on 09/01/26),
3.950%, due 09/01/263,7,10		235,000		173,345
(fixed, converts to FRN on 05/10/27),
4.927%, due 05/10/283		1,700,000		1,649,857

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Charles Schwab Corp.
1.950%, due 12/01/31		100,000	$	78,258
Series H,
(fixed, converts to FRN on 12/01/30),
4.000%, due 12/01/303,7,10		256,000		196,800
Series G,
(fixed, converts to FRN on 06/01/25),
5.375%, due 06/01/253,7,10		40,000		38,075
Credit Acceptance Corp.
6.625%, due 03/15/267		1,500,000		1,433,495
Discover Financial Services
Series C,
(fixed, converts to FRN on 10/30/27),
5.500%, due 10/30/273,10		235,000		178,600
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/242,9		260,533		232,583
Lazard Group LLC
4.375%, due 03/11/29		100,000		95,371
LeasePlan Corp. NV
2.875%, due 10/24/242		200,000		191,518
Lehman Brothers Holdings, Inc.
0.000%, due 12/30/1611		1,900,000		3,800
1.000%, due 01/24/1311		4,500,000		9,000
1.000%, due 12/30/4911		900,000		1,800
Navient Corp.
Series A,
5.625%, due 01/25/25		100,000		90,027
OneMain Finance Corp.
3.500%, due 01/15/27		80,000		68,330
3.875%, due 09/15/28		50,000		40,126
4.000%, due 09/15/30		30,000		22,655
6.875%, due 03/15/25		65,000		63,588
7.125%, due 03/15/26		150,000		146,181
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
6.375%, due 02/01/272		1,660,000		1,542,235
				12,195,746
Electric: 5.5%
Adani Electricity Mumbai Ltd.
3.949%, due 02/12/302		300,000		219,431
AES Corp.
2.450%, due 01/15/31		200,000		164,146
American Electric Power Co., Inc.
5.950%, due 11/01/32		195,000		208,763

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Appalachian Power Co.
Series AA,
2.700%, due 04/01/31		200,000	$	170,533
Atlantica Sustainable Infrastructure PLC
4.125%, due 06/15/282		1,495,000		1,364,188
Avangrid, Inc.
3.800%, due 06/01/29		1,600,000		1,508,065
Black Hills Corp.
2.500%, due 06/15/30		200,000		168,379
Calpine Corp.
3.750%, due 03/01/312		60,000		51,173
4.625%, due 02/01/292		73,000		63,451
5.000%, due 02/01/312		79,000		66,555
5.125%, due 03/15/282		40,000		36,948
Clearway Energy Operating LLC
3.750%, due 01/15/322		35,000		29,357
Commonwealth Edison Co.
3.700%, due 03/01/45		745,000		604,695
Dominion Energy, Inc.
Series C,
2.250%, due 08/15/31		200,000		166,225
Series C,
(fixed, converts to FRN on 04/15/27),
4.350%, due 01/15/273,10		60,000		50,400
5.375%, due 11/15/32		270,000		277,053
Duke Energy Florida LLC
5.950%, due 11/15/52		1,175,000		1,337,721
Duke Energy Progress LLC
2.000%, due 08/15/31		1,400,000		1,161,014
Edison International
Series B,
(fixed, converts to FRN on 03/15/27),
5.000%, due 12/15/263,10		350,000		299,185
Series A,
(fixed, converts to FRN on 03/15/26),
5.375%, due 03/15/263,10		1,810,000		1,611,850
Enel Finance America LLC
7.100%, due 10/14/272		500,000		536,311
Entergy Louisiana LLC
5.590%, due 10/01/24		307,000		309,718
Exelon Corp.
2.750%, due 03/15/27		200,000		187,615
4.700%, due 04/15/50		160,000		145,687
IPALCO Enterprises, Inc.
4.250%, due 05/01/30		200,000		185,067

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/292		50,000	$	45,005
MidAmerican Energy Co.
3.650%, due 04/15/29		1,400,000		1,348,928
Monongahela Power Co.
3.550%, due 05/15/272		1,800,000		1,715,976
National Rural Utilities Cooperative Finance Corp.
4.800%, due 03/15/28		100,000		101,247
Nevada Power Co.
Series GG,
5.900%, due 05/01/53		1,245,000		1,396,154
New York State Electric & Gas Corp.
2.150%, due 10/01/312		1,400,000		1,134,236
NextEra Energy Capital Holdings, Inc.
3.550%, due 05/01/27		1,700,000		1,640,791
Niagara Mohawk Power Corp.
4.278%, due 12/15/282		300,000		286,601
NRG Energy, Inc.
3.375%, due 02/15/292		25,000		21,170
3.625%, due 02/15/312		70,000		56,664
3.875%, due 02/15/322		25,000		20,186
5.250%, due 06/15/292		110,000		101,465
(fixed, converts to FRN on 03/15/28),
10.250%, due 03/15/282,3,10		55,000		53,959
Pacific Gas and Electric Co.
3.150%, due 01/01/26		100,000		94,252
3.400%, due 08/15/24		200,000		194,388
3.750%, due 02/15/24		200,000		195,626
4.300%, due 03/15/45		425,000		317,903
Public Service Electric & Gas Co.
3.100%, due 03/15/32		1,835,000		1,653,370
Southern California Edison Co.
5.950%, due 11/01/32		775,000		843,033
Southern Co.
Series A,
3.700%, due 04/30/30		1,200,000		1,123,788
Series B,
(fixed, converts to FRN on 01/15/26),
4.000%, due 01/15/513		435,000		408,726
5.700%, due 10/15/32		640,000		675,903
Southwestern Electric Power Co.
Series M,
4.100%, due 09/15/28		200,000		194,696

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Vistra Operations Co. LLC
4.375%, due 05/01/292		75,000	$	67,054
5.000%, due 07/31/272		150,000		142,547
5.500%, due 09/01/262		1,595,000		1,562,848
WEC Energy Group, Inc.
1.800%, due 10/15/30		200,000		163,067
				26,483,113
Electrical components & equipment: 0.0%†
Energizer Holdings, Inc.
4.375%, due 03/31/292		25,000		21,861
4.750%, due 06/15/282		30,000		26,979
6.500%, due 12/31/272		40,000		39,019
				87,859
Electronics: 0.0%†
Imola Merger Corp.
4.750%, due 05/15/292		125,000		108,244
Sensata Technologies BV
4.000%, due 04/15/292		20,000		18,074
5.875%, due 09/01/302		50,000		49,099
				175,417
Energy-Alternate Sources: 0.1%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/242		200,000		169,788
FS Luxembourg SARL
10.000%, due 12/15/252		20,000		19,800
Greenko Solar Mauritius Ltd.
5.950%, due 07/29/262		200,000		187,537
				377,125
Engineering & construction: 0.1%
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/292		80,000		66,657
Sydney Airport Finance Co. Pty Ltd.
3.375%, due 04/30/252		300,000		291,102
				357,759
Entertainment: 0.3%
Caesars Entertainment, Inc.
6.250%, due 07/01/252		100,000		100,122
7.000%, due 02/15/302		35,000		35,313
Cedar Fair LP
5.250%, due 07/15/297		25,000		23,256
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
5.375%, due 04/15/27		35,000		33,522
5.500%, due 05/01/252		55,000		54,837
Churchill Downs, Inc.
5.500%, due 04/01/272		70,000		68,288
6.750%, due 05/01/312		95,000		95,622

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Entertainment—(continued)
Live Nation Entertainment, Inc.
4.750%, due 10/15/272		35,000	$	32,415
4.875%, due 11/01/242		60,000		59,248
6.500%, due 05/15/272		45,000		45,508
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/292		60,000		53,700
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/262		55,000		51,425
Six Flags Entertainment Corp.
4.875%, due 07/31/242		55,000		55,000
Six Flags Theme Parks, Inc.
7.000%, due 07/01/252,7		33,000		33,404
Warnermedia Holdings, Inc.
4.054%, due 03/15/292		300,000		277,697
5.141%, due 03/15/522		405,000		323,618
				1,342,975
Environmental control: 0.0%†
GFL Environmental, Inc.
4.750%, due 06/15/292		100,000		93,071
Harsco Corp.
5.750%, due 07/31/272		105,000		88,659
				181,730
Food: 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.625%, due 01/15/272		40,000		38,668
5.875%, due 02/15/282		20,000		19,799
6.500%, due 02/15/282		50,000		50,625
Kroger Co.
5.400%, due 01/15/49		115,000		113,809
Performance Food Group, Inc.
4.250%, due 08/01/292		55,000		50,069
5.500%, due 10/15/272		50,000		49,004
Pilgrim's Pride Corp.
3.500%, due 03/01/32		55,000		44,275
4.250%, due 04/15/31		75,000		65,236
6.250%, due 07/01/33		35,000		34,622
Sysco Corp.
3.150%, due 12/14/51		135,000		94,306
6.600%, due 04/01/50		184,000		210,861
US Foods, Inc.
4.625%, due 06/01/302		60,000		54,871
6.250%, due 04/15/252		55,000		55,286
				881,431

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Food service: 0.1%
Aramark Services, Inc.
5.000%, due 04/01/252		165,000	$	163,335
5.000%, due 02/01/282		115,000		109,526
				272,861
Gas: 0.1%
National Fuel Gas Co.
2.950%, due 03/01/31		300,000		242,987
NiSource, Inc.
3.600%, due 05/01/30		200,000		185,859
Southern California Gas Co.
2.950%, due 04/15/27		100,000		94,619
Southwest Gas Corp.
4.050%, due 03/15/32		200,000		185,259
				708,724
Healthcare-products: 0.3%
Medline Borrower LP
3.875%, due 04/01/292		65,000		56,872
Medtronic Global Holdings SCA
4.500%, due 03/30/33		1,220,000		1,231,367
Thermo Fisher Scientific, Inc.
1.750%, due 10/15/28		200,000		177,702
				1,465,941
Healthcare-services: 0.5%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/292		60,000		56,782
Centene Corp.
2.625%, due 08/01/31		300,000		245,658
CHS/Community Health Systems, Inc.
5.250%, due 05/15/302		45,000		37,506
CommonSpirit Health
4.350%, due 11/01/42		20,000		17,412
6.073%, due 11/01/27		1,290,000		1,342,112
DaVita, Inc.
3.750%, due 02/15/312		75,000		60,396
4.625%, due 06/01/302		45,000		39,198
HCA, Inc.
3.125%, due 03/15/272		200,000		187,800
4.125%, due 06/15/29		49,000		46,457
5.625%, due 09/01/28		30,000		30,624
5.875%, due 02/01/29		30,000		30,928
Molina Healthcare, Inc.
3.875%, due 05/15/322		85,000		72,844
4.375%, due 06/15/282		35,000		32,802
Roche Holdings, Inc.
2.607%, due 12/13/512		200,000		139,436
Tenet Healthcare Corp.
4.625%, due 06/15/28		65,000		61,596
5.125%, due 11/01/27		25,000		24,257

PACE Strategic Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Healthcare-services—(continued)
UnitedHealth Group, Inc.
5.875%, due 02/15/53		185,000	$	208,926
				2,634,734
Home builders: 0.1%
KB Home
4.000%, due 06/15/31		20,000		17,304
7.250%, due 07/15/30		65,000		66,810
Mattamy Group Corp.
4.625%, due 03/01/302		35,000		30,605
Shea Homes LP / Shea Homes Funding Corp.
4.750%, due 02/15/28		165,000		150,150
4.750%, due 04/01/29		20,000		17,807
Taylor Morrison Communities, Inc.
5.875%, due 06/15/272		35,000		34,899
				317,575
Household products: 0.0%†
Coty, Inc.
5.000%, due 04/15/262		20,000		19,528
6.500%, due 04/15/262		10,000		9,973
Edgewell Personal Care Co.
5.500%, due 06/01/282		40,000		38,281
Natura Cosmeticos SA
4.125%, due 05/03/282,7		40,000		33,145
				100,927
Household products/wares: 0.0%†
Spectrum Brands, Inc.
5.000%, due 10/01/292		15,000		13,575
5.500%, due 07/15/302		30,000		27,635
				41,210
Housewares: 0.3%
Newell Brands, Inc.
6.375%, due 09/15/27		1,340,000		1,319,900
Insurance: 6.6%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.250%, due 10/15/272		55,000		50,355
6.750%, due 04/15/282		105,000		104,867
Athene Global Funding
2.550%, due 06/29/252		1,800,000		1,669,869
Athene Holding Ltd.
6.650%, due 02/01/33		1,555,000		1,584,858
Corebridge Financial, Inc.
4.350%, due 04/05/422		130,000		107,380
(fixed, converts to FRN on 12/15/27),
6.875%, due 12/15/522,3		1,690,000		1,530,253

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Insurance—(continued)
Enstar Finance LLC
(fixed, converts to FRN on 01/15/27),
5.500%, due 01/15/423		2,000,000	$	1,439,794
Enstar Group Ltd.
4.950%, due 06/01/29		1,850,000		1,753,222
Equitable Holdings, Inc.
4.350%, due 04/20/28		300,000		289,060
F&G Annuities & Life, Inc.
7.400%, due 01/13/282		2,715,000		2,761,567
Fairfax Financial Holdings Ltd.
5.625%, due 08/16/322		1,800,000		1,781,820
Fidelity National Financial, Inc.
3.400%, due 06/15/30		1,500,000		1,327,394
First American Financial Corp.
2.400%, due 08/15/31		1,645,000		1,278,493
GA Global Funding Trust
0.800%, due 09/13/242		1,400,000		1,307,667
Intact Financial Corp.
5.459%, due 09/22/322		1,220,000		1,233,786
Liberty Mutual Group, Inc.
(fixed, converts to FRN on 12/15/26),
4.125%, due 12/15/512,3		110,000		88,688
Metropolitan Life Global Funding I
4.300%, due 08/25/292		2,240,000		2,181,914
Northwestern Mutual Global Funding
4.350%, due 09/15/272		985,000		981,679
Protective Life Global Funding
3.218%, due 03/28/252		1,755,000		1,688,854
Prudential Financial, Inc.
(fixed, converts to FRN on 02/28/32),
5.125%, due 03/01/523		70,000		63,331
Reliance Standard Life Global Funding II
3.850%, due 09/19/232		200,000		198,451
RenaissanceRe Holdings Ltd.
3.600%, due 04/15/29		1,810,000		1,678,776
Ryan Specialty Group LLC
4.375%, due 02/01/302		30,000		26,888
Stewart Information Services Corp.
3.600%, due 11/15/31		2,000,000		1,577,927
Swiss Re Finance Luxembourg SA
(fixed, converts to FRN on 04/02/29),
5.000%, due 04/02/492,3		3,400,000		3,239,622
Teachers Insurance & Annuity Association of America
4.900%, due 09/15/442		1,700,000		1,583,289
				31,529,804

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Internet: 0.2%
Expedia Group, Inc.
3.800%, due 02/15/28		200,000	$	188,764
6.250%, due 05/01/252		196,000		198,301
Gen Digital, Inc.
6.750%, due 09/30/272		30,000		30,231
7.125%, due 09/30/302,7		25,000		25,113
Match Group Holdings II LLC
3.625%, due 10/01/312,7		25,000		20,422
4.625%, due 06/01/282		50,000		46,125
5.625%, due 02/15/292,7		60,000		56,413
Netflix, Inc.
5.875%, due 11/15/28		20,000		21,012
6.375%, due 05/15/29		20,000		21,610
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/272		40,000		34,700
Ziff Davis, Inc.
4.625%, due 10/15/302		88,000		77,320
				720,011
Investment companies: 0.8%
Blackstone Private Credit Fund
2.350%, due 11/22/24		1,820,000		1,697,348
Owl Rock Capital Corp.
2.875%, due 06/11/28		1,300,000		1,065,830
OWL Rock Core Income Corp.
7.750%, due 09/16/272		950,000		954,485
				3,717,663
Iron & steel: 0.1%
ATI, Inc.
4.875%, due 10/01/29		40,000		36,878
5.125%, due 10/01/31		20,000		17,997
Carpenter Technology Corp.
7.625%, due 03/15/30		55,000		56,254
CSN Inova Ventures
6.750%, due 01/28/282,7		145,000		136,690
Metinvest BV
7.650%, due 10/01/272		25,000		15,110
7.750%, due 10/17/292		110,000		61,483
				324,412
Leisure time: 0.1%
Carnival Corp.
4.000%, due 08/01/282		75,000		65,013
5.750%, due 03/01/272		45,000		37,035
7.625%, due 03/01/262,7		25,000		22,860
9.875%, due 08/01/272		25,000		25,631
Carnival Holdings Bermuda Ltd.
10.375%, due 05/01/282		50,000		53,754
Lindblad Expeditions LLC
6.750%, due 02/15/272		25,000		23,500

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Leisure time—(continued)
NCL Corp. Ltd.
5.875%, due 02/15/272		35,000	$	33,015
Royal Caribbean Cruises Ltd.
5.500%, due 08/31/262		75,000		68,754
5.500%, due 04/01/282,7		60,000		52,908
7.500%, due 10/15/27		30,000		28,387
				410,857
Lodging: 0.1%
Las Vegas Sands Corp.
3.200%, due 08/08/24		200,000		193,703
Melco Resorts Finance Ltd.
5.625%, due 07/17/272		105,000		93,666
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/282		90,000		83,681
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/272		140,000		134,681
5.500%, due 03/01/252		39,000		38,459
Wynn Macau Ltd.
5.500%, due 01/15/262		75,000		69,469
				613,659
Machinery-construction & mining: 0.0%†
Terex Corp.
5.000%, due 05/15/292		65,000		60,457
Vertiv Group Corp.
4.125%, due 11/15/282		70,000		63,188
				123,645
Media: 1.2%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/312		25,000		20,475
4.250%, due 01/15/342		30,000		22,852
4.500%, due 08/15/302		65,000		54,581
4.500%, due 05/01/32		25,000		20,014
4.500%, due 06/01/332		25,000		19,900
4.750%, due 03/01/302		80,000		68,832
4.750%, due 02/01/322		50,000		41,374
5.000%, due 02/01/282		100,000		92,459
6.375%, due 09/01/292		25,000		23,759
7.375%, due 03/01/312		1,300,000		1,273,946
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, due 01/15/29		1,400,000		1,174,753
3.500%, due 06/01/417		200,000		136,660
3.900%, due 06/01/52		200,000		130,295
4.800%, due 03/01/50		565,000		427,868
Comcast Corp.
2.937%, due 11/01/56		685,000		455,394

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Media—(continued)
CSC Holdings LLC
3.375%, due 02/15/312		55,000	$	37,796
4.125%, due 12/01/302		55,000		39,473
4.500%, due 11/15/312		55,000		38,530
5.750%, due 01/15/302		205,000		104,621
6.500%, due 02/01/292		45,000		37,572
7.500%, due 04/01/282,7		45,000		28,115
Discovery Communications LLC
4.650%, due 05/15/50		280,000		211,551
DISH DBS Corp.
5.125%, due 06/01/29		75,000		34,589
5.875%, due 11/15/24		40,000		33,095
7.375%, due 07/01/28		205,000		102,710
Fox Corp.
5.576%, due 01/25/49		310,000		287,945
Paramount Global
4.200%, due 05/19/327		285,000		245,263
4.950%, due 01/15/31		270,000		250,824
Sirius XM Radio, Inc.
3.875%, due 09/01/312		25,000		18,892
4.125%, due 07/01/302		200,000		160,420
5.000%, due 08/01/272		25,000		22,995
5.500%, due 07/01/292		40,000		35,629
Virgin Media Secured Finance PLC
5.500%, due 05/15/292		90,000		82,639
				5,735,821
Mining: 0.1%
Corp. Nacional del Cobre de Chile
3.150%, due 01/14/302		125,000		112,250
First Quantum Minerals Ltd.
6.875%, due 03/01/262		20,000		19,550
6.875%, due 10/15/272		5,000		4,837
7.500%, due 04/01/252		50,000		49,742
FMG Resources August 2006 Pty Ltd.
5.875%, due 04/15/302		25,000		24,245
6.125%, due 04/15/322		30,000		29,026
Hudbay Minerals, Inc.
4.500%, due 04/01/262		100,000		93,122
6.125%, due 04/01/292		70,000		65,471
Novelis Corp.
3.875%, due 08/15/312		70,000		58,618
Volcan Cia Minera SAA
4.375%, due 02/11/262		22,000		16,621
				473,482
Office & business equipment: 0.0%†
CDW LLC/CDW Finance Corp.
3.569%, due 12/01/31		51,000		42,680

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas: 0.8%
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.000%, due 11/01/262		55,000	$	53,222
BP Capital Markets America, Inc.
3.633%, due 04/06/30		225,000		215,436
BP Capital Markets PLC
(fixed, converts to FRN on 06/22/30),
4.875%, due 03/22/303,10		540,000		496,141
Chesapeake Energy Corp.
6.750%, due 04/15/292		80,000		79,194
Comstock Resources, Inc.
5.875%, due 01/15/302		45,000		38,631
6.750%, due 03/01/292		115,000		104,118
Continental Resources, Inc.
5.750%, due 01/15/312		200,000		195,560
CrownRock LP/CrownRock Finance, Inc.
5.625%, due 10/15/252		35,000		34,552
Ecopetrol SA
5.875%, due 05/28/45		65,000		42,299
Equinor ASA
2.375%, due 05/22/30		1,975,000		1,755,360
Hess Corp.
5.600%, due 02/15/41		65,000		63,200
Hilcorp Energy I LP/Hilcorp Finance Co.
5.750%, due 02/01/292		29,000		27,093
6.000%, due 04/15/302		35,000		32,619
6.000%, due 02/01/312		11,000		10,138
6.250%, due 11/01/282		25,000		23,944
KazMunayGas National Co. JSC
5.750%, due 04/19/472		65,000		51,281
Medco Bell Pte Ltd.
6.375%, due 01/30/272		55,000		50,146
Noble Finance II LLC
8.000%, due 04/15/302		50,000		51,201
Occidental Petroleum Corp.
5.550%, due 03/15/26		50,000		50,420
6.125%, due 01/01/31		50,000		52,268
Odebrecht Offshore Drilling Finance Ltd.
7.720%, due 12/01/265,8		272,021		53,095
PDC Energy, Inc.
5.750%, due 05/15/26		145,000		140,754
Pertamina Persero PT
6.450%, due 05/30/442		40,000		41,420
Petrobras Global Finance BV
5.500%, due 06/10/51		15,000		11,858
Petroleos Mexicanos
6.350%, due 02/12/48		85,000		49,785

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Pioneer Natural Resources Co.
5.100%, due 03/29/26		100,000	$	100,993
Range Resources Corp.
8.250%, due 01/15/29		45,000		46,967
Rio Oil Finance Trust
Series 2014-1,
9.250%, due 07/06/242		55,744		56,294
Rockcliff Energy II LLC
5.500%, due 10/15/292		25,000		22,608
Southwestern Energy Co.
4.750%, due 02/01/32		95,000		83,767
Valaris Ltd.
8.375%, due 04/30/302		35,000		35,015
				4,069,379
Oil & gas services: 0.0%†
Odebrecht Oil & Gas Finance Ltd.
0.000%, due 05/29/232,10,12		74,037		37
Packaging & containers: 0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
6.000%, due 06/15/272		60,000		59,703
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, due 08/15/262		40,000		37,681
Ball Corp.
2.875%, due 08/15/30		25,000		20,945
3.125%, due 09/15/31		25,000		20,821
6.875%, due 03/15/28		30,000		31,195
Berry Global, Inc.
5.625%, due 07/15/272		40,000		39,402
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/282		60,000		49,873
Mauser Packaging Solutions Holding Co.
7.875%, due 08/15/262		90,000		91,289
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.
4.375%, due 10/15/282		75,000		66,046
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC
4.000%, due 10/15/272		5,000		4,500
Sealed Air Corp.
6.125%, due 02/01/282		55,000		55,809
Trivium Packaging Finance BV
5.500%, due 08/15/262		70,000		67,960

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Packaging & containers—(continued)
WRKCo, Inc.
4.650%, due 03/15/26		200,000	$	197,596
4.900%, due 03/15/29		100,000		98,957
				841,777
Pharmaceuticals: 2.3%
180 Medical, Inc.
3.875%, due 10/15/292		55,000		48,980
AbbVie, Inc.
3.800%, due 03/15/25		305,000		299,839
4.700%, due 05/14/45		120,000		112,575
Bayer U.S. Finance II LLC
3 mo. USD LIBOR + 1.010%,
5.876%, due 12/15/232,3		1,900,000		1,896,093
Cigna Group
4.375%, due 10/15/28		1,400,000		1,390,468
CVS Health Corp.
2.125%, due 09/15/317		200,000		164,081
5.050%, due 03/25/48		575,000		536,777
5.125%, due 02/21/30		1,295,000		1,317,413
CVS Pass-Through Trust
Series 2013,
4.704%, due 01/10/362		2,512,195		2,306,234
Elanco Animal Health, Inc.
6.650%, due 08/28/284,7		1,670,000		1,625,962
Merck & Co., Inc.
2.900%, due 12/10/61		200,000		136,335
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.125%, due 04/30/282		90,000		82,800
5.125%, due 04/30/312		60,000		53,463
Teva Pharmaceutical Finance Netherlands III BV
7.875%, due 09/15/297		743,000		776,063
Viatris, Inc.
4.000%, due 06/22/50		325,000		210,835
				10,957,918
Pipelines: 3.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
7.875%, due 05/15/262		25,000		25,669
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/252		30,000		30,062
Buckeye Partners LP
4.350%, due 10/15/24		949,000		922,365
4.500%, due 03/01/282		45,000		40,894
5.600%, due 10/15/44		125,000		90,063
5.850%, due 11/15/43		35,000		26,934

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/312		105,000	$	97,723
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
7.375%, due 02/01/312,7		1,585,000		1,585,000
DCP Midstream Operating LP
(fixed, converts to FRN on 05/21/23),
5.850%, due 05/21/432,3		55,000		54,967
DT Midstream, Inc.
4.125%, due 06/15/292		125,000		110,782
Enbridge, Inc.
2.500%, due 02/14/25		210,000		200,949
Energy Transfer LP
5.250%, due 04/15/29		200,000		200,688
Series B,
(fixed, converts to FRN on 02/15/28),
6.625%, due 02/15/283,10		245,000		187,192
Series A,
(fixed, converts to FRN on 02/15/23),
8.892%, due 05/15/233,10		3,190,000		2,845,030
EnLink Midstream LLC
6.500%, due 09/01/302		1,445,000		1,459,696
EnLink Midstream Partners LP
5.050%, due 04/01/45		40,000		31,743
5.450%, due 06/01/47		25,000		20,875
5.600%, due 04/01/44		5,000		4,155
Enterprise Products Operating LLC
4.200%, due 01/31/50		300,000		251,093
EQM Midstream Partners LP
4.500%, due 01/15/292		30,000		25,495
4.750%, due 01/15/312		40,000		32,783
5.500%, due 07/15/28		60,000		54,691
6.000%, due 07/01/252		15,000		14,737
6.500%, due 07/01/272		55,000		53,626
7.500%, due 06/01/272		20,000		19,928
7.500%, due 06/01/302		20,000		19,413
Genesis Energy LP/Genesis Energy Finance Corp.
6.250%, due 05/15/26		20,000		19,270
6.500%, due 10/01/25		20,000		19,579
7.750%, due 02/01/28		40,000		39,369
8.000%, due 01/15/27		15,000		14,969
8.875%, due 04/15/30		50,000		50,067
Harvest Midstream I LP
7.500%, due 09/01/282		1,650,000		1,614,443

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
Hess Midstream Operations LP
5.500%, due 10/15/302		1,800,000	$	1,675,296
Kinder Morgan, Inc.
5.550%, due 06/01/45		320,000		301,798
7.750%, due 01/15/32		1,400,000		1,628,416
Kinetik Holdings LP
5.875%, due 06/15/302		40,000		38,319
MPLX LP
4.700%, due 04/15/48		378,000		315,933
5.000%, due 03/01/33		200,000		196,514
New Fortress Energy, Inc.
6.500%, due 09/30/262		105,000		96,687
6.750%, due 09/15/252		110,000		104,757
NuStar Logistics LP
5.625%, due 04/28/27		15,000		14,313
5.750%, due 10/01/25		30,000		29,422
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.500%, due 01/15/282		5,000		4,626
6.000%, due 03/01/272		40,000		38,593
6.000%, due 12/31/302		75,000		66,611
6.000%, due 09/01/312		30,000		26,563
7.500%, due 10/01/252		135,000		136,029
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.000%, due 01/15/28		10,000		9,778
6.500%, due 07/15/27		10,000		10,189
6.875%, due 01/15/29		10,000		10,213
Western Midstream Operating LP
4.300%, due 02/01/304		35,000		31,948
5.500%, due 02/01/504		50,000		42,419
				14,942,674
Private Equity : 0.0%†
Carlyle Finance Subsidiary LLC
3.500%, due 09/19/292		200,000		181,551
Real estate: 0.0%†
Realogy Group LLC/Realogy Co-Issuer Corp.
5.250%, due 04/15/302		30,000		21,389
5.750%, due 01/15/292		115,000		85,387
				106,776
Real estate investment trusts: 3.5%
American Tower Corp.
2.400%, due 03/15/25		165,000		157,062
Arbor Realty SR, Inc.
Series QIB,
8.500%, due 10/15/272		2,395,000		2,399,006
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/272,7		3,450,000		2,882,808

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
EPR Properties
3.750%, due 08/15/29		160,000	$	127,597
Extra Space Storage LP
5.700%, due 04/01/28		595,000		608,802
Federal Realty OP LP
5.375%, due 05/01/28		1,160,000		1,156,703
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/262		1,900,000		1,686,454
Iron Mountain Information Management Services, Inc.
5.000%, due 07/15/322		25,000		21,900
Iron Mountain, Inc.
4.875%, due 09/15/272		65,000		61,951
4.875%, due 09/15/292		50,000		45,603
5.000%, due 07/15/282		35,000		32,943
5.250%, due 03/15/282		210,000		201,991
5.250%, due 07/15/302		30,000		27,631
5.625%, due 07/15/322		100,000		90,822
MPT Operating Partnership LP/MPT Finance Corp.
3.500%, due 03/15/31		25,000		17,088
4.625%, due 08/01/29		65,000		49,206
5.250%, due 08/01/267		60,000		53,433
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/292		75,000		64,875
5.875%, due 10/01/282		65,000		59,963
Realty Income Corp.
4.850%, due 03/15/30		645,000		641,953
Rexford Industrial Realty LP
5.000%, due 06/15/28		1,105,000		1,097,958
RHP Hotel Properties LP/RHP Finance Corp.
4.750%, due 10/15/27		250,000		235,000
RLJ Lodging Trust LP
3.750%, due 07/01/262		35,000		32,344
4.000%, due 09/15/292		70,000		58,800
SBA Tower Trust
6.599%, due 01/15/282		3,100,000		3,251,237
Scentre Group Trust 1/Scentre Group Trust 2
4.375%, due 05/28/302,7		1,715,000		1,636,584
Service Properties Trust
3.950%, due 01/15/28		65,000		50,887
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/282		190,000		151,084

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
XHR LP
4.875%, due 06/01/292		55,000	$	47,735
				16,949,420
Retail: 0.9%
1011778 BC ULC/New Red Finance, Inc.
4.000%, due 10/15/302		50,000		43,649
Bath & Body Works, Inc.
6.625%, due 10/01/302		90,000		86,397
6.875%, due 11/01/35		20,000		18,101
GYP Holdings III Corp.
4.625%, due 05/01/292		40,000		35,300
Macy's Retail Holdings LLC
4.500%, due 12/15/347		40,000		28,683
5.125%, due 01/15/42		5,000		3,278
5.875%, due 04/01/292,7		20,000		18,321
5.875%, due 03/15/302,7		55,000		48,836
6.125%, due 03/15/322		35,000		30,637
McDonald's Corp.
3.625%, due 09/01/49		130,000		103,142
Nordstrom, Inc.
4.375%, due 04/01/307		1,960,000		1,532,838
Target Corp.
4.500%, due 09/15/32		2,025,000		2,039,434
Walmart, Inc.
3.900%, due 09/09/25		260,000		258,458
Yum! Brands, Inc.
3.625%, due 03/15/31		50,000		44,165
5.375%, due 04/01/32		60,000		58,526
				4,349,765
Savings & loans: 0.0%†
Nationwide Building Society
(fixed, converts to FRN on 02/16/27),
2.972%, due 02/16/282,3		200,000		182,205
Semiconductors: 1.1%
ams-OSRAM AG
7.000%, due 07/31/252,7		1,685,000		1,573,790
Analog Devices, Inc.
2.950%, due 10/01/51		75,000		54,478
Broadcom, Inc.
3.137%, due 11/15/352		862,000		667,326
4.926%, due 05/15/372		268,000		244,628
Intel Corp.
5.700%, due 02/10/53		1,475,000		1,508,665
Micron Technology, Inc.
4.975%, due 02/06/26		200,000		199,018
NXP BV/NXP Funding LLC
4.875%, due 03/01/24		200,000		198,764

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Semiconductors—(continued)
NXP BV/NXP Funding LLC/NXP USA, Inc.
5.000%, due 01/15/33		415,000	$	404,963
QUALCOMM, Inc.
6.000%, due 05/20/53		190,000		216,049
				5,067,681
Shipbuilding: 0.0%†
Huntington Ingalls Industries, Inc.
2.043%, due 08/16/28		200,000		170,873
Software: 0.2%
Central Parent, Inc./CDK Global, Inc.
7.250%, due 06/15/292		55,000		54,458
Consensus Cloud Solutions, Inc.
6.500%, due 10/15/282		45,000		39,375
Oracle Corp.
3.850%, due 04/01/60		200,000		140,309
3.950%, due 03/25/51		215,000		162,327
4.000%, due 11/15/47		345,000		264,991
4.650%, due 05/06/30		100,000		98,031
5.550%, due 02/06/53		210,000		201,754
Rackspace Technology Global, Inc.
3.500%, due 02/15/282		95,000		39,425
				1,000,670
Telecommunications: 1.1%
Altice France SA
5.125%, due 07/15/292		160,000		118,295
5.875%, due 02/01/272	EUR	600,000		571,886
AT&T, Inc.
3.500%, due 09/15/53		225,000		161,376
3.650%, due 06/01/51		115,000		85,741
4.500%, due 03/09/48		441,000		380,524
C&W Senior Financing DAC
6.875%, due 09/15/272		45,000		39,038
Ciena Corp.
4.000%, due 01/31/302		35,000		30,745
CommScope, Inc.
4.750%, due 09/01/292		190,000		153,434
Connect Finco SARL/Connect U.S. Finco LLC
6.750%, due 10/01/262		1,665,000		1,586,833
Frontier Communications Holdings LLC
5.875%, due 10/15/272		120,000		110,458
8.750%, due 05/15/302		40,000		39,564
Level 3 Financing, Inc.
3.750%, due 07/15/292		50,000		28,139
3.875%, due 11/15/292		230,000		167,898
4.625%, due 09/15/272		100,000		61,763
10.500%, due 05/15/302		5,000		4,787

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Motorola Solutions, Inc.
2.300%, due 11/15/30		200,000	$	163,967
Oztel Holdings SPC Ltd.
6.625%, due 04/24/282		110,000		114,386
Rogers Communications, Inc.
3.800%, due 03/15/322		114,000		102,650
T-Mobile USA, Inc.
2.550%, due 02/15/31		200,000		170,145
3.400%, due 10/15/52		370,000		267,710
4.500%, due 04/15/50		205,000		179,660
Verizon Communications, Inc.
2.355%, due 03/15/32		510,000		418,679
2.550%, due 03/21/31		200,000		170,278
2.987%, due 10/30/56		210,000		135,782
Vmed O2 UK Financing I PLC
4.750%, due 07/15/312		95,000		80,953
				5,344,691
Transportation: 0.1%
AP Moller - Maersk AS
4.500%, due 06/20/292		200,000		197,833
MV24 Capital BV
6.748%, due 06/01/342		34,260		30,562
				228,395
Trucking & leasing: 0.4%
Penske Truck Leasing Co. LP/PTL Finance Corp.
5.550%, due 05/01/282		735,000		739,893
5.700%, due 02/01/282		980,000		991,565
SMBC Aviation Capital Finance DAC
4.125%, due 07/15/232		200,000		199,150
				1,930,608
Water: 0.0%†
Solaris Midstream Holdings LLC
7.625%, due 04/01/262		60,000		57,600
Total corporate bonds (cost—$272,444,755)				260,315,512
Loan assignments—3.4%
Broadcast: 3.4%
CDK Global, Inc.
2022 USD Term Loan B,
3 mo. USD LIBOR + 4.250%,
9.148%, due 07/06/293		1,496,250		1,493,976
CenturyLink, Inc.
2020 Term Loan A,
1 mo. USD SOFR + 2.000%,
6.922%, due 01/31/253		1,365,595		1,265,456
Jazz Financing Lux S.a.r.l.
USD Term Loan,
1 mo. USD LIBOR + 3.500%,
8.340%, due 05/05/283		1,551,243		1,548,885

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Loan assignments—(continued)
Broadcast—(continued)
LendingTree, Inc.
Term Loan B,
3 mo. USD LIBOR + 0.000%,
0.000%, due 09/15/283,13		1,610,942	$	1,365,274
1 mo. USD SOFR + 5.750%,
10.557%, due 01/29/273		89,442		78,895
1 mo. USD SOFR + 5.750%,
10.557%, due 01/29/273		5,059		4,462
Medline Borrower, LP
USD Term Loan B,
1 mo. USD LIBOR + 3.250%,
8.090%, due 10/23/283		1,621,809		1,572,928
MIP V Waste Holdings, LLC
Term Loan B,
1 mo. USD LIBOR +1.060,
4.310%, due 12/08/283		1,460,000		1,430,800
MPH Acquisition Holdings LLC
2021 Term Loan B,
3 mo. USD LIBOR + 4.250%,
9.203%, due 09/01/283		1,691,414		1,446,514
Polaris Newco LLC
USD Term Loan B,
3 mo. USD LIBOR + 4.000%,
9.159%, due 06/02/283,14		9,950		9,208
Sotera Health Holdings, LLC
2023 Incremental Term Loan B,
6 mo. USD SOFR + 3.750%,
8.816%, due 12/11/263		2,455,000		2,436,588
Starwood Property Trust, Inc.
2022 Term Loan B,
1 mo. USD SOFR + 3.250%,
8.057%, due 11/18/273		1,017,450		981,839
UGI Energy Services, LLC
2023 Term Loan B,
1 mo. USD LIBOR + 3.250%,
8.157%, due 02/22/303		1,547,105		1,533,242
Verscend Holding Corp.
2021 Term Loan B,
1 mo. USD LIBOR + 4.000%,
8.840%, due 08/27/253		1,099,405		1,097,349
Total Broadcast				16,265,416
Oil & gas: 0.0%†
Prairie ECI Acquiror LP
Term Loan B,
1 mo. USD LIBOR + 4.750%,
9.590%, due 03/11/263,14		70,000		68,622
Total Oil & gas				68,622
Total loan assignments (cost—$16,632,067)				16,334,038

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Non-U.S. government agency obligations: 0.7%
Colombia: 0.0%†
Colombia Government International Bonds
3.000%, due 01/30/30		50,000	$	38,259
5.000%, due 06/15/45		40,000		26,770
				65,029
Dominican Republic: 0.0%†
Dominican Republic International Bonds
6.850%, due 01/27/452		110,000		98,780
Egypt: 0.0%†
Egypt Government International Bonds
5.875%, due 02/16/312		30,000		15,962
8.500%, due 01/31/472		155,000		81,598
				97,560
El Salvador: 0.0%†
El Salvador Government International Bonds
9.500%, due 07/15/522		25,000		13,656
Indonesia: 0.1%
Indonesia Government International Bonds
4.625%, due 04/15/432		165,000		156,472
Japan: 0.1%
Japan Bank for International Cooperation
2.875%, due 07/21/27		300,000		286,196
Japan International Cooperation Agency
2.750%, due 04/27/27		300,000		283,667
				569,863
Mexico: 0.1%
Mexico Government International Bonds
3.500%, due 02/12/34		175,000		149,767
4.400%, due 02/12/52		175,000		139,541
				289,308
Mongolia: 0.0%†
Mongolia Government International Bonds
5.125%, due 04/07/262		55,000		50,284
Oman: 0.1%
Oman Government International Bonds
6.250%, due 01/25/312		75,000		77,662
7.000%, due 01/25/512		140,000		139,195
				216,857

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Non-U.S. government agency obligations—(continued)
Panama: 0.0%†
Panama Government International Bonds
2.252%, due 09/29/32		80,000	$	61,740
3.298%, due 01/19/33		100,000		84,487
				146,227
Paraguay: 0.0%†
Paraguay Government International Bonds
4.950%, due 04/28/312		70,000		67,629
Peru: 0.1%
Peruvian Government International Bonds
8.200%, due 08/12/268	PEN	2,000,000		563,690
Qatar: 0.0%†
Qatar Government International Bonds
4.400%, due 04/16/502		60,000		56,243
Romania: 0.1%
Romania Government International Bonds
3.000%, due 02/14/318		104,000		86,794
3.625%, due 03/27/322		50,000		42,713
4.000%, due 02/14/512		60,000		41,299
				170,806
Saudi Arabia: 0.1%
Saudi Government International Bonds
3.250%, due 11/17/512		65,000		46,690
3.750%, due 01/21/552		50,000		38,697
4.875%, due 07/18/332		200,000		205,662
5.000%, due 01/18/532		200,000		189,413
				480,462
South Africa: 0.0%†
Republic of South Africa Government International Bonds
5.650%, due 09/27/47		90,000		65,014
5.750%, due 09/30/49		45,000		32,338
				97,352
Uruguay: 0.0%†
Uruguay Government International Bonds
5.100%, due 06/18/50		50,000		51,213
Total non-U.S. government agency obligations (cost $3,678,683)				3,191,431
Mortgage-backed securities—8.5%
Adjustable Rate Mortgage Trust
Series 2005-5, Class 2A1,
3.968%, due 09/25/355		30,646		25,904

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Banc of America Funding Trust
Series 2005-D, Class A1,
3.954%, due 05/25/355		172,836	$	160,384
BANK
Series 2021-BN38, Class C,
3.324%, due 12/15/645		51,000		35,128
Series 2019-BN17, Class C,
4.664%, due 04/15/525		72,000		62,051
Bank of America Mortgage Trust
Series 2002-G, Class 1A3,
5.750%, due 07/20/325		75		71
Barclays Commercial Mortgage Trust
Series 2019-C5, Class C,
3.710%, due 11/15/52		59,000		47,572
BBCMS Mortgage Trust
Series 2022-C17, Class XA,
1.326%, due 09/15/555		1,302,377		106,047
Bear Stearns ALT-A Trust
Series 2003-3, Class 1A,
3.044%, due 10/25/335		2,285		2,134
Series 2004-9, Class 2A1,
3.776%, due 09/25/345		78,354		71,214
Series 2006-1, Class 21A2,
3.801%, due 02/25/365		278,338		192,115
Series 2005-7, Class 22A1,
3.956%, due 09/25/355		267,664		164,842
Bear Stearns ARM Trust
Series 2004-7, Class 1A1,
2.625%, due 10/25/345		91,655		73,808
Series 2004-6, Class 2A1,
3.556%, due 09/25/345		201,679		184,532
Series 2003-5, Class 2A1,
3.618%, due 08/25/335		41,163		38,050
Series 2004-3, Class 1A2,
3.832%, due 07/25/345		43,035		37,837
Series 2003-1, Class 6A1,
4.513%, due 04/25/335		3,747		3,667
Benchmark Mortgage Trust
Series 2020-B17, Class C,
3.371%, due 03/15/535		143,000		106,947
Series 2020-B16, Class C,
3.535%, due 02/15/535		118,000		90,075
BPR Trust
Series 2022-OANA, Class D,
1 mo. USD SOFR + 3.695%,
8.585%, due 04/15/372,3		348,000		330,987
BX Commercial Mortgage Trust
Series 2021-VOLT, Class D,
1 mo. USD LIBOR + 1.650%,
6.598%, due 09/15/362,3		385,000		364,277

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
BX Trust
Series 2019-OC11, Class C,
3.856%, due 12/09/412		121,000	$	104,388
Series 2019-OC11, Class D,
4.076%, due 12/09/412,5		231,000		195,605
Series 2022-CLS, Class B,
6.300%, due 10/13/272		2,700,000		2,651,141
Series 2022-GPA, Class B,
1 mo. USD SOFR + 2.664%,
7.554%, due 10/15/392,3		1,340,000		1,329,923
Series 2022-GPA, Class C,
1 mo. USD SOFR + 3.213%,
8.103%, due 10/15/392,3		1,280,000		1,267,166
Chase Mortgage Finance Trust
Series 2007-S6, Class 2A1,
5.500%, due 12/25/22		478,892		208,261
Series 2005-S3, Class A10,
5.500%, due 11/25/35		809,921		614,430
CHL Mortgage Pass-Through Trust
Series 2005-HYB9, Class 5A1,
1 yr. USD LIBOR + 1.750%,
6.537%, due 02/20/363		96,890		87,677
Citigroup Commercial Mortgage Trust
Series 2015-GC27, Class XA,
1.453%, due 02/10/485		2,706,523		44,941
Series 2017-P8, Class C,
4.401%, due 09/15/505		68,000		58,150
Citigroup Mortgage Loan Trust, Inc.
Series 2005-4, Class A,
4.190%, due 08/25/355		83,157		81,550
Series 2005-6, Class A3,
1 yr. CMT + 1.800%,
6.430%, due 09/25/353		822		802
Series 2005-6, Class A2,
1 yr. CMT + 2.150%,
6.780%, due 09/25/353		6,278		6,163
Series 2005-11, Class A1A,
1 yr. CMT + 2.400%,
6.980%, due 05/25/353		21,207		20,384
COMM Mortgage Trust
Series 2014-LC15, Class XA,
1.209%, due 04/10/475		7,315,345		38,210
Series 2014-UBS3, Class XA,
1.209%, due 06/10/475		2,651,244		17,657
Countrywide Alternative Loan Trust
Series 2005-62, Class 2A1,
1 yr. MTA + 1.000%,
4.465%, due 12/25/353		84,907		69,392
Series 2006-14CB, Class A1,
6.000%, due 06/25/36		1,202,712		681,395
Series 2006-41CB, Class 1A9,
6.000%, due 01/25/37		307,822		176,496

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2003-J3, Class 2A1,
6.250%, due 12/25/33		8,472	$	8,429
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class D,
1 mo. USD LIBOR + 1.600%,
6.548%, due 05/15/362,3		99,752		98,181
CSAIL Commercial Mortgage Trust
Series 2018-C14, Class C,
5.065%, due 11/15/515		127,000		106,736
CSMC Trust
Series 2021-JR2, Class A1,
2.215%, due 11/25/612,5		641,506		609,840
DSLA Mortgage Loan Trust
Series 2005-AR4, Class 2A1A,
1 mo. USD LIBOR + 0.520%,
5.471%, due 08/19/453		103,579		86,934
FHLMC Multiclass Certificates
Series 2020-RR04, Class X,
2.126%, due 02/27/295		3,460,000		307,958
FHLMC REMIC
Series 2764, Class LZ,
4.500%, due 03/15/34		232,380		228,128
Series 1534, Class Z,
5.000%, due 06/15/23		187		186
Series 2921, Class PG,
5.000%, due 01/15/35		548,328		553,461
Series 2400, Class FQ,
1 mo. USD LIBOR + 0.500%,
5.448%, due 01/15/323		8,424		8,428
Series 2764, Class ZG,
5.500%, due 03/15/34		171,526		174,912
Series 2983, Class TZ,
6.000%, due 05/15/35		552,813		570,974
Series 3149, Class CZ,
6.000%, due 05/15/36		612,645		638,737
Series 1548, Class Z,
7.000%, due 07/15/23		163		163
FHLMC Structured Agency Credit Risk Debt Notes
Series 2021-DNA7, Class M2,
30 day USD SOFR Average +1.800%,
6.615%, due 11/25/412,3		130,000		124,480
Series 2018-HQA1, Class M2,
1 mo. USD LIBOR + 2.300%,
7.320%, due 09/25/303		544,549		548,501
Series 2022-DNA3, Class M1B,
30 day USD SOFR Average +2.900%,
7.715%, due 04/25/422,3		210,000		209,475

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2022-DNA4, Class M1B,
30 day USD SOFR Average +3.350%,
8.165%, due 05/25/422,3		436,000	$	442,540
Series 2022-DNA6, Class M1B,
30 day USD SOFR Average +3.700%,
8.515%, due 09/25/422,3		362,000		373,530
Series 2022-DNA2, Class M2,
30 day USD SOFR Average +3.750%,
8.565%, due 02/25/422,3		326,000		319,480
Series 2022-DNA5, Class M1B,
30 day USD SOFR Average +4.500%,
9.315%, due 06/25/422,3		192,000		203,465
Series 2022-HQA1, Class M2,
30 day USD SOFR Average +5.250%,
10.065%, due 03/25/422,3		383,000		386,826
FHLMC Structured Pass-Through Certificates
Series T-54, Class 2A,
6.500%, due 02/25/43		329,786		350,642
Series T-58, Class 2A,
6.500%, due 09/25/43		161,245		165,242
First Horizon Mortgage Pass-Through Trust
Series 2005-AR3, Class 2A1,
3.875%, due 08/25/355		8,118		5,585
FIVE Mortgage Trust
Series 2023-V1, Class C,
6.619%, due 02/10/565		96,000		93,091
FNMA
Series 2004-W8, Class 2A,
6.500%, due 06/25/44		190,720		196,284
FNMA Connecticut Avenue Securities
Series 2022-R01, Class 1M2,
30 day USD SOFR Average +1.900%,
6.715%, due 12/25/412,3		343,000		332,185
Series 2017-C06, Class 1M2,
1 mo. USD LIBOR + 2.650%,
7.670%, due 02/25/303		168,693		170,402
Series 2022-R07, Class 1M1,
30 day USD SOFR Average +2.950%,
7.774%, due 06/25/422,3		163,080		165,827
Series 2017-C06, Class 2M2,
1 mo. USD LIBOR + 2.800%,
7.820%, due 02/25/303		181,501		184,239

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2022-R04, Class 1M2,
30 day USD SOFR Average +3.100%,
7.915%, due 03/25/422,3		191,000	$	192,910
Series 2022-R01, Class 1B1,
30 day USD SOFR Average +3.150%,
7.965%, due 12/25/412,3		178,000		171,547
Series 2023-R02, Class 1M2,
30 day USD SOFR Average +3.350%,
8.174%, due 01/25/432,3		144,000		144,130
Series 2022-R03, Class 1M2,
30 day USD SOFR Average +3.500%,
8.315%, due 03/25/422,3		475,000		483,612
Series 2023-R01, Class 1M2,
30 day USD SOFR Average +3.750%,
8.574%, due 12/25/422,3		227,000		230,902
Series 2022-R08, Class 1B1,
30 day USD SOFR Average +5.600%,
10.415%, due 07/25/422,3		336,000		346,056
FNMA REMIC
Series 2006-65, Class GD,
6.000%, due 07/25/26		27,558		27,628
Series 2003-64, Class AH,
6.000%, due 07/25/33		677,879		704,257
Series 1999-W4, Class A9,
6.250%, due 02/25/29		68,161		69,428
Series 1993-160, Class ZB,
6.500%, due 09/25/23		147		146
Series 1993-60, Class Z,
7.000%, due 05/25/23		23		23
Series 1993-96, Class PZ,
7.000%, due 06/25/23		124		123
Series 1993-163, Class ZA,
7.000%, due 09/25/23		44		44
GNMA
Series 2018-38, Class WF,
1 mo. USD LIBOR + 0.300%,
2.682%, due 10/20/433		721,723		690,201
Series 2017-182, Class FW,
1 mo. USD LIBOR + 0.350%,
2.703%, due 05/20/473		243,748		227,261
Series 2015-H20, Class FB,
1 mo. USD LIBOR + 0.600%,
4.476%, due 08/20/653		794,749		784,645
GS Mortgage Securities Trust
Series 2019-GC42, Class C,
3.817%, due 09/10/525		122,000		96,174

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
GSR Mortgage Loan Trust
Series 2005-AR6, Class 2A1,
4.053%, due 09/25/355		92,617	$	86,444
Harborview Mortgage Loan Trust
Series 2005-4, Class 3A1,
3.378%, due 07/19/355		115,430		83,694
Series 2004-11, Class 3A1A,
1 mo. USD LIBOR + 0.700%,
5.651%, due 01/19/353		16,891		14,763
INTOWN Mortgage Trust
Series 2022-STAY, Class A,
1 mo. USD SOFR + 2.489%,
7.379%, due 08/15/392,3		272,000		271,915
J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2022-OPO, Class D,
3.565%, due 01/05/392,5		284,000		207,575
JP Morgan Mortgage Trust
Series 2006-A4, Class 2A2,
3.679%, due 06/25/365		144,885		105,728
Series 2005-A8, Class 1A1,
3.911%, due 11/25/355		286,177		236,271
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2017-C33, Class C,
4.558%, due 05/15/505		103,000		89,714
Morgan Stanley Capital I Trust
Series 2017-H1, Class C,
4.281%, due 06/15/505		94,000		82,878
Series 2018-H4, Class C,
5.239%, due 12/15/515		80,000		68,981
MTN Commercial Mortgage Trust
Series 2022-LPFL, Class A,
1 mo. USD SOFR + 1.397%,
6.286%, due 03/15/392,3		2,650,000		2,600,160
NAAC Reperforming Loan REMIC Trust Certificates
Series 2004-R3, Class A1,
6.500%, due 02/25/352		405,628		368,983
OAKST Commercial Mortgage Trust
Series 2023-NLP, Class A,
6.298%, due 03/15/402,5		2,640,000		2,694,336
One Bryant Park Trust
Series 2019-OBP, Class A,
2.516%, due 09/15/542		3,100,000		2,571,408
Onslow Bay Mortgage Loan Trust
Series 2021-NQM4, Class A1,
1.957%, due 10/25/612,5		317,742		264,578
Reperforming Loan REMIC Trust
Series 2003-R4, Class 2A,
4.249%, due 01/25/342,5		385,278		317,272

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Mortgage-backed securities—(continued)
Series 2006-R1, Class AF1,
1 mo. USD LIBOR + 0.340%,
5.360%, due 01/25/362,3		334,880	$	307,201
Residential Funding Mortgage Security I
Series 2004-S9, Class 1A23,
5.500%, due 12/25/34		163,387		151,869
SCOTT Trust
Series 2023-SFS, Class A,
5.910%, due 03/15/402		1,125,000		1,145,458
Sequoia Mortgage Trust
Series 2007-3, Class 1A1,
1 mo. USD LIBOR + 0.400%,
5.353%, due 07/20/363		53,261		45,271
SGR Residential Mortgage Trust
Series 2021-2, Class A1,
1.737%, due 12/25/612,5		502,148		409,643
Starwood Mortgage Residential Trust
Series 2021-5, Class A1,
1.920%, due 09/25/662,5		1,044,849		858,580
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-8, Class 3A,
4.965%, due 07/25/345		150,427		141,809
Structured Asset Mortgage Investments II Trust
Series 2006-AR3, Class 11A1,
1 mo. USD LIBOR + 0.420%,
5.440%, due 04/25/363		428,815		372,321
Structured Asset Mortgage Investments Trust
Series 2002-AR3, Class A1,
1 mo. USD LIBOR + 0.660%,
5.611%, due 09/19/323		23,129		22,021
Taubman Centers Commercial Mortgage Trust
Series 2022-DPM, Class B,
1 mo. USD SOFR + 2.932%,
7.822%, due 05/15/372,3		179,000		171,264
Series 2022-DPM, Class C,
1 mo. USD SOFR + 3.777%,
8.667%, due 05/15/372,3		150,000		142,864
Thornburg Mortgage Securities Trust
Series 2007-4, Class 2A1,
3.118%, due 09/25/375		185,765		179,057
Towd Point Mortgage Trust
Series 2022-4, Class A1,
3.750%, due 09/25/622		257,939		242,603
Verus Securitization Trust
Series 2021-6, Class A1,
1.630%, due 10/25/662,5		976,570		815,499

