Pace Select Advisors Trust (PREEF) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED 

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08764

PACE^® Select Advisors Trust

(Exact name of registrant as specified in charter)

1285 Avenue of the Americas, New York, New York 10019-6028

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Asset Management

One North Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

  Copy to:

  Stephen H. Bier, Esq.

Dechert LLP
1095 Avenue of the Americas

New York, NY 10036-6797

Registrant’s telephone number, including area code: 212-821 3000

Date of fiscal year end: July 31

Date of reporting period: January 31, 2022

Item 1. Reports to Stockholders.

(a) Copy of the report transmitted to shareholders:

PACE^® Select Advisors Trust

Semiannual Report | January 31, 2022

Table of contents	Page
Introduction		3
Portfolio Advisor's and Subadvisors' commentaries and Portfolios of investments
UBS Government Money Market Investments Fund		6
PACE® Mortgage-Backed Securities Fixed Income Investments		11
PACE® Intermediate Fixed Income Investments		32
PACE® Strategic Fixed Income Investments		68
PACE® Municipal Fixed Income Investments		98
PACE® Global Fixed Income Investments		110
PACE® High Yield Investments		125
PACE® Large Co Value Equity Investments		156
PACE® Large Co Growth Equity Investments		163
PACE® Small/Medium Co Value Equity Investments		170
PACE® Small/Medium Co Growth Equity Investments		177
PACE® International Equity Investments		187
PACE® International Emerging Markets Equity Investments		200
PACE® Global Real Estate Securities Investments		209
PACE® Alternative Strategies Investments		216
Glossary of terms used in the Portfolio of investments		243
Understanding your Portfolio's expenses		244
Statement of assets and liabilities		248
Statement of operations		256
Statement of changes in net assets		260
Statement of cash flows		266
Financial highlights		269
Notes to financial statements		298
General information		344
Board approvals of sub-advisory agreements		345

PACE Select Advisors Trust offers multiple share classes representing interests in 15 separate Portfolios. (UBS Government Money Market Investments Fund offers only one share class.) Different classes of shares and/or Portfolios are offered by separate prospectuses.

For more information on a portfolio or class of shares, contact your financial advisor. He or she can send you a current prospectus relating to a portfolio or class of shares. Investors should carefully read and consider a mutual fund's investment objectives, risks, charges, and expenses before investing. The prospectus contains this and other information about a mutual fund. For a current prospectus, contact UBS Asset Management (US) Inc. at 888-793 8637, or visit us on the Web at www.ubs.com/am-us.

Derivatives vary in complexity, involve risks which are different from, and may be greater than, the risks associated with investing in securities or other instruments. Please see the funds' prospectuses for more complete discussion of the risks associated with investing in derivatives.

1

This page intentionally left blank.

2

Introduction

March 16, 2022

Dear PACE Shareholder,

We are pleased to provide you with the semiannual report for the PACE portfolios (the "Portfolios"), comprising the PACE Select Advisors Trust. This report includes summaries of the performance of each Portfolio, as well as commentaries from the investment advisor and subadvisors regarding the events that affected Portfolio performance during the six months ended January 31, 2022 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

The economic expansion continues

Despite continued headwinds from COVID-19 and its variants, rising inflation, higher interest rates, and supply chain challenges, the US economy continued to expand at a healthy pace overall. A number of factors supported the economy, including continued fiscal spending, monetary policy accommodation by the US Federal Reserve Board (the "Fed") and overall robust job growth. Looking back, second quarter 2021 US annualized gross domestic product ("GDP") was 6.7%. The economy then expanded 2.3% over the third quarter of the year. Finally, the Commerce Department's initial estimate for fourth quarter annualized GDP growth was 6.9%.

While the Fed maintained the federal funds rate in a record-low range between 0.00% and 0.25% in 2021, toward the end of 2021 it signaled a shift in its monetary policy. With inflation remaining elevated and no longer viewed as being "transitory," in November the Fed announced that it would start tapering its monthly purchase of Treasury and agency mortgage-backed securities. At its meeting in December, the central bank further reduced its bond purchases, which would then end in March 2022. Finally, in March 2022, after the reporting period ended the Fed raised interest rates to a range between 0.25% and 0.50% and expects to institute six additional rate hikes by the end of the year. Overseas, the Bank of England raised rates for the first time since the pandemic began in December 2021, and again raised rates in February and March 2022. Elsewhere, the European Central Bank has hinted that they may also raise rates in 2022.

From a global perspective, in its January 2022 World Economic Outlook, the International Monetary Fund ("IMF") said, "The global economy enters 2022 in a weaker position than previously expected... Global growth is expected to moderate from 5.9% in 2021 to 4.4% in 2022—half a percentage point lower for 2022 than in the October 2021 WEO." The IMF expects US GDP growth to be 4.0% in 2021, compared to a 5.6% expansion in 2021. Elsewhere, the IMF expects 2022 GDP growth in the eurozone, U.K. and Japan will be 3.9%, 4.7% and

3

3.3%, respectively. For comparison purposes, the GDP of these economies grew 5.2%, 7.2% and 1.6%, respectively, in 2021. The IMF's projections will likely be downgraded given the repercussions from Russia's invasion of Ukraine.

Global equities generate mixed results

The global equity market was volatile and generated mixed returns during the six-months ended January 31, 2022. Supporting the market were the ongoing COVID-19 vaccine rollout, monetary and fiscal policy initiatives and corporate profits that often exceeded expectations. This was offset by periods of risk aversion, especially late in the reporting period, given expectations for aggressive Fed rate hikes. For the six-months ended January 31, 2022, the S&P 500 Index¹ gained 3.44%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² returned -3.43%. Elsewhere, emerging markets equities, as measured by the MSCI Emerging Markets Index (net),³ fell 4.59%.

The overall fixed income market was weak

The overall global fixed income market generated weak results over the reporting period. As mentioned, with inflation moving higher the Fed and Bank of England, along with a number of emerging market central banks, started removing monetary policy accommodation. In the US, both short- and long-term Treasury yields moved higher (bond yields and prices move in the opposite direction). For the six-month reporting period, the yield on the US 10-year Treasury rose from 1.24% to 1.79%. 10-year government bond yields outside the US generally moved higher as well. The overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴ returned -3.17% during the six-months ended January 31, 2022. Riskier fixed income securities also declined. High yield bonds, as measured by the ICE BofAML US High Yield Cash Pay Constrained Index,⁵ fell -2.49%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ returned -3.91%.

¹  The S&P 500 Index is an unmanaged, weighted index composed of 500 widely held common stocks varying in composition and is not available for direct investment. Investors should note that indices do not reflect the deduction of fees and expenses.

²  The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

³  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁴  The Bloomberg US Aggregate Index is an unmanaged broad based index designed to measure the US dollar-denominated, investment-grade, taxable bond market. The index includes bonds from the Treasury, government-related, corporate, mortgage-backed, asset-backed and commercial mortgage-backed sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  The ICE BofAML US High Yield Cash Pay Constrained Index is an unmanaged index of publicly placed, non-convertible, coupon-bearing US dollar denominated, below investment grade corporate debt with a term to maturity of at least one year. The index is market capitalization weighted, so that larger bond issuers have a greater effect on the index's return. However, the representation of any single bond issuer is restricted to a maximum of 2% of the total index. Investors should note that indices do not reflect the deduction of fees and expenses.

⁶  The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) is an unmanaged index which is designed to track total returns for US dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans and Eurobonds. Investors should note that indices do not reflect the deduction of fees and expenses.

4

Sincerely,

Igor Lasun
President, PACE Select Advisors Trust
Managing Director, UBS Asset Management (Americas) Inc.

This report is intended to assist investors in understanding how the Portfolios performed during the six-month period ended January 31, 2022. The views expressed in the Advisor's and Subadvisors' comments sections are as of the end of the reporting period, reflect performance results gross of fees and expenses, and are those of the investment advisor and subadvisors. Subadvisors' comments on Portfolios that have more than one subadvisor are reflective of their portion of the Portfolio only. The views and opinions in this report were current as of March 16, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and the investment advisor and subadvisors reserve the right to change their views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of a Portfolio's future investment intent.

5

UBS Government Money Market Investments Fund

Performance

The seven-day current yield for the Fund as of January 31, 2022 was 0.01% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 7. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. For a detailed commentary on the market environment in general during the period, please refer to page 3.

Advisor's Comments

While the US Federal Reserve Board (the "Fed") maintained its highly accommodative monetary policy, in late 2021 the central bank indicated that it would soon raise the federal funds target rate in an attempt to curb inflation. The Fed also indicated that it would likely begin reducing its sizable balance sheet in 2022.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the Portfolio had a WAM of 41 days. This was 44 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the six-month period. We reduced the Portfolio's exposures to US Treasury obligations and repurchase agreements. Meanwhile, we increased its position in US government and agency obligations. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.)

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

PACE Select Advisors Trust – UBS Government Money Market Investments Fund (formerly PACE Government Money Market Investments)

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

The Portfolio is a money market mutual fund and seeks to maintain a stable price of $1.00 per share, although it may be possible to lose money by investing in this Portfolio. The Portfolio invests in a diversified portfolio of high-quality money market instruments of governmental issuers and in related repurchase agreements. Security selection is based on the assessment of relative values and changes in market and economic conditions.

6

UBS Government Money Market Investments Fund

Yields and characteristics at a glance—January 31, 2022 (unaudited)¹

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements2	0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements2	0.01
Seven-day current yield before fee waivers and/or expense reimbursements2	(0.56	)
Seven-day effective yield before fee waivers and/or expense reimbursements2	(0.56	)
Weighted average maturity2	44 days
Portfolio composition3
U.S. Treasury obligations	40.5	%
U.S. government agency obligations	35.4
Repurchase agreements	24.9
Liabilities in excess of other assets	(0.8	)
Total	100.0	%

You could lose money by investing in UBS Government Money Market Investments Fund. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, the portfolio cannot guarantee it will do so. An investment in UBS Government Money Market Investments Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Government Money Market Investments Fund's sponsor has no legal obligation to provide financial support to UBS Government Money Market Investments Fund at any time.

Not FDIC insured. May lose value. No bank guarantee.

¹  The portfolio is actively managed and its weighted average maturity will differ over time.

²  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

³  Weightings represent percentages of the Portfolio's net assets as of the date indicated. The portfolio is actively managed and its composition will vary over time.

7

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—35.4%
Federal Farm Credit Bank 0.060%, due 06/07/221	$	2,000,000	$	1,999,580
SOFR + 0.013%, 0.063%, due 01/30/232		2,000,000		2,000,000
0.070%, due 08/10/22		1,500,000		1,499,993
0.070%, due 08/19/22		1,500,000		1,499,930
SOFR + 0.025%, 0.075%, due 08/04/232		1,000,000		1,000,000
SOFR + 0.025%, 0.075%, due 08/10/232		500,000		500,000
SOFR + 0.025%, 0.075%, due 08/28/232		1,000,000		1,000,000
SOFR + 0.025%, 0.075%, due 09/08/232		1,000,000		1,000,000
SOFR + 0.025%, 0.075%, due 09/27/232		500,000		500,000
SOFR + 0.025%, 0.075%, due 10/27/232		1,000,000		1,000,000
SOFR + 0.030%, 0.080%, due 10/13/232		1,000,000		1,000,000
SOFR + 0.030%, 0.080%, due 10/20/232		500,000		500,000
SOFR + 0.030%, 0.080%, due 10/27/232		1,500,000		1,500,000
SOFR + 0.035%, 0.085%, due 04/21/232		500,000		500,000
SOFR + 0.035%, 0.085%, due 04/27/232		500,000		500,000
SOFR + 0.035%, 0.085%, due 06/16/232		1,000,000		1,000,000
SOFR + 0.040%, 0.090%, due 11/02/232		1,000,000		1,000,000
SOFR + 0.050%, 0.100%, due 11/21/222		750,000		750,000
SOFR + 0.055%, 0.105%, due 02/09/232		500,000		500,000
SOFR + 0.060%, 0.110%, due 01/20/232		500,000		500,000
Federal Farm Credit Banks Funding Corp.
SOFR + 0.018%, 0.068%, due 07/13/232		1,500,000		1,499,285
SOFR + 0.025%, 0.075%, due 12/16/222		2,500,000		2,499,978
SOFR + 0.025%, 0.075%, due 11/30/232		500,000		499,767
SOFR + 0.040%, 0.090%, due 03/10/232		1,000,000		1,000,000
SOFR + 0.050%, 0.100%, due 08/22/232		500,000		500,000
SOFR + 0.060%, 0.110%, due 12/13/232		500,000		500,000
SOFR + 0.070%, 0.120%, due 12/14/232		1,000,000		1,000,000
Federal Home Loan Bank 0.050%, due 03/17/22		1,500,000		1,499,979
0.056%, due 04/22/221		2,000,000		1,999,751

	Face amount		Value
U.S. government agency obligations—(concluded)
SOFR + 0.010%, 0.060%, due 03/16/222	$	1,500,000	$	1,500,000
SOFR + 0.010%, 0.060%, due 03/30/222		1,000,000		1,000,000
SOFR + 0.010%, 0.060%, due 06/23/222		2,000,000		2,000,000
SOFR + 0.010%, 0.060%, due 07/25/222		2,000,000		2,000,000
SOFR + 0.010%, 0.060%, due 08/19/222		3,000,000		3,000,000
SOFR + 0.010%, 0.060%, due 09/06/222		3,000,000		3,000,000
SOFR + 0.060%, 0.110%, due 12/15/222		1,000,000		1,000,000
SOFR + 0.090%, 0.140%, due 08/19/222		1,000,000		1,000,000
Federal Home Loan Bank 0.170%, due 04/18/221		2,000,000		1,999,282
0.210%, due 05/03/221		3,000,000		2,998,407
0.210%, due 12/12/22		1,000,000		1,000,000
0.280%, due 05/23/221		3,000,000		2,997,410
Federal Home Loan Bank Discount Notes 0.045%, due 02/02/221		9,000,000		8,999,989
0.045%, due 02/04/221		9,000,000		8,999,966
0.075%, due 07/15/221		1,500,000		1,499,488
0.092%, due 04/08/221		1,500,000		1,499,747
0.128%, due 06/10/221		1,500,000		1,499,312
0.170%, due 06/24/221		1,500,000		1,498,987
0.190%, due 04/27/221		3,000,000		2,998,654
0.194%, due 04/29/221		3,000,000		2,998,593
0.282%, due 07/15/221		1,500,000		1,498,073
Federal Home Loan Mortgage Corp.
SOFR + 0.095%, 0.145%, due 08/19/222		2,000,000		2,000,000
SOFR + 0.100%, 0.150%, due 07/29/222		3,000,000		3,000,000
SOFR + 0.190%, 0.240%, due 05/11/222		2,000,000		2,000,000
Federal National Mortgage Association
SOFR + 0.180%, 0.230%, due 05/13/222		2,000,000		2,000,000
SOFR + 0.200%, 0.250%, due 06/15/222		2,500,000		2,500,000
Total U.S. government agency obligations (cost—$97,236,171)				97,236,171
U.S. Treasury obligations—40.5%
U.S. Cash Management Bill 0.051%, due 02/01/221		3,000,000		3,000,000
0.056%, due 03/01/221		3,000,000		2,999,872
0.076%, due 04/05/221		3,000,000		2,999,606
0.091%, due 04/12/221		3,000,000		2,999,475
0.145%, due 04/19/221		4,000,000		3,998,779
0.152%, due 05/10/221		3,000,000		2,998,775
0.203%, due 05/17/221		3,000,000		2,998,250
0.279%, due 05/24/221		3,000,000		2,997,433

8

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. Treasury obligations—(concluded)
U.S. Treasury Bills 0.039%, due 02/10/221	$	6,000,000	$	5,999,945
0.046%, due 03/24/221		3,000,000		2,999,809
0.051%, due 02/17/221		2,000,000		1,999,956
0.051%, due 02/24/221		3,000,000		2,999,904
0.051%, due 03/31/221		3,000,000		2,999,758
0.052%, due 03/08/221		7,000,000		6,999,674
0.056%, due 02/03/221		3,000,000		2,999,991
0.056%, due 03/03/221		3,000,000		2,999,862
0.056%, due 03/15/221		3,000,000		2,999,808
0.056%, due 03/17/221		3,000,000		2,999,798
0.061%, due 04/28/221		3,000,000		2,999,570
0.063%, due 03/22/221		4,000,000		3,999,664
0.066%, due 05/05/221		3,000,000		2,999,496
0.066%, due 05/12/221		3,000,000		2,999,458
0.066%, due 05/19/221		3,000,000		2,999,420
0.071%, due 03/29/221		3,000,000		2,999,673
0.072%, due 05/26/221		3,000,000		2,999,326
0.080%, due 08/11/221		1,000,000		999,584
0.091%, due 04/07/221		3,000,000		2,999,513
0.091%, due 06/02/221		3,000,000		2,999,093
0.107%, due 06/09/221		3,000,000		2,998,880
0.122%, due 04/14/221		3,000,000		2,999,280
0.170%, due 04/21/221		4,000,000		3,998,541
0.223%, due 07/07/221		3,000,000		2,997,140
0.279%, due 07/14/221		3,000,000		2,996,265
0.371%, due 07/21/221		1,000,000		998,276
U.S. Treasury Notes 0.125%, due 08/31/22		1,000,000		1,000,254
1.500%, due 09/15/22		2,000,000		2,017,519
1.875%, due 02/28/22		1,000,000		1,001,351
Total U.S. Treasury obligations (cost—$110,992,998)				110,992,998

	Face amount		Value
Repurchase agreements—24.9%
Repurchase agreement dated 01/31/22 with Fixed Income Clearing Corp., 0.020% due 02/01/22, collateralized by $766,600 U.S. Treasury Notes, 1.250% due 06/30/28; (value—$744,662); proceeds: $730,000.	$	730,000	$	730,000
Repurchase agreement dated 01/31/22 with Goldman Sachs, 0.050% due 02/01/22, collateralized by $60,401,500 U.S. Treasury Notes, 2.750% due 02/28/25; (value—$63,545,575) and $7,034,761 U.S. Treasury Bond Strips, 0.000% due 11/15/34; (value—$5,406,425); proceeds: $67,600,094		67,600,000		67,600,000
Total repurchase agreements (cost—$68,330,000)				68,330,000
Total investments (cost—$276,559,169 which approximates cost for federal income tax purposes)—100.8%				276,559,169
Liabilities in excess of other assets—(0.8)%				(2,067,809	)
Net assets—100.0%			$	274,491,360

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 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
U.S. government agency obligations	$	—	$	97,236,171	$	—	$	97,236,171
U.S. Treasury obligations		—		110,992,998		—		110,992,998
Repurchase agreements		—		68,330,000		—		68,330,000
Total	$	—	$	276,559,169	$	—	$	276,559,169

9

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022 (unaudited)

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

¹  Rate shown is the discount rate at the date of purchase unless otherwise noted.

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

See accompanying notes to financial statements.
10

PACE Mortgage-Backed Securities Fixed Income Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -2.38% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Mortgage-Backed Securities Index (the "benchmark") returned -2.36%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 13. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. Overall interest rate strategies were positive for performance. An overall short to US duration contributed to returns as Treasury yields rose. Overall mortgage strategies were additive for returns. Selection within agency mortgage-backed securities (MBS), including a focus on Ginnie Mae securities and higher coupon Fannie Mae mortgages, benefited performance. An allocation to senior securitized credit contributed to results, as these securities remained well supported by strong fundamentals and limited supply. Additionally, exposures to commercial mortgage-backed securities (CMBS) and select collateralized loan obligations (CLOs) added to returns.

Overall, derivative usage was positive for performance. The use of interest rate swaps to manage US interest rate exposure and yield curve positioning detracted from performance, while the use of interest rate options contributed to returns. The Portfolio benefited from the income generated from selling mortgage pool options as a way to manage interest rate and volatility risk within the sector. Options on swaps were primarily used to manage interest rate exposure and currency volatility and were neutral for performance. Total return swaps, used to replicate broad exposure to interest only agency mortgages, while limiting idiosyncratic risk of owning individual bonds, were neutral for performance. Overall, the interest rate swaps were all neutral for performance.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Mortgage-Backed Securities Fixed
Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Pacific Investment Management Company LLC ("PIMCO")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

PIMCO: Daniel Hyman and Michael Cudzil

Objective:

Current income

Investment process:

The subadvisor utilizes a strategy that involves buying or

selling specific bonds based on an analysis of their values

relative to other similar bonds.

11

PACE Mortgage-Backed Securities Fixed Income Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us

Special considerations

The Portfolio may be appropriate for long-term investors seeking current income who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

12

PACE Mortgage-Backed Securities Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.51	)%		(2.88	)%		2.31	%		1.98	%
Class Y2		(2.38	)		(2.63	)		2.56			2.24
Class P3		(2.38	)		(2.63	)		2.56			2.25
After deducting maximum sales charge
Class A1		(6.16	)		(6.53	)		1.53			1.59
Bloomberg US Mortgage-Backed Securities Index4		(2.36	)		(2.59	)		2.20			2.08

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.42	)%		(0.86	)%		2.64	%		2.20	%
Class Y2		(0.29	)		(0.69	)		2.90			2.45
Class P3		(0.29	)		(0.61	)		2.90			2.45
After deducting maximum sales charge
Class A1		(4.17	)		(4.60	)		1.86			1.81

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.14% and 0.98%; Class Y— 0.95% and 0.73%; and Class P— 0.96% and 0.73%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—0.97%; Class Y—0.72%; and Class P—0.72%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg US Mortgage-Backed Securities Index is an unmanaged index which primarily covers the mortgage-backed passthrough securities issued by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA), Freddie Mac (formally known as Federal Home Loan Mortgage Corporation or FHLMC), and Fannie Mae (formally known as Federal National Mortgage Association or FNMA). Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

13

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	4.36 yrs.
Weighted average maturity	6.04 yrs.
Average coupon	2.56	%
Top ten holdings (long holdings)
UMBS TBA, 2.000%	22.1	%
UMBS TBA, 2.500%	14.8
UMBS TBA, 3.000%	8.4
UMBS TBA, 3.500%	6.4
GNMA II TBA, 2.500%	6.4
GNMA II TBA, 3.000%	6.4
GNMA II TBA, 4.500%	4.5
UMBS TBA, 1.500%	3.4
UMBS TBA, 4.000%	3.0
FNMA, 3.000% due 07/01/51	2.5
Total	77.9	%
Asset allocation
U.S. government agency obligations	139.7	%
Mortgage-backed securities	19.0
Asset-backed securities	13.5
Short-term U.S. Treasury obligations	7.1
U.S. Treasury obligations	1.8
Options and swaptions purchased	0.4
Short-term investments	0.1
Investments sold short	(27.8	)
Cash equivalents and liabilities in excess of other assets	(53.8	)
Total	100.0	%

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

14

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Asset-backed securities—13.5%
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass Through Certificate, Series 2005-R1, Class M4, 1 mo. USD LIBOR + 1.110%, 1.199%, due 03/25/351	$	200,000	$	200,359
AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 3 mo. USD LIBOR + 0.980%, 1.107%, due 04/14/291,2		1,775,478		1,775,871
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD LIBOR + 1.000%, 1.089%, due 10/25/341		93,742		93,540
Anchorage Capital CLO Ltd., Series 2015-6A, Class ARR, 3 mo. USD LIBOR + 1.050%, 1.174%, due 07/15/301,2		900,000		900,257
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, 1 mo. USD LIBOR + 1.350%, 1.440%, due 11/15/361,2		3,900,000		3,900,038
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 1.200%, 1.289%, due 08/25/341		3,070,417		3,085,698
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD LIBOR + 0.640%, 0.729%, due 08/25/321		125,924		122,635
Series 2002-4, Class 2A1, 1 mo. USD LIBOR + 0.740%, 0.829%, due 10/25/321		7,819		7,781
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1 mo. USD LIBOR + 1.350%, 1.439%, due 10/25/371,2		454,248		456,150
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD LIBOR + 0.500%, 0.589%, due 07/25/341		72,947		71,917
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD LIBOR + 0.720%, 0.809%, due 07/25/341		66,822		66,471
Series 2004-6, Class M1, 1 mo. USD LIBOR + 0.900%, 0.989%, due 10/25/341		94,238		93,413
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 3 mo. USD LIBOR + 0.980%, 1.104%, due 04/15/281,2		1,800,000		1,800,441
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD LIBOR + 1.500%, 1.589%, due 08/25/401,2		51,397		51,507

	Face amount		Value
Asset-backed securities—(continued)
Equifirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD LIBOR + 0.170%, 0.259%, due 04/25/371,2	$	1,466,054	$	1,397,502
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + 1.090%, 1.774%, due 07/15/311,2		1,400,000		1,401,012
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1, 1 mo. USD LIBOR + 0.405%, 0.494%, due 05/25/361		64,140		64,409
KGS Alpha SBA COOF Trust, Series 2012-5, Class A, 1.101%, due 04/25/382,3,4,5		9,378,912		154,735
KVK CLO Ltd., Series 2013-1A, Class AR, 3 mo. USD LIBOR + 0.900%, 1.027%, due 01/14/281,2		305,331		305,349
LCM XV LP, Series 15A, Class AR2, 3 mo. USD LIBOR + 1.000%, 1.132%, due 07/20/301,2		4,900,000		4,900,098
LCM XX LP, Series 20A, Class AR, 3 mo. USD LIBOR + 1.040%, 1.172%, due 10/20/271,2		107,808		107,864
Legacy Mortgage Asset Trust, Series 2019-GS4, Class A1, 3.438%, due 05/25/592,6		258,556		258,693
Magnetite XVIII Ltd., Series 2016-18A, Class AR2, 3 mo. USD LIBOR + 0.880%, 1.081%, due 11/15/281,2		2,950,000		2,950,507
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD LIBOR + 0.180%, 0.269%, due 04/25/371		52,319		36,087
Palmer Square Loan Funding Ltd., Series 2018-4A, Class A1, 3 mo. USD LIBOR + 0.900%, 1.056%, due 11/15/261,2		94,260		94,268
Park Place Securities, Inc. Asset-Backed Pass Through Certificate, Series 2005-WHQ3, Class M4, 1 mo. USD LIBOR + 0.945%, 1.034%, due 06/25/351		91,509		91,823
PRET LLC, Series 2021-RN2, Class A1, 1.744%, due 07/25/512,6		6,771,822		6,675,200
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 0.719%, due 12/25/351		198,045		198,099

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD LIBOR + 0.880%, 0.969%, due 08/25/331	$	117,716	$	116,550
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD LIBOR + 0.750%, 0.839%, due 11/25/351		1,759,349		1,750,524
Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 3 mo. USD LIBOR + 1.050%, 1.182%, due 10/20/281,2		1,044,250		1,044,637
Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 3 mo. USD LIBOR + 0.990%, 1.114%, due 01/23/291,2		752,734		752,926
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD LIBOR + 0.200%, 0.289%, due 06/25/371		639,601		555,605
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD LIBOR + 0.135%, 0.224%, due 07/25/361,2		87,980		87,223
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD LIBOR + 0.690%, 0.779%, due 09/25/351		1,227,769		1,213,127
Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 3 mo. USD LIBOR + 0.950%, 1.077%, due 07/14/261,2		172,147		172,185
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.004%, due 04/15/281,2		266,016		266,038
Telos CLO Ltd., Series 2014-5A, Class A1R, 3 mo. USD LIBOR + 0.950%, 1.072%, due 04/17/281,2		305,241		305,222
Venture 33 CLO Ltd., Series 2018-33A, Class A1LR, 3 mo. USD LIBOR + 1.060%, 1.184%, due 07/15/311,2		500,000		500,030
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD LIBOR + 1.130%, 1.262%, due 04/20/321,2		800,000		800,121
Venture XXI CLO Ltd., Series 2015-21A, Class AR, 3 mo. USD LIBOR + 0.880%, 1.004%, due 07/15/271,2		192,832		192,844

	Face amount		Value
Asset-backed securities—(concluded)
Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 3 mo. USD LIBOR + 0.950%, 1.072%, due 06/20/291,2	$	1,649,735	$	1,649,730
Total asset-backed securities (cost—$40,106,742)				40,668,486
Mortgage-backed securities—19.0%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 2.608%, due 11/25/353		336,904		293,297
AREIT Trust, Series 2021-CRE5, Class A, 1 mo. USD LIBOR + 1.080%, 1.190%, due 07/17/261,2		1,600,000		1,599,498
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 3.110%, due 03/26/372,3		63,556		54,774
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/372,3		165,765		151,691
Bear Stearns ARM Trust, Series 2002-11, Class 1A2, 2.833%, due 02/25/333		2,374		2,210
Series 2004-2, Class 12A2, 2.480%, due 05/25/343		23,367		22,637
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/346		399,005		410,862
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/336		244,149		257,957
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD LIBOR + 0.280%, 0.369%, due 01/25/351,2		22,355		22,708
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 2.943%, due 05/19/333		3,243		3,156
Series 2007-15, Class 2A2, 6.500%, due 09/25/37		24,867		13,313
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.149%, due 01/10/362		3,200,000		3,322,546
Citigroup Mortgage Loan Trust, Series 2021-INV2, Class A3A, 2.500%, due 05/25/512,3		380,982		374,855
Series 2021-INV3, Class A3A, 2.500%, due 05/25/512,3		3,300,678		3,232,087
CSMC Trust, Series 2021-INV1, Class A3, 2.500%, due 07/25/562,3		279,487		273,854
Series 2013-MH1, Class A, 4.787%, due 05/27/532,3		984,502		1,047,461
FHLMC GNMA, Series 13, Class B, 7.000%, due 06/25/23		3,789		106

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 23, Class KZ, 6.500%, due 11/25/23	$	2,216	$	2,286
FHLMC Multifamily Structured Pass-Through Certificates, Series K027, Class X1, 0.719%, due 01/25/233		5,989,703		31,117
Series KP05, Class AH, 3.077%, due 04/25/233		118,058		118,021
FHLMC REMIC, Series 1349, Class PS, 7.500%, due 08/15/22		20		21
Series 1502, Class PX, 7.000%, due 04/15/23		12,941		13,276
Series 1534, Class Z, 5.000%, due 06/15/23		4,792		4,862
Series 1573, Class PZ, 7.000%, due 09/15/23		1,929		1,997
Series 1658, Class GZ, 7.000%, due 01/15/24		1,288		1,339
Series 1694, Class Z, 6.500%, due 03/15/24		14,586		15,255
Series 1775, Class Z, 8.500%, due 03/15/25		772		843
Series 2136, Class GD, 7.000%, due 03/15/29		1,163		156
Series 2178, Class PI, 7.500%, due 08/15/29		6,582		1,079
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 0.589%, due 01/15/321		51,030		51,217
Series 2411, Class FJ, 1 mo. USD LIBOR + 0.350%, 0.439%, due 12/15/291		8,245		8,257
Series 2513, Class AS, 1 mo. USD LIBOR + 8.000%, 7.911%, due 02/15/321		173,405		31,448
Series 2614, Class WO, 0.010%, due 05/15/33		473,306		422,038
Series 3096, Class FL, 1 mo. USD LIBOR + 0.400%, 0.489%, due 01/15/361		84,719		85,432
Series 3114, Class PF, 1 mo. USD LIBOR + 0.400%, 0.489%, due 02/15/361		443,967		447,682
Series 3153, Class UF, 1 mo. USD LIBOR + 0.430%, 0.519%, due 05/15/361		107,500		109,132
Series 3339, Class LI, 1 mo. USD LIBOR + 6.480%, 6.391%, due 07/15/371		520,991		84,382
Series 3442, Class MT, 1 mo. USD LIBOR, 0.089%, due 07/15/341		41,286		39,405
Series 3598, Class JI, 1.384%, due 10/15/373		20,494		796
Series 3609, Class LI, 4.500%, due 12/15/24		15		0

	Face amount		Value
Mortgage-backed securities—(continued)
Series 3621, Class WI, 1.607%, due 05/15/373	$	42,217	$	1,878
Series 3635, Class IB, 1.269%, due 10/15/373		69,723		2,806
Series 3667, Class FW, 1 mo. USD LIBOR + 0.550%, 0.639%, due 02/15/381		17,687		17,451
Series 3671, Class FQ, 1 mo. USD LIBOR + 0.850%, 0.939%, due 12/15/361		670,641		679,506
Series 3684, Class JI, 1.973%, due 11/15/363		183,377		11,153
Series 3838, Class LI, 4.500%, due 04/15/22		211		0
Series 3864, Class NT, 1 mo. USD LIBOR + 60.500%, 5.500%, due 03/15/391		302,093		327,246
Series 3962, Class KS, 2.038%, due 06/15/383		140,329		8,521
Series 4037, Class PI, 3.000%, due 04/15/27		885,406		33,553
Series 4068, Class UF, 1 mo. USD LIBOR + 0.500%, 0.589%, due 06/15/421		562,595		571,501
Series 4076, Class SW, 1 mo. USD LIBOR + 6.050%, 5.961%, due 07/15/421		1,264,725		253,745
Series 4100, Class HI, 3.000%, due 08/15/27		181,238		10,053
Series 4131, Class AI, 2.500%, due 10/15/22		54,241		279
Series 4156, Class SA, 1 mo. USD LIBOR + 6.200%, 6.111%, due 01/15/331		992,020		138,834
Series 4165, Class TI, 3.000%, due 12/15/42		740,893		52,106
Series 4182, Class QI, 3.000%, due 02/15/33		92,468		6,727
Series 4182, Class YI, 2.500%, due 03/15/28		1,883,473		102,923
Series 4255, Class SN, 1 mo. USD LIBOR + 12.267%, 12.036%, due 05/15/351		317,364		354,795
Series 4263, Class SD, 1 mo. USD LIBOR + 12.267%, 12.029%, due 11/15/431		381,272		431,224
Series 4265, Class ES, 1 mo. USD LIBOR + 13.760%, 13.484%, due 11/15/431		828,981		942,804
Series 4324, Class IO, 1.848%, due 08/15/363		84,012		3,856
Series 4338, Class SB, 1.681%, due 10/15/413		96,879		4,252
Series 4367, Class GS, 1.796%, due 03/15/373		60,389		3,330
Series 4394, Class WI, 1.789%, due 08/15/413		51,390		2,276

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 4438, Class WI, 1.870%, due 11/15/383	$	164,419	$	7,567
Series 4457, Class DI, 4.000%, due 08/15/24		200,066		6,554
Series 4463, Class IO, 1.873%, due 02/15/383		108,024		4,760
Series 4544, Class IP, 4.000%, due 01/15/46		1,328,955		181,500
Series 4832, Class FW, 1 mo. USD LIBOR + 0.350%, 0.432%, due 04/15/381		1,191,940		1,193,172
Series 4836, Class PO, 0.010%, due 10/15/58		890,879		758,610
Series 4839, Class UO, 0.010%, due 08/15/56		532,741		474,818
Series 4940, Class FE, 1 mo. USD LIBOR + 0.550%, 0.639%, due 01/25/501		351,699		355,812
Series 4945, Class F, 1 mo. USD LIBOR + 0.500%, 0.582%, due 12/15/461		179,698		181,624
FHLMC STRIPs, Series 303, Class C19, 3.500%, due 01/15/43		515,694		77,293
Series 326, Class F2, 1 mo. USD LIBOR + 0.550%, 0.639%, due 03/15/441		343,740		349,577
Series 330, Class F4, 1 mo. USD LIBOR + 0.350%, 0.432%, due 10/15/371		269,422		271,486
Series 345, Class C13, 3.500%, due 08/15/45		709,338		81,776
FHLMC Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45		264,153		262,537
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46		425,970		420,746
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46		535,702		542,346
FNMA Aces, Series 2016-M11, Class AL, 2.944%, due 07/25/39		877,121		887,610
Series 2020-M33, Class X2, 2.358%, due 01/25/313		600,000		79,316
FNMA REMIC, Series 1992-129, Class L, 6.000%, due 07/25/22		20		20
Series 1993-37, Class PX, 7.000%, due 03/25/23		8,805		8,977
Series 1997-22, Class F, 0.646%, due 03/25/273		1,737		1,736
Series 2002-60, Class F1, 1 mo. USD LIBOR + 0.400%, 0.489%, due 06/25/321		42,556		41,768
Series 2003-70, Class SH, 1 mo. USD LIBOR + 14.000%, 13.822%, due 07/25/231		34,600		35,951

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2007-67, Class FB, 1 mo. USD LIBOR + 0.320%, 0.409%, due 07/25/371	$	50,891	$	49,828
Series 2009-33, Class FB, 1 mo. USD LIBOR + 0.820%, 0.909%, due 03/25/371		377,653		386,883
Series 2010-141, Class FA, 1 mo. USD LIBOR + 0.500%, 0.589%, due 12/25/401		161,633		163,905
Series 2010-76, Class SA, 1 mo. USD LIBOR + 6.500%, 6.411%, due 07/25/401		629,107		102,372
Series 2012-111, Class HS, 1 mo. USD LIBOR + 3.667%, 3.592%, due 10/25/421		41,860		41,128
Series 2012-122, Class LI, 4.500%, due 07/25/41		470,787		43,305
Series 2012-128, Class FK, 1 mo. USD LIBOR + 0.350%, 0.439%, due 11/25/421		173,956		174,896
Series 2012-32, Class AI, 3.000%, due 04/25/22		996		0
Series 2012-77, Class IO, 1.540%, due 07/25/523		174,142		7,299
Series 2012-90, Class FB, 1 mo. USD LIBOR + 0.440%, 0.529%, due 08/25/421		60,184		60,686
Series 2013-116, Class IY, 3.000%, due 09/25/43		232,729		16,343
Series 2013-28, Class YS, 1 mo. USD LIBOR + 6.150%, 6.061%, due 07/25/421		461,134		66,509
Series 2013-30, Class GI, 3.000%, due 01/25/43		733,477		59,930
Series 2013-30, Class JI, 3.000%, due 04/25/43		352,139		43,546
Series 2013-34, Class PS, 1 mo. USD LIBOR + 6.150%, 6.061%, due 08/25/421		454,809		56,394
Series 2013-45, Class IK, 3.000%, due 02/25/43		570,776		58,138
Series 2014-42, Class SA, 1.692%, due 07/25/443		180,613		8,028
Series 2014-43, Class BS, 1.508%, due 07/25/443		291,666		14,098
Series 2014-45, Class SA, 1.789%, due 08/25/443		138,787		7,698
Series 2014-47, Class BI, 1.741%, due 08/25/543		283,670		18,454
Series 2014-84, Class AI, 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/431		321,728		2,373
Series 2014-92, Class SB, 1.572%, due 01/25/453		175,683		8,757
Series 2015-10, Class SA, 1.564%, due 03/25/453		353,592		16,921

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-19, Class AI, 1.707%, due 04/25/553	$	275,177	$	13,414
Series 2015-47, Class GI, 4.000%, due 06/25/44		67,153		5,629
Series 2015-50, Class SB, 1.897%, due 07/25/453		893,708		48,453
Series 2015-58, Class AI, 1.679%, due 08/25/553		160,674		8,566
Series 2015-64, Class KS, 1.889%, due 09/25/453		235,839		11,420
Series 2015-73, Class ES, 1 mo. USD LIBOR + 9.333%, 9.132%, due 10/25/451		176,805		165,863
Series 2016-14, Class IO, 3.000%, due 03/25/46		450,619		48,647
Series 2016-17, Class CS, 1.443%, due 04/25/463		144,242		8,297
Series 2016-52, Class PI, 3.000%, due 04/25/46		499,737		46,562
Series 2016-63, Class YI, 3.500%, due 04/25/46		81,763		4,439
Series 2016-64, Class IA, 3.000%, due 05/25/46		359,572		50,087
Series 2016-76, Class CS, 1.453%, due 10/25/463		60,338		2,793
Series 2018-28, Class CA, 3.000%, due 05/25/48		368,588		373,770
Series 2018-85, Class FE, 1 mo. USD LIBOR + 0.300%, 0.389%, due 12/25/481		2,030,007		2,039,288
Series 2019-62, Class SN, 1 mo. USD LIBOR + 6.000%, 5.911%, due 11/25/491		242,132		46,236
Series 2020-54, Class WF, 1 mo. USD LIBOR + 0.450%, 0.532%, due 08/25/501		740,251		743,661
Series 2020-70, Class IO, 1.692%, due 10/25/503		15,812,201		630,785
Series 2022-3, Class SD, 2.500%, due 02/25/525		4,304,903		230,380
Series G92-40, Class ZC, 7.000%, due 07/25/22		90		91
Series G94-6, Class PJ, 8.000%, due 05/17/24		865		900
FNMA STRIPs, Series 386, Class 14, 6.500%, due 04/25/38		42,241		10,593
Series 413, Class 111, 4.000%, due 07/25/423		577,515		80,177
Series 419, Class C3, 3.000%, due 11/25/43		109,954		13,506
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD LIBOR + 0.825%, 0.914%, due 01/25/341		377,280		371,833

	Face amount		Value
Mortgage-backed securities—(continued)
GNMA, Series 2007-18, Class CO, 0.010%, due 03/20/35	$	21,068	$	20,131
Series 2010-H01, Class FA, 1 mo. USD LIBOR + 0.820%, 0.905%, due 01/20/601		1,235,390		1,244,403
Series 2013-23, Class IP, 3.500%, due 08/20/42		649,387		75,766
Series 2013-77, Class GI, 3.000%, due 02/20/43		977,222		79,925
Series 2013-H19, Class DF, 1 mo. USD LIBOR + 0.650%, 0.733%, due 05/20/631		581,197		583,523
Series 2013-H20, Class FB, 1 mo. USD LIBOR + 1.000%, 1.083%, due 08/20/631		1,020,813		1,027,407
Series 2013-H23, Class TA, 1 mo. USD LIBOR + 0.720%, 0.803%, due 09/20/631		506,852		508,988
Series 2014-158, Class IA, 3.500%, due 10/20/29		470,869		39,471
Series 2015-126, Class GS, 1 mo. USD LIBOR + 9.333%, 9.141%, due 09/20/451		323,052		315,383
Series 2015-127, Class AS, 1.687%, due 06/20/433		210,054		8,373
Series 2015-165, Class IB, 3.500%, due 11/20/42		245,370		23,224
Series 2015-166, Class SA, 1.489%, due 06/20/423		214,326		7,417
Series 2015-180, Class SA, 1.439%, due 06/20/423		231,805		9,294
Series 2015-H27, Class FA, 1 mo. USD LIBOR + 0.750%, 0.833%, due 09/20/651		1,922,926		1,941,142
Series 2015-H29, Class FA, 1 mo. USD LIBOR + 0.700%, 0.783%, due 10/20/651		3,843		3,861
Series 2015-H29, Class FJ, 1 mo. USD LIBOR + 0.680%, 0.763%, due 11/20/651		1,515,301		1,527,198
Series 2015-H30, Class FA, 1 mo. USD LIBOR + 0.680%, 0.763%, due 08/20/611		4,352		4,394
Series 2016-118, Class IE, 3.500%, due 09/20/46		40,412		6,294
Series 2016-138, Class WI, 1.601%, due 08/20/453		194,120		5,208
Series 2016-180, Class WI, 1.502%, due 09/20/453		350,980		8,698
Series 2016-H14, Class FA, 1 mo. USD LIBOR + 0.800%, 0.883%, due 06/20/661		415,352		420,035
Series 2017-15, Class WI, 1.457%, due 11/20/453		229,564		8,882
Series 2017-57, Class WI, 1.545%, due 12/20/453		96,615		3,245

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2017-H23, Class MA, 3.000%, due 11/20/67	$	784,790	$	802,934
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.119%, due 05/10/50		4,850,661		4,973,910
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.500%, due 02/25/522,3		858,774		839,838
Series 2021-INV1, Class A2, 2.500%, due 12/25/512,3		381,951		373,784
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD LIBOR + 0.330%, 0.419%, due 12/25/341		3,058		3,014
Indymac Index Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + 0.640%, 0.729%, due 02/25/351		226,643		220,660
JP Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD LIBOR + 0.500%, 0.586%, due 06/27/371,2		544,009		420,618
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD LIBOR + 0.900%, 0.989%, due 12/25/491,2		830,109		832,572
Series 2021-INV4, Class A2, 3.000%, due 01/25/522,3		1,433,392		1,437,506
Series 2021-INV6, Class A2, 3.000%, due 04/25/522,3		1,425,877		1,428,386
Series 2021-INV8, Class A2, 3.000%, due 05/25/522,3		4,466,408		4,476,314
LUXE Trust, Series 2021-MLBH, Class A, 1 mo. USD LIBOR + 0.980%, 1.070%, due 11/15/381,2		200,000		199,817
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 2.052%, due 12/25/343		94,117		95,741
Series 2004-A, Class A1, 1 mo. USD LIBOR + 0.460%, 0.549%, due 04/25/291		19,129		18,700
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD LIBOR + 0.320%, 0.409%, due 01/25/351		20,704		20,825
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B, 1 mo. USD LIBOR + 0.230%, 0.648%, due 02/26/371,2		125,761		121,400
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 year CMT + 0.500%, 0.620%, due 05/25/421,2		2,351,337		2,298,422

	Face amount		Value
Mortgage-backed securities—(concluded)
Pepper Residential Securities Trust, Series 22A, Class A1U, 1 mo. USD LIBOR + 1.000%, 1.086%, due 06/20/601,2	$	624,197	$	623,790
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1, 1 mo. USD LIBOR + 0.500%, 0.589%, due 07/25/361		228,876		177,754
Sequoia Mortgage Trust, Series 11, Class A, 1 mo. USD LIBOR + 0.900%, 0.986%, due 12/20/321		127,800		126,989
Series 5, Class A, 1 mo. USD LIBOR + 0.700%, 0.780%, due 10/19/261		37,474		37,191
Structured ARM Loan Trust, Series 2007-4, Class 1A2, 1 mo. USD LIBOR + 0.440%, 0.529%, due 05/25/371		104,923		102,748
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD LIBOR + 0.420%, 0.509%, due 04/25/361		248,436		235,639
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 2.059%, due 04/25/453		26,891		27,424
Washington Mutual Mortgage Pass-Through Certificates, Series 2003-AR9, Class 2A, 2.368%, due 09/25/333		58,118		57,930
Total mortgage-backed securities (cost—$58,633,399)				56,928,477
U.S. government agency obligations—139.7%
FHLMC 2.000%, due 04/01/36		900,036		905,558
2.500%, due 01/01/31		130,649		133,864
2.500%, due 11/01/31		37,203		38,146
2.500%, due 07/01/32		72,484		74,261
2.500%, due 08/01/32		302,309		309,722
2.500%, due 09/01/32		398,553		408,325
2.500%, due 11/01/32		13,141		13,463
2.500%, due 12/01/32		367,982		377,004
2.500%, due 01/01/33		93,008		95,288
2.500%, due 12/01/50		1,261,796		1,261,975
2.500%, due 08/01/51		5,807,975		5,843,831
2.500%, due 09/01/51		978,346		982,331
3.000%, due 01/01/33		1,044,308		1,083,690
3.000%, due 02/01/40		1,380,019		1,423,563
3.000%, due 04/01/43		155,978		162,103
3.000%, due 05/01/43		82,899		86,155
3.000%, due 12/01/44		139,967		145,370
3.000%, due 04/01/45		751,693		778,775
3.000%, due 08/01/46		216,404		221,465
3.000%, due 12/01/46		721,543		744,915
3.000%, due 06/01/50		673,498		694,376
3.000%, due 04/01/51		1,822,358		1,868,931

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.000%, due 06/01/51	$	932,875	$	956,860
3.000%, due 07/01/51		4,703,077		4,871,282
3.000%, due 10/01/51		194,226		200,903
3.000%, due 12/01/51		100,225		102,760
3.500%, due 09/01/32		276,520		293,449
3.500%, due 12/01/33		180,646		189,464
3.500%, due 06/01/34		104,085		109,250
3.500%, due 07/01/34		45,009		47,244
3.500%, due 03/01/35		585,134		614,187
3.500%, due 04/01/35		328,809		345,567
3.500%, due 05/01/48		850,421		895,450
3.500%, due 02/01/50		353,260		369,006
4.000%, due 01/01/37		193,175		208,407
4.000%, due 07/01/43		114,089		124,581
4.000%, due 08/01/44		1,561,283		1,700,716
4.000%, due 11/01/47		181,890		193,620
4.000%, due 01/01/48		490,324		521,912
4.000%, due 02/01/48		23,534		25,051
4.000%, due 03/01/48		17,900		18,967
4.000%, due 04/01/48		29,690		31,462
4.000%, due 06/01/48		160,730		172,272
4.000%, due 10/01/48		2,208,940		2,356,499
4.000%, due 12/01/48		184,572		196,967
4.000%, due 04/01/49		827,724		882,487
4.500%, due 09/01/34		763,374		826,583
4.500%, due 01/01/36		13,757		15,029
4.500%, due 05/01/37		1,691		1,836
4.500%, due 05/01/38		30,492		33,015
4.500%, due 02/01/49		74,722		80,102
4.500%, due 06/01/50		510,261		546,383
5.000%, due 10/01/25		15,119		16,473
5.000%, due 11/01/27		3,532		3,883
5.000%, due 09/01/33		123,577		137,407
5.000%, due 06/01/34		4,643		5,197
5.000%, due 04/01/35		28,979		32,439
5.000%, due 05/01/35		44,962		50,335
5.000%, due 07/01/35		79,966		89,524
5.000%, due 08/01/35		12,709		14,227
5.000%, due 10/01/35		10,970		12,281
5.000%, due 12/01/35		334		374
5.000%, due 07/01/38		152,959		170,472
5.000%, due 11/01/38		106,557		118,818
5.000%, due 06/01/39		24,459		27,247
5.000%, due 03/01/40		2,589		2,882
5.000%, due 07/01/40		143,366		159,562
5.000%, due 09/01/40		96,705		107,700
5.000%, due 11/01/40		34,286		38,158
5.000%, due 02/01/41		151,239		168,392
5.000%, due 03/01/41		19,878		21,808
5.000%, due 04/01/41		51,034		56,824
5.000%, due 05/01/41		48,806		54,341
5.000%, due 07/01/41		22,455		25,002
5.000%, due 08/01/44		30,297		33,782
5.000%, due 03/01/49		901,458		999,977
5.500%, due 06/01/28		689		746
5.500%, due 02/01/32		829		923
5.500%, due 12/01/32		1,763		1,968

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 02/01/33	$	31,848	$	33,955
5.500%, due 05/01/33		348		391
5.500%, due 06/01/33		128,163		144,928
5.500%, due 12/01/33		26,147		29,374
5.500%, due 12/01/34		21,509		24,301
5.500%, due 06/01/35		351,070		395,073
5.500%, due 07/01/35		2,777		3,123
5.500%, due 10/01/35		101,122		113,054
5.500%, due 12/01/35		50,723		57,000
5.500%, due 06/01/36		196,154		222,339
5.500%, due 07/01/36		6,740		7,196
5.500%, due 12/01/36		296,822		334,180
5.500%, due 03/01/37		42,435		47,849
5.500%, due 07/01/37		51,673		56,479
5.500%, due 10/01/37		1,613		1,823
5.500%, due 04/01/38		55,342		62,382
5.500%, due 05/01/38		7,231		8,205
5.500%, due 12/01/38		1,197		1,354
5.500%, due 01/01/39		27,793		31,454
5.500%, due 09/01/39		82,773		93,710
5.500%, due 02/01/40		3,605		4,095
5.500%, due 03/01/40		3,560		4,046
5.500%, due 05/01/40		50,853		57,696
5.500%, due 03/01/41		52,872		59,948
6.000%, due 11/01/37		548,208		628,068
7.000%, due 08/01/25		55		58
FHLMC ARM 12 mo. USD LIBOR + 1.762%, 2.024%, due 11/01/361		237,813		247,395
12 mo. USD LIBOR + 1.775%, 2.094%, due 10/01/391		705,468		734,210
12 mo. USD LIBOR + 1.868%, 2.117%, due 11/01/411		619,185		651,507
1 year CMT + 2.134%, 2.258%, due 11/01/271		35,245		35,868
1 year CMT + 2.137%, 2.262%, due 01/01/281		7,582		7,709
1 year CMT + 2.250%, 2.279%, due 09/01/341		423,625		444,606
1 year CMT + 2.191%, 2.283%, due 04/01/291		10,489		10,521
1 year CMT + 2.283%, 2.317%, due 10/01/231		1,410		1,413
1 year CMT + 2.227%, 2.331%, due 07/01/241		13,821		13,891
1 year CMT + 2.240%, 2.333%, due 11/01/291		64,198		65,554
1 year CMT + 2.282%, 2.361%, due 06/01/281		46,882		47,871
1 year CMT + 2.282%, 2.407%, due 07/01/281		40,552		41,514
1 year CMT + 2.401%, 2.523%, due 12/01/291		9,304		9,578
1 year CMT + 2.452%, 2.524%, due 10/01/271		41,659		42,133
1 year CMT + 2.468%, 2.526%, due 10/01/21		47,710		48,643

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
1 year CMT + 2.415%, 2.540%, due 11/01/251	$	30,115	$	30,529
1 year CMT + 2.415%, 2.540%, due 01/01/291		43,460		44,316
1 year CMT + 2.625%, 2.750%, due 01/01/301		18,048		18,588
FNMA 2.000%, due 05/01/28		119,303		119,975
2.000%, due 09/01/31		90,373		90,900
2.000%, due 11/01/31		324,542		326,434
2.000%, due 01/01/32		62,988		63,356
2.500%, due 06/01/28		95,322		97,611
2.500%, due 07/01/28		805,728		825,075
2.500%, due 08/01/28		221,699		227,023
2.500%, due 09/01/30		18,164		18,608
2.500%, due 11/01/30		29,475		30,197
2.500%, due 01/01/33		278,476		278,800
2.500%, due 11/01/50		492,443		492,457
2.500%, due 01/01/51		1,304,573		1,304,907
2.500%, due 09/01/51		1,955,439		1,963,660
3.000%, due 11/01/26		201,330		208,357
3.000%, due 05/01/28		94,807		98,428
3.000%, due 02/01/30		129,064		133,865
3.000%, due 04/01/30		38,180		39,596
3.000%, due 05/01/30		55,862		57,935
3.000%, due 10/01/30		16,731		17,351
3.000%, due 04/01/31		1,194,760		1,241,614
3.000%, due 01/01/38		344,267		356,372
3.000%, due 04/01/38		327,611		338,688
3.000%, due 10/01/42		310,390		322,573
3.000%, due 01/01/43		1,209,697		1,257,179
3.000%, due 04/01/43		379,016		393,689
3.000%, due 05/01/43		400,275		415,772
3.000%, due 06/01/43		52,731		54,772
3.000%, due 09/01/43		580,373		606,053
3.000%, due 11/01/46		32,467		33,502
3.000%, due 12/01/46		3,350,091		3,474,284
3.000%, due 09/01/49		945,261		973,400
3.000%, due 11/01/49		288,629		298,766
3.000%, due 02/01/50		1,862,976		1,921,403
3.000%, due 03/01/50		4,511,538		4,636,729
3.000%, due 07/01/50		721,418		738,404
3.000%, due 12/01/50		592,732		606,518
3.000%, due 04/01/51		3,910,139		4,009,360
3.000%, due 05/01/51		4,133,619		4,239,223
3.000%, due 07/01/51		7,211,579		7,396,806
3.000%, due 08/01/51		488,127		504,795
3.000%, due 10/01/51		216,256		221,923
3.000%, due 11/01/51		279,744		286,650
3.000%, due 12/01/51		495,826		509,021
3.000%, due 02/01/57		702,129		727,891
3.000%, due 05/01/58		821,876		851,862
3.500%, due 11/01/25		116,025		121,287
3.500%, due 08/01/26		400,000		418,220
3.500%, due 06/01/28		171,675		181,139
3.500%, due 08/01/29		22,832		23,938
3.500%, due 09/01/32		1,000,001		1,045,552