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2021-6, Class A3,
1.887%, due 10/25/662,5		251,359	$	208,912
Series 2022-4, Class A3,
4.740%, due 04/25/672,5		127,166		120,549
WaMu Mortgage Pass-Through Certificates
Series 2006-AR2, Class 2A1,
3.646%, due 03/25/365		342,577		298,436
Series 2006-AR9, Class 1A,
1 yr. MTA + 1.000%,
4.465%, due 08/25/463		249,344		229,453
Series 2002-AR6, Class A,
1 yr. MTA + 1.400%,
4.865%, due 06/25/423		5,211		4,713
Series 2005-AR13, Class A1A1,
1 mo. USD LIBOR + 0.580%,
5.600%, due 10/25/453		204,729		190,169
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS4, Class C,
4.842%, due 12/15/485		54,000		49,223
WFRBS Commercial Mortgage Trust
Series 2014-C22, Class XA,
0.929%, due 09/15/575		5,357,097		38,610
Series 2014-LC14, Class XA,
1.408%, due 03/15/475		2,409,883		11,010
WMRK Commercial Mortgage Trust
Series 2022-WMRK, Class C,
1 mo. USD SOFR + 4.083%,
8.973%, due 11/15/272,3		3,100,000		3,076,673
Total mortgage-backed securities
(cost—$42,765,877)				40,883,229
Municipal bonds—0.3%
California: 0.0%†
State of California, Build America Bonds, GO Bonds
7.625%, due 03/01/40		35,000		45,631
Illinois: 0.3%
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds,
Series B,
3.057%, due 01/01/34		1,400,000		1,177,479
Texas: 0.0%†
Texas Natural Gas Securitization Finance Corp., Revenue Bonds
5.102%, due 04/01/35		100,000		104,982
Total municipal bonds
(cost—$1,382,255)				1,328,092

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
U.S. government agency obligations: 4.5%
FHLMC
4.000%, due 09/01/52		242,139	$	231,259
4.000%, due 10/01/52		218,285		208,477
4.000%, due 01/01/53		294,011		280,800
4.500%, due 08/01/52		260,207		254,332
4.500%, due 10/01/52		475,206		464,309
5.000%, due 05/01/53		250,000		248,394
5.500%, due 04/01/53		223,333		225,089
7.645%, due 05/01/25		302,699		305,040
FHLMC ARM
1 yr. USD LIBOR + 1.815%
4.815%, due 03/01/363		535		523
FNMA
4.000%, due 06/01/52		259,708		248,226
4.500%, due 08/01/52		238,123		232,608
5.000%, due 10/01/52		291,239		289,702
5.000%, due 02/01/52		494,775		492,192
5.000%, due 03/01/53		421,209		418,654
5.188%, due 11/01/345		1,242,290		1,238,430
5.500%, due 01/01/53		244,998		246,958
5.500%, due 02/01/53		244,460		246,388
FNMA ARM
1 yr. CMT + 2.104%,
3.305%, due 05/01/303		16,897		16,408
6 mo. USD LIBOR + 1.538%,
3.663%, due 01/01/363		2,642		2,612
1 yr. USD LIBOR + 1.420%,
3.795%, due 03/01/363		8,171		7,963
1 yr. CMT + 2.229%,
3.842%, due 04/01/273		3,903		3,868
1 yr. USD LIBOR + 1.603%,
3.978%, due 12/01/353		13,218		12,985
1 yr. USD LIBOR + 1.780%,
4.030%, due 11/01/353		3,374		3,337
1 yr. USD LIBOR + 1.942%,
4.192%, due 09/01/353		69		69
1 yr. USD LIBOR + 1.838%,
4.212%, due 03/01/363		14,865		14,666
1 yr. USD LIBOR + 1.912%,
4.287%, due 02/01/363		14,874		14,690
1 yr. USD LIBOR + 1.815%,
4.323%, due 03/01/363		15,744		15,492
1 yr. CMT + 2.405%,
4.655%, due 05/01/273		707		698
FNMA ARM COFI
3.250%, due 11/01/265,6,15		4,840		4,442
GNMA II
5.000%, due 12/20/49		49,761		50,272
GNMA II ARM
1 yr. CMT + 1.500%,
2.625%, due 07/20/253		519		505

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 1.500%,
2.625%, due 01/20/263		860	$	843
1 yr. CMT + 1.500%,
2.750%, due 11/20/233		88		87
1 yr. CMT + 1.500%,
2.875%, due 05/20/263		2,093		2,044
UMBS TBA
3.500%		2,600,000		2,418,673
4.000%		1,775,000		1,695,997
4.000%		1,100,000		1,051,974
4.500%		5,975,000		5,839,596
4.500%
5.000%		2,350,000		2,335,886
5.500%		2,400,000		2,419,680
5.500%		345,000		347,853
Total U.S. government agency obligations
(cost—$22,039,728)				21,892,021
U.S. Treasury obligations: 16.5%
U.S. Treasury Bonds
1.375% due 08/15/50		400,000		240,641
1.625% due 11/15/50		2,000,000		1,285,391
1.875% due 02/15/51		505,000		345,590
1.875% due 11/15/51		370,000		252,091
2.250% due 08/15/49		100,000		75,293
2.375% due 02/15/42		600,000		484,242
2.750% due 08/15/42		1,860,000		1,590,809
2.875% due 08/15/45		500,000		427,422
2.875% due 05/15/49		200,000		171,367
2.875% due 05/15/52		320,000		273,825
3.000% due 11/15/44		500,000		438,438
3.000% due 05/15/47		155,000		135,104
3.000% due 02/15/49		200,000		175,289
3.000% due 08/15/52		4,260,000		3,742,144
3.125% due 08/15/44		230,000		206,155
3.250% due 05/15/42		11,200,000		10,370,937
3.625% due 02/15/53		15,600,000		15,468,375
3.875% due 02/15/43		300,000		303,188
4.000% due 11/15/42		550,000		566,500
4.000% due 11/15/52		110,000		116,789
4.375% due 02/15/38		230,000		253,180
4.500% due 05/15/38		420,000		468,087
4.500% due 08/15/39		300,000		334,805
U.S. Treasury Inflation Indexed Bonds (TIPS)
0.125% due 02/15/51		115,530		78,917
0.125% due 02/15/52		551,055		375,638
1.000% due 02/15/49		119,532		104,950
1.625% due 10/15/27		4,427,057		4,498,218
U.S. Treasury Inflation Indexed Notes (TIPS)
0.125% due 07/15/31		673,344		616,434
0.125% due 01/15/32		325,521		295,902

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
U.S. Treasury obligations—(continued)
0.625% due 01/15/24		773,454	$	762,668
0.625% due 07/15/32		2,013,522		1,911,470
U.S. Treasury Notes
0.500% due 08/31/27		7,800,000		6,846,328
0.875% due 06/30/26		1,990,000		1,824,581
1.250% due 03/31/28		1,975,000		1,773,334
1.625% due 05/15/31		1,485,000		1,301,695
2.625% due 07/31/29		9,300,000		8,837,543
3.000% due 07/31/24		10,000,000		9,808,984
4.250% due 12/31/24		2,700,000		2,698,734
Total U.S. Treasury obligations (cost—$79,922,870)				79,461,058
	Number of shares
Common stocks: 0.5%
Mortgage real estate investment: 0.5%
Ellington Financial, Inc.5,10 (cost—$3,025,000)		121,000		2,655,950
Exchange traded funds: 0.3%
Invesco Senior Loan ETF7 (cost—$1,676,021)		73,013		1,524,511
Short-term investments—2.6%
Investment companies: 2.2%
State Street Institutional U.S. Government Money Market  Fund, 4.756%16 (cost $10,775,630)		10,775,630		10,775,630
Short-term U.S. Treasury obligations—0.4%
U.S. Treasury Bills
4.921% due 10/05/2316		325,000		318,168
4.972% due 10/12/2316		1,700,000		1,662,527
Total short-term U.S. Treasury obligations (cost—$1,981,324)				1,980,695
Total Short-term investments (cost—$12,756,954)				12,756,325
Investment of cash collateral from securities loaned—3.9%
Money market funds: 3.9%
State Street Navigator Securities Lending Government Money  Market Portfolio, 4.790%16 (cost—$18,829,486)		18,829,486		18,829,486

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions Purchased: 0.0†%
Put interest rate swaptions: 0.0%†
1 Year USD SOFR Interest Rate Swap, strike @ 3.750%  expires 09/11/23  (Counterparty: MSCI; pay floating rate);  underlying swap  terminates 09/13/24		5,900,000	$	5,900,000	$	40,832
1 Year USD SOFR Interest Rate Swap, strike @ 3.750%  expires 09/12/23  (Counterparty: BOA; pay floating rate);  underlying swap  terminates 09/14/24		3,100,000		3,100,000		21,414
10 Year USD SOFR Interest Rate Swap, strike @ 3.850%  expires 03/04/24  (Counterparty: BOA; pay floating rate);  underlying swap  terminates 03/04/34		200,000		200,000		2,009
10 Year USD SOFR Interest Rate Swap, strike @ 4.200%  expires 09/06/23  (Counterparty: GS; pay floating rate);  underlying swap  terminates 09/08/33		300,000		300,000		458
Total put interest rate swaptions						64,713
Total swaptions purchased (cost—$77,432)						64,713
Total investments (cost—$541,457,038)17—109.1%						525,455,435
Liabilities in excess of other  assets—(9.1)%						(43,978,188	)
Net assets—100.0%					$	481,477,247

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Equity Options written

Notional amount (000)		Number of contracts		Call options	Counterparty	Expiration date		Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	(232)	(2,000	)	Call CBOT 10 Year U.S. Treasury Notes, strike @ 116.00	GS	05/26/23	$	903	$	(1,469	)	$	(566	)

Equity Options written

Notional amount (000)		Number of contracts		Put options	Counterparty	Expiration date		Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	(224)	(2,000	)	Put CBOT 10 Year U.S. Treasury Notes, strike @ 112.00	GS	05/26/23	$	624	$	(219	)	$	405
Total options written							$	1,527	$	(1,688	)	$	(161	)

Swaptions written

Notional amount (000)		Number of contracts	Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date		Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	300	300,000	10 Year USD Interest Rate Swap, strike @ 2.067%, terminates 06/13/33	GS	Pay	06/09/23	$	3,527	$	(81	)	$	3,446
USD	200	200,000	10 Year USD SOFR Interest Rate Swap, strike @ 2.950%, terminates 05/08/33	GS	Pay	05/04/23		1,043		(153	)		890
USD	200	200,000	10 Year USD SOFR Interest Rate Swap, strike @ 2.700%, terminates 05/16/33	DB	Pay	05/12/23		1,331		(100	)		1,231
USD	100	100,000	Secured Overnight Financing Rate 2.750%, terminates 05/08/23	BNP	Pay	05/08/23		548		(15	)		533
Total Call interest rate swaptions							$	6,449	$	(349	)	$	6,100

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Swaptions written

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	300		300,000	10 Year EURO Index Interest Rate Swap, strike @ 3.140%, terminates 06/13/33	GS	Pay	06/09/23	$	4,136	$	(2,281	)	$	1,855
USD	5,900		5,900,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.715%, terminates 09/13/24	MSCI	Pay	09/11/23		16,520		(11,282	)		5,238
USD	5,900		5,900,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.233%, terminates 09/13/24	MSCI	Pay	09/11/23		28,320		(23,421	)		4,899
USD	3,100		3,100,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.750%, terminates 09/14/24	BOA	Pay	09/12/23		9,300		(5,568	)		3,732
USD	3,100		3,100,000	1 Year USD SOFR Interest Rate Swap, strike @ 4.250%, terminates 09/14/24	BOA	Pay	09/12/23		15,500		(11,994	)		3,506
USD	1,700		1,700,000	1 Year USD SOFR Interest Rate Swap, strike @ 5.100%, terminates 03/04/25	BOA	Pay	03/04/24		4,909		(1,503	)		3,406
USD	200		200,000	10 Year USD SOFR Interest Rate Swap, strike @ 3.450%, terminates 05/08/33	GS	Pay	05/04/23		1,042		(33	)		1,009
USD	200		200,000	10 Year USD SOFR Interest Rate Swap, strike @ 3.200%, terminates 05/16/33	DB	Pay	05/12/23		1,330		(1,209	)		121
USD	100		100,000	Secured Overnight Financing Rate 3.250%, terminates 05/08/23	BNP	Pay	05/08/23		547		(266	)		281
Total Put interest rate swaptions								$	81,604	$	(57,557	)	$	24,047
Total swaptions written								$	88,053	$	(57,906	)	$	30,147

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts
92	USD	U.S. Long Bond Futures	June 2023	$	11,560,240	$	12,112,375	$	552,135
29	USD	U.S. Treasury Note 10 Year Futures	June 2023		3,290,570		3,340,890		50,320

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Futures contracts  

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
91	USD	U.S. Treasury Note 2 Year Futures	June 2023	$	18,581,921		$	18,760,930		$	179,009
36	USD	U.S. Treasury Note 5 Year Futures	June 2023		3,861,329			3,950,719			89,390
235	USD	Ultra U.S. Treasury Bond Futures	June 2023		32,157,368			33,230,469			1,073,101
25	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		2,932,867			3,036,328			103,461
Total				$	72,384,295		$	74,431,711		$	2,047,416
U.S. Treasury futures sell contracts
36	USD	U.S. Long Bond Futures	June 2023	$	(4,666,545	)	$	(4,739,625	)	$	(73,080	)
8	USD	U.S. Treasury Note 10 Year Futures	June 2023		(919,014	)		(921,625	)		(2,611	)
286	USD	U.S. Treasury Note 5 Year Futures	June 2023		(30,701,821	)		(31,386,266	)		(684,445	)
48	USD	U.S. Treasury Ultra Bond Futures	June 2023		(6,538,864	)		(6,787,500	)		(248,636	)
41	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		(4,789,069	)		(4,979,578	)		(190,509	)
Total				$	(47,615,313	)	$	(48,814,594	)	$	(2,047,417	)
Net unrealized appreciation (depreciation)										$	848,135

Centrally cleared credit default swap agreements on credit indices—sell protection¹⁹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18		Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
CDX.NA.HY.S40	USD	3,920	06/20/28	Quarterly	5.000	%	$	(45,497	)	$	55,061		$	9,564
CDX.EM.S39	USD	950	06/20/28	Quarterly	1.000			56,072			(56,310	)		(238	)
CDX.NA.IG.S40	USD	5,100	06/20/28	Quarterly	1.000			(40,414	)		57,424			17,010
Total							$	(29,839	)	$	56,175		$	26,336

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁹

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio18		Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Verizon Communications, Inc.	USD	300	06/20/27	Quarterly	1.000	%	$	561		$	1,428		$	1,989
Barclays Bank PLC	EUR	100	12/20/23	Quarterly	1.000			(73	)		190			117
Banco do Brasil SA	USD	100	12/20/24	Quarterly	1.000			2,018			(659	)		1,359
Verizon Communications, Inc.	USD	200	06/20/28	Quarterly	1.000			273			(52	)		221
Total							$	2,779		$	907		$	3,686

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio18		Payments received by the portfolio18			Value			Unrealized appreciation (depreciation)
BRL	700	01/04/27	At Maturity	BRL-CDI		12.417	%	$	(2,199	)	$	(2,199	)
EUR	200	03/09/33	Annual	2.547	%	6Month EURIBOR			(8,444	)		(8,444	)
USD	300	06/15/32	Annual	12 Month SOFR		1.750			37,375			(4,860	)
USD	1,200	06/21/33	Annual	12 Month SOFR		3			14,220			(7,854	)
Total								$	40,952		$	(23,357	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	MYR	2,596,159	USD	582,177	06/21/23	$	(1,777	)
BNP	EUR	1,267,000	USD	1,401,858	06/02/23		3,337
BNP	IDR	2,937,677,570	USD	198,000	06/21/23		(2,013	)
BNP	IDR	66,474,267	USD	4,327	06/28/23		(198	)
BNP	MXN	442,230	USD	23,176	06/21/23		(1,174	)
BNP	TWD	8,830,761	USD	289,495	06/21/23		658
BNP	USD	978,174	CNH	6,775,417	05/10/23		314
BNP	USD	1,399,402	EUR	1,267,000	05/02/23		(3,294	)
BNP	USD	71,892	IDR	1,077,718,594	06/21/23		1,485
BNP	USD	95,000	TWD	2,904,416	06/20/23		(67	)
BOA	PEN	4,072,393	USD	1,090,946	05/02/23		(7,830	)
BOA	USD	897,676	AUD	1,298,000	05/16/23		(38,287	)
BOA	USD	17,254	CLP	14,231,479	06/22/23		259
BOA	USD	1,266,977	GBP	1,013,000	05/02/23		6,111
BOA	USD	1,078,123	PEN	4,072,393	05/02/23		20,653
BOA	USD	502,687	PEN	1,927,957	05/10/23		17,265
CITI	IDR	4,363,402,800	USD	294,000	06/21/23		(3,084	)
CITI	PEN	4,072,393	USD	1,084,756	05/02/23		(14,019	)
CITI	PEN	1,927,957	USD	513,301	05/10/23		(6,652	)
CITI	PEN	989,724	USD	249,426	05/15/23		(17,405	)
CITI	PEN	3,618,408	USD	937,491	06/21/23		(35,771	)
CITI	PEN	3,140,028	USD	808,161	07/03/23		(35,831	)
CITI	PEN	1,471,183	USD	376,618	08/14/23		(17,947	)
CITI	TWD	5,165	USD	169	06/21/23		0
CITI	USD	37,173	IDR	557,439,245	06/21/23		781
CITI	USD	732,869	JPY	96,600,000	05/16/23		(22,358	)
CITI	USD	1,090,946	PEN	4,072,393	05/02/23		7,830
CITI	USD	263,365	PEN	989,724	05/15/23		3,467
CITI	USD	1,081,444	PEN	4,072,393	06/21/23		20,387
CITI	USD	350,465	THB	12,000,801	05/19/23		1,518
CITI	USD	183,000	TWD	5,594,127	06/20/23		(121	)
DB	EUR	1,267,000	USD	1,373,347	05/02/23		(22,761	)

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
GS	USD	277	EUR	252	07/20/23	$	1
GS	USD	260,730	IDR	3,900,000,000	07/20/23		4,636
GSI	TWD	6,227,224	USD	204,260	06/20/23		603
HSBC	CNH	6,783,412	USD	1,010,790	05/10/23		31,148
HSBC	GBP	1,665,000	USD	2,058,064	05/02/23		(34,425	)
HSBC	USD	396,339	IDR	6,039,412,615	06/21/23		14,857
HSBC	USD	134,173	THB	4,527,735	05/19/23		(1,375	)
JPMCB	CNH	45,000	USD	6,549	05/18/23		46
Net unrealized appreciation (depreciation)						$	(131,033	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Asset-backed securities	$	—		$	64,049,069		$	2,170,000	$	66,219,069
Corporate bonds		—			260,315,512			—		260,315,512
Loan assignment		—			16,334,038			—		16,334,038
Mortgage-backed securities		—			40,883,229			—		40,883,229
Municipal bonds		—			1,328,092			—		1,328,092
Non-U.S. government agency obligations		—			3,191,431			—		3,191,431
U.S. government agency obligations		—			21,887,579			4,442		21,892,021
U.S. Treasury obligations		—			79,461,058			—		79,461,058
Common stocks		2,655,950			—			—		2,655,950
Exchange traded funds		1,524,511			—			—		1,524,511
Short-term investments		—			12,756,325			—		12,756,325
Investment of cash collateral from securities loaned		—			18,829,486			—		18,829,486
Swaptions Purchased		—			64,713			—		64,713
Futures contracts		2,047,417			—			—		2,047,417
Swap agreements		—			165,698			—		165,698
Forward foreign currency contracts		—			34,062			—		34,062
Total	$	6,227,878		$	519,300,292		$	2,174,442	$	527,702,612
Liabilities
Options written	$	(1,688	)	$	—		$	—	$	(1,688	)
Swaptions written		—			(57,906	)		—		(57,906	)
Futures contracts		(1,199,281	)		—			—		(1,199,281	)
Swap agreements		—			(67,664	)		—		(67,664	)

PACE Strategic Fixed Income Investments
Portfolio of investments – April 30, 2023 (unaudited)

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Forward foreign currency contracts	$	—		$	(165,095	)	$	—	$	(165,095	)
Total	$	(1,200,969	)	$	(290,665	)	$	—	$	(1,491,634	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

†	Amount represents less than 0.05% or (0.05)%.
1	In U.S. dollars unless otherwise indicated.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $184,963,633, represented 38.4% of the Portfolios net assets at period end.
3	Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.
4	Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate  at the period end; the maturity date disclosed is the ultimate maturity date.
5	Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
6	Security fair valued by the Valuation Committee under the direction of the Board of Trustees.
7	Security, or portion thereof, was on loan at the period end.
8	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.
9	Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.
10	Perpetual investment. Date shown reflects the next call date.
11	Bond interest in default.
12	Zero coupon bond.
13	All or a portion of the loan commitment is unfunded.
14	Position is unsettled. Contract rate was not determined at April 30, 2023 and does not take effect until settlement.
15	Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.
16	Rates shown reflect yield at April 30, 2023.
17	Includes $19,981,564 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $18,829,486 and non-cash collateral of $1,546,763.
18	Payments made or received are based on the notional amount.
19	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 Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—98.7%
Alabama: 2.7%
Black Belt Energy Gas District, Revenue Bonds,
Series A-1,
4.000%, due 10/01/491	$	2,000,000	$	2,003,446
Lower Alabama Gas District Gas, Revenue Bonds,
Series A,
5.000%, due 09/01/31		1,500,000		1,547,379
Lower Alabama Gas District, Gas Project, Revenue Bonds
4.000%, due 12/01/501		2,500,000		2,499,661
				6,050,486
Alaska: 0.7%
City of Anchorage AK Wastewater, Refunding, Revenue Bonds,
Series B,
5.000%, due 05/01/31		1,395,000		1,513,287
Arizona: 2.2%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds,
Series A,
4.000%, due 11/01/35		2,000,000		1,995,802
Arizona Industrial Development Authority, Revenue Bonds,
Series 2019-2,
3.625%, due 05/20/33		937,824		876,775
City of Phoenix Civic Improvement Corp., City of Phoenix AZ Airport, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/30		1,000,000		1,093,269
Salt Verde Financial Corp., Revenue Bonds
5.000%, due 12/01/32		1,000,000		1,062,693
				5,028,539
Arkansas: 0.6%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds
5.000%, due 10/01/34		1,320,000		1,438,048
California: 3.0%
California Housing Finance, Revenue Bonds,
Series 2021-1,
3.500%, due 11/20/35		1,453,953		1,376,722
California State, GO Bonds
5.000%, due 10/01/30		1,000,000		1,129,926

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
California—(continued)
California State, Refunding, GO Bonds
5.000%, due 04/01/33	$	2,710,000	$	3,084,396
State of California, GO Bonds
5.000%, due 04/01/35		1,000,000		1,120,654
				6,711,698
Colorado: 2.4%
Colorado Health Facilities Authority, Refunding, Revenue Bonds,
Series B,
5.000%, due 11/15/491		1,500,000		1,600,641
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/30		1,500,000		1,718,489
Denver City & County Airport, Revenue Bonds, AMT,
Series A,
5.500%, due 11/15/26		1,000,000		1,009,112
University of Colorado, Refunding, Revenue Bonds,
Series A-2,
5.000%, due 06/01/30		1,000,000		1,118,381
				5,446,623
Connecticut: 2.7%
Connecticut State Special Tax, Revenue Bonds,
Series B,
5.000%, due 10/01/30		2,000,000		2,249,046
State of Connecticut Special Tax Revenue, Revenue Bonds
Series A,
4.000%, due 05/01/36		1,000,000		1,048,555
Series A,
4.000%, due 05/01/39		2,650,000		2,680,433
				5,978,034
District of Columbia: 1.9%
District of Columbia, Income Tax Revenue, Revenue Bonds,
Series A,
5.000%, due 07/01/41		1,500,000		1,687,810
Metropolitan Washington Airports Authority, Refunding, Revenue Bonds, AMT,
Series A,
5.000%, due 10/01/28		2,500,000		2,667,771
				4,355,581

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Florida: 4.3%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, AGM,
Series D,
5.000%, due 07/01/35	$	1,500,000	$	1,736,758
Citizens Property Insurance Corp., Revenue Bonds,
Series A1,
5.000%, due 06/01/25		3,250,000		3,335,059
County of Polk FL Utility System, Refunding, Revenue Bonds
5.000%, due 10/01/35		625,000		721,941
JEA Electric System, Refunding, Revenue Bonds,
Series 3A,
5.000%, due 10/01/34		1,630,000		1,847,617
Orange County Convention Center/Orlando, Refunding, Revenue Bonds,
Series B,
5.000%, due 10/01/30		1,885,000		2,021,350
				9,662,725
Georgia: 5.2%
City of Atlanta GA Water & Wastewater Revenue, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/01/31		2,465,000		2,721,011
Fulton County Development Authority of Georgia, Piedmont Healthcare, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 07/01/27		1,500,000		1,593,469
Fulton County Development Authority of Georgia, WellStar Health System, Revenue Bonds,
Series A,
5.000%, due 04/01/36		1,000,000		1,046,776
Georgia Ports Authority, Revenue Bonds
5.000%, due 07/01/41		1,500,000		1,691,588
Main Street Natural Gas, Inc., Revenue Bonds
Series A,
5.500%, due 09/15/28		1,500,000		1,605,171
Series B,
3.998%, due 04/01/481		1,000,000		1,000,589

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Georgia—(continued)
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds,
Series A,
5.000%, due 01/01/33	$	1,000,000	$	1,083,050
Savannah Economic Development Authority, International Paper Company, Refunding, Revenue Bonds,
Series B,
1.900%, due 08/01/24		1,000,000		960,314
				11,701,968
Hawaii: 0.5%
Hawaii Airports System, Revenue Bonds, AMT,
Series A,
5.000%, due 07/01/29		1,000,000		1,079,295
Illinois: 8.1%
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds,
Series B,
5.000%, due 01/01/35		1,000,000		1,047,474
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT,
Series A,
5.000%, due 01/01/29		2,500,000		2,552,430
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, AGM,
Series 2017-2,
5.000%, due 11/01/31		1,000,000		1,077,816
Chicago Waterworks Senior Lien, Revenue Bonds,
Series A-1,
5.000%, due 11/01/29		1,920,000		2,007,285
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds
5.000%, due 11/15/35		2,500,000		2,669,208
Illinois Municipal Electric Agency, Refunding, Revenue Bonds,
Series A,
5.000%, due 02/01/32		2,500,000		2,586,563
Illinois Sports Facilities Authority, Refunding, Revenue Bond, BAM
5.000%, due 06/15/28		1,000,000		1,054,419
Regional Transportation Authority, Refunding, Revenue Bonds, AGM
6.000%, due 06/01/25		1,000,000		1,032,941

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Illinois—(continued)
Regional Transportation Authority, Revenue Bonds
6.500%, due 07/01/30	$	1,000,000	$	1,198,231
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/36		1,770,000		1,913,764
University of Illinois, Auxiliary Facilities System, Revenue Bonds,
Series A,
5.000%, due 04/01/30		1,000,000		1,008,212
				18,148,343

Indiana: 5.5%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds,
Series S,
4.000%, due 10/01/36	2,020,000	2,064,294
Indiana Finance Authority, Indiana University Health, Inc., Revenue Bonds,
Series B,
2.250%, due 12/01/581	5,250,000	5,154,993
Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds,
Series A,
5.250%, due 02/01/35	1,000,000	1,034,284
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/30	2,055,000	2,106,174
Whiting City, BP Products North America, Inc., Revenue Bonds, AMT
5.000%, due 11/01/471	1,840,000	1,868,891
		12,228,636
Iowa: 0.2%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds,
Series A-2,
5.000%, due 06/01/33	500,000	551,638
Kentucky: 2.7%
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds,
Series B,
4.000%, due 01/01/491	3,750,000	3,759,144

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Kentucky—(continued)
Kentucky Public Energy Authority, Revenue Bonds
Series A,
4.000%, due 04/01/481	$	1,250,000	$	1,251,110
Series A,
4.000%, due 12/01/501		1,000,000		1,002,433
				6,012,687
Louisiana: 2.0%
Jefferson Sales Tax District, Revenue Bonds, AGM,
Series B,
4.000%, due 12/01/32		1,895,000		2,005,104
New Orleans Aviation Board Louis Armstrong New Orleans International Airport, Revenue Bonds, AMT, AGM,
Series B,
5.000%, due 01/01/28		1,500,000		1,533,485
Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds,
Series A-2,
2.200%, due 06/01/371		1,000,000		940,446
				4,479,035
Maryland: 0.8%
Maryland State Transportation Authority Passenger Facility Charge Revenue, Baltimore/Washington International, Revenue Bonds, AMT
5.000%, due 06/01/24		1,700,000		1,718,903
Massachusetts: 1.0%
Commonwealth of Massachusetts, GO Bonds,
Series D,
4.000%, due 05/01/34		2,000,000		2,131,749
Michigan: 3.2%
Great Lakes Water Authority Water Supply System Second Lien, Refunding, Revenue Bonds,
Series D,
5.000%, due 07/01/26		1,100,000		1,166,159
Michigan Finance Authority Prerefunded, Revenue Bonds
5.000%, due 08/01/33		50,000		51,061

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Michigan—(continued)
Michigan Finance Authority Senior Lien, Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, AGM,
Series C-3,
5.000%, due 07/01/30	$	1,500,000	$	1,520,901
Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT,
Series P3,
5.000%, due 06/30/32		3,300,000		3,465,511
Saginaw Hospital Finance Authority, Covenant Healthcare System, Refunding, Revenue Bonds,
Series J,
5.000%, due 07/01/28		1,000,000		1,076,806
				7,280,438
Missouri: 1.4%
Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/34		2,000,000		2,069,595
Missouri State Health & Educational Facilities Authority, Saint Luke's Health System, Refunding, Revenue Bonds
5.000%, due 11/15/28		1,000,000		1,056,917
				3,126,512
Nebraska: 0.6%
Nebraska Public Power District, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/31		1,300,000		1,433,468
Nevada: 0.2%
City of Reno Reno First Lien, County of Washoe NV Sales Tax Revenue, Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/33		500,000		542,981
New Jersey: 6.1%
New Jersey Economic Development Authority, Revenue Bonds,
Series RRR,
5.000%, due 03/01/28		1,000,000		1,087,426

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
New Jersey—(continued)
New Jersey Economic Development Authority, State of New Jersey Department of the Treasury, Refunding, Revenue Bonds,
Series XX,
5.000%, due 06/15/26	$	1,600,000	$	1,673,609
New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds
5.000%, due 07/01/33		1,000,000		1,110,878
New Jersey Transportation Trust Fund Authority, Transportation Program Notes, Revenue Bonds,
Series S,
5.000%, due 06/15/30		1,000,000		1,099,770
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		8,000,000		8,623,647
				13,595,330
New Mexico: 1.0%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds,
Series 1A,
5.000%, due 09/01/28		2,000,000		2,159,170
New York: 6.6%
City Of New York NY, GO Bonds,
Series B, Subseries B-1,
5.250%, due 10/01/41		1,180,000		1,354,787
New York City Refunding, GO Bonds,
Series A-1,
5.000%, due 08/01/32		1,270,000		1,479,035
New York City, GO Bonds,
Series A,
5.000%, due 04/01/32		1,000,000		1,168,470
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds,
Series E,
4.000%, due 03/15/42		2,860,000		2,844,252
New York State Urban Development Corp., Revenue Bonds,
Series A,
4.000%, due 03/15/39		2,600,000		2,614,699
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT
5.000%, due 12/01/35		2,000,000		2,160,446

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
New York—(continued)
5.000%, due 12/01/36	$	1,000,000	$	1,069,078
New York Transportation Development Corp., LaGuardia Gateway Partners LLC, Revenue Bonds, AMT,
Series A,
5.000%, due 07/01/34		1,000,000		1,013,957
TSASC, Inc., Refunding, Revenue Bonds,
Series A,
5.000%, due 06/01/34		1,000,000		1,041,099
				14,745,823
North Carolina: 1.3%
Charlotte NC Airport Revenue, Revenue Bonds,
Series B,
5.000%, due 07/01/36		1,540,000		1,702,208
North Carolina Turnpike Authority Senior Lien, Refunding, Revenue Bonds, AGM
5.000%, due 01/01/26		1,250,000		1,314,065
				3,016,273
Ohio: 0.9%
State of Ohio, Hospital Revenue Bonds,
Series C,
2.750%, due 01/01/521,2		1,980,000		1,949,380
Oklahoma: 0.3%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, AGM,
Series A,
4.000%, due 01/01/33		650,000		689,375
Oregon: 0.9%
Multnomah County School District No. 1 Portland, GO Bonds
5.000%, due 06/15/29		1,750,000		2,005,790
Pennsylvania: 7.3%
Allegheny County Hospital Development Authority, Allegheny Health Network, Refunding, Revenue Bonds,
Series A,
5.000%, due 04/01/29		3,190,000		3,438,463
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds
5.000%, due 06/01/31		1,500,000		1,629,562

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Pennsylvania—(continued)
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds
5.000%, due 06/30/34	$	2,200,000	$	2,426,730
Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds,
Series 134B,
5.000%, due 10/01/27		1,250,000		1,335,393
Pennsylvania Turnpike Commission, Motor License, Refunding, Revenue Bonds,
Series SPL,
5.000%, due 12/01/33		1,500,000		1,632,382
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT,
Series B,
5.000%, due 07/01/32		1,250,000		1,316,037
Philadelphia School District Prerefunded, Refunding, GO Bonds,
Series F,
5.000%, due 09/01/30		10,000		10,754
Philadelphia School District, GO Bonds
Series A,
4.000%, due 09/01/35		1,500,000		1,522,535
Series A,
5.000%, due 09/01/31		1,000,000		1,100,939
Southeastern Pennsylvania  Transportation Authority, Revenue Bonds
5.250%, due 06/01/40		1,750,000		2,008,437
				16,421,232
Rhode Island: 0.6%
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT,
Series A,
5.000%, due 12/01/30		1,125,000		1,254,341
South Carolina: 0.7%
Piedmont Municipal Power Agency, Refunding, Revenue Bonds,
Series B,
4.000%, due 01/01/34		1,500,000		1,536,678
Tennessee: 4.2%
City of Memphis TN, Electric System, Revenue Bonds,
Series A,
5.000%, due 12/01/31		1,400,000		1,637,936

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Tennessee—(continued)
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds,
Series S,
5.000%, due 10/01/35	$	1,350,000	$	1,372,224
Metropolitan Government of Nashville & Davidson County TN, GO Bonds
4.000%, due 07/01/33		1,500,000		1,578,215
Series C,
4.000%, due 01/01/32		3,000,000		3,284,932
Tennessee Energy Acquisition Corp., Revenue Bonds,
Series A,
5.250%, due 09/01/26		1,500,000		1,538,972
				9,412,279
Texas: 9.4%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT,
Series 1A,
5.000%, due 04/01/30		1,000,000		1,077,773
Central Texas Turnpike System, Refunding, Revenue Bonds,
Series C,
5.000%, due 08/15/31		2,000,000		2,042,143
El Paso Texas, GO Bonds
5.000%, due 08/15/34		2,000,000		2,126,580
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds,
Series A,
4.000%, due 10/01/35		1,750,000		1,817,277
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/29		1,000,000		1,025,026
Houston Airport System, Refunding, Revenue Bonds,
Series B,
5.000%, due 07/01/29		2,000,000		2,220,714
Katy Independent School District, CIB, Refunding, GO Bonds,
Series A,
3.000%, due 02/15/32		2,375,000		2,387,265

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Texas—(continued)
North Texas Tollway Authority, North Texas Tollway System, Refunding, Revenue Bonds,
Series A,
5.000%, due 01/01/34	$	2,775,000	$	2,864,266
Plano Independent School District, GO Bonds
5.000%, due 02/15/43		1,000,000		1,114,664
State of Texas, Refunding, GO Bonds,
Series B,
4.000%, due 08/01/31		250,000		256,380
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Refunding, Revenue Bonds,
Series A,
5.000%, due 11/15/32		1,000,000		1,056,206
University of Houston, Refunding, Revenue Bonds,
Series C,
5.000%, due 02/15/29		2,000,000		2,106,405
West Travis County Public Utility Agency, Refunding, Revenue Bonds, BAM
5.000%, due 08/15/30		1,000,000		1,093,563
				21,188,262
Virginia: 0.9%
Hampton Roads Transportation Accountability Commission Senior Lien, Revenue Bonds,
Series A,
5.000%, due 07/01/26		1,000,000		1,069,512
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds
5.000%, due 12/31/42		1,000,000		1,019,776
				2,089,288
Washington: 4.8%
Energy Northwest, Refunding, Revenue Bonds,
Series A,
5.000%, due 07/01/35		1,250,000		1,471,828
Grant County Public Utility District No. 2 Electric, Refunding, Revenue Bonds,
Series R,
2.000%, due 01/01/441		1,000,000		960,058
Port of Seattle, Intermediate Lien, Revenue Bonds, AMT
5.000%, due 04/01/28		2,500,000		2,693,290

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Washington—(continued)
Port of Seattle, Revenue Bonds, AMT,
Series C,
5.000%, due 04/01/32	$	1,955,000	$	1,983,552
State of Washington, GO Bonds,
Series B,
5.000%, due 02/01/43	1,000,000		1,126,472
State of Washington, Refunding, GO Bonds,
Series R-2022-C,
4.000%, due 07/01/36		1,500,000		1,583,926
Washington State Housing Finance Commission, Revenue Bonds,
Series A-1,
3.500%, due 12/20/35		972,161		912,442
				10,731,568
Wisconsin: 1.8%
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds
5.000%, due 03/01/34		1,500,000		1,567,148
Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds,
Series A-2,
3.700%, due 10/01/461		2,330,000		2,383,975
				3,951,123
Total municipal bonds
(cost—$227,454,244)				221,366,586
	Number of shares		Value
Short-term investments—1.1%
Investment companies: 1.1%
State Street Institutional U.S. Government Money Market Fund, 4.756%3
(cost $2,548,665)	$	2,548,665	$	2,548,665
Total investments
(cost—$230,002,909)—99.8%				223,915,251
Other assets in excess of liabilities—0.2%				366,245
Net assets—100.0%			$	224,281,496

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Municipal bonds	$	—	$	221,366,586	$	—	$	221,366,586
Short-term investments		—		2,548,665		—		2,548,665
Total	$	—	$	223,915,251	$	—	$	223,915,251

PACE Municipal Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

1 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

2 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.

3 Rates shown reflect yield at April 30, 2023.

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount		Value
Corporate bonds: 24.1%
Australia: 1.4%
Westpac Banking Corp.
1.079%, due 04/05/271	EUR	2,950,000	$	2,965,892
Brazil: 0.2%
Braskem Netherlands Finance BV
4.500%, due 01/31/302	USD	429,000		360,231
Canada: 3.6%
Bank of Montreal
0.125%, due 01/26/271	EUR	3,100,000		3,025,192
Emera U.S. Finance LP
2.639%, due 06/15/31	USD	360,000		292,608
Fortis, Inc.
3.055%, due 10/04/26	USD	926,000		874,087
Nutrien Ltd.
5.900%, due 11/07/24	USD	152,000		153,912
5.950%, due 11/07/25	USD	261,000		268,828
Toronto-Dominion Bank
0.864%, due 03/24/271	EUR	2,950,000		2,952,038
				7,566,665
China: 0.3%
NXP BV/NXP Funding LLC/NXP USA, Inc.
2.500%, due 05/11/31	USD	410,000		337,942
2.650%, due 02/15/32	USD	42,000		34,448
3.400%, due 05/01/30	USD	200,000		179,163
5.000%, due 01/15/33	USD	93,000		90,751
				642,304
Denmark: 0.4%
Danske Bank AS
(fixed, converts to FRN on 09/11/25),
1.621%, due 09/11/262,3	USD	830,000		745,860
Finland: 0.4%
Nordea Bank
Abp 4.750%, due 09/22/252	USD	935,000		929,300
France: 2.0%
BPCE SA
0.500%, due 02/24/271	EUR	100,000		96,612
5.700%, due 10/22/232	USD	1,910,000		1,895,770
(fixed, converts to FRN on 01/18/26),
5.975%, due 01/18/272,3	USD	820,000		826,477
Credit Agricole SA
0.375%, due 04/20/281	EUR	100,000		92,273
(fixed, converts to FRN on 04/22/25),
1.000%, due 04/22/261,3	EUR	200,000		207,341
Societe Generale SA
7.367%, due 01/10/532	USD	200,000		196,132
(fixed, converts to FRN on 01/10/28),
6.446%, due 01/10/292,3,4	USD	540,000		551,172
(fixed, converts to FRN on 06/09/31),
2.889%, due 06/09/322,3	USD	409,000		324,633
				4,190,410
Germany: 0.6%
Commerzbank AG
(fixed, converts to FRN on 12/05/25),
4.000%, due 12/05/301,3	EUR	800,000		832,684
Deutsche Bank AG
(fixed, converts to FRN on 09/18/23),
2.222%, due 09/18/243	USD	240,000		235,094
Volkswagen Leasing GmbH
0.625%, due 07/19/291	EUR	200,000		176,731
				1,244,509
Indonesia: 0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.450%, due 05/21/281	USD	202,000		205,182

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face
	amount		Value
Corporate bonds—(continued)
Ireland: 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.650%, due  10/29/24	USD	288,000	$	269,294
2.450%, due  10/29/26	USD	350,000		313,825
4.875%, due  01/16/24	USD	160,000		158,689
6.500%, due  07/15/25	USD	150,000		151,463
Avolon Holdings Funding Ltd.
2.875%, due  02/15/252	USD	385,000		361,287
4.250%, due  04/15/262	USD	1,105,000		1,034,701
Bank of Ireland Group  PLC
(fixed, converts to  FRN on 09/16/25),
6.253%, due  09/16/262,3	USD	310,000		311,819
				2,601,078
Italy: 0.3%
Enel Finance  International  NV
5.000%, due  06/15/322	USD	400,000		380,403
Intesa Sanpaolo  SpA
7.000%, due  11/21/252	USD	200,000		204,346
				584,749
Mexico: 0.5%
Petroleos  Mexicanos
6.500%, due 03/13/27	USD	1,200,000		1,069,680
Netherlands: 0.0%†
Cooperatieve  Rabobank UA
(fixed, converts to  FRN on 12/01/26),
0.375%, due  12/01/271,3	EUR	100,000		96,900
Spain: 0.9%
Banco Santander SA
5.294%, due  08/18/27	USD	600,000		597,557
(fixed, converts to  FRN on 06/30/23),
0.701%, due  06/30/243	USD	1,200,000		1,188,725
				1,786,282
Switzerland: 0.7%
Credit Suisse  AG
4.750%, due  08/09/24	USD	1,185,000		1,145,006
Credit Suisse Group  AG
(fixed, converts to  FRN on 04/01/30),
4.194%, due  04/01/312,3	USD	270,000		238,375
				1,383,381
United Kingdom: 4.2%
Astrazeneca  Finance LLC
4.875%, due 03/03/33	USD	335,000		348,053
BAT Capital  Corp.
4.540%, due  08/15/47	USD	235,000		175,466
Eversholt Funding PLC
6.359%, due  12/02/251	GBP	301,000		386,207
Gatwick Funding  Ltd.
6.125%, due  03/02/261	GBP	100,000		128,465
Heathrow Funding Ltd.
1.125%, due  10/08/301	EUR	300,000		270,056
6.450%, due  12/10/311	GBP	350,000		469,770
6.750%, due  12/03/261	GBP	478,000		626,133

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face amount		Value
Corporate bonds—(continued)
United Kingdom—(continued)
HSBC Holdings PLC
(fixed, converts to  FRN on 05/18/23),
3.950%, due  05/18/243	USD	970,000	$	969,347
(fixed, converts to  FRN on 08/17/23),
0.732%, due  08/17/243	USD	570,000		560,825
(fixed, converts to  FRN on 11/22/26),
2.251%, due  11/22/273	USD	610,000		545,461
NatWest Group PLC
(fixed, converts to  FRN on 03/22/24),
4.269%, due  03/22/253	USD	380,000		374,293
(fixed, converts to  FRN on 11/10/25),
7.472%, due  11/10/263	USD	775,000		810,767
NGG Finance PLC
(fixed, converts to  FRN on 09/05/27),
2.125%, due  09/05/821,3	EUR	143,000		132,991
Santander UK Group  Holdings PLC
(fixed, converts to  FRN on 11/21/25),
6.833%, due  11/21/263	USD	1,784,000		1,815,675
Standard Chartered PLC
(fixed, converts to  FRN on 01/09/26),
6.170%, due  01/09/272,3	USD	818,000		826,278
(fixed, converts to  FRN on 01/12/27),
2.608%, due  01/12/282,3	USD	343,000		307,156
(fixed, converts to  FRN on 09/23/26),
1.200%, due  09/23/311,3	EUR	200,000		188,744
				8,935,687
United States: 7.3%
AbbVie, Inc.
4.050%, due 11/21/39	USD	255,000		225,566
AES Corp.
1.375%, due 01/15/26	USD	460,000		416,967
Alexander Funding Trust
1.841%, due  11/15/232	USD	655,000		636,580
Ameren Illinois  Co.
5.900%, due  12/01/52	USD	40,000		45,291
AmerisourceBergen Corp.
2.700%, due  03/15/31	USD	61,000		52,659
2.800%, due  05/15/30	USD	76,000		66,910
Amgen, Inc.
4.200%, due  02/22/52	USD	115,000		97,292
4.663%, due  06/15/51	USD	155,000		140,985
5.650%, due  03/02/53	USD	130,000		134,673
Bank of America Corp.
(fixed, converts to  FRN on 02/04/27),
2.551%, due  02/04/283	USD	795,000		725,497
(fixed, converts to  FRN on 04/25/28),
5.202%, due  04/25/293	USD	325,000		327,161
(fixed, converts to  FRN on 10/20/31),
2.572%, due  10/20/323	USD	179,000		146,987
Bank of New York  Mellon Corp.
(fixed, converts to  FRN on 04/26/26),
4.947%, due  04/26/273	USD	320,000		322,312
Boeing Co.
5.805%, due 05/01/50	USD	95,000		94,491
BP Capital Markets America,  Inc.
4.812%, due  02/13/33	USD	490,000		498,490
Broadcom,  Inc.
3.419%, due  04/15/332	USD	460,000		387,155

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Face
	amount		Value
Corporate bonds—(continued)
United States—(continued)
Charter  Communications  Operating LLC /  Charter  Communications  Operating  Capital
5.250%, due 04/01/53	USD	290,000	$	232,101
Cheniere Energy Partners LP
3.250%, due  01/31/32	USD	385,000		320,737
4.500%, due  10/01/29	USD	440,000		413,968
Citigroup, Inc.
(fixed, converts to  FRN on 03/17/32),
3.785%, due  03/17/333	USD	335,000		301,297
Comcast  Corp.
5.500%, due  11/15/32	USD	430,000		460,846
Commonwealth  Edison Co.
5.300%, due 02/01/53	USD	147,000		153,438
ConocoPhillips  Co.
4.025%, due  03/15/62	USD	170,000		144,541
Constellation Energy Generation LLC
5.800%, due  03/01/33	USD	150,000		156,478
6.250%, due  10/01/39	USD	175,000		185,545
Continental  Resources,  Inc.
2.268%, due  11/15/262	USD	260,000		233,057
CVS Health  Corp.
2.700%, due  08/21/40	USD	275,000		196,978
Dell  International LLC/EMC Corp.
5.750%, due  02/01/33	USD	43,000		43,573
Diamondback Energy, Inc.
6.250%, due  03/15/33	USD	205,000		218,675
Duke Energy  Indiana LLC
5.400%, due 04/01/53	USD	35,000		36,171
Duke Energy Ohio, Inc.
5.650%, due  04/01/53	USD	21,000		22,297
Energy Transfer LP
5.550%, due  02/15/28	USD	402,000		409,873
5.750%, due  02/15/33	USD	495,000		504,706
Entergy  Arkansas LLC
5.150%, due 01/15/33	USD	140,000		145,007
Enterprise Products Operating LLC
5.350%, due 01/31/33	USD	310,000		322,786
Exelon Corp.
5.600%, due 03/15/53	USD	130,000		133,822
FirstEnergy  Transmission LLC
2.866%, due 09/15/282	USD	210,000		190,375
Ford Motor Credit Co. LLC
4.867%, due  08/03/27	EUR	677,000		723,607
Freeport-McMoRan, Inc.
4.375%, due  08/01/28	USD	185,000		175,490
5.400%, due  11/14/34	USD	430,000		423,968
Gilead Sciences,  Inc.
4.600%, due  09/01/35	USD	35,000		34,811
Global Payments,  Inc.
5.950%, due  08/15/52	USD	192,000		186,359
Goldman Sachs  Group, Inc.
(fixed, converts to  FRN on 10/21/26),
1.948%, due  10/21/273	USD	280,000		250,737
HCA, Inc.
3.500%, due  09/01/30	USD	380,000		342,035
5.500%, due  06/15/47	USD	165,000		155,204
Kraft Heinz Foods Co.
4.625%, due  10/01/39	USD	154,000		141,832

PACE Global Fixed Income Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Medtronic Global Holdings SCA
1.500%, due 07/02/39	EUR	100,000	$	77,124
Morgan Stanley
(fixed, converts to FRN on 01/19/33),
5.948%, due 01/19/383	USD	275,000		276,460
(fixed, converts to FRN on 10/21/24),
1.164%, due 10/21/253	USD	560,000		524,229
MPLX LP
5.000%, due 03/01/33	USD	145,000		142,473
5.650%, due 03/01/53	USD	55,000		52,631
Oracle Corp.
5.550%, due 02/06/53	USD	275,000		264,202
Pacific Gas & Electric Co.
6.150%, due 01/15/33	USD	210,000		213,051
6.750%, due 01/15/53	USD	143,000		146,388
Sabine Pass Liquefaction LLC
4.500%, due 05/15/30	USD	590,000		571,301
San Diego Gas & Electric Co.
5.350%, due 04/01/53	USD	170,000		176,142
Series UUU,
3.320%, due 04/15/50	USD	80,000		60,018
Southern California Edison Co.
5.700%, due 03/01/53	USD	90,000		94,208
Southern Co. Gas Capital Corp.
Series 20-A,
1.750%, due 01/15/31	USD	220,000		176,381
Thermo Fisher Scientific, Inc.
4.950%, due 11/21/32	USD	290,000		301,430
T-Mobile USA, Inc.
5.650%, due 01/15/53	USD	175,000		180,508
Union Electric Co.
5.450%, due 03/15/53	USD	90,000		94,724
Vistra Operations Co. LLC
3.700%, due 01/30/272	USD	209,000		195,098
Warnermedia Holdings, Inc.
5.050%, due 03/15/422	USD	355,000		293,621
				15,419,319
Total corporate bonds (cost—$50,785,581)				50,727,429
Mortgage-backed securities: 2.7%
Spain: 0.5%
Bankinter 10 FTA,
Series 10, Class A2,
3 mo. Euribor + 0.160%,
2.806%, due 06/21/431,3	EUR	620,566		678,591
Fondo de Titulizacion de Activos Santander Hipotecario 2,
Series 2, Class A,
3 mo. Euribor + 0.150%,
3.325%, due 01/18/491,3	EUR	404,236		436,353
				1,114,944
United Kingdom: 1.0%
Finsbury Square PLC,
Series 2020-2A, Class A,
Sterling Overnight Index Average + 1.300%,
5.461%, due 06/16/702,3	GBP	128,771		161,894
Gemgarto PLC,
Series 2021-1A, Class A,
Sterling Overnight Index Average + 0.590%,
4.751%, due 12/16/672,3	GBP	326,862		407,208

PACE Global Fixed Income Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
United Kingdom—(continued)
Lanark Master Issuer PLC,
Series 2020-1A, Class 2A,
Sterling Overnight Index Average + 0.570%,
4.666%, due 12/22/692,3	GBP	338,250	$	425,679
Silverstone Master Issuer PLC
Series 2022-1A, Class 1A, Secured Overnight Financing Rate + 0.380%,
5.217%, due 01/21/702,3	USD	250,600		249,747
Series 2022-1A, Class 2A, Sterling Overnight Index Average + 0.290%,
4.490%, due 01/21/702,3	GBP	600,000		750,165
				1,994,693
United States: 1.2%
Angel Oak Mortgage Trust,
Series 2020-1, Class A1,
2.466%, due 12/25/592,5	USD	95,112		89,696
CCUBS Commercial Mortgage Trust,
Series 2017-C1, Class C,
4.579%, due 11/15/505	USD	360,000		306,820
Citigroup Commercial Mortgage Trust,
Series 2015-GC33, Class B,
4.726%, due 09/10/585	USD	470,000		434,345
CSAIL Commercial Mortgage Trust,
Series 2016-C6, Class C,
5.084%, due 01/15/495	USD	320,000		285,532
GS Mortgage Securities Trust,
Series 2017-GS6, Class C,
4.322%, due 05/10/505	USD	350,000		296,053
OBX Trust
Series 2020-EXP1, Class 2A1,
1 mo. USD LIBOR + 0.750%,
5.770%, due 02/25/602,3	USD	96,089		88,597
Series 2023-NQM1, Class A1,
6.120%, due 11/25/622,5	USD	241,829		242,370
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1,
2.275%, due 02/25/502,5	USD	17,730		16,825
UBS Commercial Mortgage Trust,
Series 2018-C11, Class B,
4.713%, due 06/15/515	USD	440,000		394,355
Verus Securitization Trust,
Series 2020-1, Class A1,
2.417%, due 01/25/602,5,6	USD	82,199		77,558
WFRBS Commercial Mortgage Trust,
Series 2013-C13, Class C,
3.910%, due 05/15/455	USD	300,000		298,287
				2,530,438
Total mortgage-backed securities (cost—$6,164,769)				5,640,075

PACE Global Fixed Income Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations: 35.2%
Australia: 0.6%
Australia Government Bonds
1.250%, due 05/21/32	AUD	1,400,000	$	776,591
3.000%, due 03/21/471	AUD	800,000		459,421
				1,236,012
Bermuda: 0.4%
Bermuda Government International Bonds,
4.750%, due 02/15/292		910,000		909,033
Canada: 0.9%
Hydro-Quebec,
6.500%, due 02/15/35	CAD	750,000		693,204
Province of British Columbia Canada,
2.800%, due 06/18/48	CAD	300,000		179,767
Province of Quebec Canada,
5.000%, due 12/01/41	CAD	1,100,000		917,908
				1,790,879
China: 6.5%
China Government Bonds
2.800%, due 11/15/32	CNY	70,000,000		10,101,109
4.290%, due 05/22/291	CNY	17,000,000		2,631,563
4.500%, due 05/22/341	CNY	6,000,000		962,348
				13,695,020
France: 2.4%
Caisse d'Amortissement de la Dette Sociale
0.450%, due 01/19/321	EUR	2,800,000		2,476,242
0.600%, due 11/25/291	EUR	2,700,000		2,552,906
				5,029,148
Germany: 7.9%
Bundesrepublik Deutschland Bundesanleihe,
2.100%, due 11/15/291	EUR	15,200,000		16,545,857
Hungary: 0.3%
Hungary Government International Bonds,
6.125%, due 05/22/282		531,000		550,183
Italy: 1.6%
Italy Buoni Poliennali Del Tesoro,
Series 10Y,
2.500%, due 12/01/241	EUR	3,150,000		3,427,870
Japan: 1.9%
Japan Government Thirty Year Bonds,
1.400%, due 09/20/52	JPY	539,950,000		4,066,042
Mexico: 2.2%
Mexican Bonos,	MXN	89,000,000		4,652,755
7.750%, due 05/29/31
Morocco: 0.2%
Morocco Government International Bonds,
2.375%, due 12/15/272		340,000		300,751
Saudi Arabia: 0.1%
Saudi Government International Bonds,
4.750%, due 01/18/282		290,000		295,130
South Africa: 0.7%
Republic of South Africa Government Bonds,
8.875%, due 02/28/35	ZAR	31,610,000		1,449,510
South Korea: 2.1%
Korea Treasury Bonds,
3.000%, due 09/10/24	KRW	5,964,350,000		4,432,751
Supranationals: 7.2%
Banque Ouest Africaine de Developpement
2.750%, due 01/22/332	EUR	227,000		183,907
4.700%, due 10/22/311		850,000		694,280

PACE Global Fixed Income Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Supranationals—(continued)
European Financial Stability Facility,
2.375%, due 06/21/321	EUR	2,400,000	$	2,507,969
European Union,
Series NGEU,
1.000%, due 07/06/321	EUR	12,700,000		11,784,042
				15,170,198
United Kingdom: 0.2%
United Kingdom Gilt,
1.250%, due 07/31/511	GBP	700,000		468,524
Total non-U.S. government agency obligations (cost—$73,723,330)				74,019,663
U.S. government agency obligations: 14.8%
United States: 14.8%
FHLMC,
2.500%, due 11/01/51	USD	1,065,969		933,752
FNMA
2.500%, due 12/01/51	USD	802,935		702,658
3.000%, due 08/01/51	USD	2,037,510		1,846,142
3.000%, due 04/01/52	USD	3,697,232		3,322,006
3.500%, due 10/01/51	USD	2,230,062		2,099,668
3.500%, due 04/01/52	USD	4,958,546		4,641,623
3.500%, due 05/01/58	USD	1,403,548		1,326,299
4.000%, due 01/01/50	USD	3,470,870		3,384,338
4.500%, due 08/01/52	USD	3,095,606		3,023,908
5.000%, due 08/01/52	USD	1,182,739		1,175,148
6.000%, due 01/20/53	USD	1,042,553		1,058,316
GNMA II
4.000%, due 10/20/52	USD	2,768,177		2,659,878
4.500%, due 08/20/52	USD	2,542,905		2,493,522
5.000%, due 09/20/52	USD	1,225,339		1,219,337
GNMA TBA,
5.500%	USD	650,000		654,303
UMBS TBA,
5.500%	USD	650,000		655,375
Total U.S. government agency obligations (cost—$32,332,334)				31,196,273
U.S. Treasury obligations: 17.8%
United States: 17.8%
U.S. Treasury Bonds
3.000%, due 08/15/52		2,290,000		2,011,622
3.625%, due 02/15/53		2,600,000		2,578,062
3.875%, due 02/15/43		1,480,000		1,495,725
4.000%, due 11/15/42		310,000		319,300
4.000%, due 11/15/52		65,000		69,012
U.S. Treasury Notes
3.500%, due 02/15/33		10,500,000		10,562,344
3.625%, due 03/31/28		8,680,000		8,726,791
3.625%, due 03/31/30		1,380,000		1,392,722
3.875%, due 03/31/25		8,010,000		7,977,459
4.625%, due 03/15/26		2,290,000		2,344,745
Total U.S. Treasury obligations (cost—$37,275,564)				37,477,782
	Number of shares
Short-term investments: 5.1%
Investment companies: 5.1%
State Street Institutional U.S. Government Money Market Fund, 4.756%7 (cost $10,813,486)		10,813,486		10,813,486
Investment of cash collateral from securities loaned—0.3%
Money market funds—0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%7 (cost $564,705)		564,705		564,705
Total investments (cost $211,659,769)8—100.0%				210,439,413
Liabilities in excess of other assets—(0.0)%†				(63,423	)
Net assets—100.0%			$	210,375,990

PACE Global Fixed Income Investments 

Portfolio of investments – April 30, 2023 (unaudited)

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Futures contracts
Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts
27	EUR	1 Year Mid-Curve 3 Month Eurodollar Option	June 2023	$	3,515,446		$	3,509,762		$	(5,684	)
31	CAD	Canadian Bond 10 Year Futures	June 2023		2,780,527			2,884,806			104,279
48	EUR	EURO Schatz 2 Year Index Futures	June 2023		5,536,443			5,589,280			52,837
41	EUR	German Euro Buxl 30 Year Futures	June 2023		5,947,268			6,302,320			355,052
1	EUR	Mid-Term Euro-OAT Futures	June 2023		138,510			143,236			4,726
44	GBP	United Kingdom Long Gilt Bond Futures	June 2023		5,583,080			5,610,435			27,355
U.S. Treasury futures buy contracts
55	USD	U.S. Treasury Note 2 Year Futures	June 2023		11,342,997			11,339,023			(3,974	)
167	USD	U.S. Treasury Note 5 Year Futures	June 2023		18,379,529			18,326,945			(52,584	)
24	USD	Ultra U.S. Treasury Bond Futures	June 2023		3,246,683			3,393,750			147,067
20	USD	Ultra U.S. Treasury Note 10 Year Futures	June 2023		2,434,524			2,429,063			(5,461	)
Total				$	58,905,007		$	59,528,620		$	623,613
Interest rate futures sell contracts
37	EUR	Euro Bund 10 Year Futures	June 2023	$	(5,489,019	)	$	(5,526,824	)	$	(37,805	)
61	EUR	Italian Government Bond Futures	June 2023		(7,455,543	)		(7,719,749	)		(264,206	)
U.S. Treasury futures sell contracts
84	USD	U.S. Treasury Note 10 Year Futures	June 2023		(9,597,792	)		(9,677,062	)		(79,270	)
Total				$	(22,542,354	)	$	(22,923,635	)	$	(381,281	)
Net unrealized appreciation (depreciation)										$	242,332

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	2,141,179	USD	1,427,939	05/02/23	$	11,121
BB	USD	391,367	JPY	52,453,342	05/23/23		(5,159	)
BNP	CHF	1,016,795	USD	1,146,697	05/02/23		9,152
BNP	CNY	1,687,727	USD	243,392	05/04/23		(211	)
BNP	CNY	31,425,631	USD	4,592,356	05/04/23		56,455

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	CZK	24,703,769	USD	1,169,569	05/02/23	$	12,676
BNP	DKK	3,725,726	USD	553,415	05/02/23		2,638
BNP	EUR	740,215	CZK	8,795,535	05/02/23		8,201
BNP	EUR	697,264	USD	740,363	05/02/23		(27,953	)
BNP	EUR	725,361	USD	798,957	05/23/23		(1,253	)
BNP	GBP	3,648,437	USD	4,565,586	05/02/23		(19,589	)
BNP	HUF	105,640,433	USD	310,481	05/02/23		(1,556	)
BNP	JPY	702,448,354	EUR	4,951,714	05/02/23		300,522
BNP	JPY	80,902,237	USD	625,871	05/02/23		32,071
BNP	MXN	20,441,623	USD	1,057,888	05/02/23		(79,052	)
BNP	PLN	8,804,227	USD	2,093,269	05/02/23		(22,064	)
BNP	SEK	8,778,059	USD	857,059	05/02/23		1,084
BNP	SGD	270,076	USD	204,000	05/23/23		1,464
BNP	USD	1,117,139	CHF	1,012,287	05/02/23		15,364
BNP	USD	1,149,347	CHF	1,016,795	05/23/23		(9,206	)
BNP	USD	4,599,622	CNY	31,425,631	05/23/23		(56,410	)
BNP	USD	319,504	CZK	7,111,763	05/02/23		13,544
BNP	USD	1,168,364	CZK	24,703,768	05/23/23		(12,582	)
BNP	USD	538,458	DKK	3,725,726	05/02/23		12,318
BNP	USD	554,177	DKK	3,725,726	05/23/23		(2,628	)
BNP	USD	2,140,200	EUR	1,980,686	05/02/23		42,318
BNP	USD	263,823	GBP	215,662	05/02/23		7,211
BNP	USD	796,060	GBP	636,118	05/23/23		23,277
BNP	USD	284,473	HUF	105,640,433	05/02/23		27,564
BNP	USD	308,411	HUF	105,640,433	05/23/23		1,624
BNP	USD	396,042	JPY	52,354,429	05/02/23		(11,776	)
BNP	USD	301,260	NOK	3,187,922	05/02/23		(2,123	)
BNP	USD	341,477	NZD	548,438	05/02/23		(2,323	)
BNP	USD	2,008,642	PLN	8,804,227	05/02/23		106,690
BNP	USD	2,090,728	PLN	8,804,227	05/23/23		22,311
BNP	USD	157,989	RON	726,166	05/02/23		4,372
BNP	USD	857,938	SEK	8,778,059	05/23/23		(1,095	)
BNP	USD	203,834	SGD	270,076	05/02/23		(1,432	)
BNP	USD	3,061,910	THB	105,378,700	05/02/23		24,076
BOA	CNY	39,889,776	USD	5,798,466	05/04/23		40,870
BOA	JPY	23,005,931	USD	174,566	05/02/23		5,709
BOA	JPY	24,771,321	USD	185,928	05/23/23		3,540
BOA	USD	11,070	CAD	15,076	05/02/23		846
BOA	USD	245,901	JPY	32,648,593	05/02/23		(6,270	)
CITI	AUD	1,187,543	GBP	643,480	05/02/23		22,897
CITI	AUD	1,564,293	JPY	138,421,035	05/23/23		(16,833	)
CITI	AUD	1,469,394	NZD	1,597,745	05/23/23		14,830
CITI	AUD	8,919,258	USD	5,970,395	05/02/23		68,523
CITI	EUR	8,482,632	USD	9,116,431	05/02/23		(230,585	)
CITI	EUR	9,713,537	USD	10,758,602	05/23/23		42,751
CITI	GBP	650,156	AUD	1,191,894	05/02/23		(28,408	)
CITI	ILS	1,165,259	USD	318,898	05/02/23		(2,167	)
CITI	JPY	3,178,347,994	USD	24,030,391	05/02/23		702,210

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	NOK	3,187,922	USD	309,258	05/02/23	$	10,120
CITI	NZD	1,919,478	CAD	1,614,319	05/02/23		4,527
CITI	NZD	2,951,852	USD	1,858,117	05/23/23		32,794
CITI	USD	2,847,471	AUD	4,201,420	05/23/23		(64,926	)
CITI	USD	10,746,123	EUR	9,713,537	05/02/23		(42,772	)
CITI	USD	319,140	ILS	1,165,259	05/23/23		2,115
CITI	USD	797,749	JPY	103,559,779	05/02/23		(72,535	)
CITI	USD	23,190,600	JPY	3,055,727,304	05/23/23		(691,634	)
CITI	USD	309,566	NOK	3,187,922	05/23/23		(10,131	)
CITI	USD	1,858,291	NZD	2,951,852	05/02/23		(32,865	)
CITI	USD	828,342	SEK	8,729,148	05/02/23		22,863
CITI	USD	4,750,060	ZAR	86,066,143	05/02/23		(45,064	)
CITI	ZAR	14,503,403	EUR	740,215	05/02/23		22,783
CITI	ZAR	86,066,143	USD	4,740,979	05/23/23		44,507
GS	MXN	3,053,877	USD	167,977	05/23/23		(1,166	)
GSI	AUD	1,480,719	CHF	914,209	05/02/23		42,985
GSI	CAD	538,298	EUR	365,174	05/23/23		5,378
GSI	CAD	536,073	JPY	52,572,010	05/23/23		(8,753	)
GSI	CAD	1,610,897	USD	1,197,902	05/02/23		8,895
GSI	CHF	904,797	AUD	1,478,494	05/02/23		(33,928	)
GSI	EUR	5,005,933	JPY	279,611,908	05/02/23		(416,824	)
GSI	MXN	80,432,037	USD	4,258,900	05/02/23		(214,641	)
GSI	MXN	57,221,188	USD	3,141,340	05/23/23		(27,931	)
GSI	NZD	1,580,812	AUD	1,478,494	05/02/23		745
GSI	RON	726,166	USD	162,626	05/02/23		266
GSI	SEK	8,315,526	CHF	723,039	05/02/23		(1,967	)
GSI	USD	3,165,048	AUD	4,746,871	05/02/23		(51,606	)
GSI	USD	804,097	EUR	736,532	05/02/23		7,488
GSI	USD	623,544	JPY	81,593,260	05/02/23		(24,673	)
GSI	USD	1,061,796	MXN	19,999,266	05/02/23		78,828
GSI	USD	162,522	RON	726,166	05/23/23		(241	)
GSI	USD	794,204	THB	27,153,849	05/23/23		2,528
GSI	ZAR	58,189,159	USD	3,125,271	05/02/23		(55,768	)
GSI	ZAR	13,373,582	USD	732,499	05/02/23		1,402
HSBC	GBP	356,306	USD	428,943	05/02/23		(18,844	)
HSBC	GBP	715,779	USD	886,617	05/23/23		(13,342	)
HSBC	MXN	15,069,941	USD	792,529	05/02/23		(45,644	)
HSBC	THB	105,378,700	USD	3,098,153	05/02/23		12,167
HSBC	USD	50,817	CAD	69,227	05/23/23		300
HSBC	USD	114,563	EUR	103,535	05/23/23		(344	)
HSBC	USD	2,083,514	MXN	38,723,148	05/02/23		70,225
HSBC	USD	3,104,999	THB	105,378,700	05/23/23		(13,041	)
MSCI	CAD	530,095	AUD	586,778	05/23/23		(2,805	)
MSCI	CAD	48,305	USD	35,374	05/23/23		(294	)
MSCI	CHF	727,944	SEK	8,364,437	05/02/23		1,249
MSCI	EUR	4,136,615	USD	4,509,103	05/02/23		(49,034	)
MSCI	EUR	201,108	USD	220,004	05/23/23		(1,856	)
MSCI	GBP	139,610	USD	173,800	05/23/23		(1,733	)

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	HUF	58,111,182	USD	169,891	05/23/23	$	(655	)
MSCI	JPY	44,969,012	USD	339,989	05/02/23		9,929
MSCI	USD	92,237	EUR	86,765	05/02/23		6,017
MSCI	USD	2,294,608	EUR	2,079,216	05/23/23		(843	)
MSCI	USD	159,668	GBP	132,433	05/02/23		9,657
MSCI	USD	321,782	ILS	1,165,259	05/02/23		(717	)
MSCI	USD	30,027	JPY	3,969,355	05/02/23		(92,566	)
RBC	AUD	18,649	USD	12,504	05/02/23		164
RBC	CAD	328,432	USD	239,905	05/02/23		(2,510	)
RBC	CAD	5,433,855	USD	4,078,475	05/02/23		67,738
RBC	CAD	49,536	USD	37,094	05/23/23		517
RBC	EUR	177,358	USD	191,682	05/02/23		(3,749	)
RBC	GBP	42,797	USD	52,644	05/02/23		(1,141	)
RBC	JPY	477,656,445	USD	3,662,190	05/02/23		156,325
RBC	USD	232,522	AUD	350,000	05/02/23		(927	)
RBC	USD	4,053,362	CAD	5,536,000	05/02/23		32,770
RBC	USD	4,079,976	CAD	5,433,855	05/23/23		(67,632	)
RBC	USD	19,458	EUR	18,208	05/02/23		11,908
RBC	USD	219,860	GBP	176,207	05/23/23		1,687
SCB	JPY	29,908,513	USD	220,883	05/02/23		1,363
SCB	USD	94,276	AUD	141,813	05/02/23		(438	)
SCB	USD	677,300	EUR	637,402	05/02/23		28,829
SSC	CAD	45,536	USD	33,290	05/02/23		(320	)
SSC	CNY	1,588,209	USD	231,603	05/04/23		2,366
SSC	EUR	174,961	USD	190,737	05/02/23		(2,053	)
SSC	GBP	55,024	USD	68,530	05/23/23		(653	)
SSC	SGD	270,076	USD	201,065	05/02/23		(1,337	)
SSC	USD	8,041	AUD	12,000	05/02/23		(101	)
SSC	USD	91,271	CAD	125,531	05/02/23		2,148
SSC	USD	10,886,720	CNY	74,591,343	05/04/23		(120,382	)
SSC	USD	130,653	GBP	108,238	05/02/23		5,375
SSC	USD	22,443,958	JPY	2,986,898,093	05/02/23		(520,966	)
TD	USD	4,270,160	GBP	3,510,905	05/02/23		142,172
Net unrealized appreciation (depreciation)						$	(812,668	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Corporate bonds		—		50,727,429		—		50,727,429

PACE Global Fixed Income Investments

Portfolio of investments – April 30, 2023 (unaudited) 

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Mortgage-backed securities		—			5,640,075			—		5,640,075
Non-U.S. government agency obligations		—			74,019,663			—		74,019,663
U.S. government agency obligations		—			31,196,273			—		31,196,273
U.S. Treasury obligations		—			37,477,782			—		37,477,782
Short-term investments		—			10,813,486			—		10,813,486
Investment of cash collateral from securities loaned		—			564,705			—		564,705
Futures contracts		691,316			—			—		691,316
Forward foreign currency contracts		—			2,489,359			—		2,489,359
Total	$	691,316		$	212,928,772		$	—	$	213,620,088
Liabilities
Futures contracts	$	(448,984	)	$	—		$	—	$	(448,984	)
Forward foreign currency contracts		—			(3,302,027	)		—		(3,302,027	)
Total	$	(448,984	)	$	(3,302,027	)	$	—	$	(3,751,011	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

1 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.

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 $16,178,569, represented 7.7% of the Portfolios net assets at period end.

3 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

4 Security, or portion thereof, was on loan at the period end.

5 Variable or floating rate security for which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

6 Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate  at the period end; the maturity date disclosed is the ultimate maturity date.

7 Rates shown reflect yield at April 30, 2023.

8 Includes $554,424 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $564,705 and non-cash collateral of $0.

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—95.9%
Advertising: 0.7%
Clear Channel Outdoor Holdings, Inc.
5.125%, due 08/15/272		225,000	$	203,234
7.500%, due 06/01/292		125,000		92,499
7.750%, due 04/15/282		200,000		151,759
Lamar Media Corp.
3.750%, due 02/15/28		25,000		22,938
4.000%, due 02/15/30		150,000		134,573
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.250%, due 01/15/292		125,000		107,063
4.625%, due 03/15/302		200,000		168,846
5.000%, due 08/15/272		225,000		207,745
Summer BC Holdco B SARL
5.750%, due 10/31/263	EUR	275,000		263,251
				1,351,908
Aerospace & defense: 1.6%
Bombardier, Inc.
6.000%, due 02/15/282		175,000		165,977
7.125%, due 06/15/262		25,000		24,921
7.500%, due 02/01/292		100,000		98,352
7.875%, due 04/15/272		450,000		448,677
Egmv13793
10.000%, due 04/19/264,5	EUR	91,999		0
Howmet Aerospace, Inc.
5.950%, due 02/01/37		225,000		228,951
Rolls-Royce PLC
1.625%, due 05/09/283	EUR	100,000		91,439
5.750%, due 10/15/273	GBP	150,000		180,418
Spirit AeroSystems, Inc.
4.600%, due 06/15/28		125,000		106,047
7.500%, due 04/15/252		150,000		149,025
9.375%, due 11/30/292		100,000		107,491
TransDigm, Inc.
4.625%, due 01/15/29		225,000		203,625
4.875%, due 05/01/29		125,000		113,594
5.500%, due 11/15/27		700,000		671,777
6.750%, due 08/15/282		225,000		228,497
7.500%, due 03/15/27		150,000		150,749
Triumph Group, Inc.
7.750%, due 08/15/25		75,000		69,760
9.000%, due 03/15/282		100,000		101,372
				3,140,672
Agriculture: 0.5%
Camposol SA
6.000%, due 02/03/272		300,000		163,500
Darling Ingredients, Inc.
5.250%, due 04/15/272		75,000		73,492
6.000%, due 06/15/302		150,000		148,390

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Agriculture—(continued)
MHP Lux SA
6.250%, due 09/19/293		500,000	$	245,000
Tereos Finance Groupe I SA
7.250%, due 04/15/282	EUR	150,000		164,736
7.250%, due 04/15/283		100,000		109,777
				904,895
Airlines: 1.4%
ABRA Global Finance
11.500%, due 03/02/282		442,665		354,195
Air Canada
3.875%, due 08/15/262		25,000		23,142
Air France-KLM
1.875%, due 01/16/253	EUR	200,000		204,345
3.875%, due 07/01/263		400,000		404,768
Allegiant Travel Co.
7.250%, due 08/15/272		50,000		49,381
American Airlines, Inc.
7.250%, due 02/15/282		100,000		97,263
11.750%, due 07/15/252		250,000		275,015
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/262		250,000		245,499
5.750%, due 04/20/292		200,000		190,057
Delta Air Lines, Inc.
7.375%, due 01/15/26		75,000		79,048
Gol Finance SA
8.000%, due 06/30/263		450,000		219,178
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.750%, due 01/20/262		125,000		116,452
Transportes Aereos Portugueses SA
5.625%, due 12/02/243	EUR	200,000		214,370
United Airlines Holdings, Inc.
5.000%, due 02/01/24		16,000		15,852
United Airlines Pass-Through Trust
Series 20-1, Class A,
5.875%, due 10/15/27		35,934		35,927
United Airlines, Inc.
4.375%, due 04/15/262		50,000		47,751
4.625%, due 04/15/292		150,000		135,754
				2,707,997
Apparel: 0.4%
Crocs, Inc.
4.125%, due 08/15/312		175,000		147,775
CT Investment GmbH
5.500%, due 04/15/263	EUR	425,000		413,132
Hanesbrands, Inc.
9.000%, due 02/15/312		75,000		76,774

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Apparel—(continued)
Kontoor Brands, Inc.
4.125%, due 11/15/292		75,000	$	63,732
				701,413
Auto manufacturers: 2.3%
Allison Transmission, Inc.
4.750%, due 10/01/272		75,000		71,456
Ford Motor Co.
3.250%, due 02/12/32		175,000		135,715
4.750%, due 01/15/43		300,000		225,390
5.291%, due 12/08/46		400,000		323,507
6.100%, due 08/19/32		100,000		95,368
9.625%, due 04/22/30		200,000		232,572
Ford Motor Credit Co. LLC
2.700%, due 08/10/26		200,000		177,401
3.250%, due 09/15/25	EUR	100,000		105,257
3.625%, due 06/17/31		600,000		494,616
3.815%, due 11/02/27		200,000		179,319
4.000%, due 11/13/30		200,000		171,493
4.867%, due 08/03/27	EUR	275,000		293,932
5.113%, due 05/03/29		600,000		559,063
6.800%, due 05/12/28		200,000		200,120
6.860%, due 06/05/26	GBP	375,000		469,561
7.350%, due 11/04/27		200,000		205,660
Jaguar Land Rover Automotive PLC
4.500%, due 01/15/263	EUR	250,000		259,565
5.875%, due 01/15/282		200,000		172,922
Mclaren Finance PLC
7.500%, due 08/01/262		200,000		163,200
Wabash National Corp.
4.500%, due 10/15/282		25,000		21,752
				4,557,869
Auto parts & equipment: 2.2%
Adient Global Holdings Ltd.
3.500%, due 08/15/243	EUR	26,154		28,277
7.000%, due 04/15/282		25,000		25,636
8.250%, due 04/15/312		25,000		25,608
Clarios Global LP
6.750%, due 05/15/252		42,000		42,059
Clarios Global LP/Clarios
U.S. Finance Co.
6.250%, due 05/15/262		25,000		24,877
8.500%, due 05/15/272		25,000		25,146
Dana Financing Luxembourg Sarl
3.000%, due 07/15/293	EUR	275,000		237,115
Dealer Tire LLC/DT Issuer LLC
8.000%, due 02/01/282		75,000		69,562
Dornoch Debt Merger Sub, Inc.
6.625%, due 10/15/292		275,000		203,728

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Auto parts & equipment—(continued)
Faurecia SE
2.750%, due 02/15/273	EUR	100,000	$	97,685
3.750%, due 06/15/283		200,000		195,036
Goodyear Tire & Rubber Co.
5.000%, due 05/31/26		75,000		72,871
5.000%, due 07/15/29		150,000		132,594
5.250%, due 04/30/31		25,000		21,687
5.250%, due 07/15/31		350,000		301,875
9.500%, due 05/31/25		75,000		76,779
IHO Verwaltungs GmbH
8.750% Cash or 9.500% PIK,
8.750%, due 05/15/282,6	EUR	675,000		754,270
Metalsa S A P I de C.V
3.750%, due 05/04/313		200,000		150,250
Nemak SAB de C.V
2.250%, due 07/20/283	EUR	325,000		272,348
2.250%, due 07/20/282		125,000		104,749
3.625%, due 06/28/313		200,000		148,500
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
4.375%, due 05/15/263	EUR	225,000		236,771
Standard Profil Automotive GmbH
6.250%, due 04/30/263		225,000		148,757
TI Automotive Finance PLC
3.750%, due 04/15/293		275,000		228,943
ZF Finance GmbH
2.750%, due 05/25/273		400,000		391,795
3.000%, due 09/21/253		100,000		104,422
ZF North America Capital, Inc.
6.875%, due 04/14/282		150,000		154,378
7.125%, due 04/14/302		150,000		154,829
				4,430,547
Banks: 3.1%
Banco de Bogota SA
6.250%, due 05/12/263		500,000		483,219
Banco de Credito Social Cooperativo SA
(fixed, converts to FRN on 03/09/27),
1.750%, due 03/09/283,7	EUR	200,000		175,202
Banco de Sabadell SA
1.125%, due 03/27/253		200,000		204,282
1.750%, due 05/10/243		100,000		106,888
Banco do Brasil SA
3.250%, due 09/30/263		250,000		232,234
Banco Industrial SA
(fixed, converts to FRN on 01/29/26),
4.875%, due 01/29/312,7		150,000		138,497

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Bank of America Corp.
Series JJ,
(fixed, converts to FRN on 06/20/24),
5.125%, due 06/20/247,8		75,000	$	72,011
Barclays PLC
(fixed, converts to FRN on 06/15/25),
7.125%, due 06/15/257,8	GBP	200,000		223,156
(fixed, converts to FRN on 06/15/24),
8.000%, due 06/15/247,8		200,000		184,480
CaixaBank SA
(fixed, converts to FRN on 06/13/24),
6.750%, due 06/13/243,7,8	EUR	400,000		425,884
Citigroup, Inc.
Series V,
(fixed, converts to FRN on 01/30/25),
4.700%, due 01/30/257,8		200,000		175,319
Series T,
(fixed, converts to FRN on 08/15/26),
6.250%, due 08/15/267,8		125,000		122,596
Commerzbank AG
(fixed, converts to FRN on 12/29/26),
1.375%, due 12/29/313,7	EUR	200,000		183,263
(fixed, converts to FRN on 12/05/25),
4.000%, due 12/05/303,7		100,000		104,086
(fixed, converts to FRN on 12/06/27),
6.500%, due 12/06/323,7		100,000		110,231
Deutsche Bank AG
(fixed, converts to FRN on 06/24/27),
4.000%, due 06/24/323,7		400,000		380,373
(fixed, converts to FRN on 05/19/26),
5.625%, due 05/19/313,7		100,000		104,130
Freedom Mortgage Corp.
6.625%, due 01/15/272		250,000		202,500
7.625%, due 05/01/262		75,000		64,134
Goldman Sachs Group, Inc.
Series R,
(fixed, converts to FRN on 02/10/25),
4.950%, due 02/10/257,8		75,000		70,122

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
HDFC Bank Ltd.
(fixed, converts to FRN on 02/25/27),
3.700%, due 08/25/263,7,8		200,000	$	171,553
Intesa Sanpaolo SpA
2.925%, due 10/14/303	EUR	250,000		224,498
3.928%, due 09/15/263		500,000		542,093
Inversiones Atlantida SA
7.500%, due 05/19/262		200,000		183,225
JPMorgan Chase & Co.
Series HH,
(fixed, converts to FRN on 02/01/25),
4.600%, due 02/01/257,8		75,000		69,562
Series S,
(fixed, converts to FRN on 02/01/24),
6.750%, due 02/01/247,8		125,000		124,850
Turkiye Vakiflar Bankasi TAO
8.125%, due 03/28/242		250,000		248,641
UniCredit SpA
(fixed, converts to FRN on 09/23/24),
2.000%, due 09/23/293,7	EUR	600,000		612,963
(fixed, converts to FRN on 01/15/27),
2.731%, due 01/15/323,7		325,000		306,481
				6,246,473
Beverages: 0.6%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.250%, due 04/27/292		650,000		606,450
Primo Water Holdings, Inc.
3.875%, due 10/31/283	EUR	456,000		438,238
4.375%, due 04/30/292		150,000		132,289
Triton Water Holdings, Inc.
6.250%, due 04/01/292		100,000		84,000
				1,260,977
Biotechnology: 0.0%†
Grifols Escrow Issuer SA
3.875%, due 10/15/283	EUR	100,000		85,122
Building Materials: 1.9%
Builders FirstSource, Inc.
4.250%, due 02/01/322		250,000		219,045
5.000%, due 03/01/302		100,000		93,365
6.375%, due 06/15/322		275,000		273,545

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Building Materials—(continued)
Cemex SAB de CV
3.875%, due 07/11/312		200,000	$	166,538
(fixed, converts to FRN on 09/08/26),
5.125%, due 06/08/262,7,8		200,000		176,185
5.450%, due 11/19/292		200,000		190,625
5.450%, due 11/19/293		200,000		190,625
Compact Bidco BV
5.750%, due 05/01/263	EUR	225,000		171,070
5.750%, due 05/01/262		200,000		152,062
Griffon Corp.
5.750%, due 03/01/28		250,000		230,641
James Hardie International Finance DAC
3.625%, due 10/01/263	EUR	325,000		340,244
3.625%, due 10/01/262		150,000		157,036
JELD-WEN, Inc.
4.625%, due 12/15/252		50,000		48,250
6.250%, due 05/15/252		75,000		75,522
Knife River Holding Co.
7.750%, due 05/01/312		50,000		50,685
MIWD Holdco II LLC/MIWD Finance Corp.
5.500%, due 02/01/302		75,000		63,000
New Enterprise Stone & Lime Co., Inc.
5.250%, due 07/15/282		125,000		111,875
9.750%, due 07/15/282		100,000		95,500
Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.500%, due 04/15/302		100,000		87,500
PGT Innovations, Inc.
4.375%, due 10/01/292		125,000		113,325
Smyrna Ready Mix Concrete LLC
6.000%, due 11/01/282		175,000		163,787
Standard Industries, Inc.
4.375%, due 07/15/302		175,000		151,051
5.000%, due 02/15/272		125,000		119,524
Summit Materials LLC/Summit Materials Finance Corp.
5.250%, due 01/15/292		100,000		95,020
6.500%, due 03/15/272		50,000		49,750
Victoria PLC
3.625%, due 08/24/263	EUR	100,000		88,158
West China Cement Ltd.
4.950%, due 07/08/263		200,000		157,358
				3,831,286
Chemicals: 2.6%
ASP Unifrax Holdings, Inc.
7.500%, due 09/30/292		25,000		17,865

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(continued)
Avient Corp.
5.750%, due 05/15/252		100,000	$	99,927
7.125%, due 08/01/302		125,000		127,751
Braskem Netherlands Finance BV
(fixed, converts to FRN on 01/23/26),
8.500%, due 01/23/813,7		300,000		297,188
Chemours Co.
4.625%, due 11/15/292		75,000		61,770
5.375%, due 05/15/27		25,000		23,234
5.750%, due 11/15/282		75,000		66,659
Consolidated Energy Finance SA
5.000%, due 10/15/282	EUR	450,000		427,178
Cornerstone Chemical Co.
10.250%, due 09/01/272		50,000		44,500
Herens Midco Sarl
5.250%, due 05/15/293	EUR	325,000		238,184
Innophos Holdings, Inc.
9.375%, due 02/15/282		100,000		100,383
Iris Holdings, Inc.
8.750% Cash or 9.500% PIK,
8.750%, due 02/15/262,6		125,000		114,950
Italmatch Chemicals SpA
10.000%, due 02/06/282	EUR	125,000		138,793
Lune Holdings Sarl
5.625%, due 11/15/283		325,000		306,031
Methanex Corp.
5.125%, due 10/15/27		75,000		71,653
Minerals Technologies, Inc.
5.000%, due 07/01/282		100,000		91,250
Monitchem HoldCo 3 SA
8.750%, due 05/01/282	EUR	100,000		110,741
NOVA Chemicals Corp.
4.250%, due 05/15/292		50,000		40,433
5.000%, due 05/01/252		50,000		48,517
5.250%, due 06/01/272		75,000		67,874
OCP SA
3.750%, due 06/23/312		200,000		167,600
6.875%, due 04/25/443		500,000		461,031
Olin Corp.
5.000%, due 02/01/30		75,000		70,022
5.625%, due 08/01/29		150,000		146,250
Olympus Water U.S. Holding Corp.
5.375%, due 10/01/293	EUR	175,000		140,790
6.250%, due 10/01/292		200,000		160,717
Polar US Borrower LLC/Schenectady International Group, Inc.
6.750%, due 05/15/262		125,000		75,938

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(continued)
Sasol Financing USA LLC
5.500%, due 03/18/31		300,000	$	248,213
5.875%, due 03/27/24		300,000		296,119
SCIH Salt Holdings, Inc.
4.875%, due 05/01/282		150,000		135,064
6.625%, due 05/01/292		175,000		145,899
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.125%, due 04/01/292		240,000		148,800
5.375%, due 09/01/252		200,000		167,624
Tronox, Inc.
4.625%, due 03/15/292		175,000		145,269
WR Grace Holdings LLC
4.875%, due 06/15/272		125,000		118,713
5.625%, due 08/15/292		125,000		107,823
7.375%, due 03/01/312		50,000		50,077
				5,280,830
Coal: 0.1%
Cloud Peak Energy
Resources LLC/Cloud Peak Energy Finance Corp.
3.000%, due 03/15/244,5,9		550,000		5,500
Indika Energy Capital IV Pte Ltd.
8.250%, due 10/22/252		300,000		296,212
Murray Energy Corp.
0.000%, due 04/15/242,4,5,10		1,268,693		0
				301,712
Commercial services: 4.2%
ADT Security Corp.
4.125%, due 08/01/292		100,000		86,875
4.875%, due 07/15/322		150,000		129,750
Adtalem Global Education, Inc.
5.500%, due 03/01/282		131,000		124,450
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.000%, due 06/01/292		200,000		156,796
6.625%, due 07/15/262		300,000		289,185
9.750%, due 07/15/272		275,000		255,814
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
3.625%, due 06/01/282	EUR	100,000		90,224
4.625%, due 06/01/282		200,000		174,106
4.875%, due 06/01/283	GBP	250,000		253,722
Alta Equipment Group, Inc.
5.625%, due 04/15/262		75,000		69,163
AMN Healthcare, Inc.
4.000%, due 04/15/292		400,000		352,000
4.625%, due 10/01/272		25,000		23,309

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(continued)
APi Group DE, Inc.
4.125%, due 07/15/292		175,000	$	151,427
APX Group, Inc.
5.750%, due 07/15/292		175,000		156,326
Arena Luxembourg Finance Sarl
1.875%, due 02/01/283	EUR	125,000		108,813
1.875%, due 02/01/282		100,000		87,050
ASGN, Inc.
4.625%, due 05/15/282		250,000		231,030
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.750%, due 04/01/282		50,000		44,875
5.375%, due 03/01/292		250,000		226,779
5.750%, due 07/15/272		25,000		23,687
Carriage Services, Inc.
4.250%, due 05/15/292		75,000		62,164
DP World Salaam
(fixed, converts to FRN on 01/01/26),
6.000%, due 10/01/253,7,8		300,000		299,344
EC Finance PLC
3.000%, due 10/15/263	EUR	125,000		128,815
eHi Car Services Ltd.
7.000%, due 09/21/263		200,000		129,466
HealthEquity, Inc.
4.500%, due 10/01/292		75,000		67,065
Hertz Corp.
3.000%, due 01/15/282		50,000		3,500
4.625%, due 12/01/262		25,000		22,516
5.000%, due 12/01/292		250,000		204,530
Kapla Holding SAS
3.375%, due 12/15/263	EUR	150,000		147,038
La Financiere Atalian SASU
4.000%, due 05/15/243		225,000		178,498
5.125%, due 05/15/253		250,000		182,188
6.625%, due 05/15/253	GBP	100,000		81,726
Loxam SAS
5.750%, due 07/15/273	EUR	225,000		218,142
Matthews International Corp.
5.250%, due 12/01/252		75,000		71,906
Metis Merger Sub LLC
6.500%, due 05/15/292		200,000		169,527
Mundys SpA
1.875%, due 02/12/283	EUR	300,000		275,757
Nassa Topco AS
2.875%, due 04/06/243		100,000		107,435
Neptune Bidco US, Inc.
9.290%, due 04/15/292		275,000		258,844
NESCO Holdings II, Inc.
5.500%, due 04/15/292		125,000		112,944

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(continued)
Paysafe Finance PLC/Paysafe Holdings US Corp.
4.000%, due 06/15/292		100,000	$	78,158
PECF USS Intermediate Holding III Corp.
8.000%, due 11/15/292		125,000		81,584
Prime Security Services
Borrower LLC/Prime Finance, Inc.
5.250%, due 04/15/242,11		75,000		74,643
6.250%, due 01/15/282		75,000		70,240
PROG Holdings, Inc.
6.000%, due 11/15/292		50,000		45,000
Q-Park Holding I BV
2.000%, due 03/01/273	EUR	175,000		163,908
2.000%, due 03/01/272		100,000		93,662
Rekeep SpA
7.250%, due 02/01/263		275,000		266,224
Sabre Global, Inc.
9.250%, due 04/15/252		75,000		69,187
Service Corp. International
3.375%, due 08/15/30		75,000		63,542
4.000%, due 05/15/31		200,000		176,254
5.125%, due 06/01/29		50,000		48,125
Techem Verwaltungsgesellschaft 675 mbH
2.000%, due 07/15/253	EUR	300,000		312,253
United Rentals North America, Inc.
3.750%, due 01/15/32		50,000		42,873
3.875%, due 02/15/31		125,000		110,021
4.000%, due 07/15/30		175,000		156,621
4.875%, due 01/15/28		50,000		48,040
5.250%, due 01/15/30		75,000		72,541
5.500%, due 05/15/27		25,000		24,840
Verisure Holding AB
3.250%, due 02/15/273	EUR	125,000		120,734
7.125%, due 02/01/282		125,000		137,122
Verscend Escrow Corp.
9.750%, due 08/15/262		125,000		126,154
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/262		100,000		93,752
Williams Scotsman International, Inc.
4.625%, due 08/15/282		75,000		68,865
6.125%, due 06/15/252		60,000		59,702
				8,360,831
Computers: 0.9%
CA Magnum Holdings
5.375%, due 10/31/263		200,000		175,350
Diebold Nixdorf Dutch Holding BV
9.000%, due 07/15/252	EUR	157,000		77,849

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Computers—(continued)
Diebold Nixdorf, Inc.
8.500%, due 10/15/262,6		50,873	$	8,657
9.375%, due 07/15/252		103,000		45,281
Exela Intermediate LLC/Exela Finance, Inc.
11.500%, due 07/15/262		182,000		21,820
NCR Corp.
5.000%, due 10/01/282		125,000		109,022
5.125%, due 04/15/292		300,000		259,500
5.250%, due 10/01/302		25,000		21,020
5.750%, due 09/01/272		125,000		122,662
6.125%, due 09/01/292		200,000		196,029
Presidio Holdings, Inc.
4.875%, due 02/01/272		150,000		142,061
8.250%, due 02/01/282		150,000		141,205
Seagate HDD Cayman
4.125%, due 01/15/31		80,000		66,400
9.625%, due 12/01/322		226,125		247,964
Vericast Corp.
11.000%, due 09/15/262		126,250		133,825
				1,768,645
Distribution & wholesale: 0.2%
American Builders & Contractors Supply Co., Inc.
4.000%, due 01/15/282		50,000		45,775
BCPE Empire Holdings, Inc.
7.625%, due 05/01/272		175,000		160,562
KAR Auction Services, Inc.
5.125%, due 06/01/252		28,000		27,761
Li & Fung Ltd.
5.250%, due 11/03/233,8		200,000		104,312
Resideo Funding, Inc.
4.000%, due 09/01/292		50,000		42,349
Ritchie Bros Holdings, Inc.
6.750%, due 03/15/282		50,000		51,750
7.750%, due 03/15/312		50,000		53,125
				485,634
Diversified financial services: 3.8%
4finance SA
10.750%, due 10/26/26	EUR	200,000		195,725
AG Issuer LLC
6.250%, due 03/01/282		150,000		139,400
AG TTMT Escrow Issuer LLC
8.625%, due 09/30/272		25,000		25,701
Agps Bondco PLC
5.000%, due 01/14/293	EUR	200,000		74,929

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Ally Financial, Inc.
Series B,
(fixed, converts to FRN on 05/15/26),
4.700%, due 05/15/267,8		100,000	$	73,750
6.700%, due 02/14/33		25,000		22,558
B3 SA—Brasil Bolsa Balca
4.125%, due 09/20/313		200,000		166,600
Coinbase Global, Inc.
3.375%, due 10/01/282		150,000		90,615
3.625%, due 10/01/312		150,000		83,823
Credito Real SAB de CV
0.000%, due 02/01/273,10	EUR	275,000		21,212
Curo Group Holdings Corp.
7.500%, due 08/01/282		100,000		39,382
doValue SpA
3.375%, due 07/31/263	EUR	100,000		98,533
3.375%, due 07/31/262		150,000		147,799
5.000%, due 08/04/252		325,000		345,273
Enact Holdings, Inc.
6.500%, due 08/15/252		250,000		247,575
Garfunkelux Holdco 3 SA
7.750%, due 11/01/253	GBP	225,000		212,167
Global Aircraft Leasing Co. Ltd.
6.500% Cash or 7.250% PIK,
6.500%, due 09/15/242,6		339,557		303,129
International Personal Finance PLC
9.750%, due 11/12/25	EUR	325,000		318,367
Iqera Group SAS
6.500%, due 09/30/242		100,000		106,168
Jane Street Group/JSG Finance, Inc.
4.500%, due 11/15/292		75,000		67,116
Jefferson Capital Holdings LLC
6.000%, due 08/15/262		150,000		128,007
Jerrold Finco PLC
4.875%, due 01/15/263	GBP	100,000		110,027
5.250%, due 01/15/273		175,000		187,430
Macquarie Airfinance Holdings Ltd.
8.375%, due 05/01/282		25,000		25,017
Midcap Financial Issuer Trust
6.500%, due 05/01/282		200,000		180,669
Motion Finco Sarl
7.000%, due 05/15/253	EUR	250,000		278,672
Muthoot Finance Ltd.
4.400%, due 09/02/233		200,000		198,000
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/302		75,000		61,433
5.500%, due 08/15/282		100,000		89,250
5.750%, due 11/15/312		50,000		41,587
6.000%, due 01/15/272		75,000		71,063

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
Navient Corp.
5.000%, due 03/15/27		231,000	$	207,995
5.500%, due 03/15/29		250,000		215,237
Series A,
5.625%, due 08/01/33		150,000		112,428
6.125%, due 03/25/24		225,000		223,015
6.750%, due 06/25/25		125,000		122,908
6.750%, due 06/15/26		200,000		194,777
Newday Bondco PLC
13.250%, due 12/15/263	GBP	103,000		128,151
NFP Corp.
4.875%, due 08/15/282		300,000		273,069
OneMain Finance Corp.
3.875%, due 09/15/28		25,000		20,063
4.000%, due 09/15/30		75,000		56,639
5.375%, due 11/15/29		25,000		21,031
6.625%, due 01/15/28		25,000		23,188
6.875%, due 03/15/25		50,000		48,914
7.125%, due 03/15/26		400,000		389,816
PennyMac Financial Services, Inc.
4.250%, due 02/15/292		175,000		143,810
5.750%, due 09/15/312		75,000		62,633
PRA Group, Inc.
8.375%, due 02/01/282		100,000		99,757
Provident Funding Associates LP/PFG Finance Corp.
6.375%, due 06/15/252		75,000		65,625
Radian Group, Inc.
4.500%, due 10/01/24		50,000		48,250
4.875%, due 03/15/27		25,000		23,775
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
3.625%, due 03/01/292		75,000		63,414
3.875%, due 03/01/312		50,000		40,380
4.000%, due 10/15/332		275,000		215,187
SLM Corp.
3.125%, due 11/02/26		250,000		218,750
Synchrony Financial
7.250%, due 02/02/33		75,000		69,000
VistaJet Malta Finance PLC/XO Management Holding, Inc.
6.375%, due 02/01/302		75,000		64,885
7.875%, due 05/01/272		125,000		118,750
World Acceptance Corp.
7.000%, due 11/01/262		125,000		101,719
				7,524,143
Electric: 2.4%
AES Andres BV
5.700%, due 05/04/282		400,000		359,075

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Calpine Corp.
5.000%, due 02/01/312		25,000	$	21,062
5.125%, due 03/15/282		300,000		277,113
Centrais Eletricas Brasileiras SA
3.625%, due 02/04/252		200,000		189,970
Clean Renewable Power Mauritius Pte Ltd.
4.250%, due 03/25/272		186,000		162,959
Clearway Energy Operating LLC
3.750%, due 01/15/322		50,000		41,939
4.750%, due 03/15/282		50,000		47,384
ContourGlobal Power Holdings SA
3.125%, due 01/01/282	EUR	100,000		88,201
3.125%, due 01/01/283		200,000		176,401
Electricite de France SA
(fixed, converts to FRN on 01/22/26),
5.000%, due 01/22/263,7,8		300,000		304,124
(fixed, converts to FRN on 01/29/25),
5.375%, due 01/29/253,7,8		100,000		105,507
Eskom Holdings SOC Ltd.
6.350%, due 08/10/283		400,000		376,594
6.750%, due 08/06/233		210,000		207,677
Instituto Costarricense de Electricidad
6.375%, due 05/15/433		200,000		164,625
6.750%, due 10/07/312		300,000		287,869
Investment Energy Resources Ltd.
6.250%, due 04/26/292		200,000		184,412
Leeward Renewable Energy Operations LLC
4.250%, due 07/01/292		50,000		45,005
Mong Duong Finance Holdings BV
5.125%, due 05/07/292		375,000		324,690
NextEra Energy Operating Partners LP
3.875%, due 10/15/262		125,000		117,031
NRG Energy, Inc.
3.375%, due 02/15/292		50,000		42,340
3.625%, due 02/15/312		25,000		20,237
6.625%, due 01/15/27		46,000		46,130
7.000%, due 03/15/332		100,000		103,752
(fixed, converts to FRN on 03/15/28),
10.250%, due 03/15/282,7,8		100,000		98,108
PG&E Corp.
5.000%, due 07/01/28		175,000		164,669
RRI Energy, Inc.
3.000%, due 06/15/174,5		75,000		0

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
SMC Global Power Holdings Corp.
(fixed, converts to FRN on 04/25/24),
6.500%, due 04/25/243,7,8		200,000	$	177,787
Talen Energy Supply LLC
0.000%, due 05/15/272,10		25,000		26,000
0.000%, due 01/15/282,10		100,000		103,500
8.625%, due 06/01/302		75,000		75,000
TransAlta Corp.
7.750%, due 11/15/29		100,000		105,008
Vistra Corp.
(fixed, converts to FRN on 12/15/26),
7.000%, due 12/15/262,7,8		150,000		134,524
Vistra Operations Co. LLC
5.500%, due 09/01/262		200,000		195,968
				4,774,661
Electrical components & equipment: 0.2%
Belden, Inc.
3.375%, due 07/15/273	EUR	350,000		352,884
Energizer Holdings, Inc.
6.500%, due 12/31/272		50,000		48,774
Senvion Holding GmbH
3.875%, due 10/25/223,10	EUR	400,000		1,102
				402,760
Electronics: 0.5%
Coherent Corp.
5.000%, due 12/15/292		100,000		90,013
Imola Merger Corp.
4.750%, due 05/15/292		600,000		519,571
Likewize Corp.
9.750%, due 10/15/252		75,000		67,051
Sensata Technologies BV
4.000%, due 04/15/292		200,000		180,738
Sensata Technologies, Inc.
3.750%, due 02/15/312		75,000		65,156
TTM Technologies, Inc.
4.000%, due 03/01/292		200,000		171,374
				1,093,903
Energy-Alternate Sources: 0.5%
Azure Power Solar Energy Pvt Ltd.
5.650%, due 12/24/242		300,000		254,681
Continuum Energy Levanter Pte Ltd.
4.500%, due 02/09/272		186,000		166,214
Greenko Power II Ltd.
4.300%, due 12/13/282		238,750		205,325
ReNew Power Pvt Ltd.
5.875%, due 03/05/272		299,000		280,743

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Energy-Alternate Sources—(continued)
TerraForm Power Operating LLC
4.750%, due 01/15/302		125,000	$	115,936
5.000%, due 01/31/282		50,000		47,875
				1,070,774
Engineering & construction: 1.0%
Aeropuertos Dominicanos Siglo XXI SA
6.750%, due 03/30/293		510,000		500,310
Arcosa, Inc.
4.375%, due 04/15/292		50,000		45,546
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par
4.050%, due 04/27/263		200,000		171,287
GMR Hyderabad International Airport Ltd.
4.750%, due 02/02/262		300,000		280,650
OHL Operaciones SA
5.100% Cash or 1.500% PIK,
6.600%, due 03/31/263,6	EUR	107,722		100,709
5.100% Cash or 1.500% PIK,
9.750%, due 03/31/262,6		200,054		187,031
Sarens Finance Co., NV
5.750%, due 02/21/273		238,000		208,517
Sitios Latinoamerica SAB de CV
5.375%, due 04/04/322		200,000		181,280
TopBuild Corp.
4.125%, due 02/15/322		75,000		64,449
Weekley Homes LLC/Weekley Finance Corp.
4.875%, due 09/15/282		200,000		173,624
				1,913,403
Entertainment: 3.8%
888 Acquisitions Ltd.
7.558%, due 07/15/272	EUR	175,000		173,935
Affinity Interactive
6.875%, due 12/15/272		150,000		134,923
Allen Media LLC/Allen Media Co-Issuer, Inc.
10.500%, due 02/15/282		150,000		80,308
Allwyn Entertainment Financing UK PLC
7.250%, due 04/30/302	EUR	125,000		138,988
AMC Entertainment Holdings, Inc.
5.875%, due 11/15/26		25,000		10,625
10.000%, due 06/15/262		574,932		388,237
Boyne USA, Inc.
4.750%, due 05/15/292		150,000		135,871

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Entertainment—(continued)
Caesars Entertainment, Inc.
4.625%, due 10/15/292		600,000	$	526,377
6.250%, due 07/01/252		150,000		150,183
7.000%, due 02/15/302		100,000		100,892
8.125%, due 07/01/272		50,000		51,013
Caesars Resort Collection LLC/CRC Finco, Inc.
5.750%, due 07/01/252		100,000		100,824
CDI Escrow Issuer, Inc.
5.750%, due 04/01/302		225,000		216,951
Cedar Fair LP
5.250%, due 07/15/29		102,000		94,885
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op
6.500%, due 10/01/28		200,000		197,609
Churchill Downs, Inc.
4.750%, due 01/15/282		75,000		71,025
5.500%, due 04/01/272		150,000		146,332
Cinemark USA, Inc.
5.250%, due 07/15/282		325,000		289,824
5.875%, due 03/15/262		100,000		95,547
Cirsa Finance International SARL
4.750%, due 05/22/253	EUR	300,000		321,479
Codere Finance 2 Luxembourg SA
8.000% Cash or 3.000% PIK,
11.000%, due 09/30/263,6		100,556		94,182
8.000% Cash or 3.000% PIK,
11.000%, due 09/30/262,6		61,563		57,661
2.000% Cash or 10.750% PIK,
12.750%, due 11/30/273,6		217,319		70,139
Everi Holdings, Inc.
5.000%, due 07/15/292		50,000		44,563
Golden Entertainment, Inc.
7.625%, due 04/15/262		200,000		202,000
Inter Media and Communication SpA
6.750%, due 02/09/273	EUR	150,000		155,735
6.750%, due 02/09/272		100,000		103,823
International Game Technology PLC
4.125%, due 04/15/262		200,000		192,011
Intralot Capital Luxembourg SA
5.250%, due 09/15/243	EUR	550,000		566,652
Jacobs Entertainment, Inc.
6.750%, due 02/15/292		225,000		195,750
LHMC Finco 2 SARL
7.250% Cash or 8.000% PIK,
7.250%, due 10/02/253,6	EUR	234,000		241,085

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Entertainment—(continued)
Live Nation Entertainment, Inc.
3.750%, due 01/15/282		75,000	$	67,125
4.750%, due 10/15/272		50,000		46,308
4.875%, due 11/01/242		75,000		74,060
5.625%, due 03/15/262		225,000		218,919
Lottomatica SpA
9.750%, due 09/30/272	EUR	150,000		177,009
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, due 05/01/292		125,000		111,875
Mohegan Tribal Gaming Authority
8.000%, due 02/01/262		150,000		134,250
Motion Bondco DAC
6.625%, due 11/15/272		200,000		181,034
Penn Entertainment, Inc.
4.125%, due 07/01/292		225,000		189,552
Pinewood Finance Co. Ltd.
3.625%, due 11/15/273	GBP	100,000		111,922
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, due 09/01/292		175,000		126,926
5.875%, due 09/01/312		125,000		88,438
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.875%, due 11/01/262		75,000		70,125
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
6.625%, due 03/01/302		50,000		44,362
Scientific Games International, Inc.
7.000%, due 05/15/282		250,000		249,390
7.250%, due 11/15/292		25,000		25,000
8.625%, due 07/01/252		25,000		25,563
SeaWorld Parks & Entertainment, Inc.
5.250%, due 08/15/292		250,000		225,007
Six Flags Entertainment Corp.
5.500%, due 04/15/272		25,000		23,892
WMG Acquisition Corp.
3.000%, due 02/15/312		25,000		20,460
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, due 10/01/292		125,000		115,094
				7,675,740
Environmental control: 0.1%
Clean Harbors, Inc.
6.375%, due 02/01/312		50,000		51,012
Covanta Holding Corp.
5.000%, due 09/01/30		100,000		88,440