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 11/01/33	$	55,633	$	58,344
3.500%, due 02/01/34		108,801		114,103
3.500%, due 01/01/35		205,047		215,215
3.500%, due 02/01/35		205,180		215,355
3.500%, due 04/01/35		188,339		197,882
3.500%, due 05/01/35		1,343,269		1,411,172
3.500%, due 03/01/42		234,268		248,549
3.500%, due 04/01/42		15,077		15,962
3.500%, due 12/01/42		917,159		976,759
3.500%, due 03/01/43		588,788		627,065
3.500%, due 07/01/43		226,133		241,119
3.500%, due 06/01/45		1,594,792		1,682,701
3.500%, due 08/01/45		31,366		33,095
3.500%, due 09/01/46		801,707		850,148
3.500%, due 08/01/47		177,009		186,756
3.500%, due 09/01/47		281,617		298,606
3.500%, due 11/01/47		335,600		353,790
3.500%, due 12/01/47		350,666		369,975
3.500%, due 02/01/48		267,715		283,454
3.500%, due 03/01/48		1,033,129		1,093,868
3.500%, due 02/01/50		129,973		135,746
3.500%, due 03/01/50		5,401,160		5,646,360
3.500%, due 04/01/50		426,279		445,685
3.500%, due 06/01/56		964,320		1,023,571
3.500%, due 01/01/57		869,484		922,935
3.500%, due 01/01/59		1,397,913		1,483,211
3.575%, due 02/01/26		500,000		519,005
4.000%, due 07/01/25		2,657		2,787
4.000%, due 09/01/25		1,552		1,628
4.000%, due 10/01/25		2,365		2,481
4.000%, due 11/01/25		4,029		4,228
4.000%, due 01/01/26		92,000		96,533
4.000%, due 02/01/26		242,353		254,313
4.000%, due 03/01/26		20,596		21,622
4.000%, due 04/01/26		472,120		495,650
4.000%, due 08/01/32		2,240		2,418
4.000%, due 06/01/33		80,215		86,702
4.000%, due 07/01/33		295,635		319,542
4.000%, due 08/01/33		1,222,873		1,312,247
4.000%, due 07/01/34		397,988		430,045
4.000%, due 07/01/35		1,006,234		1,091,459
4.000%, due 04/01/37		764,850		827,977
4.000%, due 03/01/38		569,826		620,425
4.000%, due 07/01/38		734,280		782,016
4.000%, due 08/01/38		310,422		334,193
4.000%, due 09/01/38		388,686		413,954
4.000%, due 05/01/39		66,802		72,130
4.000%, due 09/01/39		178,878		193,581
4.000%, due 09/01/40		1,224,105		1,321,758
4.000%, due 12/01/40		1,000,486		1,084,374
4.000%, due 11/01/41		348,037		378,421
4.000%, due 12/01/41		484,292		526,573
4.000%, due 07/01/42		2,167,399		2,365,066
4.000%, due 09/01/42		3,070,259		3,348,456
4.000%, due 10/01/42		2,454,301		2,676,686
4.000%, due 08/01/44		134,185		146,634
4.000%, due 12/01/44		17,573		18,906

22

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 06/01/45	$	13,741	$	14,738
4.000%, due 08/01/45		971,949		1,042,482
4.000%, due 02/01/47		151,060		161,503
4.000%, due 03/01/47		42,425		45,162
4.000%, due 04/01/47		247,084		263,834
4.000%, due 05/01/47		409,344		436,994
4.000%, due 06/01/47		6,873		7,350
4.000%, due 11/01/47		31,012		32,996
4.000%, due 01/01/48		130,256		138,586
4.000%, due 02/01/48		286,786		305,813
4.000%, due 03/01/48		189,634		201,700
4.000%, due 04/01/48		89,734		95,049
4.000%, due 08/01/48		58,274		61,725
4.000%, due 12/01/48		327,247		349,099
4.000%, due 03/01/49		542,190		574,306
4.000%, due 06/01/49		1,027,860		1,096,937
4.500%, due 06/01/29		9,157		9,985
4.500%, due 06/01/35		14,295		15,613
4.500%, due 12/01/38		201,216		219,132
4.500%, due 01/01/39		1,079		1,180
4.500%, due 02/01/39		81,672		87,827
4.500%, due 03/01/39		4,688		5,128
4.500%, due 06/01/39		28,803		31,507
4.500%, due 07/01/39		2,550		2,791
4.500%, due 08/01/39		70,374		77,800
4.500%, due 10/01/39		2,296		2,511
4.500%, due 12/01/39		211,095		231,002
4.500%, due 01/01/40		2,078		2,290
4.500%, due 02/01/40		2,012		2,202
4.500%, due 03/01/40		41,692		45,603
4.500%, due 08/01/40		34,580		37,824
4.500%, due 11/01/40		309,064		338,775
4.500%, due 07/01/41		212,212		232,141
4.500%, due 08/01/41		420,455		461,734
4.500%, due 09/01/41		768		840
4.500%, due 01/01/42		1,059,190		1,158,562
4.500%, due 08/01/42		2,094		2,292
4.500%, due 09/01/43		187,642		207,088
4.500%, due 11/01/43		35,551		39,101
4.500%, due 07/01/44		159,757		175,962
4.500%, due 12/01/44		1,225		1,343
4.500%, due 09/01/48		250,823		269,190
4.500%, due 01/01/49		213,178		228,845
4.500%, due 04/01/59		971,941		1,083,421
5.000%, due 03/01/25		5,295		5,761
5.000%, due 03/01/33		7,817		8,441
5.000%, due 05/01/37		3,717		4,078
5.000%, due 09/01/37		9,106		9,882
5.000%, due 06/01/38		43,549		47,236
5.000%, due 06/01/48		130,728		143,800
5.000%, due 07/01/48		133,420		145,682
5.000%, due 03/01/49		39,394		42,990
5.500%, due 11/01/32		23,065		24,870
5.500%, due 12/01/33		717		797
5.500%, due 04/01/34		13,050		14,339
5.500%, due 01/01/35		68,843		75,628
5.500%, due 04/01/36		75,003		80,521

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 05/01/37	$	94,336	$	106,466
5.500%, due 07/01/37		47,646		53,804
5.500%, due 06/01/38		72,105		81,753
5.500%, due 11/01/39		181,523		205,955
5.500%, due 07/01/40		231,802		263,436
5.500%, due 02/01/42		128,405		144,876
6.000%, due 01/01/23		14,164		14,209
6.000%, due 03/01/23		4,636		4,680
6.000%, due 11/01/26		9,001		9,742
6.000%, due 09/01/29		355,073		376,996
6.000%, due 12/01/32		6,165		6,972
6.000%, due 02/01/33		10,684		11,794
6.000%, due 09/01/34		58,812		66,762
6.000%, due 05/01/35		14,615		16,027
6.000%, due 06/01/35		8,147		9,232
6.000%, due 07/01/35		20,432		22,256
6.000%, due 09/01/35		845		966
6.000%, due 01/01/36		13,636		15,577
6.000%, due 06/01/36		206		227
6.000%, due 09/01/36		23,546		26,867
6.000%, due 12/01/36		67,597		77,094
6.000%, due 03/01/37		8,996		10,294
6.000%, due 10/01/37		21,079		23,926
6.000%, due 11/01/38		186,502		213,284
6.000%, due 05/01/39		23,394		26,736
6.000%, due 11/01/40		273,711		312,761
6.000%, due 05/01/49		537,546		610,040
6.500%, due 10/01/36		203,465		227,829
6.500%, due 02/01/37		2,884		3,235
6.500%, due 07/01/37		28,877		32,290
6.500%, due 08/01/37		25,290		28,174
6.500%, due 09/01/37		28,620		32,876
6.500%, due 12/01/37		43,470		48,535
6.500%, due 05/01/40		505,832		592,620
7.500%, due 11/01/26		5,231		5,257
8.000%, due 11/01/26		1,319		1,321
FNMA ARM 12 mo. MTA + 1.200%, 1.284%, due 03/01/441		93,922		92,632
12 mo. USD LIBOR + 1.730%, 2.024%, due 05/01/381		648,465		674,039
1 year CMT + 2.095%, 2.095%, due 09/01/261		7		7
12 mo. USD LIBOR + 1.790%, 2.165%, due 02/01/421		130,007		137,070
1 year CMT + 2.084%, 2.206%, due 09/01/411		224,990		235,941
1 year CMT + 2.228%, 2.291%, due 10/01/371		1,087,412		1,141,926
1 year CMT + 2.238%, 2.329%, due 01/01/361		222,243		233,067
1 year CMT + 2.281%, 2.403%, due 05/01/351		99,083		103,581
1 year CMT + 2.506%, 2.631%, due 12/01/271		11,369		11,625
1 year CMT + 2.103%, 2.661%, due 05/01/301		20,744		21,154

23

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
1 year CMT + 2.325%, 2.825%, due 03/01/251	$	7,137	$	7,169
FNMA REMIC, Series 2019-10, Class FA, 1 mo. USD LIBOR + 0.400%, 0.489%, due 03/25/491		3,240,998		3,269,246
GNMA 3.000%, due 11/15/42		39,293		41,150
3.000%, due 02/15/43		432,614		453,693
3.000%, due 05/15/43		475,857		499,576
3.000%, due 06/15/43		160,183		168,167
3.000%, due 07/15/43		34,786		36,520
3.000%, due 01/15/45		327,443		344,462
3.000%, due 02/15/45		27,142		28,546
3.000%, due 07/15/45		438,419		461,100
3.000%, due 10/15/45		733,705		768,066
3.500%, due 11/15/42		378,062		400,870
3.500%, due 03/15/45		167,378		177,550
3.500%, due 04/15/45		227,553		241,114
4.000%, due 12/15/41		912,370		982,711
4.000%, due 01/15/47		47,917		51,145
4.000%, due 02/15/47		247,751		264,441
4.000%, due 04/15/47		430,686		457,513
4.000%, due 05/15/47		69,454		73,781
4.000%, due 06/15/47		45,501		48,335
4.000%, due 07/15/47		102,583		108,973
4.000%, due 08/15/47		121,895		129,488
4.000%, due 12/15/47		33,939		36,053
4.000%, due 07/15/49		130,788		138,442
4.500%, due 09/15/39		289,791		323,091
4.500%, due 06/15/40		142,868		159,457
4.500%, due 12/15/45		10,274		11,562
4.500%, due 07/15/46		2,351		2,637
4.500%, due 08/15/46		8,241		9,242
4.500%, due 09/15/46		184,785		207,285
4.500%, due 10/15/46		306,288		343,515
4.500%, due 01/15/47		324,676		364,139
5.000%, due 12/15/34		15,915		16,340
5.000%, due 04/15/38		52,491		56,868
5.000%, due 12/15/39		4,108		4,534
5.000%, due 05/15/40		122,063		135,296
5.000%, due 05/15/41		33,483		35,694
5.500%, due 08/15/35		15,602		17,554
5.500%, due 02/15/38		1,168		1,321
5.500%, due 04/15/38		115,934		130,110
5.500%, due 05/15/38		98,617		111,025
5.500%, due 06/15/38		55,886		63,040
5.500%, due 10/15/38		303,707		342,480
5.500%, due 11/15/38		16,147		18,173
5.500%, due 12/15/38		3,561		4,017
5.500%, due 03/15/39		29,452		31,146
5.500%, due 05/15/39		26,854		30,230
5.500%, due 09/15/39		137,029		154,344
5.500%, due 01/15/40		4,411		4,885
5.500%, due 03/15/40		174,606		195,429
6.500%, due 02/15/29		285		311
6.500%, due 01/15/36		9,113		9,777

	Face amount		Value
U.S. government agency obligations—(continued)
6.500%, due 09/15/36	$	96,422	$	108,561
6.500%, due 02/15/37		8,306		9,268
6.500%, due 04/15/37		4,801		5,510
6.500%, due 01/15/38		5,605		6,290
6.500%, due 06/15/38		19,044		21,642
6.500%, due 07/15/38		1,639		1,772
6.500%, due 11/15/38		3,057		3,736
8.000%, due 02/15/23		28		28
GNMA II 2.000%, due 01/20/52		2,299,770		2,275,046
3.000%, due 09/20/47		623,753		643,713
3.000%, due 02/20/48		385,520		397,857
3.500%, due 04/20/45		4,850		5,142
3.500%, due 11/20/45		440,508		468,638
3.500%, due 04/20/46		457,104		488,216
3.500%, due 05/20/46		455,405		478,372
3.500%, due 04/20/47		374,221		399,571
3.500%, due 07/20/47		3,030,423		3,236,455
3.500%, due 08/20/47		295,713		315,744
3.500%, due 09/20/47		121,751		129,998
3.500%, due 11/20/47		402,777		430,061
3.500%, due 12/20/47		100,586		107,400
3.500%, due 01/20/48		1,785,851		1,899,930
3.500%, due 02/20/48		1,539,852		1,640,641
3.500%, due 03/20/48		2,325,913		2,473,150
3.500%, due 09/20/48		708,033		739,538
3.750%, due 05/20/30		415,990		437,104
4.000%, due 12/20/40		156,549		166,331
4.000%, due 07/20/41		45,984		49,800
4.000%, due 03/20/47		392,188		418,421
4.000%, due 12/20/47		58,737		63,150
4.000%, due 01/20/48		155,216		166,877
4.000%, due 03/20/48		278,891		300,704
4.000%, due 04/20/48		591,398		628,938
4.000%, due 05/20/48		172,544		183,509
4.000%, due 06/20/48		180,425		193,321
4.000%, due 07/20/48		50,038		53,752
4.000%, due 05/20/49		627,414		656,385
4.500%, due 10/20/44		115,248		122,885
4.500%, due 08/20/45		99,875		109,504
4.500%, due 04/20/48		30,991		32,975
4.500%, due 05/20/48		88,022		93,486
4.500%, due 06/20/48		216,943		229,487
4.500%, due 10/20/48		174,282		178,617
4.500%, due 01/20/49		211,106		222,813
4.500%, due 02/20/49		364,044		384,125
5.000%, due 12/20/33		103,573		113,513
5.000%, due 01/20/34		52,073		57,071
5.000%, due 02/20/38		63,186		71,716
5.000%, due 04/20/38		75,411		85,726
5.000%, due 08/20/41		10,098		11,484
5.000%, due 12/20/42		14,138		16,073
5.000%, due 08/20/43		1,102,682		1,254,056
5.000%, due 09/20/48		150,882		163,082
5.000%, due 10/20/48		170,176		183,936
5.000%, due 11/20/48		339,796		365,167
5.000%, due 12/20/48		293,242		315,313

24

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 09/20/48	$	55,411	$	57,636
6.000%, due 10/20/38		2,124		2,425
6.500%, due 09/20/32		693		736
6.500%, due 12/20/38		4,867		5,478
7.000%, due 03/20/28		27,646		28,514
9.000%, due 04/20/25		2,936		3,087
9.000%, due 12/20/26		1,327		1,386
9.000%, due 01/20/27		6,094		6,370
9.000%, due 09/20/30		860		898
9.000%, due 10/20/30		2,758		3,031
9.000%, due 11/20/30		3,411		3,588
GNMA II ARM 1 year CMT + 1.500%, 1.625%, due 08/20/251		4,595		4,624
1 year CMT + 1.500%, 1.625%, due 09/20/251		6,668		6,726
1 year CMT + 1.500%, 1.625%, due 08/20/261		6,956		7,028
1 year CMT + 1.500%, 1.625%, due 07/20/271		3,024		3,074
1 year CMT + 1.500%, 1.625%, due 07/20/301		16,174		16,562
1 year CMT + 1.500%, 1.875%, due 06/20/221		1,093		1,093
1 year CMT + 1.500%, 1.875%, due 04/20/241		6,822		6,852
1 year CMT + 1.500%, 1.875%, due 04/20/261		32,411		32,707
1 year CMT + 1.500%, 1.875%, due 06/20/261		13,588		13,735
1 year CMT + 1.500%, 1.875%, due 04/20/271		8,170		8,271
1 year CMT + 1.500%, 1.875%, due 04/20/301		2,758		2,828
1 year CMT + 1.500%, 1.875%, due 05/20/301		31,215		32,013
1 year CMT + 1.500%, 2.000%, due 01/20/231		2,757		2,761
1 year CMT + 1.500%, 2.000%, due 03/20/231		1,432		1,435
1 year CMT + 1.500%, 2.000%, due 01/20/241		7,519		7,552
1 year CMT + 1.500%, 2.000%, due 01/20/251		1,085		1,097
1 year CMT + 1.500%, 2.000%, due 02/20/251		1,925		1,939
1 year CMT + 1.500%, 2.000%, due 05/20/251		1,606		1,623
1 year CMT + 1.500%, 2.000%, due 03/20/261		4,090		4,130
1 year CMT + 1.500%, 2.000%, due 09/20/261		1,147		1,159
1 year CMT + 1.500%, 2.000%, due 01/20/271		41,746		42,240

	Face amount		Value
U.S. government agency obligations—(concluded)
1 year CMT + 1.500%, 2.000%, due 02/20/271	$	2,846	$	2,880
1 year CMT + 1.500%, 2.000%, due 04/20/271		1,291		1,306
1 year CMT + 1.500%, 2.000%, due 08/20/271		10,877		11,004
1 year CMT + 1.500%, 2.000%, due 01/20/281		3,999		4,071
1 year CMT + 1.500%, 2.000%, due 02/20/281		2,938		2,978
1 year CMT + 1.500%, 2.000%, due 04/20/301		2,507		2,563
1 year CMT + 1.500%, 2.000%, due 05/20/301		122,376		125,549
1 year CMT + 1.500%, 2.000%, due 07/20/301		5,948		6,101
1 year CMT + 1.500%, 2.000%, due 08/20/301		30,429		31,217
1 year CMT + 1.500%, 2.500%, due 03/20/251		4,185		4,220
1 year CMT + 1.500%, 2.500%, due 07/20/301		8,125		8,282
1 year CMT + 1.500%, 2.500%, due 08/20/301		1,343		1,369
1 year CMT + 1.500%, 2.500%, due 10/20/301		9,351		9,538
1 year CMT + 1.500%, 3.000%, due 05/20/251		7,367		7,469
1 year CMT + 1.500%, 3.000%, due 06/20/251		6,330		6,420
GNMA II TBA 2.000%7		5,100,000		5,029,972
2.500%		19,100,000		19,172,580
3.000%		18,750,000		19,102,312
4.000%		6,950,000		7,246,857
4.500%		12,910,000		13,577,576
GNMA TBA 4.000%		2,000,000		2,112,360
UMBS TBA 1.500%		10,500,000		10,181,139
2.000%7		67,900,000		66,205,683	��
2.500%7		43,925,000		44,029,986
3.000%		24,550,000		25,131,626
3.500%7		18,500,000		19,223,591
4.000%7		8,500,000		8,963,845
5.000%		200,000		217,996
Total U.S. government agency obligations (cost—$419,168,862)				418,398,447
U.S. Treasury obligations—1.8%
U.S. Treasury Notes 1.375%, due 10/31/28		2,400,000		2,343,187
1.375%, due 12/31/287		3,200,000		3,123,000
Total U.S. Treasury obligations (cost—$5,517,129)				5,466,187

25

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Short-term investments—0.1%
Investment companies—0.1%
State Street Institutional U.S. Government Money Market Fund, 0.030%8 (cost—$360,947)		360,947	$	360,947
	Face amount
Short-term U.S. Treasury obligations—7.1%9
FHLB 0.050%, due 03/18/2210	$	5,100,000		5,099,681
U.S. Treasury Bills 0.051%, due 03/31/22		5,700,000		5,699,541
0.052%, due 03/15/22		2,100,000		2,099,875
0.056%, due 04/21/22		6,300,000		6,299,240
0.064%, due 03/22/22		2,000,000		1,999,829
Total short-term U.S. Treasury obligations (cost—$21,198,166)				21,198,166

	Number of contracts		Notional amount
Options purchased—0.1%
Put options—0.1%
UMBS TBA, 2.500%, strike @ 101.44, expires 02/07/22 (Counterparty JPMCB)		1,500,000	USD	152,160,000	23,791
UMBS TBA, 2.500%, strike @ 101.47, expires 02/07/22 (Counterparty CITI)		1,500,000	USD	152,205,000	24,260
UMBS TBA, 2.500%, strike @ 101.50, expires 02/07/22 (Counterparty GS)		1,500,000	USD	152,250,000	24,728
UMBS TBA, 2.500%, strike @ 98.07, expires 04/06/22 (Counterparty JPMCB)		1,000,000	USD	98,070,000	6,252
UMBS TBA, 2.500%, strike @ 98.85, expires 04/06/22 (Counterparty JPMCB)		1,000,000	USD	98,850,000	5,489
UMBS TBA, 2.500%, strike @ 99.55, expires 04/06/22 (Counterparty JPMCB)		3,200,000	USD	318,560,000	26,082
UMBS TBA, 2.500%, strike @ 99.59, expires 04/06/22 (Counterparty JPMCB)		3,200,000	USD	318,688,000	26,655
UMBS, 2.500%, strike @ 99.45, expires 04/06/22 (Counterparty JPMCB)		3,000,000	USD	298,350,000	23,202
Total options purchased (cost—$118,359)					160,459

	Number of contracts		Notional amount		Value
Swaptions purchased—0.3%
Put swaptions—0.3%
3 Month USD LIBOR Interest Rate Swap, strike @ 1.350%, expires 03/01/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 03/03/25		27,000,000	USD	27,000,000	$	203,974
3 Month USD LIBOR Interest Rate Swap, strike @ 1.400%, expires 04/01/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 04/04/25		27,000,000	USD	27,000,000		228,323
3 Month USD LIBOR Interest Rate Swap, strike @ 1.500%, expires 05/02/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 05/04/25		27,000,000	USD	27,000,000		214,728
3 Month USD LIBOR Interest Rate Swap, strike @ 1.988%, expires 02/07/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 02/09/32		800,000	USD	800,000		650
3 Month USD LIBOR Interest Rate Swap, strike @ 2.008%, expires 02/07/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 02/09/32		1,300,000	USD	1,300,000		1,138
3 Month USD LIBOR Interest Rate Swap, strike @ 2.048%, expires 02/07/22 (Counterparty MSCI; receive fixed rate); underlying swap terminates 02/09/32		1,300,000	USD	1,300,000		661
3 Month USD LIBOR Interest Rate Swap, strike @ 2.314% expires 07/13/22 (Counterparty: CITI; pay floating rate); underlying swap terminates 07/15/32		5,300,000	USD	5,300,000		21,706

26

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD SOFR Interest Rate Swap, strike @ 2.313% expires 07/06/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 07/08/32		27,400,000	USD	27,400,000	$	104,794
3 Month USD SOFR Interest Rate Swap, strike @ 2.361% expires 07/07/22 (Counterparty: GSI; pay floating rate); underlying swap terminates 07/11/32		16,200,000	USD	16,200,000		55,605
Total swaptions purchased (cost—$297,725)						831,579
Total investments before investments sold short (cost—$545,401,329)—181.6%						544,012,748

	Face amount			Value
Investments sold short—(27.8)%
U.S. government agency obligations—(27.0)%
GNMA II TBA 2.000%	$	(900,000	)	$	(889,219	)
UMBS TBA 2.000%		(27,250,000	)		(26,556,733	)
2.500%		(19,450,000	)		(19,409,360	)
3.500%		(1,800,000	)		(1,875,906	)
4.000%		(29,175,000	)		(30,810,475	)
4.500%		(1,100,000	)		(1,173,876	)
Total U.S. government agency obligations (proceeds—$81,196,457)					(80,715,569	)
U.S. Treasury obligations—(0.8)%
U.S. Treasury Notes 1.375%		(2,600,000	)		(2,537,437	)
Total U.S. Treasury obligations (proceeds—$2,552,387)					(2,537,437	)
Total investments sold short (proceeds—$83,748,844)					(83,253,006	)
Liabilities in excess of other assets—(53.8)%					(161,232,765	)
Net assets—100.0%				$	299,526,976

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

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	351,785,000		3,500,000	UMBS TBA, 2.000%, strike @ 100.51	BOA	04/06/22	$	8,203	$	(6,151	)	$	2,052
USD	97,500,000		1,000,000	UMBS TBA, 2.000%, strike @ 97.50	CITI	03/07/22		3,633		(3,912	)		(279	)
USD	195,480,000		2,000,000	UMBS TBA, 2.000%, strike @ 97.74	CITI	03/07/22		4,843		(5,747	)		(904	)
USD	246,000,000		2,500,000	UMBS TBA, 2.000%, strike @ 98.40	BOA	04/06/22		8,593		(4,950	)		3,643
USD	344,400,000		3,500,000	UMBS TBA, 2.000%, strike @ 98.40	BOA	04/06/22		8,750		(9,979	)		(1,229	)
USD	99,270,000		1,000,000	UMBS TBA, 2.000%, strike @ 99.27	CITI	03/07/22		2,813		(160	)		2,653
USD	99,450,000		1,000,000	UMBS TBA, 2.000%, strike @ 99.45	CITI	02/07/22		1,875		—			1,875
USD	250,000,000		2,500,000	UMBS TBA, 2.500%, strike @ 100.00	MSCI	04/06/22		6,641		(11,953	)		(5,312	)
USD	350,210,000		3,500,000	UMBS TBA, 2.500%, strike @ 100.06	BOA	04/06/22		9,024		(15,787	)		(6,763	)
USD	100,060,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.06	CITI	04/06/22		2,695		(4,510	)		(1,815	)
USD	350,315,000		3,500,000	UMBS TBA, 2.500%, strike @ 100.09	MSCI	04/06/22		9,024		(15,325	)		(6,301	)
USD	300,390,000		3,000,000	UMBS TBA, 2.500%, strike @ 100.13	BOA	04/06/22		9,375		(12,747	)		(3,372	)
USD	100,430,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.43	CITI	03/07/22		2,969		(165	)		2,804
USD	100,500,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.50	CITI	04/06/22		2,305		(2,876	)		(571	)
USD	100,530,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.53	JPMCB	04/06/22		2,968		(2,764	)		204
USD	150,795,000		1,500,000	UMBS TBA, 2.500%, strike @ 100.53	JPMCB	04/06/22		4,453		(4,165	)		288
USD	50,280,000		500,000	UMBS TBA, 2.500%, strike @ 100.56	CITI	04/06/22		1,094		(1,340	)		(246	)
USD	302,760,000		3,000,000	UMBS TBA, 2.500%, strike @ 100.92	JPMCB	04/06/22		7,265		(5,165	)		2,100

27

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Options written—(continued)

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	151,785,000		1,500,000	UMBS TBA, 2.500%, strike @ 101.19	CITI	04/06/22	$	3,281	$	(1,784	)	$	1,497
USD	98,420,000		1,000,000	UMBS TBA, 2.500%, strike @ 98.42	CITI	04/06/22		3,203		(1,939	)		1,264
USD	299,700,000		3,000,000	UMBS TBA, 2.500%, strike @ 99.90	MSCI	04/06/22		8,203		(15,614	)		(7,411	)
USD	301,230,000		3,000,000	UMBS TBA, 3.000%, strike @ 100.41	JPMCB	04/06/22		6,563		(8,791	)		(2,228	)
USD	564,410,000		5,500,000	UMBS TBA, 3.000%, strike @ 102.62	BOA	03/07/22		6,875		(8,412	)		(1,537	)
USD	102,880,000		1,000,000	UMBS TBA, 3.000%, strike @ 102.88	CITI	03/07/22		1,094		(1,486	)		(392	)
USD	154,320,000		1,500,000	UMBS TBA, 3.000%, strike @ 102.88	CITI	03/07/22		1,582		(1,399	)		183
USD	50,200,000		500,000	UMBS TBA, 3.000%, strike @ 100.40	CITI	04/06/22		898		(821	)		77
USD	49,975,000		500,000	UMBS, 2.000%, strike @ 99.95	CITI	03/07/22		938		(11	)		927
USD	150,195,000		1,500,000	UMBS, 2.500%, strike @ 100.13	JPMCB	04/06/22		4,688		(6,350	)		(1,662	)
USD	150,510,000		1,500,000	UMBS, 2.500%, strike @ 100.34	CITI	04/06/22		4,336		(4,336	)		—
USD	50,195,000		500,000	UMBS, 2.500%, strike @ 100.39	CITI	04/06/22		1,445		(1,445	)		—
USD	251,000,000		2,500,000	UMBS, 2.500%, strike @ 100.40	CITI	04/06/22		8,203		(7,970	)		233
USD	100,410,000		1,000,000	UMBS, 2.500%, strike @ 100.41	CITI	04/06/22		3,125		(3,188	)		(63	)
USD	301,350,000		3,000,000	UMBS, 2.500%, strike @ 100.45	JPMCB	04/06/22		9,375		(9,088	)		287
USD	251,200,000		2,500,000	UMBS, 2.500%, strike @ 100.48	CITI	04/06/22		7,325		(7,317	)		8
Total							$	167,657	$	(187,647	)	$	(19,990	)
				Put options
USD	353,850,000		3,500,000	GNMA, 2.500%, strike @ 101.10	MSCI	04/14/22	$	15,586	$	(14,730	)	$	856
USD	241,000,000		2,500,000	UMBS TBA, 2.000%, strike @ 96.40	BOA	04/06/22		12,500		(12,193	)		307
USD	197,940,000		2,000,000	UMBS TBA, 2.000%, strike @ 98.97	JPMCB	02/07/22		8,750		(29,494	)		(20,744	)
USD	96,190,000		1,000,000	UMBS TBA, 2.000%, strike @ 96.19	CITI	04/06/22		4,571		(4,338	)		233
USD	200,000,000		2,000,000	UMBS TBA, 2.500%, strike @ 100.00	CITI	03/07/22		4,766		(13,941	)		(9,175	)
USD	301,230,000		3,000,000	UMBS TBA, 2.500%, strike @ 100.41	JPMCB	04/06/22		9,375		(7,725	)		1,650
USD	502,600,000		5,000,000	UMBS TBA, 2.500%, strike @ 100.52	BOA	02/07/22		19,922		(35,188	)		(15,266	)
USD	150,780,000		1,500,000	UMBS TBA, 2.500%, strike @ 100.52	CITI	02/07/22		7,265		(16,806	)		(9,541	)
USD	100,600,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.60	CITI	03/07/22		2,969		(11,096	)		(8,127	)
USD	261,950,000		2,600,000	UMBS TBA, 2.500%, strike @ 100.75	CITI	03/07/22		7,922		(31,770	)		(23,848	)
USD	100,880,000		1,000,000	UMBS TBA, 2.500%, strike @ 100.88	CITI	02/07/22		3,360		(10,289	)		(6,929	)
USD	151,500,000		1,500,000	UMBS TBA, 2.500%, strike @ 101.00	GS	02/07/22		7,500		(17,267	)		(9,767	)
USD	152,160,000		1,500,000	UMBS TBA, 2.500%, strike @ 101.44	CITI	02/07/22		5,508		(9,789	)		(4,281	)
USD	152,250,000		1,500,000	UMBS TBA, 2.500%, strike @ 101.50	GS	02/07/22		6,562		(10,195	)		(3,633	)
USD	307,584,000		3,200,000	UMBS TBA, 2.500%, strike @ 96.12	BOA	04/06/22		15,500		(13,311	)		2,189
USD	97,850,000		1,000,000	UMBS TBA, 2.500%, strike @ 97.85	JPMCB	04/06/22		3,907		(3,080	)		827
USD	97,850,000		1,000,000	UMBS TBA, 2.500%, strike @ 97.85	JPMCB	04/06/22		5,547		(4,111	)		1,436
USD	293,700,000		3,000,000	UMBS TBA, 2.500%, strike @ 97.90	MSCI	04/06/22		12,187		(9,534	)		2,653
USD	343,210,000		3,500,000	UMBS TBA, 2.500%, strike @ 98.06	BOA	04/06/22		13,945		(12,172	)		1,773
USD	98,070,000		1,000,000	UMBS TBA, 2.500%, strike @ 98.07	JPMCB	04/06/22		3,906		(3,509	)		397
USD	245,225,000		2,500,000	UMBS TBA, 2.500%, strike @ 98.09	MSCI	04/06/22		9,961		(8,386	)		1,575
USD	343,315,000		3,500,000	UMBS TBA, 2.500%, strike @ 98.09	MSCI	04/06/22		13,945		(12,394	)		1,551
USD	294,360,000		3,000,000	UMBS TBA, 2.500%, strike @ 98.12	BOA	04/06/22		11,719		(10,817	)		902
USD	344,750,000		3,500,000	UMBS TBA, 2.500%, strike @ 98.50	BOA	04/06/22		14,219		(15,751	)		(1,532	)
USD	147,795,000		1,500,000	UMBS TBA, 2.500%, strike @ 98.53	CITI	04/06/22		5,801		(6,843	)		(1,042	)
USD	49,280,000		500,000	UMBS TBA, 2.500%, strike @ 98.56	CITI	04/06/22		1,874		(2,322	)		(448	)
USD	315,392,000		3,200,000	UMBS TBA, 2.500%, strike @ 98.56	JPMCB	04/06/22		12,500		(15,067	)		(2,567	)

28

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Options written—(concluded)

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	98,580,000		1,000,000	UMBS TBA, 2.500%, strike @ 98.58	JPMCB	04/06/22	$	5,547	$	(4,687	)	$	860
USD	316,960,000		3,200,000	UMBS TBA, 2.500%, strike @ 99.05	JPMCB	04/06/22		17,000		(19,652	)		(2,652	)
USD	317,056,000		3,200,000	UMBS TBA, 2.500%, strike @ 99.08	JPMCB	04/06/22		17,000		(20,097	)		(3,097	)
USD	148,770,000		1,500,000	UMBS TBA, 2.500%, strike @ 99.18	CITI	04/06/22		6,094		(9,983	)		(3,889	)
USD	318,528,000		3,200,000	UMBS TBA, 2.500%, strike @ 99.54	JPMCB	04/06/22		12,500		(14,730	)		(2,230	)
USD	999,300,000		10,000,000	UMBS TBA, 2.500%, strike @ 99.93	BOA	03/07/22		24,219		(66,210	)		(41,991	)
USD	50,440,000		500,000	UMBS TBA, 3.000%, strike @ 100.88	CITI	04/06/22		1,406		(1,742	)		(336	)
USD	558,910,000		5,500,000	UMBS TBA, 3.000%, strike @ 101.62	BOA	03/07/22		12,031		(17,868	)		(5,837	)
USD	102,880,000		1,000,000	UMBS TBA, 3.000%, strike @ 102.88	CITI	03/07/22		2,187		(3,300	)		(1,113	)
USD	150,345,000		1,500,000	UMBS, 2.500%, strike @ 100.23	JPMCB	03/07/22		12,890		(12,608	)		282
USD	151,095,000		1,500,000	UMBS, 2.500%, strike @ 100.73	JPMCB	03/07/22		18,985		(18,138	)		847
USD	147,510,000		1,500,000	UMBS, 2.500%, strike @ 98.34	CITI	04/06/22		5,625		(5,625	)		—
USD	49,195,000		500,000	UMBS, 2.500%, strike @ 98.39	CITI	04/06/22		1,875		(1,875	)		—
USD	246,000,000		2,500,000	UMBS, 2.500%, strike @ 98.40	CITI	04/06/22		10,156		(10,608	)		(452	)
USD	295,350,000		3,000,000	UMBS, 2.500%, strike @ 98.45	JPMCB	04/06/22		12,656		(13,080	)		(424	)
USD	246,200,000		2,500,000	UMBS, 2.500%, strike @ 98.48	CITI	04/06/22		9,473		(11,099	)		(1,626	)
USD	296,850,000		3,000,000	UMBS, 2.500%, strike @ 98.95	JPMCB	04/06/22		17,812		(17,459	)		353
Total							$	429,023	$	(590,879	)	$	(161,856	)
Total options written							$	596,680	$	(778,526	)	$	(181,846	)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	15,200		15,200,000	3 Month SOFR Index Interest Rate Swap, strike @ 1.263%, terminating 07/08/32	BOA	Pay	07/06/22	$	119,389	$	(96,289	)	$	23,100
USD	9,000		9,000,000	3 Month SOFR Index Interest Rate Swap, strike @ 1.311%, terminating 07/11/32	GSI	Pay	07/07/22		72,000		(66,576	)		5,424
USD	2,900		2,900,000	3 Month USD LIBOR Interest Rate Swap, strike @ 1.264%, terminating 07/15/32	CITI	Pay	07/13/22		23,007		(19,291	)		3,716
Total swaptions written								$	214,396	$	(182,156	)	$	32,240

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures sell contracts:
34	USD	U.S. Treasury Note 10 Year Futures	March 2022	$	(4,413,047	)	$	(4,350,938	)	$	62,109

29

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio11			Payments received by the Portfolio11			Value			Unrealized appreciation (depreciation)
USD	36,100	06/16/23	Quarterly		0.250	%		3 Month USD LIBOR		$	396,227		$	378,263
USD	29,000	06/16/24	Quarterly		0.250			3 Month USD LIBOR			781,835			616,710
USD	10,800	04/29/23	Maturity		0.200			US Federal Funds Effective Rate			93,778			93,497
USD	1,000	07/21/31	Quarterly		1.410			3 Month USD LIBOR			39,427			39,427
USD	10,200	06/16/28	Semi-Annual		3 Month USD LIBOR			0.500	%		(781,559	)		(290,687	)
USD	1,200	09/22/31	Semi-Annual		3 Month USD LIBOR			1.850			8,402			8,402
USD	6,871	12/15/28	Annual		12 Month SOFR			1.250			(118,852	)		(144,648	)
USD	19,100	12/15/28	Semi-Annual		3 Month USD LIBOR			1.500			(326,054	)		(449,779	)
Total										$	93,204		$	251,185

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—	$	40,513,751		$	154,735	$	40,668,486
Mortgage-backed securities		—		56,928,477			—		56,928,477
U.S. government agency obligations		—		418,398,447			—		418,398,447
U.S. Treasury obligations		—		5,466,187			—		5,466,187
Short-term investments		—		360,947			—		360,947
Short-term U.S. Treasury obligations		—		21,198,166			—		21,198,166
Options purchased		—		160,459			—		160,459
Swaptions purchased		—		831,579			—		831,579
Futures contracts		62,109		—			—		62,109
Swap agreements		—		1,319,669			—		1,319,669
Total	$	62,109	$	545,177,682		$	154,735	$	545,394,526
Liabilities
Investments sold short	$	—	$	(83,253,006	)	$	—	$	(83,253,006	)
Options written		—		(778,526	)		—		(778,526	)
Swaptions written		—		(182,156	)		—		(182,156	)
Swap agreements		—		(1,226,465	)		—		(1,226,465	)
Total	$	—	$	(85,440,153	)	$	—	$	(85,440,153	)

At January 31, 2022, 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.

30

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

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 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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $56,032,369, represented 18.7% of the Portfolio's net assets at period end.

³  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.

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

⁵  Security fair valued by a Valuation Committee under the direction of the Board of Trustees.

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

⁸  Rates shown reflect yield at January 31, 2022.

⁹  Rate shown is the discount rate at the date of purchase unless otherwise noted.

¹⁰  Rate shown reflects annualized yield at the period end on zero coupon bond.

¹¹  Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
31

PACE Intermediate Fixed Income Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -3.33% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Aggregate Bond Index (the "benchmark") returned -3.17%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 34. Please note that the returns shown do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. This was mainly driven by our duration and yield curve positioning. Over the period, the market started to price in a more hawkish Fed as inflation continued to move higher. For the majority of the period, the Portfolio held a short duration position and had a yield curve flattening bias, both of which were beneficial as yields in the front end and the belly of the curve moved notably higher. As of the end of the period, the Portfolio was closer to neutral versus its benchmark from a duration perspective, but we generally think yields in the belly and long end of the curve have room to move higher. Underweight positioning in investment grade credit and security selection in commercial mortgage-backed securities (CMBS) also contributed to relative performance, as risk assets came under some pressure. This initially occurred given headlines around the Omicron variant in November 2021, as well as in January 2022 as the market started pricing in tighter monetary policy. Security selection in agency mortgages was the only notable detractor. Agency mortgages came under pressure as the Fed announced it would end its asset purchase taper earlier than expected. We continue to hold allocations to high yield credit and securitized assets, but are closer to neutral in agency mortgages and modestly underweight investment grade credit versus its benchmark.

Derivatives were primarily used to adjust the Portfolio's duration and yield curve exposure, as well as to hedge risk. We believe derivatives are generally beneficial to performance, as they help us manage the portfolio more efficiently. Over the period, the following kinds of derivatives were the most commonly used. Futures were useful to manage our exposure to interest rates by adding duration to or subtracting it from the Portfolio at particular points on the yield curve. Interest rate swaps are the most common type of swaps and were useful in adding duration or subtracting it at particular points on the yield curve. Credit default swaps were used to provide protection against a particular issuer or basket of issuers defaulting, or as a way to express a negative or positive view on an issuer's or

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  All Sub-Advisors discuss performance on a gross-of-fees basis—meaning that no fees or expenses are reflected in their sleeves'/sleeve's performance. Alternately, Portfolio performance is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Intermediate Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

BlackRock Financial Management, Inc. ("BlackRock")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

BlackRock: Akiva Dickstein and Harrison Segall

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

The subadvisor utilizes a strategy that involves buying specific bonds based on its credit analysis and review.

32

PACE Intermediate Fixed Income Investments

Subadvisor's comments² – concluded

group of issuers' credit strength. Options on interest rate swaps (swaptions) were used to hedge convexity, as well as to take a view on volatility and interest rates. Options on futures were most often used to take a view on volatility and/or interest rates. Foreign exchange options were used to give us the right, but not the obligation, to buy or sell a currency at a specified price for a specified period of time. Foreign exchange forwards were typically used to hedge non-US dollar currency risk back to the US dollar, as well as to implement active currency positions.

Derivatives are used as a means to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. It is difficult to isolate the performance of individual derivatives, but they acted as expected and did not have significant impact on performance overall.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking current income and a reasonable stability of principal. Investors should be able to withstand short-term fluctuations in the fixed income markets. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

33

PACE Intermediate Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.38	)%		(3.51	)%		2.62	%		1.94	%
Class Y2		(3.25	)		(3.27	)		2.87			2.20
Class P3		(3.33	)		(3.27	)		2.85			2.20
After deducting maximum sales charge
Class A1		(7.01	)		(7.12	)		1.84			1.55
Bloomberg US Aggregate Bond Index4		(3.17	)		(2.97	)		3.08			2.59

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.28	)%		(2.08	)%		3.09	%		2.26	%
Class Y2		(0.16	)		(1.84	)		3.37			2.52
Class P3		(0.08	)		(1.83	)		3.36			2.53
After deducting maximum sales charge
Class A1		(4.00	)		(5.79	)		2.31			1.87

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.06% and 0.91%; Class Y—0.96% and 0.66%; and Class P—0.85% and 0.66%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—0.91%; Class Y—0.66%; and Class P—0.66%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

34

PACE Intermediate Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	6.74 yrs.
Weighted average maturity	9.42 yrs.
Average coupon	2.66	%
Top ten holdings
UMBS TBA, 2.000%	6.3	%
U.S. Treasury Notes, 1.125% due 01/15/25	3.5
U.S. Treasury Bonds, 3.000% due 02/15/47	2.9
UMBS TBA, 2.500%	2.1
FNMA, 3.500% due 03/01/46	2.0
U.S. Treasury Notes, 0.625% due 05/15/30	1.7
U.S. Treasury Bonds, 1.750% due 08/15/41	1.4
FNMA, 3.000% due 03/01/47	1.3
UMBS TBA, 3.000%	1.2
U.S. Treasury Notes, 1.375% due 11/15/31	1.2
Total	23.6	%
Top five issuer breakdown by country or territory of origin
United States	96.8	%
Canada	6.3
Japan	2.2
Sweden	2.1
Switzerland	1.3
Total	108.7	%
Asset allocation
Corporate bonds	35.5	%
U.S. government agency obligations	27.9
U.S. Treasury obligations	27.0
Short-term investments	14.7
Mortgage-backed securities	5.7
Asset-backed securities	4.9
Non-U.S. government agency obligations	1.9
Investments of cash collateral from securities loaned	0.5
Options and swaptions purchased	0.4
Municipal bonds	0.1
Investments sold short	(1.3	)
Cash equivalents and liabilities in excess of other assets	(17.3	)
Total	100.0	%

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

35

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Asset-backed securities—4.9%
American Express Credit Account Master Trust, Series 2021-1, Class A, 0.900%, due 11/15/26		1,320,000	$	1,299,296
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.678%, due 12/17/362		438,204		449,284
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554%, due 12/05/222,3		16,478		16,525
College Avenue Student Loans LLC, Series 2021-A, Class A1, 1 mo. USD LIBOR + 1.100%, 1.189%, due 07/25/512,4		77,070		77,316
Series 2021-B, Class A2, 1.760%, due 06/25/522		92,215		89,441
Series 2021-C, Class A1, 1 mo. USD LIBOR + 0.900%, 0.993%, due 07/26/55 2,4		267,710		267,710
Series 2021-C, Class A2, 2.320%, due 07/26/552		134,854		132,581
Series 2021-C, Class B, 2.720%, due 07/26/552		100,000		98,503
Credit Acceptance Auto Loan Trust, Series 2019-3A, Class A, 2.380%, due 11/15/282		487,718		490,819
Series 2020-2A, Class A, 1.370%, due 07/16/292		180,000		179,975
Series 2021-2A, Class A, 0.960%, due 02/15/302		540,000		532,563
Series 2021-3A, Class A, 1.000%, due 05/15/302		280,000		276,222
Series 2021-4, Class A, 1.260%, due 10/15/302		395,000		389,396
Credit Suisse ABS Repackaging Trust, Series 2013-A, Class B, 2.500%, due 01/25/302		24,155		24,006
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + 0.480%, 0.569%, due 10/25/342,4		22,771		22,776
Drive Auto Receivables Trust, Series 2021-3, Class A2, 0.520%, due 01/15/25		1,480,000		1,475,959
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, due 11/25/452		82,445		80,027
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A, 2.730%, due 04/25/282		37,660		37,901
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, 1.930%, due 07/20/482		214,778		206,480
Series 2021-5CS, Class A, 2.310%, due 10/20/482		118,422		116,065

	Face amount1		Value
Asset-backed securities—(continued)
Hyundai Auto Receivables Trust, Series 2021-C, Class A3, 0.740%, due 05/15/26		340,000	$	335,377
Lehman XS Trust, Series 2005-6, Class 1A1, 1 mo. USD LIBOR + 0.520%, 0.609%, due 11/25/354		89,819		82,534
Lendmark Funding Trust, Series 2021-1A, Class A, 1.900%, due 11/20/312		210,000		204,746
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.860%, due 03/20/362		180,000		174,562
Mosaic Solar Loans, Series 2017-2A, Class C, 2.000%, due 06/22/432		110,164		109,488
Navient Private Education Loan Trust, Series 2020-IA, Class B, 2.950%, due 04/15/692		100,000		101,431
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2B, 1 mo. USD LIBOR + 1.050%, 1.140%, due 12/15/59 2,4		193,784		194,596
Series 2021-A, Class A, 0.840%, due 05/15/692		85,543		84,215
Series 2021-DA, Class A, 1.260%, due 04/15/602,4		439,664		440,070
Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, due 12/15/592		46,294		47,280
Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.360%, due 04/20/622		614,252		602,446
Series 2021-BA, Class AFL, 1 mo. USD LIBOR + 0.780%, 0.866%, due 04/20/62 2,4		875,395		875,568
Series 2021-CA, Class AFL, 1 mo. USD LIBOR + 0.740%, 0.826%, due 04/20/622,4		565,698		567,018
Prodigy Finance Ltd., Series 2021-1A, Class A, 1 mo. USD LIBOR + 1.250%, 1.339%, due 07/25/512,4		365,710		365,622
Regional Management Issuance Trust, Series 2021-2, Class A, 1.900%, due 08/15/332		245,000		237,313
Sesac Finance LLC, Series 2019-1, Class A2, 5.216%, due 07/25/492		117,000		120,037
SLM Private Education Loan Trust, Series 2010-C, Class A5, 1 mo. USD LIBOR + 4.750%, 4.839%, due 10/15/412,4		474,278		527,274
SMB Private Education Loan Trust, Series 2017-B, Class A2B, 1 mo. USD LIBOR + 0.750%, 0.840%, due 10/15/352,4		110,370		110,692

36

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Asset-backed securities—(concluded)
Series 2018-A, Class A2B, 1 mo. USD LIBOR + 0.800%, 0.890%, due 02/15/362,4		386,969	$	388,967
Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.750%, 0.840%, due 11/15/352,4		488,889		490,423
Series 2021-A, Class A2A1, 1 mo. USD LIBOR + 0.730%, 0.814%, due 01/15/532,4		640,000		638,528
Series 2021-A, Class B, 2.310%, due 01/15/532		100,000		98,515
Series 2021-C, Class APT1, 1.390%, due 01/15/532		236,214		229,985
SoFi Professional Loan Program LLC, Series 2016-A, Class A1, 1 mo. USD LIBOR + 1.750%, 1.839%, due 08/25/36 2,4		26,895		26,934
Series 2016-B, Class A1, 1 mo. USD LIBOR + 1.200%, 1.289%, due 06/25/332,4		16,949		16,995
Series 2018-A, Class A2B, 2.950%, due 02/25/422		110,924		112,131
SoFi Professional Loan Program Trust, Series 2020-C, Class AFX, 1.950%, due 02/15/462		136,684		137,136
Westlake Automobile Receivables Trust, Series 2020-1A, Class A2, 1.440%, due 09/15/232		67,377		67,406
Series 2021-3A, Class A2, 0.570%, due 09/16/242		1,400,000		1,396,868
Total asset-backed securities (cost—$15,088,910)				15,047,002
Corporate bonds—35.5%
Aerospace & defense—1.8%
Airbus SE 2.375%, due 06/09/406	EUR	100,000		121,902
BAE Systems Holdings, Inc. 3.800%, due 10/07/242		316,000		330,300
3.850%, due 12/15/252		82,000		86,801
General Dynamics Corp. 3.500%, due 04/01/27		226,000		240,353
3.750%, due 05/15/28		58,000		62,415
L3Harris Technologies, Inc. 3.850%, due 12/15/26		213,000		226,424
4.400%, due 06/15/28		250,000		274,848
Lockheed Martin Corp. 3.800%, due 03/01/45		139,000		150,184
Series B, 6.150%, due 09/01/36		65,000		87,460
Northrop Grumman Corp. 2.930%, due 01/15/25		41,000		42,198
3.850%, due 04/15/45		66,000		70,552
4.030%, due 10/15/47		166,000		183,871
4.750%, due 06/01/43		27,000		32,180
Raytheon Technologies Corp. 2.150%, due 05/18/30	EUR	150,000		180,690

	Face amount1		Value
Corporate bonds—(continued)
Aerospace & defense—(concluded)
2.820%, due 09/01/51		10,000	$	8,881
3.030%, due 03/15/52		40,000		36,875
3.750%, due 11/01/46		28,000		29,219
4.125%, due 11/16/28		242,000		264,098
4.200%, due 12/15/44		75,000		80,737
4.625%, due 11/16/48		224,000		268,075
7.000%, due 11/01/28		24,000		29,899
7.200%, due 08/15/27		54,000		66,721
Thales SA 0.010%, due 05/31/226	EUR	200,000		224,886
0.750%, due 06/07/236	EUR	100,000		113,536
TransDigm, Inc. 6.250%, due 03/15/262		170,000		175,525
8.000%, due 12/15/252		1,949,000		2,036,257
				5,424,887
Agriculture—0.6%
Altria Group, Inc. 3.125%, due 06/15/31	EUR	260,000		314,555
4.800%, due 02/14/297		49,000		53,852
5.800%, due 02/14/39		411,000		466,386
6.200%, due 02/14/59		13,000		16,013
BAT Capital Corp. 2.764%, due 08/15/22		195,000		196,701
3.215%, due 09/06/26		41,000		41,733
5.282%, due 04/02/50		247,000		265,276
BAT International Finance PLC 0.875%, due 10/13/236	EUR	155,000		175,922
1.250%, due 03/13/276	EUR	100,000		112,334
Imperial Brands Finance Netherlands BV 1.750%, due 03/18/336	EUR	100,000		106,551
Viterra Finance BV 0.375%, due 09/24/256	EUR	120,000		132,720
				1,882,043
Airlines—0.7%
Air Canada Pass-Through Trust, Series 2017-1AA, 3.300%, due 01/15/302		45,965		45,936
Series 2017-1B, 3.700%, due 01/15/262		657		632
American Airlines Pass-Through Trust, Series AA, 3.000%, due 10/15/28		99,566		99,194
Series AA, 3.150%, due 02/15/32		110,246		109,805
Series AA, 3.200%, due 06/15/28		42,048		41,933
Series AA, 3.575%, due 01/15/28		51,669		52,025
Series AA, 3.600%, due 09/22/27		41,411		42,384
Series AA, 3.650%, due 02/15/29		32,031		32,865
Series B, 4.375%, due 06/15/242		71,500		70,011

37

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Airlines—(concluded)
Series B, 4.400%, due 09/22/23		139,879	$	137,274
Series B, 4.950%, due 02/15/25		391,476		387,127
Series B, 5.250%, due 01/15/24		36,962		37,037
Delta Airlines Pass-Through Trust, Series AA, 2.000%, due 06/10/28		59,170		57,732
Series AA, 3.204%, due 04/25/24		101,000		103,470
United Airlines Pass-Through Trust, Series 20-1, 5.875%, due 10/15/27		105,009		112,951
Series AA, 2.700%, due 05/01/32		46,779		45,991
Series AA, 2.875%, due 10/07/28		59,141		59,291
Series AA, 3.100%, due 07/07/28		4,575		4,670
Series AA, 3.450%, due 12/01/27		34,501		35,636
Series AA, 3.500%, due 03/01/30		17,174		17,786
Series AA, 4.150%, due 08/25/31		61,459		66,349
Series B, 3.500%, due 05/01/28		68,518		66,453
Series B, 3.650%, due 10/07/25		7,231		7,120
Series B, 4.600%, due 03/01/26		50,968		51,203
Series B, 4.625%, due 09/03/22		186,765		188,485
Series B, 4.750%, due 04/11/22		115,278		116,059
Series B, 4.875%, due 01/15/26		34,560		35,745
				2,025,164
Apparel—0.1%
Hanesbrands, Inc. 4.875%, due 05/15/262		250,000		259,062
Auto manufacturers—1.0%
American Honda Finance Corp. 1.375%, due 11/10/22	EUR	120,000		136,552
BMW US Capital LLC 1.950%, due 08/12/312,7		35,000		33,009
4.150%, due 04/09/302		49,000		54,136
Daimler Finance North America LLC 3.500%, due 08/03/252		150,000		157,312
Daimler International Finance BV 0.250%, due 11/06/236	EUR	60,000		67,736
General Motors Financial Co., Inc. 2.750%, due 06/20/25		358,000		362,523

	Face amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
4.000%, due 01/15/25		113,000	$	118,567
4.350%, due 04/09/25		64,000		67,829
Hyundai Capital America 2.375%, due 02/10/232		365,000		368,731
3.950%, due 02/01/222		290,000		290,000
Hyundai Capital Services, Inc. 3.000%, due 08/29/222		200,000		201,913
3.750%, due 03/05/232		350,000		358,008
Nissan Motor Co. Ltd. 4.810%, due 09/17/302		461,000		499,103
Traton Finance Luxembourg SA 0.125%, due 11/10/246	EUR	100,000		111,659
Volkswagen Group of America Finance LLC 2.700%, due 09/26/222		290,000		293,096
				3,120,174
Auto parts & equipment—0.1%
BorgWarner, Inc. 1.000%, due 05/19/31	EUR	100,000		106,949
Conti-Gummi Finance BV 1.125%, due 09/25/246	EUR	110,000		126,271
				233,220
Banks—8.1%
Banco de Sabadell SA (fixed, converts to FRN on 03/11/26), 1.125%, due 03/11/276	EUR	200,000		226,030
Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa 4.125%, due 06/06/242		150,000		154,856
Banco Nacional de Panama 2.500%, due 08/11/302		200,000		180,126
Bank of America Corp. (fixed, converts to FRN on 10/26/30), 0.654%, due 10/26/316	EUR	100,000		106,822
(fixed, converts to FRN on 04/22/24), 0.976%, due 04/22/25		88,000		86,235
(fixed, converts to FRN on 10/24/25), 1.197%, due 10/24/26		264,000		253,768
(fixed, converts to FRN on 06/19/25), 1.319%, due 06/19/26		849,000		823,885
(fixed, converts to FRN on 07/22/26), 1.734%, due 07/22/27		387,000		375,350
(fixed, converts to FRN on 07/23/30), 1.898%, due 07/23/31		78,000		72,291
(fixed, converts to FRN on 10/24/30), 1.922%, due 10/24/31		136,000		126,002
(fixed, converts to FRN on 02/13/25), 2.015%, due 02/13/26		181,000		180,275
(fixed, converts to FRN on 02/13/30), 2.496%, due 02/13/31		70,000		68,018
(fixed, converts to FRN on 10/20/31), 2.572%, due 10/20/32		10,000		9,690
(fixed, converts to FRN on 04/29/30), 2.592%, due 04/29/31		127,000		124,414

38

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 10/22/29), 2.884%, due 10/22/30		106,000	$	105,984
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23		264,000		268,009
(fixed, converts to FRN on 07/23/29), 3.194%, due 07/23/30		836,000		854,628
(fixed, converts to FRN on 01/23/25), 3.366%, due 01/23/26		366,000		378,466
(fixed, converts to FRN on 12/20/27), 3.419%, due 12/20/28		263,000		273,138
(fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/28		840,000		889,939
(fixed, converts to FRN on 03/05/28), 3.970%, due 03/05/29		144,000		153,663
(fixed, converts to FRN on 04/23/39), 4.078%, due 04/23/40		420,000		459,231
4.450%, due 03/03/26		62,000		66,992
Series FF, (fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/288		140,000		148,050
Series L, 3.950%, due 04/21/25		16,000		16,827
Bank of New York Mellon Corp., Series F, (fixed, converts to FRN on 09/20/26), 4.625%, due 09/20/268		185,000		192,400
Banque Federative du Credit Mutuel SA 0.750%, due 06/15/236	EUR	100,000		113,822
Barclays PLC (fixed, converts to FRN on 08/09/28), 0.577%, due 08/09/29 6	EUR	100,000		107,249
(fixed, converts to FRN on 03/10/31), 2.667%, due 03/10/32		216,000		205,941
(fixed, converts to FRN on 04/02/24), 3.375%, due 04/02/256	EUR	100,000		119,584
BNP Paribas SA (fixed, converts to FRN on 04/13/26), 0.250%, due 04/13/276	EUR	200,000		218,972
(fixed, converts to FRN on 01/19/29), 0.500%, due 01/19/306	EUR	200,000		213,743
2.591%, due 01/20/28		200,000		198,572
BPCE SA 0.250%, due 01/15/266	EUR	100,000		111,185
0.625%, due 04/28/256	EUR	100,000		113,391
2.700%, due 10/01/292		313,000		312,305
Citigroup, Inc. (fixed, converts to FRN on 05/01/31), 2.561%, due 05/01/32		147,000		142,539
(fixed, converts to FRN on 06/03/30), 2.572%, due 06/03/31		1,198,000		1,167,390
(fixed, converts to FRN on 02/18/26), 3.875%, due 02/18/26 8		331,000		322,228
Credit Suisse AG 1.250%, due 08/07/26		415,000		395,392