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Environmental control—(continued)
Madison IAQ LLC
5.875%, due 06/30/292		100,000	$	78,281
				217,733
Food: 2.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.250%, due 03/15/262		75,000		70,534
3.500%, due 03/15/292		25,000		22,150
4.625%, due 01/15/272		175,000		169,172
4.875%, due 02/15/302		75,000		69,937
5.875%, due 02/15/282		50,000		49,497
6.500%, due 02/15/282		150,000		151,875
Bellis Acquisition Co. PLC
3.250%, due 02/16/263	GBP	400,000		412,214
C&S Group Enterprises LLC
5.000%, due 12/15/282		100,000		78,945
Casino Guichard Perrachon SA
4.498%, due 03/07/243,12	EUR	100,000		31,955
5.250%, due 04/15/273		100,000		25,729
Grupo KUO SAB De CV
5.750%, due 07/07/273		400,000		366,450
Ingles Markets, Inc.
4.000%, due 06/15/312		175,000		151,130
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
5.500%, due 01/15/302		100,000		95,475
Lamb Weston Holdings, Inc.
4.125%, due 01/31/302		100,000		91,583
4.375%, due 01/31/322		100,000		91,222
MARB BondCo PLC
3.950%, due 01/29/313		400,000		292,630
Minerva Luxembourg SA
4.375%, due 03/18/313		250,000		196,125
4.375%, due 03/18/312		250,000		196,125
Nathan's Famous, Inc.
6.625%, due 11/01/252		80,000		79,800
NBM US Holdings, Inc.
7.000%, due 05/14/263		200,000		194,060
Performance Food Group, Inc.
4.250%, due 08/01/292		125,000		113,794
5.500%, due 10/15/272		50,000		49,004
Pilgrim's Pride Corp.
6.250%, due 07/01/33		50,000		49,461
Post Holdings, Inc.
4.500%, due 09/15/312		50,000		43,754
5.500%, due 12/15/292		75,000		71,336
5.625%, due 01/15/282		25,000		24,427
Premier Foods Finance PLC
3.500%, due 10/15/263	GBP	250,000		284,340

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Food—(continued)
Rallye SA
Series COFP,
5.250%, due 02/28/323	EUR	800,000	$	35,261
SEG Holding LLC/SEG Finance Corp.
5.625%, due 10/15/282		250,000		236,875
Sigma Holdco BV
5.750%, due 05/15/263	EUR	525,000		458,344
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed
4.625%, due 03/01/292		175,000		144,594
United Natural Foods, Inc.
6.750%, due 10/15/282		50,000		47,460
US Foods, Inc.
4.750%, due 02/15/292		200,000		186,036
6.250%, due 04/15/252		100,000		100,520
				4,681,814
Food service: 0.2%
Aramark Services, Inc.
5.000%, due 04/01/252		75,000		74,243
5.000%, due 02/01/282		100,000		95,240
6.375%, due 05/01/252		125,000		125,000
TKC Holdings, Inc.
10.500%, due 05/15/292		100,000		67,750
				362,233
Forest products & paper: 0.1%
Appcion Esc
9.000%, due 06/01/252,4,5,9		650,000		6,500
Domtar Corp.
6.750%, due 10/01/282		83,000		71,886
Glatfelter Corp.
4.750%, due 11/15/292		75,000		53,396
Mercer International, Inc.
5.125%, due 02/01/29		150,000		125,260
				257,042
Gas: 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.500%, due 05/20/25		50,000		48,553
5.750%, due 05/20/27		150,000		141,628
EP Infrastructure AS
1.816%, due 03/02/313	EUR	375,000		292,296
2.045%, due 10/09/283		150,000		130,451
				612,928

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Hand & machine tools: 0.2%
Regal Rexnord Corp.
6.050%, due 02/15/262		50,000	$	50,706
6.050%, due 04/15/282		50,000		50,475
6.300%, due 02/15/302		50,000		50,940
6.400%, due 04/15/332		50,000		50,989
Werner FinCo LP/Werner FinCo, Inc.
8.750%, due 07/15/252		125,000		99,816
				302,926
Healthcare-products: 0.6%
Avantor Funding, Inc.
3.875%, due 11/01/292		150,000		132,130
4.625%, due 07/15/282		275,000		257,228
Marcolin SpA
6.125%, due 11/15/263	EUR	300,000		274,241
Medline Borrower LP
3.875%, due 04/01/292		257,000		224,863
5.250%, due 10/01/292		375,000		324,361
				1,212,823
Healthcare-services: 2.7%
Acadia Healthcare Co., Inc.
5.000%, due 04/15/292		100,000		94,637
5.500%, due 07/01/282		125,000		120,663
AHP Health Partners, Inc.
5.750%, due 07/15/292		75,000		63,750
Air Methods Corp.
8.000%, due 05/15/252		175,000		10,500
Catalent Pharma Solutions, Inc.
2.375%, due 03/01/283	EUR	250,000		230,370
Charles River Laboratories International, Inc.
4.000%, due 03/15/312		82,000		71,443
CHS/Community Health Systems, Inc.
4.750%, due 02/15/312		250,000		201,685
5.250%, due 05/15/302		125,000		104,183
5.625%, due 03/15/272		175,000		161,485
6.000%, due 01/15/292		75,000		66,469
6.125%, due 04/01/302		150,000		106,758
6.875%, due 04/01/282		48,000		35,435
6.875%, due 04/15/292		200,000		147,988
8.000%, due 03/15/262		250,000		247,735
8.000%, due 12/15/272		250,000		247,614
DaVita, Inc.
3.750%, due 02/15/312		175,000		140,923
4.625%, due 06/01/302		325,000		283,097
Encompass Health Corp.
4.750%, due 02/01/30		125,000		115,272
Envision Healthcare Corp.
8.750%, due 10/15/262		200,000		5,000

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Healthcare-services—(continued)
HCA, Inc.
5.375%, due 09/01/26		75,000	$	75,542
IQVIA, Inc.
2.250%, due 03/15/293	EUR	200,000		183,240
Legacy LifePoint Health LLC
6.750%, due 04/15/252		100,000		96,208
LifePoint Health, Inc.
5.375%, due 01/15/292		100,000		62,686
ModivCare Escrow Issuer, Inc.
5.000%, due 10/01/292		75,000		60,491
Molina Healthcare, Inc.
3.875%, due 11/15/302		125,000		110,267
3.875%, due 05/15/322		150,000		128,547
4.375%, due 06/15/282		150,000		140,582
Pediatrix Medical Group, Inc.
5.375%, due 02/15/302		50,000		45,666
Prime Healthcare Services, Inc.
7.250%, due 11/01/252		150,000		135,413
Rede D'or Finance Sarl
4.500%, due 01/22/303		364,000		305,869
RP Escrow Issuer LLC
5.250%, due 12/15/252		100,000		70,141
Tenet Healthcare Corp.
4.250%, due 06/01/29		50,000		45,873
4.375%, due 01/15/30		150,000		137,827
4.625%, due 09/01/24		150,000		149,062
4.875%, due 01/01/26		125,000		123,107
5.125%, due 11/01/27		175,000		169,798
6.125%, due 10/01/28		525,000		509,359
6.125%, due 06/15/302		300,000		296,734
				5,301,419
Holding companies-divers: 0.3%
Benteler International AG
9.375%, due 05/15/282	EUR	125,000		139,459
KOC Holding AS
6.500%, due 03/11/253		400,000		392,700
				532,159
Home builders: 1.4%
Adams Homes, Inc.
7.500%, due 02/15/252		150,000		141,435
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.625%, due 08/01/292		75,000		62,625
4.625%, due 04/01/302		150,000		124,295
6.625%, due 01/15/282		100,000		94,750
Beazer Homes USA, Inc.
5.875%, due 10/15/27		50,000		46,250
6.750%, due 03/15/25		175,000		173,512
7.250%, due 10/15/29		100,000		95,350

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Home builders—(continued)
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
4.875%, due 02/15/302		25,000	$	19,500
5.000%, due 06/15/292		125,000		98,511
Century Communities, Inc.
3.875%, due 08/15/292		75,000		65,588
Empire Communities Corp.
7.000%, due 12/15/252		125,000		114,339
Forestar Group, Inc.
3.850%, due 05/15/262		100,000		92,477
5.000%, due 03/01/282		125,000		113,642
Installed Building Products, Inc.
5.750%, due 02/01/282		150,000		141,597
KB Home
4.000%, due 06/15/31		125,000		108,153
6.875%, due 06/15/27		100,000		102,619
7.250%, due 07/15/30		75,000		77,088
LGI Homes, Inc.
4.000%, due 07/15/292		25,000		20,413
Maison Finco PLC
6.000%, due 10/31/273	GBP	245,000		250,326
Mattamy Group Corp.
4.625%, due 03/01/302		125,000		109,303
Meritage Homes Corp.
6.000%, due 06/01/25		190,000		190,950
Shea Homes LP / Shea Homes Funding Corp.
4.750%, due 02/15/28		100,000		91,000
4.750%, due 04/01/29		125,000		111,296
STL Holding Co. LLC
7.500%, due 02/15/262		125,000		110,216
Thor Industries, Inc.
4.000%, due 10/15/292		75,000		61,500
Tri Pointe Homes, Inc.
5.700%, due 06/15/28		75,000		73,594
Winnebago Industries, Inc.
6.250%, due 07/15/282		100,000		96,700
				2,787,029
Home furnishings: 0.1%
Tempur Sealy International, Inc.
4.000%, due 04/15/292		125,000		109,343
Household products: 0.1%
Edgewell Personal Care Co.
4.125%, due 04/01/292		175,000		155,020
5.500%, due 06/01/282		75,000		71,777
				226,797
Household products/wares: 0.4%
Central Garden & Pet Co.
4.125%, due 04/30/312		100,000		84,214

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Household products/wares—(continued)
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
7.000%, due 12/31/272		75,000	$	65,920
Spectrum Brands, Inc.
4.000%, due 10/01/263	EUR	200,000		210,288
4.000%, due 10/01/262		325,000		341,718
5.500%, due 07/15/302		50,000		46,058
				748,198
Housewares: 0.4%
Newell Brands, Inc.
4.700%, due 04/01/2612		250,000		238,750
5.875%, due 04/01/3612		225,000		190,972
6.000%, due 04/01/4612		50,000		38,938
6.375%, due 09/15/27		75,000		73,875
6.625%, due 09/15/29		75,000		74,087
Scotts Miracle-Gro Co.
4.000%, due 04/01/31		125,000		101,002
4.375%, due 02/01/32		50,000		40,413
				758,037
Insurance: 0.6%
Acrisure LLC/Acrisure Finance, Inc.
7.000%, due 11/15/252		375,000		358,106
10.125%, due 08/01/262		25,000		25,393
AssuredPartners, Inc.
5.625%, due 01/15/292		25,000		21,644
7.000%, due 08/15/252		50,000		49,500
HUB International Ltd.
5.625%, due 12/01/292		25,000		22,250
MGIC Investment Corp.
5.250%, due 08/15/28		175,000		167,237
NMI Holdings, Inc.
7.375%, due 06/01/252		175,000		177,443
Sagicor Financial Co. Ltd.
5.300%, due 05/13/282		400,000		385,280
				1,206,853
Internet: 1.3%
B2W Digital Lux Sarl
0.000%, due 12/20/302,10		200,000		39,100
Cogent Communications Group, Inc.
7.000%, due 06/15/272		125,000		123,754
Gen Digital, Inc.
6.750%, due 09/30/272		125,000		125,965
7.125%, due 09/30/302		150,000		150,676
Go Daddy Operating Co. LLC/GD Finance Co., Inc.
3.500%, due 03/01/292		50,000		43,314
5.250%, due 12/01/272		200,000		192,097

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Internet—(continued)
Iliad SA
1.500%, due 10/14/243	EUR	100,000	$	105,099
1.875%, due 02/11/283		100,000		91,871
2.375%, due 06/17/263		400,000		402,745
Match Group Holdings II LLC
4.125%, due 08/01/302		100,000		85,473
5.000%, due 12/15/272		75,000		70,661
MercadoLibre, Inc.
3.125%, due 01/14/31		300,000		232,556
Millennium Escrow Corp.
6.625%, due 08/01/262		100,000		67,638
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.
4.750%, due 04/30/272		50,000		43,375
Uber Technologies, Inc.
6.250%, due 01/15/282		125,000		126,137
7.500%, due 09/15/272		250,000		257,871
8.000%, due 11/01/262		150,000		153,793
United Group BV
3.125%, due 02/15/263	EUR	200,000		191,202
Ziff Davis, Inc.
4.625%, due 10/15/302		69,000		60,626
				2,563,953
Investment companies: 0.6%
Compass Group Diversified Holdings LLC
5.000%, due 01/15/322		75,000		60,882
5.250%, due 04/15/292		125,000		112,512
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.375%, due 02/01/29		125,000		109,776
4.750%, due 09/15/24		275,000		271,296
5.250%, due 05/15/27		400,000		376,946
6.250%, due 05/15/26		300,000		295,188
6.375%, due 12/15/25		25,000		24,787
				1,251,387
Iron & steel: 1.1%
ATI, Inc.
4.875%, due 10/01/29		75,000		69,146
5.125%, due 10/01/31		100,000		89,986
5.875%, due 12/01/27		150,000		146,485
Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.750%, due 07/15/262		175,000		168,778
Big River Steel LLC/BRS Finance Corp.
6.625%, due 01/31/292		140,000		138,847
Carpenter Technology Corp.
6.375%, due 07/15/28		200,000		198,250

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Iron & steel—(continued)
Cleveland-Cliffs, Inc.
4.875%, due 03/01/312		50,000	$	43,908
5.875%, due 06/01/27		225,000		220,897
6.750%, due 03/15/262		50,000		50,847
6.750%, due 04/15/302		75,000		72,899
Commercial Metals Co.
4.125%, due 01/15/30		50,000		44,760
4.375%, due 03/15/32		50,000		43,247
CSN Inova Ventures
6.750%, due 01/28/283		250,000		235,672
JSW Steel Ltd.
5.050%, due 04/05/322		200,000		160,850
Mineral Resources Ltd.
8.000%, due 11/01/272		300,000		305,516
8.125%, due 05/01/272		148,000		149,255
8.500%, due 05/01/302		75,000		76,313
TMS International Corp.
6.250%, due 04/15/292		75,000		57,958
				2,273,614
IT services: 0.1%
Carnelian Holdings LP
50.000%, due 06/30/284		15,226		152,255
Leisure time: 3.9%
Carnival Corp.
5.750%, due 03/01/272		1,875,000		1,543,124
6.000%, due 05/01/292		550,000		431,694
6.650%, due 01/15/28		100,000		77,330
7.625%, due 03/01/262		575,000		525,772
7.625%, due 03/01/263	EUR	575,000		564,636
9.875%, due 08/01/272		25,000		25,631
10.500%, due 02/01/262		25,000		26,098
10.500%, due 06/01/302		325,000		308,401
Carnival PLC
1.000%, due 10/28/29	EUR	425,000		236,935
7.875%, due 06/01/27		25,000		24,754
Codere New Holdco SA
7.500%, due 11/30/273,4,6	EUR	125,662		12,808
Deuce Finco PLC
5.500%, due 06/15/272	GBP	125,000		133,508
5.500%, due 06/15/273		250,000		267,015
Life Time, Inc.
5.750%, due 01/15/262		250,000		244,133
8.000%, due 04/15/262		600,000		596,613
Lindblad Expeditions LLC
6.750%, due 02/15/272		50,000		47,001
MajorDrive Holdings IV LLC
6.375%, due 06/01/292		175,000		138,250

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Leisure time—(continued)
NCL Corp. Ltd.
3.625%, due 12/15/242		75,000	$	70,317
5.875%, due 03/15/262		475,000		409,150
5.875%, due 02/15/272		50,000		47,164
7.750%, due 02/15/292		75,000		63,506
NCL Finance Ltd.
6.125%, due 03/15/282		125,000		100,937
Royal Caribbean Cruises Ltd.
3.700%, due 03/15/28		150,000		121,866
4.250%, due 07/01/262		75,000		67,132
5.375%, due 07/15/272		625,000		554,876
5.500%, due 08/31/262		75,000		68,754
5.500%, due 04/01/282		225,000		198,404
7.250%, due 01/15/302		75,000		75,211
7.500%, due 10/15/27		75,000		70,968
9.250%, due 01/15/292		25,000		26,669
11.625%, due 08/15/272		50,000		53,189
Viking Cruises Ltd.
5.875%, due 09/15/272		325,000		277,953
6.250%, due 05/15/252		75,000		71,210
7.000%, due 02/15/292		75,000		63,375
Viking Ocean Cruises Ship VII, Ltd.
5.625%, due 02/15/292		75,000		63,388
VOC Escrow Ltd.
5.000%, due 02/15/282		150,000		132,750
				7,740,522
Lodging: 1.9%
Boyd Gaming Corp.
4.750%, due 12/01/27		25,000		24,127
4.750%, due 06/15/312		150,000		137,337
Fortune Star BVI Ltd.
3.950%, due 10/02/263	EUR	325,000		215,206
6.850%, due 07/02/243		200,000		174,500
Full House Resorts, Inc.
8.250%, due 02/15/282		200,000		184,181
Hilton Domestic Operating Co., Inc.
3.625%, due 02/15/322		125,000		106,676
3.750%, due 05/01/292		75,000		67,602
4.000%, due 05/01/312		325,000		287,454
4.875%, due 01/15/30		100,000		94,941
5.375%, due 05/01/252		200,000		199,386
5.750%, due 05/01/282		125,000		124,698
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC
4.875%, due 07/01/312		200,000		174,964
5.000%, due 06/01/292		275,000		248,895

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Lodging—(continued)
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.875%, due 04/01/27		25,000	$	24,661
MGM China Holdings Ltd.
5.250%, due 06/18/253		200,000		190,163
MGM Resorts International
4.750%, due 10/15/28		100,000		93,493
5.500%, due 04/15/27		75,000		73,400
6.750%, due 05/01/25		50,000		50,486
Sands China Ltd.
5.625%, due 08/08/2512		200,000		195,204
Station Casinos LLC
4.500%, due 02/15/282		25,000		22,986
4.625%, due 12/01/312		50,000		42,814
Travel + Leisure Co.
4.625%, due 03/01/302		75,000		64,688
6.625%, due 07/31/262		100,000		99,798
TVL Finance PLC
3 mo. Euribor + 5.500%,
8.742%, due 04/28/282	EUR	100,000		106,884
10.250%, due 04/28/282	GBP	275,000		335,426
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.250%, due 05/15/272		250,000		240,501
Wynn Macau Ltd.
5.500%, due 10/01/273		200,000		178,250
				3,758,721
Machinery-construction & mining: 0.1%
BWX Technologies, Inc.
4.125%, due 04/15/292		75,000		67,875
Terex Corp.
5.000%, due 05/15/292		150,000		139,517
				207,392
Machinery-diversified: 0.6%
Chart Industries, Inc.
7.500%, due 01/01/302		25,000		25,750
9.500%, due 01/01/312		150,000		158,813
Galapagos SA
5.375% 06/15/2021,
0.000%, due 06/15/213,10	EUR	27,500		152
Husky III Holding Ltd.
13.000% Cash or 13.750% PIK,
13.000%, due 02/15/252,6		125,000		113,750
JPW Industries Holding Corp.
9.000%, due 10/01/242		25,000		22,375
OT Merger Corp.
7.875%, due 10/15/292		50,000		29,500

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Machinery-diversified—(continued)
Selecta Group BV
3.500% Cash or 4.500% PIK,
8.000%, due 04/01/262,6	EUR	207,887	$	194,742
3.500% Cash or 4.500% PIK,
8.000%, due 04/01/263,6		18,946		17,748
10.000%, due 07/01/262,6		80,675		53,337
9.250% Cash or 10.000% PIK,
10.000%, due 07/01/263,6		281,378		186,030
Titan Acquisition Ltd./Titan Co-Borrower LLC
7.750%, due 04/15/262		200,000		178,000
TK Elevator Midco GmbH
4.375%, due 07/15/273	EUR	300,000		294,621
				1,274,818
Media: 5.7%
Altice Financing SA
2.250%, due 01/15/253		225,000		233,698
3.000%, due 01/15/283		200,000		170,244
4.250%, due 08/15/293		275,000		234,843
5.000%, due 01/15/282		200,000		161,940
AMC Networks, Inc.
4.250%, due 02/15/29		200,000		138,561
4.750%, due 08/01/25		25,000		23,190
Audacy Capital Corp.
6.750%, due 03/31/292		75,000		5,625
CCO Holdings LLC/CCO Holdings Capital Corp.
4.250%, due 02/01/312		300,000		245,703
4.250%, due 01/15/342		400,000		304,696
4.500%, due 05/01/32		250,000		200,144
4.500%, due 06/01/332		550,000		437,807
4.750%, due 03/01/302		250,000		215,099
4.750%, due 02/01/322		750,000		620,611
5.000%, due 02/01/282		200,000		184,919
5.375%, due 06/01/292		50,000		45,856
6.375%, due 09/01/292		250,000		237,590
7.375%, due 03/01/312		125,000		122,495
CSC Holdings LLC
4.500%, due 11/15/312		400,000		280,221
4.625%, due 12/01/302		350,000		170,845
5.000%, due 11/15/312		200,000		95,992
Diamond Sports Group LLC/Diamond Sports Finance Co.
0.000%, due 08/15/262		250,000		16,875
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.
5.875%, due 08/15/272		450,000		394,906

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Media—(continued)
DISH DBS Corp.
5.125%, due 06/01/29		200,000	$	92,237
5.250%, due 12/01/262		175,000		133,671
5.750%, due 12/01/282		100,000		71,091
5.875%, due 11/15/24		100,000		82,738
7.375%, due 07/01/28		200,000		100,205
DISH Network Corp.
11.750%, due 11/15/272		325,000		307,009
GCI LLC
4.750%, due 10/15/282		150,000		128,250
Gray Escrow II, Inc.
5.375%, due 11/15/312		250,000		160,255
Gray Television, Inc.
4.750%, due 10/15/302		350,000		226,095
iHeartCommunications, Inc.
4.750%, due 01/15/282		50,000		38,918
5.250%, due 08/15/272		150,000		118,474
6.375%, due 05/01/26		55,291		47,430
8.375%, due 05/01/27		75,000		49,491
McGraw-Hill Education, Inc.
8.000%, due 08/01/292		125,000		107,500
Midcontinent Communications/Midcontinent Finance Corp.
5.375%, due 08/15/272		125,000		115,751
News Corp.
3.875%, due 05/15/292		225,000		199,762
5.125%, due 02/15/322		200,000		184,160
Nexstar Media, Inc.
4.750%, due 11/01/282		125,000		109,863
5.625%, due 07/15/272		125,000		117,397
Scripps Escrow II, Inc.
5.375%, due 01/15/312		50,000		34,750
Scripps Escrow, Inc.
5.875%, due 07/15/272		75,000		53,785
Sinclair Television Group, Inc.
4.125%, due 12/01/302		125,000		99,417
5.125%, due 02/15/272		150,000		128,767
Sirius XM Radio, Inc.
3.125%, due 09/01/262		275,000		246,120
3.875%, due 09/01/312		450,000		340,052
4.000%, due 07/15/282		275,000		232,196
5.000%, due 08/01/272		75,000		68,985
5.500%, due 07/01/292		200,000		178,146
Summer BidCo BV
9.000% Cash or 9.750% PIK,
9.000%, due 11/15/252,6	EUR	169,405		155,867
TEGNA, Inc.
4.625%, due 03/15/28		175,000		155,802
5.000%, due 09/15/29		100,000		87,558

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Media—(continued)
Telecomunicaciones Digitales SA
4.500%, due 01/30/302		300,000	$	246,187
Univision Communications, Inc.
4.500%, due 05/01/292		475,000		409,385
5.125%, due 02/15/252		50,000		49,233
6.625%, due 06/01/272		100,000		96,287
7.375%, due 06/30/302		150,000		143,929
UPC Broadband Finco BV
4.875%, due 07/15/312		400,000		345,176
Videotron Ltd.
3.625%, due 06/15/292		100,000		86,470
Virgin Media Finance PLC
3.750%, due 07/15/303	EUR	400,000		344,586
5.000%, due 07/15/302		200,000		168,536
Virgin Media Secured Finance PLC
4.125%, due 08/15/303	GBP	200,000		195,839
Virgin Media Vendor Financing Notes III DAC
4.875%, due 07/15/283		100,000		102,983
VZ Vendor Financing II BV
2.875%, due 01/15/292	EUR	300,000		259,107
Ziggo Bond Co. BV
6.000%, due 01/15/272		200,000		189,743
				11,351,063
Metal fabricate/hardware: 0.1%
Advanced Drainage Systems, Inc.
5.000%, due 09/30/272		75,000		71,719
Park-Ohio Industries, Inc.
6.625%, due 04/15/27		175,000		139,125
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/292		75,000		68,030
				278,874
Mining: 1.3%
Alcoa Nederland Holding BV
4.125%, due 03/31/292		200,000		181,617
Arconic Corp.
6.000%, due 05/15/252		100,000		99,421
6.125%, due 02/15/282		50,000		49,346
China Hongqiao Group Ltd.
6.250%, due 06/08/243		200,000		194,354
Coeur Mining, Inc.
5.125%, due 02/15/292		100,000		82,470
Compass Minerals International, Inc.
6.750%, due 12/01/272		25,000		23,973
Constellium SE
3.125%, due 07/15/292	EUR	175,000		158,364
First Quantum Minerals Ltd.
6.875%, due 10/15/272		200,000		193,475
7.500%, due 04/01/253		400,000		397,940

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Mining—(continued)
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/312		275,000	$	238,873
5.875%, due 04/15/302		150,000		145,469
6.125%, due 04/15/322		125,000		120,942
IAMGOLD Corp.
5.750%, due 10/15/282		100,000		79,321
Kaiser Aluminum Corp.
4.625%, due 03/01/282		125,000		110,380
Novelis Corp.
3.250%, due 11/15/262		100,000		91,546
3.875%, due 08/15/312		50,000		41,870
4.750%, due 01/30/302		50,000		45,244
Novelis Sheet Ingot GmbH
3.375%, due 04/15/293	EUR	100,000		94,764
Taseko Mines Ltd.
7.000%, due 02/15/262		100,000		92,259
Vedanta Resources Finance II PLC
13.875%, due 01/21/242		200,000		170,250
				2,611,878
Miscellaneous manufacturers: 0.2%
FXI Holdings, Inc.
7.875%, due 11/01/242		100,000		90,832
12.250%, due 11/15/262		244,000		217,721
LSB Industries, Inc.
6.250%, due 10/15/282		25,000		22,002
				330,555
Office & business equipment: 0.1%
CDW LLC/CDW Finance Corp.
3.250%, due 02/15/29		75,000		64,847
4.125%, due 05/01/25		25,000		24,360
Xerox Holdings Corp.
5.000%, due 08/15/252		150,000		142,929
				232,136
Oil & gas: 9.4%
Aethon United BR LP/Aethon United Finance Corp.
8.250%, due 02/15/262		100,000		97,107
Antero Resources Corp.
5.375%, due 03/01/302		25,000		23,423
7.625%, due 02/01/292		49,000		50,162
Apache Corp.
4.750%, due 04/15/43		75,000		58,473
5.100%, due 09/01/40		125,000		107,130
5.350%, due 07/01/49		125,000		96,898
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
8.250%, due 12/31/282		25,000		24,216
9.000%, due 11/01/272		150,000		185,437

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Athabasca Oil Corp.
9.750%, due 11/01/262		111,000	$	116,272
BAYTEX ENERGY Corp.
8.500%, due 04/30/302		200,000		201,064
Callon Petroleum Co.
6.375%, due 07/01/26		25,000		24,154
7.500%, due 06/15/302		75,000		71,236
8.250%, due 07/15/25		25,000		24,875
Chesapeake Energy Corp.
6.750%, due 04/15/292		175,000		173,237
Chord Energy Corp.
6.375%, due 06/01/262		75,000		74,613
Citgo Holding, Inc.
9.250%, due 08/01/242		175,000		176,265
CITGO Petroleum Corp.
7.000%, due 06/15/252		150,000		149,250
Civitas Resources, Inc.
5.000%, due 10/15/262		175,000		164,500
CNX Resources Corp.
6.000%, due 01/15/292		125,000		115,632
7.250%, due 03/14/272		125,000		123,585
7.375%, due 01/15/312		25,000		24,120
Comstock Resources, Inc.
5.875%, due 01/15/302		100,000		85,847
6.750%, due 03/01/292		100,000		90,538
Crescent Energy Finance LLC
9.250%, due 02/15/282		25,000		24,932
CrownRock LP/CrownRock Finance, Inc.
5.000%, due 05/01/292		25,000		23,618
5.625%, due 10/15/252		50,000		49,359
Ecopetrol SA
5.375%, due 06/26/26		550,000		519,145
5.875%, due 05/28/45		300,000		195,225
8.875%, due 01/13/33		200,000		193,375
Energean Israel Finance Ltd.
4.875%, due 03/30/262		300,000		275,306
5.875%, due 03/30/312		75,000		65,006
Ensign Drilling, Inc.
9.250%, due 04/15/242		100,000		97,496
EQT Corp.
3.125%, due 05/15/262		50,000		46,436
3.900%, due 10/01/27		50,000		47,303
7.000%, due 02/01/3012		50,000		52,753
Geopark Ltd.
5.500%, due 01/17/272		500,000		413,687
Global Marine, Inc.
7.000%, due 06/01/28		100,000		80,750

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

 

	Face
	amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Gulfport Energy Corp.
2.000%, due 10/15/24		50,000	$	32
3.000%, due 05/15/25		100,000		63
3.000%, due 01/15/26		175,000		110
8.000%, due 05/17/262		170,052		170,477
Hilcorp Energy I LP/Hilcorp Finance Co.
6.000%, due 04/15/302		100,000		93,198
6.000%, due 02/01/312		175,000		161,284
6.250%, due 11/01/282		75,000		71,831
Ithaca Energy North Sea PLC
9.000%, due 07/15/262		200,000		192,526
KazMunayGas National Co. JSC
3.500%, due 04/14/332		200,000		153,412
4.750%, due 04/19/273		250,000		237,900
Leviathan Bond Ltd.
6.125%, due 06/30/252		75,000		72,413
6.500%, due 06/30/272		300,000		284,119
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
6.000%, due 08/01/262		175,000		169,750
Matador Resources Co.
5.875%, due 09/15/26		100,000		98,063
6.875%, due 04/15/282		75,000		75,470
MC Brazil Downstream Trading SARL
7.250%, due 06/30/313		193,250		148,175
Medco Laurel Tree Pte Ltd.
6.950%, due 11/12/282		400,000		361,240
Moss Creek Resources Holdings, Inc.
7.500%, due 01/15/262		100,000		93,479
Murphy Oil Corp.
6.375%, due 07/15/28		150,000		149,440
Nabors Industries Ltd.
7.250%, due 01/15/262		50,000		47,129
7.500%, due 01/15/282		100,000		90,998
Nabors Industries, Inc.
5.750%, due 02/01/25		175,000		170,828
Noble Finance II LLC
8.000%, due 04/15/302		50,000		51,201
Northern Oil and Gas, Inc.
8.125%, due 03/01/282		250,000		246,875

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Occidental Petroleum Corp.
5.550%, due 03/15/26		50,000	$	50,420
5.875%, due 09/01/25		25,000		25,266
6.450%, due 09/15/36		150,000		159,187
6.600%, due 03/15/46		175,000		186,748
7.125%, due 10/15/27		50,000		52,250
7.500%, due 05/01/31		350,000		390,505
7.875%, due 09/15/31		100,000		113,323
8.500%, due 07/15/27		175,000		192,698
8.875%, due 07/15/30		75,000		88,125
Parkland Corp.
4.500%, due 10/01/292		250,000		219,062
4.625%, due 05/01/302		100,000		87,008
5.875%, due 07/15/272		150,000		146,065
PBF Holding Co. LLC/PBF Finance Corp.
6.000%, due 02/15/28		275,000		252,959
7.250%, due 06/15/25		25,000		24,906
PDC Energy, Inc.
5.750%, due 05/15/26		75,000		72,804
Permian Resources Operating LLC
5.375%, due 01/15/262		150,000		142,770
5.875%, due 07/01/292		100,000		94,628
Petrobras Global Finance BV
5.093%, due 01/15/30		250,000		235,359
5.600%, due 01/03/31		170,000		162,541
6.850%, due 06/05/15		200,000		174,162
6.900%, due 03/19/49		325,000		298,655
Petroleos Mexicanos
2.750%, due 04/21/273	EUR	575,000		504,617
3.750%, due 04/16/263		100,000		98,675
4.750%, due 02/26/293		275,000		238,498
5.950%, due 01/28/31		300,000		221,820
6.500%, due 03/13/27		250,000		222,850
6.500%, due 06/02/41		1,250,000		790,625
6.625%, due 06/15/35		477,000		331,358
6.700%, due 02/16/32		700,000		537,687
6.750%, due 09/21/47		479,000		294,824
6.875%, due 10/16/25		700,000		687,662
6.950%, due 01/28/60		250,000		151,437
7.690%, due 01/23/50		950,000		632,937
10.000%, due 02/07/332		100,000		92,700
Precision Drilling Corp.
6.875%, due 01/15/292		100,000		91,750
7.125%, due 01/15/262		100,000		97,126
Range Resources Corp.
8.250%, due 01/15/29		150,000		156,555
Rockcliff Energy II LLC
5.500%, due 10/15/292		25,000		22,608

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Sanchez Energy Corp.
6.125%, due 01/15/239		350,000	$	1,750
7.750%, due 06/15/219		475,000		2,375
Shelf Drilling Holdings Ltd.
8.250%, due 02/15/252		275,000		249,184
8.875%, due 11/15/242		100,000		99,456
Shelf Drilling North Sea Holdings Ltd.
10.250%, due 10/31/252		50,000		50,088
SM Energy Co.
5.625%, due 06/01/25		50,000		48,845
6.750%, due 09/15/26		100,000		98,500
Southwestern Energy Co.
4.750%, due 02/01/32		75,000		66,132
5.375%, due 02/01/29		50,000		47,139
5.375%, due 03/15/30		100,000		93,064
5.700%, due 01/23/2512		34,000		33,930
8.375%, due 09/15/28		50,000		52,351
Sunoco LP/Sunoco Finance Corp.
4.500%, due 04/30/30		175,000		156,182
6.000%, due 04/15/27		150,000		149,179
Talos Production, Inc.
12.000%, due 01/15/26		75,000		79,313
Tap Rock Resources LLC
7.000%, due 10/01/262		50,000		48,041
Teine Energy Ltd.
6.875%, due 04/15/292		125,000		114,170
Transocean Titan Financing Ltd.
8.375%, due 02/01/282		50,000		50,962
Transocean, Inc.
6.800%, due 03/15/38		75,000		51,056
7.250%, due 11/01/252		175,000		166,687
7.500%, due 01/15/262		150,000		138,357
7.500%, due 04/15/31		75,000		57,750
8.000%, due 02/01/272		25,000		22,190
8.750%, due 02/15/302		25,000		25,225
9.350%, due 12/15/4112		225,000		173,561
11.500%, due 01/30/272		168,000		171,945
Valaris Ltd.
8.375%, due 04/30/302		100,000		100,043
Vermilion Energy, Inc.
6.875%, due 05/01/302		125,000		115,990
YPF SA
6.950%, due 07/21/273		300,000		216,000
8.500%, due 03/23/253		100,000		90,488
9.000%, due 02/12/263		138,462		131,002
				18,726,563

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Oil & gas services: 0.7%
Archrock Partners LP/Archrock Partners Finance Corp.
6.250%, due 04/01/282		175,000	$	167,989
6.875%, due 04/01/272		75,000		73,692
Bristow Group, Inc.
6.875%, due 03/01/282		150,000		143,118
CGG SA
7.750%, due 04/01/273	EUR	150,000		143,798
Enerflex Ltd.
9.000%, due 10/15/272		100,000		99,640
Nine Energy Service, Inc.
13.000%, due 02/01/28		150,000		141,750
USA Compression Partners LP/USA Compression Finance Corp.
6.875%, due 04/01/26		100,000		98,920
6.875%, due 09/01/27		75,000		72,989
Weatherford International Ltd.
8.625%, due 04/30/302		400,000		407,448
11.000%, due 12/01/242		9,000		9,269
				1,358,613
Packaging & containers: 1.9%
ARD Finance SA
5.000% Cash or 5.750% PIK,
5.000%, due 06/30/273,6	EUR	375,000		316,314
6.500% Cash or 7.250% PIK,
6.500%, due 06/30/272,6		400,000		327,806
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.000%, due 09/01/293	EUR	200,000		161,428
6.000%, due 06/15/272		200,000		199,011
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.125%, due 08/15/263	EUR	150,000		146,477
5.250%, due 08/15/272		200,000		171,040
Ball Corp.
3.125%, due 09/15/31		125,000		104,107
6.875%, due 03/15/28		125,000		129,980
Berry Global, Inc.
4.875%, due 07/15/262		75,000		73,334
5.625%, due 07/15/272		50,000		49,252
Clydesdale Acquisition Holdings, Inc.
6.625%, due 04/15/292		25,000		24,537
Crown Americas LLC
5.250%, due 04/01/30		25,000		24,318
Crown Americas LLC/Crown Americas Capital Corp. VI
4.750%, due 02/01/26		50,000		49,017
Fiber Bidco Spa
11.000%, due 10/25/273	EUR	125,000		148,343

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Packaging & containers—(continued)
Guala Closures SpA
3.250%, due 06/15/283		125,000	$	118,633
Intelligent Packaging Holdco Issuer LP
9.000% Cash or 9.7500% PIK,
9.000%, due 01/15/262,6		75,000		56,480
Kleopatra Finco SARL
4.250%, due 03/01/263	EUR	100,000		89,023
Kleopatra Holdings 2 SCA
6.500%, due 09/01/263		250,000		145,730
LABL, Inc.
10.500%, due 07/15/272		50,000		47,504
Mauser Packaging Solutions Holding Co.
9.250%, due 04/15/272		75,000		71,175
OI European Group BV
2.875%, due 02/15/253	EUR	150,000		160,327
3.125%, due 11/15/243		150,000		161,772
4.750%, due 02/15/302		225,000		206,572
Owens-Brockway Glass Container, Inc.
5.375%, due 01/15/252		100,000		98,764
6.375%, due 08/15/252		25,000		25,469
6.625%, due 05/13/272		138,000		138,483
Sealed Air Corp.
4.000%, due 12/01/272		181,000		169,151
5.000%, due 04/15/292		75,000		71,885
6.125%, due 02/01/282		25,000		25,368
Trident TPI Holdings, Inc.
6.625%, due 11/01/252		25,000		25,000
9.250%, due 08/01/242		125,000		127,895
12.750%, due 12/31/282		25,000		25,601
TriMas Corp.
4.125%, due 04/15/292		150,000		133,500
				3,823,296
Pharmaceuticals: 2.5%
Bausch Health Americas, Inc.
8.500%, due 01/31/272		325,000		164,264
9.250%, due 04/01/262		25,000		20,125
Bausch Health Cos., Inc.
5.000%, due 01/30/282		75,000		34,883
5.250%, due 01/30/302		125,000		58,750
5.250%, due 02/15/312		125,000		59,687
6.125%, due 02/01/272		75,000		54,042
7.000%, due 01/15/282		75,000		34,312
7.250%, due 05/30/292		125,000		60,159
9.000%, due 12/15/252		175,000		146,431
BellRing Brands, Inc.
7.000%, due 03/15/302		175,000		179,284

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Bormioli Pharma Spa
3 mo. Euribor + 5.500%,
8.795%, due 05/15/282	EUR	150,000	$	157,517
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
0.000%, due 07/31/272,10		215,000		12,094
0.000%, due 06/30/282,10		129,000		7,256
Endo Luxembourg Finance Co. I Sarl/Endo U.S., Inc.
0.000%, due 04/01/292,10		125,000		87,586
Grifols SA
1.625%, due 02/15/253	EUR	150,000		156,230
3.200%, due 05/01/253		100,000		101,970
Gruenenthal GmbH
6.750%, due 05/15/302		100,000		110,600
Health & Happiness H&H International Holdings Ltd.
5.625%, due 10/24/243		200,000		171,608
Herbalife Nutrition Ltd./HLF Financing, Inc.
7.875%, due 09/01/252		200,000		191,397
HLF Financing SARL LLC/Herbalife International, Inc.
4.875%, due 06/01/292		25,000		19,138
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.000%, due 04/15/252		100,000		83,000
10.000%, due 06/15/292		61,141		31,730
Nidda Healthcare Holding GmbH
7.500%, due 08/21/263	EUR	150,000		160,626
Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, due 04/30/282		105,000		99,960
4.125%, due 04/30/282		200,000		184,001
5.125%, due 04/30/312		200,000		178,209
Owens & Minor, Inc.
4.500%, due 03/31/292		125,000		100,254
6.625%, due 04/01/302		100,000		87,000
P&L Development LLC/PLD Finance Corp.
7.750%, due 11/15/252		125,000		100,000
Par Pharmaceutical, Inc.
0.000%, due 04/01/272,10		273,000		193,436
Prestige Brands, Inc.
3.750%, due 04/01/312		25,000		21,189
5.125%, due 01/15/282		100,000		96,987

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(continued)
Teva Pharmaceutical Finance Netherlands II BV
1.875%, due 03/31/273	EUR	100,000	$	92,856
4.375%, due 05/09/30		275,000		254,501
4.500%, due 03/01/25		450,000		488,975
7.375%, due 09/15/29		250,000		278,715
Teva Pharmaceutical Finance Netherlands III BV
4.100%, due 10/01/46		200,000		132,185
4.750%, due 05/09/27		200,000		186,162
6.000%, due 04/15/24		485,000		481,229
				5,078,348
Pipelines: 2.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, due 06/15/292		25,000		23,410
5.750%, due 03/01/272		150,000		145,098
7.875%, due 05/15/262		125,000		128,347
Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, due 12/15/252		125,000		125,258
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.500%, due 06/15/312		250,000		232,675
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.000%, due 02/01/292		300,000		282,750
7.375%, due 02/01/312		75,000		75,000
Delek Logistics Partners LP/Delek Logistics Finance Corp.
6.750%, due 05/15/25		75,000		73,500
7.125%, due 06/01/282		100,000		91,084
EnLink Midstream LLC
5.375%, due 06/01/29		150,000		144,803
5.625%, due 01/15/282		25,000		24,622
6.500%, due 09/01/302		50,000		50,508
EnLink Midstream Partners LP
4.850%, due 07/15/26		150,000		146,057
5.050%, due 04/01/45		75,000		59,519
5.450%, due 06/01/47		125,000		104,375
5.600%, due 04/01/44		150,000		124,661

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
EQM Midstream Partners LP
4.500%, due 01/15/292		200,000	$	169,967
4.750%, due 01/15/312		300,000		245,871
5.500%, due 07/15/28		100,000		91,152
6.500%, due 07/01/272		25,000		24,375
6.500%, due 07/15/48		25,000		18,929
7.500%, due 06/01/272		75,000		74,731
7.500%, due 06/01/302		75,000		72,800
Genesis Energy LP/Genesis Energy Finance Corp.
6.500%, due 10/01/25		25,000		24,473
7.750%, due 02/01/28		25,000		24,606
8.000%, due 01/15/27		50,000		49,896
8.875%, due 04/15/30		50,000		50,067
Harvest Midstream I LP
7.500%, due 09/01/282		200,000		195,690
Hess Midstream Operations LP
5.125%, due 06/15/282		225,000		213,730
5.500%, due 10/15/302		125,000		116,340
Holly Energy Partners LP/Holly Energy Finance Corp.
5.000%, due 02/01/282		150,000		139,843
6.375%, due 04/15/272		125,000		123,120
Howard Midstream Energy Partners LLC
6.750%, due 01/15/272		100,000		93,324
ITT Holdings LLC
6.500%, due 08/01/292		150,000		124,541
Kinetik Holdings LP
5.875%, due 06/15/302		125,000		119,746
Martin Midstream Partners LP/Martin Midstream Finance Corp.
11.500%, due 02/15/282		150,000		146,107
New Fortress Energy, Inc.
6.500%, due 09/30/262		25,000		23,021
NGL Energy Operating LLC/NGL Energy Finance Corp.
7.500%, due 02/01/262		300,000		287,643
NuStar Logistics LP
6.375%, due 10/01/30		25,000		24,075
Plains All American Pipeline LP
Series B,
3 mo. USD LIBOR + 4.110%,
8.974%, due 05/30/237,8		250,000		220,000
Rockies Express Pipeline LLC
4.800%, due 05/15/302		50,000		44,488
4.950%, due 07/15/292		25,000		23,086
6.875%, due 04/15/402		100,000		87,034
7.500%, due 07/15/382		25,000		22,807

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.000%, due 12/31/302		125,000	$	111,019
6.000%, due 09/01/312		100,000		88,543
Transportadora de Gas del Sur SA
6.750%, due 05/02/252		600,000		515,737
Venture Global Calcasieu Pass LLC
3.875%, due 11/01/332		225,000		189,724
Western Midstream Operating LP
4.500%, due 03/01/28		25,000		23,851
4.750%, due 08/15/28		100,000		95,949
5.300%, due 03/01/48		100,000		84,390
5.450%, due 04/01/44		10,000		8,695
5.500%, due 08/15/48		75,000		64,139
				5,865,176
Real estate: 2.2%
ADLER Real Estate AG
2.125%, due 02/06/243	EUR	250,000		258,120
Agile Group Holdings Ltd.
(fixed, converts to FRN on 12/04/23),
8.375%, due 12/04/233,7,8		400,000		118,040
Central Plaza Development Ltd.
(fixed, converts to FRN on 11/14/24),
5.750%, due 11/14/243,7,8		200,000		176,766
China SCE Group Holdings Ltd.
7.375%, due 04/09/243		300,000		167,775
Country Garden Holdings Co. Ltd.
5.125%, due 01/14/273		400,000		182,976
Easy Tactic Ltd.
6.500% Cash or 7.500% PIK,
7.500%, due 07/11/286		321,242		44,572
Emeria SASU
7.750%, due 03/31/282	EUR	300,000		309,496
Greystar Real Estate Partners LLC
5.750%, due 12/01/252		100,000		97,791
Howard Hughes Corp.
4.125%, due 02/01/292		125,000		105,080
4.375%, due 02/01/312		25,000		20,254
5.375%, due 08/01/282		250,000		225,681
Kennedy-Wilson, Inc.
4.750%, due 02/01/30		75,000		58,055
KWG Group Holdings Ltd.
7.400%, due 03/05/243		200,000		51,000
New Metro Global Ltd.
4.800%, due 12/15/243		200,000		148,537
Pakuwon Jati Tbk PT
4.875%, due 04/29/283		200,000		174,662

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Real estate—(continued)
Peach Property Finance GmbH
4.375%, due 11/15/253	EUR	350,000	$	303,326
PHM Group Holding Oy
4.750%, due 06/18/262		250,000		248,203
Realogy Group LLC/Realogy Co-Issuer Corp.
5.250%, due 04/15/302		125,000		89,120
5.750%, due 01/15/292		75,000		55,688
RKPF Overseas 2019 A Ltd.
6.000%, due 09/04/253		250,000		179,500
Ronshine China Holdings Ltd.
0.000%, due 06/09/233,10		50,000		3,250
Samhallsbyggnadsbolaget i Norden AB
1.000%, due 08/12/273	EUR	125,000		92,629
Signa Development Finance SCS
5.500%, due 07/23/263		300,000		175,351
5.500%, due 07/23/262		200,000		116,901
Sino-Ocean Land Treasure Finance I Ltd.
6.000%, due 07/30/243		200,000		79,725
Theta Capital Pte Ltd.
8.125%, due 01/22/253		200,000		165,850
Vivion Investments Sarl
3.000%, due 08/08/243	EUR	300,000		239,488
3.500%, due 11/01/253		300,000		205,463
Yanlord Land HK Co. Ltd.
5.125%, due 05/20/263		200,000		167,787
6.800%, due 02/27/243		200,000		195,000
				4,456,086
Real estate investment trusts: 2.3%
Blackstone Mortgage Trust, Inc.
3.750%, due 01/15/272		225,000		188,009
Diversified Healthcare Trust
9.750%, due 06/15/25		100,000		95,718
HAT Holdings I LLC/HAT Holdings II LLC
3.375%, due 06/15/262		100,000		88,761
3.750%, due 09/15/302		25,000		19,650
6.000%, due 04/15/252		50,000		48,595
Iron Mountain Information Management Services, Inc.
5.000%, due 07/15/322		375,000		328,498
Iron Mountain UK PLC
3.875%, due 11/15/253	GBP	100,000		119,402
Iron Mountain, Inc.
4.500%, due 02/15/312		225,000		195,634
4.875%, due 09/15/292		75,000		68,405
5.000%, due 07/15/282		50,000		47,061
5.250%, due 07/15/302		200,000		184,205

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.250%, due 02/01/272		25,000	$	21,313
4.750%, due 06/15/292		50,000		39,563
MPT Operating Partnership LP/MPT Finance Corp.
2.500%, due 03/24/26	GBP	250,000		246,637
3.375%, due 04/24/30		250,000		199,509
3.500%, due 03/15/31		250,000		170,883
4.625%, due 08/01/29		50,000		37,851
5.000%, due 10/15/27		150,000		125,649
5.250%, due 08/01/26		25,000		22,264
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.875%, due 05/15/292		125,000		108,125
5.875%, due 10/01/282		50,000		46,125
7.500%, due 06/01/252		150,000		150,750
RHP Hotel Properties LP/RHP Finance Corp.
4.500%, due 02/15/292		100,000		90,045
RLJ Lodging Trust LP
3.750%, due 07/01/262		200,000		184,824
4.000%, due 09/15/292		200,000		168,000
Service Properties Trust
4.350%, due 10/01/24		150,000		143,175
4.375%, due 02/15/30		50,000		37,194
4.750%, due 10/01/26		125,000		108,036
4.950%, due 02/15/27		50,000		42,364
4.950%, due 10/01/29		75,000		56,815
5.250%, due 02/15/26		150,000		133,192
7.500%, due 09/15/25		25,000		24,485
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
4.750%, due 04/15/282		125,000		99,398
6.500%, due 02/15/292		75,000		45,276
10.500%, due 02/15/282		250,000		239,224
VICI Properties LP/VICI Note Co., Inc.
4.125%, due 08/15/302		125,000		111,446
4.625%, due 06/15/252		125,000		121,421
4.625%, due 12/01/292		200,000		185,762
XHR LP
4.875%, due 06/01/292		75,000		65,093
6.375%, due 08/15/252		125,000		123,258
				4,531,615

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Retail: 4.5%
1011778 BC ULC/New Red Finance, Inc.
3.875%, due 01/15/282		25,000	$	23,448
4.000%, due 10/15/302		500,000		436,491
4.375%, due 01/15/282		50,000		46,742
Abercrombie & Fitch Management Co.
8.750%, due 07/15/252		125,000		126,871
Alsea SAB de CV
7.750%, due 12/14/262		300,000		296,625
Arcos Dorados Holdings, Inc.
5.875%, due 04/04/273		200,000		194,051
Arko Corp.
5.125%, due 11/15/292		50,000		40,515
Asbury Automotive Group, Inc.
4.500%, due 03/01/28		15,000		13,627
4.625%, due 11/15/292		50,000		44,501
4.750%, due 03/01/30		25,000		22,187
5.000%, due 02/15/322		50,000		43,082
Bath & Body Works, Inc.
6.625%, due 10/01/302		200,000		191,993
6.750%, due 07/01/36		375,000		333,744
BCPE Ulysses Intermediate, Inc.
7.750% Cash or 8.500% PIK,
7.750%, due 04/01/272,6		100,000		80,000
Beacon Roofing Supply, Inc.
4.125%, due 05/15/292		125,000		109,351
4.500%, due 11/15/262		75,000		71,025
Carrols Restaurant Group, Inc.
5.875%, due 07/01/292		75,000		62,080
CEC Entertainment LLC
6.750%, due 05/01/262		50,000		47,530
Douglas GmbH
6.000%, due 04/08/263	EUR	350,000		342,760
eG Global Finance PLC
3.625%, due 02/07/243		100,000		107,986
6.250%, due 10/30/253		225,000		233,052
6.750%, due 02/07/252		200,000		189,500
Evergreen Acqco 1 LP/TVI, Inc.
9.750%, due 04/26/282		50,000		50,062
Ferrellgas LP/Ferrellgas Finance Corp.
5.375%, due 04/01/262		200,000		186,468
5.875%, due 04/01/292		200,000		168,990
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
6.750%, due 01/15/302		225,000		182,270
FirstCash, Inc.
4.625%, due 09/01/282		125,000		114,284
5.625%, due 01/01/302		75,000		69,669
Foodco Bondco SA
6.250%, due 05/15/263	EUR	300,000		134,873

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Retail—(continued)
Foundation Building Materials, Inc.
6.000%, due 03/01/292		100,000	$	79,891
Gap, Inc.
3.625%, due 10/01/292		75,000		53,104
3.875%, due 10/01/312		50,000		34,929
Grupo Unicomer Co. Ltd.
7.875%, due 04/01/243		600,000		596,362
IRB Holding Corp.
7.000%, due 06/15/252		50,000		50,613
Ken Garff Automotive LLC
4.875%, due 09/15/282		75,000		65,503
Kirk Beauty SUN GmbH
8.250%, due 10/01/263,6	EUR	213,702		166,015
Kohl's Corp.
4.625%, due 05/01/3112		25,000		17,049
5.550%, due 07/17/45		25,000		14,564
LBM Acquisition LLC
6.250%, due 01/15/292		150,000		119,457
LCM Investments Holdings II LLC
4.875%, due 05/01/292		200,000		170,501
Lithia Motors, Inc.
3.875%, due 06/01/292		200,000		173,123
4.625%, due 12/15/272		150,000		139,830
LSF9 Atlantis Holdings LLC / Victra Finance Corp.
7.750%, due 02/15/262		25,000		23,439
Macy's Retail Holdings LLC
4.500%, due 12/15/34		50,000		35,854
5.125%, due 01/15/42		150,000		98,339
5.875%, due 04/01/292		150,000		137,404
5.875%, due 03/15/302		25,000		22,198
6.375%, due 03/15/37		75,000		59,680
Marks & Spencer PLC
4.500%, due 07/10/273,12	GBP	125,000		140,916
Maxeda DIY Holding BV
5.875%, due 10/01/263	EUR	200,000		165,351
Michaels Cos., Inc.
7.875%, due 05/01/292		75,000		50,277
Murphy Oil USA, Inc.
4.750%, due 09/15/29		75,000		69,562
5.625%, due 05/01/27		25,000		24,625
Nordstrom, Inc.
4.375%, due 04/01/30		50,000		39,103
Patrick Industries, Inc.
4.750%, due 05/01/292		100,000		87,000
7.500%, due 10/15/272		125,000		122,834
PetSmart, Inc./PetSmart Finance Corp.
4.750%, due 02/15/282		250,000		236,287