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Credit Suisse Group AG (fixed, converts to FRN on 04/02/25), 3.250%, due 04/02/266	EUR	200,000	$	241,266
Credit Suisse Group Funding Guernsey Ltd. 3.800%, due 09/15/22		465,000		473,431
Danske Bank A/S (fixed, converts to FRN on 09/10/26), 1.549%, due 09/10/272		280,000		268,370
5.375%, due 01/12/246		218,000		231,834
Deutsche Bank AG (fixed, converts to FRN on 04/01/24), 1.447%, due 04/01/25		204,000		200,599
1.686%, due 03/19/26		210,000		205,359
2.552%, due 01/07/28		150,000		146,978
4.100%, due 01/13/26		45,000		47,500
Goldman Sachs Group, Inc. 3 mo. Euribor + 0.550%, 0.002%, due 04/21/234,6	EUR	230,000		258,571
3 mo. USD LIBOR + 1.170%, 1.326%, due 05/15/264		244,000		248,124
(fixed, converts to FRN on 10/21/31), 2.650%, due 10/21/32		33,000		32,140
3.500%, due 04/01/25		805,000		835,801
3.500%, due 11/16/26		109,000		113,486
3.750%, due 05/22/25		273,000		285,673
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/38		155,000		167,657
(fixed, converts to FRN on 04/23/38), 4.411%, due 04/23/39		417,000		468,757
6.250%, due 02/01/41		21,000		28,919
HSBC Holdings PLC (fixed, converts to FRN on 05/24/26), 1.589%, due 05/24/27		200,000		191,712
(fixed, converts to FRN on 11/22/26), 2.251%, due 11/22/27		272,000		266,385
ING Groep N.V. (fixed, converts to FRN on 09/03/24), 0.100%, due 09/03/256	EUR	100,000		111,519
JPMorgan Chase & Co. (fixed, converts to FRN on 04/22/26), 1.578%, due 04/22/27		184,000		178,008
(fixed, converts to FRN on 03/13/25), 2.005%, due 03/13/26		502,000		499,520
(fixed, converts to FRN on 05/06/29), 3.702%, due 05/06/30		51,000		53,911
(fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/28		756,000		801,698
(fixed, converts to FRN on 01/29/26), 3.960%, due 01/29/27		495,000		525,697
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/29		196,000		210,217
(fixed, converts to FRN on 07/24/47), 4.032%, due 07/24/48		314,000		346,874
(fixed, converts to FRN on 12/05/28), 4.452%, due 12/05/29		211,000		232,291
5.600%, due 07/15/41		59,000		77,344

39

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
KBC Group N.V. 1.125%, due 01/25/246	EUR	100,000	$	114,859
Lloyds Banking Group PLC 4.375%, due 03/22/28		214,000		233,727
Mitsubishi UFJ Financial Group, Inc. 2.048%, due 07/17/30		261,000		246,306
Mizuho Financial Group, Inc. 0.523%, due 06/10/246	EUR	100,000		113,383
(fixed, converts to FRN on 09/08/30), 1.979%, due 09/08/31		201,000		187,286
(fixed, converts to FRN on 05/25/25), 2.226%, due 05/25/26		308,000		307,585
(fixed, converts to FRN on 09/13/24), 2.555%, due 09/13/25		200,000		202,290
Morgan Stanley (fixed, converts to FRN on 07/20/26), 1.512%, due 07/20/27		163,000		156,402
(fixed, converts to FRN on 05/04/26), 1.593%, due 05/04/27		621,000		599,580
(fixed, converts to FRN on 02/13/31), 1.794%, due 02/13/32		173,000		158,151
(fixed, converts to FRN on 07/21/31), 2.239%, due 07/21/32		138,000		130,126
(fixed, converts to FRN on 10/20/31), 2.511%, due 10/20/32		25,000		24,131
(fixed, converts to FRN on 01/22/30), 2.699%, due 01/22/31		70,000		69,414
3.625%, due 01/20/27		263,000		277,621
(fixed, converts to FRN on 01/24/28), 3.772%, due 01/24/29		984,000		1,043,534
(fixed, converts to FRN on 07/22/37), 3.971%, due 07/22/38		129,000		140,041
(fixed, converts to FRN on 01/23/29), 4.431%, due 01/23/30		894,000		987,385
OP Corporate Bank PLC (fixed, converts to FRN on 06/09/25), 1.625%, due 06/09/306	EUR	300,000		341,235
Santander UK Group Holdings PLC (fixed, converts to FRN on 11/15/23), 4.796%, due 11/15/24		296,000		310,837
State Street Corp., Series F, 3 mo. USD LIBOR + 3.597%, 3.713%, due 03/15/224,7,8		44,000		44,194
Series H, (fixed, converts to FRN on 12/15/23),  5.625%, due 12/15/238		175,000		178,671
Sumitomo Mitsui Financial Group, Inc. 2.784%, due 07/12/22		5,000		5,046
3.544%, due 01/17/28		135,000		142,463
3.944%, due 07/19/28		47,000		50,701
Toronto-Dominion Bank 0.375%, due 04/25/246	EUR	200,000		225,954

	Face amount1		Value
Corporate bonds—(continued)
Banks—(concluded)
Wells Fargo & Co. (fixed, converts to FRN on 10/30/29), 2.879%, due 10/30/30		50,000	$	50,268
4.150%, due 01/24/29		45,000		48,980
				24,477,213
Beverages—0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.700%, due 02/01/36		877,000		1,007,455
Anheuser-Busch InBev Worldwide, Inc. 4.750%, due 01/23/29		111,000		125,746
Keurig Dr. Pepper, Inc. 3.200%, due 05/01/30		128,000		131,613
Pernod Ricard SA 0.000%, due 10/24/236,9	EUR	100,000		112,489
Suntory Holdings Ltd. 2.250%, due 10/16/242		380,000		382,616
				1,759,919
Biotechnology—0.2%
Amgen, Inc. 4.400%, due 05/01/45		186,000		205,113
Biogen, Inc. 3.150%, due 05/01/50		91,000		80,673
Gilead Sciences, Inc. 4.800%, due 04/01/44		193,000		229,091
				514,877
Building materials—0.1%
Carrier Global Corp. 2.242%, due 02/15/25		80,000		80,683
Holcim Finance Luxembourg SA 0.500%, due 09/03/306	EUR	100,000		105,476
0.500%, due 04/23/316	EUR	100,000		104,005
				290,164
Chemicals—0.3%
Air Liquide Finance SA 0.375%, due 04/18/226	EUR	100,000		112,369
Air Products & Chemicals, Inc. 2.800%, due 05/15/50		60,000		56,504
Dow Chemical Co. 5.550%, due 11/30/48		65,000		86,174
DuPont de Nemours, Inc. 4.493%, due 11/15/25		245,000		264,929
Ecolab, Inc. 2.700%, due 12/15/51		4,000		3,617
2.750%, due 08/18/55		79,000		70,710
LYB International Finance III LLC 4.200%, due 05/01/50		80,000		85,752
MEGlobal Canada ULC 5.875%, due 05/18/302		200,000		234,975

40

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Sherwin-Williams Co. 4.500%, due 06/01/47		37,000	$	42,750
Westlake Chemical Corp. 3.375%, due 08/15/61		49,000		43,963
				1,001,743
Commercial banks—0.2%
Goldman Sachs Group Inc/The (fixed, converts to FRN on 02/24/27), 2.640%, due 02/24/28		275,000		275,462
(fixed, converts to FRN on 02/24/32), 3.102%, due 02/24/33		212,000		213,213
				488,675
Commercial services—0.4%
ADT Security Corp. 4.125%, due 06/15/23		355,000		359,881
Amadeus IT Group SA 2.875%, due 05/20/276	EUR	100,000		123,281
Global Payments, Inc. 2.900%, due 05/15/30		58,000		57,022
3.200%, due 08/15/29		275,000		278,013
IHS Markit Ltd. 4.750%, due 08/01/287		205,000		231,906
Moody's Corp. 3.100%, due 11/29/61		70,000		63,578
RELX Capital, Inc. 3.000%, due 05/22/30		216,000		220,722
				1,334,403
Computers—0.2%
Dell International LLC/EMC Corp. 8.350%, due 07/15/46		11,000		17,357
Leidos, Inc. 4.375%, due 05/15/30		451,000		482,978
Seagate HDD Cayman 4.091%, due 06/01/29		204,000		199,910
				700,245
Diversified financial services—0.6%
Air Lease Corp. 2.625%, due 07/01/22		215,000		216,309
2.875%, due 01/15/267		134,000		135,158
Capital One Financial Corp. 1.650%, due 06/12/29	EUR	200,000		229,040
3.800%, due 01/31/28		79,000		83,499
Charles Schwab Corp., Series E,
(fixed, converts to FRN on 03/01/22), 4.625%, due 06/01/227,8		190,000		189,500
Series I, (fixed, converts to FRN on 06/01/26), 4.000%, due 06/01/268		165,000		163,009
FCA Bank SpA 0.500%, due 09/18/236	EUR	100,000		113,041

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Intercontinental Exchange, Inc. 2.100%, due 06/15/30		122,000	$	116,738
Nomura Holdings, Inc. 2.999%, due 01/22/32		344,000		338,764
PSA Banque France SA 0.010%, due 01/22/256	EUR	100,000		111,092
SURA Asset Management SA 4.875%, due 04/17/242		100,000		104,081
				1,800,231
Electric—2.7%
AEP Texas, Inc. 3.450%, due 05/15/51		96,000		92,267
Series H, 3.450%, due 01/15/50		102,000		97,285
AEP Transmission Co. LLC 3.150%, due 09/15/49		95,000		91,519
3.750%, due 12/01/47		64,000		68,231
4.250%, due 09/15/48		25,000		28,745
Alabama Power Co. 3.450%, due 10/01/49		42,000		42,395
4.150%, due 08/15/44		97,000		106,436
Ameren Illinois Co. 3.250%, due 03/15/50		110,000		111,080
American Transmission Systems, Inc. 2.650%, due 01/15/322		106,000		103,951
Baltimore Gas & Electric Co. 3.500%, due 08/15/46		36,000		36,843
3.750%, due 08/15/47		204,000		216,738
CenterPoint Energy Houston Electric LLC, Series AF, 3.350%, due 04/01/51		112,000		114,444
Consumers Energy Co. 2.650%, due 08/15/52		5,000		4,549
3.250%, due 08/15/46		73,000		74,090
3.500%, due 08/01/51		191,000		200,111
DTE Electric Co. 3.950%, due 03/01/49		120,000		134,514
Duke Energy Carolinas LLC 3.875%, due 03/15/46		162,000		174,193
Duke Energy Florida LLC 1.750%, due 06/15/30		144,000		133,982
2.500%, due 12/01/29		438,000		437,348
3.000%, due 12/15/51		25,000		23,542
4.200%, due 07/15/48		38,000		43,142
Duke Energy Ohio, Inc. 3.650%, due 02/01/29		110,000		116,116
Duke Energy Progress LLC 2.900%, due 08/15/51		56,000		52,377
3.700%, due 09/01/28		15,000		16,060
4.100%, due 05/15/42		131,000		143,521
4.100%, due 03/15/43		40,000		44,207
Edison International 5.750%, due 06/15/27		83,000		93,050
Entergy Louisiana LLC 1.600%, due 12/15/30		129,000		118,479

41

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
2.900%, due 03/15/51		35,000	$	31,918
4.200%, due 09/01/48		35,000		39,344
ESB Finance DAC 3.494%, due 01/12/246	EUR	100,000		119,768
Exelon Corp. 4.700%, due 04/15/50		70,000		82,960
5.625%, due 06/15/35		99,000		120,318
FirstEnergy Corp. 2.050%, due 03/01/25		29,000		28,273
2.650%, due 03/01/30		153,000		144,068
Series C, 3.400%, due 03/01/50		111,000		99,539
FirstEnergy Transmission LLC 4.350%, due 01/15/252		202,000		210,098
4.550%, due 04/01/492		125,000		132,460
5.450%, due 07/15/442		60,000		70,134
Florida Power & Light Co. 2.875%, due 12/04/51		60,000		56,931
3.150%, due 10/01/49		225,000		224,052
3.950%, due 03/01/48		97,000		109,138
5.250%, due 02/01/41		5,000		6,339
5.650%, due 02/01/37		7,000		9,038
Kallpa Generacion SA 4.125%, due 08/16/272		200,000		203,100
MidAmerican Energy Co. 3.100%, due 05/01/27		105,000		109,885
3.150%, due 04/15/50		70,000		69,345
3.650%, due 04/15/29		204,000		220,525
3.650%, due 08/01/48		34,000		36,371
NextEra Energy Operating Partners LP 4.250%, due 07/15/242		495,000		509,541
Northern States Power Co. 2.600%, due 06/01/51		121,000		109,043
2.900%, due 03/01/50		30,000		28,640
3.200%, due 04/01/52		44,000		44,439
NRG Energy, Inc. 2.450%, due 12/02/272		120,000		115,140
4.450%, due 06/15/292		74,000		78,535
Ohio Power Co. 4.000%, due 06/01/49		23,000		25,072
Series R, 2.900%, due 10/01/51		74,000		67,512
Oncor Electric Delivery Co. LLC 3.100%, due 09/15/49		50,000		49,668
3.700%, due 11/15/28		153,000		164,353
3.800%, due 09/30/47		28,000		30,449
Pacific Gas and Electric Co. 2.500%, due 02/01/31		11,000		10,056
3.250%, due 06/01/31		86,000		82,566
4.950%, due 07/01/50		129,000		131,700
PECO Energy Co. 3.050%, due 03/15/51		98,000		94,400
Public Service Electric & Gas Co. 2.050%, due 08/01/50		55,000		44,177
3.650%, due 09/01/28		42,000		44,980

	Face amount1		Value
Corporate bonds—(continued)
Electric—(concluded)
Southern California Edison Co. 1.845%, due 02/01/22		3,929	$	3,929
Series 20C, 1.200%, due 02/01/26		50,000		48,070
Series A, 4.200%, due 03/01/29		91,000		98,460
Series E, 3.700%, due 08/01/25		514,000		538,175
Southwestern Public Service Co., Series 8, 3.150%, due 05/01/50		91,000		89,490
Tampa Electric Co. 4.200%, due 05/15/45		42,000		46,681
4.450%, due 06/15/49		59,000		70,583
Virginia Electric and Power Co., Series A, 6.000%, due 05/15/37		144,000		190,126
Series B, 4.200%, due 05/15/45		62,000		69,350
Vistra Operations Co. LLC 4.300%, due 07/15/292		262,000		271,062
				8,099,016
Electrical components & equipment—0.1%
Schneider Electric SE 0.000%, due 06/12/236,9	EUR	100,000		112,677
0.250%, due 09/09/246	EUR	100,000		113,062
				225,739
Electronics—0.1%
Agilent Technologies, Inc. 2.300%, due 03/12/31		101,000		96,051
Amphenol Technologies Holding GmbH 0.750%, due 05/04/266	EUR	135,000		153,292
				249,343
Environmental control—0.0%†
Republic Services, Inc. 3.375%, due 11/15/27		88,000		92,300
Waste Management, Inc. 2.950%, due 06/01/41		19,000		18,578
				110,878
Food—0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.250%, due 03/15/262		140,000		135,734
3.500%, due 02/15/232		128,000		129,024
4.625%, due 01/15/272		563,000		576,230
Grupo Bimbo SAB de CV 4.000%, due 09/06/492		200,000		207,038
Mondelez International, Inc. 2.750%, due 04/13/30		70,000		70,187
				1,118,213

42

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1			Value
Corporate bonds—(continued)
Forest Products & Paper—0.1%
Celulosa Arauco y Constitucion SA 4.200%, due 01/29/302		200,000		$	206,750
Fibria Overseas Finance Ltd. 5.500%, due 01/17/27		43,000			47,035
Georgia-Pacific LLC 0.950%, due 05/15/262		62,000			58,721
International Paper Co. 4.800%, due 06/15/44		54,000			63,907
Suzano Austria GmbH 3.750%, due 01/15/31		48,000			46,779
					423,192
Gas—0.2%
Atmos Energy Corp. 4.125%, due 10/15/44		29,000			32,014
CenterPoint Energy Resources Corp. 1.750%, due 10/01/30		185,000			171,092
Piedmont Natural Gas Co., Inc. 2.500%, due 03/15/31		75,000			72,390
3.500%, due 06/01/29		87,000			90,921
Redexis Gas Finance BV 1.875%, due 05/28/256	EUR	100,000			117,022
Snam SpA 0.750%, due 06/20/296	EUR	100,000			110,968
					594,407
Healthcare-products—0.2%
Abbott Ireland Financing DAC 0.100%, due 11/19/246	EUR	100,000			112,395
0.875%, due 09/27/236	EUR	100,000			114,216
Boston Scientific Corp. 2.650%, due 06/01/30		73,000			72,048
DH Europe Finance II SARL 0.200%, due 03/18/26	EUR	130,000			144,398
Thermo Fisher Scientific, Inc. 2.000%, due 10/15/31		270,000			256,658
					699,715
Healthcare-services—0.7%
AHS Hospital Corp., Series 2021, 2.780%, due 07/01/51		40,000			36,931
Anthem, Inc. 2.950%, due 12/01/22		296,000			300,315
4.550%, due 03/01/48		54,000			62,932
CommonSpirit Health 2.782%, due 10/01/30		57,000			56,946
3.910%, due 10/01/50		110,000			115,759
Fresenius Finance Ireland PLC 0.875%, due 10/01/316	EUR	60,000			64,530
HCA, Inc. 5.250%, due 04/15/25		785,000			853,921
5.250%, due 06/15/26		53,000	��		57,984
5.250%, due 06/15/49		55,000			64,797
Humana, Inc. 1.350%, due 02/03/27		70,000			66,291

	Face amount1		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
4.500%, due 04/01/25		116,000	$	124,156
Methodist Hospital, Series 20A, 2.705%, due 12/01/50		32,000		29,842
UnitedHealth Group, Inc. 3.750%, due 10/15/47		77,000		82,407
4.250%, due 06/15/48		160,000		183,797
				2,100,608
Home builders—0.0%†
D.R. Horton, Inc. 1.300%, due 10/15/26		40,000		38,191
2.600%, due 10/15/25		36,000		36,486
				74,677
Insurance—0.4%
American International Group, Inc. 4.800%, due 07/10/45		117,000		141,200
Aon Corp. 2.800%, due 05/15/30		361,000		360,510
Hartford Financial Services Group, Inc. 4.300%, due 04/15/43		30,000		33,289
Marsh & McLennan Cos., Inc. 1.979%, due 03/21/30	EUR	165,000		198,192
2.250%, due 11/15/30		53,000		51,121
4.375%, due 03/15/29		240,000		267,492
Metropolitan Life Global Funding I 0.010%, due 09/23/226	EUR	100,000		112,636
Teachers Insurance & Annuity Association of America 4.270%, due 05/15/472		47,000		53,282
				1,217,722
Internet—0.4%
Booking Holdings, Inc. 0.100%, due 03/08/25	EUR	100,000		111,749
Netflix, Inc. 4.375%, due 11/15/26		85,000		91,215
5.750%, due 03/01/24		484,000		520,363
Tencent Holdings Ltd. 2.985%, due 01/19/232		200,000		202,350
Twitter, Inc. 3.875%, due 12/15/272		200,000		199,491
				1,125,168
Investment companies—0.2%
Ares Capital Corp. 2.150%, due 07/15/26		156,000		150,414
4.250%, due 03/01/25		175,000		182,462
Blackstone Private Credit Fund 3.250%, due 03/15/272		209,000		204,062
4.000%, due 01/15/29		149,000		146,834
				683,772

43

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Iron & steel—0.0%†
Vale Overseas Ltd. 3.750%, due 07/08/30		25,000	$	25,250
6.875%, due 11/10/397		35,000		44,951
				70,201
IT services—0.0%†
Dell International LLC / EMC Corp. 3.450%, due 12/15/512		55,000		48,348
Western Digital Corp. 2.850%, due 02/01/29		18,000		17,371
				65,719
Machinery-diversified—0.1%
Highland Holdings Sarl 0.318%, due 12/15/26	EUR	140,000		154,958
KION Group AG 1.625%, due 09/24/256	EUR	100,000		116,017
				270,975
Media—1.9%
AMC Networks, Inc. 5.000%, due 04/01/24		362,000		361,095
Charter Communications Operating LLC/ Charter Communications Operating Capital 2.250%, due 01/15/29		32,000		30,133
3.850%, due 04/01/61		32,000		27,530
3.950%, due 06/30/62		105,000		92,591
4.400%, due 12/01/61		68,000		64,314
6.484%, due 10/23/45		570,000		716,785
Comcast Corp. 2.650%, due 02/01/30		297,000		298,502
3.300%, due 04/01/27		197,000		206,635
3.400%, due 04/01/30		139,000		146,986
3.400%, due 07/15/46		172,000		170,880
3.969%, due 11/01/47		80,000		86,550
4.000%, due 08/15/47		72,000		77,891
4.150%, due 10/15/28		118,000		129,900
4.200%, due 08/15/34		69,000		77,585
4.250%, due 10/15/30		20,000		22,342
Cox Communications, Inc. 3.600%, due 06/15/512		44,000		43,046
4.800%, due 02/01/352		4,000		4,529
Discovery Communications LLC 1.900%, due 03/19/27	EUR	225,000		261,820
Dish DBS Corp. 5.875%, due 07/15/22		1,893,000		1,916,842
Informa PLC 2.125%, due 10/06/256	EUR	130,000		151,547
Sirius XM Radio, Inc. 3.125%, due 09/01/262		40,000		38,352
5.000%, due 08/01/272		671,000		685,158
ViacomCBS, Inc. 4.375%, due 03/15/43		53,000		56,178
6.875%, due 04/30/36		14,000		19,219
				5,686,410

	Face amount1		Value
Corporate bonds—(continued)
Mining—0.4%
Anglo American Capital PLC 4.000%, due 09/11/272		227,000	$	239,776
4.750%, due 04/10/272		220,000		239,635
Antofagasta PLC 2.375%, due 10/14/302		230,000		213,613
Glencore Funding LLC 1.625%, due 04/27/262		248,000		240,385
2.500%, due 09/01/302		185,000		173,144
2.625%, due 09/23/312		80,000		74,821
2.850%, due 04/27/312		56,000		53,527
3.375%, due 09/23/512		41,000		36,740
				1,271,641
Miscellaneous manufacturers—0.1%
General Electric Co. 2.700%, due 10/09/22		250,000		253,090
Series A, 6.750%, due 03/15/32		78,000		102,410
Parker-Hannifin Corp. 3.250%, due 06/14/29		92,000		95,090
				450,590
Oil & gas—1.5%
BP Capital Markets America, Inc. 3.001%, due 03/17/52		100,000		90,237
BP Capital Markets BV 1.467%, due 09/21/416	EUR	100,000		104,330
BP Capital Markets PLC (fixed, converts to FRN on 06/22/26), 3.250%, due 03/22/266,8	EUR	135,000		156,784
Cenovus Energy, Inc. 3.750%, due 02/15/52		5,000		4,793
5.400%, due 06/15/47		24,000		28,834
Devon Energy Corp. 4.500%, due 01/15/30		15,000		15,915
4.750%, due 05/15/42		41,000		45,392
5.000%, due 06/15/457		24,000		27,711
5.850%, due 12/15/25		122,000		137,504
5.875%, due 06/15/28		2,000		2,156
Diamondback Energy, Inc. 2.875%, due 12/01/24		290,000		295,754
3.125%, due 03/24/317		240,000		238,063
3.250%, due 12/01/26		44,000		45,427
3.500%, due 12/01/29		140,000		144,036
4.400%, due 03/24/51		47,000		51,099
Eni SpA, Series NC9, (fixed, converts to FRN on 05/11/30), 2.750%, due 02/11/306,8	EUR	100,000		108,129
Exxon Mobil Corp. 1.408%, due 06/26/39	EUR	170,000		177,998
Marathon Oil Corp. 6.600%, due 10/01/37		79,000		102,063
Ovintiv Exploration, Inc. 5.625%, due 07/01/24		396,000		426,902

44

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Pertamina Persero PT 3.100%, due 01/21/302		200,000	$	196,600
Petronas Capital Ltd. 3.500%, due 04/21/302		200,000		210,408
Qatar Energy 3.300%, due 07/12/512		200,000		196,500
Raizen Fuels Finance SA 5.300%, due 01/20/272		200,000		216,100
Saudi Arabian Oil Co. 2.250%, due 11/24/302		200,000		189,750
Suncor Energy, Inc. 6.800%, due 05/15/38		24,000		32,221
TotalEnergies Capital International SA 2.125%, due 03/15/236	EUR	100,000		115,336
TotalEnergies SE (fixed, converts to FRN on 04/04/24), 1.750%, due 04/04/246,8	EUR	100,000		113,185
Series NC7, (fixed, converts to FRN on 01/25/28), 1.625%, due 10/25/276,8	EUR	220,000		239,231
Viper Energy Partners LP 5.375%, due 11/01/272		955,000		986,037
				4,698,495
Packaging & containers—0.1%
Amcor Flexibles North America, Inc. 2.690%, due 05/25/31		113,000		110,881
Ball Corp. 2.875%, due 08/15/30		195,000		180,862
Packaging Corp. of America 3.050%, due 10/01/51		24,000		22,173
Sealed Air Corp. 4.000%, due 12/01/272		155,000		155,388
				469,304
Pharmaceuticals—1.1%
AbbVie, Inc. 2.900%, due 11/06/22		555,000		562,724
4.300%, due 05/14/36		54,000		60,493
4.500%, due 05/14/35		594,000		671,798
4.625%, due 10/01/42		4,000		4,535
AstraZeneca PLC 1.375%, due 08/06/30		122,000		111,823
Becton Dickinson and Co. 1.401%, due 05/24/23	EUR	100,000		114,365
Cigna Corp. 3.400%, due 03/01/27		146,000		152,521
4.125%, due 11/15/25		386,000		412,244
CVS Health Corp. 3.000%, due 08/15/26		138,000		142,740
3.625%, due 04/01/27		69,000		73,041
4.300%, due 03/25/28		108,000		117,728
5.125%, due 07/20/45		227,000		276,035
Merck & Co., Inc. 2.750%, due 12/10/51		28,000		25,685

	Face amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Merck KGaA, LANK, (fixed, converts to FRN on 12/18/24), 1.625%, due 06/25/796	EUR	100,000	$	114,435
Shire Acquisitions Investments Ireland DAC 3.200%, due 09/23/26		309,000		320,306
Upjohn Finance BV 1.023%, due 06/23/246	EUR	140,000		159,941
				3,320,414
Pipelines—1.4%
Cameron LNG LLC 3.402%, due 01/15/382		145,000		142,681
Cheniere Corpus Christi Holdings LLC 5.125%, due 06/30/27		114,000		125,965
Cheniere Energy Partners LP 4.000%, due 03/01/31		410,000		407,927
4.500%, due 10/01/29		60,000		61,333
Energy Transfer LP 2.900%, due 05/15/25		19,000		19,258
4.950%, due 06/15/28		41,000		45,191
5.000%, due 05/15/50		159,000		172,079
5.250%, due 04/15/29		233,000		259,002
5.500%, due 06/01/27		176,000		197,099
5.875%, due 01/15/24		146,000		155,789
6.100%, due 02/15/42		15,000		17,315
8.250%, due 11/15/29		84,000		107,828
Enterprise Products Operating LLC 3.300%, due 02/15/537		48,000		44,329
4.200%, due 01/31/50		61,000		64,523
NGPL PipeCo LLC 3.250%, due 07/15/312		64,000		63,362
4.875%, due 08/15/272		100,000		109,145
7.768%, due 12/15/372		20,000		27,106
Northern Natural Gas Co. 4.300%, due 01/15/492		85,000		95,063
Northwest Pipeline LLC 4.000%, due 04/01/27		173,000		183,057
Rattler Midstream LP 5.625%, due 07/15/252		504,000		519,120
Sabine Pass Liquefaction LLC 4.200%, due 03/15/28		241,000		258,562
5.000%, due 03/15/27		50,000		55,151
Texas Eastern Transmission LP 2.800%, due 10/15/222		45,000		45,363
3.500%, due 01/15/282		69,000		71,607
4.150%, due 01/15/482		171,000		183,849
Transcontinental Gas Pipe Line Co. LLC 3.950%, due 05/15/50		34,000		35,048
4.000%, due 03/15/28		330,000		353,869
7.850%, due 02/01/26		284,000		340,188
				4,160,809

45

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate—0.2%
Heimstaden Bostad Treasury BV 0.250%, due 10/13/246	EUR	270,000	$	301,522
Northwest Florida Timber Finance LLC 4.750%, due 03/04/292		200,000		209,415
Vonovia Finance BV 1.625%, due 10/07/396	EUR	100,000		105,529
				616,466
Real estate investment trusts—1.3%
American Tower Corp. 0.400%, due 02/15/27	EUR	110,000		119,023
0.450%, due 01/15/27	EUR	200,000		217,430
1.500%, due 01/31/28		181,000		168,356
2.100%, due 06/15/30		84,000		78,252
2.300%, due 09/15/31		64,000		59,833
3.950%, due 03/15/29		55,000		58,337
CC Holdings GS V LLC/ Crown Castle GS III Corp. 3.849%, due 04/15/23		460,000		471,966
Crown Castle International Corp. 2.250%, due 01/15/31		36,000		33,720
2.500%, due 07/15/31		91,000		86,901
3.100%, due 11/15/29		47,000		47,431
3.300%, due 07/01/30		55,000		55,814
3.700%, due 06/15/26		20,000		20,980
3.800%, due 02/15/28		145,000		152,783
4.150%, due 07/01/50		70,000		73,963
4.450%, due 02/15/26		3,000		3,226
Digital Dutch Finco BV 1.000%, due 01/15/326	EUR	110,000		115,583
1.500%, due 03/15/306	EUR	100,000		112,946
Duke Realty LP 1.750%, due 07/01/30		40,000		37,127
2.875%, due 11/15/29		200,000		203,989
Equinix, Inc. 1.800%, due 07/15/27		50,000		48,104
2.000%, due 05/15/28		184,000		175,691
3.200%, due 11/18/29		85,000		85,948
GLP Capital LP/GLP Financing II, Inc. 3.250%, due 01/15/32		119,000		114,952
4.000%, due 01/15/30		323,000		332,826
Invitation Homes Operating Partnership LP 2.300%, due 11/15/28		46,000		44,376
Merlin Properties Socimi SA 1.875%, due 12/04/346	EUR	200,000		214,881
National Retail Properties, Inc. 3.000%, due 04/15/52		29,000		25,850
3.500%, due 04/15/51		109,000		106,226
Prologis Euro Finance LLC 1.500%, due 02/08/34	EUR	100,000		111,479
SBA Communications Corp. 3.125%, due 02/01/29		121,000		112,766
SELP Finance Sarl 0.875%, due 05/27/296	EUR	100,000		107,964
Simon International Finance SCA 1.375%, due 11/18/226	EUR	105,000		119,060

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
VICI Properties LP/VICI Note Co., Inc. 4.250%, due 12/01/262		250,000	$	252,812
				3,970,595
Retail—0.2%
Alimentation Couche-Tard, Inc. 3.439%, due 05/13/412		51,000		50,226
Home Depot, Inc. 2.750%, due 09/15/51		34,000		31,313
Lowe's Cos., Inc. 2.800%, due 09/15/41		68,000		62,069
3.650%, due 04/05/29		118,000		125,613
McDonald's Corp. 2.125%, due 03/01/30		80,000		77,572
4.450%, due 09/01/48		104,000		119,728
Starbucks Corp. 2.250%, due 03/12/30		189,000		182,767
				649,288
Semiconductors—0.9%
Applied Materials, Inc. 4.350%, due 04/01/47		43,000		51,274
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, due 01/15/27		94,000		99,117
Broadcom, Inc. 3.459%, due 09/15/26		46,000		47,868
4.150%, due 11/15/30		309,000		328,793
4.700%, due 04/15/25		83,000		89,145
4.750%, due 04/15/29		306,000		336,850
5.000%, due 04/15/30		178,000		199,061
Intel Corp. 3.200%, due 08/12/61		114,000		105,759
KLA Corp. 3.300%, due 03/01/507		132,000		131,255
4.100%, due 03/15/29		105,000		115,721
4.650%, due 11/01/24		12,000		12,814
Lam Research Corp. 2.875%, due 06/15/50		89,000		83,213
3.750%, due 03/15/26		8,000		8,542
NVIDIA Corp. 1.550%, due 06/15/28		118,000		113,427
3.500%, due 04/01/50		44,000		46,803
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.500%, due 05/11/312		45,000		43,096
3.150%, due 05/01/272		58,000		59,396
3.400%, due 05/01/302		138,000		141,433
4.300%, due 06/18/292		502,000		545,392
QUALCOMM, Inc. 4.300%, due 05/20/47		67,000		78,368
				2,637,327

46

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Shipbuilding—0.1%
Huntington Ingalls Industries, Inc. 2.043%, due 08/16/282		44,000	$	41,881
3.483%, due 12/01/27		182,000		188,983
3.844%, due 05/01/25		56,000		58,741
				289,605
Software—1.3%
Activision Blizzard, Inc. 3.400%, due 09/15/26		43,000		45,316
Autodesk, Inc. 2.850%, due 01/15/30		121,000		122,470
Citrix Systems, Inc. 3.300%, due 03/01/30		118,000		118,163
Electronic Arts, Inc. 1.850%, due 02/15/31		190,000		176,576
Fidelity National Information Services, Inc. 2.950%, due 05/21/39	EUR	100,000		128,798
3.100%, due 03/01/41		82,000		77,064
Fiserv, Inc. 3.500%, due 07/01/29		216,000		224,147
MSCI, Inc. 3.875%, due 02/15/312		437,000		436,506
Oracle Corp. 2.300%, due 03/25/28		290,000		280,215
2.800%, due 04/01/27		495,000		498,354
3.600%, due 04/01/40		49,000		45,330
3.800%, due 11/15/37		434,000		421,598
3.850%, due 07/15/36		246,000		245,038
3.900%, due 05/15/35		240,000		241,370
5.375%, due 07/15/40		295,000		333,648
6.125%, due 07/08/39		133,000		164,302
Salesforce.Com, Inc. 3.050%, due 07/15/61		39,000		36,894
VMware, Inc. 1.800%, due 08/15/28		117,000		110,834
2.200%, due 08/15/31		94,000		87,775
3.900%, due 08/21/27		54,000		57,365
				3,851,763
Telecommunications—3.3%
AT&T, Inc. 2.300%, due 06/01/27		52,000		51,557
2.600%, due 05/19/38	EUR	100,000		121,130
3.500%, due 02/01/61		279,000		254,347
3.650%, due 06/01/51		52,000		50,832
3.650%, due 09/15/59		34,000		32,171
4.300%, due 02/15/30		326,000		358,583
4.350%, due 03/01/29		173,000		190,032
4.500%, due 05/15/35		264,000		291,530
4.750%, due 05/15/46		48,000		54,885
5.150%, due 02/15/50		357,000		431,447
Bharti Airtel Ltd. 3.250%, due 06/03/312		200,000		197,020
Corning, Inc. 4.375%, due 11/15/57		27,000		29,969

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
Level 3 Financing, Inc. 3.400%, due 03/01/272		164,000	$	164,000
3.625%, due 01/15/292		517,000		470,470
Lumen Technologies, Inc., Series T, 5.800%, due 03/15/22		617,000		618,543
Motorola Solutions, Inc. 2.300%, due 11/15/30		30,000		28,039
2.750%, due 05/24/31		247,000		239,484
4.600%, due 02/23/28		125,000		137,900
4.600%, due 05/23/29		114,000		126,599
5.500%, due 09/01/44		33,000		40,303
SES SA 2.000%, due 07/02/286	EUR	100,000		116,257
Sprint Communications, Inc. 6.000%, due 11/15/22		1,780,000		1,833,400
Sprint Corp. 7.875%, due 09/15/23		302,000		326,160
T-Mobile USA, Inc. 2.250%, due 02/15/26		225,000		216,844
3.375%, due 04/15/292		322,000		316,397
3.400%, due 10/15/522		92,000		84,651
Telstra Corp. Ltd. 3.500%, due 09/21/226	EUR	265,000		305,007
Verizon Communications, Inc. 1.500%, due 09/18/30		322,000		292,003
2.550%, due 03/21/31		31,000		30,271
2.650%, due 11/20/40		360,000		321,164
2.875%, due 01/15/38	EUR	100,000		129,260
2.875%, due 11/20/50		145,000		129,095
2.987%, due 10/30/56		99,000		86,698
3.150%, due 03/22/30		774,000		796,251
3.875%, due 02/08/29		524,000		564,271
4.125%, due 03/16/27		61,000		66,162
4.400%, due 11/01/34		246,000		275,642
4.500%, due 08/10/33		27,000		30,521
4.862%, due 08/21/46		169,000		206,685
Vodafone Group PLC 5.250%, due 05/30/48		46,000		55,328
				10,070,908
Transportation—0.9%
Burlington Northern Santa Fe LLC 2.875%, due 06/15/52		31,000		29,134
4.150%, due 12/15/48		173,000		199,949
Cargo Aircraft Management, Inc. 4.750%, due 02/01/282		435,000		437,888
CSX Corp. 2.500%, due 05/15/51		5,000		4,282
2.600%, due 11/01/26		101,000		103,202
3.250%, due 06/01/27		29,000		30,313
4.750%, due 11/15/48		90,000		108,714
FedEx Corp. 0.450%, due 05/04/29	EUR	100,000		108,883
4.250%, due 05/15/30		181,000		199,583
4.900%, due 01/15/34		70,000		80,910

47

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(concluded)
Transportation—(concluded)
Norfolk Southern Corp. 2.550%, due 11/01/29		134,000	$	134,256
3.050%, due 05/15/50		60,000		56,502
Ryder System, Inc. 2.500%, due 09/01/24		186,000		188,989
2.875%, due 06/01/22		310,000		311,661
2.900%, due 12/01/26		102,000		104,740
4.625%, due 06/01/25		105,000		112,738
Union Pacific Corp. 2.891%, due 04/06/36		148,000		147,423
3.250%, due 02/05/50		182,000		181,655
4.375%, due 09/10/38		92,000		101,150
United Parcel Service, Inc. 2.500%, due 09/01/29		44,000		44,616
4.450%, due 04/01/30		35,000		40,043
				2,726,631
Trucking & leasing—0.1%
Penske Truck Leasing Co. LP/ PTL Finance Corp. 1.200%, due 11/15/252		293,000		281,307
Water—0.1%
Veolia Environnement SA 0.672%, due 03/30/226	EUR	300,000		337,153
Total corporate bonds (cost—$111,090,141)				107,930,071
Mortgage-backed securities—5.7%
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A5, 2.756%, due 05/15/532		465,000		472,254
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AL, 1 mo. USD LIBOR + 0.900%, 0.991%, due 11/15/322,4		1,150,000		1,132,075
BANK, Series 2021-BN38, Class A5, 2.521%, due 12/15/64		240,000		238,786
Barclays Commercial Mortgage Trust, Series 2019-C3, Class B, 4.096%, due 05/15/52		90,000		96,314
Benchmark Mortgage Trust, Series 2019-B15, Class B, 3.564%, due 12/15/72		210,000		216,837
Series 2019-B15, Class C, 3.722%, due 12/15/723		111,000		111,127
Series 2021-B31, Class A5, 2.669%, due 12/15/54		220,000		223,608
BF Mortgage Trust, Series 2019-NYT, Class B, 1 mo. USD LIBOR + 1.400%, 1.490%, due 12/15/352,4		325,000		321,745
BFLD DPLO, Series 2019-DPLO, Class A, 1 mo. USD LIBOR + 1.090%, 1.180%, due 10/15/342,4		350,000		349,333

	Face amount1		Value
Mortgage-backed securities—(continued)
BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1 mo. USD LIBOR + 0.920%, 1.010%, due 10/15/362,4		352,882	$	352,671
Series 2020-BXLP, Class A, 1 mo. USD LIBOR + 0.800%, 0.890%, due 12/15/362,4		283,639		283,468
Series 2020-VIV3, Class B, 3.662%, due 03/09/442,3		185,000		190,852
Series 2020-VIV4, Class A, 2.843%, due 03/09/442		255,000		254,984
Series 2021-CIP, Class A, 1 mo. USD LIBOR + 0.921%, 1.021%, due 12/15/38 2,4		215,000		214,590
Series 2021-XL2, Class A, 1 mo. USD LIBOR + 0.689%, 0.789%, due 10/15/38 2,4		315,000		312,822
BX Trust, Series 2021-ARIA, Class A, 1 mo. USD LIBOR + 0.899%, 0.979%, due 10/15/362,4		535,000		534,333
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class B, 3.500%, due 01/15/533		101,000		103,996
CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, due 02/10/50		300,000		317,153
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 1 mo. USD LIBOR + 0.900%, 0.989%, due 07/25/492,4		53,815		53,999
CIM Trust, Series 2019-INV3, Class A11, 1 mo. USD LIBOR + 1.000%, 1.036%, due 08/25/492,4		163,918		163,836
Commercial Mortgage Pass-Through Certificates, Series 2013-GAM, Class A2, 3.367%, due 02/10/282		647,992		646,444
Series 2014-CR16, Class A4, 4.051%, due 04/10/47		145,000		151,282
Series 2015-CR25, Class A3, 3.505%, due 08/10/48		273,857		280,679
Credit Suisse Mortgage Capital Certificates, Series 2021-980M, Class B, 2.795%, due 07/15/312		130,000		128,247
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257%, due 08/15/372		375,759		374,978
CSMC Trust, Series 2017-CALI, Class A, 3.431%, due 11/10/322		260,000		265,396
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD LIBOR + 1.080%, 1.171%, due 07/15/382,4		407,492		407,247

48

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1, 1.101%, due 03/25/243		2,349,412	$	47,948
Series K121, Class X1, 1.028%, due 10/25/303		1,190,931		88,681
Series KC02, Class A2, 3.370%, due 07/25/25		570,724		592,618
Series KL06, Class XFX, 1.364%, due 12/25/29		720,000		59,756
FHLMC REMIC Trust, Series 2626, Class A, 4.000%, due 06/15/33		60,442		63,539
Series 4248, Class FL, 1 mo. USD LIBOR + 0.450%, 0.539%, due 05/15/414		120,999		122,172
Series 4316, Class XZ, 4.500%, due 03/15/44		433,613		476,287
Series 4328, Class DA, 4.000%, due 01/15/36		29,916		29,994
Series 4443, Class BA, 3.500%, due 04/15/41		23,786		24,109
Series 4447, Class PA, 3.000%, due 12/15/44		51,067		52,790
Series 4606, Class FB, 1 mo. USD LIBOR + 0.500%, 0.589%, due 08/15/464		209,507		211,870
Flagstar Mortgage Trust, Series 2019-1INV, Class A11, 1 mo. USD LIBOR + 0.950%, 1.039%, due 10/25/492,4		126,003		125,947
Series 2020-1INV, Class A11, 1 mo. USD LIBOR + 0.850%, 0.939%, due 03/25/502,4		197,075		196,659
FNMA REMIC Trust, Series 2011-8, Class ZA, 4.000%, due 02/25/41		673,957		708,833
Series 2013-112, Class HQ, 4.000%, due 11/25/43		37,271		39,973
Series 2014-12, Class GV, 3.500%, due 03/25/27		50,739		51,038
Series 2015-20, Class EV, 3.500%, due 07/25/26		152,852		157,102
Series 2015-28, Class IO, 5.500%, due 05/25/45		691,138		125,880
Series 2015-58, Class JP, 2.500%, due 03/25/37		61,199		62,076
Series 2015-62, Class VA, 4.000%, due 10/25/26		46,948		48,011
Series 2016-48, Class UF, 1 mo. USD LIBOR + 0.400%, 0.489%, due 08/25/464		310,256		312,548
Series 2016-62, Class FC, 1 mo. USD LIBOR + 0.500%, 0.589%, due 09/25/464		162,054		163,894

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2016-74, Class GF, 1 mo. USD LIBOR + 0.500%, 0.589%, due 10/25/464		193,013	$	194,949
FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500%, due 01/25/393		197,874		202,628
GCAT Trust, Series 2021-NQM7, Class A1, 1.915%, due 08/25/662,3		332,017		327,555
GNMA, Series 2014-131, Class BW, 1.933%, due 05/20/413		27,446		28,624
Series 2015-167, Class SA, 1 mo. USD LIBOR + 6.250%, 6.164%, due 11/20/454		227,948		42,308
GS Mortgage Securities Corp. Trust, Series 2020-TWN3, Class B, 1 mo. USD LIBOR + 2.500%, 2.590%, due 11/15/372,4		335,000		334,799
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2021-MHC, Class A, 1 mo. USD LIBOR + 0.800%, 0.890%, due 04/15/382,4		85,041		84,853
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1 mo. USD LIBOR + 1.000%, 1.090%, due 09/15/292,4		111,882		111,452
JP Morgan Mortgage Trust, Series 2014-IVR26, Class B2, 2.406%, due 07/25/44		154,618		154,607
Series 2019-INV2, Class A11, 1 mo. USD LIBOR + 0.900%, 0.989%, due 02/25/502,4		145,562		146,120
Series 2019-LTV3, Class A11, 1 mo. USD LIBOR + 0.850%, 0.936%, due 03/25/502,4		48,608		48,586
MF1 Ltd., Series 2021-W10, Class A, SOFR + 1.070%, 1.123%, due 12/15/342,4		100,000		99,784
Series 2021-W10, Class B, SOFR + 1.370%, 1.423%, due 12/15/342,4		370,000		369,214
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4, 3.779%, due 05/15/483		520,000		545,686
Series 2018-SUN, Class A, 1 mo. USD LIBOR + 0.900%, 0.990%, due 07/15/352,4		290,000		289,772
Series 2019-NUGS, Class A, 1 mo. USD LIBOR + 0.950%, 2.450%, due 12/15/362,4		241,000		240,498
New Residential Mortgage Loan Trust, Series 2016-4A, Class A1, 3.750%, due 11/25/562,3		64,306		67,086

49

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(concluded)
One New York Plaza Trust, Series 2020-1NYP, Class A, 1 mo. USD LIBOR + 0.950%, 1.040%, due 01/15/362,4		240,000	$	239,857
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071%, due 11/25/562,3		293,012		288,233
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A2B, 4.144%, due 01/05/432,3		515,000		543,634
Shellpoint Co-Originator Trust, Series 2016-1, Class 2A3, 3.000%, due 10/25/312,3		90,149		90,140
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718%, due 04/25/602,3		54,903		55,056
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1 mo. USD LIBOR + 1.050%, 1.140%, due 11/11/342,4		81,008		80,935
Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5, 4.212%, due 05/15/51		445,000		488,741
Series 2018-C46, Class A4, 4.152%, due 08/15/51		170,000		186,636
Total mortgage-backed securities (cost—$17,201,064)				17,222,534
Municipal bonds—0.1%
New Jersey—0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds Revenue Bonds 6.561%, due 12/15/40		105,000		152,469
New Jersey Turnpike Authority, Taxable Refunding Revenue Bonds, Series B, 2.782%, due 01/01/40		25,000		24,035
				176,504
Texas—0.0%†
State of Texas, Series B, 2.754%, due 10/01/41		50,000		49,405
Total municipal bonds (cost—$200,972)				225,909
Non-U.S. government agency obligations—1.9%
Argentine Republic Government International Bond 1.000%, due 07/09/29		29,232		10,334
1.750%, due 07/09/3010		266,126		89,951
5.000%, due 07/09/3510		767,563		236,793
Brazilian Government International Bond 3.875%, due 06/12/30		225,000		211,472
Chile Government International Bond 2.450%, due 01/31/317		145,000		139,454
2.550%, due 01/27/327		200,000		192,662
2.550%, due 07/27/33		275,000		256,987
3.240%, due 02/06/28		130,000		134,209

	Face amount1		Value
Non-U.S. government agency obligations—(concluded)
Colombia Government International Bond 3.125%, due 04/15/31		85,000	$	72,850
3.875%, due 04/25/27		570,000		559,597
4.500%, due 03/15/29		75,000		73,631
Egypt Government International Bond 7.300%, due 09/30/332		205,000		178,606
Hungary Government International Bond 7.625%, due 03/29/41		44,000		68,981
Indonesia Government International Bond 2.850%, due 02/14/30		240,000		240,945
4.100%, due 04/24/28		111,000		120,456
7.750%, due 01/17/382		108,000		155,743
Mexico Government International Bond 1.450%, due 10/25/33	EUR	410,000		411,674
4.600%, due 02/10/48		200,000		199,700
5.750%, due 10/12/10		18,000		19,530
Panama Government International Bond 3.750%, due 03/16/25		250,000		260,672
4.500%, due 04/01/56		450,000		458,100
Peruvian Government International Bond 2.783%, due 01/23/31		41,000		39,675
3.300%, due 03/11/417		41,000		38,499
4.125%, due 08/25/27		36,000		38,797
Philippine Government International Bond 1.648%, due 06/10/31		200,000		183,772
3.000%, due 02/01/28		600,000		623,316
Qatar Government International Bond 3.750%, due 04/16/302,7		200,000		218,500
Romanian Government International Bond 3.000%, due 02/14/312,7		42,000		40,698
3.625%, due 03/27/32		36,000		36,000
4.000%, due 02/14/512		76,000		70,984
Saudi Government International Bond 5.000%, due 04/17/492		200,000		242,500
Uruguay Government International Bond 4.500%, due 08/14/24		85,000		89,027
Total non-U.S. government agency obligations (cost—$6,035,259)				5,714,115
U.S. government agency obligations—27.9%
FHLB 4.000%, due 09/01/28		680,000		769,087
FHLMC 2.000%, due 08/01/50		36,203		35,457
2.000%, due 07/01/51		466,157		457,866
2.000%, due 09/01/51		157,149		153,595
2.000%, due 10/01/51		434,890		424,558
2.000%, due 01/01/52		138,398		135,231
2.000%, due 02/01/52		45,259		44,184
2.500%, due 05/01/51		1,121,801		1,131,711
2.500%, due 12/01/51		575,782		580,528
3.000%, due 09/01/27		20,532		21,312
3.000%, due 07/01/28		11,917		12,395
3.500%, due 04/01/42		10,219		10,846
3.500%, due 08/01/42		9,705		10,301
3.500%, due 06/01/44		5,507		5,839
3.500%, due 10/01/47		52,265		56,060

50

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
U.S. government agency obligations—(continued)
3.500%, due 12/01/47		45,737	$	49,058
3.500%, due 01/01/48		16,541		17,654
4.000%, due 09/01/40		19,432		20,991
4.000%, due 07/01/44		12,332		13,324
4.500%, due 07/01/47		208,557		228,287
4.500%, due 08/01/48		101,452		110,866
5.000%, due 02/01/42		281,902		313,734
5.000%, due 09/01/43		146,322		164,365
6.250%, due 07/15/32		302,000		423,002
6.750%, due 03/15/31		82,000		114,795
FNMA 2.000%, due 10/01/31		10,680		10,743
2.000%, due 11/01/31		140,924		141,745
2.000%, due 12/01/31		15,260		15,349
2.000%, due 03/01/32		100,407		100,993
2.000%, due 09/01/50		50,623		49,580
2.000%, due 11/01/50		108,277		106,046
2.000%, due 12/01/50		230,208		225,465
2.000%, due 03/01/51		175,463		171,640
2.000%, due 04/01/51		72,286		70,632
2.000%, due 05/01/51		118,833		116,313
2.000%, due 11/01/51		295,867		288,837
2.000%, due 12/01/51		539,893		528,068
2.000%, due 01/01/52		328,893		321,832
2.500%, due 04/01/32		1,936,328		1,984,307
2.500%, due 01/01/52		2,408,016		2,428,822
3.000%, due 07/01/29		279,174		289,631
3.000%, due 10/01/29		24,572		25,494
3.000%, due 01/01/30		166,967		173,177
3.000%, due 01/01/31		642,891		666,573
3.000%, due 09/01/31		24,745		25,698
3.000%, due 04/01/32		13,056		13,528
3.000%, due 09/01/32		297,812		309,924
3.000%, due 03/01/33		286,018		297,605
3.000%, due 09/01/37		10,616		10,991
3.000%, due 06/01/38		207,411		214,710
3.000%, due 03/01/47		3,803,504		3,957,345
3.000%, due 08/01/50		128,543		132,199
3.500%, due 05/01/3211		419,857		442,626
3.500%, due 01/01/34		18,136		19,268
3.500%, due 05/01/35		69,252		73,341
3.500%, due 05/01/3911		7,279		7,631
3.500%, due 12/01/3911		29,290		30,704
3.500%, due 01/01/40		94,591		99,210
3.500%, due 01/01/4011		12,761		13,377
3.500%, due 02/01/40		11,553		12,117
3.500%, due 02/01/4011		22,276		23,352
3.500%, due 04/01/4211		1,571		1,664
3.500%, due 02/01/4511		11,910		12,608
3.500%, due 03/01/46		5,558,808		5,886,837
3.500%, due 09/01/46		34,376		36,275
3.500%, due 12/01/4611		45,199		48,061
3.500%, due 02/01/4711		238,702		253,663
3.500%, due 03/01/4711		13,490		14,312
3.500%, due 05/01/4711		136,460		144,778
3.500%, due 06/01/4711		27,581		29,262
3.500%, due 04/01/4811		8,673		9,263

	Face amount1		Value
U.S. government agency obligations—(continued)
4.000%, due 09/01/33		12,680	$	13,416
4.000%, due 10/01/33		34,785		37,233
4.000%, due 01/01/42		344,380		371,908
4.000%, due 01/01/45		1,461,317		1,578,571
4.000%, due 07/01/46		652,124		697,500
4.000%, due 05/01/47		24,693		26,492
4.000%, due 07/01/47		100,600		107,901
4.000%, due 08/01/47		56,801		60,938
4.000%, due 02/01/48		12,165		13,081
4.000%, due 04/01/48		39,737		43,257
4.000%, due 01/01/49		75,511		81,026
4.000%, due 03/01/49		206,376		218,600
4.500%, due 04/01/4111		1,473,019		1,611,350
4.500%, due 11/01/45		7,961		8,803
4.500%, due 12/01/45		34,561		37,742
4.500%, due 07/01/46		90,879		100,990
4.500%, due 10/01/47		22,494		24,799
4.500%, due 12/01/47		47,778		52,013
4.500%, due 05/01/48		305,558		333,654
5.000%, due 09/01/31		203,727		223,483
5.000%, due 01/01/44		69,451		77,924
5.000%, due 03/01/44		125,681		139,973
GNMA 3.000%, due 02/15/45		57,260		59,166
4.000%, due 06/15/47		16,185		17,210
4.000%, due 09/15/47		32,517		34,575
4.000%, due 10/15/47		115,731		123,058
4.000%, due 11/15/47		23,586		25,224
4.000%, due 12/15/47		63,449		67,466
4.000%, due 01/15/48		137,049		145,726
4.500%, due 03/15/47		21,843		24,498
4.500%, due 04/15/47		45,574		50,947
4.500%, due 05/15/47		14,446		16,156
GNMA II 2.000%, due 08/20/50		442,030		437,537
2.000%, due 11/20/50		548,152		542,581
2.500%, due 10/20/51		791,317		796,967
2.500%, due 12/20/51		1,478,145		1,488,699
3.000%, due 04/20/50		101,990		104,921
3.000%, due 05/20/50		79,177		81,457
3.000%, due 08/20/50		77,925		80,181
3.500%, due 04/20/43		36,838		39,539
3.500%, due 05/20/43		37,500		40,250
3.500%, due 05/20/45		147,225		155,074
3.500%, due 03/20/46		1,428,013		1,500,032
3.500%, due 05/20/46		174,153		182,936
3.500%, due 07/20/46		64,298		67,541
4.000%, due 04/20/39		2,087		2,264
4.000%, due 04/20/42		42,856		46,365
4.000%, due 08/20/44		323,885		348,481
4.000%, due 06/20/47		258,365		273,971
4.000%, due 05/20/50		163,559		171,206
4.500%, due 07/20/40		4,087		4,521
4.500%, due 08/20/40		3,928		4,345
4.500%, due 09/20/40		7,629		8,439
4.500%, due 10/20/40		7,558		8,361
4.500%, due 06/20/44		212,001		233,354

51

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
U.S. government agency obligations—(concluded)
4.500%, due 09/20/48		68,540	$	72,906
4.500%, due 03/20/49		65,936		69,592
4.500%, due 04/20/50		81,482		85,907
GNMA II TBA 2.000%		3,573,700		3,530,014
2.500%		2,225,000		2,237,994
3.000%		3,147,000		3,217,974
3.500%		711,200		734,732
4.000%		79,500		82,973
4.500%		282,000		296,768
UMBS TBA 1.500%		5,408,000		5,210,642
2.000%11		3,668,000		3,685,276
2.000%		16,090,300		15,650,885
2.500%		6,260,400		6,252,463
3.000%11		3,633,148		3,702,214
3.500%11		889,739		927,259
4.000%11		793,000		837,297
Total U.S. government agency obligations (cost—$84,430,372)				84,779,240
U.S. Treasury obligations—27.0%
U.S. Treasury Bonds 1.125%, due 08/15/40		3,555,000		2,988,144
1.250%, due 05/15/50		730,000		593,724
1.375%, due 11/15/40		1,940,000		1,700,910
1.375%, due 08/15/50		2,245,000		1,884,046
1.625%, due 11/15/50		2,057,000		1,835,953
1.750%, due 08/15/41		4,655,000		4,334,969
1.875%, due 02/15/41		840,000		800,723
1.875%, due 02/15/51		714,000		676,236
1.875%, due 11/15/51		720,000		682,650
2.000%, due 11/15/41		910,000		884,548
2.000%, due 02/15/50		850,000		828,518
2.250%, due 08/15/49		45,000		46,185
2.750%, due 11/15/47		465,000		519,510
2.875%, due 11/15/46		1,070,000		1,214,408
2.875%, due 05/15/49		605,000		699,508
3.000%, due 11/15/45		660,000		761,166
3.000%, due 02/15/47		7,494,000		8,705,335
3.000%, due 02/15/48		1,030,000		1,206,669
3.000%, due 08/15/48		695,000		816,435
3.000%, due 02/15/49		275,000		324,597
3.125%, due 11/15/41		3,015,000		3,487,978
3.625%, due 08/15/43		980,000		1,223,354
3.625%, due 02/15/44		2,035,000		2,549,155
4.375%, due 02/15/38		315,000		419,971
4.750%, due 02/15/37		2,175,000		2,989,436
U.S. Treasury Notes 0.250%, due 05/31/25		490,000		470,955
0.375%, due 04/30/25		450,800		435,762
0.375%, due 11/30/25		1,040,000		995,597
0.375%, due 07/31/27		3,168,000		2,956,635
0.500%, due 02/28/26		2,711,000		2,598,006
0.625%, due 05/15/30		5,560,000		5,077,627
0.750%, due 12/31/23		2,174,000		2,157,016
0.750%, due 05/31/26		1,859,000		1,794,516

	Face amount1		Value
U.S. Treasury obligations—(concluded)
1.000%, due 07/31/28		842,000	$	803,814
1.125%, due 01/15/25		10,682,000		10,603,554
1.250%, due 11/30/26		1,860,000		1,829,339
1.250%, due 12/31/26		1,720,000		1,690,706
1.250%, due 08/15/31		585,000		558,218
1.375%, due 10/31/28		403,000		393,460
1.375%, due 12/31/28		1,085,000		1,058,892
1.375%, due 11/15/31		3,739,000		3,602,877
1.500%, due 01/31/27		1,145,000		1,139,007
1.750%, due 01/31/29		1,620,000		1,620,759
Total U.S. Treasury obligations (cost—$81,876,578)				81,960,868
Short-term investments—14.7%
Commercial paper—12.9%
Bank Of Montreal		3,155,000		3,152,747
Bank Of Nova Scotia		3,160,000		3,159,262
Canadian Imperial Bank of Commerce		3,135,000		3,134,794
Canadian Imperial Bank of Commerce		3,145,000		3,142,707
Credit Suisse NY		3,140,000		3,137,868
DBS Bank Ltd.		2,500,000		2,497,042
Macquarie Bank , Ltd.		895,000		894,996
MUFG Bank Ltd.		3,155,000		3,152,265
National Bank of Canada		3,145,000		3,141,905
Nordea Bank ABP		3,005,000		3,003,114
Skandinaviska Enskilda Banken AB		3,160,000		3,158,315
Sumitomo Mitsui Trust Bank Ltd.		1,165,000		1,164,991
Svenska Handelsbanken AB		3,130,000		3,129,744
Toronto-Dominion Bank		3,150,000		3,149,908
Total commercial paper				39,019,658
Investment companies—1.8%
State Street Institutional U.S. Government Money Market Fund, 0.030%5		5,568,099		5,568,099
Total short-term investments (cost—$44,597,169)				44,587,757
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%5 (cost—$1,492,348)		1,492,348		1,492,348

	Number of contracts		Notional amount
Option purchased—0.0%†
Put options—0.0%†
U.S. Treasury Note 10 Year Futures Options strike @ $126, expires 02/18/22 (cost—$5,610)		21,000	USD	21	1,640

52

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—0.4%
Call swaptions—0.1%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 07/01/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/05/27		2,880,000	USD	2,880,000	$	6,843
3 Month USD LIBOR Interest Rate Swap, strike @ 0.016% expires 07/29/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/31/34		790,000	USD	790,000		20,057
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 07/22/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/24/34		380,000	USD	380,000		11,153
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 08/02/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/06/34		380,000	USD	380,000		11,301
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/24/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/24/34		635,000	USD	635,000		25,760
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/28/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/02/34		635,000	USD	635,000		26,682

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 1.283% expires 06/04/25 (Counterparty: GS; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000	$	6,851
3 Month USD LIBOR Interest Rate Swap, strike @ 1.420% expires 06/04/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000		7,973
3 Month USD LIBOR Interest Rate Swap, strike @ 1.495% expires 02/25/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/27/35		680,000	USD	680,000		18,164
3 Month USD LIBOR Interest Rate Swap, strike @ 1.540% expires 08/03/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/05/27		1,470,000	USD	1,470,000		8,152
3 Month USD LIBOR Interest Rate Swap, strike @ 1.590% expires 1/12/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 1/12/23		2,510,000	USD	2,510,000		35,132
3 Month USD LIBOR Interest Rate Swap, strike @ 1.938% expires 11/15/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 11/17/23		960,000	USD	960,000		33,496
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000		34,449

53

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000	$	34,674
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000		35,265
3 Month USD SOFR Interest Rate Swap, strike @ 1.700% expires 01/12/23 (Counterparty: GSI; pay floating rate); underlying swap terminates 01/16/53		260,000	USD	260,000		16,588
3 Month USD SOFR Interest Rate Swap, strike @ 2,725% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		33,940
3 Month USD SOFR Interest Rate Swap, strike @ 2.620% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49		290,000	USD	290,000		29,908
Total						396,388
Put swaptions—0.3%
3 Month USD LIBOR Interest Rate Swap, strike @ 0.013% expires 07/01/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/05/27		2,880,000	USD	2,880,000		74,273

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 0.015% expires 07/06/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/08/27		2,880,000	USD	2,880,000	$	61,057
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 07/22/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/24/34		380,000	USD	380,000		23,197
3 Month USD LIBOR Interest Rate Swap, strike @ 0.017% expires 08/02/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/06/34		380,000	USD	380,000		23,202
3 Month USD LIBOR Interest Rate Swap, strike @ 0.018% expires 08/05/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/07/34		1,120,000	USD	1,120,000		61,445
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/24/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/26/34		635,000	USD	635,000		29,189
3 Month USD LIBOR Interest Rate Swap, strike @ 0.020% expires 06/28/24 (Counterparty: GS; pay floating rate); underlying swap terminates 07/02/34		635,000	USD	635,000		28,445
3 Month USD LIBOR Interest Rate Swap, strike @ 1.283% expires 06/04/25 (Counterparty: GS; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000		27,725

54

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 1.420% expires 06/04/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 06/06/35		310,000	USD	310,000	$	25,126
3 Month USD LIBOR Interest Rate Swap, strike @ 1.495% expires 02/25/25 (Counterparty: BOA; pay floating rate); underlying swap terminates 02/27/35		680,000	USD	680,000		51,070
3 Month USD LIBOR Interest Rate Swap, strike @ 1.540% expires 08/03/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 08/05/27		1,470,000	USD	1,470,000		28,655
3 Month USD LIBOR Interest Rate Swap, strike @ 1.590% expires 1/12/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 1/12/23		2,510,000	USD	2,510,000		43,265
3 Month USD LIBOR Interest Rate Swap, strike @ 1.938% expires 11/15/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 11/17/23		960,000	USD	960,000		40,429
3 Month USD LIBOR Interest Rate Swap, strike @ 2.250% expires 08/02/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/04/32		1,170,000	USD	1,170,000		12,297
3 Month USD LIBOR Interest Rate Swap, strike @ 2.250% expires 08/08/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 08/10/32		1,190,000	USD	1,190,000		12,899

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/13/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/17/34		1,150,000	USD	1,150,000	$	30,920
3 Month USD LIBOR Interest Rate Swap, strike @ 2.500% expires 06/20/24 (Counterparty: GS; pay floating rate); underlying swap terminates 06/24/34		1,150,000	USD	1,150,000		31,047
3 Month USD LIBOR Interest Rate Swap, strike @ 2.850% expires 05/09/22 (Counterparty: BOA; pay floating rate); underlying swap terminates 05/11/52		1,430,000	USD	1,430,000		2,050
3 Month USD LIBOR Interest Rate Swap, strike @ 3.040% expires 01/11/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/16/39		320,000	USD	320,000		10,483
3 Month USD LIBOR Interest Rate Swap, strike @ 3.053% expires 01/10/29 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/12/39		320,000	USD	320,000		10,384
3 Month USD LIBOR Interest Rate Swap, strike @ 3.083% expires 01/29/29 (Counterparty: GS; pay floating rate); underlying swap terminates 01/31/39		320,000	USD	320,000		10,208
3 Month USD SOFR Interest Rate Swap, strike @ 1.540% expires 07/05/22 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 07/07/32		1,060,000	USD	1,060,000		27,792

55

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
3 Month USD SOFR Interest Rate Swap, strike @ 1.700% expires 01/12/23 (Counterparty: GSI; pay floating rate); underlying swap terminates 01/16/53		260,000	USD	260,000	$	18,909
3 Month USD SOFR Interest Rate Swap, strike @ 2,725% expires 04/27/38 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 04/29/48		315,000	USD	315,000		11,490
3 Month USD SOFR Interest Rate Swap, strike @ 2.620% expires 02/22/39 (Counterparty: JPMCB; pay floating rate); underlying swap terminates 02/24/49		290,000	USD	290,000		11,075
Total						706,632
Total swaptions purchased (cost—$1,173,907)						1,103,020
Total investments before investments sold short (cost—$363,192,330)—118.6%						360,064,504

	Face amount1			Value
Investments sold short—(1.3)%
GNMA II TBA 4.000%		(29,000	)	$	(30,312	)
UMBS TBA 1.500%		(43,000	)		(40,646	)
2.000%		(879,000	)		(856,637	)
3.000%		(546,000	)		(563,939	)
3.500%		(1,905,478	)		(1,982,995	)
4.000%		(65,000	)		(68,693	)
4.500%		(503,000	)		(537,108	)
Total investments sold short (proceeds—$4,090,547)					(4,080,330	)
Liabilities in excess of other assets—(17.3)%					(52,496,310	)
Net assets—100.0%				$	303,487,864

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.

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	5,040		5,040,000	3 Month SOFR Index Interest Rate Swap strike @ 1.25%, terminating 01/12/22	JPMCB	Receive	01/10/23	$	19,782	$	(17,924	)	$	1,858
USD	2,110		2,110,000	3 Month SOFR Index Interest Rate Swap strike @ 1.36%, terminating 01/20/25	BOA	Receive	01/18/23		8,567		(9,283	)		(716	)
USD	1,063		1,063,000	3 Month SOFR Index Interest Rate Swap strike @ 1.42%, terminating 12/17/22	JPMCB	Receive	12/15/22		29,870		(16,778	)		13,092
USD	660		660,000	3 Month SOFR Index Interest Rate Swap strike @ 1.45%, terminating 12/07/22	JPMCB	Receive	12/05/22		20,130		(10,765	)		9,365
USD	840		840,000	3 Month SOFR Index Interest Rate Swap strike @ 1.75%, terminating 03/03/22	JPMCB	Receive	03/01/22		1,932		(926	)		1,006
USD	8,740		8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/05/24	JPMCB	Receive	04/01/22		20,801		(452	)		20,349

56

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	835		835,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 06/09/32	JPMCB	Receive	06/07/22	$	7,933	$	(2,779	)	$	5,154
USD	1,320		1,320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/05/32	GS	Receive	09/01/22		35,112		(11,275	)		23,837
USD	665		665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/11/32	BOA	Receive	10/07/22		18,287		(11,921	)		6,366
USD	665		665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/17/32	BOA	Receive	10/13/22		18,105		(11,883	)		6,222
USD	6,360		6,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 03/02/24	GS	Receive	02/28/22		20,193		(84	)		20,109
USD	3,240		3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.52%, terminating 03/07/24	BOA	Receive	03/03/22		9,436		(56	)		9,380
USD	3,240		3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.56%, terminating 03/23/24	JPMCB	Receive	03/21/22		10,854		(114	)		10,740
USD	6,290		6,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.57%, terminating 03/25/24	JPMCB	Receive	03/23/22		20,443		(239	)		20,204
USD	4,400		4,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.02%, terminating 05/05/24	BOA	Receive	05/03/22		17,380		(2,040	)		15,340
USD	480		480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.23%, terminating 12/20/32	GS	Receive	12/16/22		15,696		(2,980	)		12,716
USD	3,140		3,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	JPMCB	Receive	10/25/22		18,840		(5,720	)		13,120
USD	2,090		2,090,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	BOA	Receive	10/25/22		12,487		(3,783	)		8,704
USD	710		710,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 03/03/32	JPMCB	Receive	03/01/22		2,308		(307	)		2,001
USD	5,040		5,040,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 03/16/25	GSI	Receive	01/12/23		20,311		(17,731	)		2,580
USD	3,130		3,130,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 11/08/24	JPMCB	Receive	11/04/22		17,215		(6,022	)		11,193
USD	480		480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	GS	Receive	12/16/22		15,696		(3,064	)		12,632
USD	530		530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	BOA	Receive	12/30/22		17,437		(3,603	)		13,834
USD	660		660,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.40%, terminating 03/03/32	BOA	Receive	03/01/22		3,498		(114	)		3,384
USD	1,062		1,062,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.43%, terminating 12/15/32	BOA	Receive	12/13/22		30,108		(17,033	)		13,075
USD	620		620,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.62%, terminating 02/22/32	BOA	Receive	02/18/22		16,430		(548	)		15,882
USD	1,340		1,340,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.85%, terminating 11/17/32	BOA	Receive	11/15/22		39,597		(28,176	)		11,421
USD	970		970,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.01%, terminating 03/03/33	BOA	Receive	03/01/23		36,957		(30,530	)		6,427
Total								$	505,405	$	(216,130	)	$	289,275

57

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Swaptions written—(continued)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	1,063		1,063,000	3 Month SOFR Index Interest Rate Swap strike @ 1.42%, terminating 12/17/22	JPMCB	Pay	12/15/22	$	29,870	$	(45,804	)	$	(15,934	)
USD	660		660,000	3 Month SOFR Index Interest Rate Swap strike @ 1.45%, terminating 12/07/22	JPMCB	Pay	12/05/22		20,130		(26,933	)		(6,803	)
USD	5,040		5,040,000	3 Month SOFR Index Interest Rate Swap strike @ 1.75%, terminating 01/12/22	JPMCB	Pay	01/10/23		19,782		(27,939	)		(8,157	)
USD	4,220		4,220,000	3 Month SOFR Index Interest Rate Swap strike @ 1.79%, terminating 07/07/22	JPMCB	Pay	07/05/22		10,135		(23,270	)		(13,135	)
USD	1,060		1,060,000	3 Month SOFR Index Interest Rate Swap strike @ 1.79%, terminating 07/07/22	JPMCB	Pay	07/05/22		13,335		(15,798	)		(2,463	)
USD	8,740		8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/05/24	JPMCB	Pay	04/01/22		20,801		(150,575	)		(129,774	)
USD	8,740		8,740,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.01%, terminating 04/08/24	JPMCB	Pay	04/06/22		13,984		(129,087	)		(115,103	)
USD	835		835,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 06/09/32	JPMCB	Pay	06/07/22		9,352		(3,865	)		5,487
USD	1,320		1,320,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 09/05/32	GS	Pay	09/01/22		35,112		(62,083	)		(26,971	)
USD	665		665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/11/32	BOA	Pay	10/07/22		18,287		(21,400	)		(3,113	)
USD	665		665,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.02%, terminating 10/17/32	BOA	Pay	10/13/22		18,105		(21,768	)		(3,663	)
USD	6,360		6,360,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.51%, terminating 03/02/24	GS	Pay	02/28/22		20,193		(113,289	)		(93,096	)
USD	3,240		3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.52%, terminating 03/07/24	BOA	Pay	03/03/22		9,436		(57,370	)		(47,934	)
USD	3,240		3,240,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.56%, terminating 03/23/24	JPMCB	Pay	03/21/22		10,854		(57,074	)		(46,220	)
USD	6,290		6,290,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.57%, terminating 03/25/24	JPMCB	Pay	03/23/22		20,443		(110,585	)		(90,142	)
USD	4,690		4,690,000	3 Month USD LIBOR Interest Rate Swap strike @ 0.75%, terminating 03/01/24	JPMCB	Pay	02/25/22		11,491		(60,354	)		(48,863	)
USD	4,400		4,400,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.02%, terminating 05/05/24	BOA	Pay	05/03/22		17,380		(47,084	)		(29,704	)
USD	480		480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.23%, terminating 12/20/32	GS	Pay	12/16/22		15,696		(35,413	)		(19,717	)
USD	3,140		3,140,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	JPMCB	Pay	10/25/22		18,840		(39,447	)		(20,607	)
USD	2,090		2,090,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.24%, terminating 10/27/24	BOA	Pay	10/25/22		12,488		(26,334	)		(13,846	)
USD	530		530,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 01/04/33	BOA	Pay	12/30/22		17,437		(38,506	)		(21,069	)
USD	3,130		3,130,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 11/08/24	JPMCB	Pay	11/04/22		17,215		(39,518	)		(22,303	)
USD	480		480,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.25%, terminating 12/20/32	GS	Pay	12/16/22		15,696		(34,949	)		(19,253	)
USD	1,062		1,062,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.43%, terminating 12/15/32	BOA	Pay	12/13/22		30,108		(44,886	)		(14,778	)

58

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Swaptions written—(concluded)

Notional amount (000)		Number of contracts		Put swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	1,900		1,900,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.48%, terminating 11/04/24	JPMCB	Pay	11/02/22	$	9,595	$	(17,847	)	$	(8,252	)
USD	810		810,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.57%, terminating 03/01/32	BOA	Pay	03/01/22		3,827		(9,052	)		(5,225	)
USD	750		750,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.60%, terminating 03/02/32	BOA	Pay	02/28/22		13,688		(19,231	)		(5,543	)
USD	620		620,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.62%, terminating 02/22/32	BOA	Pay	02/18/22		16,430		(14,317	)		2,113
USD	5,040		5,040,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.75%, terminating 01/16/25	GSI	Pay	01/12/23		20,311		(28,507	)		(8,196	)
USD	1,340		1,340,000	3 Month USD LIBOR Interest Rate Swap strike @ 1.85%, terminating 11/17/32	BOA	Pay	11/15/22		39,597		(42,655	)		(3,058	)
USD	970		970,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.01%, terminating 03/03/33	BOA	Pay	03/01/23		36,957		(28,642	)		8,315
USD	1,220		1,220,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.25%, terminating 08/22/34	BOA	Pay	08/20/24		36,173		(44,038	)		(7,865	)
USD	3,130		3,130,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 05/11/32	BOA	Pay	05/09/22		92,404		(3,005	)		89,399
USD	1,170		1,170,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 08/04/32	JPMCB	Pay	08/02/22		16,029		(3,835	)		12,194
USD	1,190		1,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 2.75%, terminating 08/10/32	JPMCB	Pay	08/08/22		14,340		(4,100	)		10,240
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/17/34	GS	Pay	06/13/24		31,407		(18,448	)		12,959
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.00%, terminating 06/24/34	GS	Pay	06/20/24		28,663		(18,552	)		10,111
USD	1,170		1,170,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 08/04/32	JPMCB	Pay	08/02/22		7,664		(1,184	)		6,480
USD	1,190		1,190,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.25%, terminating 08/10/32	JPMCB	Pay	08/08/22		7,081		(1,288	)		5,793
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/17/34	GS	Pay	06/13/24		18,818		(11,104	)		7,714
USD	1,150		1,150,000	3 Month USD LIBOR Interest Rate Swap strike @ 3.50%, terminating 06/24/34	GS	Pay	06/20/24		17,279		(11,184	)		6,095
EUR	1,140		1,140,000	6 Month EURIBOR Interest Rate Swap strike @ 0.01%, terminating 05/17/33	BOA	Pay	05/15/23		30,501		(31,981	)		(1,480	)
Total								$	866,934	$	(1,542,301	)	$	(675,367	)
Total swaptions written								$	1,372,339	$	(1,758,431	)	$	(386,092	)

59

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
43	AUD	90-Day Bank Bill Futures	December 2022	$	30,314,554		$	30,307,498		$	(7,056	)
59	USD	U.S. Treasury Note 10 Year Futures	March 2022		7,655,754			7,550,156			(105,598	)
123	USD	U.S. Treasury Note 2 Year Futures	March 2022		26,802,805			26,648,719			(154,086	)
84	USD	U.S. Treasury Note 5 Year Futures	March 2022		10,112,669			10,013,062			(99,607	)
Total				$	74,885,782		$	74,519,435		$	(366,347	)
Interest rate futures sell contracts:
13	USD	90 Day Euro Dollar Futures	December 2024	$	(3,202,775	)	$	(3,185,975	)	$	16,800
19	EUR	German Euro BOBL Futures	March 2022		(2,861,249	)		(2,822,737	)		38,512
18	EUR	German Euro Bund Futures	March 2022		(3,507,014	)		(3,419,760	)		87,254
5	EUR	German Euro Buxl 30 Year Futures	March 2022		(1,213,995	)		(1,141,987	)		72,008
10	EUR	German Euro Schatz Futures	March 2022		(1,260,110	)		(1,256,860	)		3,250
9	USD	U.S. Long Bond Futures	March 2022		(1,432,321	)		(1,400,625	)		31,696
U.S. Treasury futures sell contracts:
30	USD	U.S. Ultra Bond Futures	March 2022	$	(5,787,214	)	$	(5,668,125	)	$	119,089
58	USD	U.S. Ultra Treasury Note 10 Year Futures	March 2022		(8,373,776	)		(8,284,031	)		89,745
Total				$	(27,638,454	)	$	(27,180,100	)	$	458,354
Net unrealized appreciation (depreciation)										$	92,007

Centrally cleared credit default swap agreements on corporate issues—buy protection¹²

Referenced obligations

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio

Upfront payments received (made)

Value

Unrealized appreciation (depreciation)

CDX North American Investment  3 Month   Grade Series 37 Index

USD

3,080

12/20/26

Quarterly

USD LIBOR

$

70,110

$

(60,838

)

$

9,272

Centrally cleared credit default swap agreements on corporate issues—sell protection¹³

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio14			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
CDX North American High Yield Series 37 Index	USD	1,998	12/20/26	Quarterly		5.000	%	$	(138,504	)	$	148,313	$	9,809

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14			Payments received by the Portfolio14	Value			Unrealized appreciation (depreciation)
USD	180	07/05/49	Quarterly		2.378	%	3 Month USD LIBOR	$	(5,714	)	$	(5,717	)
USD	10,180	07/12/23	Quarterly		1.771		3 Month USD LIBOR		(40,207	)		(40,264	)
USD	160	08/16/49	Quarterly		1.709		3 Month USD LIBOR		2,119			2,116

60

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14			Payments received by the Portfolio14	Value			Unrealized appreciation (depreciation)
USD	130	08/17/49	Quarterly		1.667	%	3 Month USD LIBOR	$	2,094		$	2,092
USD	285	08/22/34	Quarterly		1.645		3 Month USD LIBOR		10,679			10,674
USD	380	10/21/34	Quarterly		1.907		3 Month USD LIBOR		5,541			5,534
USD	380	10/22/34	Quarterly		1.933		3 Month USD LIBOR		4,669			4,662
USD	220	10/23/39	Quarterly		2.098		3 Month USD LIBOR		772			768
USD	410	11/07/34	Quarterly		1.998		3 Month USD LIBOR		2,718			2,711
USD	410	11/12/34	Quarterly		2.111		3 Month USD LIBOR		(1,335	)		(1,342	)
USD	450	11/15/39	Quarterly		2.137		3 Month USD LIBOR		176			168
EUR	340	01/16/30	Semi-Annual		0.185		6 Month EURIBOR		5,644			5,586
EUR	340	01/16/30	Annual		6 Month EURIBOR		0.185%		(85	)		(77	)
USD	1,060	04/14/25	Quarterly		0.626		3 Month USD LIBOR		28,713			28,701
USD	360	05/03/32	Quarterly		0.760		3 Month USD LIBOR		38,617			38,611
USD	1,000	05/04/32	Quarterly		0.765		3 Month USD LIBOR		106,820			106,802
USD	195	06/20/52	Quarterly		1.136		3 Month USD LIBOR		37,767			37,762
USD	195	06/20/52	Quarterly		1.090		3 Month USD LIBOR		39,857			39,852
USD	200	07/12/53	Quarterly		0.881		3 Month USD LIBOR		50,527			50,522
USD	1,400	08/17/27	Quarterly		0.502		3 Month USD LIBOR		88,440			88,419
USD	180	08/17/40	Quarterly		0.973		3 Month USD LIBOR		28,437			28,433
USD	165	11/04/40	Quarterly		1.209		3 Month USD LIBOR		20,336			20,332
USD	40	11/05/40	Quarterly		1.251		3 Month USD LIBOR		4,657			4,656
USD	450	11/15/27	Quarterly		0.845		3 Month USD LIBOR		21,686			21,681
USD	560	02/22/32	Quarterly		1.594		3 Month USD LIBOR		15,203			15,195
USD	280	02/22/32	Quarterly		1.621		3 Month USD LIBOR		6,903			6,899
USD	1,470	02/15/28	Quarterly		1.271		3 Month USD LIBOR		32,726			32,710
USD	430	03/06/26	Quarterly		1.710		3 Month USD LIBOR		979			978
USD	950	03/10/31	Quarterly		2.780		3 Month USD LIBOR		(84,706	)		(84,720	)
USD	3	03/20/31	Quarterly		2.504		3 Month USD LIBOR		(61	)		(61	)
USD	660	04/20/27	Quarterly		1.285		3 Month USD LIBOR		15,447			15,442
EUR	110	05/16/33	Semi-Annual		0.440		6 Month EURIBOR		2,152			2,146
USD	1,620	06/21/24	Quarterly		0.729		3 Month USD LIBOR		27,911			27,905
USD	810	06/23/24	Quarterly		0.742		3 Month USD LIBOR		13,825			13,822
USD	1,920	08/12/24	Quarterly		0.744		3 Month USD LIBOR		35,390			35,383
USD	1,055	08/15/24	Quarterly		0.782		3 Month USD LIBOR		18,719			18,715
USD	500	09/21/31	Quarterly		1.429		3 Month USD LIBOR		17,116			17,108
USD	380	09/22/31	Quarterly		1.391		3 Month USD LIBOR		14,364			14,358
USD	1,060	09/24/31	Quarterly		1.520		3 Month USD LIBOR		27,451			27,435
USD	1,620	03/24/24	Quarterly		0.563		3 Month USD LIBOR		27,935			27,928
EUR	1,100	11/17/26	Annual		6 Month EURIBOR		0.175		(939	)		(939	)
USD	2,910	04/08/24	Quarterly		0.640		3 Month USD LIBOR		47,469			47,456
USD	1,600	04/11/24	Quarterly		0.649		3 Month USD LIBOR		25,996			25,989
USD	1,820	04/12/24	Quarterly		0.677		3 Month USD LIBOR		28,640			28,632
USD	1,600	04/12/24	Quarterly		0.689		3 Month USD LIBOR		24,803			24,796
USD	1,290	04/14/24	Quarterly		0.728		3 Month USD LIBOR		19,170			19,164
USD	1,060	04/19/24	Quarterly		0.761		3 Month USD LIBOR		15,230			15,225
USD	1,060	04/19/24	Quarterly		0.762		3 Month USD LIBOR		15,205			15,200

61

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14			Payments received by the Portfolio14	Value			Unrealized appreciation (depreciation)
USD	1,590	04/14/24	Quarterly		0.797	%	3 Month USD LIBOR	$	21,441		$	21,434
USD	1,590	04/14/24	Quarterly		0.789		3 Month USD LIBOR		21,714			21,707
USD	660	01/18/24	Quarterly		0.649		3 Month USD LIBOR		8,163			8,160
USD	570	10/18/31	Quarterly		1.775		3 Month USD LIBOR		1,907			1,898
USD	800	04/20/24	Quarterly		0.808		3 Month USD LIBOR		10,828			10,825
USD	800	04/20/24	Quarterly		0.815		3 Month USD LIBOR		10,724			10,721
USD	800	04/20/24	Quarterly		0.833		3 Month USD LIBOR		10,430			10,427
USD	800	04/20/24	Quarterly		0.849		3 Month USD LIBOR		10,182			10,179
USD	795	04/20/24	Quarterly		0.919		3 Month USD LIBOR		9,024			9,021
USD	1,730	04/20/24	Quarterly		0.935		3 Month USD LIBOR		19,079			19,071
USD	1,590	04/25/24	Quarterly		0.913		3 Month USD LIBOR		18,459			18,452
USD	1,593	04/25/24	Quarterly		0.945		3 Month USD LIBOR		17,489			17,482
USD	280	10/27/51	Maturity		2.628		12 Month US CPI		(12,784	)		(12,796	)
EUR	165	10/15/31	Maturity		2.095		12 Month EU EXT		1,452			1,448
USD	280	10/28/51	Maturity		2.625		12 Month US CPI		(12,475	)		(12,487	)
EUR	165	10/15/31	Maturity		2.135		12 Month EU EXT		579			575
USD	800	04/29/24	Quarterly		0.997		3 Month USD LIBOR		8,064			8,061
USD	2,395	05/03/24	Quarterly		1.007		3 Month USD LIBOR		24,104			24,093
USD	2,395	05/03/24	Quarterly		1.018		3 Month USD LIBOR		23,608			23,597
USD	410	11/15/27	Annual		1.245		12 Month USD SOFR		7,790			7,786
USD	1,590	05/12/24	Quarterly		1.053		3 Month USD LIBOR		15,146			15,139
USD	795	05/12/24	Quarterly		1.075		3 Month USD LIBOR		7,239			7,236
USD	210	11/22/31	Annual		0.05		12 Month USD SOFR		2,872			2,869
USD	80	11/22/31	Annual		0.05		12 Month USD SOFR		1,322			1,321
EUR	130	11/15/51	Maturity		2.127		12 Month EU EXT		3,445			3,439
USD	2,940	11/15/28	Annual		1.355		12 Month USD SOFR		40,238			42,987
USD	2,170	05/31/26	Quarterly		1.455		3 Month USD LIBOR		22,063			22,174
USD	1,580	02/24/24	Quarterly		1.059		3 Month USD LIBOR		9,699			9,692
USD	1,580	02/25/24	Quarterly		1.069		3 Month USD LIBOR		9,438			9,431
USD	570	08/15/31	Annual		1.52		12 Month USD SOFR		5,597			5,588
USD	3,150	02/28/24	Quarterly		1.053		3 Month USD LIBOR		20,198			20,184
USD	1,690	02/29/24	Quarterly		1.062		3 Month USD LIBOR		10,448			10,441
USD	140	02/29/24	Quarterly		1.06		3 Month USD LIBOR		871			870
USD	620	12/02/26	Annual		0.05		12 Month USD SOFR		11,585			11,580
USD	390	12/06/26	Annual		0.05		12 Month USD SOFR		6,982			6,979
USD	170	12/03/26	Annual		0.05		12 Month USD SOFR		2,652			2,651
USD	800	06/07/24	Quarterly		1.252		3 Month USD LIBOR		5,194			5,191
USD	800	06/07/24	Quarterly		1.224		3 Month USD LIBOR		5,635			5,631
USD	800	06/09/24	Annual		1.012		12 Month USD SOFR		5,937			5,933
USD	5	06/17/24	Quarterly		1.271		3 Month USD LIBOR		32			32
USD	795	06/17/24	Quarterly		1.277		3 Month USD LIBOR		5,049			5,045
USD	310	12/20/26	Annual		0.05		12 Month USD SOFR		5,866			5,863
USD	310	12/23/26	Annual		0.05		12 Month USD SOFR		4,962			4,959
USD	190	01/26/32	Annual		1.31		12 Month USD SOFR		5,344			5,341

62

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14			Payments received by the Portfolio14			Value			Unrealized appreciation (depreciation)
GBP	425	12/15/31	Maturity		4.228	%		12 Months UK Retail Price Index		$	14,752		$	14,740
USD	320	01/06/32	Annual		0.05			12 Month USD SOFR			4,072			4,067
USD	1,560	04/07/24	Annual		0.988			12 Month USD SOFR			9,149			9,142
USD	1,560	04/07/24	Annual		0.986			12 Month USD SOFR			9,212			9,205
USD	320	01/10/32	Annual		0.05			12 Month USD SOFR			1,505			1,500
USD	50	01/11/32	Annual		0.05			12 Month USD SOFR			256			255
USD	160	01/10/32	Annual		0.05			12 Month USD SOFR			737			734
USD	160	01/10/32	Annual		0.05			12 Month USD SOFR			431			428
USD	320	01/11/32	Annual		0.05			12 Month USD SOFR			(98	)		(103	)
USD	165	01/11/32	Annual		0.05			12 Month USD SOFR			57			54
USD	80	01/12/32	Annual		0.05			12 Month USD SOFR			(17	)		(18	)
USD	160	01/12/32	Annual		0.05			12 Month USD SOFR			100			97
USD	3,100	04/13/24	Annual		1.078			12 Month USD SOFR			13,358			13,344
USD	5,040	01/14/27	Annual		0.05			12 Month USD SOFR			27,192			27,146
USD	90	01/14/52	Annual		0.05			12 Month USD SOFR			278			275
USD	30	01/15/57	Annual		1.685			12 Month USD SOFR			(167	)		(168	)
USD	57	01/15/55	Annual		1.67			12 Month USD SOFR			214			212
USD	785	07/18/24	Annual		1.309			12 Month USD SOFR			2,000			1,997
USD	785	07/18/24	Annual		1.298			12 Month USD SOFR			2,172			2,169
USD	160	01/19/32	Annual		0.05			12 Month USD SOFR			104			101
USD	780	07/20/24	Annual		1.374			12 Month USD SOFR			1,035			1,032
USD	160	01/20/32	Annual		0.05			12 Month USD SOFR			(495	)		(498	)
USD	210	01/20/32	Annual		0.05			12 Month USD SOFR			(879	)		(882	)
USD	160	01/20/32	Annual		0.05			12 Month USD SOFR			(1,161	)		(1,164	)
USD	160	01/21/32	Annual		0.05			12 Month USD SOFR			(1,355	)		(1,358	)
USD	1,200	01/21/27	Quarterly		0.255			3 Month USD LIBOR			20,220			20,209
USD	60	01/26/32	Annual		0.05			12 Month USD SOFR			272			271
USD	780	07/28/24	Annual		1.305			12 Month USD SOFR			2,261			2,258
USD	160	01/28/32	Annual		0.05			12 Month USD SOFR			(208	)		(211	)
USD	160	01/28/32	Annual		0.05			12 Month USD SOFR			(559	)		(562	)
USD	160	01/28/32	Annual		0.05			12 Month USD SOFR			(754	)		(757	)
USD	780	07/28/24	Annual		1.446			12 Month USD SOFR			68			65
USD	775	07/28/24	Annual		1.466			12 Month USD SOFR			(232	)		(235	)
USD	290	01/31/24	Annual		0.05			12 Month USD SOFR			(74	)		(75	)
USD	780	07/29/24	Annual		1.479			12 Month USD SOFR			(429	)		(432	)
USD	780	07/29/24	Annual		1.471			12 Month USD SOFR			(305	)		(308	)
USD	430	02/20/53	Semi-Annual		3 Month USD LIBOR			3.080	%		108,615			108,605
USD	4,530	11/29/24	Semi-Annual		3 Month USD LIBOR			3.083			222,002			221,956
USD	30	12/01/56	Semi-Annual		3 Month USD LIBOR			1.929			(100	)		(101	)
USD	550	04/14/30	Semi-Annual		3 Month USD LIBOR			0.820			(41,532	)		(41,541	)
USD	1,060	06/02/25	Semi-Annual		3 Month USD LIBOR			0.358			(41,370	)		(41,383	)
USD	1,065	06/20/27	Semi-Annual		3 Month USD LIBOR			0.680			(58,288	)		(58,303	)
USD	1,065	06/20/27	Semi-Annual		3 Month USD LIBOR			0.652			(59,693	)		(59,708	)
USD	1,070	07/12/28	Semi-Annual		3 Month USD LIBOR			0.654			(66,565	)		(66,581	)
USD	220	02/19/51	Semi-Annual		3 Month USD LIBOR			1.870			(2,337	)		(2,344	)

63

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(continued)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14	Payments received by the Portfolio14				Value			Unrealized appreciation (depreciation)
USD	110	02/22/51	Semi-Annual	3 Month USD LIBOR		1.905	%	��	$	(291	)	$	(294	)
USD	70	08/19/31	Semi-Annual	3 Month USD LIBOR		1.513				(1,729	)		(1,730	)
USD	1,610	04/20/24	Semi-Annual	3 Month USD LIBOR		0.591				(28,683	)		(28,688	)
EUR	1,140	11/16/26	Semi-Annual	0.150%		6 Month EURIBOR				1,067			1,057
USD	80	06/11/51	Semi-Annual	3 Month USD LIBOR		1.904				(665	)		(667	)
USD	4,070	11/18/23	Semi-Annual	3 Month USD LIBOR		0.353				(62,955	)		(62,969	)
USD	1,160	07/19/27	Semi-Annual	3 Month USD LIBOR		1.190				(36,098	)		(36,108	)
USD	330	08/16/27	Semi-Annual	3 Month USD LIBOR		1.224				(9,994	)		(9,997	)
USD	1,210	07/08/27	Semi-Annual	3 Month USD LIBOR		1.350				(27,992	)		(28,003	)
USD	280	10/27/31	Maturity	12 Month US CPI		2.872				643			637
EUR	165	10/15/51	Maturity	12 Month EU EXT		2.275				9,324			9,315
USD	280	10/28/31	Maturity	12 Month US CPI		2.890				1,218			1,212
EUR	165	10/15/51	Maturity	12 Month EU EXT		2.325				14,085			14,076
USD	150	07/28/27	Annual	12 Month SOFR		1.297				(2,130	)		(2,131	)
USD	980	08/01/27	Semi-Annual	3 Month USD LIBOR		1.483				(17,167	)		(17,176	)
USD	980	08/01/27	Semi-Annual	3 Month USD LIBOR		1.493				(16,698	)		(16,707	)
USD	290	08/05/27	Annual	12 Month SOFR		1.220				(5,256	)		(5,259	)
USD	600	01/20/27	Semi-Annual	3 Month USD LIBOR		1.445				(6,895	)		(6,900	)
USD	430	01/20/27	Semi-Annual	3 Month USD LIBOR		1.430				(5,252	)		(5,256	)
USD	410	11/21/27	Semi-Annual	3 Month USD LIBOR		1.677				(4,497	)		(4,501	)
USD	195	11/24/51	Maturity	12 Month US CPI		2.613				7,993			7,984
USD	1,120	08/15/31	Annual	12 Month SOFR		1.460				(16,886	)		(19,900	)
USD	5,320	12/31/23	Semi-Annual	3 Month USD LIBOR		1.000				(34,918	)		(34,718	)
USD	300	02/24/27	Semi-Annual	3 Month USD LIBOR		1.535				(2,675	)		(2,678	)
USD	650	02/25/27	Semi-Annual	3 Month USD LIBOR		1.561				(5,012	)		(5,018	)
GBP	425	11/15/31	Maturity	12 Months UK Retail Price Index		4.415				(7,712	)		(7,724	)
USD	1,300	05/26/27	Semi-Annual	3 Month USD LIBOR		1.635				(10,447	)		(10,459	)
USD	325	05/26/27	Semi-Annual	3 Month USD LIBOR		1.630				(2,682	)		(2,685	)
USD	330	12/07/31	Annual	12 Month SOFR		1.238				(10,725	)		(10,730	)
USD	109	12/07/31	Annual	12 Month SOFR		1.186				(4,073	)		(4,075	)
USD	2,690	12/08/23	Semi-Annual	3 Month USD LIBOR		0.500				(36,165	)		(36,176	)
USD	1,249	12/14/23	Semi-Annual	3 Month USD LIBOR		0.450				(18,387	)		(18,392	)
USD	60	12/15/51	Annual	12 Month SOFR		1.389				(3,888	)		(3,890	)
USD	490	11/15/28	Annual	12 Month SOFR		1.196				(11,663	)		(11,669	)
USD	290	08/15/31	Annual	12 Month SOFR		1.254				(9,617	)		(9,622	)
USD	320	07/05/27	Annual	12 Month SOFR		1.247				(5,128	)		(5,131	)
USD	60	01/06/52	Annual	12 Month SOFR		1.620				(446	)		(493	)
USD	300	01/07/27	Annual	12 Month SOFR		1.219				(3,155	)		(3,158	)
USD	1,000	08/15/31	Annual	12 Month SOFR		1.575				(4,973	)		(4,989	)
USD	610	01/10/27	Annual	12 Month SOFR		1.327				(3,276	)		(3,282	)
USD	305	01/10/27	Annual	12 Month SOFR		1.329				(1,608	)		(1,611	)
USD	305	01/10/27	Annual	12 Month SOFR		1.342				(1,415	)		(1,418	)
USD	610	01/11/27	Annual	12 Month SOFR		1.365				(2,167	)		(2,173	)
USD	7,200	01/12/24	Semi-Annual	3 Month USD LIBOR		0.508				(107,318	)		(107,349	)
USD	300	01/12/27	Annual	12 Month SOFR		1.392				(692	)		(695	)

64

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio14	Payments received by the Portfolio14			Value			Unrealized appreciation (depreciation)
USD	1,600	04/13/27	Annual	12 Month SOFR		1.451	%	$	(5,543	)	$	(5,558	)
USD	305	01/14/27	Annual	12 Month SOFR		1.331			(1,631	)		(1,634	)
USD	710	01/15/37	Annual	12 Month SOFR		1.800			(1,893	)		(1,904	)
USD	300	01/20/27	Annual	12 Month SOFR		1.462			223			220
USD	1,870	01/21/24	Semi-Annual	3 Month USD LIBOR		0.500			(29,007	)		(29,015	)
USD	160	01/25/32	Annual	12 Month SOFR		1.614			51			48
USD	160	01/25/32	Annual	12 Month SOFR		1.606			(76	)		(79	)
USD	160	01/26/32	Annual	12 Month SOFR		1.545			(995	)		(998	)
USD	160	01/26/32	Annual	12 Month SOFR		1.533			(1,167	)		(1,170	)
USD	720	01/31/32	Semi-Annual	3 Month USD LIBOR		1.500			(24,932	)		(24,944	)
USD	660	01/31/32	Semi-Annual	3 Month USD LIBOR		1.248			(38,261	)		(38,272	)
USD	2,300	02/01/37	Annual	12 Month SOFR		1.845			2,576			2,539
Total								$	773,237		$	771,901

OTC credit default swap agreements on corporate issues—sell protection¹³

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio14			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
JPMCB	Berkshire Hathaway, Inc.	USD	130,000	12/20/22	Quarterly		1.000	%	$	(530	)	$	1,181	$	651
JPMCB	Bristol-Myers Squibb Co.	USD	25,000	12/20/22	Quarterly		1.000			(166	)		237		71
BOA	Honeywell International, Inc.	USD	40,000	12/20/22	Quarterly		1.000			(242	)		379		137
JPMCB	Johnson & Johnson	USD	65,000	12/20/22	Quarterly		1.000			(467	)		607		140
JPMCB	Pfizer, Inc.	USD	90,000	12/20/22	Quarterly		1.000			(607	)		831		224
JPMCB	The Procter & Gamble Co.	USD	90,000	12/20/22	Quarterly		1.000			(607	)		838		231
JPMCB	The Sherwin-Williams Co.	USD	40,000	12/20/22	Quarterly		1.000			(139	)		337		198
Total									$	(2,758	)	$	4,410	$	1,652

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	EUR	12,047,000	USD	13,644,252	03/16/22	$	97,504
BOA	USD	175,030	EUR	154,000	03/16/22		(1,859	)
Net unrealized appreciation (depreciation)						$	95,645

65

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	15,047,002		$	—	$	15,047,002
Corporate bonds		—			107,930,071			—		107,930,071
Mortgage-backed securities		—			17,222,534			—		17,222,534
Municipal bonds		—			225,909			—		225,909
Non-U.S. government agency obligations		—			5,714,115			—		5,714,115
U.S. government agency obligations		—			84,779,240			—		84,779,240
U.S. Treasury obligations		—			81,960,868			—		81,960,868
Short-term investments		—			44,587,757			—		44,587,757
Investment of cash collateral from securities loaned		—			1,492,348			—		1,492,348
Option purchased		1,640			—			—		1,640
Swaptions purchased		—			1,103,020			—		1,103,020
Futures contracts		458,354			—			—		458,354
Swap agreements		—			1,995,719			—		1,995,719
Forward foreign currency contracts		—			97,504			—		97,504
Total	$	459,994		$	362,156,087		$	—	$	362,616,081
Liabilities
Investments sold short	$	—		$	(4,080,330	)	$	—	$	(4,080,330	)
Swaptions written		—			(1,758,431	)		—		(1,758,431	)
Futures contracts		(366,347	)		—			—		(366,347	)
Swap agreements		—			(1,130,597	)		—		(1,130,597	)
Forward foreign currency contracts		—			(1,859	)		—		(1,859	)
Total	$	(366,347	)	$	(6,971,217	)	$	—	$	(7,337,564	)

At January 31, 2022, there were $568,317 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of January 31, 2022.

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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $42,755,228, represented 14.8% of the Portfolio's net assets at period end.

³  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.

⁴  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

⁵  Rates shown reflect yield at January 31, 2022.

⁶  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁷  Security, or portion thereof, was on loan at the period end.

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

⁹  Zero coupon bond.

66

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

¹⁰  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.

¹¹  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

¹²  If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

¹³  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

¹⁴  Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
67

PACE Strategic Fixed Income Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -3.03% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Government/Credit Index (the "benchmark") returned -3.50%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 70. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio outperformed its benchmark during the reporting period. Overall duration strategies were positive for performance. An average short duration versus its benchmark was beneficial as rates rose globally. (Duration measures a portfolio's sensitivity to interest rate changes.) Positions in investment grade credit were additive for results, along with an overweight allocation to high yield corporate bonds. Overall mortgage strategies were beneficial, including select exposure to non-agency mortgage-backed securities. Conversely, an allocation to emerging market bonds and currency strategies detracted from performance, including the portfolio's exposure to a basket of emerging market currencies.

Overall, derivative usage was neutral for performance during the period. We used interest rate swaps to adjust interest rate and yield curve exposures, as well as to substitute for physical securities; the use of interest rate swaps during the period was slightly positive to performance. Credit default swaps were used to manage credit exposure in lieu of the direct buying or selling of physical securities. Their use to reduce exposure to the corporate market, as well as to specific corporate issuers, was negative for performance. The use of options to manage mortgage exposure of the portfolio was neutral for performance. The use of options to manage mortgage exposure of the portfolio was neutral for performance. Overall use of currency options was neutral for performance. The use of government futures to adjust interest rate exposures and replicate government bond positions detracted from performance as interest rates rose.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Strategic Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Pacific Investment Management Company LLC ("PIMCO");

Neuberger Berman Investment Advisers LLC ("Neuberger Berman")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

PIMCO: Scott Mather and Mohit Mittal;
Neuberger Berman: Thanos Bardas, David M. Brown, Adam Grotzinger, Bradley C. Tank and Ashok Bhatia

Objective:

Total return consisting of income and capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy that focuses on those areas of the bond market that the subadvisor considers undervalued.

• An "opportunistic fixed income" strategy that employs a consistently applied, risk managed approach to portfolio management that leverages the subadvisor's proprietary fundamental research capabilities, decision making frameworks and quantitative risk management tools.