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Retail—(continued)
Punch Finance PLC
6.125%, due 06/30/262	EUR	125,000	$	134,708
6.125%, due 06/30/263		200,000		215,533
QVC, Inc.
4.450%, due 02/15/25		75,000		55,125
4.850%, due 04/01/24		100,000		85,806
Rite Aid Corp.
8.000%, due 11/15/262		153,000		82,777
Sizzling Platter LLC/Sizzling Platter Finance Corp.
8.500%, due 11/28/252		200,000		185,000
Sonic Automotive, Inc.
4.625%, due 11/15/292		75,000		62,915
4.875%, due 11/15/312		125,000		100,937
Specialty Building Products Holdings LLC/SBP Finance Corp.
6.375%, due 09/30/262		75,000		68,062
Staples, Inc.
7.500%, due 04/15/262		275,000		231,918
10.750%, due 04/15/272		250,000		169,234
Stonegate Pub Co. Financing 2019 PLC
8.000%, due 07/13/253	GBP	225,000		255,906
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, due 06/01/312		75,000		65,674
Superior Plus LP/Superior General Partner, Inc.
4.500%, due 03/15/292		125,000		110,711
Victoria's Secret & Co.
4.625%, due 07/15/292		75,000		60,659
Yum! Brands, Inc.
4.750%, due 01/15/302		25,000		24,183
5.375%, due 04/01/32		225,000		219,474
				9,086,209
Savings & loans: 0.0%†
Washington Mutual, Inc.
0.000%, due 09/21/174		500,000		5,813
Semiconductors: 0.1%
Amkor Technology, Inc.
6.625%, due 09/15/272		50,000		50,050
Synaptics, Inc.
4.000%, due 06/15/292		125,000		105,625
				155,675
Software: 1.7%
AthenaHealth Group, Inc.
6.500%, due 02/15/302		250,000		205,335

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Software—(continued)
Boxer Parent Co., Inc.
6.500%, due 10/02/253	EUR	100,000	$	108,642
6.500%, due 10/02/252		150,000		162,963
7.125%, due 10/02/252		75,000		74,776
9.125%, due 03/01/262		75,000		73,112
Camelot Finance SA
4.500%, due 11/01/262		150,000		142,062
Castle U.S. Holding Corp.
9.500%, due 02/15/282		225,000		143,437
Cloud Software Group Holdings, Inc.
6.500%, due 03/31/292		350,000		315,216
Cloud Software Group, Inc.
9.000%, due 09/30/292		475,000		408,167
Dun & Bradstreet Corp.
5.000%, due 12/15/292		50,000		43,904
Elastic NV
4.125%, due 07/15/292		75,000		64,890
Fair Isaac Corp.
4.000%, due 06/15/282		75,000		69,865
MSCI, Inc.
3.250%, due 08/15/332		50,000		40,625
3.625%, due 09/01/302		50,000		43,134
3.625%, due 11/01/312		150,000		127,521
4.000%, due 11/15/292		225,000		202,732
Open Text Corp.
3.875%, due 02/15/282		100,000		88,611
3.875%, due 12/01/292		150,000		126,066
6.900%, due 12/01/272		50,000		51,643
Open Text Holdings, Inc.
4.125%, due 02/15/302		125,000		106,735
4.125%, due 12/01/312		275,000		227,608
Playtika Holding Corp.
4.250%, due 03/15/292		75,000		63,750
Rocket Software, Inc.
6.500%, due 02/15/292		25,000		20,751
SS&C Technologies, Inc.
5.500%, due 09/30/272		225,000		217,781
Twilio, Inc.
3.875%, due 03/15/31		100,000		83,568
Veritas U.S., Inc./Veritas Bermuda  Ltd.
7.500%, due 09/01/252		125,000		94,852
				3,307,746
Telecommunications: 4.9%
Altice France Holding SA
6.000%, due 02/15/282		400,000		246,308
8.000%, due 05/15/273	EUR	475,000		373,017
10.500%, due 05/15/272		400,000		295,392

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Altice France SA
3.375%, due 01/15/283	EUR	500,000	$	420,100
4.125%, due 01/15/293		250,000		205,614
5.125%, due 07/15/292		375,000		277,255
5.500%, due 10/15/292		200,000		149,716
Ciena Corp.
4.000%, due 01/31/302		100,000		87,842
CommScope Technologies LLC
6.000%, due 06/15/252		236,000		221,831
CommScope, Inc.
4.750%, due 09/01/292		25,000		20,189
6.000%, due 03/01/262		100,000		95,508
7.125%, due 07/01/282		100,000		71,750
8.250%, due 03/01/272		25,000		19,328
Digicel Group Holdings Ltd.
7.000%, due 05/15/232,6,8		48,300		5,071
5.000% Cash or 3.000% PIK,
8.000%, due 04/01/252		111,072		42,506
eircom Finance DAC
3.500%, due 05/15/263	EUR	225,000		233,666
Embarq Corp.
7.995%, due 06/01/36		125,000		53,750
Frontier Communications  Holdings LLC
5.000%, due 05/01/282		100,000		87,811
5.875%, due 10/15/272		25,000		23,012
5.875%, due 11/01/29		17,911		13,623
6.000%, due 01/15/302		25,000		19,123
6.750%, due 05/01/292		200,000		160,968
8.625%, due 03/15/312		75,000		73,079
GoTo Group, Inc.
5.500%, due 09/01/272		225,000		126,677
Hughes Satellite Systems Corp.
6.625%, due 08/01/26		150,000		141,673
Iliad Holding SASU
6.500%, due 10/15/262		200,000		192,442
Intelsat Jackson Holdings SA
0.000%, due 10/15/242,4,5,9		525,000		0
Level 3 Financing, Inc.
3.625%, due 01/15/292		75,000		41,946
3.750%, due 07/15/292		200,000		112,556
4.250%, due 07/01/282		300,000		174,884
10.500%, due 05/15/302		146,000		139,766
Liberty Costa Rica Senior Secured Finance
10.875%, due 01/15/312		200,000		189,800
Lorca Telecom Bondco SA
4.000%, due 09/18/272	EUR	225,000		227,625
4.000%, due 09/18/273		125,000		126,458

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

 

	Face
	amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
MTN Mauritius Investments Ltd.
6.500%, due 10/13/263		200,000	$	198,912
Network i2i Ltd.
(fixed, converts to FRN on 04/15/25),
5.650%, due 01/15/253,7,8		300,000		287,587
Nokia of America Corp.
6.450%, due 03/15/29		200,000		188,000
PPF Telecom Group BV
3.250%, due 09/29/273	EUR	225,000		228,093
SoftBank Group Corp.
2.125%, due 07/06/243		325,000		340,057
3.125%, due 09/19/253		475,000		476,296
4.500%, due 04/20/253		100,000		105,484
Sprint Capital Corp.
8.750%, due 03/15/32		95,000		116,120
Sprint LLC
7.625%, due 03/01/26		150,000		158,837
Telecom Italia Capital SA
6.000%, due 09/30/34		200,000		170,497
6.375%, due 11/15/33		75,000		67,048
7.200%, due 07/18/36		50,000		45,184
Telecom Italia SpA
1.625%, due 01/18/293	EUR	425,000		360,597
2.375%, due 10/12/273		100,000		94,384
3.625%, due 05/25/263		200,000		209,900
Telecommunications Services of Trinidad & Tobago Ltd.
8.875%, due 10/18/293		400,000		336,600
Telesat Canada/Telesat LLC
4.875%, due 06/01/272		50,000		26,760
5.625%, due 12/06/262		125,000		69,823
6.500%, due 10/15/272		75,000		26,283
TMNL Holding BV
3.750%, due 01/15/293	EUR	375,000		357,429
T-Mobile USA, Inc.
2.625%, due 04/15/26		25,000		23,449
2.875%, due 02/15/31		25,000		21,662
Total Play Telecomunicaciones SA de CV
6.375%, due 09/20/283		200,000		125,000
7.500%, due 11/12/252		200,000		138,060
Vmed O2 UK Financing I PLC
4.250%, due 01/31/312		200,000		165,783
4.750%, due 07/15/312		200,000		170,428

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
Vodafone Group PLC
(fixed, converts to FRN on 08/27/26),
2.625%, due 08/27/803,7	EUR	225,000	$	222,455
(fixed, converts to FRN on 10/03/28),
4.200%, due 10/03/783,7		125,000		125,685
(fixed, converts to FRN on 04/04/29),
7.000%, due 04/04/797		175,000		179,375
Zayo Group Holdings, Inc.
4.000%, due 03/01/272		150,000		113,574
				9,819,648
Textiles: 0.2%
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC
5.375%, due 05/01/232	EUR	200,000		213,571
5.375%, due 05/01/233		153,000		163,381
				376,952
Toys/Games/Hobbies: 0.1%
Mattel, Inc.
5.450%, due 11/01/41		25,000		22,225
5.875%, due 12/15/272		100,000		100,123
6.200%, due 10/01/40		25,000		23,561
				145,909
Transportation: 0.5%
Cargo Aircraft Management, Inc.
4.750%, due 02/01/282		125,000		112,154
First Student Bidco, Inc./First Transit Parent, Inc.
4.000%, due 07/31/292		50,000		43,332
Hidrovias International Finance SARL
4.950%, due 02/08/312		200,000		149,163
Rand Parent LLC
8.500%, due 02/15/302		100,000		90,596
Rumo Luxembourg Sarl
5.250%, due 01/10/283		200,000		185,725
Seaspan Corp.
5.500%, due 08/01/292		175,000		139,650
Western Global Airlines LLC
10.375%, due 08/15/252		125,000		16,250
Zenith Finco PLC
6.500%, due 06/30/272	GBP	275,000		256,221
6.500%, due 06/30/273		100,000		93,171
				1,086,262
Trucking & leasing: 0.2%
Fly Leasing Ltd.
7.000%, due 10/15/242		125,000		108,672

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Corporate bonds—(continued)
Trucking & leasing—(continued)
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/282		100,000	$	91,658
6.500%, due 10/01/252		153,000		151,093
9.750%, due 08/01/272		125,000		130,179
				481,602
Water: 0.1%
Solaris Midstream Holdings LLC
7.625%, due 04/01/262		175,000		168,000
Total corporate bonds
(cost—$219,060,250)				191,690,210
Loan assignments—0.8%
Broadcast: 0.7%
Allen Media LLC
2021 Term Loan B,
3 mo. USD LIBOR + 5.500%,
10.548%, due 02/10/277		71,860		63,102
Ascent Resources - Utica
2020 Fixed 2nd Lien Term Loan,
3 mo. USD LIBOR + 9.000%,
14.211%, due 11/01/257		253,000		267,864
Athenahealth, Inc.
1 mo. USD SOFR + 3.500%,
3.500%, due 02/15/297,13		10,870		10,171
1 mo. USD SOFR + 3.500%,
8.464%, due 02/15/297		88,480		82,792
Avantor Funding, Inc.
2021 Term Loan B5,
1 mo. USD LIBOR + 2.250%,
7.332%, due 11/08/277		36,104		36,042
Clarios Global LP
2021 USD Term Loan B,
1 mo. USD LIBOR + 3.250%,
8.275%, due 04/30/267		19,802		19,748
Cloud Software Group, Inc.
2022 USD Term Loan A,
3 mo. USD LIBOR + 4.500%,
9.498%, due 09/29/287		75,000		69,937
Consolidated Communications, Inc.
2021 Term Loan B,
1 mo. USD LIBOR + 3.500%,
8.597%, due 10/02/277		150,000		127,446
Diamond Sports Group, LLC
2022 2nd Lien Term Loan,
3 mo. USD SOFR + 3.250%,
8.167%, due 08/24/267		96,772		6,169
DirecTV Financing LLC
Term Loan,
1 mo. USD LIBOR + 5.000%,
10.025%, due 08/02/277		43,250		41,452

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Loan assignments—(continued)
Broadcast—(continued)
Endure Digital, Inc.
Term Loan,
1 mo. USD LIBOR + 3.500%,
8.792%, due 02/10/287		73,687	$	68,829
Formula One Holdings Limited.
Term Loan B,
1 mo. USD SOFR + 3.250%,
8.482%, due 01/15/307		25,000		25,019
Great Canadian Gaming Corporation
2021 Term Loan,
3 mo. USD LIBOR + 4.000%,
8.947%, due 11/01/267		99,250		98,382
Mulhacen Pte Ltd
6 mo. EUR EURIBOR + 8.000%,
8.000%, due 12/01/267,14		239,400		136,294
6 mo. EUR EURIBOR + 10.000%,
13.375%, due 08/01/267,14	EUR	112,062		100,843
Scientific Games Holdings LP
2022 USD Term Loan B,
3 mo. USD SOFR + 3.500%,
8.421%, due 04/04/297		149,250		146,910
UFC Holdings LLC
2021 Term Loan B,
3 mo. USD LIBOR + 2.750%,
8.050%, due 04/29/267		63,007		62,814
Total Broadcast				1,363,814
Chemicals: 0.0%†
Consolidated Energy Finance SA
Term Loan B,
1 mo. USD LIBOR + 2.500%,
7.525%, due 05/07/257,14		40,468		40,249
Total chemicals				40,249
Insurance: 0.0%†
Hub International Ltd.
2018 Term Loan B,
3 mo. USD LIBOR + 3.000%,
8.020%, due 04/25/257		71,685		71,500
Total insurance				71,500
Media: 0.1%
Altice France S.A.
2023 USD Term Loan B14,
1 mo. USD Term SOFR + 5.500%,
10.486%, due 08/15/287		162,889		152,912
Total media				152,912

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face
	amount1		Value
Loan assignments—(continued)
Oil & gas: 0.0%†
Parker Drilling Co.
2nd Lien PIK Term Loan,
2.000%, due 03/26/247		27,922	$	27,363
Total Oil & gas				27,363
Total loan assignments (cost—$1,882,253)				1,655,838
Non-U.S. government agency obligations: 0.1%
Turkey: 0.1%
Turkiye Ihracat Kredi Bankasi AS
5.375%, due 10/24/232		200,000		197,975
Ukraine: 0.0%†
Ukreximbank Via Biz Finance PLC
9.750%, due 01/22/253		103,000		82,400
Total non-U.S. government agency obligations (cost $303,816)				280,375

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares
Common stocks: 0.6%
Aerospace & defense: 0.0%†
Egmv13794*,4,5	EUR	2,750	$	0
Energy equipment & services: 0.0%†
Parker Drilling Co.*		1,153		14,413
Financial services: 0.1%
SPN*,2,4,,		2,777		190,225
Gas utilities: 0.0%†
Ferrellgas Partners LP,Class B,		364		54,782
IT services: 0.1%
Carnelian Point Holdings LP4		140		169,565
Leisure products: 0.0%†
Codere New Topco SA*,4,5	EUR	4,367		0
Teide 10 S.L.*,4,5		5,444,137		29,994
				29,994
Media: 0.0%†
iHeartMedia, Inc., Class A*		1,347		4,674
Metals & mining: 0.0%†
Aleris International, Inc.*,4,5,9		795		15,900
Cloud Peak Energy, Inc.*,4,5		66		0
Petra Diamonds Ltd.*	GBP	54,100		46,233
				62,133
Oil, gas & consumable fuels: 0.2%
Athabasca Oil Corp.*		35,451		87,564
Chaparral Energy, Inc.*,4		2,856		131,376
Summit Midstream Partners LP*		11,021		168,952
				387,892
Paper & forest products: 0.1%
Hardwood Holdings LLC*,4		936		82,836
Pharmaceuticals: 0.0%†
Mallinckrodt PLC*,,		3,666		21,409
Wireless telecommunication services: 0.1%
Intelsat SA*,4		5,072		130,604
Total common stocks (cost—$1,600,587)				1,148,527
Preferred stocks: 0.1%
Machinery: 0.0%†
Selecta Group BV*,4	EUR	21,852		11,497
Selecta Group BV, Class A*,4		43,703		22,995
Total Machinery (cost—$19,205)				34,492
Oil, gas & consumable fuels: 0.1%
Global Partners LP8		3,886		98,355
Gulfport Energy Corp.4,6,8		9		49,950
Total Oil, gas & consumable fuels (cost—$104,004)				148,305
Total preferred stocks (cost—$123,209)				182,797
Rights: 0.0%†
Intelsat Jackson Holdings SA expires 12/05/25*,4		1,062		7,699
Total rights (cost—$0)
Warrants: 0.1%
California Resources Corp. expires 10/27/24*		201		1,914
Carlson Travel, Inc. expires 11/19/26*,4		1,052		0
Carlson Travel, Inc. expires 11/19/28*,4		1,108		0
Chalice Mining Ltd. expires 10/01/24*,4		9		4
Chalice Mining Ltd.expires 10/01/25*,4		9		9
Denbury, Inc. expires 09/18/25*		1,376		85,752
Intelsat SA expires 02/17/27*,4		1		1
Total warrants (cost—$382,313)				87,680

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Short-term investments—1.1%
Investment companies: 1.1%
State Street Institutional U.S. Government Money Market Fund, 4.756%15 (cost $2,188,630)		2,188,630	$	2,188,630
Total investments (cost—$225,541,058)—98.7%				197,241,756
Other assets in excess of liabilities—1.3%				2,605,495
Net assets—100.0%			$	199,847,251

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	EUR	36,749,808	USD	40,093,122	05/09/23	$	(416,784	)
SSC	GBP	4,597,927	USD	5,704,933	05/09/23		(74,392	)
SSC	USD	250,000	EUR	227,408	05/09/23		1,296
Net unrealized appreciation (depreciation)						$	(489,880	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Corporate bonds		—		191,525,955			164,255		191,690,210
Loan assignments		—		1,655,838			—		1,655,838
Non-U.S. government agency obligations		—		280,375			—		280,375
Preferred stocks		98,355		84,442			—		182,797
Common stocks	$	398,027	$	535,041		$	215,459	$	1,148,527
Rights		—		7,699			—		7,699
Warrants		87,666		14			—		87,680
Short-term investments		—		2,188,630			—		2,188,630
Forward foreign currency contracts		—		1,296			—		1,296
Total	$	584,048	$	196,279,290		$	379,714	$	197,243,052
Liabilities
Forward foreign currency contracts	$	—	$	(491,176	)	$	—	$	(491,176	)

PACE High Yield Investments

Portfolio of investments – April 30, 2023 (unaudited)

At April 30, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

* Non–income producing security.

1 In U.S. dollars unless otherwise indicated.

2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $107,788,069, represented 53.9% of the Portfolios 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 Payment–in–kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

7 Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

8 Perpetual investment. Date shown reflects the next call date.

9 This security is considered restricted. At period end, the value of restricted security was $36,150, represented 53.9 of the Fund’s net assets.

The table below provides further information.  

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 04/30/23		Value as a percentage of net assets
Aleris International, Inc.	1/10/2017	$	13,981		0.0	%	$	15,900		0.0	%
Appcion Esc	6/1/2020		650,000		0.0			6,500		0.0
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.3.000%, due 03/15/24	9/2/2020		482,067		0.0			5,500		0.0
Intelsat Jackson Holdings SA, 0.000%, due 10/15/24	9/5/18-2/11/20		—		—			—		0.0
Sanchez Energy Corp. 6.125%, due 01/15/23	10/30/17-12/1/17		329,036		0.0			1,750		0.0
Sanchez Energy Corp. 7.750%, due 06/15/21	11/3/17-12/1/17		475,000		0.0			2,375		0.0

10 Bond interest in default.

11 Security, or portion thereof, pledged as collateral for investments sold short.

12 Step bond—coupon rate increases in increments to maturity. The rate disclosed is the rate  at the period end; the maturity date disclosed is the ultimate maturity date.

13 All or a portion of the loan commitment is unfunded.

14 Position is unsettled. Contract rate was not determined at April 30, 2023 and does not take effect until settlement.

15 Rates shown reflect yield at April 30, 2023.

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks: 97.6%
Aerospace & defense: 2.4%
Boeing Co.*		4,400	$	909,832
General Dynamics Corp.		82,700		18,056,718
Raytheon Technologies Corp.		7,600		759,240
				19,725,790
Air freight & logistics: 0.9%
FedEx Corp.		31,592		7,196,026
Automobile components: 0.3%
Adient PLC*		7,900		291,826
Aptiv PLC*		5,400		555,444
Goodyear Tire & Rubber Co.*		21,700		231,539
Magna International, Inc.		27,000		1,408,320
				2,487,129
Automobiles: 1.7%
General Motors Co.		55,100		1,820,504
Harley-Davidson, Inc.		327,865		12,163,792
				13,984,296
Banks: 6.1%
Citigroup, Inc.		319,513		15,039,477
Citizens Financial Group, Inc.		39,500		1,222,130
First Citizens BancShares, Inc., Class A		700		705,026
JPMorgan Chase & Co.		96,021		13,273,943
M&T Bank Corp.		119,283		15,005,801
U.S. Bancorp		46,500		1,594,020
Wells Fargo & Co.		70,000		2,782,500
				49,622,897
Broadline retail: 1.3%
Alibaba Group Holding Ltd., ADR*		123,186		10,432,622
Building products: 2.0%
Johnson Controls International PLC		276,513		16,546,538
Capital markets: 6.5%
Ares Management Corp., Class A		211,400		18,516,526
Bank of New York Mellon Corp.		317,754		13,533,143
Charles Schwab Corp.		80,353		4,197,641
Goldman Sachs Group, Inc.		4,900		1,682,856
Morgan Stanley		154,449		13,895,776
State Street Corp.		17,200		1,242,872
				53,068,814
Chemicals: 4.3%
Axalta Coating Systems Ltd.*		520,147		16,421,041
Olin Corp.		17,200		952,880
PPG Industries, Inc.		130,252		18,269,145
				35,643,066
Communications equipment: 2.4%
Cisco Systems, Inc.		339,497		16,041,233
F5, Inc.*		14,300		1,921,348

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Communications equipment—(continued)
Telefonaktiebolaget LM Ericsson, ADR1		249,100	$	1,367,559
				19,330,140
Construction & engineering: 0.0%†
Fluor Corp.*		10,500		305,130
Construction materials: 1.7%
HeidelbergCement AG		184,965		13,973,420
Consumer finance: 1.7%
American Express Co.		85,960		13,868,786
Capital One Financial Corp.		3,900		379,470
				14,248,256
Containers & packaging: 0.0%†
International Paper Co.		8,400		278,124
Electric utilities: 2.3%
Exelon Corp.		407,449		17,292,136
PPL Corp.		55,000		1,579,600
				18,871,736
Electronic equipment, instruments & components: 2.1%
Corning, Inc.		502,012		16,676,839
TE Connectivity Ltd.		6,000		734,220
				17,411,059
Energy equipment & services: 0.3%
Baker Hughes Co.		13,100		383,044
Halliburton Co.		19,400		635,350
NOV, Inc.		66,800		1,118,900
Schlumberger NV		7,500		370,125
				2,507,419
Entertainment: 0.1%
Warner Bros Discovery, Inc.		69,300		943,173
Financial services: 3.5%
Berkshire Hathaway, Inc., Class B*		49,960		16,414,358
Corebridge Financial Inc.		23,400		394,524
Equitable Holdings, Inc.		419,229		10,895,762
Fidelity National Information Services, Inc.		16,900		992,368
				28,697,012
Food products: 3.4%
Archer-Daniels-Midland Co.		145,343		11,348,381
Danone SA		244,175		16,140,702
				27,489,083
Health care equipment & supplies: 2.5%
DENTSPLY SIRONA, Inc.		420,986		17,651,943
GE HealthCare Technologies, Inc.*		8,800		715,792
Medtronic PLC		16,300		1,482,485
Zimmer Biomet Holdings, Inc.		3,800		526,072
				20,376,292
Health care providers & services: 4.6%
Centene Corp.*		14,200		978,806

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care providers & services—(continued)
Cigna Group		2,100	$	531,909
CVS Health Corp.		19,300		1,414,883
Elevance Health, Inc.		34,352		16,099,065
HCA Healthcare, Inc.		3,200		919,456
Humana, Inc.		1,100		583,539
UnitedHealth Group, Inc.		35,276		17,358,967
				37,886,625
Hotels, restaurants & leisure: 2.5%
Aramark		322,311		11,184,192
Booking Holdings, Inc.*		200		537,262
Expedia Group, Inc.*		94,726		8,900,455
				20,621,909
Industrial conglomerates: 0.2%
General Electric Co.		17,100		1,692,387
Insurance: 5.8%
American International Group, Inc.		227,440		12,063,418
Hartford Financial Services Group, Inc.		16,000		1,135,840
Marsh & McLennan Cos., Inc.		46,154		8,316,489
MetLife, Inc.		223,686		13,718,662
Progressive Corp.		87,210		11,895,444
				47,129,853
Interactive media & services: 4.1%
Alphabet, Inc., Class A*		168,698		18,108,044
Meta Platforms, Inc., Class A*		65,388		15,714,044
				33,822,088
IT services: 0.0%†
Cognizant Technology Solutions Corp., Class A		6,200		370,202
Machinery: 0.4%
CNH Industrial NV		53,900		759,990
Cummins, Inc.		4,300		1,010,672
PACCAR, Inc.		10,400		776,776
Timken Co.		5,000		384,250
				2,931,688
Media: 1.6%
Comcast Corp., Class A		274,736		11,365,828
News Corp., Class A		43,300		762,513
Omnicom Group, Inc.		4,000		362,280
Paramount Global, Class B		25,900		604,247
				13,094,868
Multi-utilities: 2.2%
Sempra Energy		114,314		17,774,684
Oil, gas & consumable fuels: 4.9%
APA Corp.		56,900		2,096,765
Cenovus Energy, Inc.		35,700		599,760
ConocoPhillips		157,546		16,209,908
EOG Resources, Inc.		144,719		17,289,579

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Oil, gas & consumable fuels—(continued)
Marathon Oil Corp.		45,400	$	1,096,864
Murphy Oil Corp.		17,500		642,425
Ovintiv, Inc.		20,100		725,208
Shell PLC, ADR		21,600		1,338,768
				39,999,277
Passenger airlines: 0.7%
Southwest Airlines Co.		202,017		6,119,095
Personal care products: 2.7%
Unilever PLC, ADR1		399,137		22,164,078
Pharmaceuticals: 7.5%
Eli Lilly & Co.		49,885		19,747,476
GSK PLC, ADR		9,800		353,094
Merck & Co., Inc.		180,195		20,807,117
Pfizer, Inc.		512,168		19,918,213
Sanofi, ADR		8,200		439,930
				61,265,830
Semiconductors & semiconductor equipment: 4.2%
Lam Research Corp.		15,979		8,374,274
Micron Technology, Inc.		12,800		823,808
NXP Semiconductors NV		80,193		13,130,802
QUALCOMM, Inc.		103,125		12,045,000
				34,373,884
Software: 0.7%
Microsoft Corp.		9,000		2,765,340
Oracle Corp.		14,000		1,326,080
Workday, Inc., Class A		11,000		2,047,540
				6,138,960
Specialized REITs: 2.0%
Gaming and Leisure Properties, Inc.		310,215		16,131,180
Specialty retail: 3.8%
Advance Auto Parts, Inc.		34,934		4,385,265
Home Depot, Inc.		51,014		15,331,747
TJX Cos., Inc.		145,041		11,432,132
				31,149,144
Technology hardware, storage & peripherals: 1.8%
Samsung Electronics Co. Ltd.		298,938		14,629,736
Tobacco: 2.3%
Philip Morris International, Inc.		188,668		18,861,140
Wireless telecommunication services: 0.1%
Vodafone Group PLC, ADR		66,000		788,700
Total common stocks (cost—$782,809,095)				800,083,350
Short term investments: 2.8%
Investment companies: 2.8%
State Street Institutional U.S. Government Money Market Fund, 4.756%2 (cost—$22,884,680)		22,884,680		22,884,680
Investment of cash collateral from securities loaned: 0.4%
Money market funds: 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.7902% (cost $2,861,799)		2,861,799		2,861,799
Total Investments (cost—$808,555,574)3—100.8%				825,829,829
Liabilities in excess of other assets—(0.8)%				(6,273,900	)
Net Assets—100.0%			$	819,555,929

PACE Large Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund 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 quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks		800,083,350		—		—		800,083,350
Short-term investments		—		22,884,680		—		22,884,680
Investment of cash collateral from securities loaned		—		2,861,799		—		2,861,799
Total	$	800,083,350	$	25,746,479	$	—	$	825,829,829

At April 30, 2023, 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 Rates shown reflect yield at April 30, 2023.

3 Includes $18,907,211 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,861,799 and non-cash collateral of $16,397,832.

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks: 97.5%
Air freight & logistics: 0.5%
United Parcel Service, Inc.,Class B		19,738	$	3,549,090
Automobiles: 1.1%
Tesla, Inc.*		50,826		8,351,220
Beverages: 0.8%
Coca-Cola Co.		13,464		863,716
Monster Beverage Corp.*		90,210		5,051,760
				5,915,476
Biotechnology: 4.1%
AbbVie, Inc.		54,563		8,245,561
Alnylam Pharmaceuticals, Inc.*		6,900		1,374,480
Amgen, Inc.		3,790		908,615
Exact Sciences Corp.*		61,846		3,962,473
Moderna, Inc.*		6,397		850,097
Regeneron Pharmaceuticals, Inc.*		12,853		10,305,407
Sarepta Therapeutics, Inc.*		13,807		1,695,085
Seagen, Inc.*		13,581		2,716,200
				30,057,918
Broadline retail: 8.7%
Amazon.com, Inc.*		507,706		53,537,598
Etsy, Inc.*		20,246		2,045,453
MercadoLibre, Inc.*		6,033		7,707,097
				63,290,148
Building products: 0.6%
Trane Technologies PLC		21,952		4,078,901
Capital markets: 1.8%
Blackstone, Inc.		41,012		3,663,602
Charles Schwab Corp.		55,644		2,906,843
Morgan Stanley		62,137		5,590,466
MSCI, Inc.		1,959		945,119
				13,106,030
Chemicals: 0.3%
Sherwin-Williams Co.		9,406		2,234,301
Consumer finance: 0.2%
Capital One Financial Corp.		12,678		1,233,569
Consumer staples distribution & retail: 0.3%
Target Corp.		13,223		2,085,928
Electrical equipment: 0.4%
Rockwell Automation, Inc.		10,414		2,951,432
Electronic equipment, instruments & components: 0.6%
Amphenol Corp.,Class A		59,971		4,526,011
Energy equipment & services: 0.4%
Schlumberger NV		53,767		2,653,401
Entertainment: 3.1%
Netflix, Inc.*		67,980		22,428,641
Financial services: 5.5%
Block, Inc.*		25,410		1,544,674
Mastercard, Inc.,Class A		43,280		16,447,699
PayPal Holdings, Inc.*		97,271		7,392,596

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Financial services—(continued)
Visa, Inc.,Class A		63,969	$	14,887,505
				40,272,474
Food products: 0.4%
Hershey Co.		10,716		2,926,111
Ground transportation: 0.7%
Uber Technologies, Inc.*		171,416		5,322,467
Health care equipment & supplies: 3.5%
Abbott Laboratories		83,430		9,216,512
Align Technology, Inc.*		25,567		8,316,945
Dexcom, Inc.*		22,474		2,726,995
Intuitive Surgical, Inc.*		13,117		3,951,103
Stryker Corp.		4,931		1,477,574
				25,689,129
Health care providers & services: 4.4%
Elevance Health, Inc.		6,276		2,941,247
HCA Healthcare, Inc.		22,648		6,507,450
Humana, Inc.		5,708		3,028,037
McKesson Corp.		16,499		6,009,596
UnitedHealth Group, Inc.		28,148		13,851,349
				32,337,679
Hotels, restaurants & leisure: 3.6%
Airbnb, Inc.,Class A*		104,402		12,493,787
Chipotle Mexican Grill, Inc.*		2,420		5,003,640
Marriott International, Inc.,Class A		34,075		5,770,261
Starbucks Corp.		24,458		2,795,305
				26,062,993
Insurance: 0.2%
Progressive Corp.		11,735		1,600,654
Interactive media & services: 7.6%
Alphabet, Inc.,Class C*		369,727		40,011,856
Match Group, Inc.*		2,115		78,043
Meta Platforms, Inc.,Class A*		63,784		15,328,571
				55,418,470
IT services: 2.4%
Accenture PLC,Class A		30,624		8,583,601
Cognizant Technology Solutions Corp.,Class A		36,233		2,163,473
MongoDB, Inc.*		6,780		1,626,929
Shopify, Inc.,Class A*		79,178		3,836,174
Snowflake, Inc.,Class A*		7,417		1,098,309
				17,308,486
Life sciences tools & services: 2.1%
Illumina, Inc.*		33,385		6,862,620
Thermo Fisher Scientific, Inc.		15,552		8,629,805
				15,492,425
Machinery: 1.0%
Deere & Co.		18,489		6,989,212

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Media: 0.6%
Trade Desk, Inc.,Class A*		63,973	$	4,116,023
Metals & mining: 1.1%
Freeport-McMoRan, Inc.		179,499		6,804,807
Teck Resources Ltd.,Class B		33,328		1,553,085
				8,357,892
Oil, gas & consumable fuels: 1.8%
Cheniere Energy, Inc.		18,250		2,792,250
ConocoPhillips		41,850		4,305,946
Exxon Mobil Corp.		27,329		3,234,114
TOTAL SE,ADR		38,718		2,475,242
				12,807,552
Personal care products: 0.2%
Estee Lauder Cos., Inc.,Class A		6,629		1,635,507
Pharmaceuticals: 2.2%
AstraZeneca PLC,ADR		41,511		3,039,436
Eli Lilly & Co.		16,459		6,515,460
Zoetis, Inc.		35,653		6,267,084
				15,821,980
Professional services: 0.2%
Equifax, Inc.		6,919		1,441,781
Semiconductors & semiconductor equipment: 5.7%
Advanced Micro Devices, Inc.*		75,665		6,762,181
ASML Holding NV,Registered Shares		6,010		3,827,529
First Solar, Inc.*		18,515		3,380,469
Lam Research Corp.		9,153		4,796,904
Micron Technology, Inc.		26,703		1,718,605
NVIDIA Corp.		68,448		18,993,635
Texas Instruments, Inc.		12,994		2,172,597
				41,651,920
Software: 22.6%
Adobe, Inc.*		50,079		18,907,827
Autodesk, Inc.*		46,331		9,024,815
HubSpot, Inc.*		7,485		3,150,811
Intuit, Inc.		12,678		5,628,398

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Software—(continued)
Microsoft Corp.		239,257	$	73,514,106
Oracle Corp.		109,298		10,352,707
Salesforce, Inc.*		104,400		20,709,828
ServiceNow, Inc.*		32,609		14,981,227
Synopsys, Inc.*		13,304		4,940,041
Workday, Inc.,Class A*		17,277		3,215,941
				164,425,701
Specialty retail: 2.5%
AutoZone, Inc.*		3,184		8,479,979
Lowe's Cos., Inc.		45,046		9,361,910
				17,841,889
Technology hardware, storage & peripherals: 5.0%
Apple, Inc.		214,536		36,402,469
Textiles, apparel & luxury goods: 1.1%
NIKE, Inc.,Class B		42,764		5,419,054
Tapestry, Inc.		66,069		2,696,276
				8,115,330
Tobacco: 0.2%
Philip Morris International, Inc.		14,478		1,447,366
Total common stocks (cost—$685,624,728)				709,947,576

Short term investments: 2.0%
Investment companies: 2.0%
State Street Institutional U.S. Government Money Market Fund, 4.756%1 (cost—$14,398,829)	14,398,829		14,398,829
Total Investments (cost—$700,023,557)—99.5%			724,346,405
Other assets in excess of liabilities—0.5%			3,379,209
Net Assets—100.0%		$	727,725,614

PACE Large Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund 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 quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks		709,947,576		—		—		709,947,576
Short-term investments		—		14,398,829		—		14,398,829
Total	$	709,947,576	$	14,398,829	$	—	$	724,346,405

Portfolio footnotes

* Non–income producing security.

1 Rates shown reflect yield at April 30, 2023.

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks: 94.2%
Aerospace & defense: 0.2%
Northrop Grumman Corp.		1,000	$	461,270
Air freight & logistics: 0.3%
FedEx Corp.		3,600		820,008
Automobile components: 1.3%
Gentex Corp.		124,358		3,431,037
Goodyear Tire & Rubber Co.*		41,800		446,006
				3,877,043
Automobiles: 1.1%
Thor Industries, Inc.1		42,101		3,326,821
Banks: 12.2%
Ameris Bancorp		64,020		2,144,670
Bank of Hawaii Corp.1		43,987		2,130,290
Bank of NT Butterfield & Son Ltd.		119,290		3,069,332
Bank OZK		60,440		2,158,917
Banner Corp.		54,080		2,699,673
Carter Bankshares, Inc.*		171,372		2,202,130
Cathay General Bancorp		60,440		1,926,223
First Bancorp/Southern Pines NC		5,000		153,900
First Busey Corp.		71,870		1,306,597
First Citizens BancShares, Inc., Class A		1,300		1,309,334
First Hawaiian, Inc.		106,960		2,044,006
First Horizon Corp.		194,802		3,418,775
Glacier Bancorp, Inc.		81,910		2,721,869
Hancock Whitney Corp.		53,680		1,960,394
Popular, Inc.		45,730		2,744,257
Regions Financial Corp.		27,900		509,454
Truist Financial Corp.		15,940		519,325
Webster Financial Corp.		104,670		3,904,191
				36,923,337
Beverages: 1.0%
National Beverage Corp.*		64,034		3,182,490
Building products: 2.9%
Armstrong World Industries, Inc.		27,400		1,881,284
Lennox International, Inc.		10,975		3,093,962
Resideo Technologies, Inc.*		82,650		1,471,170
Zurn Elkay Water Solutions Corp.,Class C		106,460		2,294,213
				8,740,629
Capital markets: 1.6%
LPL Financial Holdings, Inc.		16,726		3,493,058
Virtus Investment Partners, Inc.		7,802		1,421,602
				4,914,660
Chemicals: 2.0%
HB Fuller Co.		39,029		2,582,549
Innospec, Inc.		12,966		1,317,734
Scotts Miracle-Gro Co.		34,416		2,299,333
				6,199,616

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies: 2.1%
KAR Auction Services, Inc.*		166,610	$	2,255,899
Stericycle, Inc.*		91,130		4,160,085
				6,415,984
Communications equipment: 0.4%
Comtech Telecommunications Corp.		108,753		1,125,594
Consumer finance: 0.6%
Enova International, Inc.*		39,980		1,755,922
Consumer staples distribution & retail: 1.5%
U.S. Foods Holding Corp.*		122,060		4,687,104
Diversified telecommunication services: 0.8%
Liberty Latin America Ltd.,Class A*		275,960		2,447,765
Electric utilities: 2.6%
IDACORP, Inc.		39,760		4,418,131
Portland General Electric Co.		67,288		3,406,119
				7,824,250
Electrical equipment: 0.8%
EnerSys		30,220		2,507,353
Electronic equipment, instruments & components: 1.9%
CDW Corp.		11,196		1,898,730
Zebra Technologies Corp.,Class A*		12,912		3,719,043
				5,617,773
Energy equipment & services: 2.1%
ChampionX Corp.		90,660		2,455,073
Liberty Energy, Inc.		210,740		2,699,579
Ranger Energy Services, Inc.*		19,930		223,216
TETRA Technologies, Inc.*		302,725		862,766
				6,240,634
Entertainment: 0.3%
Lions Gate Entertainment Corp.,Class B*		84,045		896,760
Financial services: 1.9%
Essent Group Ltd.		40,550		1,722,158
Jack Henry & Associates, Inc.		24,237		3,958,872
				5,681,030
Food products: 2.8%
Conagra Brands, Inc.		8,300		315,068
Lamb Weston Holdings, Inc.		3,400		380,154
Post Holdings, Inc.*		30,990		2,804,285
TreeHouse Foods, Inc.*		85,750		4,566,188
Tyson Foods, Inc.,Class A		4,800		299,952
				8,365,647
Gas utilities: 0.4%
National Fuel Gas Co.		21,800		1,218,620
Ground transportation: 1.3%
Landstar System, Inc.		21,650		3,811,050
Health care equipment & supplies: 2.3%
Envista Holdings Corp.*		85,440		3,288,585

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—(continued)
Integra LifeSciences Holdings Corp.*		67,990	$	3,761,207
				7,049,792
Health care providers & services: 4.3%
Acadia Healthcare Co., Inc.*		40,160		2,903,166
AdaptHealth Corp.*,1		141,560		1,681,733
Amedisys, Inc.*		53,890		4,327,367
CorVel Corp.*		11,670		2,357,690
Select Medical Holdings Corp.		45,700		1,393,850
Tenet Healthcare Corp.*		7,300		535,236
				13,199,042
Health care REITs: 2.5%
Healthcare Realty Trust, Inc.		204,780		4,050,548
Physicians Realty Trust1		255,280		3,681,138
				7,731,686
Hotels, restaurants & leisure: 4.0%
Boston Pizza Royalties Income Fund		25,100		289,191
Boston Pizza Royalties Income Fund		31,900		365,574
Cheesecake Factory, Inc.1		145,379		4,897,818
Despegar.com Corp.*		433,660		2,281,052
Six Flags Entertainment Corp.*		176,140		4,274,918
				12,108,553
Household durables: 0.1%
Taylor Morrison Home Corp.*		6,100		262,849
Household products: 0.9%
WD-40 Co.1		14,569		2,773,938
Industrial REITs: 0.4%
Granite Real Estate Investment Trust		19,690		1,228,656
Insurance: 2.5%
Assured Guaranty Ltd.		40,160		2,163,419
CNO Financial Group, Inc.		56,937		1,277,667
W. R. Berkley Corp.		70,836		4,173,657
				7,614,743
Interactive media & services: 0.1%
System1, Inc.*		121,836		350,888
IT services: 1.0%
BigCommerce Holdings, Inc.*		312,744		2,311,178
VeriSign, Inc.*		3,900		865,020
				3,176,198
Leisure products: 0.1%
JAKKS Pacific, Inc.*,1		16,545		370,608
Life sciences tools & services: 0.9%
Syneos Health, Inc.*		67,200		2,638,272
Machinery: 7.6%
Commercial Vehicle Group, Inc.*		34,058		249,645
EnPro Industries, Inc.		17,430		1,643,126
Graco, Inc.		47,800		3,790,062
John Bean Technologies Corp.		19,938		2,167,460
Lincoln Electric Holdings, Inc.		14,010		2,350,878

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Machinery—(continued)
Miller Industries, Inc.		65,159	$	2,124,184
Oshkosh Corp.		27,283		2,087,695
RBC Bearings, Inc.*		16,634		3,776,084
Terex Corp.		31,970		1,425,542
Toro Co.		33,800		3,523,988
				23,138,664
Marine transportation: 1.1%
Kirby Corp.*		48,545		3,487,473
Metals & mining: 0.6%
ATI, Inc.*		44,980		1,737,128
Office REITs: 1.0%
Corporate Office Properties Trust		127,240		2,912,524
Oil, gas & consumable fuels: 4.5%
Cheniere Energy, Inc.		3,300		504,900
Chesapeake Energy Corp.		2,300		190,164
Comstock Resources, Inc.1		176,050		2,024,575
Golar LNG Ltd.*		73,547		1,669,517
Gulfport Energy Corp.*		5,229		473,015
New Fortress Energy, Inc.1		33,100		1,002,599
PDC Energy, Inc.		37,770		2,456,939
Viper Energy Partners LP		136,940		4,031,514
W&T Offshore, Inc.*		313,993		1,372,149
				13,725,372
Paper & forest products: 0.6%
Mercer International, Inc.		188,202		1,831,205
Personal care products: 0.8%
BellRing Brands, Inc.*		65,450		2,355,546
Professional services: 3.3%
Broadridge Financial Solutions, Inc.		22,900		3,329,889
KBR, Inc.1		31,800		1,804,014
Science Applications International Corp.		6,950		709,108
TransUnion		61,374		4,223,145
				10,066,156
Retail REITs: 0.7%
Retail Opportunity Investments Corp.		171,780		2,238,293
Semiconductors & semiconductor equipment: 0.9%
Teradyne, Inc.		30,346		2,773,017
Software: 3.9%
Adeia, Inc.		6,236		47,643
American Software, Inc.,Class A		104,614		1,249,091
Dolby Laboratories, Inc.,Class A		44,564		3,729,561
New Relic, Inc.*		36,820		2,631,526
Varonis Systems, Inc.*		128,830		2,983,703
Xperi, Inc.*		137,517		1,305,036
				11,946,560
Specialized REITs: 2.2%
Lamar Advertising Co.,Class A		19,806		2,093,098

PACE Small/Medium Co Value Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Specialized REITs—(continued)
PotlatchDeltic Corp.		4,600	$	212,658
VICI Properties, Inc.		124,676		4,231,504
				6,537,260
Specialty retail: 2.9%
Leslie's, Inc.*		231,004		2,506,393
National Vision Holdings, Inc.*		112,299		2,362,771
Tilly's, Inc.,Class A*		14,647		109,999
Upbound Group, Inc.		72,185		1,924,452
Valvoline, Inc.		53,530		1,849,462
				8,753,077
Technology hardware, storage & peripherals: 0.3%
Diebold Nixdorf, Inc.*,1		1,215,931		981,135
Textiles, apparel & luxury goods: 2.4%
Capri Holdings Ltd.*		79,530		3,300,495
Samsonite International SA,ADR*,1		259,310		4,090,926
				7,391,421
Trading companies & distributors: 0.2%
United Rentals, Inc.		1,900		686,109
Total common stocks (cost—$272,413,144)				286,107,525
Investment companies: 0.2%
Sprott Physical Uranium Trust (cost—$420,108)		47,350		568,962
Total investment companies (cost—$420,108)				568,962
Short term investments: 5.9%
Investment companies: 5.9%
State Street Institutional U.S. Government Money Market Fund, 4.756%2 (cost—$17,831,815)		17,831,815		17,831,815
Investment of cash collateral from securities loaned: 0.6%
Money market funds: 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%2 (cost $1,901,260)		1,901,260		1,901,260
Total Investments (cost—$292,566,327)3—100.9%				306,409,562
Liabilities in excess of other assets—(0.9)%				(2,865,859	)
Net Assets—100.0%			$	303,543,703

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	286,107,525	$	—	$	—	$	286,107,525
Investment companies		568,962		—		—		568,962
Short-term investments		—		17,831,815		—		17,831,815
Investment of cash collateral from securities loaned		—		1,901,260		—		1,901,260
Total	$	286,676,487	$	19,733,075	$	—	$	306,409,562

At April 30, 2023, 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 Rates shown reflect yield at April 30, 2023.

3 Includes $11,056,246 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $1,901,260 and non-cash collateral of $9,307,691.

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks: 98.8%
Aerospace & defense: 0.6%
Axon Enterprise, Inc.*		6,913	$	1,456,638
Curtiss-Wright Corp.		989		167,962
				1,624,600
Automobile components: 0.8%
American Axle & Manufacturing Holdings, Inc.*		43,873		313,692
Fox Factory Holding Corp.*		2,702		299,571
Stoneridge, Inc.*		8,233		155,027
Visteon Corp.*		9,199		1,291,448
				2,059,738
Banks: 0.3%
Coastal Financial Corp.*		4,152		150,510
Pathward Financial, Inc.		14,403		641,366
				791,876
Beverages: 0.9%
Celsius Holdings, Inc.*		16,331		1,560,754
MGP Ingredients, Inc.1		2,233		220,352
Vita Coco Co., Inc.*		26,834		580,956
				2,362,062
Biotechnology: 4.7%
ACADIA Pharmaceuticals, Inc.*		57,469		1,225,814
Aduro Biotech, Inc.*,2,3		9,389		0
Alector, Inc.*		27,198		179,507
Apellis Pharmaceuticals, Inc.*		10,959		914,309
BioCryst Pharmaceuticals, Inc.*,1		50,260		382,479
Catalyst Pharmaceuticals, Inc.*		35,646		567,484
Chimerix, Inc.*		8,196		9,507
CytomX Therapeutics, Inc.*,1		69,908		113,950
Deciphera Pharmaceuticals, Inc.*		5,037		71,576
Enanta Pharmaceuticals, Inc.*		7,657		272,206
Exelixis, Inc.*		67,984		1,244,107
Fate Therapeutics, Inc.*		67,701		410,945
FibroGen, Inc.*		46,436		794,984
Intercept Pharmaceuticals, Inc.*		30,741		532,434
Karuna Therapeutics, Inc.*		862		171,055
Krystal Biotech, Inc.*		3,876		325,584
Natera, Inc.*		5,596		283,829
Organogenesis Holdings, Inc.*		34,735		71,207
Precigen, Inc.*,1		35,475		42,925
PTC Therapeutics, Inc.*		18,455		1,017,609
Rigel Pharmaceuticals, Inc.*		239,199		270,295
Sangamo Therapeutics, Inc.*		2,800		4,116
Sarepta Therapeutics, Inc.*		11,076		1,359,801
Travere Therapeutics, Inc.*		54,934		1,184,926
Ultragenyx Pharmaceutical, Inc.*		23,465		1,024,717
Xenon Pharmaceuticals, Inc.*		3,411		137,395
Y-mAbs Therapeutics, Inc.*		16,600		99,434
				12,712,195

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Broadline retail: 0.9%
Dillard's, Inc.,Class A		2,438	$	727,475
Ollie's Bargain Outlet Holdings, Inc.*		28,144		1,836,396
				2,563,871
Building products: 1.2%
AAON, Inc.		3,897		381,906
Apogee Enterprises, Inc.		16,065		683,726
JELD-WEN Holding, Inc.*		22,179		283,448
Tecnoglass, Inc.		45,904		2,012,890
				3,361,970
Capital markets: 2.3%
Avantax, Inc.*		28,000		710,360
FactSet Research Systems, Inc.		3,792		1,561,129
GCM Grosvenor, Inc.,Class A		13,704		110,591
LPL Financial Holdings, Inc.		9,811		2,048,929
MarketAxess Holdings, Inc.		1,781		567,017
Perella Weinberg Partners		24,199		191,172
StoneX Group, Inc.*		7,860		770,830
TPG, Inc.1		9,120		264,207
				6,224,235
Chemicals: 0.6%
AdvanSix, Inc.		8,513		320,770
American Vanguard Corp.		13,711		263,937
Chemours Co.		36,996		1,075,473
				1,660,180
Commercial services & supplies: 2.6%
ACV Auctions, Inc.,Class A*		64,247		837,138
CECO Environmental Corp.*		35,877		416,532
Healthcare Services Group, Inc.		96,120		1,500,433
Ritchie Bros Auctioneers, Inc.		73,971		4,230,402
				6,984,505
Communications equipment: 1.6%
Cambium Networks Corp.*		8,500		128,690
CommScope Holding Co., Inc.*		125,302		617,739
DZS, Inc.*		7,176		48,797
Extreme Networks, Inc.*		84,258		1,498,107
Harmonic, Inc.*		79,758		1,123,790
Infinera Corp.*,1		120,778		764,525
Viavi Solutions, Inc.*		12,882		115,422
				4,297,070
Construction & engineering: 3.0%
AECOM		12,217		1,014,622
Dycom Industries, Inc.*		10,793		999,647
Fluor Corp.*		29,745		864,390
MYR Group, Inc.*		11,891		1,521,929
Sterling Infrastructure, Inc.*		14,560		537,555
WillScot Mobile Mini Holdings Corp.*		67,232		3,052,333
				7,990,476

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Consumer finance: 0.8%
Green Dot Corp.,Class A*		24,026	$	413,007
LendingTree, Inc.*		19,808		472,025
PRA Group, Inc.*		23,480		851,619
PROG Holdings, Inc.*		17,690		534,769
				2,271,420
Diversified consumer services: 2.0%
Carriage Services, Inc.		6,117		175,619
Chegg, Inc.*		43,878		788,926
Grand Canyon Education, Inc.*		37,137		4,408,162
Universal Technical Institute, Inc.*		10,509		74,194
				5,446,901
Diversified telecommunication services: 0.5%
Bandwidth, Inc.,Class A*		24,224		294,806
Iridium Communications, Inc.		7,969		505,793
Ooma, Inc.*		35,164		432,517
				1,233,116
Electrical equipment: 0.3%
Babcock & Wilcox Enterprises, Inc.*,1		3,200		19,904
Enovix Corp.*,1		9,381		101,502
NEXTracker, Inc.,Class A*		3,069		96,643
Vertiv Holdings Co.		36,644		546,728
Vicor Corp.*		680		29,220
				793,997
Electronic equipment, instruments & components: 2.4%
Arlo Technologies, Inc.*		9,014		58,050
Bel Fuse, Inc.,Class B		27,185		1,104,527
Climb Global Solutions, Inc.		3,126		138,794
Cognex Corp.		50,555		2,410,968
FARO Technologies, Inc.*		11,503		268,595
Itron, Inc.*		15,122		807,515
Napco Security Technologies, Inc.*		56,930		1,764,830
				6,553,279
Energy equipment & services: 0.3%
Patterson-UTI Energy, Inc.		45,804		512,547
ProFrac Holding Corp.,Class A*,1		18,766		210,179
				722,726
Food products: 2.1%
Calavo Growers, Inc.		11,367		363,289
Freshpet, Inc.*		45,754		3,155,654
Lamb Weston Holdings, Inc.		19,935		2,228,932
				5,747,875
Ground transportation: 1.3%
ArcBest Corp.		5,233		493,995
Daseke, Inc.*		22,317		182,553
Landstar System, Inc.		10,321		1,816,806
Lyft, Inc.,Class A*		69,971		717,203
PAM Transportation Services, Inc.*		5,433		121,971

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Ground transportation—(concluded)
Saia, Inc.*		860	$	256,082
				3,588,610
Health care equipment & supplies: 6.3%
Alphatec Holdings, Inc.*		102,053		1,473,645
Glaukos Corp.*		28,727		1,364,820
Inogen, Inc.*		5,050		67,215
Inspire Medical Systems, Inc.*		10,903		2,917,970
iRadimed Corp.		15,949		663,957
iRhythm Technologies, Inc.*		2,039		267,925
Merit Medical Systems, Inc.*		4,253		345,726
Neogen Corp.*		55,845		961,651
OrthoPediatrics Corp.*		26,736		1,348,564
Paragon 28, Inc.*		32,002		589,477
Penumbra, Inc.*		3,247		922,538
Pulmonx Corp.*		31,312		367,916
RxSight, Inc.*		23,458		419,898
Semler Scientific, Inc.*		4,069		114,258
Shockwave Medical, Inc.*		982		284,937
Surmodics, Inc.*		1,296		29,860
Tactile Systems Technology, Inc.*		31,131		567,518
Tandem Diabetes Care, Inc.*		7,496		296,692
Tela Bio, Inc.*,1		30,186		283,748
TransMedics Group, Inc.*		17,269		1,365,978
Treace Medical Concepts, Inc.*		65,349		1,600,397
UFP Technologies, Inc.*		5,247		723,246
				16,977,936
Health care providers & services: 7.9%
Alignment Healthcare, Inc.*		8,375		52,679
Amedisys, Inc.*		30,900		2,481,270
AMN Healthcare Services, Inc.*		21,023		1,815,336
Chemed Corp.		5,089		2,805,311
Cross Country Healthcare, Inc.*		13,413		294,818
DaVita, Inc.*		16,580		1,498,169
Ensign Group, Inc.		32,494		3,154,842
Guardant Health, Inc.*		29,158		657,805
Owens & Minor, Inc.*		3,386		52,618
Pennant Group, Inc.*		66,427		921,343
Privia Health Group, Inc.*		119,538		3,302,835
Progyny, Inc.*		61,197		2,034,188
US Physical Therapy, Inc.		20,670		2,200,528
				21,271,742
Health care technology: 1.9%
Certara, Inc.*		78,216		1,890,481
Definitive Healthcare Corp.*		94,732		1,013,632
Evolent Health, Inc.,Class A*		12,103		440,670
Phreesia, Inc.*		59,025		1,867,551
				5,212,334