68

PACE Strategic Fixed Income Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking total return consisting of income and capital appreciation and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. In addition, investments in foreign bonds involve special risks. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

69

PACE Strategic Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.15	)%		(2.44	)%		3.68	%		3.08	%
Class Y2		(3.11	)		(2.25	)		3.92			3.32
Class P3		(3.03	)		(2.21	)		3.94			3.34
After deducting maximum sales charge
Class A1		(6.79	)		(6.10	)		2.89			2.69
Bloomberg US Government/Credit Index4		(3.50	)		(3.13	)		3.42			2.77

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.02	)%		(0.96	)%		4.30	%		3.42	%
Class Y2		0.11			(0.76	)		4.55			3.67
Class P3		0.11			(0.72	)		4.55			3.68
After deducting maximum sales charge
Class A1		(3.75	)		(4.71	)		3.51			3.03

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.00% and 0.91%; Class Y—0.71% and 0.66%; and Class P—0.78% and 0.66%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—0.90%; Class Y—0.65%; and Class P—0.65%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg US Government/Credit Index is an unmanaged index composed of US government, government-related and investment-grade US corporate issues and non-corporate foreign debentures, denominated in US dollars with at least one year to maturity. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

70

PACE Strategic Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	5.85 yrs.
Weighted average maturity	8.86 yrs.
Average coupon	3.16	%
Top ten fixed income holdings
U.S. Treasury Bonds, 2.500% due 02/15/45	8.5	%
U.S. Treasury Bills, 0.051% due 03/31/22	2.0
U.S. Treasury Notes, 2.125% due 09/30/24	1.7
U.S. Treasury Notes, 1.875% due 08/31/22	1.5
U.S. Treasury Bonds, 1.375% due 11/15/40	1.2
U.S. Treasury Notes, 2.625% due 02/15/29	1.1
U.S. Cash Management Bill, 0.279% due 05/24/22	1.0
U.S. Treasury Notes, 0.125% due 03/31/23	1.0
U.S. Treasury Bonds, 1.375% due 08/15/50	1.0
U.S. Treasury Bills, 0.047% due 02/10/22	0.9
Total	19.9	%
Top five issuer breakdown by country or territory of origin
United States	80.6	%
United Kingdom	5.1
Cayman Islands	2.7
Japan	1.2
Germany	1.2
Total	90.8	%
Asset allocation1
Corporate bonds	47.9	%
U.S. Treasury obligations	21.6
Mortgage-backed securities	11.6
Short-term U.S. Treasury obligations	6.8
Asset-backed securities	5.2
Non-U.S. government agency obligations	2.6
U.S. government agency obligations	1.7
Short-term investments	0.8
Exchange traded funds	0.7
Loan assignments	0.5
Municipal bonds	0.2
Cash equivalents and liabilities in excess of other assets	0.4
Total	100.0	%

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

71

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Asset-backed securities—5.2%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1, 1 mo. USD LIBOR + 0.290%, 0.669%, due 07/25/342		531,650	$	525,486
AM Capital Funding LLC, Series 2018-1, Class A, 4.980%, due 12/15/233		440,000		449,769
Ameriquest Mortgage Securities, Inc., Series 2005-R10, Class M2, 1 mo. USD LIBOR + 0.645%, 0.734%, due 01/25/362		369,748		369,642
AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 3 mo. USD LIBOR + 0.980%, 1.107%, due 04/14/292,3		920,618		920,822
Apres Static CLO Ltd., Series 2019-1A, Class A1R, 3 mo. USD LIBOR + 1.070%, 1.194%, due 10/15/282,3		858,269		858,637
CHEC Loan Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 0.960%, 1.049%, due 06/25/342		365,284		365,873
CSAB Mortgage Backed Trust, Series 2006-1, Class A6A, 6.672%, due 06/25/364		260,546		93,536
Delta Funding Home Equity Loan Trust, Series 1999-3, Class A1A, 1 mo. USD LIBOR + 0.820%, 0.500%, due 09/15/292		36,287		35,892
Dryden 80 CLO Ltd, Series 2019-80A, Class AR, 1.000%, due 01/17/333,5		1,400,000		1,400,000
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 1 mo. USD LIBOR + 0.480%, 0.569%, due 10/25/362		1,152,181		925,555
Gallatin CLO IX Ltd., Series 2018-1A, Class A, 3 mo. USD LIBOR + 1.050%, 1.180%, due 01/21/282,3		960,163		960,545
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + 1.090%, 1.177%, due 07/15/312,3		1,600,000		1,601,157
GSAMP Trust, Series 2006-HE4, Class A1, 1 mo. USD LIBOR + 0.280%, 0.369%, due 06/25/362		962,885		946,900
Halseypoint CLO 2 Ltd., Series 2020-2A, Class A1, 3 mo. USD LIBOR + 1.100%, 1.354%, due 07/20/312,3		1,300,000		1,300,670

	Face amount1		Value
Asset-backed securities—(continued)
Harvest CLO XXII DAC, Series 22A, Class AR, 3 mo. Euribor + 0.850%, 0.850%, due 01/15/322,3	EUR	1,200,000	$	1,353,188
Home Equity Asset Trust, Series 2005-2, Class M5, 1 mo. USD LIBOR + 1.095%, 1.184%, due 07/25/352		194,920		195,028
Series 2006-3, Class M2, 1 mo. USD LIBOR + 0.600%, 0.689%, due 07/25/362		1,000,000		965,907
JPMorgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1, 1 mo. USD LIBOR + 0.585%, 0.674%, due 05/25/352		1,477,603		1,475,103
LCM XIII LP 3 mo. USD LIBOR + 0.870%, 1.045%, due 07/19/272,3		1,160,220		1,159,673
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, 1 mo. USD LIBOR + 1.130%, 1.220%, due 05/15/282,3		334,910		335,005
Series 2021-CRE6, Class A, 1 mo. USD LIBOR + 1.300%, 1.390%, due 11/15/382,3		1,400,000		1,400,867
LP Credit Card ABS Master Trust, Series 2018-1, Class A, 1 mo. USD LIBOR + 1.550%, 1.638%, due 08/20/242,3		170,975		171,021
M360 Ltd., Series 2021-CRE3, Class A, 1 mo. USD LIBOR + 1.500%, 1.586%, due 11/22/382,3		1,400,000		1,398,013
MF1 Ltd., Series 2022-FL8, Class A, 1.400%, due 02/19/373		1,300,000		1,300,404
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2, 1 mo. USD LIBOR + 0.705%, 0.794%, due 12/25/342		161,014		159,997
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-NC1, Class M1, 1 mo. USD LIBOR + 1.575%, 1.664%, due 11/25/322		164,628		164,725
New Century Home Equity Loan Trust, Series 2005-B, Class M1, 1 mo. USD LIBOR + 0.720%, 0.809%, due 10/25/352		1,480,637		1,471,595
Series 2005-D, Class A2D, 1 mo. USD LIBOR + 0.660%, 0.749%, due 02/25/362		222,991		222,902
OZLM VIII Ltd., Series 2014-8A, Class A1R3, 3 mo. USD LIBOR + 0.980%, 1.155%, due 10/17/292,3		1,490,348		1,490,103

72

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Asset-backed securities—(concluded)
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 0.719%, due 12/25/352		544,623	$	544,772
SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M2, 1 mo. USD LIBOR + 1.350%, 1.439%, due 12/25/342		225,603		226,191
Saxon Asset Securities Trust, Series 2004-1, Class M1, 1 mo. USD LIBOR + 0.795%, 0.884%, due 03/25/352		105,458		103,067
Series 2006-1, Class M1, 1 mo. USD LIBOR + 0.465%, 0.554%, due 03/25/362		1,156,743		1,155,580
Securitized Asset Backed Receivables LLC Trust, Series 2006-FR2, Class A3, 1 mo. USD LIBOR + 0.500%, 0.589%, due 03/25/362		1,676,022		1,317,081
Soundview Home Loan Trust, Series 2006-OPT3, Class 2A4, 1 mo. USD LIBOR + 0.250%, 0.339%, due 06/25/362		2,675,000		2,674,603
Structured Asset Securities Corp., Series 2001-SB1, Class A2, 3.375%, due 08/25/31		88,066		87,267
Series 2005-WF1, Class M1, 1 mo. USD LIBOR + 0.660%, 0.749%, due 02/25/352		68,223		68,223
Sunrun Demeter Issuer, Series 2021-2A, Class A, 2.270%, due 01/30/573		1,389,725		1,356,524
TICP CLO III-2 Ltd., Series 2018-3R, Class A, 3 mo. USD LIBOR + 0.840%, 0.972%, due 04/20/282,3		619,673		619,848
TRTX Issuer Ltd., Series 2019-FL3, Class A, SOFR + 1.264%, 1.315%, due 10/15/342,3		1,207,392		1,206,996
United States Small Business Administration, Series 2002-20K, Class 1, 5.080%, due 11/01/22		26,267		26,630
Series 2005-20H, Class 1, 5.110%, due 08/01/25		79,358		82,068
Series 2007-20D, Class 1, 5.320%, due 04/01/27		299,280		314,776
Utah State Board of Regents, Series 2017-1, Class A, 1 mo. USD LIBOR + 0.750%, 0.839%, due 01/25/572		514,154		503,141
Total asset-backed securities (cost—$33,221,318)				34,304,782

	Face amount1		Value
Corporate bonds—47.9%
Advertising—0.0%†
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.000%, due 08/15/273		16,000	$	15,875
Aerospace & defense—0.9%
Boeing Co. 1.433%, due 02/04/24		1,700,000		1,682,312
2.750%, due 02/01/26		1,700,000		1,721,755
5.805%, due 05/01/50		340,000		427,487
Spirit AeroSystems, Inc. 3.950%, due 06/15/236		1,500,000		1,496,250
5.500%, due 01/15/253		85,000		87,125
7.500%, due 04/15/253		95,000		98,533
TransDigm, Inc. 6.375%, due 06/15/26		135,000		137,363
7.500%, due 03/15/27		225,000		233,480
				5,884,305
Agriculture—0.9%
BAT Capital Corp. 3.734%, due 09/25/40		220,000		197,977
Imperial Brands Finance PLC 3.500%, due 02/11/233		3,755,000		3,813,159
3.750%, due 07/21/223		1,600,000		1,612,963
MHP SE 7.750%, due 05/10/243		65,000		58,837
				5,682,936
Airlines—1.6%
Air Canada 3.875%, due 08/15/263		110,000		107,293
American Airlines Pass-Through Trust, Series 2013-2, 4.950%, due 01/15/23		446,769		448,919
Series 2016-3, Class B, 3.750%, due 10/15/25		268,283		256,570
Series 2017-2, Class A, 3.600%, due 10/15/29		810,571		782,220
Series AA, 3.200%, due 06/15/28		1,376,100		1,372,364
Series AA, 3.600%, due 09/22/27		1,405,009		1,438,034
American Airlines, Inc. 11.750%, due 07/15/253		125,000		151,304
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.500%, due 04/20/263		240,000		245,700
5.750%, due 04/20/293		195,000		199,631
Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.000%, due 10/29/24		961,910		987,690
JetBlue Pass Through Trust, Series 2019-1, Class A, 2.950%, due 05/15/28		2,012,230		1,969,550

73

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Airlines—(concluded)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.500%, due 06/20/273		210,000	$	223,125
Spirit Airlines Pass Through Trust, Series 2015-1A, 4.100%, due 04/01/28		395,883		402,418
United Airlines Holdings, Inc. 4.875%, due 01/15/25		65,000		65,390
5.000%, due 02/01/24		65,000		65,992
United Airlines Pass-Through Trust, Series 20-1, 5.875%, due 10/15/27		140,011		150,601
Series 2012-1, Class A, 4.150%, due 04/11/24		1,337,774		1,375,003
United Airlines, Inc. 4.625%, due 04/15/293		80,000		79,158
				10,320,962
Apparel—0.0%†
Crocs, Inc. 4.125%, due 08/15/313		135,000		120,487
Auto manufacturers—3.2%
Daimler Trucks Finance North America LLC SOFR + 0.750%, 0.800%, due 12/13/242,3		1,400,000		1,402,004
2.000%, due 12/14/263		1,300,000		1,273,341
Ford Motor Co. 3.250%, due 02/12/32		20,000		19,027
4.750%, due 01/15/43		275,000		281,061
5.291%, due 12/08/46		105,000		115,237
9.625%, due 04/22/30		155,000		217,775
Ford Motor Credit Co. LLC 2.330%, due 11/25/25	EUR	1,200,000		1,382,114
3.375%, due 11/13/25		1,400,000		1,401,568
3.810%, due 01/09/24		300,000		303,375
4.000%, due 11/13/30		200,000		201,044
5.125%, due 06/16/25		1,700,000		1,787,125
General Motors Co. 5.150%, due 04/01/38		280,000		318,137
General Motors Financial Co., Inc. 3 mo. Euribor + 0.550%, 0.007%, due 03/26/222,7	EUR	1,200,000		1,348,669
Harley-Davidson Financial Services, Inc. 2.550%, due 06/09/223		1,100,000		1,103,868
Hyundai Capital America 5.875%, due 04/07/253,6		1,200,000		1,331,469
Jaguar Land Rover Automotive PLC 5.500%, due 07/15/293		340,000		328,148
Nissan Motor Acceptance LLC 2.000%, due 03/09/263		900,000		869,960
2.750%, due 03/09/283		1,400,000		1,358,152
Nissan Motor Co. Ltd. 3.522%, due 09/17/253		1,400,000		1,444,584
4.810%, due 09/17/303		1,400,000		1,515,714

	Face amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Volkswagen Bank GmbH 2.500%, due 07/31/267	EUR	1,200,000	$	1,446,468
Volkswagen Group of America Finance LLC 2.850%, due 09/26/243		1,500,000		1,535,994
				20,984,834
Auto parts & equipment—0.1%
Dana, Inc. 4.500%, due 02/15/32		80,000		76,400
Goodyear Tire & Rubber Co. 5.000%, due 07/15/293		95,000		95,048
5.250%, due 04/30/31		155,000		156,356
IHO Verwaltungs GmbH 6.375% Cash or 7.125% PIK, 6.375%, due 05/15/293,8		270,000		283,462
Tenneco, Inc. 7.875%, due 01/15/293		60,000		63,760
				675,026
Banks—7.5%
ABN AMRO Bank NV (fixed, converts to FRN on 03/13/32), 3.324%, due 03/13/373		200,000		191,549
Banco Santander SA (fixed, converts to FRN on 02/08/24), 7.500%, due 02/08/247,9		200,000		212,462
Bank of America Corp. (fixed, converts to FRN on 09/21/31), 2.482%, due 09/21/36		440,000		408,363
(fixed, converts to FRN on 02/13/30), 2.496%, due 02/13/31		290,000		281,790
(fixed, converts to FRN on 04/29/30), 2.592%, due 04/29/31		1,600,000		1,567,415
4.000%, due 01/22/25		1,500,000		1,578,709
(fixed, converts to FRN on 03/20/50), 4.083%, due 03/20/51		280,000		314,674
4.125%, due 01/22/24		2,200,000		2,310,811
4.375%, due 01/27/279		145,000		143,202
Series FF, (fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/289		85,000		89,887
Series JJ, (fixed, converts to FRN on 06/20/24), 5.125%, due 06/20/249		86,000		88,795
Series MM, (fixed, converts to FRN on 01/28/25), 4.300%, due 01/28/259		45,000		44,325
Series X, (fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/249		102,000		108,120
Barclays Bank PLC 7.625%, due 11/21/22		391,000		409,504
Barclays PLC (fixed, converts to FRN on 02/15/22), 4.610%, due 02/15/23		1,100,000		1,101,274
4.836%, due 05/09/28		535,000		575,949

74

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/29		1,100,000	$	1,220,809
(fixed, converts to FRN on 06/15/26), 6.125%, due 12/15/256,9		200,000		212,690
BNP Paribas SA 4.625%, due 01/12/273,9		200,000		196,600
(fixed, converts to FRN on 03/25/24), 6.625%, due 03/25/243,9		200,000		210,940
Citigroup, Inc. (fixed, converts to FRN on 11/05/29), 2.976%, due 11/05/30		200,000		201,149
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/28		755,000		800,490
4.400%, due 06/10/25		980,000		1,043,771
Series U, (fixed, converts to FRN on 09/12/24), 5.000%, due 09/12/249		89,000		89,991
Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/259		52,000		52,068
Citizens Financial Group, Inc., Series B, (fixed, converts to FRN on 07/06/23), 6.000%, due 07/06/239		60,000		60,750
Series C, (fixed, converts to FRN on 04/06/24), 6.375%, due 04/06/249		80,000		82,000
Credit Suisse AG 6.500%, due 08/08/233		500,000		533,460
Credit Suisse Group AG (fixed, converts to FRN on 05/14/31), 3.091%, due 05/14/323		310,000		301,072
(fixed, converts to FRN on 06/12/23), 4.207%, due 06/12/243		1,600,000		1,649,630
(fixed, converts to FRN on 08/11/27), 5.250%, due 02/11/273,9		200,000		199,440
(fixed, converts to FRN on 12/18/24), 6.250%, due 12/18/243,9		800,000		839,000
(fixed, converts to FRN on 12/11/23), 7.500%, due 12/11/233,9		700,000		746,018
Deutsche Bank AG 3.950%, due 02/27/23		1,300,000		1,333,785
(fixed, converts to FRN on 11/26/24), 3.961%, due 11/26/25		1,500,000		1,561,453
Discover Bank 4.200%, due 08/08/23		1,600,000		1,664,395
Fifth Third Bancorp, Series H, (fixed, converts to FRN on 06/30/23), 5.100%, due 06/30/239		115,000		114,856
Goldman Sachs Group, Inc. 3 mo. USD LIBOR + 1.750%, 1.886%, due 10/28/272		1,100,000		1,152,427
(fixed, converts to FRN on 04/22/31), 2.615%, due 04/22/32		615,000		595,823

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/38		290,000	$	313,681
Series O, (fixed, converts to FRN on 11/10/26), 5.300%, due 11/10/269		104,000		111,540
Series R, (fixed, converts to FRN on 02/10/25), 4.950%, due 02/10/259		39,000		40,119
Series T, (fixed, converts to FRN on 05/10/26), 3.800%, due 05/10/269		35,000		33,663
Series U, (fixed, converts to FRN on 08/10/26), 3.650%, due 08/10/269		75,000		71,344
Series V, (fixed, converts to FRN on 11/10/26), 4.125%, due 11/10/269		120,000		117,150
Grupo Aval Ltd. 4.375%, due 02/04/303		75,000		70,139
HSBC Holdings PLC (fixed, converts to FRN on 09/09/31), 4.700%, due 03/09/316,9		200,000		193,000
(fixed, converts to FRN on 05/22/27), 6.000%, due 05/22/279		870,000		918,398
Huntington Bancshares, Inc., Series E, (fixed, converts to FRN on 04/15/23), 5.700%, due 04/15/239		124,000		124,620
ING Groep N.V. (fixed, converts to FRN on 11/16/27), 3.875%, due 05/16/279		227,000		207,705
(fixed, converts to FRN on 11/16/26), 5.750%, due 11/16/269		200,000		210,250
Intesa Sanpaolo SpA, Series XR, 4.000%, due 09/23/293		1,500,000		1,564,310
JPMorgan Chase & Co. (fixed, converts to FRN on 09/22/26), 1.470%, due 09/22/27		1,600,000		1,529,911
(fixed, converts to FRN on 04/22/40), 3.109%, due 04/22/41		470,000		457,233
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/29		650,000		697,149
Series CC, (fixed, converts to FRN on 11/01/22), 4.625%, due 11/01/229		100,000		97,540
Series FF, (fixed, converts to FRN on 08/01/24), 5.000%, due 08/01/249		95,000		96,662
Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/259		41,000		40,795
Lloyds Bank PLC 7.500%, due 04/02/324,7		2,200,000		1,620,485

75

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

		Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Lloyds Banking Group PLC 4.000%, due 03/07/25		AUD	1,700,000	$	1,262,680
(fixed, converts to FRN on 09/27/25), 7.500%, due 09/27/259			200,000		221,865
M&T Bank Corp. (fixed, converts to FRN on 09/01/26), 3.500%, due 09/01/266,9			190,000		178,621
Series G, (fixed, converts to FRN on 08/01/24), 5.000%, due 08/01/249			56,000		57,960
Morgan Stanley (fixed, converts to FRN on 09/16/31), 2.484%, due 09/16/36			440,000		408,773
(fixed, converts to FRN on 01/22/30), 2.699%, due 01/22/31			210,000		208,241
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/28	��		535,000		561,393
Natwest Group PLC (fixed, converts to FRN on 11/28/30), 3.032%, due 11/28/35			550,000		523,096
PNC Financial Services Group, Inc., Series S, (fixed, converts to FRN on 11/01/26), 5.000%, due 11/01/269			67,000		69,680
Series T, (fixed, converts to FRN on 09/15/26), 3.400%, due 09/15/269			169,000		159,281
Santander Holdings USA, Inc. (fixed, converts to FRN on 01/06/27), 2.490%, due 01/06/28			1,400,000		1,378,464
Skandinaviska Enskilda Banken AB (fixed, converts to FRN on 05/13/25), 5.125%, due 05/13/257,9			200,000		205,158
Societe Generale S.A. 4.250%, due 09/14/233			1,500,000		1,559,586
Standard Chartered PLC (fixed, converts to FRN on 05/21/24), 3.785%, due 05/21/253			1,500,000		1,552,245
(fixed, converts to FRN on 02/19/29), 4.300%, due 08/19/283,6,9			210,000		196,350
SVB Financial Group, Series D, (fixed, converts to FRN on 11/15/26), 4.250%, due 11/15/269			245,000		241,172
Truist Financial Corp., Series L, (fixed, converts to FRN on 06/15/22), 5.050%, due 12/15/249			73,000		72,270
Series Q, (fixed, converts to FRN on 09/01/30), 5.100%, due 03/01/309			190,000		206,150
UniCredit SpA 7.830%, due 12/04/233			3,300,000		3,621,750
US Bancorp (fixed, converts to FRN on 01/15/27), 3.700%, due 01/15/279			205,000		197,005

	Face amount1		Value
Corporate bonds—(continued)
Banks—(concluded)
Wells Fargo & Co. 3 mo. USD LIBOR + 1.230%, 1.359%, due 10/31/232		1,400,000	$	1,411,232
(fixed, converts to FRN on 02/11/30), 2.572%, due 02/11/31		625,000		614,729
(fixed, converts to FRN on 06/17/26), 3.196%, due 06/17/27		1,500,000		1,551,907
Series BB, (fixed, converts to FRN on 03/15/26), 3.900%, due 03/15/269		135,000		133,711
Series S, (fixed, converts to FRN on 06/15/24), 5.900%, due 06/15/249		84,000		86,100
Series U, (fixed, converts to FRN on 06/15/25), 5.875%, due 06/15/259		69,000		73,764
				49,558,323
Beverages—0.8%
Anheuser-Busch InBev Worldwide, Inc. 4.600%, due 06/01/60		1,400,000		1,611,319
Coca-Cola Femsa SAB de CV 1.850%, due 09/01/32		1,400,000		1,272,950
Constellation Brands, Inc. 2.250%, due 08/01/31		440,000		416,271
Molson Coors Beverage Co. 4.200%, due 07/15/46		300,000		312,952
Suntory Holdings Ltd. 2.250%, due 10/16/243		1,500,000		1,510,325
				5,123,817
Biotechnology—0.2%
Regeneron Pharmaceuticals, Inc. 1.750%, due 09/15/30		1,700,000		1,546,680
Building materials—0.4%
Fortune Brands Home & Security, Inc. 3.250%, due 09/15/29		1,400,000		1,434,467
JELD-WEN, Inc. 4.875%, due 12/15/273		75,000		74,812
Masco Corp. 1.500%, due 02/15/28		1,400,000		1,311,986
Masonite International Corp. 5.375%, due 02/01/283		75,000		77,035
Standard Industries, Inc. 4.375%, due 07/15/303		60,000		57,300
				2,955,600
Chemicals—0.6%
INEOS Quattro Finance 2 PLC 3.375%, due 01/15/263		215,000		210,700
International Flavors & Fragrances, Inc. 2.300%, due 11/01/303		1,400,000		1,320,347
NOVA Chemicals Corp. 4.250%, due 05/15/293,6		95,000		90,488
5.250%, due 06/01/273		280,000		282,724

76

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Olympus Water US Holding Corp. 4.250%, due 10/01/283		200,000	$	190,992
SCIH Salt Holdings, Inc. 4.875%, due 05/01/283		100,000		93,750
Syngenta Finance N.V. 4.441%, due 04/24/233		1,600,000		1,630,526
Tronox, Inc. 4.625%, due 03/15/293		295,000		283,633
WR Grace Holdings LLC 5.625%, due 10/01/243		55,000		56,925
				4,160,085
Commercial services—1.5%
ADT Security Corp. 4.125%, due 08/01/293		180,000		169,311
4.875%, due 07/15/323		180,000		172,800
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625%, due 06/01/283		200,000		192,038
APi Escrow Corp. 4.750%, due 10/15/293		70,000		68,775
APi Group DE, Inc. 4.125%, due 07/15/293		45,000		43,312
APX Group, Inc. 6.750%, due 02/15/273		255,000		261,867
ASGN, Inc. 4.625%, due 05/15/283		155,000		154,845
CoStar Group, Inc. 2.800%, due 07/15/303		1,300,000		1,262,492
Duke University, Series 2020, 2.682%, due 10/01/44		1,700,000		1,635,869
Emory University, Series 2020, 2.143%, due 09/01/30		1,400,000		1,374,701
Garda World Security Corp. 4.625%, due 02/15/273		370,000		360,972
HealthEquity, Inc. 4.500%, due 10/01/293		115,000		112,412
Korn Ferry 4.625%, due 12/15/273		200,000		203,750
MoneyGram International, Inc. 5.375%, due 08/01/263		60,000		61,795
MPH Acquisition Holdings LLC 5.500%, due 09/01/283		515,000		494,529
5.750%, due 11/01/283,6		145,000		130,461
Nielsen Finance LLC/Nielsen Finance Co. 5.625%, due 10/01/283		420,000		419,328
5.875%, due 10/01/303		165,000		165,302
PayPal Holdings, Inc. 2.850%, due 10/01/29		1,800,000		1,843,601
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.750%, due 04/15/263		460,000		476,744
6.250%, due 01/15/283		120,000		119,528

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
United Rentals North America, Inc. 3.750%, due 01/15/32		110,000	$	106,109
5.250%, due 01/15/30		35,000		36,750
ZipRecruiter, Inc. 5.000%, due 01/15/303		60,000		59,344
				9,926,635
Computers—0.8%
Apple, Inc. 2.450%, due 08/04/26		610,000		623,217
Dell International LLC/EMC Corp. 4.900%, due 10/01/26		1,300,000		1,426,761
5.850%, due 07/15/25		1,300,000		1,444,726
Presidio Holdings, Inc. 4.875%, due 02/01/273		185,000		188,237
Western Digital Corp. 3.100%, due 02/01/32		260,000		248,188
Wipro IT Services LLC 1.500%, due 06/23/263		1,400,000		1,344,437
				5,275,566
Cosmetics & personal care—0.0%†
Edgewell Personal Care Co. 5.500%, due 06/01/283		215,000		223,062
Natura Cosmeticos SA 4.125%, due 05/03/283		40,000		38,837
				261,899
Distribution & wholesale—0.1%
IAA, Inc. 5.500%, due 06/15/273		70,000		71,838
Resideo Funding, Inc. 4.000%, due 09/01/293		140,000		131,950
Ritchie Bros Holdings, Inc. 4.750%, due 12/15/313		45,000		45,324
Univar Solutions USA, Inc. 5.125%, due 12/01/273		175,000		178,063
				427,175
Diversified financial services—1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.300%, due 01/30/32		290,000		283,110
4.450%, due 04/03/266		1,200,000		1,276,324
Ally Financial, Inc. 2.200%, due 11/02/28		1,400,000		1,334,071
Series B, (fixed, converts to FRN on 05/15/26), 4.700%, due 05/15/269		105,000		103,808
Series C, (fixed, converts to FRN on 05/15/28), 4.700%, due 05/15/289		100,000		99,000
American Express Co. (fixed, converts to FRN on 09/15/26), 3.550%, due 09/15/269		305,000		292,038

77

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
BGC Partners, Inc. 5.375%, due 07/24/23		1,400,000	$	1,463,731
Capital One Financial Corp., Series M, (fixed, converts to FRN on 09/01/26), 3.950%, due 09/01/266,9		235,000		229,713
Charles Schwab Corp. 1.950%, due 12/01/31		1,400,000		1,326,075
Series G, (fixed, converts to FRN on 06/01/25), 5.375%, due 06/01/259		40,000		42,960
Series H, (fixed, converts to FRN on 12/01/30), 4.000%, due 12/01/309		256,000		250,821
Discover Financial Services, Series C, (fixed, converts to FRN on 10/30/27), 5.500%, due 10/30/279		125,000		130,000
Doric Nimrod Air Finance Alpha Ltd, Series 2012-1A, 5.125%, due 11/30/223		86,287		85,480
Global Aircraft Leasing Co. Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 09/15/243,8		551,872		517,822
Lazard Group LLC 4.375%, due 03/11/29		400,000		438,154
LeasePlan Corp. N.V. 2.875%, due 10/24/243		1,500,000		1,523,758
Lehman Brothers Holdings, Inc. 0.000%, due 12/30/1610		1,900,000		9,880
1.000%, due 01/24/1310		4,500,000		23,400
1.000%, due 12/30/1610		900,000		4,680
LFS Topco LLC 5.875%, due 10/15/263		90,000		92,119
Navient Corp., Series A, 5.625%, due 01/25/25		500,000		488,082
OneMain Finance Corp. 3.500%, due 01/15/27		190,000		180,458
6.875%, due 03/15/25		1,300,000		1,410,500
7.125%, due 03/15/26		260,000		285,827
World Acceptance Corp. 7.000%, due 11/01/263		120,000		115,224
XP, Inc. 3.250%, due 07/01/263		60,000		56,513
				12,063,548
Electric—6.7%
Adani Electricity Mumbai Ltd. 3.949%, due 02/12/303		1,800,000		1,735,650
AES Corp. 2.450%, due 01/15/31		1,400,000		1,319,281
Alabama Power Co., Series 20-A, 1.450%, due 09/15/30		600,000		546,972

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Appalachian Power Co., Series AA, 2.700%, due 04/01/31		1,400,000	$	1,383,177
Avangrid, Inc. 3.800%, due 06/01/29		1,600,000		1,709,477
Black Hills Corp. 2.500%, due 06/15/30		1,400,000		1,354,791
Calpine Corp. 3.750%, due 03/01/313		180,000		163,535
4.500%, due 02/15/283		485,000		474,039
4.625%, due 02/01/293		223,000		211,152
5.000%, due 02/01/313		184,000		174,340
5.125%, due 03/15/283		95,000		92,675
Commonwealth Edison Co. 3.700%, due 03/01/45		745,000		782,470
Dominion Energy, Inc., Series C, 2.250%, due 08/15/316		1,400,000		1,332,355
Series C, (fixed, converts to FRN on 04/15/27), 4.350%, due 01/15/279		60,000		60,450
Duke Energy Progress LLC 2.000%, due 08/15/31		1,400,000		1,324,709
Edison International 2.950%, due 03/15/23		1,500,000		1,515,607
Series B, (fixed, converts to FRN on 03/15/27), 5.000%, due 12/15/269		350,000		348,663
Entergy Gulf States Louisiana LLC 5.590%, due 10/01/24		2,207,000		2,418,590
Exelon Corp. 4.700%, due 04/15/50		160,000		189,624
FirstEnergy Corp., Series C, 5.350%, due 07/15/474		145,000		157,652
Idaho Power Co., Series K, 4.200%, due 03/01/48		1,400,000		1,670,025
IPALCO Enterprises, Inc. 4.250%, due 05/01/30		1,200,000		1,269,982
Leeward Renewable Energy Operations LLC 4.250%, due 07/01/293		95,000		92,863
MidAmerican Energy Co. 3.650%, due 04/15/29		1,400,000		1,513,406
Monongahela Power Co. 3.550%, due 05/15/273,6		1,800,000		1,899,954
New York State Electric & Gas Corp. 2.150%, due 10/01/313		1,400,000		1,341,258
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/27		1,700,000		1,793,681
Niagara Mohawk Power Corp. 4.278%, due 12/15/283		2,100,000		2,270,787
Northern States Power Co. 2.900%, due 03/01/50		1,300,000		1,241,066

78

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(concluded)
NRG Energy, Inc. 3.625%, due 02/15/313		280,000	$	259,700
5.250%, due 06/15/293		180,000		185,220
5.750%, due 01/15/28		150,000		155,249
Pacific Gas and Electric Co. 1.750%, due 06/16/22		1,400,000		1,399,518
3.150%, due 01/01/26		500,000		501,624
3.400%, due 08/15/246		1,400,000		1,432,062
3.750%, due 02/15/24		1,600,000		1,643,808
4.300%, due 03/15/45		425,000		398,322
San Diego Gas & Electric Co., Series VVV, 1.700%, due 10/01/30		1,400,000		1,297,015
Southern California Edison Co. SOFR + 0.470%, 0.520%, due 12/02/222		1,500,000		1,501,250
Southern Co., Series A, 3.700%, due 04/30/30		1,200,000		1,266,371
Series B, (fixed, converts to FRN on 01/15/26), 4.000%, due 01/15/51		575,000		579,318
Southwestern Electric Power Co., Series M, 4.100%, due 09/15/28		1,200,000		1,293,939
Vistra Operations Co. LLC 4.375%, due 05/01/293		125,000		120,625
5.000%, due 07/31/273		290,000		292,291
5.500%, due 09/01/263		60,000		61,200
WEC Energy Group, Inc. 1.800%, due 10/15/30		1,300,000		1,198,766
				43,974,509
Electrical components & equipment—0.0%†
Energizer Holdings, Inc. 4.375%, due 03/31/293		90,000		85,068
4.750%, due 06/15/283		245,000		238,875
				323,943
Electronics—0.0%†
Imola Merger Corp. 4.750%, due 05/15/293		285,000		277,296
Energy-Alternate Sources—0.4%
Azure Power Solar Energy Pvt Ltd. 5.650%, due 12/24/243,6		1,500,000		1,551,844
FS Luxembourg Sarl 10.000%, due 12/15/253		20,000		21,300
Greenko Solar Mauritius Ltd. 5.950%, due 07/29/263		1,300,000		1,342,250
				2,915,394

	Face amount1		Value
Corporate bonds—(continued)
Engineering & construction—0.3%
Global Infrastructure Solutions, Inc. 5.625%, due 06/01/293		195,000	$	195,712
Sydney Airport Finance Co. Pty Ltd. 3.375%, due 04/30/253		1,800,000		1,864,980
				2,060,692
Entertainment—0.2%
Caesars Entertainment, Inc. 6.250%, due 07/01/253		220,000		227,649
Caesars Resort Collection LLC/CRC Finco, Inc. 5.750%, due 07/01/253		85,000		87,525
Cedar Fair LP 5.250%, due 07/15/296		25,000		25,028
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, due 04/15/27		35,000		35,438
5.500%, due 05/01/253		110,000		113,300
Churchill Downs, Inc. 5.500%, due 04/01/273		265,000		272,128
Live Nation Entertainment, Inc. 4.750%, due 10/15/273		65,000		64,042
4.875%, due 11/01/243		60,000		60,420
6.500%, due 05/15/273		250,000		269,080
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/293		145,000		141,665
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.875%, due 11/01/263		50,000		49,500
Six Flags Entertainment Corp. 4.875%, due 07/31/243		55,000		55,098
Six Flags Theme Parks, Inc. 7.000%, due 07/01/253		125,000		130,312
				1,531,185
Environmental control—0.1%
GFL Environmental, Inc. 4.750%, due 06/15/293		290,000		281,300
Harsco Corp. 5.750%, due 07/31/273		230,000		232,896
				514,196
Food—0.5%
Kraft Heinz Foods Co. 7.125%, due 08/01/393		1,200,000		1,695,128
Kroger Co. 5.400%, due 01/15/49		115,000		149,167
Performance Food Group, Inc. 4.250%, due 08/01/293		110,000		103,214
5.500%, due 10/15/273		95,000		97,191
Pilgrim's Pride Corp. 3.500%, due 03/01/323		85,000		80,945
4.250%, due 04/15/313		145,000		143,070
Post Holdings, Inc. 4.500%, due 09/15/313		155,000		147,515
4.625%, due 04/15/303		115,000		110,831
5.625%, due 01/15/283		35,000		35,939

79

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Food—(concluded)
Sysco Corp. 6.600%, due 04/01/50		184,000	$	268,347
US Foods, Inc. 4.625%, due 06/01/303		75,000		72,937
6.250%, due 04/15/253		165,000		170,554
				3,074,838
Food Service—0.1%
Aramark Services, Inc. 5.000%, due 04/01/253		300,000		303,960
5.000%, due 02/01/283		530,000		526,025
				829,985
Gas—0.5%
National Fuel Gas Co. 2.950%, due 03/01/31		1,900,000		1,849,531
NiSource, Inc. 3.600%, due 05/01/30		1,200,000		1,260,004
				3,109,535
Healthcare-products—0.2%
Mozart Debt Merger Sub, Inc. 3.875%, due 04/01/293		105,000		101,189
Thermo Fisher Scientific, Inc. 1.750%, due 10/15/28		1,400,000		1,346,569
				1,447,758
Healthcare-services—0.3%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/293		160,000		157,600
Centene Corp. 3.000%, due 10/15/30		165,000		160,132
CHS/Community Health Systems, Inc. 5.250%, due 05/15/303		125,000		124,463
DaVita, Inc. 4.625%, due 06/01/303		455,000		442,665
HCA, Inc. 4.125%, due 06/15/29		549,000		584,818
5.625%, due 09/01/28		30,000		33,450
5.875%, due 02/01/29		30,000		33,900
Molina Healthcare, Inc. 3.875%, due 05/15/323		165,000		159,225
Tenet Healthcare Corp. 4.625%, due 09/01/243		15,000		15,167
4.625%, due 06/15/283		365,000		361,547
5.125%, due 11/01/273		45,000		45,099
U.S. Acute Care Solutions LLC 6.375%, due 03/01/263		65,000		65,325
				2,183,391
Home builders—0.6%
D.R. Horton, Inc. 4.375%, due 09/15/22		1,400,000		1,416,890
NVR, Inc. 3.950%, due 09/15/22		1,800,000		1,820,489

	Face amount1		Value
Corporate bonds—(continued)
Home builders—(concluded)
Shea Homes LP/Shea Homes Funding Corp. 4.750%, due 02/15/283		370,000	$	363,987
4.750%, due 04/01/293		40,000		39,283
Taylor Morrison Communities, Inc. 5.750%, due 01/15/283		35,000		37,275
5.875%, due 06/15/273		35,000		37,537
Toll Brothers Finance Corp. 4.350%, due 02/15/28		25,000		26,563
				3,742,024
Household products/wares—0.0%†
Spectrum Brands, Inc. 5.000%, due 10/01/293		15,000		15,488
5.500%, due 07/15/303		55,000		57,337
				72,825
Insurance—1.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.250%, due 10/15/273		330,000		320,925
Equitable Holdings, Inc. 4.350%, due 04/20/28		1,700,000		1,848,911
Fidelity National Financial, Inc. 3.400%, due 06/15/30		1,500,000		1,540,262
GA Global Funding Trust 0.800%, due 09/13/243		1,400,000		1,351,994
Liberty Mutual Group, Inc. (fixed, converts to FRN on 12/15/26), 4.125%, due 12/15/513		110,000		108,350
Reliance Standard Life Global Funding II 3.850%, due 09/19/233		1,400,000		1,446,681
Ryan Specialty Group LLC 4.375%, due 02/01/303		60,000		59,700
				6,676,823
Internet—0.4%
Cars.com, Inc. 6.375%, due 11/01/283		145,000		150,800
Expedia Group, Inc. 3.800%, due 02/15/28		1,400,000		1,453,156
6.250%, due 05/01/253		396,000		441,806
Match Group Holdings II LLC 4.625%, due 06/01/283		145,000		143,188
5.625%, due 02/15/293		135,000		140,400
Netflix, Inc. 5.875%, due 11/15/28		20,000		23,175
6.375%, due 05/15/29		20,000		23,875
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.750%, due 04/30/273		80,000		76,200
				2,452,600
Investment companies—0.2%
Owl Rock Capital Corp. 2.875%, due 06/11/286		1,300,000		1,234,492

80

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Iron & steel—0.1%
Allegheny Technologies, Inc. 4.875%, due 10/01/29		35,000	$	34,364
5.125%, due 10/01/31		35,000		34,270
CSN Inova Ventures 6.750%, due 01/28/283		145,000		151,437
Metinvest BV 7.650%, due 10/01/273		30,000		25,837
7.750%, due 10/17/293		115,000		98,325
				344,233
Leisure Time—0.2%
Carnival Corp. 4.000%, due 08/01/283		150,000		142,692
5.750%, due 03/01/273		260,000		249,392
7.625%, due 03/01/263		175,000		178,500
9.875%, due 08/01/273		45,000		50,456
Life Time, Inc. 5.750%, due 01/15/263		100,000		100,400
Lindblad Expeditions LLC 6.750%, due 02/15/273		35,000		35,281
Royal Caribbean Cruises Ltd. 5.500%, due 08/31/263		165,000		160,875
5.500%, due 04/01/283		175,000		169,801
7.500%, due 10/15/27		100,000		110,500
				1,197,897
Lodging—0.9%
Las Vegas Sands Corp. 3.200%, due 08/08/24		1,400,000		1,416,460
Marriott International, Inc. 3.600%, due 04/15/24		1,500,000		1,552,798
Melco Resorts Finance Ltd. 5.625%, due 07/17/273		110,000		105,758
Wyndham Hotels & Resorts, Inc. 4.375%, due 08/15/283		175,000		173,635
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/273,6		140,000		137,735
5.500%, due 03/01/253		2,484,000		2,497,140
Wynn Macau Ltd. 5.500%, due 01/15/263		80,000		75,064
				5,958,590
Machinery-construction & mining—0.0%†
Terex Corp. 5.000%, due 05/15/293		150,000		148,785
Vertiv Group Corp. 4.125%, due 11/15/283		155,000		151,049
				299,834
Media—2.2%
AMC Networks, Inc. 4.250%, due 02/15/29		200,000		192,364
CCO Holdings LLC/CCO Holdings Capital Corp. 4.500%, due 08/15/303		100,000		97,500
4.750%, due 03/01/303		205,000		203,420

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
4.750%, due 02/01/323		245,000	$	241,006
5.000%, due 02/01/283		210,000		212,562
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		1,400,000		1,318,302
3.500%, due 06/01/41		1,400,000		1,253,800
4.800%, due 03/01/50		565,000		577,039
Clear Channel Worldwide Holdings, Inc. 5.125%, due 08/15/273		19,000		19,000
Comcast Corp. 2.937%, due 11/01/563		685,000		605,616
CSC Holdings LLC 5.750%, due 01/15/303		810,000		763,247
7.500%, due 04/01/283		325,000		335,965
Discovery Communications LLC 4.650%, due 05/15/50		280,000		303,027
DISH DBS Corp. 5.125%, due 06/01/29		145,000		126,513
5.875%, due 11/15/24		115,000		115,817
7.375%, due 07/01/28		315,000		304,400
7.750%, due 07/01/26		30,000		30,873
Fox Corp. 5.576%, due 01/25/49		310,000		390,808
Radiate Holdco LLC/Radiate Finance, Inc. 4.500%, due 09/15/263		110,000		105,895
Sirius XM Radio, Inc. 4.125%, due 07/01/303		255,000		242,946
5.000%, due 08/01/273		25,000		25,528
5.500%, due 07/01/293		130,000		134,912
Time Warner Entertainment Co. LP 8.375%, due 03/15/23		1,200,000		1,289,352
ViacomCBS, Inc. 4.200%, due 05/19/32		285,000		309,251
4.950%, due 01/15/316		270,000		307,298
Virgin Media Secured Finance PLC 5.000%, due 04/15/273	GBP	2,200,000		3,002,876
5.500%, due 05/15/293		200,000		203,810
Walt Disney Co. 3.600%, due 01/13/51		1,500,000		1,572,106
				14,285,233
Mining—0.1%
Constellium SE 5.625%, due 06/15/283		50,000		51,250
Corp. Nacional del Cobre de Chile 3.150%, due 01/14/303		85,000		84,299
Hudbay Minerals, Inc. 4.500%, due 04/01/263		250,000		246,105
6.125%, due 04/01/293		115,000		119,600
Joseph T Ryerson & Son, Inc. 8.500%, due 08/01/283		54,000		58,185
Volcan Cia Minera SAA 4.375%, due 02/11/263		45,000		43,194
				602,633

81

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Office & business equipment—0.0%†
CDW LLC / CDW Finance Corp. 3.569%, due 12/01/31		175,000	$	174,204
Oil & gas—1.0%
Antero Resources Corp. 5.375%, due 03/01/303		110,000		113,828
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.000%, due 11/01/263		85,000		84,894
BP Capital Markets America, Inc. 3.633%, due 04/06/30		225,000		239,762
BP Capital Markets PLC (fixed, converts to FRN on 06/22/30), 4.875%, due 03/22/309		540,000		570,375
Chesapeake Energy Corp. 6.750%, due 04/15/293		185,000		197,719
Comstock Resources, Inc. 6.750%, due 03/01/293		150,000		154,318
Continental Resources, Inc. 5.750%, due 01/15/313		1,200,000		1,367,892
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/253		35,000		35,261
Ecopetrol SA 5.875%, due 05/28/45		65,000		57,160
Hilcorp Energy I LP/Hilcorp Finance Co. 5.750%, due 02/01/293		64,000		65,280
6.000%, due 02/01/313		71,000		72,065
6.250%, due 11/01/283		75,000		77,813
KazMunayGas National Co. JSC 5.750%, due 04/19/473		110,000		121,275
Medco Bell Pte Ltd. 6.375%, due 01/30/273		55,000		53,350
Occidental Petroleum Corp. 3.200%, due 08/15/26		1,200,000		1,179,000
6.600%, due 03/15/46		130,000		163,434
Odebrecht Offshore Drilling Finance Ltd. 6.720%, due 12/01/227		72,216		71,133
7.720%, due 12/01/267,8		1,413,913		280,387
PDC Energy, Inc. 5.750%, due 05/15/26		195,000		198,529
Pertamina Persero PT 6.450%, due 05/30/443		40,000		48,395
Petroleos Mexicanos 6.350%, due 02/12/48		85,000		69,955
7.690%, due 01/23/50		175,000		161,700
Range Resources Corp. 4.875%, due 05/15/25		160,000		163,065
8.250%, due 01/15/29		85,000		93,925
Rio Oil Finance Trust 9.250%, due 07/06/243		676,669		719,087
Rockcliff Energy II LLC 5.500%, due 10/15/293		50,000		50,625
Southwestern Energy Co. 4.750%, due 02/01/32		85,000		84,856
				6,495,083

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas services—0.0%†
Odebrecht Oil & Gas Finance Ltd. 0.000%, due 03/03/223,9,11		174,037	$	870
TechnipFMC PLC 6.500%, due 02/01/263		110,000		115,116
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 09/01/27		45,000		46,211
				162,197
Packaging & containers—0.4%
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.000%, due 09/15/283		115,000		114,425
Intertape Polymer Group, Inc. 4.375%, due 06/15/293		560,000		553,000
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc. 4.375%, due 10/15/283		175,000		167,562
Trivium Packaging Finance BV 5.500%, due 08/15/263		200,000		201,624
WRKCo, Inc. 4.650%, due 03/15/26		1,200,000		1,314,119
4.900%, due 03/15/29		500,000		563,950
				2,914,680
Pharmaceuticals—1.9%
AbbVie, Inc. 4.250%, due 11/14/28		1,200,000		1,313,002
4.700%, due 05/14/45		120,000		138,630
Bausch Health Cos., Inc. 5.000%, due 01/30/283		145,000		122,162
Bayer US Finance II LLC 3 mo. USD LIBOR + 1.010%, 1.126%, due 12/15/232,3		1,900,000		1,915,312
Cigna Corp. 3 mo. USD LIBOR + 0.890%, 1.014%, due 07/15/232		800,000		807,713
4.375%, due 10/15/28		1,400,000		1,540,711
CVS Health Corp. 2.125%, due 09/15/316		1,400,000		1,319,267
5.050%, due 03/25/48		270,000		330,656
CVS Pass-Through Trust 4.704%, due 01/10/363		2,686,908		2,948,927
Embecta Corp. 5.000%, due 02/15/303,5		255,000		255,319
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, due 04/30/283		200,000		196,804
5.125%, due 04/30/313		200,000		200,000
Teva Pharmaceutical Finance Netherlands II BV 3.250%, due 04/15/22	EUR	1,200,000		1,344,602
Viatris, Inc. 4.000%, due 06/22/50		325,000		321,099
Vizient, Inc. 6.250%, due 05/15/273		55,000		56,375
				12,810,579

82

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—1.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/293		385,000	$	387,537
5.750%, due 01/15/283		93,000		94,841
7.875%, due 05/15/263		85,000		91,375
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, due 12/15/253		55,000		57,475
Buckeye Partners LP 5.600%, due 10/15/44		110,000		99,801
Cheniere Corpus Christi Holdings LLC 7.000%, due 06/30/24		1,600,000		1,747,779
Cheniere Energy Partners LP 4.500%, due 10/01/29		155,000		158,444
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/313		495,000		493,332
DCP Midstream Operating LP 5.600%, due 04/01/44		5,000		5,800
(fixed, converts to FRN on 05/21/23), 5.850%, due 05/21/433		30,000		28,584
6.750%, due 09/15/373		30,000		38,632
DT Midstream, Inc. 4.125%, due 06/15/293		290,000		286,082
Energy Transfer LP 5.250%, due 04/15/29		1,500,000		1,667,392
Series B, (fixed, converts to FRN on 02/15/28), 6.625%, due 02/15/289		750,000		708,750
Series G, (fixed, converts to FRN on 05/15/30), 7.125%, due 05/15/309		760,000		772,825
Enterprise Products Operating LLC 4.200%, due 01/31/50		300,000		317,325
EQM Midstream Partners LP 4.500%, due 01/15/293		60,000		57,301
4.750%, due 01/15/313		60,000		57,430
5.500%, due 07/15/28		175,000		177,119
6.000%, due 07/01/253		40,000		41,300
6.500%, due 07/01/273		130,000		135,850
Genesis Energy LP/Genesis Energy Finance Corp. 6.250%, due 05/15/26		35,000		33,600
6.500%, due 10/01/25		40,000		39,139
8.000%, due 01/15/27		40,000		40,255
Global Partners LP/GLP Finance Corp. 6.875%, due 01/15/29		40,000		41,321
7.000%, due 08/01/27		40,000		41,300
Harvest Midstream I LP 7.500%, due 09/01/283		140,000		145,806
Kinder Morgan, Inc. 5.550%, due 06/01/45		320,000		380,846
7.750%, due 01/15/32		1,400,000		1,897,131
MPLX LP 4.700%, due 04/15/48		378,000		412,245
New Fortress Energy, Inc. 6.500%, due 09/30/263		375,000		350,625
6.750%, due 09/15/253		320,000		303,200

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(concluded)
NuStar Logistics LP 5.625%, due 04/28/27		30,000	$	30,713
5.750%, due 10/01/25		60,000		62,625
6.000%, due 06/01/26		35,000		36,711
Plains All American Pipeline LP/PAA Finance Corp. 3.550%, due 12/15/29		185,000		186,633
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 03/01/273		55,000		55,958
6.000%, due 12/31/303		200,000		191,000
6.000%, due 09/01/313		210,000		200,067
7.500%, due 10/01/253		235,000		247,161
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.000%, due 01/15/28		10,000		10,250
5.375%, due 02/01/27		10,000		10,250
6.500%, due 07/15/27		10,000		10,613
6.875%, due 01/15/29		10,000		10,938
Venture Global Calcasieu Pass LLC 3.875%, due 11/01/333		80,000		79,158
4.125%, due 08/15/313		110,000		110,714
Western Midstream Operating LP 4.550%, due 02/01/304,6		65,000		67,763
5.750%, due 02/01/504		100,000		109,710
				12,530,706
Private Equity—0.2%
Carlyle Finance Subsidiary LLC 3.500%, due 09/19/293		1,500,000		1,554,156
Real estate—0.5%
Ontario Teachers' Cadillac Fairview Properties Trust 3.125%, due 03/20/223		300,000		300,643
Realogy Group LLC/Realogy Co-Issuer Corp. 5.250%, due 04/15/303		75,000		71,813
7.625%, due 06/15/253		340,000		360,672
Tesco Property Finance 5 PLC 5.661%, due 10/13/417	GBP	680,125		1,138,512
Vesteda Finance BV 2.500%, due 10/27/227	EUR	1,000,000		1,137,179
				3,008,819
Real estate investment trusts—0.5%
American Finance Trust, Inc./American Finance Operating Partner LP 4.500%, due 09/30/283		210,000		203,700
EPR Properties 3.750%, due 08/15/29		160,000		156,463
Iron Mountain, Inc. 4.875%, due 09/15/273		175,000		175,522
4.875%, due 09/15/293		100,000		98,715
5.000%, due 07/15/283		250,000		249,625
5.250%, due 03/15/283		380,000		385,533
5.250%, due 07/15/303		55,000		54,612
5.625%, due 07/15/323		345,000		348,769

83

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.500%, due 01/15/28		10,000	$	10,550
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, due 05/15/293		165,000		163,089
5.875%, due 10/01/283		130,000		133,043
7.500%, due 06/01/253		140,000		146,720
RHP Hotel Properties LP/RHP Finance Corp. 4.750%, due 10/15/27		345,000		339,757
RLJ Lodging Trust LP 4.000%, due 09/15/293		140,000		131,950
Service Properties Trust 4.950%, due 02/15/27		175,000		162,750
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.750%, due 04/15/283		635,000		615,614
XHR LP 4.875%, due 06/01/293		135,000		132,368
				3,508,780
Retail—0.7%
1011778 BC ULC/New Red Finance, Inc. 4.000%, due 10/15/303		145,000		134,222
7-Eleven, Inc. 0.950%, due 02/10/263		1,578,000		1,500,295
Arko Corp. 5.125%, due 11/15/293		160,000		152,216
Asbury Automotive Group, Inc. 4.625%, due 11/15/293		40,000		39,361
5.000%, due 02/15/323		25,000		24,804
Bath & Body Works, Inc. 6.625%, due 10/01/303		200,000		214,638
Gap, Inc. 3.625%, due 10/01/293		55,000		51,161
3.875%, due 10/01/313		65,000		60,321
GYP Holdings III Corp. 4.625%, due 05/01/293		80,000		77,700
Ken Garff Automotive LLC 4.875%, due 09/15/283		95,000		91,843
LCM Investments Holdings II LLC 4.875%, due 05/01/293		155,000		149,285
McDonald's Corp. 3.625%, due 09/01/49		130,000		132,840
Starbucks Corp. 2.550%, due 11/15/30		1,700,000		1,675,923
				4,304,609
Semiconductors—1.8%
Broadcom, Inc. 3.137%, due 11/15/353		3,762,000		3,565,943
3.419%, due 04/15/333		800,000		796,869
3.500%, due 02/15/413		285,000		270,613
4.110%, due 09/15/28		1,468,000		1,562,582
Micron Technology, Inc. 4.975%, due 02/06/26		1,400,000		1,526,660

	Face amount1		Value
Corporate bonds—(continued)
Semiconductors—(concluded)
NXP BV/NXP Funding LLC 4.875%, due 03/01/243		1,500,000	$	1,587,975
QUALCOMM, Inc. 4.800%, due 05/20/45		2,000,000		2,471,842
				11,782,484
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc. 2.043%, due 08/16/283		1,400,000		1,332,579
Software—0.8%
Citrix Systems, Inc. 3.300%, due 03/01/30		1,100,000		1,101,515
Clarivate Science Holdings Corp. 3.875%, due 07/01/283		110,000		104,935
Consensus Cloud Solutions, Inc. 6.500%, due 10/15/283		55,000		56,409
Electronic Arts, Inc. 1.850%, due 02/15/31		1,700,000		1,579,892
Open Text Corp. 3.875%, due 12/01/293		95,000		91,236
Open Text Holdings, Inc. 4.125%, due 12/01/313		60,000		57,900
Oracle Corp. 3.850%, due 04/01/60		1,400,000		1,242,351
3.950%, due 03/25/51		375,000		353,385
4.000%, due 11/15/47		345,000		327,227
Rackspace Technology Global, Inc. 3.500%, due 02/15/283		155,000		144,648
Ziff Davis, Inc. 4.625%, due 10/15/303		218,000		213,476
				5,272,974
Telecommunications—2.0%
Altice France SA 5.125%, due 07/15/293		670,000		622,122
5.875%, due 02/01/273	EUR	1,100,000		1,275,464
AT&T, Inc. 3.500%, due 09/15/53		335,000		318,326
3.650%, due 06/01/51		115,000		112,417
4.500%, due 03/09/48		441,000		486,359
C&W Senior Financing DAC 6.875%, due 09/15/273		50,000		52,103
Ciena Corp. 4.000%, due 01/31/303		65,000		64,350
CommScope, Inc. 4.750%, due 09/01/293		655,000		627,444
Consolidated Communications, Inc. 5.000%, due 10/01/283,6		115,000		111,429
6.500%, due 10/01/283		105,000		108,119
Frontier Communications Holdings LLC 5.875%, due 10/15/273		230,000		236,831
Level 3 Financing, Inc. 3.750%, due 07/15/293		75,000		68,438
3.875%, due 11/15/293		1,200,000		1,179,564
4.625%, due 09/15/273		235,000		233,848

84

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(concluded)
Telecommunications—(concluded)
Lumen Technologies, Inc. 4.500%, due 01/15/293		105,000	$	96,220
5.375%, due 06/15/293		155,000		146,954
Motorola Solutions, Inc. 2.300%, due 11/15/30		1,400,000		1,308,503
Oztel Holdings SPC Ltd. 6.625%, due 04/24/283		115,000		123,510
T-Mobile USA, Inc. 2.550%, due 02/15/31		1,300,000		1,237,998
3.400%, due 10/15/523		370,000		340,444
4.500%, due 04/15/50		285,000		312,243
Verizon Communications, Inc. 2.355%, due 03/15/323		350,000		332,368
2.550%, due 03/21/31		1,600,000		1,562,387
2.850%, due 09/03/41		1,700,000		1,586,910
Vmed O2 UK Financing I PLC 4.750%, due 07/15/313		435,000		415,721
				12,960,072
Transportation—0.3%
AP Moller—Maersk A/S 4.500%, due 06/20/293		1,500,000		1,659,157
MV24 Capital BV 6.748%, due 06/01/343		36,123		36,096
				1,695,253
Trucking & leasing—0.3%
SMBC Aviation Capital Finance DAC 4.125%, due 07/15/233		1,600,000		1,652,160
Water—0.0%†
Solaris Midstream Holdings LLC 7.625%, due 04/01/263		115,000		118,752
Total corporate bonds (cost—$319,484,998)				316,371,746
Loan assignments—0.5%
Broadcast—0.5%
Hilton Worldwide Finance LLC, 2019 Term Loan B2,
1 mo. USD LIBOR + 1.750%, 0.019%, due 06/22/262 (cost—$3,504,375)		3,524,014		3,491,311
Mortgage-backed securities—11.6%
1211 Avenue of the Americas Trust, Series 2015-1211, Class A1A1, 3.901%, due 08/10/353		1,500,000		1,567,221
Adjustable Rate Mortgage Trust, Series 2005-5, Class 2A1, 2.595%, due 09/25/3512		43,330		40,927
Alba PLC, Series 2007-1, Class A3, 3 mo. GBP LIBOR + 0.170%, 0.241%, due 03/17/392,7	GBP	348,236		454,141
Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, due 12/25/33		13,408		13,705

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2005-62, Class 2A1, 12 mo. MTA + 1.000%, 1.087%, due 12/25/352		99,874	$	91,765
Series 2006-14CB, Class A1, 6.000%, due 06/25/36		1,338,043		985,045
Series 2006-41CB, Class 1A9, 6.000%, due 01/25/37		335,647		249,602
Ashford Hospitality Trust, Series 2018-KEYS, Class A, 1 mo. USD LIBOR + 1.000%, 1.090%, due 06/15/352,3		1,500,000		1,500,865
BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A, 2.959%, due 12/10/303		1,000,000		1,009,903
Banc of America Funding Trust, Series 2005-D, Class A1, 2.785%, due 05/25/3512		215,292		221,915
Bank of America Mortgage Trust, Series 2002-G, Class 1A3, 4.126%, due 07/20/3212		83		85
BBCCRE Trust, Series 2015-GTP, Class A, 3.966%, due 08/10/333		3,600,000		3,773,958
Bear Stearns Alternative Loan Trust-A Trust, Series 2003-3, Class 1A, 2.169%, due 10/25/3312		3,117		3,188
Series 2004-9, Class 2A1, 2.825%, due 09/25/3412		123,216		127,217
Series 2005-7, Class 22A1, 2.894%, due 09/25/3512		296,310		222,188
Series 2006-1, Class 21A2, 3.030%, due 02/25/3612		405,240		336,394
Bear Stearns ARM Trust, Series 2003-1, Class 6A1, 2.500%, due 04/25/3312		4,517		4,790
Series 2003-5, Class 2A1, 2.576%, due 08/25/3312		48,860		49,159
Series 2004-3, Class 1A2, 3.131%, due 07/25/3412		47,163		45,930
Series 2004-6, Class 2A1, 3.363%, due 09/25/3412		250,459		248,666
Series 2004-7, Class 1A1, 0.000%, due 10/25/3412		98,275		91,761
Chase Mortgage Finance Corp., Series 2005-S3, Class A10, 5.500%, due 11/25/35		940,319		861,016
Series 2007-S6, Class 2A1, 5.500%, due 12/25/22		502,533		275,410
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class XA, 1.333%, due 02/10/4812		3,026,046		100,597
Citigroup Mortgage Loan Trust, Inc., Series 2005-11, Class A1A, 1 year CMT + 2.400%, 2.470%, due 05/25/352		34,451		34,901
Series 2005-4, Class A, 2.664%, due 08/25/3512		144,189		149,366

85

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2005-6, Class A2, 1 year CMT + 2.150%, 2.210%, due 09/25/352		9,363	$	9,787
Series 2005-6, Class A3, 1 year CMT + 1.800%, 1.860%, due 09/25/352		1,792		1,829
COMM Mortgage Trust, Series 2014-LC15, Class XA, 1.065%, due 04/10/4712		7,666,451		139,257
Series 2014-UBS3, Class XA, 1.066%, due 06/10/4712		2,738,957		54,630
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M2, SOFR + 1.900%, 1.950%, due 12/25/412,3		343,000		343,615
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-12, Class 11A2, 3.002%, due 08/25/3412		37,921		38,572
Series 2004-12, Class 12A1, 2.736%, due 08/25/3412		27		27
Series 2005-HYB9, Class 5A1, 12 mo. USD LIBOR + 1.750%, 1.991%, due 02/20/362		110,409		109,085
CSMC Trust, Series 2021-JR2, Class A1, 2.215%, due 11/25/613,12		1,135,941		1,123,271
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1 mo. USD LIBOR + 0.520%, 0.600%, due 08/19/452		116,307		113,037
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD LIBOR + 1.080%, 1.171%, due 07/15/382,3		1,391,436		1,390,598
FHLMC GNMA, Series 23, Class KZ, 6.500%, due 11/25/23		5,037		5,197
FHLMC REMIC, Series 1367, Class KA, 6.500%, due 09/15/22		20		20
Series 1502, Class PX, 7.000%, due 04/15/23		14,397		14,769
Series 1503, Class PZ, 7.000%, due 05/15/23		4,483		4,619
Series 1534, Class Z, 5.000%, due 06/15/23		3,834		3,889
Series 1562, Class Z, 7.000%, due 07/15/23		8,595		8,874
Series 1694, Class Z, 6.500%, due 03/15/24		4,444		4,648
Series 2061, Class Z, 6.500%, due 06/15/28		25,924		28,491
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 0.589%, due 01/15/322		16,991		17,053