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure: 3.0%
Bowlero Corp.*		27,418	$	401,125
Domino's Pizza, Inc.		2,191		695,577
First Watch Restaurant Group, Inc.*		5,469		87,941
PlayAGS, Inc.*		17,620		93,034
SeaWorld Entertainment, Inc.*		16,956		909,859
Sportradar Holding AG,Class A*,1		14,505		167,823
Texas Roadhouse, Inc.		7,042		778,986
Travel + Leisure Co.		34,416		1,317,100
Wingstop, Inc.		5,333		1,067,187
Wyndham Hotels & Resorts, Inc.		13,547		924,176
Xponential Fitness, Inc.,Class A*		48,988		1,620,523
				8,063,331
Household durables: 1.9%
Cavco Industries, Inc.*		3,700		1,110,814
Skyline Champion Corp.*		21,701		1,609,563
Sonos, Inc.*		61,898		1,308,524
Taylor Morrison Home Corp.*		10,690		460,632
TopBuild Corp.*		1,308		294,928
Tri Pointe Homes, Inc.*		13,920		399,225
				5,183,686
Independent power and renewable electricity producers: 0.5%
Vistra Corp.		62,255		1,485,404
Insurance: 3.0%
Goosehead Insurance, Inc.,Class A*		19,856		1,141,720
Kinsale Capital Group, Inc.		8,779		2,868,187
RenaissanceRe Holdings Ltd.		8,983		1,935,028
RLI Corp.		1,911		265,725
Ryan Specialty Holdings, Inc.*,1		31,132		1,272,053
Skyward Specialty Insurance Group, Inc.*		25,337		541,705
				8,024,418
Interactive media & services: 0.5%
Yelp, Inc.*		45,917		1,373,837
IT services: 5.2%
Brightcove, Inc.*		32,160		133,142
Globant SA*		28,869		4,528,680
GoDaddy, Inc.,Class A*		6,109		462,329
Grid Dynamics Holdings, Inc.*		98,232		1,067,782
International Money Express, Inc.*		91,261		2,352,709
Remitly Global, Inc.*		28,739		482,815
Squarespace, Inc.,Class A*		69,847		2,172,242
Twilio, Inc.,Class A*		5,482		288,408
Unisys Corp.*		37,653		120,866
WEX, Inc.*		9,238		1,638,359
Wix.com Ltd.*		9,943		867,328
				14,114,660
Leisure products: 0.2%
MasterCraft Boat Holdings, Inc.*		14,544		425,703

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services: 1.8%
Codexis, Inc.*		93,432	$	366,254
Medpace Holdings, Inc.*		19,574		3,917,540
NanoString Technologies, Inc.*		39,349		385,620
Quanterix Corp.*		23,256		293,956
				4,963,370
Machinery: 2.3%
AGCO Corp.		9,112		1,129,341
Energy Recovery, Inc.*		19,987		450,307
Kadant, Inc.		11,729		2,179,600
Kornit Digital Ltd.*		63,490		1,159,328
Proterra, Inc.*,1		7,000		8,190
Proto Labs, Inc.*		9,149		263,217
Symbotic, Inc.*		11,707		310,938
Terex Corp.		751		33,487
Wabash National Corp.		26,957		691,986
				6,226,394
Media: 0.6%
Magnite, Inc.*		15,184		142,730
Perion Network Ltd.*		35,680		1,249,870
Stagwell, Inc.*		31,981		198,922
				1,591,522
Metals & mining: 0.5%
Alpha Metallurgical Resources, Inc.		1,626		238,306
Compass Minerals International, Inc.		17,255		564,756
MP Materials Corp.*		13,189		285,806
Ryerson Holding Corp.		4,753		179,521
				1,268,389
Oil, gas & consumable fuels: 1.1%
Arch Resources, Inc.		7,315		894,259
CVR Energy, Inc.		17,993		473,936
Matador Resources Co.		16,212		794,874
Par Pacific Holdings, Inc.*		38,035		891,160
				3,054,229
Paper & forest products: 0.2%
Sylvamo Corp.		11,312		518,316
Personal care products: 1.1%
BellRing Brands, Inc.*		10,830		389,772
elf Beauty, Inc.*		17,501		1,623,393
Medifast, Inc.		5,933		543,759
USANA Health Sciences, Inc.*		5,144		341,407
				2,898,331
Pharmaceuticals: 0.9%
Aclaris Therapeutics, Inc.*		9,902		88,029
Amneal Pharmaceuticals, Inc.*		124,141		239,592
Harmony Biosciences Holdings, Inc.*		16,109		519,354
Harrow Health, Inc.*		20,816		525,187
Ligand Pharmaceuticals, Inc.*		6,387		487,647
NGM Biopharmaceuticals, Inc.*		48,976		220,882

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Pharmaceuticals—(concluded)
Progenics Pharmaceuticals, Inc.*,2,3		76,855	$	0
Revance Therapeutics, Inc.*		8,678		276,221
Theravance Biopharma, Inc.*,1		3,389		36,703
				2,393,615
Professional services: 5.3%
Barrett Business Services, Inc.		3,108		259,860
CBIZ, Inc.*		18,216		959,801
CRA International, Inc.		1,561		164,124
CSG Systems International, Inc.		18,414		970,049
ExlService Holdings, Inc.*		3,893		694,433
Exponent, Inc.		29,009		2,670,278
HireRight Holdings Corp.*		18,073		191,574
IBEX Holdings Ltd.*		10,699		219,008
Insperity, Inc.		14,221		1,741,504
Kforce, Inc.		7,991		472,588
Legalzoom.com, Inc.*		800		7,504
Paycor HCM, Inc.*,1		49,677		1,167,409
Paylocity Holding Corp.*		16,795		3,246,306
TriNet Group, Inc.*		14,706		1,364,423
WNS Holdings Ltd.,ADR*		1,780		160,503
				14,289,364
Real estate management & development: 0.4%
Redfin Corp.*,1		96,244		717,018
RMR Group, Inc.,Class A		3,472		82,460
Zillow Group, Inc.,Class A*		7,682		328,636
				1,128,114
Semiconductors & semiconductor equipment: 2.4%
Ambarella, Inc.*		13,515		837,660
Axcelis Technologies, Inc.*		10,012		1,184,420
Impinj, Inc.*		10,372		916,988
indie Semiconductor, Inc.,Class A*		47,887		362,504
PDF Solutions, Inc.*		5,694		205,269
Power Integrations, Inc.		33,797		2,459,746
SMART Global Holdings, Inc.*		36,558		563,724
				6,530,311
Software: 14.2%
8x8, Inc.*,1		122,957		352,887
Agilysys, Inc.*		7,887		615,501
Alarm.com Holdings, Inc.*		43,601		2,079,332
Arteris, Inc.*		3,126		11,629
Blackline, Inc.*		36,289		2,021,660
Box, Inc.,Class A*		52,074		1,377,878
CCC Intelligent Solutions Holdings, Inc.*,1		146,770		1,273,964
Consensus Cloud Solutions, Inc.*		2,792		104,225
Couchbase, Inc.*,1		7,113		109,256
CS Disco, Inc.*		25,816		151,798
Descartes Systems Group, Inc.*		28,073		2,222,820

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Software—(concluded)
Docebo, Inc.*		9,741	$	376,782
DocuSign, Inc.*		8,631		426,717
Domo, Inc.,Class B*		14,331		227,576
DoubleVerify Holdings, Inc.*		53,311		1,568,410
Dropbox, Inc.,Class A*		70,627		1,436,553
Everbridge, Inc.*		26,425		694,449
Five9, Inc.*		19,464		1,262,046
Guidewire Software, Inc.*		13,493		1,028,032
Informatica, Inc.,Class A*		9,312		143,963
Intapp, Inc.*		16,487		664,756
Kaltura, Inc.*,1		24,788		45,858
LivePerson, Inc.*		73,389		339,791
Model N, Inc.*		51,351		1,581,611
New Relic, Inc.*		20,379		1,456,487
Nutanix, Inc.,Class A*		37,188		891,768
OneSpan, Inc.*		10,717		157,969
Pegasystems, Inc.		12,735		580,971
PowerSchool Holdings, Inc.,Class A*		24,973		521,436
Q2 Holdings, Inc.*		12,560		309,227
Qualys, Inc.*		11,327		1,279,271
ShotSpotter, Inc.*		11,824		351,764
Smartsheet, Inc.,Class A*		16,793		686,330
Sprout Social, Inc.,Class A*		3,112		153,297
SPS Commerce, Inc.*		31,247		4,602,683
Telos Corp.*		25,457		43,277
Tenable Holdings, Inc.*		26,464		978,903
Varonis Systems, Inc.*		47,567		1,101,652
Workiva, Inc.*		41,165		3,845,634
Yext, Inc.*		38,761		340,321
Zeta Global Holdings Corp.,Class A*		99,294		964,145
				38,382,629
Specialty retail: 4.9%
Boot Barn Holdings, Inc.*		5,318		385,396
Citi Trends, Inc.*		7,519		129,778
Five Below, Inc.*		27,481		5,423,650
Floor & Decor Holdings, Inc.,Class A*		35,950		3,571,273
Fresh Market, Inc.*,1,2,3		65,045		0
Murphy USA, Inc.		6,882		1,894,133
National Vision Holdings, Inc.*		51,923		1,092,460
Victoria's Secret & Co.*		24,830		769,978
				13,266,668
Technology hardware, storage & peripherals: 0.8%
Avid Technology, Inc.*		44,796		1,321,930
Dell Technologies, Inc.,Class C		17,689		769,295
Diebold Nixdorf, Inc.*,1		23,520		18,978
				2,110,203
Textiles, apparel & luxury goods: 1.5%
Crocs, Inc.*		6,821		843,553

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(concluded)
Textiles, apparel & luxury goods—(concluded)
Deckers Outdoor Corp.*		2,289	$	1,097,209
On Holding AG,Class A*		35,194		1,142,046
Wolverine World Wide, Inc.		50,049		837,820
				3,920,628
Trading companies & distributors: 1.2%
Alta Equipment Group, Inc.		3,150		44,541
Applied Industrial Technologies, Inc.		6,188		839,464
Boise Cascade Co.		16,109		1,100,406
FTAI Aviation Ltd.		5,645		160,600
Global Industrial Co.		600		15,990
GMS, Inc.*		2,905		168,664
Herc Holdings, Inc.		9,120		912,183
				3,241,848
Total common stocks (cost—$268,285,355)				266,907,684
Short term investments: 1.9%
Investment companies: 1.9%
State Street Institutional U.S. Government Money Market Fund, 4.756%4 (cost—$5,143,555)		5,143,555		5,143,555
Investment of cash collateral from securities loaned: 0.4%
Money market funds: 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%4 (cost $1,049,445)		1,049,445		1,049,445
Total Investments (cost—$274,478,355)5—101.1%				273,100,684
Liabilities in excess of other assets—(1.1)%				(2,961,107	)
Net Assets—100.0%			$	270,139,577

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 end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	266,907,684	$	—	$	0	$	266,907,684
Short-term investments		—		5,143,555		—		5,143,555
Investment of cash collateral from securities loaned		—		1,049,445		—		1,049,445
Total	$	266,907,684	$	6,193,000	$	0	$	273,100,684

At April 30, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

* Non–income producing security.

1 Security, or portion thereof, was on loan at the period end.

2 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 Rates shown reflect yield at April 30, 2023.

5 Includes $4,498,057 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Portfolio includes cash collateral of $1,049,445 and non-cash collateral of $3,576,151.

PACE International Equity Investments 

Portfolio statistics and industry diversification – (unaudited)¹  

As a percentage of net assets as of April 30, 2023

Common stocks
Aerospace & defense	2.2	%
Air freight & logistics	1.1
Automobile components	1.0
Automobiles	4.6
Banks	11.7
Beverages	1.3
Biotechnology	1.3
Broadline retail	0.7
Building products	1.6
Capital markets	0.8
Chemicals	2.7
Commercial services & supplies	1.4
Communications equipment	0.0	†
Construction & engineering	1.7
Construction materials	0.7
Consumer staples distribution & retail	2.6
Diversified telecommunication services	1.6
Electric utilities	2.8
Electrical equipment	1.3
Electronic equipment, instruments & components	1.6
Energy equipment & services	0.1
Entertainment	0.4
Financial services	0.9
Food products	3.1
Gas utilities	1.4
Ground transportation	0.9
Health care equipment & supplies	2.4
Health care providers & services	0.2
Hotels, restaurants & leisure	1.0
Household durables	2.3
Household products	0.1
Independent power and renewable electricity producers	0.3
Industrial conglomerates	2.9
Industrial REITs	0.0	†
Insurance	5.8
Interactive media & services	0.3
IT services	1.8
Leisure products	0.0	†
Life sciences tools & services	0.2
Machinery	2.7
Marine transportation	0.3
Media	1.7
Metals & mining	2.5
Multi-utilities	0.1
Oil, gas & consumable fuels	4.2
Passenger airlines	0.3
Personal care products	0.9
Pharmaceuticals	10.3
Professional services	2.3

PACE International Equity Investments 

Portfolio statistics and industry diversification – (unaudited)  

Real estate management & development	0.3	%
Retail REITs	0.0	†
Semiconductors & semiconductor equipment	4.9
Software	2.7
Specialty retail	2.3
Technology hardware, storage & peripherals	1.0
Textiles, apparel & luxury goods	4.3
Tobacco	1.5
Trading companies & distributors	1.9
Transportation infrastructure	0.1
Wireless telecommunication services	0.4
Total common stocks	111.5
Preferred stocks
Automobiles	0.2
Short-term investments	0.7
Investment of cash collateral from securities loaned	6.4
Total investments before investments sold short	118.8
Investments sold short
Common stocks
Aerospace & defense	(0.1	)
Automobile components	(0.3	)
Automobiles	(0.0	)
Banks	(0.4	)
Broadline retail	(0.2	)
Capital markets	(0.4	)
Chemicals	(0.9	)
Commercial services & supplies	(0.2	)
Consumer staples distribution & retail	(0.4	)
Distributors	(0.1	)
Diversified REITs	(0.2	)
Diversified telecommunication services	(0.4	)
Electric utilities	(0.3	)
Entertainment	(0.2	)
Financial services	(1.4	)
Food products	(0.1	)
Ground transportation	(0.5	)
Health care equipment & supplies	(0.5	)
Health care providers & services	(0.1	)
Household durables	(0.2	)
Industrial conglomerates	(0.3	)
Industrial REITs	(0.2	)
Insurance	(0.3	)
Leisure products	(0.3	)
Machinery	(2.1	)
Media	(0.1	)
Metals & mining	(0.2	)
Office REITs	(0.2	)
Paper & forest products	(0.7	)
Personal care products	(0.7	)
Real estate management & development	(0.5	)
Retail REITs	(0.4	)
Specialty retail	(0.3	)
Trading companies & distributors	(0.1	)
Total common stocks	(13.3	)

PACE International Equity Investments 

Portfolio statistics and industry diversification – (unaudited)  

Preferred stocks
Automobiles	(0.0	)†
Life sciences tools & services	(0.1	)
Total preferred stocks	(0.1	)
Total investments sold short	(13.4	)
Liabilities in excess of other assets	(5.4	)
Net assets	100.0	%

†	Amount represents less than 0.05% or (0.05)%.
1	The portfolio is actively managed and its composition will vary over time.

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—111.5%
Australia—5.1%
Aurizon Holdings Ltd.1		2,606,012	$	5,897,441
BHP Group Ltd.2		89,006		2,614,950
BlueScope Steel Ltd.		166,574		2,190,111
Brambles Ltd.		3,862		36,416
Cochlear Ltd.2		9,327		1,522,182
Coles Group Ltd.		85,224		1,026,347
Computershare Ltd.		229,740		3,405,224
Endeavour Group Ltd.1		88,511		397,675
Fortescue Metals Group Ltd.2		8,617		119,397
Glencore PLC2		147,674		870,414
Lendlease Corp. Ltd.2		81,598		402,251
Lottery Corp. Ltd.		68,295		227,762
Medibank Pvt Ltd.		1,180,908		2,781,808
Newcrest Mining Ltd.2		32,396		619,942
Northern Star Resources Ltd.2		520,334		4,634,345
QBE Insurance Group Ltd.		201,175		2,040,691
Rio Tinto PLC2		873		55,395
South32 Ltd.2		368,068		1,032,654
Telstra Group Ltd.2		364,875		1,055,083
Wesfarmers Ltd.		875		30,090
WiseTech Global Ltd.		73,643		3,340,899
Woodside Energy Group Ltd.		14,170		315,793
Woolworths Group Ltd.2		127,383		3,272,955
				37,889,825
Austria—0.2%
OMV AG		35,948		1,696,940
Canada—1.6%
Constellation Software, Inc.1		3,079		6,026,464
Fairfax Financial Holdings Ltd.1		8,145		5,691,911
				11,718,375
China—1.4%
Alibaba Group Holding Ltd., ADR*		19,236		1,629,097
BeiGene Ltd., ADR*		6,779		1,728,374
BOC Hong Kong Holdings Ltd.		509,500		1,603,211
Prosus NV*		48,430		3,621,885
Sinopharm Group Co. Ltd., Class H		105,417		372,669
SITC International Holdings Co. Ltd.		238,000		438,425
Wuxi Biologics Cayman, Inc.*,3		199,183		1,178,658
				10,572,319
Denmark—4.4%
AP Moller—Maersk AS, Class B2		899		1,620,712
Carlsberg AS, Class B		12,540		2,071,617
Coloplast AS, Class B		23,191		3,335,774
DSV AS2		7,736		1,452,966
Genmab AS*		14,374		5,907,269
Novo Nordisk AS, Class B		65,359		10,865,952
Novo Nordisk AS, ADR		38,716		6,469,056
Pandora AS		14,324		1,321,759
				33,045,105

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Finland—0.7%
Nordea Bank Abp		463,855	$	5,148,290
France—9.8%
Aeroports de Paris*		241		38,267
Air Liquide SA2		4,611		829,095
Airbus SE2		37,544		5,259,750
AXA SA1,2		53,493		1,742,973
Bouygues SA1		146,582		5,362,423
Bureau Veritas SA		5,897		169,855
Capgemini SE2		3,454		627,603
Cie de Saint-Gobain2		77,614		4,483,110
Dassault Aviation SA		15,191		2,967,819
Dassault Systemes SE2		79,922		3,229,383
Engie SA1		58,390		933,959
Hermes International2		2,336		5,062,621
Ipsen SA		2,997		363,264
Kering SA2		20,551		13,127,397
Legrand SA		790		74,602
L'Oreal SA2		10,535		5,023,588
LVMH Moet Hennessy Louis Vuitton SE2		9,208		8,837,427
Publicis Groupe SA2		42,536		3,474,037
Safran SA		33,080		5,137,385
SEB SA		4,402		503,489
Teleperformance		1,586		315,969
Thales SA2		4,591		700,141
TotalEnergies SE2		45,080		2,878,093
Vinci SA2		16,623		2,055,155
				73,197,405
Germany—6.7%
Allianz SE, Registered Shares2		41,176		10,319,828
BASF SE2		48,705		2,514,349
Continental AG		61,527		4,299,662
Deutsche Lufthansa AG, Registered Shares*		35,476		380,356
Deutsche Post AG, Registered Shares2		74,315		3,563,754
E.ON SE		23,783		314,609
Evonik Industries AG		300,093		6,534,091
Fresenius Medical Care AG & Co. KGaA		32,849		1,594,086
GEA Group AG		10,108		473,811
Hannover Rueck SE		4,012		855,872
HeidelbergCement AG		67,668		5,112,067
HelloFresh SE*		2,721		72,648
Infineon Technologies AG		60,495		2,193,430
Mercedes-Benz Group AG2		67,116		5,219,754

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Germany—(continued)
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares*		7,157	$	2,685,286
Puma SE		739		43,125
Rational AG		1,140		822,789
Siemens Energy AG*		105,740		2,584,302
Vonovia SE2		14,055		303,936
				49,887,755
Hong Kong—2.3%
Futu Holdings Ltd., ADR*,1		4,624		204,704
Hang Lung Properties Ltd.2		125,000		228,036
Hong Kong & China Gas Co. Ltd.		103,000		91,326
Hong Kong Exchanges & Clearing Ltd.2		121,959		5,033,946
Jardine Matheson Holdings Ltd.		119,900		5,779,180
New World Development Co. Ltd.2		39,000		103,591
Swire Pacific Ltd., Class A2		170,500		1,348,856
Swire Properties Ltd.2		40,400		108,339
WH Group Ltd.3		7,250,189		4,027,036
				16,925,014
India—1.1%
HDFC Bank Ltd., ADR		73,830		5,153,334
Tata Consultancy Services Ltd.		83,639		3,290,166
				8,443,500
Indonesia—0.6%
Bank Rakyat Indonesia Persero Tbk. PT		12,331,528		4,287,034
Israel—1.1%
Bank Hapoalim BM		300,196		2,575,319
Bank Leumi Le-Israel BM		275,556		2,175,174
Israel Discount Bank Ltd., Class A		259,509		1,284,037
Mizrahi Tefahot Bank Ltd.		35,916		1,173,432
Wix.com Ltd.*		13,485		1,176,296
				8,384,258
Italy—5.1%
Assicurazioni Generali SpA		152,646		3,175,629
Coca-Cola HBC AG*		69,297		2,111,038
Enel SpA		1,563,781		10,681,689
Eni SpA		278,385		4,216,621
Ferrari NV		15,451		4,295,524
Intesa Sanpaolo SpA		406,966		1,069,296
Moncler SpA		41,248		3,052,502
Prysmian SpA		841		34,353
Snam SpA		1,404,870		7,802,055
UniCredit SpA		76,865		1,519,475
				37,958,182

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Japan—26.7%
Advantest Corp.1		45,800	$	3,543,117
AGC, Inc.		36,200		1,341,774
Ajinomoto Co., Inc.1		10,900		390,814
ANA Holdings, Inc.*,1		75,100		1,630,212
Astellas Pharma, Inc.		67,700		1,017,649
BayCurrent Consulting, Inc.		43,900		1,516,015
Chugai Pharmaceutical Co. Ltd.		10,000		257,184
Daifuku Co. Ltd.		23,100		422,173
Dai-ichi Life Holdings, Inc.		51,700		954,161
Daiwa Securities Group, Inc.2		2,300		10,618
FANUC Corp.		88,010		2,964,350
Fast Retailing Co. Ltd.2		10,800		2,537,400
Fuji Electric Co. Ltd.		53,900		2,156,079
FUJIFILM Holdings Corp.		115,500		5,985,027
Fujitsu Ltd.		58,600		7,767,742
GMO Payment Gateway, Inc.1,2		16,900		1,313,597
Hakuhodo DY Holdings, Inc.1		110,900		1,298,290
Hitachi Ltd.		77,100		4,235,704
Honda Motor Co. Ltd.2		500,500		13,180,623
Hoya Corp.2		11,900		1,241,139
Ibiden Co. Ltd.1		9,500		370,949
Inpex Corp.		30,300		327,586
Isuzu Motors Ltd.		239,600		2,797,927
ITOCHU Corp.2		36,200		1,193,515
Japan Post Bank Co. Ltd.1		193,700		1,542,548
Japan Post Holdings Co. Ltd.		149,400		1,225,947
Japan Tobacco, Inc.		173,500		3,722,905
JFE Holdings, Inc.		12,600		148,154
Kajima Corp.		36,000		474,293
Kao Corp.		41,700		1,684,895
KDDI Corp.2		36,000		1,122,449
Keyence Corp.2		9,281		4,162,128
Kyocera Corp.		94,800		4,947,872
Marubeni Corp.		182,600		2,573,247
Mazda Motor Corp.		276,700		2,465,513
MINEBEA MITSUMI, Inc.1		94,200		1,728,504
Mitsubishi Corp.2		68,900		2,537,636
Mitsubishi Electric Corp.		431,800		5,321,239
Mitsubishi UFJ Financial Group, Inc.		287,200		1,797,885
Mitsui & Co. Ltd.2		40,600		1,260,211
Mitsui Chemicals, Inc.1		34,500		864,747
Mizuho Financial Group, Inc.		85,400		1,231,686
MS&AD Insurance Group Holdings, Inc.		15,200		495,901
Nidec Corp.2		7,300		359,200
Nihon M&A Center Holdings, Inc.1		102,800		779,422
Nintendo Co. Ltd.2		25,900		1,087,555
NIPPON EXPRESS HOLDINGS, Inc.		34,000		1,986,422
Nippon Steel Corp.2		127,500		2,707,310

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Nippon Telegraph & Telephone Corp.		141,100	$	4,296,847
Nisshin Seifun Group, Inc.		41,000		496,231
Nitto Denko Corp.		27,000		1,735,990
Obayashi Corp.		120,500		1,001,182
Ono Pharmaceutical Co. Ltd.		29,900		602,192
Oriental Land Co. Ltd.2		14,700		517,783
Otsuka Corp.		13,800		499,857
Recruit Holdings Co. Ltd.2		205,208		5,759,590
Ricoh Co. Ltd.		156,800		1,290,123
Secom Co. Ltd.		95,100		6,071,267
Sekisui Chemical Co. Ltd.		427,600		6,057,235
Sekisui House Ltd.		24,600		503,754
SG Holdings Co. Ltd.		31,700		454,635
Shimadzu Corp.2		91,800		2,850,116
Shimano, Inc.		900		138,853
Shin-Etsu Chemical Co. Ltd.2		86,500		2,452,563
Shionogi & Co. Ltd.		77,700		3,463,409
SoftBank Corp.2		137,200		1,542,235
SoftBank Group Corp.2		23,700		886,108
Sony Group Corp.		101,300		9,539,278
Square Enix Holdings Co. Ltd.		100		4,903
Subaru Corp.		24,100		388,267
SUMCO Corp.		157,200		2,151,844
Sumitomo Corp.		285,000		5,076,847
Sumitomo Metal Mining Co. Ltd.		64,400		2,367,644
Sumitomo Mitsui Financial Group, Inc.		80,600		3,282,685
Suzuki Motor Corp.		102,180		3,524,121
Taisei Corp.1		70,400		2,384,645
Takeda Pharmaceutical Co. Ltd.		257,500		8,527,579
Tobu Railway Co. Ltd.		5,200		132,247
Tokio Marine Holdings, Inc.		256,400		5,118,779
Tokyo Electron Ltd.		3,900		443,543
Tokyo Gas Co. Ltd.		166,800		3,416,924
Tosoh Corp.		106,700		1,418,281
Toyota Industries Corp.		90,400		5,208,558
Yakult Honsha Co. Ltd.		600		45,051
Z Holdings Corp.1		785,100		2,135,550
				200,468,030
Luxembourg—0.1%
ArcelorMittal SA		19,845		562,206
Macau—0.0%†
Sands China Ltd.*		94,800		336,344
Netherlands—7.6%
Adyen NV*,1,3		3,219		5,150,270
ASM International NV		6,083		2,198,873
ASML Holding NV1,2		15,447		9,761,576
ASML Holding NV, Registered Shares		8,041		5,120,991
Heineken NV1,2		48,855		5,601,360
Koninklijke Ahold Delhaize NV1,2		73,043		2,512,777
Koninklijke Philips NV		440,723		9,268,789
Shell PLC2		481,470		14,836,747
Wolters Kluwer NV		21,415		2,835,203
				57,286,586

PACE International Equity Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
New Zealand—0.1%
Auckland International Airport Ltd.*		94,592	$	517,102
Fisher & Paykel Healthcare Corp. Ltd., Class C		12,334		211,125
				728,227
Norway—0.6%
DNB Bank ASA1		182,224		3,200,917
Gjensidige Forsikring ASA1		29,160		507,021
Salmar ASA		18,208		807,285
				4,515,223
Portugal—0.9%
EDP - Energias de Portugal SA1		828,594		4,565,141
Jeronimo Martins SGPS SA1		101,295		2,556,029
				7,121,170
Singapore—4.1%
CapitaLand Ascendas REIT		7,600		16,290
DBS Group Holdings Ltd.		320,874		7,892,296
Genting Singapore Ltd.		2,700,400		2,286,845
Grab Holdings Ltd., Class A*,1		280,023		814,867
Jardine Cycle & Carriage, Ltd.		26,800		680,469
Mapletree Pan Asia Commercial Trust		100,600		132,691
Oversea-Chinese Banking Corp. Ltd.		273,200		2,575,678
Sea Ltd., ADR*		24,796		1,888,711
Singapore Telecommunications Ltd.		1,748,600		3,341,649
STMicroelectronics NV		17,195		730,698
United Overseas Bank Ltd.		507,498		10,733,011
				31,093,205
South Africa—0.1%
Anglo American PLC		13,666		419,923
Spain—2.4%
ACS Actividades de Construccion y Servicios SA		28,607		983,488
Amadeus IT Group SA*,2		5,928		416,354
Banco Bilbao Vizcaya Argentaria SA1		89,269		654,131
Banco Santander SA1		2,488,715		8,738,391
Grifols SA*,1		95,809		983,931
Iberdrola SA		27,459		356,428
Industria de Diseno Textil SA1		170,722		5,861,777
				17,994,500
Sweden—3.2%
Alfa Laval AB		39,824		1,458,200
Assa Abloy AB, Class B1		207,439		4,933,606
Atlas Copco AB, Class A		476,776		6,885,439

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Sweden—(continued)
Epiroc AB, Class A		2,118	$	42,339
Essity AB, Class B2		19,596		593,705
H & M Hennes & Mauritz AB, Class B1		100,045		1,462,181
Nibe Industrier AB, Class B		101,173		1,129,620
Skandinaviska Enskilda Banken AB, Class A1		212,668		2,415,963
Skanska AB, Class B1		26,493		432,463
Swedbank AB, Class A1		17,066		296,220
Swedish Orphan Biovitrum AB*		33,745		820,669
Telefonaktiebolaget LM Ericsson, Class B1,2		9,164		50,373
Telia Co. AB		1,349,944		3,759,553
				24,280,331
Switzerland—4.4%
ABB Ltd., Registered Shares2		1,349		48,476
Alcon, Inc.2		43,765		3,173,740
Barry Callebaut AG, Registered Shares		607		1,292,978
Novartis AG, Registered Shares		162,484		16,565,606
Partners Group Holding AG2		1,037		1,001,441
Sika AG, Registered Shares2		14,588		4,005,029
Temenos AG, Registered Shares1		60,809		5,080,512
Zurich Insurance Group AG2		3,421		1,652,613
				32,820,395
Taiwan—0.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		142,000		2,318,744
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		43,843		3,695,965
				6,014,709
United Kingdom—13.1%
Abrdn PLC2		76,363		204,127
Ashtead Group PLC		25,659		1,475,943
Associated British Foods PLC		248,432		6,106,964
AstraZeneca PLC		40,994		6,051,448
BAE Systems PLC		98,923		1,260,620
BP PLC		1,100,812		7,393,134
British American Tobacco PLC2		10,796		397,132
CK Hutchison Holdings Ltd.		1,320,000		8,828,419
CNH Industrial NV		4,010		56,315
Compass Group PLC2		91,115		2,401,250
DCC PLC		20,063		1,246,589
HSBC Holdings PLC		793,494		5,722,070
Imperial Brands PLC		307,242		7,597,039
InterContinental Hotels Group PLC		18,266		1,253,387
J Sainsbury PLC		13,619		47,308
JD Sports Fashion PLC		742,466		1,502,748
Kingfisher PLC1		1,786,735		5,782,110
Legal & General Group PLC		778,202		2,289,511
Lloyds Banking Group PLC		18,528,552		11,223,738
M&G PLC2		90,916		234,345
NatWest Group PLC		157,434		518,381
RELX PLC2		46,979		1,562,221
Rolls-Royce Holdings PLC*		302,054		577,571
Smiths Group PLC		4,157		87,821
Spirax-Sarco Engineering PLC		2,505		349,131
SSE PLC1		256,173		5,915,749
Tesco PLC2		3,078,638		10,875,982
Unilever PLC2		4,896		272,980
WPP PLC		619,285		7,216,274
				98,450,307

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—7.3%
Aptiv PLC*		26,714	$	2,747,802
Atlassian Corp., Class A*		17,434		2,574,304
Brookfield Renewable Corp., Class A		72,302		2,415,610
CSL Ltd.2		3,030		602,648
Experian PLC2		21,786		769,366
GSK PLC		559,928		10,140,168
Nestle SA, Registered Shares2		76,816		9,841,661
Roche Holding AG2		15,548		4,876,525
Sanofi2		89,117		9,819,806
SolarEdge Technologies, Inc.*		11,882		3,393,856
Stellantis NV1		136,453		2,255,364
Swiss Re AG2		5,374		539,414
Tenaris SA		48,175		692,747
Waste Connections, Inc.		31,365		4,364,440
				55,033,711
Total common stocks (cost—$736,705,388)				836,278,869
Preferred stocks—0.2%
Germany—0.2%
Volkswagen AG2 (cost $2,609,386)		9,645		1,314,450
Short-term investments: 0.7%
Investment companies: 0.7%
State Street Institutional U.S. Government Money Market Fund, 4.756%4 (cost $5,611,194)		5,611,194		5,611,194
Investment of cash collateral from securities loaned—6.4%
Money market funds—6.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%4 (cost $47,731,475)		47,731,475		47,731,475
Total investments before investments sold short (cost—$792,657,443)5—118.8%				890,935,988

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short: (13.4)%
Common stocks—(13.3)%
Australia—(0.4)%
ASX Ltd.		(21,954	)	$	(994,661	)
Commonwealth Bank of Australia		(4,266	)		(280,475	)
Mineral Resources Ltd.		(11,921	)		(581,197	)
Origin Energy Ltd.		(41,457	)		(228,784	)
Ramsay Health Care Ltd.		(19,653	)		(840,994	)
Reece Ltd.		(23,334	)		(281,473	)
Santos Ltd.		(21,718	)		(101,601	)
					(3,309,185	)
Austria—(0.1)%
Mondi PLC		(39,760	)		(632,100	)
voestalpine AG		(7,437	)		(257,154	)
					(889,254	)
Belgium—(0.4)%
D'ieteren Group		(4,771	)		(896,347	)
Groupe Bruxelles Lambert NV		(17,680	)		(1,583,854	)
Sofina SA		(3,169	)		(725,622	)
					(3,205,823	)
Denmark—(0.1)%
Demant AS		(10,634	)		(454,946	)
Finland—(0.3)%
UPM-Kymmene Oyj		(67,205	)		(2,140,138	)
France—(1.1)%
BioMerieux		(19,776	)		(2,067,983	)
Covivio SA		(12,103	)		(686,819	)
Credit Agricole SA		(27,602	)		(337,116	)
Orange SA		(3,269	)		(42,563	)
Remy Cointreau SA		(26	)		(4,494	)
Renault SA		(16,167	)		(599,099	)
Societe Generale SA		(38,918	)		(944,515	)
Unibail-Rodamco-Westfield		(57,025	)		(3,050,053	)
Veolia Environnement SA		(2,538	)		(80,235	)
					(7,812,877	)
Germany—(0.3)%
Aroundtown SA		(95,718	)		(129,783	)
Commerzbank AG		(42,635	)		(472,849	)
Deutsche Telekom AG, Registered Shares		(38,846	)		(936,561	)
LEG Immobilien SE		(12,630	)		(784,640	)
					(2,323,833	)
Hong Kong—(0.7)%
CK Infrastructure Holdings Ltd.		(55,500	)		(315,339	)
CLP Holdings Ltd.		(23,000	)		(171,116	)
Henderson Land Development Co. Ltd.		(24,000	)		(85,303	)
HKT Trust & HKT Ltd.		(28,000	)		(36,741	)
Hongkong Land Holdings Ltd.		(21,600	)		(95,688	)
MTR Corp. Ltd.		(104,500	)		(521,192	)
Power Assets Holdings Ltd.		(220,000	)		(1,255,597	)
Prudential PLC		(127,535	)		(1,941,788	)
Sino Land Co. Ltd.		(376,851	)		(506,971	)
Sun Hung Kai Properties Ltd.		(15,000	)		(208,290	)
					(5,138,025	)

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)	$	(1,000,228	)
Italy—(0.3)%
FinecoBank Banca Fineco SpA		(41,266	)		(624,317	)
Telecom Italia SpA		(4,258,137	)		(1,252,307	)
					(1,876,624	)
Japan—(5.8)%
Asahi Kasei Corp.		(12,100	)		(85,054	)
Azbil Corp.		(4,100	)		(113,902	)
CyberAgent, Inc.		(63,400	)		(549,564	)
Dai Nippon Printing Co. Ltd.		(52,500	)		(1,502,808	)
Daiwa House REIT Investment Corp.		(263	)		(558,835	)
Denso Corp.		(33,600	)		(2,010,155	)
Eisai Co. Ltd.		(2,600	)		(149,479	)
FANUC Corp.		(22,000	)		(741,003	)
GLP J-Reit		(472	)		(538,706	)
Hitachi Ltd.		(25,200	)		(1,384,433	)
Hulic Co. Ltd.		(7,900	)		(67,667	)
Japan Exchange Group, Inc.		(72,700	)		(1,173,648	)
JSR Corp.		(60,800	)		(1,401,240	)
Kansai Electric Power Co., Inc.		(26,700	)		(288,077	)
Keisei Electric Railway Co. Ltd.		(55,600	)		(1,956,784	)
Kintetsu Group Holdings Co. Ltd.		(32,200	)		(1,084,796	)
Kobe Bussan Co. Ltd.		(70,300	)		(1,963,312	)
Konami Group Corp.		(18,900	)		(928,041	)
Kose Corp.		(17,000	)		(1,972,696	)
Kubota Corp.		(287,800	)		(4,326,136	)
Kurita Water Industries Ltd.		(49,300	)		(2,051,679	)
Kyowa Kirin Co. Ltd.		(3,300	)		(73,148	)
Makita Corp.		(40,300	)		(1,129,920	)
Mitsubishi Estate Co. Ltd.		(27,600	)		(338,708	)
Mitsubishi HC Capital, Inc.		(61,800	)		(319,331	)
Mitsui Fudosan Co. Ltd.		(20,000	)		(395,024	)
Nippon Building Fund, Inc.		(100	)		(418,364	)
Nippon Paint Holdings Co. Ltd.		(89,700	)		(805,190	)
Nippon Prologis REIT, Inc.		(334	)		(758,729	)
Nippon Sanso Holdings Corp.		(39,300	)		(703,820	)
Nitori Holdings Co. Ltd.		(20,600	)		(2,625,557	)
Odakyu Electric Railway Co. Ltd.		(13,000	)		(181,100	)
Pan Pacific International Holdings Corp.		(35,300	)		(656,539	)
Rakuten Group, Inc.		(137,900	)		(683,199	)

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(continued)
Resona Holdings, Inc.		(19,500	)	$	(96,566	)
SBI Holdings, Inc.		(3,900	)		(75,770	)
Shiseido Co. Ltd.		(50,500	)		(2,520,830	)
Sumitomo Chemical Co. Ltd.		(99,100	)		(333,134	)
Sumitomo Realty & Development Co. Ltd.		(11,300	)		(262,087	)
T&D Holdings, Inc.		(26,500	)		(321,707	)
TOTO Ltd.		(1,000	)		(34,093	)
Yamaha Corp.		(60,400	)		(2,362,890	)
Yaskawa Electric Corp.		(85,500	)		(3,457,778	)
					(43,401,499	)
Netherlands—(0.4)%
Aegon NV		(30,007	)		(136,326	)
Argenx SE		(876	)		(336,588	)
EXOR NV		(19,873	)		(1,630,968	)
OCI NV		(44,816	)		(1,179,754	)
					(3,283,636	)
New Zealand—(0.1)%
Mercury NZ Ltd.		(218,948	)		(858,420	)
Norway—(0.0)%†
Orkla ASA		(25,293	)		(181,799	)
Singapore—(0.3)%
Keppel Corp. Ltd.		(87,100	)		(402,748	)
Sembcorp Marine Ltd.		(1,662,306	)		(154,477	)
Singapore Technologies Engineering Ltd.		(178,800	)		(485,072	)
UOL Group Ltd.		(195,100	)		(1,013,260	)
					(2,055,557	)
Spain—(0.0)%†
ACS Actividades de Construccion y Servicios SA		(0	)		(0	)
Naturgy Energy Group SA		(813	)		(25,352	)
					(25,352	)
Sweden—(2.1)%
Boliden AB		(30,844	)		(1,101,416	)
Electrolux AB, Class B		(45,210	)		(681,343	)
Embracer Group AB		(69,059	)		(359,671	)
EQT AB		(40,503	)		(868,115	)
Getinge AB, Class B		(18,476	)		(468,248	)
Hexagon AB, Class B		(25,386	)		(289,258	)
Husqvarna AB, Class B		(41,344	)		(355,988	)
Industrivarden AB, Class C		(29,119	)		(829,980	)
Investor AB, Class B		(196,006	)		(4,201,064	)
Kinnevik AB, Class B		(85,066	)		(1,392,321	)
L E Lundbergforetagen AB, Class B		(6,174	)		(295,544	)
Sagax AB, Class B		(5,267	)		(128,914	)
SKF AB, Class B		(113,224	)		(2,045,861	)
Svenska Cellulosa AB SCA, Class B		(174,059	)		(2,383,858	)
					(15,401,581	)

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Switzerland—(0.3)%
Adecco Group AG, Registered Shares		(3,481	)	$	(118,896	)
Bachem Holding AG, Class B		(1,132	)		(122,970	)
Clariant AG, Registered Shares		(7,789	)		(129,490	)
DSM-Firmenich AG		(9,786	)		(1,280,613	)
Logitech International SA, Registered Shares		(2,830	)		(166,282	)
Swiss Prime Site AG, Registered Shares		(6,664	)		(602,768	)
					(2,421,019	)
United Kingdom—(0.5)%
Berkeley Group Holdings PLC		(6,607	)		(369,250	)
BT Group PLC		(333,472	)		(665,726	)
Croda International PLC		(3,827	)		(335,709	)
Johnson Matthey PLC		(26,275	)		(648,370	)
Land Securities Group PLC		(111,825	)		(947,494	)
Ocado Group PLC		(115,625	)		(734,115	)
Persimmon PLC		(17,303	)		(285,736	)
Phoenix Group Holdings PLC		(7,760	)		(57,715	)
					(4,044,115	)
Total common stocks (cost—$(98,057,434))					(99,823,911	)
Preferred stocks: (0.1)%
Porsche Automobil Holding SE		(3,653	)		(203,194	)
Sartorius AG		(1,548	)		(599,739	)
Total preferred stocks (cost—$(744,677))					(802,933	)
Total investments sold short (proceeds—$(98,802,111))					(100,626,844	)
Liabilities in excess of other assets—(5.4)%					(40,193,667	)
Net assets—100.0%				$	750,115,477

PACE International Equity Investments

Portfolio of investments – April 30, 2023 (unaudited) 

For a listing of defined portfolio acronyms that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments.

Assets

Description	Unadjusted quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	829,070,907		$	7,207,962		$	—	$	836,278,869
Preferred stocks		1,314,450			—			—		1,314,450
Short-term investments		—			5,611,194			—		5,611,194
Investment of cash collateral from securities loaned		—			47,731,475			—		47,731,475
Total	$	830,385,357		$	60,550,631		$	—	$	890,935,988
Liabilities
Investments sold short
Common stocks	$	(99,487,323	)	$	(336,588	)	$	—		(99,823,911	)
Preferred stocks		(802,933	)		—			—		(802,933	)
Total	$	(100,290,256	)	$	(336,588	)	$	—	$	(100,626,844	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non–income producing security.

1 Security, or portion thereof, was on loan at the period end.

2 Security, 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 $10,355,964, represented 1.4% of the Portfolios net assets at period end.

4 Rates shown reflect yield at April 30, 2023.

5 Includes $55,342,935 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $47,731,475 and non-cash collateral of $10,962,125.

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification – (unaudited)¹  

As a percentage of net assets as of April 30, 2023

Common stocks
Automobile components	0.9	%
Automobiles	1.6
Banks	17.5
Beverages	1.1
Biotechnology	0.4
Broadline retail	7.8
Capital markets	1.5
Chemicals	1.5
Construction materials	0.4
Consumer finance	0.7
Consumer staples distribution & retail	3.4
Electrical equipment	2.7
Electronic equipment, instruments & components	1.5
Financial services	0.8
Food products	2.1
Gas utilities	0.6
Ground transportation	1.0
Health care providers & services	0.7
Hotels, restaurants & leisure	4.0
Household durables	2.1
Independent power and renewable electricity producers	0.5
Insurance	2.4
Interactive media & services	7.3
IT services	1.5
Machinery	2.4
Metals & mining	5.9
Oil, gas & consumable fuels	3.8
Passenger airlines	1.2
Pharmaceuticals	0.6
Real estate management & development	2.0
Semiconductors & semiconductor equipment	11.1
Software	0.7
Specialty retail	0.9
Technology hardware, storage & peripherals	4.0
Textiles, apparel & luxury goods	0.8
Transportation infrastructure	1.3
Wireless telecommunication services	0.3
Total common stocks	99.0
Short-term investments	0.9
Investment of cash collateral from securities loaned	2.4
Total investments	102.3
Liabilities in excess of other assets	(2.3	)
Net assets	100.0	%

1 The portfolio is actively managed and its composition will vary over time.

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks: 99.0%
Brazil: 11.0%
B3 SA - Brasil Bolsa Balcao		1,547,000	$	3,622,631
Banco Bradesco SA, ADR1		932,748		2,611,695
Banco Bradesco SA		705,620		1,757,047
Banco BTG Pactual SA		392,400		1,842,497
Banco do Brasil SA		384,500		3,303,996
Locaweb Servicos de Internet SA*,2		1,078,500		1,137,357
MercadoLibre, Inc.*		5,538		7,074,740
Petroleo Brasileiro SA, ADR		332,808		3,534,421
Raia Drogasil SA		298,200		1,571,173
Rumo SA		867,472		3,426,200
TOTVS SA		439,800		2,262,574
Vale SA, ADR		156,886		2,260,727
WEG SA		523,600		4,316,619
				38,721,677
Burkina Faso: 0.3%
Endeavour Mining PLC		35,934		925,105
Canada: 1.0%
Ivanhoe Mines Ltd., Class A*,1		416,647		3,613,391
China: 32.5%
Airtac International Group		69,000		2,491,339
Akeso, Inc., Class B*,1,2		143,929		785,686
Alibaba Group Holding Ltd.*		1,220,339		12,755,832
Alibaba Group Holding Ltd., ADR*		18,833		1,594,967
ANTA Sports Products Ltd.		217,400		2,680,925
Baidu, Inc., ADR*		57,108		6,887,796
Baidu, Inc., Class A*		110,780		1,632,843
Bank of China Ltd., Class A		2,365,900		1,253,262
China Merchants Bank Co. Ltd., Class H		497,500		2,386,205
China Merchants Port Holdings Co. Ltd.		1,516,413		2,244,778
China Overseas Land & Investment Ltd.		959,000		2,423,874
China Resources Power Holdings Co. Ltd.		812,000		1,762,687
China Tourism Group Duty Free Corp. Ltd., Class A		134,219		3,118,642
Contemporary Amperex Technology Co. Ltd., Class A		49,320		1,643,359
Country Garden Services Holdings Co. Ltd.1		1,543,152		2,406,245
Dongfeng Motor Group Co. Ltd., Class H		1,876,000		893,828
Foshan Haitian Flavouring & Food Co. Ltd., Class A*		217,129		2,212,596
Geely Automobile Holdings Ltd.		1,088,727		1,338,431
Gree Electric Appliances, Inc. of Zhuhai, Class A		972,300		5,520,955
Hello Group, Inc., ADR1		107,448		898,265

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Industrial & Commercial Bank of China Ltd., Class A		3,559,400	$	2,424,925
JD.com, Inc., Class A		101,416		1,755,802
Kuaishou Technology*,2		490,207		3,203,661
Kunlun Energy Co. Ltd.		2,248,000		2,079,135
Kweichow Moutai Co. Ltd., Class A		14,900		3,786,228
Lenovo Group Ltd.		1,636,000		1,671,504
Li Auto, Inc., ADR*,1		23,660		556,010
Li Auto, Inc., Class A*		130,051		1,515,120
Lizhong Sitong Light Alloys Group Co. Ltd., Class A		198,947		664,478
Meituan, Class B*,2		133,207		2,256,984
Midea Group Co. Ltd., Class A		215,700		1,767,767
Ningbo Huaxiang Electronic Co. Ltd., Class A		796,700		1,507,569
PDD Holdings, Inc., ADR*		28,077		1,913,448
PICC Property & Casualty Co. Ltd., Class H		2,262,000		2,728,929
QuakeSafe Technologies Co. Ltd., Class A		124,698		625,092
Shanghai Mechanical & Electrical Industry Co. Ltd., Class A		1,247,200		2,581,457
Shenzhen Inovance Technology Co. Ltd., Class A		199,100		1,775,985
Shenzhen Kangtai Biological Products Co. Ltd., Class A		135,400		592,358
Silergy Corp.		69,000		1,078,458
Skshu Paint Co. Ltd., Class A*		53,938		797,992
Suzhou Maxwell Technologies Co. Ltd., Class A*		47,999		1,904,316
Tencent Holdings Ltd.		279,111		12,245,874
Trip.com Group Ltd., ADR*		84,758		3,009,757
Weibo Corp., ADR*		60,656		1,062,087
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		299,023		1,650,880
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		56,951		2,235,312
Zijin Mining Group Co. Ltd., Class H		376,000		633,241
				114,956,884
Czech Republic: 0.3%
Komercni Banka A.S.		33,484		1,079,621
Ghana: 0.2%
Kosmos Energy Ltd.*		133,260		852,864
Greece: 0.2%
Eurobank Ergasias Services and Holdings SA, Class A*		407,480		574,723
Hong Kong: 1.8%
AIA Group Ltd.		137,000		1,482,633
Melco Resorts & Entertainment, Ltd., ADR*		188,717		2,574,100

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(concluded)
WH Group Ltd.2		4,030,683	$	2,238,797
				6,295,530
Hungary: 0.7%
OTP Bank Nyrt		83,600		2,543,423
India: 9.7%
Asian Paints Ltd.		32,049		1,136,628
Bajaj Finance Ltd.		31,272		2,399,808
Britannia Industries Ltd.		35,502		1,975,410
Havells India Ltd.		80,568		1,211,135
HDFC Bank Ltd.		198,095		4,085,049
Housing Development Finance Corp. Ltd.		81,931		2,778,814
ICICI Bank Ltd.		146,939		1,647,663
Infosys Ltd.		126,077		1,929,988
InterGlobe Aviation Ltd.*,2		174,103		4,299,482
Maruti Suzuki India Ltd.		13,395		1,405,942
Reliance Industries Ltd.		197,466		5,840,522
State Bank of India		192,254		1,358,573
State Bank of India, GDR		27,902		1,964,301
UPL Ltd.		265,538		2,402,087
				34,435,402
Indonesia: 3.3%
Bank Central Asia Tbk. PT		10,967,900		6,766,155
Bank Mandiri Persero Tbk. PT		2,362,192		833,289
Bank Rakyat Indonesia Persero Tbk. PT		11,376,114		3,954,886
				11,554,330
Macau: 1.9%
Galaxy Entertainment Group Ltd.*		355,000		2,509,985
Sands China Ltd.*		1,240,585		4,401,507
				6,911,492
Mexico: 2.9%
Cemex SAB de CV, ADR*		131,946		791,676
Grupo Aeroportuario del Pacifico SAB de CV, Class B		136,546		2,429,417
Grupo Financiero Banorte SAB de CV, Class O		142,000		1,227,963
Wal-Mart de Mexico SAB de CV		1,423,700		5,740,093
				10,189,149
Peru: 0.7%
Credicorp Ltd.		17,566		2,379,842
Philippines: 0.1%
Ayala Land, Inc.		886,000		426,323
Poland: 1.5%
Powszechna Kasa Oszczednosci Bank Polski SA		350,358		2,699,594
Powszechny Zaklad Ubezpieczen SA		275,616		2,536,242
				5,235,836

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Russia: 0.0%†
Alrosa PJSC*,3,4		215,380	$	0
Rosneft Oil Co. PJSC3,4		126,429		0
				0
Saudi Arabia: 1.5%
Saudi Arabian Oil Co.2		374,534		3,603,415
Saudi Basic Industries Corp.		39,217		968,172
Saudi National Bank		47,983		628,047
				5,199,634
South Africa: 4.0%
Absa Group Ltd.1		173,086		1,680,853
Capitec Bank Holdings Ltd.1		32,416		2,822,713
Clicks Group Ltd.		138,387		2,022,489
Gold Fields Ltd., ADR		224,767		3,497,374
MTN Group Ltd.		163,866		1,149,503
Naspers Ltd., Class N		15,933		2,840,547
				14,013,479
South Korea: 9.7%
DB Insurance Co. Ltd.		30,701		1,926,841
Doosan Fuel Cell Co. Ltd.*		26,645		595,252
Hana Financial Group, Inc.		56,754		1,778,863
Hyundai Mobis Co. Ltd.		10,738		1,745,005
KB Financial Group, Inc.		48,457		1,792,156
POSCO Holdings, Inc.		13,474		3,795,351
Samsung Electronics Co. Ltd.		232,056		11,356,596
Samsung SDI Co. Ltd.		4,110		2,121,944
SK Hynix, Inc.		126,260		8,443,119
WONIK IPS Co. Ltd.		33,489		761,910
				34,317,037
Taiwan: 9.9%
Alchip Technologies Ltd.		12,000		462,552
ASPEED Technology, Inc.		10,000		850,614
Catcher Technology Co. Ltd.		188,000		1,106,872
E. Sun Financial Holding Co. Ltd.		2,117,268		1,718,333
eMemory Technology, Inc.		19,000		1,127,917
FLEXium Interconnect, Inc.*		359,000		1,103,537
Globalwafers Co. Ltd.		57,000		891,827
MediaTek, Inc.		233,469		5,050,236
Taiwan Semiconductor Manufacturing Co. Ltd.		464,475		7,584,499
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		152,381		12,845,718
Unimicron Technology Corp.		237,000		1,117,834
Zhen Ding Technology Holding Ltd.		312,000		1,131,593
				34,991,532
Thailand: 3.0%
Bangkok Bank PCL		175,400		806,437
Bangkok Bank PCL, NVDR		242,100		1,113,103

PACE International Emerging Markets Equity Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Thailand—(concluded)
Bangkok Dusit Medical Services PCL, Class F		2,680,500	$	2,296,058
CP ALL PCL*		1,283,200		2,433,185
Kasikornbank PCL		598,300		2,190,131
SCB X PCL		584,500		1,771,601
				10,610,515
United Arab Emirates: 0.3%
Aldar Properties PJSC		673,362		990,157
United States: 0.9%
Globant SA*		14,520		2,277,753
JBS SA		217,700		781,272
				3,059,025
Vietnam: 0.5%
Hoa Phat Group JSC		1,342,335		1,238,718
Vincom Retail JSC*		560,620		661,914
				1,900,632
Zambia: 1.1%
First Quantum Minerals Ltd.1		166,706		4,050,604
Total common stocks (cost—$360,779,147)				349,828,207
Short-term investments: 0.9%
Investment companies: 0.9%
State Street Institutional U.S. Government Money Market Fund, 4.756%5 (cost $3,093,092)		3,093,092		3,093,092
Investment of cash collateral from securities loaned: 2.4%
Money market funds: 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%5 (cost $8,732,764)		8,732,764		8,732,764
Total investments (cost $372,605,003)6—102.3%				361,654,063
Liabilities in excess of other assets—(2.3)%				(8,275,807	)
Net assets—100.0%			$	353,378,256

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 end of this report.