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2764, Class LZ, 4.500%, due 03/15/34		305,918	$	327,339
Series 2764, Class ZG, 5.500%, due 03/15/34		1,005,456		1,117,474
Series 2835, Class JZ, 5.000%, due 08/15/34		182,662		201,006
Series 2921, Class PG, 5.000%, due 01/15/35		802,336		885,454
Series 2983, Class TZ, 6.000%, due 05/15/35		722,298		812,772
Series 3149, Class CZ, 6.000%, due 05/15/36		756,397		861,427
FHLMC Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M2, 1 mo. USD LIBOR + 3.450%, 3.539%, due 10/25/292		1,187,038		1,222,697
Series 2018-HQA1, Class M2, 1 mo. USD LIBOR + 2.300%, 2.389%, due 09/25/302		662,111		671,437
Series 2020-RR04, Class X, 2.126%, due 02/27/2912		3,460,000		419,818
FHLMC Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, due 02/25/43		364,052		420,820
Series T-58, Class 2A, 6.500%, due 09/25/43		194,259		216,445
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 2.754%, due 08/25/3512		10,324		8,128
FNMA, Series 2003-W8, Class 2A, 7.000%, due 10/25/42		16,605		18,654
Series 2004-T1, Class 1A1, 6.000%, due 01/25/44		253,085		282,509
Series 2004-W8, Class 2A, 6.500%, due 06/25/44		262,510		294,691
FNMA Connecticut Avenue Securities, Series 2017-C02, Class 2M2, 1 mo. USD LIBOR + 3.650%, 3.739%, due 09/25/292		1,087,064		1,121,435
Series 2017-C03, Class 1M2, 1 mo. USD LIBOR + 3.000%, 3.089%, due 10/25/292		535,769		548,697
Series 2017-C04, Class 2M2, 1 mo. USD LIBOR + 2.850%, 2.939%, due 11/25/292		1,080,928		1,107,830
Series 2017-C05, Class 1M2, 1 mo. USD LIBOR + 2.200%, 2.289%, due 01/25/302		341,858		346,353
Series 2017-C06, Class 1M2, 1 mo. USD LIBOR + 2.650%, 2.739%, due 02/25/302		228,649		234,985
Series 2017-C06, Class 2M2, 1 mo. USD LIBOR + 2.800%, 2.889%, due 02/25/302		245,770		250,852

86

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
FNMA REMIC, Series 1992-129, Class L, 6.000%, due 07/25/22		20	$	20
Series 1993-160, Class ZB, 6.500%, due 09/25/23		1,392		1,431
Series 1993-163, Class ZA, 7.000%, due 09/25/23		369		381
Series 1993-37, Class PX, 7.000%, due 03/25/23		610		622
Series 1993-60, Class Z, 7.000%, due 05/25/23		4,101		4,209
Series 1993-70, Class Z, 6.900%, due 05/25/23		623		640
Series 1993-96, Class PZ, 7.000%, due 06/25/23		3,157		3,223
Series 2000-34, Class F, 1 mo. USD LIBOR + 0.450%, 0.539%, due 10/25/302		1,565		1,572
Series 2002-80, Class A1, 6.500%, due 11/25/42		398,906		444,899
Series 2003-64, Class AH, 6.000%, due 07/25/33		866,308		980,245
Series 2005-120, Class ZU, 5.500%, due 01/25/36		878,445		987,170
Series 2005-24, Class ZE, 5.000%, due 04/25/35		338,285		371,233
Series 2006-65, Class GD, 6.000%, due 07/25/26		231,200		247,928
Series G92-40, Class ZC, 7.000%, due 07/25/22		45		46
FNMA REMIC Trust, Series 1999-W4, Class A9, 6.250%, due 02/25/29		93,509		102,551
GNMA, Series 2003-98, Class Z, 6.000%, due 11/20/33		2,412,025		2,639,481
Series 2005-26, Class ZA, 5.500%, due 01/20/35		4,819,383		5,191,988
Series 2015-H20, Class FB, 1 mo. USD LIBOR + 0.600%, 0.683%, due 08/20/652		1,026,009		1,031,601
Series 2016-H11, Class F, 1 mo. USD LIBOR + 0.800%, 0.883%, due 05/20/662		727,581		735,861
Series 2016-H15, Class FA, 1 mo. USD LIBOR + 0.800%, 0.883%, due 07/20/662		1,349,827		1,364,010
Series 2017-182, Class FW, 1 mo. USD LIBOR + 0.350%, 0.432%, due 05/20/472		328,776		329,829
Series 2018-38, Class WF, 1 mo. USD LIBOR + 0.300%, 0.382%, due 10/20/432		973,721		970,555
GS Residential Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 2.864%, due 09/25/3512		116,671		119,282

	Face amount1		Value
Mortgage-backed securities—(continued)
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A, 1 mo. USD LIBOR + 0.700%, 0.780%, due 01/19/352		20,767	$	19,071
Series 2005-4, Class 3A1, 2.675%, due 07/19/3512		137,106		114,567
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 1 mo. USD LIBOR + 1.060%, 2.560%, due 06/15/352,3		1,550,537		1,543,921
Series 2022-OPO, Class D, 3.450%, due 01/05/393,12		284,000		267,817
JPMorgan Mortgage Trust, Series 2005-A8, Class 1A1, 2.745%, due 11/25/3512		356,328		327,784
Series 2006-A4, Class 2A2, 2.298%, due 06/25/3612		162,276		131,280
KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class A, 2.558%, due 11/05/443		1,400,000		1,380,817
Legacy Mortgage Asset Trust, Series 2020-GS1, Class A1, 2.882%, due 10/25/593,4		1,173,378		1,175,738
Ludgate Funding PLC, Series 2007-1, Class A2A, 3 mo. GBP LIBOR + 0.160%, 0.245%, due 01/01/612,7	GBP	1,313,468		1,702,300
Series 2008-W1X, Class A1, 3 mo. GBP LIBOR + 0.600%, 0.685%, due 01/01/612,7	GBP	557,449		739,860
LUXE Trust, Series 2021-MLBH, Class A, 1 mo. USD LIBOR + 0.980%, 1.070%, due 11/15/382,3		1,400,000		1,398,717
Mansard Mortgages, Series 2007-1X, Class A2, 3 mo. GBP LIBOR + 0.180%, 0.314%, due 04/15/472,7	GBP	791,633		1,032,373
MF1 Ltd., Series 2021-W10, Class A, SOFR + 1.070%, 1.123%, due 12/15/342,3		1,300,000		1,297,198
Morgan Stanley Capital I Trust, Series 2021-230P, Class A, 1 mo. USD LIBOR + 1.169%, 1.269%, due 12/15/232,3		1,400,000		1,398,606
NAAC Reperforming Loan REMIC Trust, Series 2004-R3, Class A1, 6.500%, due 02/25/353		485,314		484,679
NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 1 mo. USD LIBOR + 1.095%, 1.175%, due 11/15/382,3		1,500,000		1,492,070
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.957%, due 10/25/613,12		371,749		366,814

87

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 1 mo. USD LIBOR + 1.200%, 1.280%, due 11/25/362,3		1,299,897	$	1,299,304
Reperforming Loan REMIC Trust, Series 2003-R4, Class 2A, 4.673%, due 01/25/343,12		431,550		416,004
Series 2006-R1, Class AF1, 1 mo. USD LIBOR + 0.340%, 0.429%, due 01/25/362,3		482,573		478,243
Residential Funding Mortgage Security I, Series 2004-S9, Class 1A23, 5.500%, due 12/25/34		202,263		198,323
Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 1 mo. USD LIBOR + 0.400%, 0.486%, due 07/20/362		69,971		65,017
SFO Commercial Mortgage Trust, Series 2021-555, Class A, 1 mo. USD LIBOR + 1.150%, 1.240%, due 05/15/382,3		1,400,000		1,399,576
SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.737%, due 12/25/613,12		598,124		588,227
SREIT Trust, Series 2021-IND, Class A, 1 mo. USD LIBOR + 0.700%, 0.800%, due 10/15/382,3		1,400,000		1,388,210
Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.920%, due 09/25/663,12		1,308,314		1,289,955
Structured ARM Loan Trust, Series 2004-8, Class 3A, 2.604%, due 07/25/3412		188,196		193,373
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD LIBOR + 0.420%, 0.509%, due 04/25/362		546,560		518,405
Structured Asset Mortgage Investments, Inc., Series 2002-AR3, Class A1, 1 mo. USD LIBOR + 0.660%, 0.740%, due 09/19/322		37,086		37,086
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1, 1.961%, due 09/25/3712		329,483		331,721
Towd Point Mortgage Funding, Series 2019-A13A, Class A1, SONIA + 0.900%, 0.950%, due 07/20/452,3	GBP	4,049,812		5,455,430
Uropa Securities PLC, Series 2007-1, Class A3A, 3 mo. GBP LIBOR + 0.200%, 0.318%, due 10/10/402,7	GBP	2,098,740		2,724,289
Verus Securitization Trust, Series 2021-6, Class A1, 1.630%, due 10/25/663,12		1,303,081		1,286,217

	Face amount1		Value
Mortgage-backed securities—(concluded)
Series 2021-6, Class A3, 1.887%, due 10/25/663,12		335,400	$	330,095
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A, 12 mo. MTA + 1.400%, 1.487%, due 06/25/422		6,998		6,987
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + 0.580%, 0.669%, due 10/25/452		267,508		268,076
Series 2006-AR2, Class 2A1, 3.178%, due 03/25/3612		389,174		395,896
Series 2006-AR9, Class 1A, 12 mo. MTA + 1.000%, 1.087%, due 08/25/462		287,648		289,078
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 0.792%, due 09/15/5712		5,866,101		96,827
Series 2014-LC14, Class XA, 1.252%, due 03/15/4712		2,783,090		55,346
Total mortgage-backed securities (cost—$75,127,454)				76,755,880
Municipal bonds—0.2%
Illinois—0.2%
Sales Tax Securitization Corp., Series B, 3.057%, due 01/01/34 (cost—$1,400,000)		1,400,000		1,395,874
Non-U.S. government agency obligations—2.6%
Colombia Government International Bond 3.000%, due 01/30/30		50,000		43,588
Costa Rica Government International Bond 7.000%, due 04/04/443		45,000		41,648
Dominican Republic International Bond 6.850%, due 01/27/453		135,000		141,733
Egypt Government International Bond 7.500%, due 02/16/613		195,000		150,881
8.500%, due 01/31/473		160,000		133,600
El Salvador Government International Bond 9.500%, due 07/15/523		25,000		14,458
Ghana Government International Bond 10.750%, due 10/14/303		80,000		84,800
Indonesia Government International Bond 4.625%, due 04/15/433		165,000		179,456
Israel Government International Bond 3.875%, due 07/03/50		1,700,000		1,889,975
4.125%, due 01/17/48		1,600,000		1,853,800
Japan Bank for International Cooperation 2.875%, due 07/21/27		2,200,000		2,311,182
Japan International Cooperation Agency 2.750%, due 04/27/27		1,300,000		1,352,085
Kazakhstan Government International Bond 6.500%, due 07/21/453		70,000		93,100
Mexico Government International Bond 3.500%, due 02/12/34		135,000		130,342
4.400%, due 02/12/52		135,000		130,342

88

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Non-U.S. government agency obligations—(concluded)
Mongolia Government International Bond 5.125%, due 04/07/263		55,000	$	55,556
Nigeria Government International Bond 7.875%, due 02/16/323		120,000		116,400
Oman Government International Bond 7.000%, due 01/25/513		145,000		145,725
Panama Government International Bond 2.252%, due 09/29/32		105,000		95,931
3.298%, due 01/19/33		80,000		79,640
Peruvian Government International Bond 3.000%, due 01/15/34		220,000		210,870
5.940%, due 02/12/293	PEN	5,100,000		1,348,183
5.940%, due 02/12/297	PEN	1,400,000		367,610
6.350%, due 08/12/287	PEN	2,000,000		539,440
8.200%, due 08/12/267	PEN	2,000,000		585,988
Qatar Government International Bond 3.750%, due 04/16/303		120,000		131,100
4.400%, due 04/16/503		60,000		70,950
4.500%, due 04/23/287		1,700,000		1,904,000
5.103%, due 04/23/487		1,600,000		2,066,000
Republic of South Africa Government International Bond 5.650%, due 09/27/47		95,000		86,082
Romanian Government International Bond 3.000%, due 02/14/316,7		104,000		100,776
4.000%, due 02/14/517		110,000		102,740
Saudi Government International Bond 2.750%, due 02/03/323		85,000		85,140
3.250%, due 11/17/513		65,000		61,019
Turkey Government International Bond 5.875%, due 06/26/31		50,000		43,759
Ukraine Government International Bond 7.253%, due 03/15/333		225,000		189,000
Uruguay Government International Bond 4.975%, due 04/20/55		35,000		43,232
5.100%, due 06/18/50		85,000		105,602
Total non-U.S. government agency obligations (cost—$16,472,797)				17,085,733
U.S. government agency obligations—1.7%
FHLMC 7.645%, due 05/01/25		461,428		498,334
FHLMC ARM 12 mo. USD LIBOR + 1.815%, 2.065%, due 03/01/362		1,164		1,207
FNMA 3.500%, due 03/01/35		430,711		452,540
4.500%, due 04/01/29		70,120		75,541
5.255%, due 11/01/3412		1,759,416		1,758,436
FNMA ARM 12 mo. MTA + 1.400%, 1.484%, due 08/01/402		3,298		3,250
6 mo. USD LIBOR + 1.538%, 1.663%, due 01/01/362		2,870		2,940
12 mo. USD LIBOR + 1.420%, 1.795%, due 03/01/362		8,816		8,939

	Face amount1		Value
U.S. government agency obligations—(concluded)
12 mo. USD LIBOR + 1.619%, 1.994%, due 12/01/352		18,632	$	19,045
12 mo. USD LIBOR + 1.780%, 2.030%, due 11/01/352		3,642		3,745
12 mo. USD LIBOR + 1.815%, 2.190%, due 03/01/362		16,977		17,553
12 mo. USD LIBOR + 1.942%, 2.192%, due 09/01/352		436		451
12 mo. USD LIBOR + 1.840%, 2.216%, due 03/01/362		16,368		16,851
12 mo. USD LIBOR + 2.015%, 2.265%, due 06/01/362		7,110		7,419
12 mo. USD LIBOR + 1.912%, 2.287%, due 02/01/362		16,037		16,532
1 year CMT + 2.226%, 2.346%, due 04/01/272		5,369		5,481
1 year CMT + 2.251%, 2.376%, due 05/01/272		3,044		3,081
1 year CMT + 2.103%, 2.661%, due 05/01/302		20,744		21,154
FNMA ARM COFI 3.250%, due 11/01/2613,14		6,666		6,178
GNMA II 5.000%, due 07/20/49		2,762,987		2,970,944
5.000%, due 12/20/49		72,337		77,758
GNMA II ARM 1 year CMT + 1.500%, 1.625%, due 07/20/252		996		1,004
1 year CMT + 1.500%, 1.875%, due 05/20/262		3,289		3,328
1 year CMT + 1.500%, 2.000%, due 01/20/262		1,647		1,663
1 year CMT + 1.500%, 2.125%, due 11/20/232		392		393
GNMA II TBA 3.000%		530,000		542,344
UMBS TBA 2.500%		2,345,000		2,340,610
3.000%		1,975,000		2,017,798
Total U.S. government agency obligations (cost—$10,882,274)				10,874,519
U.S. Treasury obligations—21.6%
U.S. Treasury Bonds 1.375%, due 11/15/40		8,700,000		7,627,793
1.375%, due 08/15/50		7,500,000		6,294,141
1.625%, due 11/15/50		2,500,000		2,231,348
1.875%, due 02/15/51		4,115,000		3,897,355
2.000%, due 02/15/50		645,000		628,699
2.500%, due 02/15/45		53,400,000		56,334,914
2.750%, due 08/15/42		1,860,000		2,038,444
2.875%, due 08/15/45		2,600,000		2,931,500
3.000%, due 11/15/44		2,600,000		2,977,102
3.000%, due 05/15/45		200,000		229,656
3.000%, due 02/15/48		500,000		585,762

89

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
U.S. Treasury obligations—(concluded)
U.S. Treasury Notes 0.125%, due 11/30/22		3,545,000	$	3,528,244
0.125%, due 03/31/23		6,460,000		6,402,213
0.375%, due 10/31/23		1,865,000		1,841,177
0.875%, due 06/30/26		1,990,000		1,929,989
1.250%, due 03/31/28		1,975,000		1,920,456
1.625%, due 05/15/31		1,485,000		1,467,134
1.750%, due 06/30/24		5,400,000		5,460,961
1.875%, due 08/31/22		9,600,000		9,673,875
2.000%, due 10/31/2215		1,000,000		1,010,117
2.125%, due 09/30/24		10,900,000		11,129,070
2.250%, due 08/15/27		5,000,000		5,155,664
2.625%, due 02/15/29		6,700,000		7,091,793
Total U.S. Treasury obligations (cost—$142,305,494)				142,387,407
	Number of shares
Exchange traded funds—0.7%
Invesco Senior Loan ETF6 (cost—$5,003,936)		217,988		4,791,376
Short-term investments—0.8%
Investment companies—0.8%
State Street Institutional U.S. Government Money Market Fund, 0.030%16 (cost—$5,291,997)		5,291,997		5,291,997

	Face amount1		Value
Short-term U.S. Treasury obligations—6.8%
U.S. Cash Management Bill 0.279%, due 05/24/2217		6,500,000	$	6,494,580
U.S. Treasury Bills 0.044%, due 03/08/2217		4,100,000		4,099,870
0.047%, due 02/10/2217		6,100,000		6,099,950
0.047%, due 02/15/2217		5,700,000		5,699,916
0.047%, due 03/24/2217		1,025,000		1,024,887
0.048%, due 03/15/2217		1,543,000		1,542,937
0.051%, due 02/24/2217		3,200,000		3,199,928
0.051%, due 03/31/2217		13,100,000		13,097,784
0.053%, due 03/03/2215,17		1,900,000		1,899,945
0.091%, due 06/16/2217		1,650,000		1,647,943
Total short-term U.S. Treasury obligations (cost—$44,810,149)				44,807,740
	Number of shares
Investment of cash collateral from securities loaned—1.6%
Money market funds—1.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%16 (cost—$10,444,696)		10,444,696		10,444,696
Total investments (cost—$667,949,488)—101.2%				668,003,061
Liabilities in excess of other assets—(1.2)%				(7,949,945	)
Net assets—100.0%			$	660,053,116

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

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	1,305,850		1,300,000	UMBS, 2.500%, strike @ 100.45	JPMCB	04/06/22	$	4,062	$	(3,938	)	$	124
				Put options
USD	1,385,580		1,400,000	UMBS TBA, 2.000%, strike @ 98.97	JPMCB	02/07/22	$	6,125	$	(20,646	)	$	(14,521	)
Total options written							$	10,187	$	(24,584	)	$	(14,397	)

90

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Swaptions written

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	45,600		45,600,000	3 Month USD LIBOR Interest Rate Swap, strike @ 0.870%, terminating 11/04/23	GSI	Receive	11/02/22	$	90,840	$	(21,314	)	$	69,526
				Put swaptions
USD	45,600		45,600,000	3 Month USD LIBOR Interest Rate Swap, strike @ 1.270%, terminating 11/04/23	GSI	Pay	11/02/22	$	90,840	$	(230,982	)	$	(140,142	)
Total swaptions written								$	181,680	$	(252,296	)	$	(70,616	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
23	USD	U.S. Long Bond Futures	March 2022	$	3,655,927		$	3,579,375		$	(76,552	)
762	USD	U.S. Treasury Note 10 Year Futures	March 2022		99,134,741			97,512,188			(1,622,553	)
25	USD	U.S. Treasury Note 2 Year Futures	March 2022		5,465,353			5,416,406			(48,947	)
563	USD	U.S. Treasury Note 5 Year Futures	March 2022		68,188,720			67,111,359			(1,077,361	)
14	USD	U.S. Ultra Bond Futures	March 2022		2,715,607			2,645,125			(70,482	)
Total				$	179,160,348		$	176,264,453		$	(2,895,895	)
Interest rate futures sell contracts:
225	GBP	United Kingdom Long Gilt Bond Futures	March 2022	$	(37,908,678	)	$	(36,905,386	)	$	1,003,292
U.S. Treasury futures sell contracts:
102	USD	U.S. Treasury Note 10 Year Futures	March 2022	$	(13,170,807	)	$	(13,052,812	)	$	117,995
140	USD	U.S. Treasury Note 5 Year Futures	March 2022		(16,849,560	)		(16,688,438	)		161,122
104	USD	U.S. Ultra Treasury Note 10 Year Futures	March 2022		(15,003,841	)		(14,854,125	)		149,716
Total				$	(82,932,886	)	$	(81,500,761	)	$	1,432,125
Net unrealized appreciation (depreciation)										$	(1,463,770	)

91

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio18			Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
Bank of America Corp., bond, 1.124%, due 04/24/23	USD	1,400	12/20/22	Quarterly		1.000	%	$	(8,790	)	$	9,980		$	1,190
Boeing Co., bond, 2.600%, due 10/30/25	USD	1,500	06/20/23	Quarterly		1.000			(2,951	)		9,770			6,819
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	1,300	12/20/28	Quarterly		1.000			14,074			(61,911	)		(47,837	)
British Telecommunications PLC, bond, 5.750%, due 12/07/28	EUR	2,400	06/20/28	Quarterly		1.000			13,533			(92,114	)		(78,581	)
Citigroup, Inc., 2.876%, due on 07/24/23	USD	1,400	12/20/22	Quarterly		1.000			(8,681	)		9,816			1,135
Comcast Corp., bond, 3.700%, due 04/15/24	USD	1,300	12/20/26	Quarterly		1.000			(32,147	)		28,932			(3,215	)
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,500	12/20/26	Quarterly		1.000			(15,571)			15,640			69
General Electric Co., bond, 2.700%, due 10/09/22	USD	1,200	06/20/26	Quarterly		1.000			(12,254	)		15,442			3,188
General Electric Co., bond, 5.000% due 06/15/21	USD	1,000	06/20/24	Quarterly		1.000			5,551			15,063			20,614
General Motors Co., bond, 4.875%, due 10/02/23	USD	1,400	12/20/26	Quarterly		5.000			(262,025	)		252,373			(9,652	)
JPMorgan Chase & Co., bond, 3.200%, due 01/25/23	USD	1,300	12/20/22	Quarterly		1.000			(8,294	)		9,531			1,237
Morgan Stanley, bond, 3.750%, due 02/25/23	USD	1,400	12/20/22	Quarterly		1.000			(8,474	)		9,572			1,098
Rolls-Royce PLC, bond, 2.125%, due 06/08/21	EUR	1,400	06/20/24	Quarterly		1.000			(1,585	)		(605	)		(2,190	)
Stellantis N.V., bond, 5.250%, due 04/15/23	EUR	1,100	12/20/26	Quarterly		5.000			(237,598	)		231,748			(5,850	)
Valeo SA, bond, 3.250%, due 01/22/24	EUR	1,200	06/20/26	Quarterly		1.000			19,019			(19,524	)		(505	)
Verizon Communications, Inc., bond, 2.550%, due 06/17/19	USD	1,600	12/20/22	Quarterly		1.000			(5,545	)		11,754			6,209
Verizon Communications, Inc., bond, 4.125%, due 03/16/27	USD	1,300	12/20/26	Quarterly		1.000			(29,638	)		21,118			(8,520	)
Williams Cos., Inc., bond, 4.550%, due 06/24/24	USD	1,400	12/20/26	Quarterly		1.000			(9,746	)		12,974			3,228
Total								$	(591,122	)	$	479,559		$	(111,563	)

92

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

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 North America High Yield 37 Index	USD	4,160	12/20/26	Quarterly		5.000	%	$	(329,700	)	$	338,733	$	9,033
CDX North America Investment Grade Index 35 Index	USD	100	12/20/25	Quarterly		1.000			(1,502	)		2,053		551
CDX North America Investment Grade Index 36 Index	USD	500	06/20/26	Quarterly		1.000			(10,875	)		10,204		(671	)
CDX North America Investment Grade Index 37 Index	USD	8,500	12/20/26	Quarterly		1.000			(190,288	)		167,896		(22,392	)
iTraxx Europe Crossover Series 36 Index	EUR	9,300	12/20/26	Quarterly		5.000			(1,232,644	)		1,035,704		(196,940	)
iTraxx Europe Main Series 34 Index	EUR	7,000	12/20/25	Quarterly		1.000			(137,961	)		173,385		35,424
iTraxx Europe Main Series 35 Index	EUR	900	06/20/26	Quarterly		1.000			(23,485)			21,646		(1,839)
iTraxx Europe Main Series 36 Index	EUR	6,100	12/20/26	Quarterly		1.000			(166,908	)		143,287		(23,621	)
Total								$	(2,093,363	)	$	1,892,908	$	(200,455	)

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)
GBP	1,100	09/21/52	Annual		0.750	%		12 Month GBP SONIA		$	118,071		$	47,066
JPY	200,000	04/30/22	Maturity		0.000			6 Month JPY LIBOR			(551	)		(685	)
JPY	273,000	03/20/22	Maturity		0.000			6 Month JPY LIBOR			(758	)		(1,041	)
JPY	60,000	04/22/22	Maturity		0.000			6 Month JPY LIBOR			(168	)		(215	)
JPY	580,000	03/20/22	Maturity		0.000			6 Month JPY LIBOR			(1,609	)		(1,825	)
JPY	230,000	03/20/22	Maturity		0.000			6 Month JPY LIBOR			(639	)		(877	)
JPY	140,000	06/18/22	Annual		0.000			12 Month JPY TONA			221			215
JPY	60,000	03/21/22	Maturity		0.000			12 Month JPY TONA			94			89
JPY	200,000	10/31/38	Annual		0.705			6 Month JPY TONA			(90,326	)		(105,320	)
JPY	60,000	10/22/38	Annual		0.800			6 Month JPY TONA			(35,472	)		(36,433	)
JPY	230,000	03/20/29	Annual		0.450			6 Month JPY TONA			(45,199	)		(32,464	)
JPY	273,000	03/20/38	Annual		0.750			6 Month JPY TONA			(143,966	)		(168,531	)
JPY	580,000	09/20/27	Annual		0.300			6 Month JPY TONA			(55,757	)		(32,927	)
JPY	550,000	03/17/26	Annual		0.000			12 Month JPY TONA			5,086			9,150
JPY	60,000	03/21/22	Maturity		6 Month JPY LIBOR			0.000	%		166			246
JPY	140,000	06/18/22	Maturity		6 Month JPY LIBOR			0.000			343			874
JPY	580,000	03/20/22	Maturity		12 Month JPY TONA			0.000			(905	)		(856	)
JPY	200,000	04/30/22	Maturity		12 Month JPY TONA			0.000			(310	)		(301	)
JPY	230,000	03/20/22	Maturity		12 Month JPY TONA			0.000			(359	)		(339	)
JPY	273,000	03/20/22	Maturity		12 Month JPY TONA			0.000			(426	)		(403	)
JPY	60,000	04/22/22	Maturity		12 Month JPY TONA			0.000			(85	)		(81	)
JPY	60,000	03/21/48	Semi-Annual		6 Month JPY TONA			1.000			55,665			(76,085	)
JPY	140,000	06/18/28	Semi-Annual		6 Month JPY TONA			0.380			19,337			12,376
Total										$(177,547)			$(388,367)

93

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

OTC credit default swap agreements on Non-U.S. government agency obligations issues—sell protection¹⁹

Counterparty	Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio			Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
CITI	Colombia Government International Bond, 10.375%, due on 01/28/33	USD	200	12/20/26	Quarterly		1.000	%	$	9,825	$	(9,888	)	$	(63	)
MSCI	Colombia Government International Bond, 10.375%, due on 01/28/33	USD	300	12/20/26	Quarterly		1.000			14,867		(14,831	)		36
GSI	Republic of Columbia, bond, 10.375%, due 01/28/33	USD	1,700	12/20/26	Quarterly		1.000			41,557		(83,855	)		(42,298	)
GSI	Republic of South Africa, bond, 5.500%, due 03/09/20	USD	1,600	06/20/24	Quarterly		1.000			30,368		(6,485	)		23,883
Total									$	96,617	$	(115,059	)	$	(18,442	)

OTC Total return swap agreements

Counterparty

Notional amount (000)

Maturity date

Payment frequency

Payments made by the Portfolio18

Payments received by the Portfolio18

Upfront payments received (made)

Value

Unrealized appreciation (depreciation)

GSI

USD

78

02/10/22

Maturity

EQUITY TRS Index

SOFR

$

—

$

(96,773

)

$

(96,773

)

94

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	BRL	5,279,335	USD	961,000	02/02/22	$	(33,207	)
BNP	CLP	1,328,705,518	USD	1,613,466	02/02/22		(45,912	)
BNP	CLP	1,328,705,518	USD	1,668,809	02/04/22		9,848
BNP	EUR	2,203,000	USD	2,498,577	02/02/22		23,616
BNP	JPY	25,500,000	USD	223,462	02/17/22		1,852
BNP	USD	5,069,477	AUD	6,943,000	02/17/22		(160,183	)
BNP	USD	985,429	BRL	5,279,335	02/02/22		8,778
BNP	USD	1,652,866	CLP	1,328,705,518	02/02/22		6,513
BNP	USD	1,613,153	CLP	1,328,705,518	02/04/22		45,808
BNP	USD	1,657,732	CLP	1,328,705,518	03/16/22		(7,660	)
BNP	USD	674,586	GBP	498,000	02/02/22		(4,826	)
BNP	USD	2,560,361	NOK	22,290,000	02/17/22		(54,823	)
BOA	EUR	8,954,000	USD	10,141,197	02/02/22		81,823
BOA	GBP	13,215,000	USD	17,852,122	02/02/22		79,276
BOA	MXN	432,000	USD	20,554	03/04/22		(285	)
BOA	PEN	989,724	USD	236,521	06/23/22		(17,606	)
BOA	PEN	1,507,427	USD	372,978	07/26/22		(12,905	)
BOA	PEN	2,628,685	USD	635,639	11/17/22		(29,787	)
BOA	USD	544,326	AUD	741,000	02/17/22		(20,376	)
CITI	CLP	1,328,705,518	USD	1,652,866	02/02/22		(6,513	)
CITI	CLP	69,028,174	USD	84,479	02/10/22		(1,640	)
CITI	COP	1,262,860,000	USD	320,133	02/10/22		559
CITI	PEN	1,261,082	USD	304,425	03/17/22		(22,126	)
CITI	PEN	1,652,509	USD	410,531	04/28/22		(15,968	)
CITI	PEN	400,661	USD	96,940	05/31/22		(6,155	)
CITI	RUB	18,810,680	USD	241,907	02/10/22		(1,007	)
CITI	USD	1,586,211	CLP	1,328,705,518	02/02/22		73,167
CITI	USD	80,351	CLP	69,028,174	02/10/22		5,768
CITI	USD	313,869	COP	1,262,860,000	02/10/22		5,705
CITI	USD	319,271	COP	1,262,860,000	03/04/22		(546	)
CITI	USD	104,611	KRW	124,335,000	02/10/22		(1,490	)
CITI	USD	252,626	RUB	18,810,680	02/10/22		(9,713	)
CITI	USD	240,477	RUB	18,810,680	03/04/22		1,033
CSI	BRL	17,600,912	USD	3,285,346	02/02/22		(29,264	)
CSI	USD	3,072,517	BRL	17,600,912	02/02/22		242,094
GSI	AUD	7,223,000	USD	5,097,574	02/17/22		(9,704	)
GSI	BRL	17,600,912	USD	3,210,088	02/02/22		(104,522	)
GSI	BRL	5,279,335	USD	966,654	03/03/22		(20,442	)
GSI	CLP	1,314,736,480	USD	1,587,018	02/22/22		(50,592	)
GSI	MYR	2,596,159	USD	613,242	03/16/22		(6,025	)
GSI	PEN	3,140,028	USD	789,071	04/11/22		(22,552	)
GSI	USD	3,273,425	BRL	17,600,912	02/02/22		41,185
GSI	USD	3,187,416	BRL	17,600,912	03/03/22		103,490
GSI	USD	771,369	EUR	679,509	04/20/22		(6,539	)
GSI	USD	1,557,409	NOK	13,670,000	02/17/22		(20,814	)

95

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	AUD	2,271,000	USD	1,596,430	02/17/22	$	(9,361	)
HSBC	EUR	4,868,000	USD	5,521,344	02/02/22		52,387
HSBC	USD	4,413,802	JPY	499,200,000	02/17/22		(75,458	)
JPMCB	GBP	12,717,000	USD	17,003,462	03/02/22		(96,496	)
JPMCB	NOK	14,840,000	USD	1,694,485	02/17/22		26,375
JPMCB	USD	17,006,807	GBP	12,717,000	02/02/22		96,280
JPMCB	USD	2,375,022	JPY	269,500,000	02/17/22		(32,907	)
Net unrealized appreciation (depreciation)						$	(31,847	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets          Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	34,304,782		$	—	$	34,304,782
Corporate bonds		—			316,371,746			—		316,371,746
Loan assignments		—			3,491,311			—		3,491,311
Mortgage-backed securities		—			76,755,880			—		76,755,880
Municipal bonds		—			1,395,874			—		1,395,874
Non-U.S. government agency obligations		—			17,085,733			—		17,085,733
U.S. government agency obligations		—			10,868,341			6,178		10,874,519
U.S. Treasury obligations		—			142,387,407			—		142,387,407
Exchange traded funds		4,791,376			—			—		4,791,376
Short-term investments		—			5,291,997			—		5,291,997
Short-term U.S. Treasury obligations		—			44,807,740			—		44,807,740
Investment of cash collateral from securities loaned		—			10,444,696			—		10,444,696
Futures contracts		1,432,125			—			—		1,432,125
Swap agreements		—			2,745,604			—		2,745,604
Forward foreign currency contracts		—			905,557			—		905,557
Total	$	6,223,501		$	666,856,668		$	6,178	$	673,086,347
Liabilities
Options written	$	—		$	(24,584	)	$	—	$	(24,584	)
Swaptions written		—			(252,296	)		—		(252,296	)
Futures contracts		(2,895,895	)		—			—		(2,895,895	)
Swap agreements		—			(762,516	)		—		(762,516	)
Forward foreign currency contracts		—			(937,404	)		—		(937,404	)
Total	$	(2,895,895	)	$	(1,976,800	)	$	—	$	(4,872,695	)

At January 31, 2022, there were $106,109 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of January 31, 2022.

96

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Portfolio footnotes

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

¹  In U.S. dollars unless otherwise indicated.

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

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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $182,991,609, represented 26.8% of the Portfolio's net assets at period end.

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  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

⁶  Security, or portion thereof, was on loan at the period end.

⁷  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

⁸  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

⁹  Perpetual investment. Date shown reflects the next call date.

¹⁰  Bond interest in default.

¹¹  Rate shown reflects annualized yield at the period end on zero coupon bond.

¹²  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.

¹³  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

¹⁴  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

¹⁵  Security, or portion thereof, pledged as collateral for investments sold short.

¹⁶  Rates shown reflect yield at January 31, 2022.

¹⁷  Rate shown is the discount rate at the date of purchase unless otherwise noted.

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.

See accompanying notes to financial statements.
97

PACE Municipal Fixed Income Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -3.17% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Municipal 3-15 Year Blend Index (the "benchmark") returned -3.11%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 100. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. This was driven by contributions from sector allocation and duration positioning, slightly mitigated by security selection and yield curve positioning.

Over the first five months of the reporting period, covering August to December 2021, the municipal-bond market outperformed Treasuries and corporates, led by strong municipal mutual fund inflows and favorable fundamental credit trends. In January 2022, the last month of the reporting period, the expectation of the Federal Reserve's (Fed) hawkish rate policy and elevated inflation concerns triggered a broad sell-off in the Treasury market and steady outflows from municipal mutual funds, leading to a reversal of the previously strong technical trend in the municipal bond market.

From an asset allocation perspective, an overweight to revenue bonds boosted performance relative to the benchmark. Within the revenue sector, overweight exposure to sectors that offer higher yields was additive, particularly hospital, tobacco, public power and education. However, an overweight exposure to the pre-paid gas sector was a detractor. An underweight allocation to state general obligation debt was additive to relative performance, as that segment lagged in performance. Security selection was a negative overall, driven by Indiana University Health and Kentucky Public Energy pre-paid gas issues, while positions in New York City Transitional Finance Authority and Citizens Property Insurance performed well.

Fiscal conditions for state and local governments kept improving across most municipal sectors, aided by significant federal support and better than expected tax revenues. From a quality perspective, BBB-rated bonds modestly underperformed in January 2022 compared to AAA-rated bonds, reversing course from a strong performance in 2021. The Portfolio's overweight in BBB-rated bonds was positive for performance for the overall reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Municipal Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Insight North America LLC (formerly, Mellon Investments Corporation) ("Insight")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

Insight: Daniel Marques, CFA and Daniel Rabasco, CFA

Objective:

High current income exempt from federal income tax

Investment process:

The subadvisor utilizes a strategy that involves investing

in undervalued sectors, geographical regions or individual

securities.

98

PACE Municipal Fixed Income Investments

Subadvisor's comments² – concluded

We maintained a slightly short duration position compared to the benchmark, which led to duration outperformance in a rising interest rate environment. Municipal AAA-rated yields increased significantly across the yield curve during the full reporting period. Yield curve distribution of the Portfolio relative to the benchmark had a slight negative impact. This was driven by being overweight to the lagging seven- to 10-year maturity segment, while being underweight to the three- to five-year part of the curve was additive.

No derivatives were used during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking high current income exempt from federal income taxes. Investors should be able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

99

PACE Municipal Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.30	)%		(2.65	)%		2.65	%		2.28	%
Class Y2		(3.10	)		(2.40	)		2.91			2.52
Class P3		(3.17	)		(2.40	)		2.91			2.54
After deducting maximum sales charge
Class A1		(5.48	)		(4.84	)		2.19			2.05
Bloomberg US Municipal 3-15 Year Blend Index4		(3.11	)		(2.21	)		3.09			2.81

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.06	)%		0.45	%		3.29	%		2.70	%
Class Y2		0.07			0.78			3.56			2.95
Class P3		0.07			0.70			3.56			2.96
After deducting maximum sales charge
Class A1		(2.32	)		(1.82	)		2.83			2.46

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—0.93% and 0.82%; Class Y—1.44% and 0.57%; and Class P—0.68% and 0.57%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—0.82%; Class Y—0.57%; and Class P—0.57%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/ expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 2.25%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg US Municipal 3-15 Year Blend Index is an unmanaged index for the tax-exempt bond market. The Index includes investment-grade municipal bonds with an effective maturity between 2 and 17 years that have at least one year to maturity. Sectors include general obligation, revenue, insured and pre-refunded bonds. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

100

PACE Municipal Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	4.56 yrs.
Weighted average maturity	8.14 yrs.
Average coupon	4.68	%
Top five states
Illinois	10.5	%
Texas	9.8
Pennsylvania	7.8
New York	6.4
New Jersey	6.4
Total	40.9	%
Credit rating2
AA	19.2	%
NR	16.8
A+	15.2
A	14.1
AA-	10.4
A-	7.8
AA+	4.6
AAA	4.4
BBB	3.4
BBB+	2.1
BBB-	0.9
SP-2	0.2
Cash equivalents and other assets less liabilities	0.9
Total	100.0	%

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

²  Credit ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Financial Services LLC, an independent rating agency.

101

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—99.0%
Alabama—3.0%
Alabama Federal Aid Highway Finance Authority, Garvee, Revenue Bonds, Series A, 5.000%, due 09/01/29	$	2,000,000	$	2,386,355
Black Belt Energy Gas District, Revenue Bonds, Series A-1, 4.000%, due 10/01/49		2,000,000		2,201,009
Lower Alabama Gas District Gas, Revenue Bonds, Series A, 5.000%, due 09/01/31		1,500,000		1,842,149
Lower Alabama Gas District, Gas Project, Revenue Bonds 4.000%, due 12/01/50		2,500,000		2,708,908
				9,138,421
Alaska—0.5%
City of Anchorage AK Wastewater, Refunding, Revenue Bonds, Series B, 5.000%, due 05/01/31		1,395,000		1,633,700
Arizona—3.0%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds 4.000%, due 11/01/35		2,000,000		2,274,606
Arizona Industrial Development Authority, Revenue Bonds, Series 2019-2, Class A, 3.625%, due 05/20/33		961,166		1,031,875
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		1,210,077
Maricopa County Industrial Development Authority, Banner Health, Refunding, Revenue Bonds 5.000%, due 01/01/31		3,000,000		3,489,825
Salt Verde Financial Corp., Revenue Bonds 5.000%, due 12/01/32		1,000,000		1,255,284
				9,261,667
Arkansas—1.0%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds 5.000%, due 10/01/34		1,320,000		1,593,021
University of Arkansas, University of Arkansas Fayetteville, Refunding, Revenue Bonds 5.000%, due 11/01/29		1,385,000		1,529,773
				3,122,794

	Face amount		Value
Municipal bonds—(continued)
California—3.4%
California Housing Finance, Revenue Bonds, Series 2021-1, Class A, 3.500%, due 11/20/35	$	1,482,080	$	1,610,729
California State, GO Bonds 5.000%, due 10/01/30		2,815,000		3,417,970
California State, Refunding, GO Bonds 5.000%, due 04/01/33		2,710,000		3,314,300
Los Angeles Department of Airports, Los Angeles International Airport, Revenue Bonds, AMT 5.000%, due 05/15/32		2,000,000		2,094,313
				10,437,312
Colorado—4.3%
Colorado Health Facilities Authority, Adventist Health System/Sunbelt, Refunding, Revenue Bonds 5.000%, due 11/15/49		1,500,000		1,743,731
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		1,857,173
Denver City & County Airport, Revenue Bonds, AMT, Series A, 5.500%, due 11/15/26		7,000,000		7,526,103
University of Colorado, Refunding, Revenue Bonds, Series A-2, 5.000%, due 06/01/30		1,750,000		2,115,206
				13,242,213
Connecticut—2.8%
Connecticut State Special Tax, Revenue Bonds, Series B, 5.000%, due 10/01/30		2,000,000		2,410,154
Hartford County Metropolitan District, Green Bonds, Revenue Bonds, Series A, 5.000%, due 11/01/29		1,870,000		2,065,470
State of Connecticut Special Tax Revenue, Revenue Bonds, Series A, 4.000%, due 05/01/36		1,000,000		1,157,281
Series A, 4.000%, due 05/01/37		2,500,000		2,890,458
				8,523,363

102

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
District of Columbia—1.3%
Metropolitan Washington Airports Authority, Refunding, Revenue Bonds, AMT 5.000%, due 10/01/28	$	2,500,000	$	2,937,692
Series A, 5.000%, due 10/01/22		1,000,000		1,028,823
				3,966,515
Florida—4.5%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, AGM, Series D, 5.000%, due 07/01/35		1,500,000		1,908,518
Citizens Property Insurance Corp., Revenue Bonds, Series A1, 5.000%, due 06/01/25		5,250,000		5,810,582
County of Polk FL Utility System, Refunding, Revenue Bonds 5.000%, due 10/01/35		625,000		788,793
JEA Electric System, Refunding, Revenue Bonds, Series 3-A, 5.000%, due 10/01/34		1,630,000		2,022,492
Miami Beach Redevelopment Agency Tax Increment, Refunding, Revenue Bonds 5.000%, due 02/01/28		1,000,000		1,073,365
Orange County Convention Center/Orlando, Refunding, Revenue Bonds, Series B, 5.000%, due 10/01/30		1,885,000		2,174,792
				13,778,542
Georgia—2.6%
Fulton County Development Authority of Georgia, Piedmont Healthcare, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 07/01/27		1,500,000		1,729,045
Fulton County Development Authority of Georgia, WellStar Health System, Revenue Bonds 5.000%, due 04/01/36		1,000,000		1,159,786
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.500%, due 09/15/28		1,500,000		1,824,317
Series B, 1 mo. USD LIBOR + 0.750%, 0.808%, due 04/01/481		1,000,000		1,002,588
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds 5.000%, due 01/01/33		1,000,000		1,190,936

	Face amount		Value
Municipal bonds—(continued)
Georgia—(concluded)
Savannah Economic Development Authority, International Paper Company, Refunding, Revenue Bonds 1.900%, due 08/01/24	$	1,000,000	$	1,014,304
				7,920,976
Hawaii—0.4%
Hawaii Airports System, Revenue Bonds, AMT, Series A, 5.000%, due 07/01/29		1,000,000		1,189,096
Illinois—10.5%
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds, Series B, 5.000%, due 01/01/35		1,750,000		1,989,893
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT 5.000%, due 01/01/29		2,500,000		2,736,984
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, AGM, Series 2017-2, 5.000%, due 11/01/31		1,000,000		1,183,165
Chicago Waterworks Senior Lien, Revenue Bonds, Series A-1, 5.000%, due 11/01/29		1,920,000		2,225,400
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds 5.000%, due 11/15/35		2,500,000		2,958,740
Illinois Finance Authority Unrefunded, Advocate Health Care Network, Revenue Bonds 5.000%, due 06/01/27		2,595,000		2,734,895
Illinois Municipal Electric Agency, Refunding, Revenue Bonds, Series A, 5.000%, due 02/01/32		2,500,000		2,803,853
Illinois Sports Facilities Authority, Refunding, Revenue Bond, BAM 5.000%, due 06/15/28		1,000,000		1,193,460
Regional Transportation Authority, Refunding, Revenue Bonds, AGM 6.000%, due 06/01/25		2,000,000		2,217,320
Regional Transportation Authority, Revenue Bonds 6.500%, due 07/01/30		1,000,000		1,287,474
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/36		1,770,000		2,136,304
State of Illinois, Revenue Bonds, BAM, Series A, 5.000%, due 06/15/27		3,000,000		3,505,929

103

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Illinois—(concluded)
University of Illinois, Auxiliary Facilities System, Refunding, Revenue Bonds, Series A, 5.000%, due 04/01/27	$	4,000,000	$	4,183,692
University of Illinois, Auxiliary Facilities System, Revenue Bonds, Series A, 5.000%, due 04/01/30		1,000,000		1,074,282
				32,231,391
Indiana—4.3%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds 4.000%, due 10/01/36		2,020,000		2,378,293
Indiana Finance Authority, Indiana University Health, Inc., Revenue Bonds 2.250%, due 12/01/58		5,250,000		5,413,301
Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds, Series A, 5.250%, due 02/01/35		1,000,000		1,131,870
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds 5.000%, due 01/01/30		2,055,000		2,252,880
Whiting City, BP Products North America, Inc., Revenue Bonds, AMT 5.000%, due 11/01/47		1,840,000		2,025,209
				13,201,553
Iowa—0.2%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, Series A-2, Class 1, 5.000%, due 06/01/33		500,000		630,044
Kentucky—2.1%
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds, Series B, 4.000%, due 01/01/49		3,750,000		3,987,779
Kentucky Public Energy Authority, Revenue Bonds, Series A, 4.000%, due 04/01/48		1,250,000		1,316,779
Series A, 4.000%, due 12/01/50		1,000,000		1,089,267
				6,393,825

	Face amount		Value
Municipal bonds—(continued)
Louisiana—1.6%
Jefferson Sales Tax District, Revenue Bonds, AGM, Series B, 4.000%, due 12/01/32	$	1,895,000	$	2,177,223
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		1,644,438
Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds 2.200%, due 06/01/37		1,000,000		1,024,604
				4,846,265
Maryland—1.1%
County of Prince George's MD, Consol Public Impt Bonds, GO Bonds, Series A, 5.000%, due 07/15/31		1,250,000		1,518,547
Maryland State Transportation Authority, Baltimore/Washington International, Revenue Bonds, AMT 5.000%, due 06/01/24		1,700,000		1,840,767
				3,359,314
Massachusetts—1.1%
Commonwealth of Massachusetts, GO Bonds, Series D, 4.000%, due 05/01/34		2,000,000		2,308,908
Massachusetts Educational Financing Authority, Revenue Bonds, AMT, Series K, 5.000%, due 07/01/22		1,000,000		1,018,410
				3,327,318
Michigan—3.4%
Great Lakes Water Authority Water Supply System Second Lien, Refunding, Revenue Bonds, Series D, 5.000%, due 07/01/26		1,100,000		1,266,438
Michigan Finance Authority Prerefunded, Revenue Bonds 5.000%, due 08/01/33		50,000		54,731
Michigan Finance Authority Senior Lien, Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, AGM 5.000%, due 07/01/30		1,500,000		1,638,727
Michigan Finance Authority Unrefunded, Revenue Bonds 5.000%, due 08/01/33		2,365,000		2,571,648

104

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Michigan—(concluded)
Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT 5.000%, due 06/30/32	$	3,300,000	$	3,876,237
Saginaw Hospital Finance Authority, Covenant Healthcare System, Refunding, Revenue Bonds 5.000%, due 07/01/28		1,000,000		1,194,490
				10,602,271
Missouri—2.1%
Missouri Joint Municipal Electric Utility Commission, Prairie State Project, Refunding, Revenue Bonds, Series A, 5.000%, due 12/01/25		1,300,000		1,454,103
Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/34		2,000,000		2,250,763
Missouri State Health & Educational Facilities Authority, Saint Luke's Health System, Refunding, Revenue Bonds 5.000%, due 11/15/28		1,000,000		1,145,247
Missouri State Health & Educational Facilities Authority, SSM Health Care, Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/27		1,500,000		1,629,625
				6,479,738
Nebraska—1.4%
Nebraska Public Power District, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/31		1,300,000		1,552,237
Public Power Generation Agency, Whelan Energy Center Unit, Refunding, Revenue Bonds 5.000%, due 01/01/30		2,500,000		2,755,018
				4,307,255
Nevada—0.2%
City of Reno Reno First Lien, County of Washoe NV Sales Tax Revenue, Refunding, Revenue Bonds 5.000%, due 06/01/33		500,000		574,520

	Face amount		Value
Municipal bonds—(continued)
New Jersey—6.4%
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	$	1,784,161
New Jersey Economic Development Authority, State of New Jersey Department of the Treasury, Revenue Bonds, Series WW, 5.250%, due 06/15/31		2,100,000		2,373,471
New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds 5.000%, due 07/01/33		1,000,000		1,222,389
New Jersey State Higher Education Assistance Authority, Refunding, Revenue Bonds, AMT, Series B, 5.000%, due 12/01/23		2,000,000		2,139,241
New Jersey Transportation Trust Fund Authority, Transportation Program Notes, Revenue Bonds 5.000%, due 06/15/30		1,000,000		1,188,738
New Jersey Turnpike Authority, Refunding, Revenue Bonds, Series E, 5.000%, due 01/01/30		1,350,000		1,615,328
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		8,000,000		9,426,503
				19,749,831
New Mexico—0.8%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, Series 1A, 5.000%, due 09/01/28		2,000,000		2,388,241
New York—6.4%
Metropolitan Transportation Authority, Green Bonds, Refunding, Revenue Bonds, Series B, 5.000%, due 11/15/22		895,000		923,906
Metropolitan Transportation Authority, Revenue Bonds, Series A-1, 5.000%, due 02/01/23		605,000		627,502
New York City Refunding, GO Bonds, Series A-1, 5.000%, due 08/01/32		1,270,000		1,587,956
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series B-1, 4.000%, due 08/01/38		2,500,000		2,873,218
New York City, GO Bonds 5.000%, due 04/01/32		1,750,000		2,196,384

105

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
New York—(concluded)
Series H, 5.000%, due 08/01/25	$	2,990,000	$	3,218,603
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, Series E, 4.000%, due 03/15/38		2,600,000		2,992,978
New York State Urban Development Corp., Personal Income Tax, Revenue Bonds, Series E, 5.000%, due 03/15/31		2,000,000		2,093,047
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT 5.000%, due 07/01/34		1,000,000		1,070,646
Port Authority of New York & New Jersey, One Hundred Eighty-Fifth, Revenue Bonds, AMT 5.000%, due 09/01/22		1,000,000		1,024,556
TSASC, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,154,846
				19,763,642
North Carolina—1.0%
North Carolina Medical Care Commission, Vidant Health, Refunding, Revenue Bonds
5.000%, due 06/01/32		1,500,000		1,683,551
North Carolina Turnpike Authority Senior Lien, Refunding, Revenue Bonds, AGM 5.000%, due 01/01/26		1,250,000		1,420,388
				3,103,939
Ohio—0.6%
American Municipal Power, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 02/15/27		1,000,000		1,073,618
Sycamore Community City School District, GO Bonds 4.000%, due 12/01/26		750,000		844,100
				1,917,718
Oklahoma—0.2%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, AGM, Series A, 4.000%, due 01/01/33		650,000		753,864

	Face amount		Value
Municipal bonds—(continued)
Oregon—0.7%
Multnomah County School District No. 1 Portland, GO Bonds 5.000%, due 06/15/29	$	1,750,000	$	2,168,104
Pennsylvania — 7.8%
Allegheny County Hospital Development Authority, Allegheny Health Network, Refunding, Revenue Bonds 5.000%, due 04/01/29		3,190,000		3,809,373
City of Philadelphia PA Water & Wastewater, Refunding, Revenue Bonds 5.000%, due 10/01/33		1,500,000		1,897,789
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds 5.000%, due 06/01/31		1,500,000		1,778,017
Delaware Valley Regional Finance Authority, Revenue Bonds, Series B, SIFMA + 0.42%1 0.460%, due 09/01/48		3,500,000		3,500,180
Pennsylvania Turnpike Commission, Motor License, Refunding, Revenue Bonds, Series SPL, 5.000%, due 12/01/33		1,500,000		1,773,232
Pennsylvania Turnpike Commission, Refunding, Revenue Bonds, Series B, 5.000%, due 06/01/28		2,000,000		2,288,592
Pennsylvania Turnpike Commission, Revenue Bonds, Series B, 5.000%, due 12/01/32		1,250,000		1,418,278
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/32		1,250,000		1,448,609
Philadelphia School District Prerefunded, Refunding, GO Bonds, Series F, 5.000%, due 09/01/30		10,000		11,639
Philadelphia School District Unrefunded, Refunding, GO Bonds, Series F, 5.000%, due 09/01/30		2,640,000		3,032,191
Philadelphia School District, GO Bonds, Series A, 4.000%, due 09/01/35		1,500,000		1,701,167
Series A, 5.000%, due 09/01/31		1,000,000		1,203,956
				23,863,023

106

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
South Carolina—0.6%
Piedmont Municipal Power Agency, Refunding, Revenue Bonds, Series B, 4.000%, due 01/01/34	$	1,500,000	$	1,728,318
Tennessee—2.8%
City of Memphis TN, Electric System, Revenue Bonds, Series A, 5.000%, due 12/01/31		1,400,000		1,773,529
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds 5.000%, due 10/01/35		1,350,000		1,564,672
Metropolitan Government of Nashville & Davidson County TN, GO Bonds, Series C, 4.000%, due 01/01/32		3,000,000		3,524,564
Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.250%, due 09/01/26		1,500,000		1,709,417
				8,572,182
Texas—9.8%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT 5.000%, due 04/01/30		1,000,000		1,151,758
Central Texas Regional Mobility Authority Senior Lien, Revenue Bonds, Series A, 5.000%, due 01/01/35		1,100,000		1,238,358
Central Texas Turnpike System, Refunding, Revenue Bonds, Series C, 5.000%, due 08/15/31		2,000,000		2,179,924
Clifton Higher Education Finance Corp., Idea Public Schools, Refunding, Revenue Bonds, PSF-GTD 5.000%, due 08/15/28		1,100,000		1,202,348
El Paso Texas, GO Bonds 5.000%, due 08/15/34		2,000,000		2,305,077
Grand Parkway Transportation Corporation, Revenue Bonds 5.000%, due 02/01/23		500,000		520,481
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds 4.000%, due 10/01/35		1,750,000		2,009,633
Harris County Toll Road Authority Senior Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 08/15/29		2,025,000		2,423,870

	Face amount		Value
Municipal bonds—(continued)
Texas—(concluded)
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/29	$	1,000,000	$	1,091,851
Houston Airport System, Refunding, Revenue Bonds, Series B, 5.000%, due 07/01/29		2,000,000		2,404,994
Katy Independent School District, CIB, Refunding, GO Bonds, Series A, 3.000%, due 02/15/32		2,375,000		2,571,423
North Texas Tollway Authority, North Texas Tollway System, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/31		2,750,000		3,028,861
Series A, 5.000%, due 01/01/34		2,775,000		3,051,380
State of Texas, Refunding, GO Bonds, Series B, 4.000%, due 08/01/31		250,000		272,243
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Refunding, Revenue Bonds 5.000%, due 11/15/32		1,000,000		1,145,247
University of Houston, Refunding, Revenue Bonds, Series C, 5.000%, due 02/15/29		2,000,000		2,284,125
West Travis County Public Utility Agency, Refunding, Revenue Bonds, BAM 5.000%, due 08/15/30		1,000,000		1,175,037
				30,056,610
Virginia—1.6%
Hampton Roads Transportation Accountability Commission Senior Lien, Revenue Bonds, Series A, 5.000%, due 07/01/26		1,000,000		1,154,552
Virginia College Building Authority, 21st Century College, Revenue Bonds 5.000%, due 02/01/31		1,825,000		2,134,486
Virginia Small Business Financing Authority Senior Lien, 95 Express Lanes LLC Project, Revenue Bonds, AMT 5.000%, due 07/01/34		1,700,000		1,702,562
				4,991,600

107

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Washington—3.2%
Central Puget Sound Regional Transit Authority, Green Bonds, Revenue Bonds, Series S-1, 5.000%, due 11/01/26	$	800,000	$	936,861
Grant County Public Utility District No. 2 Electric, Refunding, Revenue Bonds, Series R, 2.000%, due 01/01/44		1,000,000		1,023,223
Port of Seattle, Intermediate Lien, Revenue Bonds, AMT 5.000%, due 04/01/28		2,500,000		2,979,919
Port of Seattle, Revenue Bonds, AMT, Series C, 5.000%, due 04/01/32		1,955,000		2,126,824
State of Washington, Refunding, GO Bonds, Series A, 4.000%, due 02/01/37		1,500,000		1,776,588
Washington State Housing Finance Commission, Revenue Bonds, Series A-1, 3.500%, due 12/20/35		990,606		1,047,022
				9,890,437
Wisconsin—2.3%
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds 5.000%, due 03/01/34		1,500,000		1,696,678

	Face amount		Value
Municipal bonds—(concluded)
Wisconsin—(concluded)
Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. obligation group, Revenue Bonds 5.000%, due 08/15/27	$	1,000,000	$	1,058,444
Wisconsin Health & Educational Facilities Authority, Unity point Health, Iowa Health System Obligated Group, Revenue Bonds, Series A, 5.000%, due 12/01/26		1,175,000		1,296,139
WPPI Energy, Revenue Bonds, Series A, 5.000%, due 07/01/32		2,760,000		2,917,786
				6,969,047
Total municipal bonds (cost—$293,865,405)				304,084,649
	Number of shares
Short-term investments—0.2%
Investment companies—0.2%
State Street Institutional U.S. Government Money Market Fund, 0.030%2 (cost—$572,419)		572,419		572,419
Total investments (cost—$294,437,824)—99.2%				304,657,068
Other assets in excess of liabilities—0.8%				2,337,898
Net assets—100.0%			$	306,994,966

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.