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	344,628,573	$	5,199,634	$	0	$	349,828,207
Short-term investments		—		3,093,092		—		3,093,092
Investment of cash collateral from securities loaned		—		8,732,764		—		8,732,764
Total	$	344,628,573	$	17,025,490	$	0	$	361,654,063

At April 30, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

* Non–income producing security.

1 Security, or portion thereof, was on loan at the period end.

2 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 $17,525,382, represented 5.0% of the Portfolios net assets at period end.

3 Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

5 Rates shown reflect yield at April 30, 2023.

6 Includes $15,728,322 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $8,732,764 and non-cash collateral of $7,905,657.

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification – (unaudited)¹  

As a percentage of net assets as of April 30, 2023

Common stocks
Capital markets	1.7	%
Diversified REITs	0.7
Diversified telecommunication services	3.2
Health care providers & services	2.1
Health care REITs	0.7
Hotel & resort REITs	0.1
Industrial REITs	18.1
Office REITs	2.6
Real estate management & development	17.9
Residential REITs	14.8
Retail REITs	16.4
Specialized REITs	21.1
Total common stocks	99.4
Short-term investments	1.1
Investment of cash collateral from securities loaned	3.5
Total investments	104.0
Liabilities in excess of other assets	(4.0	)
Net assets	100.0	%

1 The portfolio is actively managed and its composition will vary over time.

PACE Global Real Estate Securities Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—99.4%
Australia—6.2%
Goodman Group1		165,733	$	2,117,641
National Storage REIT		860,840		1,424,045
Region RE Ltd.		381,451		620,919
Rural Funds Group		95,054		123,593
				4,286,198
Belgium—1.8%
Shurgard Self Storage Ltd.		24,661		1,275,138
Canada—4.7%
Brookfield Asset Management Ltd., Class A1		13,831		463,671
Brookfield Corp.1		19,994		648,733
Canadian Apartment Properties REIT		13,660		500,384
Granite REIT		25,765		1,602,361
				3,215,149
China—1.2%
ESR Group Ltd.2		536,600		835,356
Germany—1.7%
LEG Immobilien SE		5,552		344,919
Vonovia SE		39,902		862,872
				1,207,791
Hong Kong—2.4%
Sino Land Co. Ltd.		552,000		742,596
Swire Properties Ltd.		242,800		651,104
Wharf Real Estate Investment Co. Ltd.		47,000		270,038
				1,663,738
Japan—6.1%
Heiwa Real Estate Co. Ltd.		15,600		444,258
Japan Logistics Fund, Inc.		419		993,336
Japan Metropolitan Fund Invest		466		340,321
Katitas Co. Ltd.		73,700		1,432,402
Nomura Real Estate Holdings, Inc.		19,400		480,568
Star Asia Investment Corp.		1,240		506,940
				4,197,825
Mexico—1.6%
Corp Inmobiliaria Vesta SAB de CV1		357,820		1,130,209
Singapore—4.0%
CapitaLand Ascott Trust		38,336		31,028
Capitaland India Trust1		412,400		336,880
Capitaland Investment Ltd.		672,400		1,874,567
Parkway Life REIT		168,900		491,124
				2,733,599
Spain—1.8%
Cellnex Telecom SA*,2		28,923		1,216,488
United Kingdom—9.9%
Big Yellow Group PLC		90,188		1,387,328
Grainger PLC		530,928		1,725,493
Segro PLC		125,840		1,320,232
Shaftesbury Capital PLC1		980,385		1,451,413

PACE Global Real Estate Securities Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
UNITE Group PLC		78,612	$	947,450
				6,831,916
United Republic Of Tanzania—1.4%
Helios Towers PLC*,1		727,450		953,535
United States—56.6%
Alexandria Real Estate Equities, Inc.		11,871		1,474,141
American Homes 4 Rent, Class A		37,268		1,239,534
American Tower Corp.		1,835		375,056
AvalonBay Communities, Inc.		9,937		1,792,337
Brixmor Property Group, Inc.		73,660		1,571,168
Douglas Emmett, Inc.		24,188		311,541
Encompass Health Corp.		23,050		1,478,658
Equinix, Inc.		5,438		3,937,547
Equity LifeStyle Properties, Inc.		30,939		2,131,697
Essex Property Trust, Inc.		7,790		1,711,697
Extra Space Storage, Inc.		15,003		2,281,056
Farmland Partners, Inc.1		27,251		284,500
Lamar Advertising Co., Class A		1,749		184,834
National Retail Properties, Inc.		36,420		1,584,270
Phillips Edison & Co., Inc.		50,021		1,577,662
Prologis, Inc.		51,918		6,502,730
Rayonier, Inc.		50,486		1,583,241
SBA Communications Corp.		5,144		1,342,018
Simon Property Group, Inc.		26,275		2,977,483
Sun Communities, Inc.		13,336		1,852,770
Urban Edge Properties		77,746		1,140,534
Weyerhaeuser Co.		55,763		1,667,871
				39,002,345
Total common stocks (cost—$77,129,495)				68,549,287
Short-term investments: 1.1%
Investment companies: 1.1%
State Street Institutional U.S. Government Money Market Fund, 4.756%3 (cost $757,931)		757,931		757,931

PACE Global Real Estate Securities Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Investment of cash collateral from securities loaned—3.5%
Money market funds—3.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.790%3 (cost $2,401,724)		2,401,724	$	2,401,724
Total investments (cost $80,289,150)4—104.0%				71,708,942
Liabilities in excess of other assets—(4.0)%				(2,742,907	)
Net assets—100.0%			$	68,966,035

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 in valuing the Fund’s investments. In the event a Fund 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 quoted prices in active market for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	68,549,287	$	—	$	—	$	68,549,287
Short-term investments		—		757,931		—		757,931
Investment of cash collateral from securities loaned		—		2,401,724		—		2,401,724
Total	$	68,549,287	$	3,159,655	$	—	$	71,708,942

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

* Non–income producing security.

1 Security, or portion thereof, was on loan at the period end.

2 Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,051,844, represented 3.0% of the Portfolios net assets at period end.

3 Rates shown reflect yield at April 30, 2023.

4 Includes $3,524,577 of investments in securities on loan, at value plus accrued interest and dividends, if any. The Fund includes cash collateral of $2,401,724 and non-cash collateral of $1,252,434.

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

As a percentage of net assets as of April 30, 2023

Common stocks
Aerospace & defense	1.4	%
Air freight & logistics	0.3
Automobile components	0.1
Automobiles	0.5
Banks	0.8
Beverages	0.3
Biotechnology	1.2
Broadline retail	0.2
Building products	0.3
Capital markets	1.4
Chemicals	0.8
Commercial services & supplies	1.9
Communications equipment	0.0	†
Construction & engineering	1.6
Construction materials	0.1
Consumer finance	0.3
Consumer staples distribution & retail	0.6
Containers & packaging	0.0	†
Distributors	0.0	†
Diversified consumer services	0.0	†
Diversified REITs	0.1
Diversified telecommunication services	0.1
Electric utilities	1.8
Electrical equipment	0.7
Electronic equipment, instruments & components	0.2
Energy equipment & services	0.3
Entertainment	0.3
Financial services	1.1
Food products	1.4
Gas utilities	0.2
Ground transportation	1.0
Health care equipment & supplies	0.1
Health care providers & services	0.6
Health care technology	0.0	†
Hotel & resort REITs	0.2
Hotels, restaurants & leisure	0.7
Household durables	0.5
Household products	0.3
Independent power and renewable electricity producers	1.0
Industrial conglomerates	0.4
Insurance	1.0
Interactive media & services	0.5
IT services	0.9
Leisure products	0.1
Life sciences tools & services	0.3
Machinery	1.0
Marine transportation	0.2
Media	0.2
Metals & mining	1.2

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

Multi-utilities	0.3	%
Office REITs	0.0	†
Oil, gas & consumable fuels	3.1
Paper & forest products	0.1
Passenger airlines	0.2
Personal care products	0.0	†
Pharmaceuticals	0.8
Professional services	0.6
Real estate management & development	0.3
Residential REITs	1.0
Retail REITs	0.7
Semiconductors & semiconductor equipment	0.9
Software	2.0
Specialized REITs	0.3
Specialty retail	1.2
Technology hardware, storage & peripherals	0.9
Textiles, apparel & luxury goods	0.4
Trading companies & distributors	1.2
Wireless telecommunication services	0.7
Total common stocks	42.9
Preferred stocks
Automobiles	0.0	†
Investment companies	7.2
Corporate bonds
Airlines	0.5
Chemicals	0.0	†
Computers	0.5
Electric	0.5
Energy-Alternate Sources	0.6
Entertainment	1.3
Iron & steel	1.9
Leisure time	2.9
Media	3.7
Oil & gas	1.1
Pharmaceuticals	0.5
Retail	1.1
Total corporate bonds	14.6
Short-term investments	31.3
Equity and foreign exchange options purchased
Call options	0.6
Put options	0.1
Total equity and foreign exchange options purchased	0.7
Total investments before investments sold short	96.7
Investments sold short
Common stocks
Aerospace & defense	(0.6	)
Air freight & logistics	(0.3	)
Automobile components	(0.3	)
Automobiles	(0.4	)
Banks	(1.8	)

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

Beverages	(0.2	)%
Biotechnology	(0.3	)
Broadline retail	(0.3	)
Building products	(0.0	)†
Capital markets	(0.5	)
Chemicals	(0.2	)
Commercial services & supplies	(0.0	)†
Construction & engineering	(0.2	)
Consumer finance	(0.3	)
Consumer staples distribution & retail	(0.1	)
Containers & packaging	(0.2	)
Distributors	(0.2	)
Diversified telecommunication services	(0.4	)
Electric utilities	(0.1	)
Electrical equipment	(0.3	)
Electronic equipment, instruments & components	(0.1	)
Energy equipment & services	(1.0	)
Entertainment	(4.5	)
Financial services	(0.2	)
Food products	(0.2	)
Gas utilities	(0.0	)†
Ground transportation	(0.7	)
Health care equipment & supplies	(0.1	)
Health care providers & services	(0.1	)
Health care REITs	(0.1	)
Hotels, restaurants & leisure	(3.7	)
Household durables	(0.2	)
Independent power and renewable electricity producers	(0.5	)
Industrial conglomerates	(0.0	)†
Industrial REITs	(0.1	)
Insurance	(0.3	)
Interactive media & services	(0.1	)
Leisure products	(0.3	)
Machinery	(1.4	)
Metals & mining	(2.1	)
Oil, gas & consumable fuels	(2.0	)
Paper & forest products	(0.1	)
Passenger airlines	(0.3	)
Personal care products	(0.3	)
Pharmaceuticals	(0.3	)
Real estate management & development	(0.1	)
Residential REITs	(0.1	)
Retail REITs	(0.2	)
Semiconductors & semiconductor equipment	(0.5	)
Software	(0.6	)
Specialized REITs	(0.3	)
Specialty retail	(0.8	)
Technology hardware, storage & peripherals	(0.2	)
Textiles, apparel & luxury goods	(0.3	)
Trading companies & distributors	(0.0	)†

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification – (unaudited)¹

Water utilities	(0.1	)%
Total common stocks	(28.6	)
Corporate bonds
Retail	(0.0	)†
Investment companies	(3.6	)
Total investments sold short	(32.2	)
Other assets in excess of liabilities	35.5
Net assets	100.0	%

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

1 The portfolio is actively managed and its composition will vary over time.

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—42.9%
Australia—0.3%
BHP Group Ltd.		13,219	$	388,367
Pilbara Minerals Ltd.		103,687		290,905
Rio Tinto Ltd.		3,759		279,203
				958,475
Austria—0.1%
Andritz AG		1,666		108,035
voestalpine AG		1,626		56,223
Wienerberger AG		3,817		114,823
				279,081
Belgium—0.4%
Elia Group SA		752		103,081
Solvay SA		10,704		1,283,858
				1,386,939
Bermuda—0.1%
Seadrill Ltd.*		7,664		278,816
Brazil—0.2%
MercadoLibre, Inc.*,1		219		279,770
Wheaton Precious Metals Corp.		6,010		296,774
Yara International ASA		1,264		50,859
				627,403
Canada—10.4%
Absolute Software Corp.		66,270		515,581
Advantage Energy Ltd.*,1		168,990		950,440
Agnico Eagle Mines Ltd.1		5,540		314,284
ARC Resources Ltd.		59,600		740,354
Black Diamond Group Ltd.		188,380		952,432
Boardwalk Real Estate Investment Trust1		4,630		198,206
Bombardier, Inc., Class B*,1		10,640		459,573
Brookfield Infrastructure Corp., Class A		647		27,562
Brookfield Infrastructure Partners LP1		7,540		262,176
CAE, Inc.*,1		39,204		882,874
Cameco Corp.1		14,310		393,382
Canadian Apartment Properties REIT1		71,430		2,616,578
Canadian Natural Resources Ltd.		5,010		305,293
Canadian Natural Resources Ltd.1		960		58,531
Canadian Pacific Kansas City Ltd.		38,000		2,995,920
Canfor Corp.*,1		25,430		382,149
CES Energy Solutions Corp.		59,970		119,068
Colliers International Group, Inc.1		2,635		280,628
Constellation Software, Inc.		100		195,728
Crescent Point Energy Corp.1		53,660		396,851
Docebo, Inc.*,1		11,640		451,905
DREAM Unlimited Corp., Class A1		14,270		237,930
Element Fleet Management Corp.		13,170		172,250
Emera, Inc.1		5,280		224,668
Enerplus Corp.1		13,230		197,921

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
Canada—(continued)
Exchange Income Corp.1		8,720	$	336,031
Fairfax Financial Holdings Ltd.1		1,800		1,257,881
GFL Environmental, Inc.1		37,240		1,351,812
H&R REIT1		27,770		240,837
Heroux-Devtek, Inc.*		19,590		186,234
InterRent REIT1		58,530		559,877
Kinaxis, Inc.*,1		2,120		291,137
Loblaw Cos. Ltd.1		6,640		624,523
Osisko Gold Royalties Ltd.1		41,490		674,627
Parkit Enterprise, Inc.*		547,010		331,069
Payfare, Inc.*		64,910		320,035
Quebecor, Inc., Class B1		26,340		679,861
Ritchie Bros Auctioneers, Inc.		100		5,722
Ritchie Bros Auctioneers, Inc.1		48,296		2,762,048
Rogers Communications, Inc., Class B1		49,903		2,464,709
Royal Bank of Canada1		8,130		807,390
Rubellite Energy, Inc.*		63,760		104,474
Russel Metals, Inc.1		13,990		356,242
Saputo, Inc.1		72,820		1,885,467
Shopify, Inc., Class A*,1		8,560		414,732
SNC-Lavalin Group, Inc.1		16,970		390,792
Stantec, Inc.1		20,380		1,223,819
StorageVault Canada, Inc.1		72,800		311,113
Suncor Energy, Inc.1		15,670		490,624
Tamarack Valley Energy Ltd.1		202,040		557,722
TC Energy Corp.1		31,810		1,321,387
TECSYS, Inc.		13,990		264,136
TransAlta Corp.1		17,042		152,015
				34,698,600
China—0.1%
GDS Holdings Ltd., ADR*		7,330		113,835
XPeng, Inc., ADR*		13,242		125,799
				239,634
Denmark—0.5%
AP Moller—Maersk AS, Class B		29		52,281
AP Moller—Maersk AS, Class A		228		406,150
Novo Nordisk AS, Class B		7,792		1,295,422
				1,753,853
Finland—0.0%†
Kesko Oyj, Class B		6,687		139,300
France—0.7%
Bollore SE		53,780		362,673
Cie de Saint-Gobain		1,992		115,061
Renault SA*		2,056		76,189
Rexel SA*		2,466		57,063
Sartorius Stedim Biotech		3,473		928,023
Technip Energies NV		2,520		55,897

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
France—(concluded)
Thales SA		3,326	$	507,225
TotalEnergies SE		1,730		110,450
				2,212,581
Germany—0.3%
Aurubis AG		596		55,691
Bayerische Motoren Werke AG		990		110,659
Daimler Truck Holding AG*		846		27,910
Deutsche Lufthansa AG, Registered Shares*		21,984		235,701
Deutsche Post AG, Registered Shares		2,364		113,365
HeidelbergCement AG		1,479		111,733
Mercedes-Benz Group AG		1,442		112,148
thyssenkrupp AG		11,257		80,676
Wacker Chemie AG		706		108,873
				956,756
Hong Kong—0.6%
Link REIT		171,800		1,120,580
Swire Pacific Ltd., Class A		33,500		265,025
WH Group Ltd.2		1,334,000		740,955
				2,126,560
Italy—0.3%
Assicurazioni Generali SpA		2,705		56,275
Eni SpA		3,675		55,664
Saras SpA*		167,744		216,906
UniCredit SpA		26,898		531,722
				860,567
Japan—2.1%
Allegro MicroSystems, Inc.*		656		23,465
BayCurrent Consulting, Inc.		21,400		739,014
Chubu Electric Power Co., Inc.		145,200		1,618,840
FANUC Corp.		4,967		167,298
Hitachi Ltd.		2,993		164,429
Kansai Electric Power Co., Inc.		140,000		1,510,514
Mazda Motor Corp.		102,000		908,863
Mitsubishi Heavy Industries Ltd.		18,000		677,353
Nippon Shinyaku Co. Ltd.		7,000		318,544
Otsuka Holdings Co. Ltd.		6,300		212,751
Taisei Corp.		3,500		118,555
Tokyo Gas Co. Ltd.		5,200		106,523
Tosoh Corp.		2,700		35,889
ZOZO, Inc.		15,100		316,530
				6,918,568
Luxembourg—0.0%†
ArcelorMittal SA		1,901		53,855
Netherlands—0.1%
ASML Holding NV		403		254,672
Norway—0.1%
Mowi ASA		19,015		362,384

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Norway—(concluded)
Norsk Hydro ASA		14,706	$	107,939
				470,323
Panama—0.0%†
Copa Holdings SA, Class A		372		33,599
Portugal—0.2%
Jeronimo Martins SGPS SA		20,268		511,433
Singapore—0.1%
Genting Singapore Ltd.		98,500		83,415
Kulicke & Soffa Industries, Inc.		583		27,786
STMicroelectronics NV		2,247		95,461
				206,662
Spain—0.3%
ACS Actividades de Construccion y Servicios SA		17,393		597,959
Naturgy Energy Group SA		11,654		363,416
Repsol SA		3,590		52,790
				1,014,165
Sweden—0.2%
Industrivarden AB, Class C		18,706		533,178
SSAB AB, Class B		16,127		108,697
Volvo AB, Class B		4,095		84,176
Volvo AB, Class A		4,549		96,258
				822,309
Switzerland—0.4%
EMS-Chemie Holding AG, Registered Shares		406		332,258
Kuehne & Nagel International AG, Registered Shares		377		111,305
Partners Group Holding AG		812		784,157
				1,227,720
Thailand—0.0%†
Fabrinet*		280		26,586
United Kingdom—0.9%
BAE Systems PLC		40,499		516,097
Barratt Developments PLC		18,689		117,437
Berkeley Group Holdings PLC		1,552		86,738
BP PLC		16,541		111,090
Centrica PLC		39,676		57,093
CK Hutchison Holdings Ltd.		38,500		257,495
Coca-Cola Europacific Partners PLC1		12,764		822,895
Hargreaves Lansdown PLC		29,921		301,954
Howden Joinery Group Plc		3,279		28,212
ITV PLC		53,897		54,716
J Sainsbury PLC		15,858		55,085
M&G PLC		11,265		29,037
Rentokil Initial PLC		5,280		209,299
Taylor Wimpey PLC		73,863		119,005

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United Kingdom—(concluded)
TORM PLC, Class A		11,250	$	350,913
				3,117,066
United States—24.5%
AbbVie, Inc.1		869		131,323
Accenture PLC, Class A1		1,839		515,453
Acuity Brands, Inc.		176		27,699
Addus HomeCare Corp.*		264		21,579
Adobe, Inc.*,1		2,563		967,686
AECOM1		3,962		329,044
AES Corp.		58,496		1,384,015
AGCO Corp.		129		15,988
Akamai Technologies, Inc.*		367		30,083
Albemarle Corp.1		2,844		527,448
Allison Transmission Holdings, Inc.		725		35,373
Alphabet, Inc., Class C*,1		2,691		291,220
Alphabet, Inc., Class A*,1		7,361		790,130
Amazon.com, Inc.*		3,157		332,906
Amdocs Ltd.		308		28,105
American Eagle Outfitters, Inc.		19,229		257,476
American Express Co.		153		24,685
American International Group, Inc.1		1,931		102,420
American Vanguard Corp.		434		8,355
AMERISAFE, Inc.		564		31,387
AMETEK, Inc.		209		28,827
AMN Healthcare Services, Inc.*		336		29,014
Amphastar Pharmaceuticals, Inc.*		251		8,978
Amphenol Corp., Class A		371		27,999
ANSYS, Inc.*		90		28,253
APA Corp.		704		25,942
Apple, Inc.1		9,288		1,575,988
ArcBest Corp.		308		29,075
Arcturus Therapeutics Holdings, Inc.*,1		3,224		85,823
Arhaus, Inc.*,1		15,376		123,316
Arista Networks, Inc.*		179		28,669
Array Technologies, Inc.*		37,197		760,679
Arthur J. Gallagher & Co.		147		30,585
AssetMark Financial Holdings, Inc.*		925		28,379
ATI, Inc.*,1		13,270		512,487
AutoNation, Inc.*		249		32,793
AutoZone, Inc.*,1		754		2,008,136
Axcelis Technologies, Inc.*,1		1,555		183,956
Axon Enterprise, Inc.*,1		840		176,996
Axos Financial, Inc.*		767		31,194
Badger Meter, Inc.		232		30,701
Balchem Corp.		227		29,828
BancFirst Corp.		227		18,135
Bandwidth, Inc., Class A*,1		17,225		209,628
Bio-Techne Corp.		374		29,875

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Boise Cascade Co.		454	$	31,013
Booking Holdings, Inc.*,1		179		480,849
Booz Allen Hamilton Holding Corp.		5,330		510,188
BorgWarner, Inc.		684		32,921
Boyd Gaming Corp.		505		35,047
Brady Corp., Class A		551		28,118
Bread Financial Holdings, Inc.		2,122		58,567
Bristol-Myers Squibb Co.1		182		12,152
Broadcom, Inc.1		234		146,601
Brookfield Renewable Corp., Class A		10,300		344,157
BRP, Inc.1		4,010		299,828
Brunswick Corp.		400		33,916
Builders FirstSource, Inc.*		361		34,212
C.H. Robinson Worldwide, Inc.		298		30,059
CACI International, Inc., Class A*		32		10,026
Cactus, Inc., Class A		686		27,769
Cal-Maine Foods, Inc.1		7,986		379,335
Capital One Financial Corp.		10,407		1,012,601
Catalyst Pharmaceuticals, Inc.*,1		15,870		252,650
Caterpillar, Inc.1		2,011		440,007
Cathay General Bancorp		558		17,783
Cavco Industries, Inc.*		97		29,121
CBIZ, Inc.*		575		30,297
Centene Corp.*,1		3,697		254,834
Century Communities, Inc.		459		30,909
Chemed Corp.		52		28,665
Chipotle Mexican Grill, Inc.*		17		35,150
Cigna Group1		2,975		753,538
Cintas Corp.		64		29,169
Cirrus Logic, Inc.*		642		55,077
Cisco Systems, Inc.		166		7,844
Civitas Resources, Inc.		414		28,587
Clearway Energy, Inc., Class A1		8,351		242,012
Cleveland-Cliffs, Inc.*		452		6,952
Clorox Co.1		1,355		224,415
Cognex Corp.		599		28,566
Comfort Systems USA, Inc.		213		31,841
Commercial Metals Co.		606		28,294
Conagra Brands, Inc.1		33,812		1,283,504
Consolidated Edison, Inc.1		1,750		172,322
Constellation Energy Corp.		12,104		936,850
Contra Abiomed, Inc.		42		43
Copart, Inc.*		382		30,197
Core & Main, Inc., Class A*		808		21,056
CorVel Corp.*		148		29,900
CoStar Group, Inc.*		418		32,165
CRA International, Inc.		270		28,388
Crane Holdings Co.		356		16,860
Cullen/Frost Bankers, Inc.*,1		1,060		116,865

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Curtiss-Wright Corp.		112	$	19,021
CVS Health Corp.1		3,487		255,632
D.R. Horton, Inc.		451		49,529
Dave & Buster's Entertainment, Inc.*		2,353		83,437
Deckers Outdoor Corp.*		62		29,719
Dell Technologies, Inc., Class C		195		8,481
Denbury, Inc.*		3,583		334,581
Diamondback Energy, Inc.		173		24,601
Dick's Sporting Goods, Inc.		231		33,497
Dillard's, Inc., Class A		62		18,500
Diodes, Inc.*		337		26,859
Dolby Laboratories, Inc., Class A		344		28,789
Dominion Energy, Inc.		11,061		632,026
Domo, Inc., Class B*		4,478		71,111
Donaldson Co., Inc.		454		28,852
DoubleVerify Holdings, Inc.*		966		28,420
Dow, Inc.		592		32,205
Dropbox, Inc., Class A*,1		28,021		569,947
Dummy Cusip Common Stock*		—		0
Dycom Industries, Inc.*		7,209		667,698
Eagle Bulk Shipping, Inc.		422		18,872
Eagle Materials, Inc.		228		33,792
Eagle Pharmaceuticals, Inc.*,1		9,930		278,834
East West Bancorp, Inc.		530		27,396
Edison International		9,256		681,242
elf Beauty, Inc.*		337		31,260
EMCOR Group, Inc.		182		31,122
Encore Wire Corp.1		666		104,116
EngageSmart, Inc.*		1,612		27,678
Enovix Corp.*		6,499		70,319
EPAM Systems, Inc.*		102		28,809
Erie Indemnity Co., Class A		126		27,384
Essent Group Ltd.		717		30,451
Ethan Allen Interiors, Inc.		1,075		30,025
Everbridge, Inc.*		25,586		672,400
Evercore, Inc., Class A		9,234		1,053,322
ExlService Holdings, Inc.*		178		31,752
Expeditors International of Washington, Inc.		566		64,433
Exponent, Inc.		296		27,247
Exxon Mobil Corp.		285		33,727
F5, Inc.*		207		27,813
Fair Isaac Corp.*,1		77		56,052
Fastenal Co.		542		29,181
Federated Hermes, Inc.		707		29,263
FedEx Corp.1		2,640		601,339
Fidelity National Information Services, Inc.		17,425		1,023,196
First Bancorp/Southern Pines NC		539		16,590

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
First Citizens BancShares, Inc., Class A1		410	$	412,944
First Hawaiian, Inc.		448		8,561
First Solar, Inc.*,1		3,737		682,301
FirstCash Holdings, Inc.		302		31,115
Five Below, Inc.*,1		2,310		455,902
Fluence Energy, Inc.*		17,329		312,962
Forward Air Corp.		269		28,382
Fox Corp., Class A		725		24,114
Fox Factory Holding Corp.*		250		27,718
Franklin Electric Co., Inc.		320		28,630
Freeport-McMoRan, Inc.		401		15,202
FTI Consulting, Inc.*		145		26,173
Full House Resorts, Inc.*		17,815		125,418
Garmin Ltd.		295		28,960
General Electric Co.		9,934		983,168
General Motors Co.1		5,135		169,660
Genpact Ltd.		643		28,646
Gentex Corp.		1,067		29,439
Gibraltar Industries, Inc.*		598		29,924
Gilead Sciences, Inc.1		14,500		1,192,045
Globus Medical, Inc., Class A*		511		29,710
Goldman Sachs Group, Inc.		3,044		1,045,431
Graco, Inc.		411		32,588
Grand Canyon Education, Inc.*		252		29,912
Green Brick Partners, Inc.*		827		30,822
Hackett Group, Inc.		1,562		28,991
Halozyme Therapeutics, Inc.*,1		5,275		169,486
Harmony Biosciences Holdings, Inc.*,1		15,174		489,210
Hartford Financial Services Group, Inc.1		1,288		91,435
Haverty Furniture Cos., Inc.		926		27,910
HCA Healthcare, Inc.		60		17,240
HEICO Corp.		171		28,837
HEICO Corp., Class A		214		28,725
Herc Holdings, Inc.		2,650		265,053
Heritage-Crystal Clean, Inc.*		823		28,772
Hess Corp.		57		8,268
HF Sinclair Corp.1		16,205		714,803
Holley, Inc.*,1		30,344		73,129
Hormel Foods Corp.		725		29,319
Howmet Aerospace, Inc.1		3,980		176,274
Hubbell, Inc.1		1,587		427,411
Hudson Pacific Properties, Inc.		28,384		157,815
Humana, Inc.1		1,060		562,319
IDEX Corp.		132		27,234
IDEXX Laboratories, Inc.*,1		613		301,694
Incyte Corp.*,1		5,125		381,351

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Ingles Markets, Inc., Class A		103	$	9,480
Innospec, Inc.		277		28,152
Installed Building Products, Inc.		254		31,565
Insteel Industries, Inc.		1,048		28,851
Inter Parfums, Inc.		67		10,170
International Bancshares Corp.		442		18,860
IPG Photonics Corp.*		251		28,860
Jabil, Inc.		397		31,026
Jack Henry & Associates, Inc.		189		30,871
Janus Henderson Group PLC		934		24,237
John B Sanfilippo & Son, Inc.		289		30,042
JPMorgan Chase & Co.1		2,370		327,629
Kadant, Inc.		147		27,317
KB Home		478		20,946
KBR, Inc.		4,956		281,154
Keysight Technologies, Inc.*		189		27,337
Kimberly-Clark Corp.1		5,429		786,608
Kimco Realty Corp.		70,139		1,345,967
Kiniksa Pharmaceuticals Ltd., Class A*,1		19,256		207,002
Kinsale Capital Group, Inc.		93		30,384
KKR & Co., Inc.		875		46,436
Knight-Swift Transportation Holdings, Inc.		593		33,398
Lakeland Financial Corp.		149		7,550
Lam Research Corp.		16		8,385
Lancaster Colony Corp.		143		29,904
Landstar System, Inc.		345		60,730
Las Vegas Sands Corp.*,1		10,888		695,199
Lattice Semiconductor Corp.*,1		1,799		143,380
La-Z-Boy, Inc.		342		9,826
LCI Industries		176		19,881
LeMaitre Vascular, Inc.		543		29,322
Lennar Corp., Class A		584		65,881
Lennar Corp., Class B		683		66,811
Lennox International, Inc.		1,897		534,783
Lindsay Corp.		149		17,990
Lithia Motors, Inc.		869		191,953
Littelfuse, Inc.		113		27,373
Livent Corp.*		1,340		29,279
LKQ Corp.		515		29,731
Lockheed Martin Corp.1		1,476		685,528
Lululemon Athletica, Inc.*,1		1,946		739,344
LyondellBasell Industries NV, Class A		346		32,735
M/I Homes, Inc.*		463		31,317
Manhattan Associates, Inc.*		188		31,148
Marathon Petroleum Corp.1		5,871		716,262
MarketAxess Holdings, Inc.		83		26,425
Marten Transport Ltd.		1,403		28,327

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
MasTec, Inc.*		9,609	$	853,375
Mastercard, Inc., Class A1		2,689		1,021,901
MaxLinear, Inc.*		565		13,633
MDC Holdings, Inc.		753		30,850
Medifast, Inc.		301		27,587
Medpace Holdings, Inc.*		155		31,022
Merit Medical Systems, Inc.*		381		30,971
Meritage Homes Corp.		243		31,116
MetLife, Inc.1		11,448		702,106
MGIC Investment Corp.		2,139		31,807
Microchip Technology, Inc.1		5,558		405,678
Micron Technology, Inc.		8,391		540,045
Microsoft Corp.1		4,799		1,474,541
Monarch Casino & Resort, Inc.		396		27,467
MongoDB, Inc.*		2,099		503,676
Monolithic Power Systems, Inc.		61		28,180
MSC Industrial Direct Co., Inc., Class A		615		55,799
Mueller Industries, Inc.		413		29,674
MYR Group, Inc.*		237		30,334
National Beverage Corp.*		553		27,484
NetApp, Inc.1		9,505		597,769
Netflix, Inc.*,1		906		298,917
New Fortress Energy, Inc.		3,000		90,870
New Relic, Inc.*		10,756		768,731
New York Times Co., Class A		740		29,415
NextEra Energy Partners LP		11,148		641,121
NextEra Energy, Inc.		6,274		480,777
NextGen Healthcare, Inc.*		1,652		27,654
NEXTracker, Inc., Class A*		4,025		126,747
NMI Holdings, Inc., Class A*		1,302		30,467
Nordson Corp.		134		28,986
NRG Energy, Inc.1		164		5,604
Nucor Corp.		412		61,050
NV5 Global, Inc.*		294		27,851
NVR, Inc.*		113		659,920
Old Dominion Freight Line, Inc.		84		26,913
Old Republic International Corp.		661		16,703
Ollie's Bargain Outlet Holdings, Inc.*,1		1,100		71,775
ON Semiconductor Corp.*		106		7,628
Onto Innovation, Inc.*		347		28,100
Owens Corning		336		35,888
PACCAR, Inc.1		11,783		880,072
Packaging Corp. of America		564		76,287
Park Hotels & Resorts, Inc.		57,152		688,682
Paychex, Inc.		262		28,783
PC Connection, Inc.		452		18,202
PDC Energy, Inc.		123		8,001
Penske Automotive Group, Inc.		235		32,566

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Perdoceo Education Corp.*,1		3,317	$	43,055
Perficient, Inc.*		429		27,851
PetMed Express, Inc.		1,844		28,342
PG&E Corp.*		28,104		480,859
Phillips 661		9,157		906,543
Photronics, Inc.*		1,861		26,910
Pinterest, Inc., Class A*		29,136		670,128
Powell Industries, Inc.		479		19,189
Power Integrations, Inc.		366		26,637
Preferred Bank		546		26,252
PriceSmart, Inc.		401		29,546
Prudential Financial, Inc.1		9,886		860,082
Public Storage1		3,539		1,043,403
PulteGroup, Inc.		892		59,898
Qorvo, Inc.*		99		9,116
Qualys, Inc.*		230		25,976
Quanta Services, Inc.		5,903		1,001,385
Radian Group, Inc.		415		10,072
Raytheon Technologies Corp.1		10,590		1,057,941
Reliance Steel & Aluminum Co.		247		61,207
Resources Connection, Inc.		1,805		26,335
Revolve Group, Inc.*		1,215		25,090
REX American Resources Corp.*		994		28,120
Robert Half International, Inc.		385		28,105
Robinhood Markets, Inc., Class A*		71,619		633,828
Roche Holding AG		798		269,973
Rollins, Inc.1		15,030		635,017
Ryder System, Inc.		190		15,040
Saia, Inc.*		105		31,266
Schneider National, Inc., Class B		2,329		60,950
Seagate Technology Holdings PLC		6,045		355,265
SEI Investments Co.		506		29,808
Semtech Corp.*		312		6,081
Shutterstock, Inc.		410		27,470
SIGA Technologies Inc.1		15,700		91,531
Simpson Manufacturing Co., Inc.		267		33,583
Simulations Plus, Inc.		665		27,764
SiteOne Landscape Supply, Inc.*		139		20,536
Skyworks Solutions, Inc.		339		35,900
Snap-on, Inc.		118		30,610
SPS Commerce, Inc.*		192		28,282
STAAR Surgical Co.*		442		31,148
Steel Dynamics, Inc.1		4,829		501,975
Stellantis NV		6,234		103,039
Steven Madden Ltd.		818		28,663
Stifel Financial Corp.		7,800		467,766
Stride, Inc.*		747		32,091
Stryker Corp.1		47		14,084
Sunnova Energy International, Inc.*		21,556		387,146

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Sunrun, Inc.*		12,047	$	253,469
Super Micro Computer, Inc.*		281		29,626
Synopsys, Inc.*		77		28,592
T. Rowe Price Group, Inc.		260		29,206
Take-Two Interactive Software, Inc.*		3,077		382,440
Tapestry, Inc.		792		32,322
Taylor Morrison Home Corp.*		765		32,964
Teradyne, Inc.		286		26,135
Tetra Tech, Inc.		203		28,089
Texas Pacific Land Corp.1		167		246,768
Thermon Group Holdings, Inc.*		1,238		25,726
Titan Machinery, Inc.*,1		5,174		162,205
Toll Brothers, Inc.		1,032		65,955
TopBuild Corp.*		304		68,546
Towne Bank		1,113		26,367
Tradeweb Markets, Inc., Class A		396		27,882
Trane Technologies PLC		111		20,625
Transocean Ltd.*		54,066		318,989
Trex Co., Inc.*		176		9,620
Tri Pointe Homes, Inc.*		1,127		32,322
Twilio, Inc., Class A*		3,089		162,512
Uber Technologies, Inc.*,1		5,890		182,884
UFP Industries, Inc.		366		28,738
Ulta Beauty, Inc.*		54		29,777
United Natural Foods, Inc.*		13,268		361,818
United Parcel Service, Inc., Class B1		623		112,022
United Rentals, Inc.1		7,747		2,797,519
United States Steel Corp.		955		21,850
United Therapeutics Corp.*,1		2,028		466,704
Univar Solutions, Inc.*		937		33,264
Universal Display Corp.		199		26,559
Unum Group		210		8,862
USANA Health Sciences, Inc.*		453		30,066
Vail Resorts, Inc.		3,525		847,833
Valaris Ltd.*		2,619		157,140
Valero Energy Corp.1		6,350		728,154
Valvoline, Inc.1		12,940		447,077
Veeva Systems, Inc., Class A*		160		28,653
VeriSign, Inc.*,1		4,598		1,019,836
Veritiv Corp.		231		26,535
Vertex Pharmaceuticals, Inc.*,1		2,202		750,287
VF Corp.		14,996		352,556
Victory Capital Holdings, Inc., Class A		969		29,593
Vir Biotechnology, Inc.*,1		2,895		72,809
Visa, Inc., Class A1		2,229		518,755
Vitesse Energy, Inc.		1,683		30,967
Vontier Corp.		12,931		350,818
W. R. Berkley Corp.		475		27,987

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Wabash National Corp.1		12,833	$	329,423
Walgreens Boots Alliance, Inc.1		3,822		134,725
Watsco, Inc.		91		31,521
Watts Water Technologies, Inc., Class A		180		29,111
Weis Markets, Inc.		339		27,964
Wells Fargo & Co.1		5,310		211,072
West Pharmaceutical Services, Inc.		81		29,260
Westamerica Bancorp		436		17,662
Western Digital Corp.*		15,508		534,096
Westlake Corp.		284		32,314
Winnebago Industries, Inc.		502		29,186
WW Grainger, Inc.		43		29,910
				81,248,980
Total common stocks (cost—$141,358,337)				142,424,503
Preferred stocks: 0.0%†
Germany: 0.0%†
Bayerische Motoren Werke AG (cost—$93,888)		1,222		129,603
Investment companies: 7.2%
AlphaSimplex Managed Futures Strategy Fund, Class Y		839,958		8,004,804
AQR Style Premia Alternative Fund, Class I		1,044,548		8,011,682
Carillon Reams Unconstrained Bond Fund, Class I		640,115		7,847,808
Total investment companies (cost—$26,210,721)				23,864,294

	Face amount
Corporate bonds: 14.6%
Canada: 0.5%
Chorus Aviation, Inc.
6.000%, due 06/30/261,2	CAD	2,430,000	1,683,253
United States: 14.1%
Amyris, Inc.
1.500%, due 11/15/26	$	525,000	122,359
Bloomin' Brands, Inc.
5.000%, due 05/01/25		1,500,000	3,295,800
Carnival Corp.
5.750%, due 10/01/24		2,000,000	2,355,900
Cinemark Holdings, Inc.
4.500%, due 08/15/25		3,000,000	4,146,810
Herbalife Nutrition Ltd.
4.250%, due 06/15/282		1,500,000	1,693,260

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(concluded)
United States—(concluded)
Liberty Media Corp.
0.500%, due 12/01/502	$	1,500,000	$	1,442,268
NextEra Energy Partners LP
0.000%, due 11/15/252,3		2,000,000		1,824,686
Parsons Corp.
0.250%, due 08/15/25		1,500,000		1,631,415
Patrick Industries, Inc.
1.750%, due 12/01/28		450,000		405,056
Royal Caribbean Cruises Ltd.
6.000%, due 08/15/252		4,750,000		7,256,385
Southern Co.
3.875%, due 12/15/252		1,500,000		1,538,160
Transocean, Inc.
4.625%, due 09/30/292		2,000,000		3,742,480
United States Steel Corp.
5.000%, due 11/01/26		3,500,000		6,326,950
World Wrestling Entertainment, Inc.
3.375%, due 12/15/23		2,500,000		10,785,025
				46,566,554
Total corporate bonds (cost—$42,179,821)				48,249,807

	Number of shares
Short term investments: 31.3%
Investment companies: 31.3%
State Street Institutional U.S. Government Money Market Fund, 4.756%4 (cost—$103,944,063)		103,944,063	103,944,063

	Number of contracts		Notional amount
Equity and foreign exchange options purchased: 0.7%
Call options: 0.6%
Call Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 130 expires 12/24/23 (Counterparty: JPMCB)		2	$	30,290	280,107
Call S&P 500 Index, strike @ 4,100 expires 05/23/23 (Counterparty: JPMCB)		0		61,500	162,675
Call CBOE Volatility Index, strike @ $30 expires 5/23/23 (Counterparty: JPMCB)		18		53,760	37,632

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Call options—(continued)
Call CBOE Volatility Index, strike @ $34 expires 7/23/23 (Counterparty: JPMCB)		18	$	60,928	$	238,336
Call CBOE Volatility Index, strike @ $32 expires 6/23/23 (Counterparty: JPMCB)		18		57,344		166,656
Call STOXX Europe 600 Basic Resources Index, strike @ 620 expires 06/23/23 (Counterparty: JPMCB)		0		27,280		14,061
Call FTSE 100 Index, strike @ 7,800 expires 05/23/23 (Counterparty: JPMCB)		1		436,800		69,674
Call S&P 500 Index, strike @ $4,100 expires 06/24/23 (Counterparty: JPMCB)		0		69,700		251,396
Call EURO STOXX 50, strike @ 4,450 expires 06/23/23 (Counterparty: Eurex Deutschland)		3		1,521,900		125,114
Call FTSE 100 Index, strike @ 7,600 expires 06/23/23 (Counterparty: JPMCB)		0		250,800		132,920
Call EURO STOXX 50, strike @ 4,450 expires 07/23/23 (Counterparty: Eurex Deutschland)		2		760,950		123,795
Call S&P 500 Index, strike @ $4,200 expires 07/23/23 (Counterparty: Options Clearing Corp.)		0		63,000		175,875
Call iShares 20+ Year Treasury Bond ETF, strike @ $120 expires 07/23/23 (Counterparty: Options Clearing Corp.)		1		9,720		3,888

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Call options—(concluded)
Call iShares 20+ Year Treasury Bond ETF, strike @ $115 expires 07/23/23 (Counterparty: Options Clearing Corp.)		1	$	6,095	$	5,671
Call S&P 500 Index, strike @ $4,125 expires 06/23/23 (Counterparty: Options Clearing Corp.)		0		61,875		222,450
Total						2,010,250
Put options: 0.1%
Put Cinemark Holdings, Inc., strike @ 5 expires 01/19/24 (Counterparty: MSCI)		14		7,125		7,125
Put Herbalife Nutrition Ltd., strike @ 7.5 expires 01/19/24 (Counterparty: MSCI)		9		6,937		46,250
Put Transocean Ltd., strike @ 1.5 expires 01/19/24 (Counterparty: MSCI)		27		3,977		2,651
Put Guess?, Inc., strike @ $12 expires 06/23/23 (Counterparty: MSCI)		3		3,600		1,500
Put EURO STOXX 50, strike @ 3,100 expires 06/24/23 (Counterparty: JPMCB)		0		68,200		17,866
Put EURO STOXX 50, strike @ 3,200 expires 06/24/23 (Counterparty: JPMCB)		1		304,000		84,477
Put Amyris, Inc., strike @ $1 expires 06/23/23 (Counterparty: MSCI)		5		500		15,500
Put S&P 500 Index, strike @ $4,000 expires 06/23/23 (Counterparty: Options Clearing Corp.)		0		24,000		22,440

PACE Alternative Strategies Investments

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(concluded)
Put options—(concluded)
Put Carnival Corp., strike @ 5 expires 01/19/24 (Counterparty: MSCI)		24	$	12,000	$	79,200
Put Royal Caribbean Cruises Ltd.,strike @ $30 expires 01/19/24 (Counterparty: MSCI)		6		16,500		52,250
Put Live Nation Entertainment, Inc., strike @ $45 expires 01/19/24 (Counterparty: MSCI)		4		15,750		4,725
Put S&P 500 Index, strike @ $4,165 expires 06/23/23 (Counterparty: Options Clearing Corp.)		0		20,825		37,650
Put Invesco QQQ Trust, strike @ 295 expires 06/23/23 (Counterparty: Options Clearing Corp.)		0		4,130		3,192
Put Industrial Select Sector SPDR, strike @ 94 expires 06/23/23 (Counterparty: Options Clearing Corp.)		0		4,042		3,182
SPDR S&P 500 ETF Trust, strike @ 385 expires 09/23/23 (Counterparty: Options Clearing Corp.)		0		17,325		35,415
Put United States Steel Corp., strike @ 15 expires 01/19/24 (Counterparty: Options Clearing Corp.)		1		1,125		5,700
Total						419,123
Total equity and foreign exchange options purchased (cost—$2,933,870)						2,429,373
Total Investments before Investments Sold Short (cost—$316,720,700)—96.7%						321,041,643

	Number of shares			Value
Investments sold short: (32.2%)
Common stocks: (28.6%)
Australia: (0.1)%
BrainChip Holdings Ltd.		(1,008,229	)	$	(270,194	)
Leo Lithium Ltd.		(62,314	)		(21,647	)
Worley Ltd.		(20,572	)		(204,732	)
					(496,573	)
Canada: (6.0)%
ARC Resources Ltd.		(49,060	)		(609,425	)
Athabasca Oil Corp.		(122,140	)		(301,102	)
Automotive Properties Real Estate Investment Trust		(3,350	)		(28,410	)
Bank of Nova Scotia		(11,530	)		(575,543	)
BCE, Inc.		(3,330	)		(160,054	)
Birchcliff Energy Ltd.		(168,680	)		(1,022,152	)
Boston Pizza Royalties Income Fund		(11,550	)		(133,074	)
Cameco Corp.		(20,400	)		(560,874	)
Canadian National Railway Co.		(10,120	)		(1,206,318	)
Canadian Tire Corp. Ltd.		(3,660	)		(479,797	)
Capital Power Corp.		(6,950	)		(226,528	)
Cargojet, Inc.		(3,140	)		(236,163	)
Cascades, Inc.		(29,940	)		(243,966	)
CCL Industries, Inc.		(9,360	)		(440,141	)
Chartwell Retirement Residences		(36,800	)		(240,652	)
Denison Mines Corp.		(22,300	)		(24,524	)
Descartes Systems Group, Inc.		(11,320	)		(897,011	)
Dye & Durham Ltd.		(23,790	)		(253,203	)
Enbridge, Inc.		(18,550	)		(737,564	)
EQB, Inc.		(7,000	)		(310,514	)
Equinox Gold Corp.		(60,990	)		(302,958	)
Fiera Capital Corp.		(49,150	)		(269,539	)
Filo Mining Corp.		(6,800	)		(113,128	)
goeasy Ltd.		(3,580	)		(245,185	)
Granite Real Estate Investment Trust		(3,960	)		(246,278	)
IGM Financial, Inc.		(6,850	)		(210,225	)
Imperial Oil Ltd.		(11,840	)		(603,514	)
Interfor Corp.		(6,340	)		(99,486	)
iShares Core S&P/TSX Capped Composite Index ETF		(131,630	)		(3,192,502	)
Leon's Furniture Ltd.		(12,670	)		(180,953	)
Lithium Americas Corp.		(373	)		(7,453	)
Maple Leaf Foods, Inc.		(27,520	)		(563,867	)
Minto Apartment Real Estate Investment Trust2		(11,710	)		(122,472	)
MTY Food Group, Inc.		(6,040	)		(262,223	)
Mullen Group Ltd.		(38,610	)		(427,749	)
NexGen Energy Ltd.		(121,300	)		(471,824	)
NFI Group, Inc.		(12,790	)		(74,672	)
North West Co., Inc.		(6,830	)		(200,335	)
NorthWest Healthcare Properties REIT		(81,990	)		(493,205	)
RioCan Real Estate Investment Trust		(20,260	)		(313,728	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Sleep Country Canada Holdings, Inc.2		(7,920	)	$	(137,432	)
SmartCentres Real Estate Investment Trust		(15,990	)		(308,978	)
Superior Plus Corp.		(18,430	)		(136,710	)
TELUS Corp.		(53,840	)		(1,141,296	)
TransAlta Renewables, Inc.		(49,260	)		(459,932	)
Whitecap Resources, Inc.		(71,330	)		(562,280	)
					(19,834,939	)
Chile: (0.0)%†
Lundin Mining Corp.		(18,820	)		(143,770	)
Denmark: (0.0)%†
Vestas Wind Systems AS		(2,514	)		(69,297	)
France: (0.1)%
Airbus SE		(1,914	)		(268,143	)
Germany: (0.3)%
adidas AG		(4,032	)		(708,370	)
Mercer International, Inc.		(21,202	)		(206,296	)
					(914,666	)
Hong Kong: (0.1)%
Prudential PLC		(25,817	)		(393,078	)
Japan: (0.5)%
Eisai Co. Ltd.		(12,700	)		(730,149	)
euglena Co. Ltd.		(6,700	)		(43,619	)
JSR Corp.		(12,700	)		(292,693	)
Kagome Co. Ltd.		(4,900	)		(118,683	)
Makita Corp.		(11,500	)		(322,434	)
					(1,507,578	)
Jordan: (0.0)%†
Hikma Pharmaceuticals PLC		(935	)		(21,633	)
Netherlands: (0.3)%
Aegon NV		(162,556	)		(738,514	)
Argenx SE		(897	)		(344,657	)
					(1,083,171	)
South Korea: (0.2)%
Delivery Hero SE2		(18,855	)		(750,649	)
Spain: (0.1)%
Ferrovial SA		(10,278	)		(321,979	)
Sweden: (0.1)%
Electrolux AB		(4,639	)		(69,913	)
Investment AB Latour		(4,406	)		(95,166	)
Kinnevik AB		(2,813	)		(46,042	)
PowerCell Sweden AB		(18,803	)		(159,077	)
					(370,198	)
Switzerland: (0.0)%†
IWG PLC		(4,351	)		(9,279	)
Turkey: (0.1)%
Eldorado Gold Corp.		(21,940	)		(242,419	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United Kingdom: (0.1)%
Capricorn Energy PLC		(48,676	)	$	(134,215	)
ITM Power PLC		(8,128	)		(7,986	)
Petrofac Ltd.		(27,608	)		(24,790	)
					(166,991	)
United States: (20.6)%
Albemarle Corp.		(195	)		(36,165	)
Alcoa Corp.		(17,421	)		(647,016	)
Alnylam Pharmaceuticals, Inc.		(2,733	)		(544,414	)
Altair Engineering, Inc.		(1,492	)		(103,023	)
American Airlines Group, Inc.		(40,610	)		(553,920	)
American Water Works Co., Inc.		(1,642	)		(243,426	)
Amyris, Inc.		(26,870	)		(21,969	)
Bank OZK		(5,350	)		(191,102	)
Bloomin' Brands, Inc.		(130,589	)		(3,234,690	)
Boeing Co.		(3,403	)		(703,672	)
BorgWarner, Inc.		(5,220	)		(251,239	)
Caesars Entertainment, Inc.		(8,948	)		(405,255	)
Carnival Corp.		(141,269	)		(1,301,087	)
Cassava Sciences, Inc.		(6,994	)		(162,401	)
Caterpillar, Inc.		(1,429	)		(312,665	)
Cathay General Bancorp		(6,860	)		(218,628	)
CBRE Group, Inc.		(3,769	)		(288,932	)
Cinemark Holdings, Inc.		(167,225	)		(2,822,758	)
Coinbase Global, Inc.		(2,520	)		(135,551	)
Crocs, Inc.		(2,066	)		(255,502	)
CSX Corp.		(9,170	)		(280,969	)
CVB Financial Corp.		(13,980	)		(209,281	)
Deere & Co.		(260	)		(98,285	)
Deluxe Corp.		(7,270	)		(110,140	)
Dick's Sporting Goods, Inc.		(3,325	)		(482,158	)
Dime Community Bancshares, Inc.		(8,200	)		(168,920	)
Discover Financial Services		(3,030	)		(313,514	)
DoorDash, Inc.		(4,934	)		(301,911	)
Dynatrace, Inc.		(8,007	)		(338,536	)
Energy Fuels, Inc.		(60,900	)		(346,112	)
Entegris, Inc.		(2,788	)		(208,877	)
Etsy, Inc.		(3,349	)		(338,349	)
Expeditors International of Washington, Inc.		(2,150	)		(244,756	)
First Bancorp/Southern Pines NC		(5,350	)		(164,673	)
Ford Motor Co.		(8,985	)		(106,742	)
Franklin Resources, Inc.		(6,940	)		(186,547	)
Gentex Corp.		(7,617	)		(210,153	)
German American Bancorp, Inc.		(4,443	)		(129,158	)
Gevo, Inc.		(160,305	)		(185,954	)
Graco, Inc.		(3,190	)		(252,935	)
Hawaiian Holdings, Inc.		(22,670	)		(188,841	)
Helen of Troy Ltd.		(3,890	)		(390,323	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Herbalife Nutrition Ltd.		(70,680	)	$	(1,050,305	)
Hilton Grand Vacations, Inc.		(6,005	)		(257,014	)
Home Depot, Inc.		(3,698	)		(1,111,397	)
HP, Inc.		(6,011	)		(178,587	)
Illinois Tool Works, Inc.		(1,770	)		(428,234	)
Invitation Homes, Inc.		(5,910	)		(197,217	)
Iron Mountain, Inc.		(7,210	)		(398,280	)
JELD-WEN Holding, Inc.		(8,180	)		(104,540	)
Joby Aviation, Inc.		(63,922	)		(276,782	)
Kennametal, Inc.		(20,150	)		(523,094	)
Kinetik Holdings, Inc.		(2,973	)		(91,568	)
Lear Corp.		(1,949	)		(248,809	)
Light & Wonder, Inc.		(1,591	)		(95,921	)
Live Nation Entertainment, Inc.		(6,326	)		(428,776	)
Livent Corp.		(147	)		(3,212	)
Lucid Group, Inc.		(59,160	)		(469,730	)
Microchip Technology, Inc.		(2,291	)		(167,220	)
Micron Technology, Inc.		(11,335	)		(729,521	)
Middleby Corp.		(5,020	)		(707,218	)
Netflix, Inc.		(1,291	)		(425,940	)
NextDecade Corp.		(44,430	)		(276,799	)
NextEra Energy Partners LP		(11,451	)		(658,547	)
Nordstrom, Inc.		(9,510	)		(147,025	)
Novocure Ltd.		(4,307	)		(283,831	)
NuScale Power Corp.		(14,064	)		(124,748	)
Occidental Petroleum Corp.		(7,062	)		(434,525	)
Old Dominion Freight Line, Inc.		(799	)		(255,992	)
ON Semiconductor Corp.		(2,335	)		(168,027	)
OneMain Holdings, Inc.		(4,760	)		(182,641	)
Oshkosh Corp.		(8,440	)		(645,829	)
Overstock.com, Inc.		(13,184	)		(268,426	)
PACCAR, Inc.		(3,300	)		(246,477	)
Papa John's International, Inc.		(2,287	)		(171,045	)
Parsons Corp.		(23,405	)		(1,018,117	)
Patrick Industries, Inc.		(2,607	)		(178,918	)
PepsiCo, Inc.		(2,800	)		(534,492	)
Piedmont Lithium, Inc.		(74	)		(4,255	)
Plug Power, Inc.		(67,330	)		(607,990	)
Polaris, Inc.		(6,600	)		(717,090	)
Pool Corp.		(1,660	)		(583,191	)
Public Storage		(484	)		(142,698	)
Rayonier Advanced Materials, Inc.		(25,200	)		(137,088	)
REC Silicon ASA		(1,786	)		(2,680	)
Red Rock Resorts, Inc.		(6,575	)		(320,860	)
Rivian Automotive, Inc.		(9,036	)		(115,841	)
ROBLOX Corp.		(2,579	)		(91,812	)
Royal Caribbean Cruises Ltd.		(78,683	)		(5,148,229	)
SEI Investments Co.		(6,570	)		(387,039	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
ServisFirst Bancshares, Inc.		(8,170	)	$	(412,585	)
Sherwin-Williams Co.		(520	)		(123,521	)
Shoals Technologies Group, Inc.		(5,777	)		(120,682	)
Signet Jewelers Ltd.		(3,970	)		(292,113	)
Smartsheet, Inc.		(3,778	)		(154,407	)
Snap, Inc.		(43,657	)		(380,252	)
Southern Co.		(5,345	)		(393,125	)
Stanley Black & Decker, Inc.		(6,875	)		(593,587	)
Synchrony Financial		(9,790	)		(288,903	)
T. Rowe Price Group, Inc.		(4,660	)		(523,458	)
Target Corp.		(1,700	)		(268,175	)
Tellurian, Inc.		(150,897	)		(214,274	)
Terex Corp.		(9,494	)		(423,337	)
Tesla, Inc.		(4,231	)		(695,196	)
Toast, Inc.		(37,076	)		(674,783	)
Transocean Ltd.		(540,635	)		(3,189,746	)
Union Pacific Corp.		(1,400	)		(273,980	)
United Parcel Service, Inc.		(3,400	)		(611,354	)
United Rentals, Inc.		(212	)		(76,555	)
United States Steel Corp.		(233,122	)		(5,333,831	)
Urban Outfitters, Inc.		(5,010	)		(135,571	)
Vishay Intertechnology, Inc.		(7,749	)		(164,976	)
Vistra Corp.		(6,163	)		(147,049	)
Walt Disney Co.		(3,288	)		(337,020	)
Webster Financial Corp.		(6,600	)		(246,180	)
Western Digital Corp.		(17,702	)		(609,657	)
Westinghouse Air Brake Technologies Corp.		(1,060	)		(103,530	)
Weyerhaeuser Co.		(16,130	)		(482,448	)
Whirlpool Corp.		(1,240	)		(173,092	)
Wolfspeed, Inc.		(10,857	)		(505,393	)
World Wrestling Entertainment, Inc.		(100,351	)		(10,754,617	)
YETI Holdings, Inc.		(3,126	)		(123,321	)
					(68,264,844	)
Total common stocks (proceeds—$(89,557,438))					(94,859,207	)