108

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Municipal bonds	$	—	$	304,084,649	$	—	$	304,084,649
Short-term investments		—		572,419		—		572,419
Total	$	—	$	304,657,068	$	—	$	304,657,068

At January 31, 2022, 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  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
109

PACE Global Fixed Income Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -4.18% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Global Aggregate Index (the "benchmark") returned -4.82%, the Bloomberg Global Aggregate ex-USD 50% Hedged Index returned -4.18%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 112. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

The Portfolio outperformed its benchmark during the reporting period. This was driven by contributions from duration, sector allocation/ security selection and currency positioning.

Our duration positioning was the largest contributor to performance, contributing over half of the excess returns. The Portfolio was positioned underweight US duration due to our conviction that yields would move higher on the back of strong inflation and a hawkish Federal Reserve (Fed). The Portfolio also benefited from an underweight Germany duration, established in the final quarter of 2021, as a less supportive European Central Bank pushed yields higher.

In terms of sector, the Portfolio was overweight investment grade and high yield corporate bonds through most of the reporting period, although the magnitude of our exposure was relatively smaller due to less compelling valuations. The allocation to investment grade and high yield corporate credit contributed as spreads ground tighter over the period, driven by a strong fundamental backdrop. Our overweights to investment grade and high yield corporate credit were reduced over the period due to headwinds arising from persistent inflation and aggressive measures from the central banks to curb it. An underweight to mortgages, held due to the volatile interest rate environment and less supportive technicals going into the year end as the Fed announced an accelerated tapering of purchases, also contributed to returns.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Global Fixed Income Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

J.P. Morgan Investment Management, Inc. ("J.P. Morgan")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

J.P. Morgan: Iain Stealey, CFA, Linda Raggi, CFA and Myles Bradshaw, CFA

Objective:

High total return

Investment process:

The subadvisor utilizes a strategy that involves investing

primarily in global fixed income securities either directly

or through the use of financial derivative instruments where appropriate.

110

PACE Global Fixed Income Investments

Subadvisor's comments² – concluded

The Portfolio was underweight euro versus the US dollar at the start of the period due to monetary policy divergence and deteriorating current account fundamentals post a spike in gas prices. In the fourth quarter of 2021, the Portfolio benefited from an underweight to the Australian dollar due to risk-off tones in the market and overweight US dollar due to expectation of hawkish Fed.

We utilized derivatives over the period for hedging and efficient portfolio management purposes. The main types of financial derivative contracts we use are bond futures and foreign exchange currency forwards contracts. This allows us to implement our strategy, including hedging or implementing currency overlay. Overall, the use of derivatives was beneficial to our portfolio management process.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking high total return and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The yield and value of the Portfolio change every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging markets than in more developed countries.

111

PACE Global Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.29	)%		(4.93	)%		2.45	%		0.85	%
Class Y2		(4.10	)		(4.73	)		2.62			1.04
Class P3		(4.18	)		(4.80	)		2.64			1.05
After deducting maximum sales charge
Class A1		(7.89	)		(8.47	)		1.66			0.47
Bloomberg Global Aggregate Index4		(4.82	)		(5.81	)		2.70			1.39
Bloomberg Global Aggregate ex USD 50% Hedged Index5		(4.18	)		(5.01	)		2.07			2.02

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.57	)%		(4.22	)%		2.99	%		1.30	%
Class Y2		(1.46	)		(4.02	)		3.16			1.49
Class P3		(1.45	)		(3.99	)		3.20			1.51
After deducting maximum sales charge
Class A1		(5.23	)		(7.84	)		2.21			0.91

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.27% and 1.03%; Class Y—1.05% and 0.87%; and Class P—1.08% and 0.84%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.03%; Class Y—0.87%; and Class P—0.84%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Bloomberg Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  The Bloomberg Global Aggregate ex USD 50% Hedged Index, is an index which provides a broad-based measure of the global investment grade fixed income markets excluding US dollar-denominated debt and provides 50% of its currency exposure in the US dollar. The other major currency exposures in this index are the Euro, the Japanese yen and, to a lesser extent, the British pound and the Canadian dollar. The two major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate indices. The index also includes Canadian, Euro-yen, and other non-USD-denominated investment grade aggregate index eligible securities not already in the indices already noted. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

112

PACE Global Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	5.71 yrs.
Weighted average maturity	11.90 yrs.
Average coupon	2.70	%
Top ten holdings
U.S. Treasury Notes, 0.125% due 01/31/23	5.9	%
Bundesrepublik Deutschland Bundesanleihe, 0.010% due 08/15/30	4.5
Bundesschatzanweisungen, 0.010% due 06/16/23	4.3
China Government Bond, 2.690% due 08/12/26	3.8
French Republic Government Bond OAT, 0.010% due 03/25/23	3.6
China Government Bond, 2.890% due 11/18/31	3.2
UMBS TBA, 2.500%	2.8
U.S. Treasury Bonds, 1.750% due 08/15/41	2.2
Japan Government Two Year Bond, 0.005% due 01/01/24	2.2
Italy Buoni Poliennali Del Tesoro, 0.010% due 04/15/24	2.0
Total	34.5	%
Top five issuer breakdown by country or territory of origin
United States	39.3	%
Germany	14.2
China	11.7
France	6.8
United Kingdom	6.5
Total	78.5	%
Investments by type of issuer
Government and other public issuers	59.2	%
Banks and other financial institutions	16.7
Industrial	14.6
Investment companies	13.2
Cash equivalents and liabilities in excess of other assets	(3.7	)
Total	100.0	%

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

113

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Asset-backed securities—1.0%
Ireland—0.8%
Bluemountain Euro CLO DAC, Series 2021-2A, Class A, 3 mo. Euribor + 1.000%, 1.000%, due 10/15/351,2	EUR	430,000	$	479,973
Invesco Euro CLO, Series 6A, Class A, 3 mo. Euribor + 0.940%, 0.940%, due 07/15/341,2	EUR	621,000		689,822
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2A, Class A, 3 mo. Euribor + 1.030%, 1.030%, due 04/15/341,2	EUR	480,000		539,065
Rockfield Park CLO DAC, Series 1A, Class A1, 3 mo. Euribor + 0.900%, 0.900%, due 07/16/341,2	EUR	670,000		743,578
				2,452,438
Netherlands—0.2%
Bavarian Sky SA, Series UK3, Class A, 1 mo. SONIA + 0.620%, 0.670%, due 04/20/282,3	GBP	439,302		591,813
Total asset-backed securities (cost—$3,206,399)				3,044,251
Corporate bonds—25.0%
Australia—0.5%
Glencore Funding LLC 2.625%, due 09/23/311	USD	1,173,000		1,097,058
Rio Tinto Finance USA Ltd. 2.750%, due 11/02/51	USD	155,000		141,857
Santos Finance Ltd. 3.649%, due 04/29/311	USD	135,000		134,376
				1,373,291
Belgium—0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 4.700%, due 02/01/36	USD	340,000		390,576
Anheuser-Busch InBev SA/N.V. 2.000%, due 03/17/283	EUR	300,000		363,892
Anheuser-Busch InBev Worldwide, Inc. 4.439%, due 10/06/48	USD	235,000		263,893
				1,018,361
Brazil—0.1%
Braskem Netherlands Finance BV 4.500%, due 01/31/301	USD	429,000		435,703
Canada—0.7%
Canadian Pacific Railway Co. 2.450%, due 12/02/31	USD	250,000		245,466
3.000%, due 12/02/41	USD	60,000		57,623

	Face amount		Value
Corporate bonds—(continued)
Canada—(concluded)
3.100%, due 12/02/51	USD	180,000	$	171,862
Emera US Finance LP 2.639%, due 06/15/31	USD	560,000		537,480
Fortis, Inc. 3.055%, due 10/04/26	USD	926,000		950,243
				1,962,674
China—0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.250%, due 05/11/411	USD	240,000		230,595
Colombia—0.3%
Ecopetrol SA 6.875%, due 04/29/30	USD	782,000		838,304
France—3.2%
Air Liquide Finance SA 2.250%, due 09/27/231	USD	410,000		414,737
BNP Paribas SA (fixed, converts to FRN on 04/19/31), 2.871%, due 04/19/321	USD	250,000		243,208
BPCE SA 2.700%, due 10/01/291	USD	1,060,000		1,057,645
5.700%, due 10/22/231	USD	1,910,000		2,030,747
Credit Agricole SA (fixed, converts to FRN on 06/23/28), 4.000%, due 12/23/273,4	EUR	600,000		704,619
(fixed, converts to FRN on 12/23/25), 8.125%, due 12/23/251,4	USD	700,000		809,725
Engie SA 2.875%, due 10/10/223	USD	2,369,000		2,398,927
Faurecia SE 2.375%, due 06/15/273	EUR	300,000		329,684
Societe Generale SA 3.337%, due 01/21/331	USD	365,000		355,770
TotalEnergies SE (fixed, converts to FRN on 04/04/24), 1.750%, due 04/04/243,4	EUR	625,000		707,406
Series NC7, (fixed, converts to FRN on 01/25/28), 1.625%, due 10/25/273,4	EUR	500,000		543,707
				9,596,175
Germany—1.1%
Commerzbank AG (fixed, converts to FRN on 12/05/25), 4.000%, due 12/05/303	EUR	800,000		962,065
Deutsche Bank AG/New York NY (fixed, converts to FRN on 11/16/26), 2.311%, due 11/16/27	USD	435,000		422,550
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (fixed, converts to FRN on 05/26/29), 3.250%, due 05/26/493	EUR	300,000		370,796

114

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Germany—(concluded)
Volkswagen International Finance N.V. (fixed, converts to FRN on 06/17/25), 3.500%, due 06/17/253,4	EUR	200,000	$	234,687
(fixed, converts to FRN on 03/24/26), 4.625%, due 03/24/263,4	EUR	500,000		611,477
Volkswagen Leasing GmbH 0.625%, due 07/19/293	EUR	400,000		428,136
ZF Finance GmbH 3.750%, due 09/21/283	EUR	300,000		350,516
				3,380,227
Indonesia—0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.450%, due 05/21/283	USD	202,000		223,690
Ireland—1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.000%, due 10/29/28	USD	315,000		308,592
3.300%, due 01/30/32	USD	180,000		175,723
4.875%, due 01/16/24	USD	160,000		167,384
6.500%, due 07/15/25	USD	150,000		168,078
AIB Group PLC (fixed, converts to FRN on 05/30/26), 2.875%, due 05/30/313	EUR	800,000		932,823
Avolon Holdings Funding Ltd. 4.250%, due 04/15/261	USD	1,105,000		1,146,697
				2,899,297
Italy—0.9%
Enel SpA (fixed, converts to FRN on 05/24/25), 3.500%, due 05/24/803	EUR	600,000		713,028
Intesa Sanpaolo SpA (fixed, converts to FRN on 01/11/27), 7.750%, due 01/11/273,4	EUR	800,000		1,053,814
UniCredit SpA (fixed, converts to FRN on 06/03/26), 7.500%, due 06/03/263,4	EUR	700,000		888,313
				2,655,155
Japan—0.2%
Sumitomo Mitsui Banking Corp. 3.200%, due 07/18/22	USD	580,000		586,905
Mexico—1.1%
Cemex SAB de CV 3.875%, due 07/11/311	USD	706,000		666,958
Petroleos Mexicanos 4.750%, due 02/26/293	EUR	550,000		604,768
5.950%, due 01/28/31	USD	800,000		758,700
6.700%, due 02/16/321	USD	757,000		747,613
7.690%, due 01/23/50	USD	450,000		415,800
				3,193,839

	Face amount		Value
Corporate bonds—(continued)
Netherlands—0.5%
ABN AMRO Bank NV (fixed, converts to FRN on 12/13/28), 2.470%, due 12/13/291	USD	700,000	$	678,320
ING Groep N.V. (fixed, converts to FRN on 09/26/24), 1.625%, due 09/26/293	EUR	200,000		228,708
Lundin Energy Finance BV 3.100%, due 07/15/311	USD	275,000		268,555
Volkswagen International Finance N.V. (fixed, converts to FRN on 03/20/22), 2.500%, due 03/20/223,4	EUR	300,000		337,713
				1,513,296
Russia—0.2%
Phosagro OAO Via Phosagro Bond Funding DAC 2.600%, due 09/16/281	USD	648,000		575,100
Spain—0.5%
Banco Bilbao Vizcaya Argentaria SA (fixed, converts to FRN on 03/29/24), 6.000%, due 03/29/243,4	EUR	600,000		707,774
Bankinter SA (fixed, converts to FRN on 12/23/27), 1.250%, due 12/23/323	EUR	700,000		759,159
				1,466,933
Supranationals—0.6%
African Export-Import Bank 3.798%, due 05/17/311	USD	645,000		640,969
Banque Ouest Africaine de Developpement 2.750%, due 01/22/331	EUR	227,000		260,894
4.700%, due 10/22/313	USD	850,000		914,260
				1,816,123
Switzerland—0.5%
Credit Suisse AG 2.800%, due 04/08/22	USD	390,000		391,735
Credit Suisse Group AG (fixed, converts to FRN on 04/01/30), 4.194%, due 04/01/311	USD	270,000		287,080
(fixed, converts to FRN on 12/11/23), 7.500%, due 12/11/231,4	USD	400,000		426,296
Roche Holdings, Inc. 2.076%, due 12/13/311	USD	420,000		404,061
				1,509,172
United Kingdom—3.4%
AstraZeneca PLC 4.000%, due 09/18/42	USD	530,000		597,253
BAE Systems PLC 3.400%, due 04/15/301	USD	170,000		175,644
Barclays PLC (fixed, converts to FRN on 11/24/31), 2.894%, due 11/24/32	USD	200,000		193,690

115

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
United Kingdom—(concluded)
BAT Capital Corp. 4.700%, due 04/02/27	USD	1,840,000	$	1,981,424
BP Capital Markets PLC (fixed, converts to FRN on 06/22/26), 3.250%, due 03/22/263,4	EUR	450,000		522,615
Eversholt Funding PLC 6.359%, due 12/02/253	GBP	301,000		471,787
Heathrow Funding Ltd. 1.875%, due 07/12/323	EUR	390,000		450,542
6.450%, due 12/10/313	GBP	350,000		609,496
6.750%, due 12/03/263	GBP	478,000		767,388
HSBC Holdings PLC (fixed, converts to FRN on 08/17/28), 2.206%, due 08/17/29	USD	200,000		190,452
(fixed, converts to FRN on 11/22/31), 2.871%, due 11/22/32	USD	240,000		232,250
(fixed, converts to FRN on 05/18/23), 3.950%, due 05/18/24	USD	970,000		997,976
Natwest Group PLC (fixed, converts to FRN on 03/22/24), 4.269%, due 03/22/25	USD	380,000		396,762
(fixed, converts to FRN on 11/12/27), 5.125%, due 05/12/274	GBP	476,000		652,495
NGG Finance PLC (fixed, converts to FRN on 09/05/27), 2.125%, due 09/05/823	EUR	250,000		278,222
Santander UK Group Holdings PLC (fixed, converts to FRN on 06/14/26), 1.673%, due 06/14/27	USD	730,000		701,111
(fixed, converts to FRN on 06/24/24), 6.750%, due 06/24/243,4	GBP	200,000		284,446
Standard Chartered PLC (fixed, converts to FRN on 09/23/26), 1.200%, due 09/23/313	EUR	400,000		439,038
				9,942,591
United States—9.7%
AbbVie, Inc. 4.250%, due 11/21/49	USD	610,000		678,991
Activision Blizzard, Inc. 2.500%, due 09/15/50	USD	345,000		297,433
AES Corp. 1.375%, due 01/15/26	USD	460,000		439,363
Alexander Funding Trust 1.841%, due 11/15/231	USD	655,000		652,147
Alliant Energy Finance LLC 1.400%, due 03/15/261	USD	110,000		104,036
Altria Group, Inc. 2.350%, due 05/06/25	USD	100,000		100,693
3.400%, due 05/06/30	USD	140,000		140,628
3.400%, due 02/04/41	USD	50,000		43,070
American Airlines Pass Through Trust, Series 2021-1, Class A, 2.875%, due 07/11/34	USD	170,000		164,352

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
American Electric Power Co., Inc., Series F, 2.950%, due 12/15/22	USD	400,000	$	404,742
American Tower Corp. 1.375%, due 04/04/25	EUR	150,000		172,545
2.100%, due 06/15/30	USD	420,000		391,262
Apple, Inc. 2.650%, due 05/11/50	USD	97,000		87,880
2.700%, due 08/05/51	USD	190,000		174,030
AT&T, Inc. 2.300%, due 06/01/27	USD	775,000		768,399
2.750%, due 06/01/31	USD	90,000		88,783
3.500%, due 06/01/41	USD	230,000		224,163
3.500%, due 09/15/53	USD	105,000		99,774
4.300%, due 12/15/42	USD	15,000		16,084
Aviation Capital Group LLC 1.950%, due 09/20/261	USD	15,000		14,297
Bank of America Corp. (fixed, converts to FRN on 02/07/24), 1.379%, due 02/07/253	EUR	300,000		345,094
(fixed, converts to FRN on 07/22/26), 1.734%, due 07/22/27	USD	448,000		434,513
(fixed, converts to FRN on 07/23/30), 1.898%, due 07/23/31	USD	800,000		741,451
(fixed, converts to FRN on 10/20/31), 2.572%, due 10/20/32	USD	230,000		222,881
(fixed, converts to FRN on 12/20/22), 3.004%, due 12/20/23	USD	915,000		928,894
Becton Dickinson and Co. 3.794%, due 05/20/50	USD	310,000		323,175
Berkshire Hathaway Finance Corp. 2.850%, due 10/15/50	USD	140,000		127,948
Boeing Co. 3.500%, due 03/01/39	USD	90,000		85,372
5.040%, due 05/01/27	USD	385,000		424,926
5.705%, due 05/01/40	USD	260,000		312,883
BP Capital Markets America, Inc. 2.772%, due 11/10/50	USD	190,000		165,346
3.000%, due 02/24/50	USD	60,000		54,552
Bristol-Myers Squibb Co. 4.250%, due 10/26/49	USD	305,000		351,924
Burlington Northern Santa Fe LLC 4.150%, due 12/15/48	USD	170,000		196,482
CF Industries, Inc. 4.950%, due 06/01/43	USD	170,000		193,713
5.375%, due 03/15/44	USD	180,000		217,800
Charter Communications Operating LLC/Charter Communications Operating Capital 3.500%, due 06/01/41	USD	110,000		98,513
3.700%, due 04/01/51	USD	285,000		252,114
Cheniere Corpus Christi Holdings LLC 5.125%, due 06/30/27	USD	240,000		265,189

116

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Citigroup, Inc. (fixed, converts to FRN on 06/03/30), 2.572%, due 06/03/31	USD	1,080,000	$	1,052,405
Comcast Corp. 2.937%, due 11/01/561	USD	130,000		114,934
3.900%, due 03/01/38	USD	395,000		424,525
Constellation Brands, Inc. 4.500%, due 05/09/47	USD	80,000		89,682
Continental Resources, Inc. 4.900%, due 06/01/44	USD	55,000		57,894
Diamondback Energy, Inc. 3.250%, due 12/01/26	USD	400,000		412,968
Edison International 2.950%, due 03/15/23	USD	163,000		164,696
Energy Transfer LP 5.350%, due 05/15/45	USD	110,000		118,682
Entergy Louisiana LLC 4.950%, due 01/15/45	USD	208,000		221,504
Exxon Mobil Corp. 2.995%, due 08/16/39	USD	115,000		112,716
Ford Motor Credit Co. LLC 3.625%, due 06/17/31	USD	390,000		384,150
Freeport-McMoRan, Inc. 4.625%, due 08/01/30	USD	450,000		468,157
5.450%, due 03/15/43	USD	80,000		94,100
GE Capital International Funding Co. Unlimited Co. 4.418%, due 11/15/35	USD	335,000		382,081
Gilead Sciences, Inc. 2.800%, due 10/01/50	USD	225,000		202,915
Global Payments, Inc. 2.900%, due 11/15/31	USD	360,000		352,382
Goldman Sachs Group, Inc. 1.625%, due 07/27/263	EUR	225,000		263,188
(fixed, converts to FRN on 10/21/26), 1.948%, due 10/21/27	USD	280,000		272,512
(fixed, converts to FRN on 10/21/31), 2.650%, due 10/21/32	USD	520,000		506,454
(fixed, converts to FRN on 06/05/22), 2.908%, due 06/05/23	USD	185,000		185,993
(fixed, converts to FRN on 02/24/32), 3.102%, due 02/24/33	USD	690,000		693,948
HCA, Inc. 3.500%, due 09/01/30	USD	171,000		170,212
5.250%, due 06/15/49	USD	110,000		129,594
Home Depot, Inc. 2.750%, due 09/15/51	USD	265,000		244,057
Hyundai Capital America 1.800%, due 10/15/251	USD	220,000		215,067
2.375%, due 10/15/271	USD	875,000		854,942
ITC Holdings Corp. 2.950%, due 05/14/301	USD	610,000		608,714
Jersey Central Power & Light Co. 2.750%, due 03/01/321	USD	280,000		275,934
Kansas City Southern 3.500%, due 05/01/50	USD	185,000		186,325

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Lear Corp. 3.550%, due 01/15/52	USD	240,000	$	219,445
Lowe's Cos., Inc. 2.800%, due 09/15/41	USD	140,000		127,788
3.700%, due 04/15/46	USD	380,000		387,105
MDC Holdings, Inc. 2.500%, due 01/15/31	USD	330,000		308,962
Medtronic Global Holdings SCA 1.000%, due 07/02/31	EUR	200,000		223,635
1.500%, due 07/02/39	EUR	100,000		109,615
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.750%, due 02/01/27	USD	230,000		254,150
MidAmerican Energy Co. 4.250%, due 05/01/46	USD	170,000		195,209
Morgan Stanley (fixed, converts to FRN on 05/04/26), 1.593%, due 05/04/27	USD	690,000		666,200
1.875%, due 04/27/27	EUR	235,000		278,135
(fixed, converts to FRN on 07/21/31), 2.239%, due 07/21/32	USD	410,000		386,606
(fixed, converts to FRN on 10/20/31), 2.511%, due 10/20/32	USD	380,000		366,788
New York Life Insurance Co. 3.750%, due 05/15/501	USD	185,000		198,907
Norfolk Southern Corp. 3.942%, due 11/01/47	USD	135,000		146,462
Oracle Corp. 4.000%, due 07/15/46	USD	165,000		156,546
PacifiCorp 3.300%, due 03/15/51	USD	310,000		305,132
Philip Morris International, Inc. 4.125%, due 03/04/43	USD	65,000		67,298
Raytheon Technologies Corp. 3.950%, due 08/16/25	USD	22,000		23,439
Regeneron Pharmaceuticals, Inc. 2.800%, due 09/15/50	USD	190,000		163,143
Sabine Pass Liquefaction LLC 5.000%, due 03/15/27	USD	705,000		777,625
San Diego Gas & Electric Co., Series UUU, 3.320%, due 04/15/50	USD	80,000		80,049
Schlumberger Holdings Corp. 3.900%, due 05/17/281	USD	585,000		618,929
Southern California Edison Co., Series C, 4.125%, due 03/01/48	USD	100,000		106,098
Southern Co. Gas Capital Corp., Series 20-A, 1.750%, due 01/15/31	USD	220,000		198,909
Southwestern Electric Power Co., Series J, 3.900%, due 04/01/45	USD	55,000		55,997
State Street Corp. (fixed, converts to FRN on 03/30/22), 2.825%, due 03/30/23	USD	325,000		325,884

117

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Corporate bonds—(concluded)
United States—(concluded)
Sysco Corp. 3.150%, due 12/14/51	USD	100,000	$	90,902
UDR, Inc. 3.000%, due 08/15/31	USD	210,000		211,858
Union Electric Co. 3.500%, due 03/15/29	USD	55,000		58,409
Union Pacific Corp. 3.550%, due 08/15/39	USD	85,000		88,489
Verizon Communications, Inc. 2.550%, due 03/21/31	USD	260,000		253,888
2.987%, due 10/30/56	USD	56,000		49,041
Vistra Operations Co. LLC 3.700%, due 01/30/271	USD	350,000		355,004
VMware, Inc. 2.200%, due 08/15/31	USD	315,000		294,139
WP Carey, Inc. 2.400%, due 02/01/31	USD	130,000		124,420
2.450%, due 02/01/32	USD	150,000		142,926
Zimmer Biomet Holdings, Inc. 2.600%, due 11/24/31	USD	335,000		324,126
				28,807,431
Total corporate bonds (cost—$75,421,448)				74,024,862
Mortgage-backed securities—5.3%
Spain—0.5%
Bankinter 10 FTA, Series 10, Class A2, 3 mo. Euribor + 0.160%, 0.000%, due 06/21/432,3	EUR	822,359		918,952
Fondo de Titulizacion de Activos Santander Hipotecario, Series 2, Class A, 3 mo. Euribor + 0.150%, 0.000%, due 01/18/492,3	EUR	585,226		655,110
				1,574,062
United Kingdom—1.9%
Finsbury Square PLC, Series 2020-1A, Class A, 0.850%, due 03/16/701	GBP	383,509		517,052
Series 2020-2A, Class A, 3 mo. SONIA + 1.300%, 1.350%, due 06/16/701,2	GBP	265,879		360,371
Gemgarto PLC, Series 2021-1A, Class A, 3 mo. SONIA + 0.590%, 0.640%, due 12/16/671,2	GBP	563,440		759,048
Gosforth Funding PLC, Series 2018-1A, Class A1, 3 mo. USD LIBOR + 0.450%, 0.579%, due 08/25/601,2	USD	137,738		137,799
Lanark Master Issuer PLC, Series 2020-1A, Class 2A, 3 mo. SONIA + 0.570%, 0.620%, due 12/22/691,2	GBP	492,000		664,063

	Face amount		Value
Mortgage-backed securities—(continued)
United Kingdom—(concluded)
Silverstone Master Issuer PLC, Series 2018-1A, Class 1A, 3 mo. USD LIBOR + 0.390%, 0.520%, due 01/21/701,2	USD	728,000	$	728,249
Series 2020-1A, Class 1A, 3 mo. SONIA + 0.470%, 0.520%, due 01/21/701,2	GBP	900,000		1,213,150
Series 2022-1A, Class 1A, 0.425%, due 01/21/701	USD	280,000		279,944
Series 2022-1A, Class 2A, 0.486%, due 01/21/701	GBP	600,000		806,675
				5,466,351
United States—2.9%
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.466%, due 12/25/591,5	USD	178,831		178,521
BANK, Series 2019-BN16, Class C, 4.786%, due 02/15/525	USD	250,000		267,153
Series 2019-BN19, Class A3, 3.183%, due 08/15/61	USD	870,000		909,195
Series 2019-BN24, Class A3, 2.960%, due 11/15/62	USD	440,000		453,526
BX Trust, Series 2021-LBA, Class AJV, 1 mo. USD LIBOR + 0.800%, 0.891%, due 02/15/361,2	USD	761,148		757,101
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C, 4.391%, due 11/15/505	USD	360,000		375,546
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, 4.574%, due 09/10/585	USD	470,000		493,107
COMM Mortgage Trust, Series 2014-UBS4, Class A5, 3.694%, due 08/10/47	USD	810,000		842,121
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, 4.922%, due 01/15/495	USD	320,000		328,208
Deephaven Residential Mortgage Trust, Series 2020-1, Class A1, 2.339%, due 01/25/601,5	USD	497,904		497,139
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.119%, due 05/10/50	USD	1,008,937		1,034,573
Series 2017-GS6, Class C, 4.322%, due 05/10/505	USD	350,000		366,113
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class C, 4.163%, due 10/15/505	USD	140,065		145,104
Morgan Stanley Capital I Trust, Series 2020-L4, Class C, 3.536%, due 02/15/535	USD	770,000		769,014

118

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Mortgage-backed securities—(concluded)
United States—(concluded)
OBX Trust, Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + 0.750%, 0.839%, due 02/25/601,2	USD	155,693	$	155,498
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.275%, due 02/25/501,5	USD	127,200		127,125
UBS Commercial Mortgage Trust, Series 2018-C11, Class B, 4.713%, due 06/15/515	USD	440,000		469,693
Verus Securitization Trust, Series 2020-1, Class A1, 2.417%, due 01/25/601,6	USD	139,906		139,966
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class C, 3.910%, due 05/15/455	USD	300,000		299,665
				8,608,368
Total mortgage-backed securities (cost—$15,677,632)				15,648,781
Non-U.S. government agency obligations—45.8%
Australia—1.8%
Australia Government Bond 1.750%, due 06/21/513	AUD	3,930,000		2,359,570
3.000%, due 03/21/473	AUD	3,300,000		2,561,878
Queensland Treasury Corp. 1.750%, due 08/21/311,3	AUD	690,000		464,970
				5,386,418
Bermuda—0.4%
Bermuda Government International Bond 4.750%, due 02/15/291	USD	910,000		1,024,774
Canada—1.7%
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		831,984
Province of British Columbia Canada 2.800%, due 06/18/48	CAD	300,000		233,170
Province of Ontario Canada 2.700%, due 06/02/29	CAD	1,672,000		1,353,595
Province of Quebec Canada 2.300%, due 09/01/29	CAD	1,754,000		1,385,295
5.000%, due 12/01/41	CAD	1,100,000		1,141,786
				4,945,830
China—11.6%
China Government Bond 2.690%, due 08/12/26	CNY	70,000,000		11,134,502
2.890%, due 11/18/31	CNY	60,000,000		9,576,473
3.030%, due 03/11/26	CNY	32,000,000		5,148,725
3.160%, due 06/27/233	CNY	4,500,000		715,628
3.380%, due 11/21/243	CNY	8,000,000		1,291,165
3.480%, due 06/29/273	CNY	13,000,000		2,135,601
4.100%, due 12/04/223	CNY	2,000,000		318,905

	Face amount		Value
Non-U.S. government agency obligations—(continued)
China—(concluded)
4.290%, due 05/22/293	CNY	17,000,000	$	2,947,204
4.500%, due 05/22/343	CNY	6,000,000		1,095,171
				34,363,374
Denmark—0.5%
Denmark Government Bond 1.500%, due 11/15/23	DKK	10,250,000		1,603,197
Egypt—0.2%
Egypt Government International Bond 3.875%, due 02/16/261	USD	600,000		546,000
France—3.6%
French Republic Government Bond OAT 0.010%, due 03/25/233	EUR	9,395,000		10,629,937
Germany—13.1%
Bundesrepublik Deutschland Bundesanleihe 0.010%, due 08/15/303	EUR	11,680,000		13,229,920
0.010%, due 02/15/313	EUR	1,550,000		1,751,249
0.010%, due 08/15/313	EUR	4,340,000		4,888,061
0.010%, due 08/15/503	EUR	5,290,000		5,538,711
0.010%, due 08/15/523	EUR	450,000		464,198
Bundesschatzanweisungen 0.010%, due 06/16/233	EUR	11,180,000		12,668,594
State of North Rhine-Westphalia Germany 2.150%, due 03/21/193	EUR	200,000		317,301
				38,858,034
Italy—3.3%
Italy Buoni Poliennali Del Tesoro 0.010%, due 04/15/243	EUR	5,250,000		5,901,252
0.500%, due 02/01/263	EUR	1,550,000		1,750,400
1.800%, due 03/01/411,3	EUR	1,160,000		1,291,291
5.000%, due 09/01/401,3	EUR	550,000		933,396
				9,876,339
Japan—4.7%
Japan Government Forty Year Bond 2.200%, due 03/20/51	JPY	234,200,000		2,790,944
Japan Government Thirty Year Bond 1.700%, due 06/20/44	JPY	37,500,000		398,986
Japan Government Twenty Year Bond 0.300%, due 12/20/39	JPY	528,700,000		4,431,653
Japan Government Two Year Bond 0.005%, due 01/01/24	JPY	738,750,000		6,425,867
				14,047,450
Mexico—1.7%
Mexican Bonos 7.750%, due 05/29/31	MXN	101,200,000		4,932,016
Morocco—0.2%
Morocco Government International Bond 2.375%, due 12/15/271	USD	340,000		322,575
3.000%, due 12/15/321	USD	267,000		246,641
				569,216

119

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(concluded)
South Korea—1.7%
Korea Treasury Bond 3.000%, due 09/10/24	KRW	5,964,350,000	$	5,045,496
United Kingdom—1.3%
United Kingdom Gilt 0.625%, due 10/22/503	GBP	3,630,000		3,937,893
Total non-U.S. government agency obligations (cost—$141,042,499)				135,765,974
U.S. government agency obligations—3.4%
United States—3.4%
FNMA 3.500%, due 05/01/58	USD	1,700,621		1,828,334
UMBS TBA 2.500%, due 12/01/99	USD	8,240,000		8,224,575
Total U.S. government agency obligations (cost—$10,064,615)				10,052,909
U.S. Treasury obligations—10.0%
United States—10.0%
U.S. Treasury Bonds 1.750%, due 08/15/41	USD	6,920,000		6,444,250
2.000%, due 08/15/51	USD	3,920,000		3,823,838
2.375%, due 05/15/51	USD	1,740,000		1,841,953
U.S. Treasury Notes 0.125%, due 01/31/23	USD	17,770,000		17,647,831
Total U.S. Treasury obligations (cost—$30,176,618)				29,757,872

	Number of shares		Value
Short-term investments—13.2%
Investment companies—13.2%
State Street Institutional U.S. Government Money Market Fund, 0.030%7 (cost—$39,218,899)		39,218,899	$	39,218,899
Total investments (cost—$314,808,110)—103.7%				307,513,548
Liabilities in excess of other assets—(3.7)%				(10,878,520	)
Net assets—100.0%			$	296,635,028

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)
Interest rate futures buy contracts:
3	EUR	German Euro Bund Futures	March 2022	$	570,604	$	569,960	$	(644	)
120	EUR	German Euro Schatz Futures	March 2022		15,112,136		15,082,321		(29,815	)
3	JPY	Japan Government Bond 10 Year Futures	March 2022		3,965,343		3,929,093		(36,250	)
54	JPY	JGB MINI 10 Year Futures	March 2022		7,139,997		7,071,897		(68,100	)
U.S. Treasury futures buy contracts:
9	USD	U.S. Long Bond Futures	March 2022	$	1,420,103	$	1,400,625	$	(19,478	)
20	USD	U.S. Ultra Bond Futures	March 2022		3,759,262		3,778,750		19,488
4	USD	U.S. Ultra Treasury Note 10 Year Futures	March 2022		570,009		571,313		1,304
Total				$	32,537,454	$	32,403,959	$	(133,495	)

120

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Futures contracts—(concluded)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
103	AUD	Australian Bond 10 Year Futures	March 2022	$	(9,937,279	)	$	(9,978,367	)	$	(41,088	)
12	CAD	Canada Government Bond 10 Year Futures	March 2022		(1,320,575	)		(1,313,141	)		7,434
15	EUR	German Euro BOBL Futures	March 2022		(2,261,859	)		(2,228,476	)		33,383
3	EUR	German Euro Buxl 30 Year Futures	March 2022		(682,919	)		(685,192	)		(2,273	)
49	EUR	Italian Government Bond Futures	March 2022		(8,247,732	)		(8,030,558	)		217,174
37	GBP	United Kingdom Long Gilt Bond Futures	March 2022		(6,129,070	)		(6,068,886	)		60,184
U.S. Treasury futures sell contracts:
7	USD	U.S. Treasury Note 10 Year Futures	March 2022	$	(897,079	)	$	(895,781	)	$	1,298
460	USD	U.S. Treasury Note 5 Year Futures	March 2022		(54,794,809	)		(54,833,438	)		(38,629	)
Total				$	(84,271,322	)	$	(84,033,839	)	$	237,483
Net unrealized appreciation (depreciation)										$	103,988

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
ANZ	JPY	132,624,778	USD	1,145,243	02/22/22	$	(7,389	)
BB	CNY	52,632,975	USD	8,265,842	02/22/22		4,787
BB	CZK	12,111,120	EUR	496,708	02/22/22		300
BB	EUR	494,219	CZK	12,138,021	02/22/22		3,736
BB	EUR	1,494,197	SEK	15,728,438	02/22/22		7,696
BB	GBP	2,493,172	CAD	4,284,902	02/22/22		18,224
BB	NZD	3,338,975	CAD	2,838,763	02/22/22		36,805
BB	SEK	20,285,818	EUR	1,982,470	02/22/22		52,251
BB	USD	378,148	CZK	8,104,505	02/22/22		(4,780	)
BB	USD	20,292,231	JPY	2,312,102,062	02/22/22		(197,929	)
BB	USD	989,533	THB	32,819,836	02/22/22		(3,921	)
BNP	CNY	58,429,402	USD	9,140,291	02/22/22		(30,548	)
BNP	CZK	12,111,123	EUR	496,740	02/22/22		336
BNP	DKK	26,776,767	USD	4,126,334	02/22/22		81,690
BNP	EUR	987,463	CZK	24,235,240	02/22/22		6,689
BNP	EUR	2,981,249	GBP	2,491,638	02/22/22		(53	)
BNP	EUR	1,494,400	HUF	537,311,646	02/22/22		14,992
BNP	EUR	994,803	PLN	4,520,782	02/22/22		(11,693	)
BNP	GBP	90,786	USD	121,904	02/22/22		(178	)
BNP	HUF	353,302,098	EUR	991,235	02/22/22		(178	)
BNP	PLN	4,519,466	EUR	994,655	02/22/22		11,850
BNP	SEK	20,444,389	EUR	1,989,605	02/22/22		43,262
BNP	SEK	1,680,445	USD	188,507	02/22/22		8,264
BNP	USD	1,129,220	CAD	1,412,403	02/22/22		(18,109	)
BNP	USD	7,519,649	EUR	6,650,303	02/22/22		(45,384	)
BNP	USD	450,671	GBP	328,387	02/22/22		(9,081	)
BNP	USD	199,688	HUF	62,041,091	02/22/22		(4,026	)

121

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	USD	561,128	ILS	1,791,335	02/22/22	$	4,987
BNP	USD	1,658,626	ILS	5,157,994	02/22/22		(28,545	)
BNP	USD	211,861	JPY	24,545,302	02/22/22		1,460
BOA	CAD	190,749	USD	150,587	02/22/22		528
BOA	JPY	91,162,069	USD	802,342	02/22/22		10,059
BOA	MXN	27,805,838	USD	1,361,813	02/22/22		18,216
CITI	CAD	5,660,774	EUR	3,977,396	02/22/22		16,962
CITI	CAD	6,047,156	NZD	7,182,153	02/22/22		(32,723	)
CITI	CNY	3,589,461	EUR	496,943	02/22/22		(4,874	)
CITI	EUR	496,880	CZK	12,159,146	02/22/22		1,719
CITI	EUR	996,901	GBP	832,532	02/22/22		(889	)
CITI	EUR	496,970	HUF	177,440,678	02/22/22		1,059
CITI	EUR	16,315,218	USD	18,712,678	02/22/22		376,029
CITI	HUF	175,336,756	EUR	492,865	02/22/22		962
CITI	NZD	5,014,244	EUR	2,986,981	02/22/22		58,663
CITI	PLN	4,542,094	EUR	994,655	02/22/22		6,312
CITI	USD	1,131,952	CAD	1,417,219	02/22/22		(17,052	)
CITI	USD	446,107	NZD	651,231	02/22/22		(17,723	)
CITI	ZAR	18,746,024	USD	1,217,434	02/22/22		1,159
GSI	AUD	2,165,981	USD	1,574,625	02/22/22		43,065	��
GSI	CAD	939,404	NZD	1,110,618	02/22/22		(8,441	)
GSI	EUR	1,981,759	SEK	20,518,251	02/22/22		(26,522	)
GSI	EUR	2,971,725	USD	3,405,414	02/22/22		65,497
GSI	HUF	176,172,149	EUR	495,701	02/22/22		1,515
GSI	MXN	11,873,025	USD	581,198	02/22/22		7,485
GSI	SEK	35,656,471	EUR	3,468,218	02/22/22		73,435
GSI	THB	4,976,676	USD	150,544	02/22/22		1,089
GSI	USD	3,389,708	EUR	2,970,093	02/22/22		(51,625	)
GSI	USD	561,130	ILS	1,782,065	02/22/22		2,056
GSI	USD	2,860,364	PLN	11,347,498	02/22/22		(83,308	)
GSI	USD	203,433	RON	879,956	02/22/22		(3,777	)
HSBC	CAD	3,446,859	GBP	2,031,428	02/22/22		20,130
HSBC	EUR	993,750	SEK	10,337,232	02/22/22		(8,109	)
HSBC	EUR	223,096	USD	252,112	02/22/22		1,375
HSBC	EUR	1,998,320	USD	2,230,248	02/22/22		(15,661	)
HSBC	JPY	1,030,528,641	USD	8,911,023	02/22/22		(45,222	)
HSBC	MXN	11,647,349	USD	564,318	02/22/22		1,510
HSBC	MXN	46,932,704	USD	2,258,617	02/22/22		(9,204	)
HSBC	SEK	20,678,737	USD	2,213,498	02/22/22		(4,490	)
HSBC	USD	9,114,726	CAD	11,382,507	02/22/22		(160,317	)
HSBC	USD	1,499,152	CHF	1,365,542	02/22/22		(24,763	)
HSBC	USD	1,544,579	EUR	1,358,132	02/22/22		(18,177	)
HSBC	USD	11,703,431	JPY	1,334,580,464	02/22/22		(104,694	)
HSBC	USD	366,602	NOK	3,187,922	02/22/22		(8,293	)
HSBC	USD	9,403,747	SEK	84,061,005	02/22/22		(387,418	)

122

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	USD	1,058,915	SGD	1,424,777	02/22/22	$	(4,373	)
RBC	USD	202,681	EUR	178,859	02/22/22		(1,661	)
RBC	USD	780,442	EUR	696,496	02/22/22		2,350
SCB	USD	6,262,749	CNY	39,915,444	02/22/22		2,215
SCB	USD	3,030,142	EUR	2,652,808	02/22/22		(48,655	)
SCB	USD	3,008,417	JPY	346,386,235	02/22/22		2,000
SSC	CAD	235,908	USD	188,993	02/22/22		3,409
SSC	EUR	10,561,246	USD	11,978,405	02/22/22		108,636
SSC	EUR	5,364,685	USD	5,997,140	02/22/22		(32,222	)
SSC	HUF	358,642,155	EUR	995,399	02/22/22		(12,340	)
SSC	USD	3,068,613	DKK	20,151,571	02/22/22		(24,708	)
SSC	USD	3,032,985	EUR	2,643,293	02/22/22		(62,193	)
TD	EUR	1,980,493	GBP	1,660,069	02/22/22		6,463
TD	EUR	987,811	PLN	4,543,073	02/22/22		1,620
TD	GBP	4,148,204	EUR	4,974,015	02/22/22		12,095
TD	SEK	5,205,028	EUR	498,450	02/22/22		1,920
TD	USD	1,131,952	CAD	1,417,034	02/22/22		(17,197	)
Net unrealized appreciation (depreciation)						$	(451,583	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets        Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Asset-backed securities	$	—		$	3,044,251		$	—	$	3,044,251
Corporate bonds		—			74,024,862			—		74,024,862
Mortgage-backed securities		—			15,648,781			—		15,648,781
Non-U.S. government agency obligations		—			135,765,974			—		135,765,974
U.S. government agency obligations		—			10,052,909			—		10,052,909
U.S. Treasury obligations		—			29,757,872			—		29,757,872
Short-term investments		—			39,218,899			—		39,218,899
Futures contracts		340,265			—			—		340,265
Forward foreign currency contracts		—			1,146,862			—		1,146,862
Total	$	340,265		$	308,660,410		$	—	$	309,000,675
Liabilities
Futures contracts	$	(236,277	)	$	—		$	—	$	(236,277	)
Forward foreign currency contracts		—			(1,598,445	)		—		(1,598,445	)
Total	$	(236,277	)	$	(1,598,445	)	$	—	$	(1,834,722	)

123

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2022 (unaudited)

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $31,704,448, represented 10.7% of the Portfolio's 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 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  Perpetual investment. Date shown reflects the next call 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  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 January 31, 2022.

See accompanying notes to financial statements.
124

PACE High Yield Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -2.95% before the deduction of the maximum PACE Select program fee.¹ In comparison, the ICE BofA Global High Yield Index (hedged in USD) (the "benchmark") returned -2.47%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 127. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed its benchmark during the reporting period. Positive security selection and overweights in the energy—exploration & production, specialty retail, oil field equipment & services, and gaming sectors contributed the most to returns. The Portfolio's relative performance was hurt the most by an overweight and security selection in real estate development & management and underweights and security selection in the banking and food & drug retailers sectors. From a ratings perspective, security selection and an overweight in B-rated issuers was the biggest contributor to performance. Additionally, an overweight to CCC-rated issuers contributed to results. Non-rated and BB-rated issuers in the Portfolio were the largest detractors from returns.

Looking ahead, we continue to believe that economic growth will remain robust and earnings should remain strong. The world is learning to live with COVID-19, and consumers are ready to return to preferred activities. We believe that this change in attitude will address the supply side of the supply/demand equation, helping to normalize the supply chain and reduce the staffing shortages plaguing many industries. As monetary tightening measures target demand-driven inflationary forces and take the froth off certain overvalued markets, the US Federal Reserve can avoid "shock and awe" tactics, focusing instead on incremental policy adjustments. Recent high yield market weakness has particularly impacted the higher quality end of the credit spectrum. While volatility may persist as investors respond to changing inflation data and monetary policy, many solid BB-rated issuers have seen their bonds decline, with no change in default expectations, creating the opportunity to find bargains in this part of the market. Geopolitical risks also

PACE Select Advisors Trust – PACE High Yield Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisor:

Nomura Corporate Research and Asset Management Inc. ("NCRAM") (NCRAM has retained Nomura Asset Management Singapore Limited "NAM Singapore" and together with NCRAM "Nomura" to serve as a sub-manager to provide certain investment advisory services pursuant to a sub-management contract between NCRAM and NAM Singapore.)

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee, CFA, David Kelly and Christopher Andersen, CFA

Nomura: David Crall, CFA, Stephen Kotsen, CFA, Steven Rosenthal, CFA, Eric Torres, Simon Tan, CFA

Objective:

Total return

Investment process:

The subadvisor utilizes a "total return" strategy driven

by credit research and a team effort to generate alpha in high yield.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

125

PACE High Yield Investments

Subadvisor's comments² – concluded

percolate in the background with Russia, China, and Iran all presenting challenges. Finally, the transition to cleaner energy is at an interesting phase where the demand and supply are changing, but not in a well-coordinated way. This may potentially lead to volatility for both consumers and suppliers. Despite the risks, we believe high yield can continue to generate an attractive risk-adjusted return.

Currency forwards were used during the reporting period to hedge the currency exposure of the Portfolio into US dollars. The use of currency forwards had a slightly negative impact on the Portfolio's performance.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking total return and who are able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The Portfolio seeks to achieve its objective by investing primarily in a professionally managed, diversified portfolio of fixed income securities rated below investment grade or considered to be of comparable quality (commonly referred to as "junk bonds"). These securities are subject to higher risks than investment grade securities, including greater price volatility and a greater risk of loss of principal and nonpayment of interest. Issuers of such securities are typically in poor financial health, and their ability to pay interest and principal is uncertain. The prices of such securities may be more vulnerable to bad economic news, or even the expectation of bad news, than higher rated or investment grade bonds and other fixed income securities. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the issuers in which the Portfolio invests. In addition, investments in foreign bonds involve special risks. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

126

PACE High Yield Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		(2.97	)%		0.55	%		4.54	%		5.50	%
Class Y2		(2.83	)		0.81			4.77			5.75
Class P3		(2.95	)		0.71			4.69			5.69
Class P25		—			—			—			(4.08	)
After deducting maximum sales charge
Class A1		(6.61	)		(3.26	)		3.74			5.10
ICE BofA Global High Yield Index (Hedged in USD)4		(2.47	)		0.36			5.10			6.43

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		(0.93	)%		3.39	%		5.31	%		6.17	%
Class Y2		(0.89	)		3.54			5.53			6.40
Class P3		(0.80	)		3.66			5.48			6.36
Class P25		—			—			—			(1.70	)
After deducting maximum sales charge
Class A1		(4.62	)		(0.53	)		4.51			5.77

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.25% and 1.06%; Class Y—0.98% and 0.88%; Class P—1.11% and 0.91%; and P2—1.11% and 0.62%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.06%; Class Y—0.88%; and Class P—0.91%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The Portfolio and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated through November 30, 2022 with respect to Class P2 to waive (i) its management fees in an amount equal to the portion of the management fees UBS AM retains after payment by UBS AM of any sub-advisory fees, and (ii) its administrative services fees in an amount equal to the portion of the administrative services fees UBS AM retains after payment by UBS AM of any sub-administration fees and charges paid to third parties. These fee waiver/ expense reimbursement agreements may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive, if applicable.

¹  Maximum sales charge for Class A shares is 3.75%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The ICE BofA Global High Yield Index (hedged in USD) is an unmanaged index which covers US dollar, Canadian dollar, British pound and Euro denominated below investment-grade corporate debt publicly issued in the major domestic or eurobond markets. Securities must have at least 18 months before final maturity at the time of issuance and have at least one year remaining to final maturity. Callable perpetuals, original issue zero-coupon bonds, eurodollar bonds and 144A securities (with and without registration rights), as well as pay-in-kind securitiies, are included in the index. Contingent capital securities ("cocos") are excluded from the index, but capital securities where conversion can be mandated by a regulatory authority but with no specific trigger are included. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  Inception date of Class P2 of PACE High Yield Investments is September 15, 2021.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

127

PACE High Yield Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Characteristics
Weighted average duration	3.70 yrs.
Weighted average maturity	4.73 yrs.
Average coupon	4.31	%
Top ten fixed income holdings
Carnival Corp., 5.750% due 03/01/27	0.7	%
Teva Pharmaceutical Finance Netherlands III BV, 6.000% due 04/15/24	0.5
Petroleos Mexicanos, 6.500% due 06/02/41	0.4
Petroleos Mexicanos, 7.690% due 01/23/50	0.4
Petroleos Mexicanos, 6.875% due 10/16/25	0.4
CSC Holdings LLC, 4.625% due 12/01/30	0.4
Life Time, Inc., 8.000% due 04/15/26	0.3
Bausch Health Cos., Inc., 9.000% due 12/15/25	0.3
Telecom Italia Finance SA, 7.750% due 01/24/33	0.3
Aeropuertos Dominicanos Siglo XXI SA, 6.750% due 03/30/29	0.3
Total	4.0	%
Top five issuer breakdown by country or territory of origin
United States	56.8	%
United Kingdom	4.8
Mexico	3.9
Luxembourg	3.2
Netherlands	3.0
Total	71.7	%
Credit rating2
BB-	14.8
B	13.1
BB	11.9
B+	11.1
BB+	10.8
NR	9.8
B-	7.3
CCC+	6.6
BBB	2.6
CCC	2.4
BBB-	1.3
CCC-	0.9
CC	0.3
D	0.2
A	0.0
Not rated	5.4
Cash equivalents and other assets less liabilities	6.5
Total	105.0	%

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

²  Credit ratings shown are based on the ratings assigned to portfolio holdings by Standard & Poor's Financial Services LLC, an independent rating agency.