	Face amount
Corporate bonds: (0.0%)†
United States: (0.0)%†
Patrick Industries, Inc.
4.750%, due 05/01/291 (proceeds—$(98,319))	$	(100,000	)	(87,000	)

	Number of shares
Investment companies: (3.6%)
ARK Innovation ETF		(2,744	)	(98,565	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

	Number of shares			Value
Investment companies—(continued)
BMO S&P 500 Index ETF		(15,920	)	$	(726,408	)
Consumer Staples Select Sector SPDR Fund		(1,463	)		(113,295	)
Industrial Select Sector SPDR Fund		(15,659	)		(1,565,900	)
Invesco QQQ Trust ETF		(2,360	)		(761,242	)
Invesco Solar ETF		(4,842	)		(348,576	)
iShares Russell 2000 ETF		(13,709	)		(2,401,817	)
iShares U.S. Real Estate ETF		(2,680	)		(229,622	)
SPDR Bloomberg High Yield Bond ETF		(22,212	)		(2,054,388	)
SPDR Dow Jones Industrial Average ETF Trust		(3,460	)		(1,179,964	)
SPDR S&P 500 ETF Trust		(5,808	)		(2,415,721	)
SPDR S&P Oil & Gas Exploration & Production ETF		(383	)		(48,683	)
Total investment companies (proceeds—$(12,002,159))					(11,944,181	)
Total investments sold short (cost—$(101,657,916))					(106,890,388	)
Other assets in excess of liabilities—35.5%					117,829,557
Net Assets—100.0%				$	331,980,812

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 amount		Number of contracts	Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
EUR	1,539,000	342	Call EURO STOXX 50, strike @ 4,500.00	Eurex Deutschland	06/23/23	$	115,474	$	(73,486	)	$	41,988
EUR	778,050	171	Call EURO STOXX 50, strike @ 4,550.00	Eurex Deutschland	07/23/23		79,980		(61,992	)		17,988
EUR	32,620	233	Call Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 140.00	Eurex Deutschland	12/24/23		84,397		(123,236	)		(38,839	)
GBP	442,400	56	Call FTSE 100 Index, strike @ 7,900.00	JPMCB	05/23/23		39,491		(31,670	)		7,821
GBP	257,400	33	Call FTSE 100 Index, strike @ 7,800.00	JPMCB	06/23/23		27,238		(69,467	)		(42,229	)
USD	63,000	15	Call S&P 500 Index, strike @ 4,200.00	JPMCB	05/23/23		116,449		(59,550	)		56,899
USD	57,344	1,792	Call CBOE Volatility Index, strike @ 32.00	JPMCB	05/23/23		154,650		(32,256	)		122,394
USD	60,928	1,792	Call CBOE Volatility Index, strike @ 34.00	JPMCB	06/23/23		192,282		(148,736	)		43,546
USD	71,400	17	Call S&P 500 Index, strike @ 4,200.00	JPMCB	06/23/23		81,690		(134,453	)		(52,763	)
USD	24,000	6	Call S&P 500 Index, strike @ 4,000.00	JPMCB	06/23/23		84,788		(134,580	)		(49,792	)
USD	20,825	5	Call S&P 500 Index, strike @ 4,165.00	Options Clearing Corp.	06/23/23		51,992		(48,900	)		3,092

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Equity options written—(concluded)
Notional amount		Number of contracts	Call options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
USD	63,000	15	Call S&P 500 Index, strike @ 4,200.00	Options Clearing Corp.	06/23/23	$	91,024	$	(136,320	)	$	(45,296	)
USD	64,512	1,792	Call CBOE Volatility Index, strike @ 36.00	JPMCB	07/23/23		213,786		(209,664	)		4,122
USD	64,500	15	Call S&P 500 Index, strike @ 4,300.00	Options Clearing Corp.	07/23/23		110,150		(95,190	)		14,960
Total						$	1,443,391	$	(1,359,500	)	$	83,891

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current Value			Unrealized appreciation (depreciation)
EUR	27,280		44	Put STOXX Europe 600 Basic Resources Index, strike @ 620.00	JPMCB	06/23/23	$	177,985	$	(313,204	)	$	(135,219	)
EUR	243,675		57	Put EURO STOXX 50, strike @ 4,275.00	Eurex Deutschland	06/23/23		56,130		(51,126	)		5,004
EUR	242,250		57	Put EURO STOXX 50, strike @ 4,250.00	Eurex Deutschland	07/23/23		70,335		(80,144	)		(9,809	)
EUR	6,555		69	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 95.00	JPMCB	12/24/23		31,094		(14,522	)		16,572
EUR	31,200		312	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 100.00	JPMCB	12/24/23		106,368		(79,072	)		27,296
EUR	25,630		233	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 110.00	Eurex Deutschland	12/24/23		103,602		(84,725	)		18,877
GBP	105,000		14	Put FTSE 100 Index, strike @ 7,500.00	JPMCB	05/23/23		31,367		(2,727	)		28,640
GBP	95,550		13	Put FTSE 100 Index, strike @ 7,350.00	JPMCB	06/23/23		27,338		(5,392	)		21,946
USD	19,750		5	Put S&P 500 Index, strike @ 3,950.00	JPMCB	05/23/23		57,426		(4,455	)		52,971
USD	23,400		6	Put S&P 500 Index, strike @ 3,900.00	JPMCB	06/23/23		64,292		(15,084	)		49,208
USD	3,655		43	Put Industrial Select Sector SPDR, strike @ 85.00	Options Clearing Corp.	06/23/23		4,770		(645	)		4,125
USD	3,710		14	Invesco QQQ Trust ETF, strike @ 265.00	Options Clearing Corp.	06/23/23		4,851		(826	)		4,025
USD	20,125		5	Put S&P 500 Index, strike @ 4,025.00	Options Clearing Corp.	06/23/23		39,291		(28,400	)		10,891
USD	20,000		5	Put S&P 500 Index, strike @ 4,000.00	Options Clearing Corp.	07/23/23		41,402		(32,250	)		9,152
USD	17,577		279	Put Utilities Select Sector SPDR Fund, strike @ 63.00	Options Clearing Corp.	09/23/23		58,385		(30,690	)		27,695
Total							$	874,636	$	(743,262	)	$	131,374
Total equity options written							$	2,318,027	$	(2,102,762	)	$	215,265

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Futures contracts
Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts
6	USD	CBOE Volatility Index Futures	June 2023	$	152,802		$	127,809		$	(24,995	)
14	EUR	EURO STOXX 50 Index Futures	December 2024		194,849			207,488			12,639
285	EUR	EURO STOXX Bank Index Futures	June 2023		1,566,845			1,592,976			26,132
5	HKD	Hang Seng China Enerprises Index Futures	June 2023		210,468			212,526			2,058
18	USD	MSCI Brazil Index Futures	June 2023		849,310			862,315			13,006
16	USD	U.S. MSCI Emerging Markets Index Futures	June 2023		777,076			787,360			10,283
Total				$	3,751,350		$	3,790,474		$	39,123
Index futures sell contracts
66	USD	E-mini Russell 2000 Index Futures	June 2023	$	(5,888,652	)	$	(5,856,840	)	$	31,812
140	EUR	EURO STOXX 50 Index Futures	June 2023		(6,312,079	)		(6,664,294	)		(352,215	)
27	GBP	FTSE 100 Index Futures	June 2023		(2,550,047	)		(2,667,924	)		(117,877	)
24	USD	MSCI World Index Futures	June 2023		(1,978,570	)		(2,108,160	)		(129,590	)
5	USD	S&P 500 E-Mini Index Futures	June 2023		(985,915	)		(209,425	)		(61,210	)
6	USD	SGX CNX Nifty Index Futures	May 2023		(214,245	)		(217,548	)		(3,303	)
Interest rate futures sell contracts
387	EUR	German EURO Schatz Futures	June 2023		(44,616,190	)		(45,063,569	)		(447,379	)
Total				$	(62,545,698	)	$	(62,787,760	)	$	(1,079,762	)
Net unrealized appreciation (depreciation)										$	(1,040,639	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Centrally cleared interest rate swap agreements
Notional amount (000)		Maturity date	Payment frequency	Payments made by the portfolio5	Payments received by the portfolio5	Value			Unrealized appreciation (depreciation)
EUR	38,913	06/21/25	Annual	3.232%	12 Month EUR ESTR	$	(49,513	)	$	(49,513	)
GBP	34,966	06/21/25	Annual	12 Month GBP SONIA	4.440%		(19,117	)		(19,117	)
GBP	34,847	06/21/25	Annual	12 Month GBP SONIA	4.392		(58,269	)		(58,269	)
JPY	1,222,820	09/21/32	Annual	0.421	12 Month JPY TONA		56,354			56,354
JPY	1,222,820	09/21/32	Annual	0.000	12 Month JPY TONA		(1,992	)		(1,992	)
JPY	1,195,671	06/21/33	Annual	0.621	12 Month JPY TONA		(48,127	)		(48,127	)
Total						$	(120,664	)	$	(120,664	)

OTC Total return swap agreements

Counterparty	Notional amount (000)	Maturity Date	Payment frequency	Payment made by the Portfolio5			Payments received by the Portfolio5		Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD 16	07/11/24	Monthly		5.120	%	Activision Blizzard, Inc.		$	—	$	(125,006	)	$	(125,006	)
JPMCB	USD 47	07/11/24	Monthly		5.120		PNM Resources, Inc.			—		(36,366	)		(36,366	)
JPMCB	USD 32	07/11/24	Monthly		5.120		First Horizon Corp			—		(2,574	)		(2,574	)
JPMCB	USD 12	07/11/24	Monthly		5.120		VMware, Inc.			—		27,612			27,612
JPMCB	USD 63	07/11/24	Monthly		5.120		Spirit Airlines, Inc.			—		(12,727	)		(12,727	)
JPMCB	GBP 72	07/11/24	Monthly		4.479		EMIS Group PLC			—		128,978			128,978
JPMCB	USD 21	07/11/24	Monthly		5.120		Black Knight, Inc.			—		(56,962	)		(56,962	)
JPMCB	USD 1	07/11/24	Monthly		Broadcom, Inc.		4.480	%		—		3,599			3,599
JPMCB	USD 1	07/11/24	Monthly		Intercontinental Exchange, Inc.		4.520			—		(2,973	)		(2,973	)
JPMCB	USD 33	07/15/24	Monthly		5.120		Euronav NV			—		11,511			11,511
JPMCB	USD 21	07/15/24	Monthly		Frontline PLC		1.446			—		(635	)		(635	)
JPMCB	USD 10	08/09/24	Monthly		5.120		iRobot Corp.			—		(25,514	)		(25,514	)
JPMCB	USD 9	09/30/24	Monthly		Provident Financial Services , Inc.		4.520			—		6,324			6,324
JPMCB	USD 11	09/30/24	Monthly		5.120		Lakeland Bancorp, Inc.			—		(5,611	)		(5,611	)
JPMCB	USD 110	10/18/24	Monthly		5.120		Albertsons Cos., Inc.			—		(1,748	)		(1,748	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the Portfolio5		Payments received by the Portfolio5	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	DKK	22	12/16/24	Monthly		3.433	Chr. Hansen Holding A/S	$	—	$	21,285		$	21,285
JPMCB	DKK	31	12/16/24	Monthly		Novozymes A/S	2.405		—		(25,112	)		(25,112	)
JPMCB	USD	19	12/16/24	Monthly		5.120	Horizon Therapeutics PLC		—		52,752			52,752
JPMCB	USD	39	12/23/24	Monthly		5.120	Aerojet Rocketdyne Holdings, Inc.		—		392			392
JPMCB	USD	23	01/27/25	Monthly		Xylem , Inc./NY	4.520		—		(61,095	)		(61,095	)
JPMCB	USD	49	01/27/25	Monthly		5.120	Evoqua Water Technologies Corp.		—		66,488			66,488
JPMCB	USD	39	02/10/25	Monthly		5.120	Oak Street Health, Inc.		—		5,921			5,921
JPMCB	USD	55	02/13/25	Monthly		5.120	NuVasive, Inc.		—		45,342			45,342
JPMCB	USD	40	02/13/25	Monthly		Globus Medical, Inc., Class A	4.520		—		(29,765	)		(29,765	)
JPMCB	USD	14	02/21/25	Monthly		5.120	Travel Centers of America, Inc.		—		(11,185	)		(11,185	)
JPMCB	EUR	4	02/24/25	Monthly		2.985	RWE AG		—		8,188			8,188
JPMCB	EUR	23	02/24/25	Monthly		2.985	E.ON SE		—		5,547			5,547
JPMCB	EUR	7	02/24/25	Monthly		2.985	Repsol SA		—		(2,514	)		(2,514	)
JPMCB	EUR	40	02/24/25	Monthly		2.985	Engie SA		—		(30,579	)		(30,579	)
JPMCB	EUR	48	02/24/25	Monthly		2.985	Siemens Energy AG		—		34,582			34,582
JPMCB	CAD	6	03/03/25	Monthly		5.358	Uni-Select, Inc.		—		37			37
JPMCB	GBP	12	03/06/25	Monthly		4.179	SSE PLC		—		1,791			1,791
JPMCB	EUR	1	03/06/25	Monthly		STOXX Europe 600 Industrial Goods & Services Index	2.985		—		(2,280	)		(2,280	)
JPMCB	GBP	25	03/06/25	Monthly		4.179	National Grid PLC		—		8,254			8,254
JPMCB	EUR	1	03/06/25	Monthly		Eurex STOXX 600 Utilities Index	2.985		—		(11,996	)		(11,996	)
JPMCB	USD	1	03/06/25	Monthly		Utility Index	4.830		—		4,060			4,060
JPMCB	USD	2	03/07/25	Monthly		4.830	SK Innovation Co. Ltd.		—		(44,577	)		(44,577	)
JPMCB	USD	23	03/07/25	Monthly		4.830	Sinoma Science & Technology Co. Ltd.		—		(14,763	)		(14,763	)
JPMCB	USD	21	03/07/25	Monthly		4.830	Midea Group Co. Ltd., Class A		—		2,725			2,725
JPMCB	USD	84	03/07/25	Monthly		4.830	China Jushi Co. Ltd.		—		(13,897	)		(13,897	)
JPMCB	USD	8	03/17/25	Monthly		5.120	Seagen, Inc.		—		(40,600	)		(40,600	)
JPMCB	USD	11	04/07/25	Monthly		5.120	Heska Corp.		—		(1,776	)		(1,776	)
JPMCB	USD	—	04/14/25	Monthly		5.120	National Instruments Corp.		—		145			145

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Counterparty	Notional amount (000)		Maturity Date	Payment frequency	Payment made by the Portfolio5		Payments received by the Portfolio5	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD	10	04/14/25	Monthly		Extra Space Storage, Inc.	4.520	$	—	$	84,586		$	84,586
JPMCB	USD	11	04/14/25	Monthly		5.120	Life Storage, Inc.		—		(81,894	)		(81,894	)
JPMCB	USD	73	04/21/25	Monthly		5.120	BELLUS Health, Inc.		—		4,679			4,679
JPMCB	USD	7	04/21/25	Monthly		5.120	Promoetheus Biosciences, Inc.		—		4,162			4,162
MSCI	USD	3	10/24/23	Monthly		1 Month USD LIBOR	MSCBL3ES Index		—		77,316			77,316
MSCI	USD	3	10/26/23	Monthly		1 Month USD LIBOR	GS FX Intraday		—		(805	)		(805	)
MSCI	USD	2	11/21/23	Monthly		0.000	MSESLRLS Index		—		(204	)		(204	)
MSCI	USD	9	12/19/23	Monthly		1 Month USD LIBOR	5 Month USD LIBOR		—		(8,439	)		(8,439	)
								$	—	$	(45,321	)	$	(45,321	)

Forward foreign currency contracts
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	BRL	203,000	USD	38,302	05/16/23	$	(2,289	)
BB	CNY	266,000	USD	39,396	05/09/23		988
BB	COP	192,776,000	USD	39,753	05/23/23		(1,084	)
BB	GBP	33,000	USD	39,741	05/09/23		(1,738	)
BB	INR	3,207,000	USD	39,276	05/02/23		88
BB	INR	6,440,000	USD	78,040	06/02/23		(542	)
BB	MYR	167,000	USD	39,331	05/03/23		1,891
BB	MYR	174,000	USD	39,232	05/23/23		170
BB	NZD	117,000	USD	72,734	06/30/23		400
BB	PEN	151,000	USD	38,836	05/16/23		(1,871	)
BB	PHP	2,138,000	USD	38,515	05/02/23		(88	)
BB	THB	2,498,000	USD	73,653	06/30/23		80
BB	TWD	2,350,000	USD	78,954	05/09/23		2,462
BB	TWD	2,386,000	USD	79,196	05/23/23		1,410
BB	USD	36,571	BRL	195,000	06/16/23		2,193
BB	USD	39,438	CAD	53,000	05/23/23		(606	)
BB	USD	38,793	CLP	31,334,000	05/23/23		(83	)
BB	USD	38,760	COP	188,053,000	05/16/23		1,144
BB	USD	71,066	COP	346,968,000	06/23/23		1,948
BB	USD	38,967	GBP	32,000	05/16/23		1,261
BB	USD	39,770	GBP	33,000	06/09/23		1,736
BB	USD	38,244	HUF	14,009,000	05/16/23		2,960
BB	USD	38,867	INR	3,207,000	05/02/23		321
BB	USD	38,850	INR	3,232,000	05/09/23		632
BB	USD	39,010	INR	3,248,000	05/16/23		654
BB	USD	38,931	INR	3,246,000	05/23/23		696

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	USD	72,429	INR	5,987,000	06/30/23	$	522
BB	USD	40,434	MYR	177,000	06/09/23		(653	)
BB	USD	38,954	PHP	2,138,000	05/02/23		(352	)
BB	USD	38,976	PHP	2,156,000	05/08/23		(56	)
BB	USD	40,462	THB	1,376,000	06/02/23		(98	)
BB	ZAR	1,438,000	USD	78,468	06/02/23		70
BNP	AUD	56,000	USD	39,011	05/09/23		1,946
BNP	BRL	200,000	USD	37,937	05/02/23		(2,160	)
BNP	BRL	201,000	USD	38,495	05/09/23		(1,753	)
BNP	BRL	203,000	USD	38,312	05/23/23		(2,222	)
BNP	BRL	203,000	USD	38,789	06/02/23		(1,663	)
BNP	BRL	379,000	USD	73,933	06/30/23		(1,233	)
BNP	CAD	106,000	USD	77,574	06/01/23		(710	)
BNP	CHF	72,000	USD	78,580	05/09/23		(2,024	)
BNP	CLP	31,246,000	USD	38,756	05/16/23		119
BNP	CLP	31,334,000	USD	37,936	05/23/23		(774	)
BNP	CLP	32,448,000	USD	40,233	06/02/23		200
BNP	CLP	31,500,000	USD	38,596	06/09/23		(232	)
BNP	COP	183,806,000	USD	38,794	05/09/23		(275	)
BNP	COP	188,053,000	USD	39,269	05/16/23		(635	)
BNP	COP	185,615,000	USD	39,445	06/02/23		220
BNP	COP	177,662,000	USD	38,717	06/16/23		1,280
BNP	COP	346,968,000	USD	76,545	06/23/23		3,532
BNP	CZK	1,606,000	USD	71,987	06/23/23		(3,045	)
BNP	IDR	573,013,000	USD	38,424	06/16/23		(594	)
BNP	INR	3,207,000	USD	38,607	05/02/23		(581	)
BNP	INR	3,234,000	USD	39,215	06/09/23		(234	)
BNP	INR	3,071,000	USD	37,272	06/16/23		(175	)
BNP	INR	5,955,000	USD	72,334	06/26/23		(242	)
BNP	INR	5,987,000	USD	72,870	06/30/23		(82	)
BNP	KRW	48,334,000	USD	39,198	05/02/23		3,084
BNP	KRW	49,358,000	USD	39,350	05/09/23		2,461
BNP	KRW	49,794,000	USD	39,390	05/16/23		2,159
BNP	KRW	50,947,000	USD	39,311	05/23/23		1,203
BNP	KRW	51,519,000	USD	39,091	06/05/23		525
BNP	KRW	51,502,000	USD	39,693	06/09/23		1,130
BNP	KRW	48,775,000	USD	37,454	06/16/23		918
BNP	KRW	94,626,000	USD	73,154	06/30/23		2,214
BNP	NOK	403,000	USD	38,708	06/02/23		837
BNP	NOK	826,000	USD	80,614	06/09/23		2,966
BNP	PHP	2,138,000	USD	38,527	05/02/23		(76	)
BNP	SEK	405,000	USD	39,064	06/02/23		(489	)
BNP	SEK	764,000	USD	73,442	07/13/23		(1,329	)
BNP	SEK	760,000	USD	74,392	07/27/23		(33	)
BNP	SGD	106,000	USD	78,780	06/05/23		(752	)
BNP	SGD	99,000	USD	74,384	07/27/23		(48	)
BNP	TWD	2,382,000	USD	78,178	06/02/23		436
BNP	TWD	2,420,000	USD	79,854	06/09/23		810

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	TWD	2,278,000	USD	75,292	06/16/23	$	826
BNP	TWD	2,197,000	USD	72,982	06/26/23		1,081
BNP	TWD	4,480,000	USD	148,250	07/07/23		1,450
BNP	TWD	4,442,000	USD	147,210	07/13/23		1,556
BNP	TWD	2,270,000	USD	75,158	07/20/23		664
BNP	TWD	2,274,000	USD	74,670	07/27/23		(15	)
BNP	USD	37,316	AUD	56,000	05/16/23		(240	)
BNP	USD	38,437	BRL	200,000	05/02/23		1,661
BNP	USD	38,705	BRL	203,000	05/16/23		1,886
BNP	USD	38,575	BRL	203,000	05/23/23		1,958
BNP	USD	38,252	BRL	203,000	06/02/23		2,200
BNP	USD	38,839	BRL	204,000	06/09/23		1,761
BNP	USD	70,720	BRL	377,000	06/23/23		4,136
BNP	USD	72,058	BRL	379,000	06/30/23		3,108
BNP	USD	39,013	CAD	52,000	05/15/23		(1,246	)
BNP	USD	73,919	CAD	99,000	07/05/23		(755	)
BNP	USD	37,083	CLP	30,003,000	06/16/23		(133	)
BNP	USD	71,785	CLP	59,505,000	06/23/23		1,432
BNP	USD	72,584	CLP	58,703,000	06/30/23		(418	)
BNP	USD	72,724	CLP	59,514,000	07/06/23		381
BNP	USD	38,517	CNY	266,000	05/09/23		(109	)
BNP	USD	37,782	COP	183,806,000	05/09/23		1,287
BNP	USD	38,406	COP	192,776,000	05/23/23		2,431
BNP	USD	38,155	COP	185,615,000	06/02/23		1,070
BNP	USD	39,012	COP	186,115,000	06/09/23		259
BNP	USD	36,848	COP	177,662,000	06/16/23		588
BNP	USD	72,162	COP	341,502,000	06/30/23		(397	)
BNP	USD	71,982	COP	332,118,000	07/13/23		(2,386	)
BNP	USD	72,411	COP	330,026,000	07/21/23		(3,382	)
BNP	USD	74,741	GBP	60,000	07/20/23		779
BNP	USD	72,721	IDR	1,084,915,000	07/13/23		1,110
BNP	USD	38,691	INR	3,220,000	06/02/23		1,200
BNP	USD	73,330	INR	6,058,000	07/06/23		463
BNP	USD	72,489	INR	5,983,000	07/13/23		363
BNP	USD	74,017	INR	6,102,000	07/20/23		257
BNP	USD	73,813	INR	6,074,000	07/27/23		92
BNP	USD	36,616	KRW	48,334,000	05/02/23		(502	)
BNP	USD	37,981	KRW	49,358,000	05/09/23		(1,092	)
BNP	USD	38,173	KRW	49,794,000	05/16/23		(943	)
BNP	USD	39,779	KRW	51,519,000	06/05/23		(1,212	)
BNP	USD	37,024	KRW	48,775,000	06/16/23		(488	)
BNP	USD	73,085	NOK	760,000	06/30/23		(1,568	)
BNP	USD	73,886	NOK	756,000	07/11/23		(2,709	)
BNP	USD	39,302	NZD	62,000	05/16/23		(962	)
BNP	USD	38,515	PHP	2,138,000	05/02/23		88
BNP	USD	39,157	PHP	2,159,000	05/22/23		(195	)
BNP	USD	39,318	SEK	405,000	05/23/23		215
BNP	USD	40,223	SEK	414,000	06/09/23		223

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	37,922	SEK	395,000	06/16/23	$	683
BNP	USD	37,862	SGD	51,000	05/02/23		359
BNP	USD	72,803	SGD	97,000	06/30/23		48
BNP	USD	38,423	TWD	1,175,000	05/02/23		(404	)
BNP	USD	38,623	TWD	1,175,000	05/09/23		(752	)
BNP	USD	39,065	TWD	1,186,000	05/16/23		(862	)
BNP	USD	39,468	TWD	1,193,000	05/23/23		(575	)
BNP	USD	39,922	TWD	1,210,000	06/09/23		(800	)
BNP	USD	37,619	TWD	1,139,000	06/16/23		(772	)
BNP	USD	72,520	TWD	2,197,000	06/26/23		(1,238	)
BNP	USD	72,441	TWD	2,213,000	06/30/23		34
BOA	CHF	72,000	USD	78,414	05/02/23		(2,138	)
BOA	CHF	36,000	USD	39,325	05/23/23		(1,042	)
BOA	CHF	67,000	USD	73,053	06/23/23		(2,344	)
BOA	CHF	67,000	USD	74,228	07/06/23		(1,280	)
BOA	CHF	66,000	USD	73,714	07/13/23		(721	)
BOA	CLP	31,402,000	USD	39,176	05/09/23		310
BOA	CLP	59,505,000	USD	74,168	06/23/23		951
BOA	CLP	58,703,000	USD	71,502	06/30/23		(664	)
BOA	CNY	264,000	USD	39,257	05/04/23		1,152
BOA	COP	186,115,000	USD	40,050	06/09/23		779
BOA	COP	341,502,000	USD	75,483	06/30/23		3,718
BOA	DKK	183,300	USD	27,137	07/20/23		(102	)
BOA	GBP	42,200	USD	52,670	07/20/23		(445	)
BOA	NOK	404,000	USD	38,783	05/09/23		863
BOA	NOK	402,000	USD	38,110	05/23/23		351
BOA	NOK	2,352,760	USD	229,019	07/20/23		7,419
BOA	SEK	395,000	USD	37,463	06/16/23		(1,142	)
BOA	SEK	2,062,315	USD	202,165	07/20/23		269
BOA	USD	74,526	CAD	101,000	07/26/23		146
BOA	USD	39,122	CHF	36,000	05/23/23		1,245
BOA	USD	40,873	CHF	37,000	06/09/23		696
BOA	USD	37,864	CHF	34,000	06/16/23		366
BOA	USD	38,461	CLP	32,448,000	06/02/23		1,571
BOA	USD	39,145	CLP	31,500,000	06/09/23		(317	)
BOA	USD	73,981	CLP	59,539,000	07/20/23		(991	)
BOA	USD	73,167	CLP	60,271,000	07/27/23		648
BOA	USD	72,443	COP	338,798,000	07/10/23		(1,397	)
BOA	USD	73,020	COP	332,273,000	07/27/23		(3,619	)
BOA	USD	39,488	GBP	32,000	05/02/23		728
BOA	USD	39,793	GBP	33,000	05/09/23		1,686
BOA	USD	39,122	NOK	403,000	06/02/23		(1,251	)
BOA	USD	39,707	NOK	413,000	06/09/23		(1,766	)
BOA	USD	72,433	NOK	763,000	06/23/23		(658	)
BOA	USD	29,047	NOK	306,200	07/20/23		(207	)
BOA	USD	39,295	NZD	62,000	05/09/23		(955	)
BOA	USD	39,801	PEN	151,000	05/16/23		906
BOA	USD	73,074	PEN	277,000	07/10/23		1,350

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	72,666	PEN	276,000	07/13/23	$	1,476
BOA	USD	74,047	PEN	281,000	07/20/23		1,408
BOA	USD	73,625	PEN	278,000	07/27/23		994
BOA	USD	2,113	SEK	21,700	07/20/23		23
BOA	USD	39,468	TWD	1,193,000	05/23/23		(575	)
CITI	AUD	57,000	USD	39,354	05/23/23		1,604
CITI	CHF	34,000	USD	37,717	06/16/23		(513	)
CITI	CHF	66,000	USD	75,198	07/27/23		655
CITI	CLP	30,003,000	USD	36,705	06/16/23		(245	)
CITI	GBP	24,100	USD	30,038	07/20/23		(296	)
CITI	SGD	52,000	USD	38,955	05/23/23		(41	)
CITI	THB	2,572,000	USD	75,082	06/16/23		(564	)
CITI	USD	39,796	CHF	36,000	05/16/23		1,078
CITI	USD	76,113	CHF	67,000	06/30/23		(654	)
CITI	USD	72,760	CLP	59,680,000	07/13/23		475
CITI	USD	38,692	THB	1,329,000	05/16/23		552
GS	USD	8,700	NOK	92,382	05/02/23		(31	)
GSI	CAD	53,000	USD	39,006	05/01/23		(113	)
GSI	EUR	37,400	USD	41,215	07/20/23		(176	)
GSI	JPY	9,776,000	USD	74,588	07/06/23		2,124
GSI	NZD	61,000	USD	37,468	05/02/23		(254	)
GSI	NZD	117,000	USD	73,713	07/06/23		1,381
GSI	SEK	405,000	USD	39,388	05/23/23		(145	)
GSI	THB	2,581,000	USD	78,812	05/02/23		3,227
GSI	THB	2,658,000	USD	79,110	05/16/23		1,174
GSI	THB	4,946,000	USD	145,530	06/23/23		(40	)
GSI	USD	39,026	CAD	53,000	06/01/23		232
GSI	USD	17,963	EUR	16,300	07/20/23		77
GSI	USD	39,861	THB	1,358,000	05/23/23		(32	)
HSBC	CZK	1,584,000	USD	74,077	07/20/23		160
HSBC	CZK	3,158,000	USD	147,764	07/27/23		442
HSBC	GBP	920,208	USD	1,153,322	07/20/23		(4,906	)
HSBC	INR	3,232,000	USD	39,309	05/09/23		(173	)
HSBC	INR	3,248,000	USD	39,177	05/16/23		(488	)
HSBC	INR	3,246,000	USD	39,094	05/23/23		(533	)
HSBC	JPY	5,156,000	USD	39,620	05/09/23		1,736
HSBC	KRW	94,085,000	USD	72,405	06/23/23		1,899
HSBC	PHP	2,156,000	USD	39,075	05/08/23		155
HSBC	PHP	2,159,000	USD	39,712	05/22/23		750
HSBC	PHP	4,175,000	USD	73,891	07/19/23		(1,352	)
HSBC	SGD	51,000	USD	38,783	05/02/23		562
HSBC	SGD	52,000	USD	39,310	05/09/23		334
HSBC	SGD	106,000	USD	78,998	06/09/23		(546	)
HSBC	SGD	96,000	USD	72,017	06/23/23		(63	)
HSBC	SGD	97,000	USD	73,227	06/30/23		377
HSBC	SGD	98,000	USD	74,128	07/06/23		509
HSBC	SGD	97,000	USD	73,118	07/13/23		230
HSBC	SGD	99,000	USD	74,585	07/20/23		174

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	TWD	2,350,000	USD	79,120	05/02/23	$	2,678
HSBC	TWD	2,372,000	USD	79,634	05/16/23		2,366
HSBC	USD	38,380	BRL	201,000	05/09/23		1,868
HSBC	USD	75,192	CZK	1,606,000	06/23/23		(160	)
HSBC	USD	74,904	CZK	1,599,000	06/30/23		(222	)
HSBC	USD	39,259	INR	3,234,000	06/09/23		190
HSBC	USD	36,968	INR	3,071,000	06/16/23		478
HSBC	USD	71,563	INR	5,955,000	06/26/23		1,013
HSBC	USD	39,141	KRW	50,947,000	05/23/23		(1,033	)
HSBC	USD	71,070	KRW	94,626,000	06/30/23		(130	)
HSBC	USD	72,778	MXN	1,333,000	07/27/23		98
HSBC	USD	27,301	NOK	288,600	07/20/23		(119	)
HSBC	USD	38,987	PLN	175,000	05/16/23		6,062
HSBC	USD	38,709	SGD	52,000	05/09/23		267
HSBC	USD	38,957	SGD	52,000	05/23/23		39
HSBC	USD	39,973	SGD	53,000	06/05/23		(414	)
HSBC	USD	40,052	SGD	53,000	06/09/23		(560	)
HSBC	USD	37,650	SGD	50,000	06/16/23		(119	)
HSBC	USD	72,244	SGD	96,000	06/23/23		(164	)
HSBC	USD	38,299	TWD	1,175,000	05/02/23		(78	)
HSBC	USD	39,227	ZAR	723,000	06/09/23		165
HSBC	ZAR	1,381,000	USD	75,112	05/09/23		(342	)
JPMCB	CAD	106,000	USD	77,638	05/23/23		(632	)
JPMCB	CHF	36,000	USD	38,755	06/02/23		(1,658	)
JPMCB	EUR	2,459,489	USD	2,734,570	07/20/23		12,629
JPMCB	JPY	9,976,000	USD	75,417	07/20/23		1,313
JPMCB	SEK	414,000	USD	39,715	06/09/23		(732	)
JPMCB	SEK	766,000	USD	74,711	07/20/23		(278	)
JPMCB	SGD	52,000	USD	39,292	05/16/23		307
JPMCB	THB	2,631,000	USD	78,976	05/09/23		1,883
JPMCB	THB	2,716,000	USD	79,074	05/23/23		(616	)
JPMCB	THB	2,752,000	USD	78,468	06/02/23		(2,358	)
JPMCB	THB	2,734,000	USD	79,804	06/09/23		(550	)
JPMCB	THB	5,036,000	USD	148,482	07/07/23		56
JPMCB	THB	2,494,000	USD	73,543	07/17/23		(35	)
JPMCB	THB	2,549,000	USD	74,919	07/20/23		(304	)
JPMCB	THB	2,548,000	USD	74,851	07/27/23		(393	)
JPMCB	USD	38,772	AUD	58,000	06/02/23		(343	)
JPMCB	USD	38,626	CHF	36,000	05/02/23		3,298
JPMCB	USD	38,114	CNY	264,000	05/04/23		(9	)
JPMCB	USD	1,848	DKK	12,400	07/20/23		(5	)
JPMCB	USD	73,524	GBP	59,000	07/13/23		730
JPMCB	USD	73,669	GBP	59,000	07/27/23		599
JPMCB	USD	235,943	GBP	189,727	07/31/23		2,897
JPMCB	USD	71,783	JPY	9,539,000	06/30/23		(1,140	)
JPMCB	USD	39,287	NOK	402,000	05/23/23		(1,528	)
JPMCB	USD	73,150	NOK	765,000	07/13/23		(1,119	)
JPMCB	USD	38,827	PLN	170,000	05/02/23		4,036

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	USD	38,867	PLN	173,000	05/09/23	$	5,374
JPMCB	USD	39,213	SEK	405,000	06/02/23		340
JPMCB	USD	36,686	THB	1,290,000	05/02/23		2,184
JPMCB	USD	38,309	THB	1,316,000	05/09/23		504
JPMCB	USD	40,197	THB	1,367,000	06/09/23		(40	)
JPMCB	USD	37,810	THB	1,286,000	06/16/23		24
JPMCB	USD	72,510	THB	2,473,000	06/23/23		550
JPMCB	USD	73,193	THB	2,498,000	06/30/23		380
MSCI	AUD	56,000	USD	39,365	05/02/23		2,310
MSCI	AUD	56,000	USD	39,120	05/16/23		2,043
MSCI	AUD	58,000	USD	39,090	06/02/23		661
MSCI	BRL	204,000	USD	39,827	06/09/23		(773	)
MSCI	BRL	195,000	USD	38,137	06/16/23		(626	)
MSCI	BRL	377,000	USD	75,654	06/23/23		798
MSCI	CAD	51,000	USD	37,835	06/15/23		159
MSCI	CHF	72,000	USD	79,274	05/16/23		(1,394	)
MSCI	CHF	67,000	USD	73,746	06/30/23		(1,713	)
MSCI	CHF	67,000	USD	75,484	07/20/23		(133	)
MSCI	CNY	5,306,267	USD	775,148	06/15/23		6,446
MSCI	CZK	829,000	USD	37,168	06/16/23		(1,575	)
MSCI	CZK	1,599,000	USD	72,626	06/30/23		(2,056	)
MSCI	CZK	1,577,000	USD	73,236	07/07/23		(396	)
MSCI	CZK	1,566,000	USD	72,597	07/13/23		(503	)
MSCI	GBP	33,000	USD	41,345	06/09/23		(160	)
MSCI	HUF	14,057,000	USD	38,508	05/02/23		(3,013	)
MSCI	HUF	14,009,000	USD	37,358	05/16/23		(3,847	)
MSCI	JPY	9,539,000	USD	73,833	06/30/23		3,190
MSCI	JPY	9,698,000	USD	73,836	07/13/23		1,873
MSCI	KRW	601,466,348	USD	460,142	05/10/23		10,599
MSCI	MYR	168,000	USD	39,234	05/09/23		1,555
MSCI	MYR	171,000	USD	39,483	05/16/23		1,113
MSCI	MYR	175,000	USD	39,161	06/02/23		(152	)
MSCI	MYR	177,000	USD	39,750	06/09/23		(31	)
MSCI	NOK	763,000	USD	73,253	06/23/23		1,478
MSCI	NOK	760,000	USD	72,172	06/30/23		655
MSCI	NZD	62,000	USD	38,482	05/09/23		142
MSCI	NZD	62,000	USD	38,535	05/16/23		196
MSCI	NZD	116,000	USD	71,724	06/23/23		4
MSCI	NZD	117,000	USD	72,763	07/13/23		435
MSCI	NZD	120,000	USD	74,526	07/20/23		347
MSCI	NZD	120,000	USD	73,890	07/27/23		(286	)
MSCI	PLN	340,000	USD	76,152	05/02/23		(5,536	)
MSCI	PLN	346,000	USD	78,358	05/09/23		(4,750	)
MSCI	PLN	350,000	USD	79,670	05/16/23		(4,364	)
MSCI	PLN	173,000	USD	39,837	06/02/23		(1,660	)
MSCI	PLN	174,000	USD	40,527	06/09/23		(1,193	)
MSCI	TWD	4,426,000	USD	147,795	06/30/23		2,880
MSCI	USD	37,702	AUD	56,000	05/02/23		(647	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(continued)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	37,539	AUD	56,000	05/09/23	$	(473	)
MSCI	USD	39,427	CAD	53,000	05/01/23		(309	)
MSCI	USD	72,739	CAD	98,000	07/12/23		(304	)
MSCI	USD	39,508	CHF	36,000	06/02/23		905
MSCI	USD	75,268	CHF	67,000	06/23/23		129
MSCI	USD	2,147	CHF	1,900	07/20/23		(3	)
MSCI	USD	38,693	CLP	31,402,000	05/09/23		172
MSCI	USD	39,012	CLP	31,246,000	05/16/23		(376	)
MSCI	USD	143,390	CNY	979,896	06/15/23		(2,981	)
MSCI	USD	38,477	CZK	829,000	06/16/23		265
MSCI	USD	14,870	EUR	13,400	07/20/23		(317	)
MSCI	USD	38,001	HUF	14,057,000	05/02/23		3,520
MSCI	USD	37,159	IDR	573,013,000	06/16/23		1,859
MSCI	USD	38,319	JPY	5,156,000	05/09/23		(435	)
MSCI	USD	98,552	KRW	128,123,808	05/10/23		(2,791	)
MSCI	USD	35,952	KRW	48,184,200	05/10/23		61
MSCI	USD	72,312	MXN	1,327,000	07/10/23		479
MSCI	USD	71,449	MXN	1,322,000	07/13/23		1,025
MSCI	USD	73,055	MXN	1,339,000	07/20/23		251
MSCI	USD	37,329	MYR	167,000	05/03/23		111
MSCI	USD	37,682	MYR	168,000	05/09/23		(3	)
MSCI	USD	38,362	MYR	171,000	05/16/23		7
MSCI	USD	39,048	MYR	174,000	05/23/23		13
MSCI	USD	40,009	MYR	175,000	06/02/23		(697	)
MSCI	USD	39,286	NOK	404,000	05/09/23		(1,365	)
MSCI	USD	74,685	NOK	777,000	07/20/23		(1,502	)
MSCI	USD	74,442	NOK	783,000	07/27/23		(1,340	)
MSCI	USD	39,209	NZD	61,000	05/02/23		(1,487	)
MSCI	USD	72,054	NZD	116,000	06/23/23		(334	)
MSCI	USD	72,056	NZD	117,000	06/30/23		279
MSCI	USD	38,670	PLN	173,000	06/02/23		2,827
MSCI	USD	39,341	PLN	174,000	06/09/23		2,379
MSCI	USD	39,638	TWD	1,191,000	06/02/23		(1,534	)
MSCI	USD	38,737	ZAR	682,000	05/02/23		(2,908	)
MSCI	USD	38,880	ZAR	690,000	05/09/23		(2,363	)
MSCI	USD	38,999	ZAR	701,000	05/16/23		(1,444	)
MSCI	USD	38,932	ZAR	714,000	05/23/23		60
MSCI	USD	38,671	ZAR	719,000	06/02/23		1,056
MSCI	ZAR	1,364,000	USD	73,546	05/02/23		(1,020	)
MSCI	ZAR	1,402,000	USD	76,308	05/16/23		(246	)
MSCI	ZAR	1,429,000	USD	76,411	05/23/23		(1,567	)
MSCI	ZAR	723,000	USD	40,450	06/09/23		1,058
SG	AUD	597,500	USD	406,304	07/20/23		9,619
SG	CAD	104,000	USD	75,794	05/15/23		(988	)
SG	CHF	37,000	USD	40,119	06/09/23		(1,450	)
SG	CHF	99,900	USD	113,698	07/20/23		950
SG	GBP	32,000	USD	38,708	05/02/23		(1,508	)
SG	GBP	32,000	USD	38,997	05/16/23		(1,231	)

PACE Alternative Strategies Investments 

Portfolio of investments – April 30, 2023 (unaudited) 

Forward foreign currency contracts—(concluded)
Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SG	PHP	4,117,000	USD	73,956	07/26/23	$	(229	)
SG	SGD	50,000	USD	37,233	06/16/23		(298	)
SG	USD	38,137	AUD	57,000	05/23/23		(387	)
SG	USD	37,191	CAD	51,000	06/15/23		485
SG	USD	38,905	CHF	36,000	05/09/23		2,794
SG	USD	39,337	KRW	51,502,000	06/09/23		(774	)
SG	USD	71,743	KRW	94,085,000	06/23/23		(1,238	)
SG	USD	38,672	SGD	52,000	05/16/23		314
Net unrealized appreciation (depreciation)						$	80,561

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of April 30, 2023 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 quoted prices in active market for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Assets
Common stocks	$	142,424,460		$	43		$	—	$	142,424,503
Preferred stocks		129,603			—			—		129,603
Investment companies		23,864,294			—			—		23,864,294
Corporate bonds		—			48,249,807			—		48,249,807
Equity and foreign exchange options purchased		2,429,373			—			—		2,429,373
Short-term investments		—			103,944,063			—		103,944,063
Futures contracts		95,930			—			—		95,930
Swap agreements		—			662,630			—		662,630
Forward foreign currency contracts		—			252,107			—		252,107
Total	$	168,943,660		$	153,108,650		$	—	$	322,052,310
Liabilities
Investments sold short
Common stocks	$	(94,859,207	)	$	—			—	$	(94,859,207	)
Corporate bonds		—			(87,000	)		—		(87,000	)
Investment companies		(11,944,181	)		—			—		(11,944,181	)
Equity options written		(2,102,762	)		—			—		(2,102,762	)
Futures contracts		(1,136,569	)		—			—		(1,136,569	)
Swap agreements		—			(828,615	)		—		(828,615	)
Forward foreign currency contracts		—			(171,546	)		—		(171,546	)
Total	$	(110,042,719	)	$	(1,087,161	)	$	—	$	(111,129,880	)

At April 30, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

*	Non–income producing security.
†	Amount represents less than 0.05% or (0.05)%.
1	Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.
2	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registrations, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $18,823,894, represented 5.7% of the Portfolios net assets at period end.
3	Zero coupon bond.
4	Rates shown reflect yield at April 30, 2023.
5	Payments made or received are based on the notional amount.

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments

April 30, 2023 (unaudited)

Portfolio acronyms:

ABS	Asset-backed Security	IO	Interest Only
ADR	American Depositary Receipt	JSC	Joint Stock Company
AGM	Assured Guaranty Municipal	LIBOR	London Interbank Offered Rate
AID	Anticipation Certificates of Indebtedness	MGIC	Mortgage Guaranty Insurance Corporation
AMBAC	American Municipal Bond Assurance Corporation	MTA	Monthly Treasury Average Index
AMT	Alternative Minimum Tax	NVDR	Non-Voting Depository Receipt
ARM	Adjustable Rate Mortgage	OAT	Obligation Assimilables du Trésor (French Government Bonds)
BAM	Build Americal Mutual	OBFR	Overnight Bank Funding Rate
BBSW	Bank Bill Swap Rate	OTC	Over The Counter
BOBL	Bundesobligationen	PJSC	Private Joint Stock Company
CDO	Collateralized Debt Obligation	PO	Principal Only
CJSC	Closed Joint Stock Company	PSF	Permanent School Fund
CLO	Collateralized Loan Obligation	RASC	Retirement Administration Service Center
CMT	Constant Maturity Treasury Index	RBA IOCR	RBA Interbank Overnight Cash Rate
COFI	Cost of Funds Index	REIT	Real Estate Investment Trust
COP	Certificate of Participation	REMIC	Real Estate Mortgage Investment Conduit
CPI	Consumer Price Index	RPI	Retail Price Index
DAC	Designated Activity Company	SBA	Small Business Administration
DIP	Debtor-in-possession	SIFMA	Municipal Swap Index Yield
ETF	Exchange Traded Fund	SOFR	Secured Overnight Financing Rate
EURIBOR	Euro Interbank Offered Rate	SONIA	Sterling Overnight Index Average
FHA	Federal Housing Administration	SPDR	Standard and Poor's Depository Receipts
FHLB	Federal Home Loan Bank	STRIP	Separate Trading of Registered Interest and Principal of Securities
FHLMC	Federal Home Loan Mortgage Corporation	TBA	To-Be-Announced Security
FNMA	Federal National Mortgage Association	TIPS	Treasury inflation protected securities
FRN	Floating Rate Note	UMBS	Uniform Mortgage-Backed Securities
GDR	Global Depositary Receipt	VRD	Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.
GMAC	General Motors Acceptance Corporation
GNMA	Government National Mortgage Association
GO	General Obligation
GSAMP	Goldman Sachs Asset Mortgage Passthrough
GTD	Guaranteed

Currency type abbreviations:

ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	MYR	Malaysian Ringgit
CHF	Swiss Franc	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Yuan Renminbi Offshore	PEN	Peruvian Sol
CNY	Chinese Yuan Renminbi	PHP	Philippine Peso
COP	Colombian Peso	PLN	Polish Zloty
CZK	Czech Koruna	RON	Romanian Leu
DKK	Danish Krone	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
GBP	Great Britain Pound	SGD	Singapore Dollar
HKD	Hong Kong Dollar	THB	Thai Baht
HUF	Hungarian Forint	TRY	Turkish Lira
IDR	Indonesian Rupiah	TWD	Taiwan Dollar
ILS	Israeli Shekel	USD	United States Dollar
INR	Indian Rupee	ZAR	South African Rand

Counterparty acronyms:

ANZ	Australia and New Zealand Banking Group	JPMCB	JPMorgan Chase Bank
BB	Barclays Bank PLC	MSCI	Morgan Stanley & Co. International PLC
BNP	BNP Paribas	NAT	National Westminster
BOA	Bank of America	RBC	Royal Bank of Canada
CIBC	Canadian Imperial Bank of Commerce	RBS	Royal Bank of Scotland PLC
CITI	Citibank NA	SCB	Standard Chartered Bank
CSI	Credit Suisse International	SG	Societe Generale
DB	Deutsche Bank AG	SSC	State Street Bank and Trust Co.
GS	Goldman Sachs	TD	Toronto-Dominion Bank
GSI	Goldman Sachs International	WBC	Westpac Banking Corp.
HSBC	HSBC Bank PLC

See accompanying notes to financial statements.

PACE Select Advisors Trust

Valuation of investments

Each Portfolio generally calculates its net asset value on days that the New York Stock Exchange (“NYSE”) is open. A Portfolio calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Portfolios do not price their shares, on most national holidays and Good Friday. To the extent that a Portfolio’s assets are traded in other markets on days when the NYSE is not open, the value of a Portfolio’s assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, a Portfolio’s net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which a Portfolio calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

Each Portfolio calculates its net asset value based on the current market value, where available, for its portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized “evaluation” systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings.

Investments traded in the over-the-counter (“OTC”) market and listed on The NASDAQ Stock Market, Inc. (“NASDAQ”) normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Board. Foreign currency exchange rates are generally determined as of the close of the NYSE.

Certain investments in which the Portfolios invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in a Portfolio’s net asset value. However, if any of the Portfolios determine that such developments are so significant that they will materially affect the value of the Portfolio’s investments, the Portfolio may adjust the previous closing prices to reflect what is believed to be the fair value of these investments as of 4:00 p.m., Eastern time.

Certain Portfolios may use a systematic fair valuation model provided by an independent third party to value investments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If an investment is valued at “fair value,” that value is likely to be different from the last quoted market price for the investment. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Portfolios’ use of the practical expedient within ASC Topic 820, Fair value measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

All investments quoted in foreign currencies are valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Portfolios’ custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

OTC swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the counterparty clearing houses.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. UBS AM has the Equities, Fixed Income, and Multi-Asset Valuation Committee (the “VC”) to assist with its designated responsibilities as valuation designee with respect to the Portfolios’ portfolio holdings. The VC is comprised of representatives of management. The VC provides reports to the Board at each quarterly meeting regarding any investments that have been fair valued, valued pursuant to standing instructions approved by the VC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances, securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value a Portfolio’s portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the “limit up” or “limit down” price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment’s fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US generally accepted accounting principles (“US GAAP”) requires disclosure regarding the various inputs that are used in determining the value of each Portfolio’s investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of each Portfolio’s own assumptions in determining the fair value of investments. A fair value hierarchy table has been included near the end of each Portfolio’s portfolio of investments.

For more information regarding the Portfolios’ other significant accounting policies, please refer to the Portfolio’s Semi annual report to shareholders dated January 31, 2023.