128

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—91.7%
Advertising—0.4%
Clear Channel International BV 6.625%, due 08/01/252		200,000	$	205,500
Clear Channel Outdoor Holdings, Inc. 7.500%, due 06/01/292		125,000		129,531
7.750%, due 04/15/282		200,000		207,500
Lamar Media Corp. 3.750%, due 02/15/28		25,000		24,399
4.000%, due 02/15/30		100,000		96,000
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.250%, due 01/15/292		75,000		70,587
4.625%, due 03/15/302		25,000		23,937
5.000%, due 08/15/272		225,000		223,243
				980,697
Aerospace & defense—1.2%
Bombardier, Inc. 6.000%, due 02/15/282		150,000		145,218
7.125%, due 06/15/262		25,000		25,406
7.500%, due 12/01/242		325,000		336,407
7.500%, due 03/15/252		50,000		50,625
7.875%, due 04/15/272		50,000		50,674
BWX Technologies, Inc. 4.125%, due 04/15/292		75,000		73,875
Egmv13793 10.000%, due 04/19/263,4	EUR	93,992		5,280
Howmet Aerospace, Inc. 5.125%, due 10/01/24		50,000		52,250
5.950%, due 02/01/37		225,000		252,562
Rolls-Royce PLC 1.625%, due 05/09/285	EUR	250,000		260,812
Spirit AeroSystems, Inc. 4.600%, due 06/15/286		100,000		96,553
5.500%, due 01/15/252		75,000		76,875
7.500%, due 04/15/252		150,000		155,579
TransDigm, Inc. 4.625%, due 01/15/29		400,000		379,864
4.875%, due 05/01/29		175,000		168,018
5.500%, due 11/15/27		725,000		728,625
7.500%, due 03/15/27		150,000		155,654
Triumph Group, Inc. 6.250%, due 09/15/242		50,000		49,825
7.750%, due 08/15/25		125,000		123,750
8.875%, due 06/01/242		60,000		64,050
				3,251,902
Agriculture—0.4%
Amaggi Luxembourg International SARL 5.250%, due 01/28/282		300,000		299,062
Camposol SA 6.000%, due 02/03/272		300,000		304,762
Cooke Omega Investments, Inc./Alpha VesselCo Holdings, Inc. 8.500%, due 12/15/222		125,000		127,763
Darling Ingredients, Inc. 5.250%, due 04/15/272		75,000		76,500
MHP Lux SA 6.250%, due 09/19/295		500,000		416,500
				1,224,587

	Face amount1		Value
Corporate bonds—(continued)
Airlines—1.2%
Air France-KLM 1.875%, due 01/16/255	EUR	200,000	$	208,962
3.875%, due 07/01/265	EUR	300,000		326,621
American Airlines, Inc. 11.750%, due 07/15/252		325,000		393,390
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.500%, due 04/20/262		100,000		102,375
5.750%, due 04/20/292		125,000		127,969
Delta Air Lines, Inc. 3.625%, due 03/15/22		50,000		50,020
7.375%, due 01/15/26		75,000		85,404
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.500%, due 10/20/252		100,000		103,748
4.750%, due 10/20/282		25,000		26,686
Gol Finance SA 7.000%, due 01/31/25		730,000		628,950
Hawaiianmiles Loyalty, Ltd. 5.750%, due 01/20/262		125,000		127,835
International Consolidated Airlines Group SA 1.500%, due 07/04/275	EUR	500,000		510,499
2.750%, due 03/25/255	EUR	100,000		111,097
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.000%, due 09/20/252		75,000		81,259
Transportes Aereos Portugueses SA 5.625%, due 12/02/242	EUR	100,000		106,135
5.625%, due 12/02/245	EUR	200,000		212,271
United Airlines Holdings, Inc. 5.000%, due 02/01/24		25,000		25,381
United Airlines Pass-Through Trust, Series 20-1, 5.875%, due 10/15/27		43,754		47,063
United Airlines, Inc. 4.375%, due 04/15/262		50,000		49,630
4.625%, due 04/15/292		125,000		123,684
				3,448,979
Apparel—0.2%
Crocs, Inc. 4.125%, due 08/15/312		50,000		44,625
CT Investment GmbH 5.500%, due 04/15/265,6	EUR	325,000		362,719
IM Group SAS 6.625%, due 03/01/255	EUR	175,000		200,782
Kontoor Brands, Inc. 4.125%, due 11/15/292		75,000		71,906
				680,032
Auto manufacturers—2.1%
Ford Motor Co. 3.250%, due 02/12/32		150,000		142,701
5.291%, due 12/08/46		100,000		109,750
9.000%, due 04/22/25		300,000		354,471
Ford Motor Credit Co. LLC 2.330%, due 11/25/25	EUR	275,000		316,734
2.700%, due 08/10/26		200,000		193,750

129

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
2.748%, due 06/14/24	GBP	150,000	$	200,997
3.250%, due 09/15/25	EUR	400,000		474,577
3.375%, due 11/13/25		200,000		200,224
3.625%, due 06/17/31		600,000		591,000
3.815%, due 11/02/27		200,000		199,650
4.000%, due 11/13/30		200,000		201,044
4.063%, due 11/01/24		200,000		203,753
4.134%, due 08/04/25		200,000		204,570
5.113%, due 05/03/29		600,000		642,180
5.125%, due 06/16/25		200,000		210,250
5.584%, due 03/18/24		200,000		209,000
Jaguar Land Rover Automotive PLC 5.500%, due 07/15/292		200,000		193,028
5.875%, due 01/15/282		200,000		198,040
6.875%, due 11/15/265	EUR	400,000		493,774
7.750%, due 10/15/252		200,000		209,876
Mclaren Finance PLC 7.500%, due 08/01/262		200,000		204,000
Tesla, Inc. 5.300%, due 08/15/252		—		0
TML Holdings Pte Ltd. 5.500%, due 06/03/245		200,000		205,000
				5,958,369
Auto parts & equipment—2.3%
Adient U.S. LLC 9.000%, due 04/15/252		125,000		132,462
Adler Pelzer Holding GmbH 4.125%, due 04/01/245	EUR	250,000		265,376
Clarios Global LP 6.750%, due 05/15/252		67,000		69,513
Clarios Global LP/Clarios U.S. Finance Co. 8.500%, due 05/15/272		50,000		52,279
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/262		125,000		93,383
13.000%, due 06/01/242		100,000		106,750
Dealer Tire LLC/DT Issuer LLC 8.000%, due 02/01/282		125,000		127,813
Dornoch Debt Merger Sub, Inc. 6.625%, due 10/15/292		300,000		289,875
Goodyear Europe BV 2.750%, due 08/15/285	EUR	375,000		418,471
Goodyear Tire & Rubber Co. 5.000%, due 05/31/26		75,000		76,313
5.000%, due 07/15/292		150,000		150,075
5.250%, due 07/15/312		325,000		327,239
9.500%, due 05/31/25		450,000		479,250
IHO Verwaltungs GmbH 3.625% Cash or 4.375% PIK, 3.625%, due 05/15/255,7	EUR	425,000		481,764
4.500% PIK, 3.750%, due 09/15/265,7	EUR	100,000		113,732
4.625% PIK, 3.875%, due 05/15/275,7	EUR	425,000		485,115

	Face amount1		Value
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
Iochpe-Maxion Austria GmbH / Maxion Wheels de Mexico S de RL de CV 5.000%, due 05/07/285		200,000	$	188,625
Mahle GmbH 2.375%, due 05/14/285	EUR	300,000		316,787
Nemak SAB de CV 2.250%, due 07/20/282	EUR	125,000		132,532
2.250%, due 07/20/285	EUR	325,000		344,583
3.625%, due 06/28/312		400,000		369,552
Schaeffler AG 3.375%, due 10/12/285,6	EUR	200,000		243,676
Standard Profil Automotive GmbH 6.250%, due 04/30/262	EUR	300,000		266,258
6.250%, due 04/30/265	EUR	100,000		88,753
Tenneco, Inc. 5.000%, due 07/15/266		250,000		231,881
5.125%, due 04/15/292		125,000		115,770
7.875%, due 01/15/292		250,000		265,665
Titan International, Inc. 7.000%, due 04/30/28		75,000		78,915
				6,312,407
Banks—2.7%
Akbank T.A.S. 5.000%, due 10/24/225		550,000		552,062
Banca Monte dei Paschi di Siena SpA 1.875%, due 01/09/265	EUR	100,000		106,728
(fixed, converts to FRN on 01/18/23), 5.375%, due 01/18/285,6	EUR	125,000		106,026
Banco de Bogota SA 5.375%, due 02/19/232		250,000		255,844
6.250%, due 05/12/265		500,000		530,312
Banco de Credito Social Cooperativo SA (fixed, converts to FRN on 03/09/27), 1.750%, due 03/09/285	EUR	200,000		210,737
Banco Industrial SA (fixed, converts to FRN on 01/29/26), 4.875%, due 01/29/312		150,000		147,345
Bangkok Bank PCL (fixed, converts to FRN on 09/25/29), 3.733%, due 09/25/345		200,000		199,850
Bank of America Corp., Series DD, (fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/268		175,000		191,625
Series JJ, (fixed, converts to FRN on 06/20/24), 5.125%, due 06/20/248		75,000		77,438
Barclays PLC (fixed, converts to FRN on 06/15/25), 7.125%, due 06/15/258	GBP	200,000		290,733
(fixed, converts to FRN on 06/15/24), 8.000%, due 06/15/248		400,000		435,888
CaixaBank SA (fixed, converts to FRN on 06/13/24), 6.750%, due 06/13/245,8	EUR	400,000		490,702

130

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(concluded)
Citigroup, Inc. (fixed, converts to FRN on 02/15/23), 5.900%, due 02/15/236,8		75,000	$	76,781
Series T, (fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/268		125,000		138,125
Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/258		200,000		200,260
Freedom Mortgage Corp. 6.625%, due 01/15/272		400,000		371,520
7.625%, due 05/01/262		75,000		71,625
Goldman Sachs Group, Inc., Series R, (fixed, converts to FRN on 02/10/25), 4.950%, due 02/10/258		75,000		77,153
HDFC Bank Ltd. (fixed, converts to FRN on 02/25/27), 3.700%, due 08/25/265,8		200,000		193,640
Intesa Sanpaolo SpA 3.928%, due 09/15/265,6	EUR	500,000		610,501
Inversiones Atlantida SA 7.500%, due 05/19/262		200,000		202,475
Itau Unibanco Holding SA 2.900%, due 01/24/235		400,000		404,300
JPMorgan Chase & Co., Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/258		75,000		74,625
Series S, (fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/248		200,000		214,140
Series U, (fixed, converts to FRN on 04/30/24), 6.125%, due 04/30/248		150,000		156,000
Turkiye Vakiflar Bankasi TAO 8.125%, due 03/28/242		250,000		258,250
UniCredit SpA (fixed, converts to FRN on 09/23/24), 2.000%, due 09/23/295	EUR	400,000		448,723
(fixed, converts to FRN on 01/15/27), 2.731%, due 01/15/325	EUR	325,000		363,891
				7,457,299
Beverages—0.3%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL 5.250%, due 04/27/292		650,000		659,750
Primo Water Holdings, Inc. 4.375%, due 04/30/292		125,000		119,323
Triton Water Holdings, Inc. 6.250%, due 04/01/292		100,000		93,750
				872,823

	Face amount1		Value
Corporate bonds—(continued)
Biotechnology—0.1%
Grifols Escrow Issuer SA 3.875%, due 10/15/282	EUR	125,000	$	135,801
4.750%, due 10/15/282		200,000		198,788
				334,589
Building materials—1.9%
Builders FirstSource, Inc. 4.250%, due 02/01/32		125,000		122,375
4.250%, due 02/01/322		125,000		122,375
5.000%, due 03/01/302		100,000		102,664
6.750%, due 06/01/272		177,000		184,301
Cemex SAB de CV 3.875%, due 07/11/312		500,000		472,350
(fixed, converts to FRN on 09/08/26), 5.125%, due 06/08/262,8		200,000		200,302
5.200%, due 09/17/302		200,000		206,000
5.450%, due 11/19/292		200,000		208,000
5.450%, due 11/19/295		200,000		208,000
Compact Bidco BV 5.750%, due 05/01/262	EUR	200,000		202,783
CP Atlas Buyer, Inc. 7.000%, due 12/01/282		100,000		95,132
Griffon Corp. 5.750%, due 03/01/28		250,000		249,755
James Hardie International Finance DAC 3.625%, due 10/01/262	EUR	150,000		169,697
3.625%, due 10/01/265	EUR	225,000		254,546
JELD-WEN, Inc. 4.625%, due 12/15/252		125,000		124,196
6.250%, due 05/15/252		100,000		103,250
MIWD Holdco II LLC/MIWD Finance Corp. 5.500%, due 02/01/30		75,000		74,320
New Enterprise Stone & Lime Co., Inc. 5.250%, due 07/15/282		125,000		125,000
9.750%, due 07/15/282		150,000		157,875
Patrick Industries, Inc. 4.750%, due 05/01/292		125,000		120,625
7.500%, due 10/15/272		125,000		131,250
PGT Innovations, Inc. 4.375%, due 10/01/292		75,000		72,331
SRM Escrow Issuer LLC 6.000%, due 11/01/282		275,000		282,370
Standard Industries, Inc. 2.250%, due 11/21/262	EUR	275,000		291,292
2.250%, due 11/21/265	EUR	450,000		476,660
4.375%, due 07/15/302		100,000		95,500
Summit Materials LLC/Summit Materials Finance Corp. 5.250%, due 01/15/292		100,000		102,062
6.500%, due 03/15/272		50,000		51,250
Victors Merger Corp. 6.375%, due 05/15/292		100,000		91,717
West China Cement Ltd. 4.950%, due 07/08/265		200,000		185,468
				5,283,446

131

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—2.5%
ASP Unifrax Holdings, Inc. 5.250%, due 09/30/282		25,000	$	24,563
7.500%, due 09/30/292		50,000		48,438
Braskem Netherlands Finance BV (fixed, converts to FRN on 01/23/26), 8.500%, due 01/23/815		300,000		342,900
(fixed, converts to FRN on 01/23/26), 8.500%, due 01/23/812		250,000		285,750
Consolidated Energy Finance SA 5.000%, due 10/15/282	EUR	450,000		480,224
Cornerstone Chemical Co. 6.750%, due 08/15/242,6		125,000		109,141
Diamond BC BV 4.625%, due 10/01/292		50,000		46,877
INEOS Finance PLC 3.375%, due 03/31/265	EUR	300,000		334,766
3.375%, due 03/31/262	EUR	100,000		111,589
INEOS Quattro Finance 1 PLC 3.750%, due 07/15/265	EUR	100,000		108,495
3.750%, due 07/15/262	EUR	100,000		108,495
INEOS Quattro Finance 2 PLC 2.500%, due 01/15/265	EUR	250,000		268,630
Innophos Holdings, Inc. 9.375%, due 02/15/282		150,000		160,875
Iris Holdings, Inc. 8.750% Cash or 9.500% PIK, 8.750%, due 02/15/262,7		125,000		125,625
LSF11 A5 HoldCo LLC 6.625%, due 10/15/292		50,000		49,000
Methanex Corp. 5.125%, due 10/15/27		75,000		75,770
Minerals Technologies, Inc. 5.000%, due 07/01/282		100,000		101,181
NOVA Chemicals Corp. 4.250%, due 05/15/292,6		50,000		47,625
5.000%, due 05/01/252		50,000		50,400
5.250%, due 06/01/272		150,000		151,459
Nufarm Australia Ltd./Nufarm Americas, Inc. 5.750%, due 04/30/262		50,000		51,505
OCI NV 4.625%, due 10/15/252		160,000		164,552
OCP SA 3.750%, due 06/23/312		200,000		192,000
6.875%, due 04/25/445		500,000		557,437
Olin Corp. 5.000%, due 02/01/30		75,000		76,313
5.625%, due 08/01/29		250,000		262,550
Olympus Water US Holding Corp. 3.875%, due 10/01/285	EUR	100,000		108,819
Polar US Borrower LLC/Schenectady International Group, Inc. 6.750%, due 05/15/262		100,000		95,250
Sasol Financing USA LLC 5.500%, due 03/18/31		300,000		293,250
5.875%, due 03/27/24		300,000		308,250

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
SCIH Salt Holdings, Inc. 4.875%, due 05/01/282		150,000	$	140,625
6.625%, due 05/01/292,6		175,000		163,511
SCIL IV LLC / SCIL USA Holdings LLC 5.375%, due 11/01/262		200,000		200,500
SPCM SA 2.625%, due 02/01/295	EUR	175,000		195,835
TPC Group, Inc. 10.500%, due 08/01/242		50,000		33,250
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.125%, due 04/01/292		165,000		166,534
5.375%, due 09/01/252		250,000		253,050
Tronox, Inc. 4.625%, due 03/15/292		175,000		168,257
6.500%, due 05/01/252		75,000		77,835
WR Grace Holdings LLC 4.875%, due 06/15/272		150,000		149,247
5.625%, due 08/15/292		250,000		241,250
				6,931,623
Coal—0.1%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/243,4,9		550,000		5,500
Indika Energy Capital IV Pte Ltd. 8.250%, due 10/22/252		300,000		300,000
Murray Energy Corp. 0.000%, due 04/15/242,3,4,10		1,268,693		0
				305,500
Commercial services—3.3%
ADT Security Corp. 4.125%, due 08/01/292		100,000		94,062
4.875%, due 07/15/322		150,000		144,000
Adtalem Global Education, Inc. 5.500%, due 03/01/282		275,000		270,350
Ahern Rentals, Inc. 7.375%, due 05/15/232		325,000		304,687
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.000%, due 06/01/292		200,000		189,581
9.750%, due 07/15/272		225,000		237,375
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, due 06/01/282	EUR	250,000		264,011
4.625%, due 06/01/282		200,000		189,046
Alta Equipment Group, Inc. 5.625%, due 04/15/262		50,000		50,750
AMN Healthcare, Inc. 4.000%, due 04/15/292		300,000		297,660
4.625%, due 10/01/272		50,000		50,488
APi Group DE, Inc. 4.125%, due 07/15/292		175,000		168,437
APX Group, Inc. 5.750%, due 07/15/292		150,000		141,088

132

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(continued)
Arena Luxembourg Finance SARL 1.875%, due 02/01/285	EUR	125,000	$	128,495
1.875%, due 02/01/282	EUR	100,000		102,796
ASGN, Inc. 4.625%, due 05/15/282		250,000		249,750
Autostrade per l'Italia SpA 2.000%, due 12/04/285	EUR	125,000		142,349
2.000%, due 01/15/305	EUR	150,000		168,147
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.750%, due 04/01/282		50,000		48,875
5.375%, due 03/01/292,6		175,000		175,364
5.750%, due 07/15/272,6		25,000		25,688
BCP V Modular Services Finance II PLC 4.750%, due 11/30/282	EUR	100,000		107,399
4.750%, due 11/30/285	EUR	125,000		134,248
BCP V Modular Services Finance PLC 6.750%, due 11/30/292	EUR	275,000		285,932
Carriage Services, Inc. 4.250%, due 05/15/292		75,000		73,125
EC Finance PLC 3.000%, due 10/15/262	EUR	175,000		197,783
3.000%, due 10/15/265	EUR	250,000		282,548
eHi Car Services Ltd. 7.000%, due 09/21/265		200,000		170,282
Graham Holdings Co. 5.750%, due 06/01/262		175,000		180,687
HealthEquity, Inc. 4.500%, due 10/01/292		75,000		73,313
Hertz Corp. 4.625%, due 12/01/262		25,000		24,255
5.000%, due 12/01/292		125,000		120,362
Kapla Holding SAS 3.375%, due 12/15/265	EUR	350,000		373,752
Metis Merger Sub LLC 6.500%, due 05/15/292		150,000		143,598
Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance, Inc. 7.875%, due 10/01/222		325,000		321,734
MoneyGram International, Inc. 5.375%, due 08/01/262		100,000		102,991
Nassa Topco AS 2.875%, due 04/06/245	EUR	375,000		425,086
NESCO Holdings II, Inc. 5.500%, due 04/15/292		125,000		123,750
Nexi SpA 1.625%, due 04/30/265	EUR	125,000		134,949
Nielsen Finance LLC/Nielsen Finance Co. 5.625%, due 10/01/282		75,000		74,880
5.875%, due 10/01/302		50,000		50,092
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.000%, due 06/15/292		100,000		90,192
PECF USS Intermediate Holding III Corp. 8.000%, due 11/15/292		125,000		126,250

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, due 08/31/272		50,000	$	46,512
5.250%, due 04/15/242		75,000		77,325
6.250%, due 01/15/282		75,000		74,705
PROG Holdings, Inc. 6.000%, due 11/15/292		75,000		73,505
Q-Park Holding I BV 2.000%, due 03/01/275	EUR	175,000		180,384
2.000%, due 03/01/272	EUR	100,000		103,077
RAC Bond Co. PLC 5.250%, due 11/04/272	GBP	225,000		291,789
5.250%, due 11/04/275	GBP	100,000		129,684
Sabre GLBL, Inc. 7.375%, due 09/01/252		25,000		25,625
9.250%, due 04/15/252		100,000		112,306
Service Corp. International 4.000%, due 05/15/31		150,000		145,255
Techem Verwaltungsgesellschaft 675 mbH 2.000%, due 07/15/255	EUR	450,000		489,729
United Rentals North America, Inc. 3.750%, due 01/15/324		50,000		48,231
Verscend Escrow Corp. 9.750%, due 08/15/262		125,000		131,274
WASH Multifamily Acquisition, Inc. 5.750%, due 04/15/262		75,000		75,938
				9,065,546
Computers—1.0%
Banff Merger Sub, Inc. 8.375%, due 09/01/265	EUR	175,000		202,880
Diebold Nixdorf Dutch Holding BV 9.000%, due 07/15/252	EUR	100,000		118,999
9.000%, due 07/15/255	EUR	550,000		654,496
Diebold Nixdorf, Inc. 8.500%, due 04/15/24		50,000		49,625
9.375%, due 07/15/252		100,000		105,038
Exela Intermediate LLC / Exela Finance, Inc. 11.500%, due 07/15/262		182,000		112,840
NCR Corp. 5.000%, due 10/01/282		125,000		124,195
5.125%, due 04/15/292		300,000		299,343
5.250%, due 10/01/302		25,000		24,581
5.750%, due 09/01/272		225,000		228,541
6.125%, due 09/01/292		200,000		210,210
Presidio Holdings, Inc. 4.875%, due 02/01/272		150,000		152,625
8.250%, due 02/01/282		175,000		184,765
Science Applications International Corp. 4.875%, due 04/01/282		200,000		201,000
Vericast Corp. 11.000%, due 09/15/262		126,250		130,984
				2,800,122

133

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Cosmetics & personal care—0.1%
Edgewell Personal Care Co. 4.125%, due 04/01/292		175,000	$	172,273
5.500%, due 06/01/282		125,000		129,688
				301,961
Distribution & wholesale—0.3%
Avient Corp. 5.750%, due 05/15/252		150,000		154,641
BCPE Empire Holdings, Inc. 7.625%, due 05/01/272		175,000		175,000
IAA, Inc. 5.500%, due 06/15/272		125,000		128,283
KAR Auction Services, Inc. 5.125%, due 06/01/252		125,000		125,000
Resideo Funding, Inc. 4.000%, due 09/01/292		50,000		47,125
Univar Solutions USA, Inc. 5.125%, due 12/01/272		225,000		228,937
				858,986
Diversified financial services—2.7%
AG Issuer LLC 6.250%, due 03/01/282		150,000		155,824
Ally Financial, Inc. 8.000%, due 11/01/31		105,000		139,600
Series B, (fixed, converts to FRN on 05/15/26), 4.700%, due 05/15/268		50,000		49,433
Bracken MidCo1 PLC 6.750% Cash or 7.500% PIK, 6.750%, due 11/01/272,7	GBP	125,000		166,757
Credito Real SAB de CV 5.000%, due 02/01/275	EUR	275,000		92,878
doValue S.p.A 5.000%, due 08/04/252	EUR	325,000		375,162
doValue SpA 3.375%, due 07/31/262	EUR	150,000		167,759
Enact Holdings, Inc. 6.500%, due 08/15/252		325,000		343,908
Garfunkelux Holdco 3 SA 6.750%, due 11/01/252	EUR	225,000		258,363
Global Aircraft Leasing Co. Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 09/15/242,7		327,679		307,461
International Personal Finance PLC 9.750%, due 11/12/25	EUR	625,000		745,550
Iqera Group SAS 6.500%, due 09/30/242	EUR	100,000		115,016
Jane Street Group / JSG Finance, Inc. 4.500%, due 11/15/292		125,000		122,548
Jefferson Capital Holdings LLC 6.000%, due 08/15/262		150,000		148,875
LFS Topco LLC 5.875%, due 10/15/262		75,000		76,766
Midcap Financial Issuer Trust 6.500%, due 05/01/282		200,000		201,492

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Mulhacen Pte Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 08/01/235,7	EUR	403,886	$	231,410
Nationstar Mortgage Holdings, Inc. 5.125%, due 12/15/302		75,000		70,345
5.500%, due 08/15/282		100,000		97,746
5.750%, due 11/15/312		50,000		48,350
6.000%, due 01/15/272		75,000		77,804
Navient Corp. 5.000%, due 03/15/27		231,000		223,705
5.500%, due 03/15/29		250,000		243,950
5.625%, due 08/01/33		150,000		134,359
6.125%, due 03/25/24		375,000		390,562
6.750%, due 06/25/25		100,000		105,734
6.750%, due 06/15/26		200,000		211,416
OneMain Finance Corp. 5.375%, due 11/15/29		25,000		25,384
6.625%, due 01/15/28		100,000		107,336
6.875%, due 03/15/25		100,000		108,500
7.125%, due 03/15/26		400,000		439,734
8.875%, due 06/01/25		50,000		53,071
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/222		125,000		124,960
PennyMac Financial Services, Inc. 4.250%, due 02/15/292		175,000		157,832
5.750%, due 09/15/312		75,000		71,706
Provident Funding Associates LP/PFG Finance Corp. 6.375%, due 06/15/252		75,000		76,500
Shriram Transport Finance Co. Ltd. 5.100%, due 07/16/235		200,000		200,750
SLM Corp. 3.125%, due 11/02/26		175,000		168,437
VistaJet Malta Finance PLC/XO Management Holding, Inc. 6.375%, due 02/01/30		125,000		124,219
World Acceptance Corp. 7.000%, due 11/01/262		100,000		96,020
Zenith Finco PLC 6.500%, due 06/30/27	GBP	275,000		362,450
				7,419,672
Electric—2.4%
AES Andres BV 5.700%, due 05/04/282		400,000		400,700
AES El Salvador Trust II 6.750%, due 03/28/235		450,000		397,519
Calpine Corp. 4.500%, due 02/15/282		175,000		171,045
5.000%, due 02/01/312		25,000		23,688
5.125%, due 03/15/282		325,000		317,047
Capex SA 6.875%, due 05/15/242		225,000		213,511
6.875%, due 05/15/245		200,000		189,787

134

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(concluded)
Centrais Eletricas Brasileiras SA 3.625%, due 02/04/252		200,000	$	199,725
Clean Renewable Power Mauritius Pte Ltd. 4.250%, due 03/25/275		200,000		197,037
4.250%, due 03/25/272		200,000		197,037
Clearway Energy Operating LLC 3.750%, due 01/15/322		50,000		47,438
4.750%, due 03/15/282		50,000		51,467
ContourGlobal Power Holdings SA 3.125%, due 01/01/282	EUR	100,000		105,921
4.125%, due 08/01/255	EUR	325,000		365,289
Drax Finco PLC 6.625%, due 11/01/252		200,000		204,750
Eskom Holdings SOC Ltd. 6.350%, due 08/10/285		400,000		418,500
6.750%, due 08/06/235		410,000		414,305
FirstEnergy Corp., Series C, 5.350%, due 07/15/4711		125,000		135,907
Greenko Power II Ltd. 4.300%, due 12/13/282		250,000		241,250
Instituto Costarricense de Electricidad 6.375%, due 05/15/43		200,000		162,912
6.750%, due 10/07/312		300,000		298,275
Leeward Renewable Energy Operations LLC 4.250%, due 07/01/292		50,000		48,875
Mong Duong Finance Holdings BV 5.125%, due 05/07/292		375,000		343,781
NextEra Energy Operating Partners LP 3.875%, due 10/15/262		275,000		277,062
NRG Energy, Inc. 3.625%, due 02/15/312		75,000		69,563
3.875%, due 02/15/322		50,000		47,013
6.625%, due 01/15/27		46,000		47,553
Pacific Gas and Electric Co. 4.550%, due 07/01/30		50,000		52,031
PG&E Corp. 5.000%, due 07/01/28		150,000		150,000
RRI Energy, Inc. 3.000%, due 06/15/173,4,9		75,000		0
SMC Global Power Holdings Corp. (fixed, converts to FRN on 04/25/24), 6.500%, due 04/25/245,8		200,000		199,600
Star Energy Geothermal Wayang Windu Ltd. 6.750%, due 04/24/335		209,675		223,343
Talen Energy Supply LLC 6.625%, due 01/15/282		50,000		44,000
10.500%, due 01/15/262		75,000		34,853
Vistra Corp. (fixed, converts to FRN on 12/15/26), 7.000%, due 12/15/262,8		125,000		124,375
Vistra Operations Co. LLC 5.500%, due 09/01/262		350,000		357,000
				6,772,159

	Face amount1		Value
Corporate bonds—(continued)
Electrical components & equipment—0.3%
Belden, Inc. 3.375%, due 07/15/275	EUR	200,000	$	220,203
3.875%, due 03/15/285	EUR	350,000		390,062
Senvion Holding GmbH 3.875%, due 10/25/225,10	EUR	400,000		4,669
WESCO Distribution, Inc. 7.125%, due 06/15/252		125,000		130,900
7.250%, due 06/15/282		150,000		160,875
				906,709
Electronics—0.5%
II-VI, Inc. 5.000%, due 12/15/292		100,000		99,805
Imola Merger Corp. 4.750%, due 05/15/292		650,000		632,430
Likewize Corp. 9.750%, due 10/15/252		100,000		107,023
Sensata Technologies BV 4.000%, due 04/15/292		400,000		395,272
TTM Technologies, Inc. 4.000%, due 03/01/292		100,000		95,563
				1,330,093
Energy-alternate sources—0.7%
Azure Power Solar Energy Pvt Ltd. 5.650%, due 12/24/242		300,000		310,369
Continuum Energy Levanter Pte Ltd. 4.500%, due 02/09/272		198,500		196,267
Cullinan Holdco Scsp 3 mo. Euribor + 4.750%, 1.000%, due 10/15/262,12	EUR	200,000		220,175
4.625%, due 10/15/262	EUR	100,000		109,606
4.625%, due 10/15/265	EUR	100,000		109,606
Investment Energy Resources Ltd. 6.250%, due 04/26/292		200,000		207,000
ReNew Power Pvt Ltd. 5.875%, due 03/05/272		300,000		303,375
ReNew Power Synthetic 6.670%, due 03/12/242		200,000		205,475
TerraForm Power Operating LLC 4.750%, due 01/15/302		125,000		125,650
5.000%, due 01/31/282		50,000		50,625
				1,838,148
Engineering & construction—1.0%
Aeropuertos Argentina 2000 SA 8.500%, due 08/01/312		172,957		150,959
Aeropuertos Dominicanos Siglo XXI SA 6.750%, due 03/30/295		810,000		820,125
Arcosa, Inc. 4.375%, due 04/15/292		50,000		48,625
Brand Industrial Services, Inc. 8.500%, due 07/15/252		200,000		188,000
GMR Hyderabad International Airport Ltd. 4.750%, due 02/02/262		300,000		290,775

135

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Engineering & construction—(concluded)
Mytilineos Financial Partners SA 2.500%, due 12/01/245	EUR	225,000	$	255,304
OHL Operaciones SA 5.100% Cash or 1.500% PIK, 9.750%, due 03/31/262,7	EUR	270,858		287,764
Sarens Finance Co., N.V. 5.750%, due 02/21/275	EUR	338,000		364,929
TopBuild Corp. 4.125%, due 02/15/322		75,000		72,663
Weekley Homes LLC/Weekley Finance Corp. 4.875%, due 09/15/282		200,000		196,714
				2,675,858
Entertainment—3.6%
Affinity Gaming 6.875%, due 12/15/272		150,000		152,250
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.500%, due 02/15/282		100,000		99,933
AMC Entertainment Holdings, Inc. 10.000%, due 06/15/262		474,932		442,831
10.500%, due 04/24/262		28,000		29,610
ASR Media & Sponsorship SpA 5.125%, due 08/01/242	EUR	266,300		287,208
5.125%, due 08/01/245	EUR	217,882		234,988
Boyne USA, Inc. 4.750%, due 05/15/292		100,000		100,430
Caesars Entertainment, Inc. 4.625%, due 10/15/292		350,000		335,091
8.125%, due 07/01/272		100,000		107,625
Caesars Resort Collection LLC/CRC Finco, Inc. 5.750%, due 07/01/252		25,000		25,743
Cedar Fair LP 5.250%, due 07/15/29		102,000		102,114
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp./Millennium Op 6.500%, due 10/01/28		175,000		184,187
Churchill Downs, Inc. 4.750%, due 01/15/282		75,000		75,441
5.500%, due 04/01/272		150,000		154,035
Cinemark USA, Inc. 5.250%, due 07/15/282		300,000		284,250
5.875%, due 03/15/262		125,000		122,813
Cirsa Finance International SARL 6.250%, due 12/20/235	EUR	297,210		335,987
Codere Finance 2 Luxembourg SA 8.000% Cash or 3.000% PIK, 8.000%, due 09/30/262,7	EUR	60,000		70,777
8.000% Cash or 3.000% PIK, 10.750%, due 09/30/265,7	EUR	98,000		115,602
2.000% Cash or 10.750% PIK, 12.750%, due 11/30/275,7	EUR	93,336		101,713
Everi Holdings, Inc. 5.000%, due 07/15/292		50,000		49,750
Gamma Bondco SARL 8.125%, due 11/15/262,7	EUR	300,000		331,329

	Face amount1		Value
Corporate bonds—(continued)
Entertainment—(concluded)
Golden Entertainment, Inc. 7.625%, due 04/15/262		325,000	$	337,594
Inter Media and Communication SpA 4.875%, due 12/31/225	EUR	253,688		283,409
4.875%, due 12/31/225	EUR	168,632		188,389
6.750%, due 02/09/272	EUR	100,000		112,368
International Game Technology PLC 4.125%, due 04/15/262		200,000		200,500
Intralot Capital Luxembourg SA 5.250%, due 09/15/245	EUR	525,000		518,963
Jacobs Entertainment, Inc. 6.750%, due 02/15/29		175,000		176,750
7.875%, due 02/01/242		225,000		230,197
Live Nation Entertainment, Inc. 3.750%, due 01/15/282		25,000		24,125
5.625%, due 03/15/262		100,000		101,750
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/292		125,000		122,125
Mohegan Gaming & Entertainment 7.875%, due 10/15/242		225,000		232,312
8.000%, due 02/01/262		200,000		203,260
Motion Bondco DAC 4.500%, due 11/15/275,6	EUR	250,000		269,488
6.625%, due 11/15/272,6		200,000		199,500
Peninsula Pacific Entertainment LLC/ Peninsula Pacific Entertainment Finance In 8.500%, due 11/15/272		50,000		53,610
Penn National Gaming, Inc. 4.125%, due 07/01/292		125,000		117,500
Pinewood Finance Co. Ltd. 3.625%, due 11/15/272	GBP	100,000		131,827
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 5.625%, due 09/01/292		200,000		188,482
5.875%, due 09/01/312		175,000		164,925
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.875%, due 11/01/262		75,000		74,250
Sazka Group AS 3.875%, due 02/15/272	EUR	200,000		222,443
3.875%, due 02/15/275	EUR	225,000		250,249
4.125%, due 11/20/245	EUR	328,000		370,334
Scientific Games International, Inc. 3.375%, due 02/15/262	EUR	175,000		197,587
3.375%, due 02/15/265	EUR	325,000		366,947
7.000%, due 05/15/282		425,000		446,356
7.250%, due 11/15/292		75,000		81,233
8.250%, due 03/15/262		150,000		156,563
8.625%, due 07/01/252		25,000		26,500
SeaWorld Parks & Entertainment, Inc. 5.250%, due 08/15/292,6		200,000		194,862
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, due 10/01/292		75,000		72,893
				10,060,998

136

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Environmental control—0.1%
Covanta Holding Corp. 5.000%, due 09/01/30		100,000	$	99,000
Madison IAQ LLC 4.125%, due 06/30/282		50,000		47,625
5.875%, due 06/30/292		150,000		138,631
				285,256
Food—2.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.250%, due 03/15/262		75,000		72,715
4.625%, due 01/15/272		150,000		153,525
C&S Group Enterprises LLC 5.000%, due 12/15/282		100,000		91,768
Casino Guichard Perrachon SA (fixed, converts to FRN on 01/31/24), 3.992%, due 01/31/245,8	EUR	500,000		346,025
Grupo KUO SAB De CV 5.750%, due 07/07/275		750,000		771,234
HJ Heinz Finance UK PLC 6.250%, due 02/18/30	GBP	100,000		165,066
Iceland Bondco PLC 4.625%, due 03/15/255	GBP	300,000		366,181
Indofood CBP Sukses Makmur Tbk PT 3.541%, due 04/27/325		200,000		190,522
Ingles Markets, Inc. 4.000%, due 06/15/312		125,000		123,281
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500%, due 01/15/302		150,000		159,090
Kraft Heinz Foods Co. 4.125%, due 07/01/275	GBP	100,000		144,665
5.000%, due 06/04/42		125,000		142,316
5.200%, due 07/15/45		250,000		289,676
6.500%, due 02/09/40		250,000		334,513
Lamb Weston Holdings, Inc. 4.125%, due 01/31/302		100,000		98,791
4.375%, due 01/31/322		100,000		98,625
MARB BondCo PLC 3.950%, due 01/29/315		400,000		366,744
Minerva Luxembourg SA 4.375%, due 03/18/312		250,000		231,250
Nathan's Famous, Inc. 6.625%, due 11/01/252		110,000		111,513
NBM US Holdings, Inc. 7.000%, due 05/14/265		500,000		521,750
Ocado Group PLC 3.875%, due 10/08/262	GBP	175,000		220,573
3.875%, due 10/08/265	GBP	150,000		189,062
Performance Food Group, Inc. 4.250%, due 08/01/292		125,000		117,289
5.500%, due 10/15/272		100,000		102,306
Post Holdings, Inc. 4.500%, due 09/15/312		400,000		380,684
5.500%, due 12/15/292		75,000		77,081

	Face amount1		Value
Corporate bonds—(continued)
Food—(concluded)
Premier Foods Finance PLC 3.500%, due 10/15/265	GBP	400,000	$	519,153
Quatrim SASU 5.875%, due 01/15/245	EUR	100,000		114,337
Rallye SA, Series COFP, 5.520%, due 02/01/225,10	EUR	800,000		202,221
SEG Holding LLC/SEG Finance Corp. 5.625%, due 10/15/282		250,000		260,000
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed 4.625%, due 03/01/292		175,000		167,781
United Natural Foods, Inc. 6.750%, due 10/15/282		50,000		53,063
US Foods, Inc. 4.750%, due 02/15/292		200,000		196,290
6.250%, due 04/15/252		100,000		103,366
				7,482,456
Food service—0.2%
Aramark Services, Inc. 5.000%, due 02/01/282		75,000		74,437
6.375%, due 05/01/252		75,000		77,719
Elior Group SA 3.750%, due 07/15/265	EUR	350,000		382,837
TKC Holdings, Inc. 10.500%, due 05/15/292		100,000		104,500
				639,493
Forest products & paper—0.1%
Appvion, Inc. 9.000%, due 06/01/253,4,9		650,000		6,500
Domtar Corp. 6.750%, due 10/01/282		83,000		81,479
Glatfelter Corp. 4.750%, due 11/15/292		50,000		50,393
Mercer International, Inc. 5.125%, due 02/01/29		150,000		147,937
				286,309
Gas—0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		50,000		51,625
5.750%, due 05/20/27		150,000		158,501
				210,126
Hand & machine tools—0.1%
Werner FinCo LP/Werner FinCo, Inc. 8.750%, due 07/15/252		200,000		206,000
Healthcare-products—0.4%
Avantor Funding, Inc. 3.875%, due 11/01/292		150,000		144,000
4.625%, due 07/15/282		75,000		74,813
Mozart Debt Merger Sub, Inc. 3.875%, due 04/01/292		382,000		368,133

137

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Healthcare-products—(concluded)
Mozart Debt Merger Sub,Inc. 5.250%, due 10/01/292		350,000	$	340,375
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 7.250%, due 02/01/282		90,000		96,075
7.375%, due 06/01/252		75,000		78,375
				1,101,771
Healthcare-services—2.9%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/292		100,000		98,500
5.500%, due 07/01/282		125,000		126,171
AHP Health Partners, Inc. 5.750%, due 07/15/292		75,000		73,596
Air Methods Corp. 8.000%, due 05/15/252		175,000		142,188
Cano Health LLC 6.250%, due 10/01/282		100,000		96,000
Catalent Pharma Solutions, Inc. 2.375%, due 03/01/285	EUR	175,000		188,799
Centene Corp. 2.450%, due 07/15/28		75,000		71,333
2.500%, due 03/01/31		100,000		92,823
3.000%, due 10/15/30		150,000		145,575
3.375%, due 02/15/30		50,000		49,063
4.250%, due 12/15/27		225,000		230,476
Charles River Laboratories International, Inc. 4.000%, due 03/15/312		57,000		54,863
CHS/Community Health Systems, Inc. 4.750%, due 02/15/312		550,000		525,937
5.250%, due 05/15/30		225,000		224,032
5.625%, due 03/15/272		150,000		150,811
6.000%, due 01/15/292		100,000		101,839
6.125%, due 04/01/302		150,000		142,831
6.625%, due 02/15/252		250,000		258,725
6.875%, due 04/01/282,6		98,000		92,912
6.875%, due 04/15/292		275,000		271,906
8.000%, due 03/15/262		250,000		260,236
8.000%, due 12/15/272		250,000		265,000
DaVita, Inc. 3.750%, due 02/15/312		475,000		436,382
4.625%, due 06/01/302		350,000		340,511
Encompass Health Corp. 4.750%, due 02/01/30		125,000		123,438
Envision Healthcare Corp. 8.750%, due 10/15/262		200,000		104,000
HCA, Inc. 3.500%, due 09/01/30		125,000		124,424
5.375%, due 09/01/26		275,000		298,375
IQVIA, Inc. 2.250%, due 03/15/295	EUR	225,000		243,401
5.000%, due 05/15/272		125,000		127,838
Legacy LifePoint Health LLC 6.750%, due 04/15/252		100,000		103,500
LifePoint Health, Inc. 5.375%, due 01/15/292		100,000		95,125

	Face amount1		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
ModivCare Escrow Issuer, Inc. 5.000%, due 10/01/292		75,000	$	72,643
Molina Healthcare, Inc. 3.875%, due 11/15/302		200,000		197,250
3.875%, due 05/15/322		200,000		193,000
4.375%, due 06/15/282		50,000		50,133
Prime Healthcare Services, Inc. 7.250%, due 11/01/252		150,000		156,375
Rede D'or Finance SARL 4.500%, due 01/22/305		164,000		155,728
RP Escrow Issuer LLC 5.250%, due 12/15/252		100,000		97,147
Select Medical Corp. 6.250%, due 08/15/262		150,000		154,173
Tenet Healthcare Corp. 4.250%, due 06/01/292		50,000		48,205
4.375%, due 01/15/302		150,000		144,549
4.625%, due 09/01/242		125,000		126,392
4.875%, due 01/01/262		75,000		75,339
5.125%, due 11/01/272		25,000		25,055
6.125%, due 10/01/282		800,000		802,616
6.250%, due 02/01/272		50,000		51,161
6.750%, due 06/15/23		75,000		78,552
6.875%, due 11/15/31		87,000		93,960
				8,182,888
Holding companies-divers—0.4%
KOC Holding AS 5.250%, due 03/15/235		500,000		503,375
6.500%, due 03/11/252		200,000		205,530
6.500%, due 03/11/255		400,000		411,060
				1,119,965
Home builders—1.2%
Adams Homes, Inc. 7.500%, due 02/15/252		150,000		154,500
Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625%, due 08/01/292		75,000		73,875
4.625%, due 04/01/302		150,000		147,913
6.625%, due 01/15/282		100,000		105,141
Beazer Homes USA, Inc. 6.750%, due 03/15/25		225,000		229,545
7.250%, due 10/15/29		100,000		106,750
Brookfield Residential Properties, Inc./ Brookfield Residential U.S. LLC 4.875%, due 02/15/302		150,000		145,728
5.000%, due 06/15/292		125,000		123,400
Century Communities, Inc. 3.875%, due 08/15/292		75,000		71,981
Empire Communities Corp. 7.000%, due 12/15/252		125,000		127,165
Forestar Group, Inc. 3.850%, due 05/15/262		100,000		98,000
5.000%, due 03/01/282		75,000		75,563

138

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Home builders—(concluded)
Installed Building Products, Inc. 5.750%, due 02/01/282		150,000	$	153,855
KB Home 4.000%, due 06/15/31		125,000		123,125
6.875%, due 06/15/27		100,000		113,250
LGI Homes, Inc. 4.000%, due 07/15/292		50,000		47,252
Maison Finco PLC 6.000%, due 10/31/272	GBP	175,000		239,061
Mattamy Group Corp. 4.625%, due 03/01/302		150,000		147,522
Meritage Homes Corp. 6.000%, due 06/01/25		290,000		313,200
Picasso Finance Sub, Inc. 6.125%, due 06/15/252		60,000		62,189
Shea Homes LP/Shea Homes Funding Corp. 4.750%, due 02/15/282		100,000		98,375
4.750%, due 04/01/292		125,000		122,758
STL Holding Co. LLC 7.500%, due 02/15/262		125,000		131,502
Thor Industries, Inc. 4.000%, due 10/15/292		75,000		71,438
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. 5.875%, due 06/15/24		75,000		79,259
Tri Pointe Homes, Inc. 5.700%, due 06/15/28		75,000		79,505
Williams Scotsman International, Inc. 4.625%, due 08/15/282		125,000		126,094
Winnebago Industries, Inc. 6.250%, due 07/15/282		100,000		106,374
				3,474,320
Home furnishings—0.0%†
Tempur Sealy International, Inc. 4.000%, due 04/15/292		100,000		95,868
Household products/wares—0.3%
Central Garden & Pet Co. 4.125%, due 10/15/30		75,000		72,094
4.125%, due 04/30/312		100,000		95,500
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 5.000%, due 12/31/262		50,000		46,750
7.000%, due 12/31/272,6		75,000		67,875
Spectrum Brands, Inc. 4.000%, due 10/01/265	EUR	100,000		113,547
4.000%, due 10/01/262	EUR	325,000		369,028
5.500%, due 07/15/302		50,000		52,125
5.750%, due 07/15/25		5,000		5,094
				822,013
Housewares—0.2%
Newell Brands, Inc. 4.700%, due 04/01/2611		175,000		183,276
5.875%, due 04/01/3611		225,000		264,541
6.000%, due 04/01/4611		50,000		59,000

	Face amount1		Value
Corporate bonds—(continued)
Housewares—(concluded)
Scotts Miracle-Gro Co. 4.000%, due 04/01/31		150,000	$	143,250
4.375%, due 02/01/32		50,000		48,573
				698,640
Insurance—0.8%
Acrisure LLC/Acrisure Finance, Inc. 7.000%, due 11/15/252		375,000		374,362
10.125%, due 08/01/262		25,000		26,969
AssuredPartners, Inc. 5.625%, due 01/15/292		75,000		69,723
7.000%, due 08/15/252		150,000		149,775
BroadStreet Partners, Inc. 5.875%, due 04/15/292		150,000		143,025
HUB International Ltd. 5.625%, due 12/01/292		25,000		24,563
7.000%, due 05/01/262		250,000		256,625
MGIC Investment Corp. 5.250%, due 08/15/28		175,000		180,915
5.750%, due 08/15/23		100,000		104,000
NMI Holdings, Inc. 7.375%, due 06/01/252		175,000		194,180
Radian Group, Inc. 4.500%, due 10/01/24		200,000		204,500
4.875%, due 03/15/27		150,000		155,250
Sagicor Financial Co. Ltd. 5.300%, due 05/13/282		400,000		408,000
				2,291,887
Internet—1.2%
Arches Buyer, Inc. 4.250%, due 06/01/282		150,000		141,643
B2W Digital Lux SARL 4.375%, due 12/20/302		200,000		175,325
Cogent Communications Group, Inc. 4.375%, due 06/30/245	EUR	400,000		451,065
Endure Digital, Inc. 6.000%, due 02/15/292		150,000		133,500
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.500%, due 03/01/292		75,000		69,944
5.250%, due 12/01/272		225,000		230,625
Iliad SA 1.875%, due 04/25/255	EUR	200,000		221,769
1.875%, due 02/11/285	EUR	100,000		103,357
2.375%, due 06/17/265	EUR	200,000		220,421
Match Group Holdings II LLC 4.125%, due 08/01/302		100,000		96,000
Match Group Holdings II LLC 5.000%, due 12/15/272		50,000		51,438
MercadoLibre, Inc. 3.125%, due 01/14/31		300,000		270,180
Millennium Escrow Corp. 6.625%, due 08/01/262		100,000		99,156
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.750%, due 04/30/272		50,000		47,625

139

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Internet—(concluded)
Uber Technologies, Inc. 4.500%, due 08/15/292		150,000	$	145,500
6.250%, due 01/15/282		125,000		129,687
7.500%, due 05/15/252		100,000		104,528
7.500%, due 09/15/272		75,000		79,860
8.000%, due 11/01/262		225,000		238,592
United Group BV 3 mo. Euribor + 3.250%, 3.250%, due 02/15/262,12	EUR	100,000		109,837
5.250%, due 02/01/30	EUR	100,000		108,975
				3,229,027
Investment companies—0.6%
Compass Group Diversified Holdings LLC 5.000%, due 01/15/322		75,000		74,063
5.250%, due 04/15/292		125,000		123,380
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, due 02/01/29		125,000		118,818
4.750%, due 09/15/24		425,000		431,111
5.250%, due 05/15/27		475,000		478,420
6.250%, due 05/15/26		300,000		308,400
6.375%, due 12/15/25		25,000		25,448
				1,559,640
Iron & steel—0.9%
ABJA Investment Co. Pte Ltd. 5.450%, due 01/24/285		300,000		318,000
Allegheny Technologies, Inc. 4.875%, due 10/01/29		75,000		73,637
5.125%, due 10/01/31		100,000		97,915
5.875%, due 12/01/276		150,000		152,861
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.750%, due 07/15/262		175,000		182,219
Big River Steel LLC/BRS Finance Corp. 6.625%, due 01/31/292		140,000		148,561
Carpenter Technology Corp. 6.375%, due 07/15/28		200,000		207,673
Cleveland-Cliffs, Inc. 4.625%, due 03/01/292,6		25,000		24,393
4.875%, due 03/01/312,6		100,000		98,000
5.875%, due 06/01/27		225,000		232,859
6.750%, due 03/15/262		100,000		104,779
9.875%, due 10/17/252		100,000		111,770
Commercial Metals Co. 4.125%, due 01/15/30		50,000		49,625
4.375%, due 03/15/32		50,000		49,707
CSN Inova Ventures 6.750%, due 01/28/285		250,000		261,098
JSW Steel Ltd. 5.050%, due 04/05/322		200,000		185,500
Mineral Resources Ltd. 8.125%, due 05/01/272		148,000		158,027
TMS International Corp. 6.250%, due 04/15/292		125,000		120,625
United States Steel Corp. 6.875%, due 03/01/29		50,000		50,500
				2,627,749

	Face amount1		Value
Corporate bonds—(continued)
Leisure time—3.2%
Carnival Corp. 5.750%, due 03/01/272		1,975,000	$	1,894,420
6.000%, due 05/01/292		400,000		384,800
6.650%, due 01/15/28		100,000		99,475
7.625%, due 03/01/262		325,000		331,500
10.500%, due 02/01/262		250,000		280,750
Carnival PLC 1.000%, due 10/28/29	EUR	975,000		813,308
Codere New Holdco SA 3.000%, due 11/30/273	EUR	117,189		123,428
Deuce Finco PLC 5.500%, due 06/15/272	GBP	125,000		165,725
5.500%, due 06/15/275	GBP	100,000		132,580
Life Time, Inc. 5.750%, due 01/15/262		250,000		251,000
8.000%, due 04/15/262		850,000		869,125
Lindblad Expeditions LLC 6.750%, due 02/15/272,13		50,000		50,402
MajorDrive Holdings IV LLC 6.375%, due 06/01/292		125,000		118,750
NCL Corp. Ltd. 3.625%, due 12/15/242		75,000		69,163
5.875%, due 03/15/262		375,000		357,187
12.250%, due 05/15/242		130,000		151,411
NCL Finance Ltd. 6.125%, due 03/15/282		125,000		118,213
Pinnacle Bidco PLC 5.500%, due 02/15/252	EUR	100,000		113,900
5.500%, due 02/15/255	EUR	275,000		313,225
Royal Caribbean Cruises Ltd. 3.700%, due 03/15/28		175,000		157,937
4.250%, due 07/01/262		25,000		23,345
5.250%, due 11/15/22		175,000		175,437
5.375%, due 07/15/272		425,000		410,720
5.500%, due 08/31/262		75,000		73,125
5.500%, due 04/01/282		325,000		315,344
7.500%, due 10/15/27		50,000		55,250
9.125%, due 06/15/232		125,000		131,687
11.500%, due 06/01/252		104,000		115,100
Viking Cruises Ltd. 5.875%, due 09/15/272		375,000		342,187
6.250%, due 05/15/252		75,000		73,875
13.000%, due 05/15/252		75,000		83,813
Viking Ocean Cruises Ship VII, Ltd. 5.625%, due 02/15/292		75,000		73,313
VOC Escrow Ltd. 5.000%, due 02/15/282		150,000		145,005
				8,814,500
Lodging—1.0%
Accor SA (fixed, converts to FRN on 04/30/25), 2.625%, due 01/30/255,8	EUR	400,000		426,962
Fortune Star BVI Ltd. 3.950%, due 10/02/265	EUR	325,000		339,563
6.850%, due 07/02/245		200,000		199,000

140

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Lodging—(concluded)
Full House Resorts, Inc. 8.250%, due 02/15/282		225,000	$	230,625
Hilton Domestic Operating Co., Inc. 3.750%, due 05/01/292		25,000		24,360
5.750%, due 05/01/282		100,000		105,552
Hilton Grand Vacations Borrower Escrow LLC/ Hilton Grand Vacations Borrower ESC 4.875%, due 07/01/312		200,000		193,564
5.000%, due 06/01/292		275,000		273,625
MGM Resorts International 6.000%, due 03/15/23		375,000		387,187
Station Casinos LLC 4.625%, due 12/01/312		25,000		23,750
Travel + Leisure Co. 4.625%, due 03/01/302		75,000		73,406
6.625%, due 07/31/262		200,000		213,500
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/272,6		250,000		245,955
				2,737,049
Machinery-construction & mining—0.1%
Manitowoc Co., Inc. 9.000%, due 04/01/262		75,000		78,000
Terex Corp. 5.000%, due 05/15/292		150,000		148,785
				226,785
Machinery-diversified—0.4%
Galapagos SA, 5.375% 06/15/2021, 0.000%, due 06/15/215,10	EUR	27,500		38
Husky III Holding Ltd. 13.000% Cash or 13.750% PIK, 13.000%, due 02/15/252,7		125,000		130,625
JPW Industries Holding Corp. 9.000%, due 10/01/242		150,000		154,500
OT Merger Corp. 7.875%, due 10/15/292		75,000		72,711
Selecta Group BV 3.500% Cash or 4.500% PIK, 8.000%, due 04/01/262,7	EUR	198,839		224,503
3.500% Cash or 4.500% PIK, 8.000%, due 04/01/265,7	EUR	18,122		20,461
10.000%, due 07/01/265,7	EUR	255,218		279,677
10.000%, due 07/01/262,7	EUR	73,175		80,188
Titan Acquisition Ltd./Titan Co-Borrower LLC 7.750%, due 04/15/262		175,000		178,281
				1,140,984
Media—5.4%
Altice Financing SA 2.250%, due 01/15/255	EUR	100,000		106,357
4.250%, due 08/15/292	EUR	225,000		237,429
5.000%, due 01/15/282		200,000		186,056

	Face amount1		Value
Corporate bonds—(continued)
Media—(continued)
AMC Networks, Inc. 4.250%, due 02/15/29		150,000	$	144,273
Audacy Capital Corp. 6.750%, due 03/31/292		75,000		70,500
Cable Onda SA 4.500%, due 01/30/302		300,000		304,650
CCO Holdings LLC/CCO Holdings Capital Corp. 4.250%, due 02/01/312		325,000		310,043
4.250%, due 01/15/342		575,000		532,019
4.500%, due 08/15/302		75,000		73,125
4.500%, due 05/01/32		550,000		530,062
4.500%, due 06/01/332		400,000		380,440
4.750%, due 03/01/302		200,000		198,459
4.750%, due 02/01/322		500,000		491,850
5.000%, due 02/01/282		100,000		101,220
Clear Channel Worldwide Holdings, Inc. 5.125%, due 08/15/272		225,000		225,000
CSC Holdings LLC 4.125%, due 12/01/302		200,000		183,038
4.500%, due 11/15/312		400,000		372,696
4.625%, due 12/01/302		1,100,000		979,000
5.000%, due 11/15/312		200,000		180,214
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, due 08/15/262		250,000		115,625
6.625%, due 08/15/272		150,000		39,281
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.875%, due 08/15/272		650,000		652,405
DISH DBS Corp. 5.125%, due 06/01/29		150,000		130,875
5.250%, due 12/01/262		275,000		266,750
5.750%, due 12/01/282		225,000		215,307
5.875%, due 11/15/24		50,000		50,355
7.375%, due 07/01/28		175,000		169,111
GCI LLC 4.750%, due 10/15/282		150,000		148,267
Gray Escrow II, Inc. 5.375%, due 11/15/312		175,000		172,549
Gray Television, Inc. 4.750%, due 10/15/302		350,000		335,536
iHeartCommunications, Inc. 4.750%, due 01/15/282		75,000		74,437
5.250%, due 08/15/272		75,000		76,200
6.375%, due 05/01/26		130,233		134,923
McGraw-Hill Education, Inc. 8.000%, due 08/01/292		200,000		187,000
Midcontinent Communications/ Midcontinent Finance Corp. 5.375%, due 08/15/272		125,000		126,719
News Corp. 3.875%, due 05/15/292		225,000		215,910
Nexstar Media, Inc. 4.750%, due 11/01/282		150,000		148,233
RCS & RDS SA 3.250%, due 02/05/285	EUR	100,000		107,100

141

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
Scripps Escrow II, Inc. 5.375%, due 01/15/312		50,000	$	49,457
Scripps Escrow, Inc. 5.875%, due 07/15/272		75,000		76,500
Sinclair Television Group, Inc. 4.125%, due 12/01/302		125,000		115,000
5.125%, due 02/15/272		150,000		141,240
5.500%, due 03/01/302		50,000		46,253
5.875%, due 03/15/262		225,000		227,585
Sirius XM Radio, Inc. 3.125%, due 09/01/262		250,000		239,700
3.875%, due 09/01/312		525,000		485,625
4.000%, due 07/15/282		75,000		72,563
5.500%, due 07/01/292		200,000		207,557
Summer BidCo BV 9.000% Cash or 9.750% PIK, 9.000%, due 11/15/255,7	EUR	209,750		238,489
9.000% Cash or 9.750% PIK, 9.000%, due 11/15/252,7	EUR	256,703		292,171
TEGNA, Inc. 4.625%, due 03/15/28		225,000		220,500
5.000%, due 09/15/29		100,000		98,416
Univision Communications, Inc. 4.500%, due 05/01/292		475,000		470,459
5.125%, due 02/15/252		100,000		100,776
6.625%, due 06/01/272		175,000		184,601
9.500%, due 05/01/252		100,000		106,000
UPC Broadband Finco BV 4.875%, due 07/15/312		400,000		396,280
UPC Holding BV 3.875%, due 06/15/295	EUR	200,000		223,260
UPCB Finance VII Ltd. 3.625%, due 06/15/295	EUR	200,000		222,754
Virgin Media Finance PLC 5.000%, due 07/15/302		200,000		188,520
Virgin Media Secured Finance PLC 5.000%, due 04/15/275	GBP	200,000		272,989
Virgin Media Vendor Financing Notes III DAC 4.875%, due 07/15/285	GBP	100,000		130,179
VTR Finance N.V. 6.375%, due 07/15/285		250,000		253,750
6.375%, due 07/15/282		200,000		203,000
VZ Vendor Financing II BV 2.875%, due 01/15/295	EUR	150,000		157,359
2.875%, due 01/15/292	EUR	300,000		314,719
Ziggo Bond Co. BV 6.000%, due 01/15/272		350,000		359,835
				15,068,551
Metal fabricate/hardware—0.1%
Advanced Drainage Systems, Inc. 5.000%, due 09/30/272		75,000		75,538
Park-Ohio Industries, Inc. 6.625%, due 04/15/276		150,000		135,000
Roller Bearing Co. of America, Inc. 4.375%, due 10/15/292		75,000		74,241
				284,779

	Face amount1		Value
Corporate bonds—(continued)
Mining—1.6%
Alcoa Nederland Holding BV 4.125%, due 03/31/292		200,000	$	200,896
Arconic Corp. 6.000%, due 05/15/252		100,000		103,000
6.125%, due 02/15/282		25,000		25,936
China Hongqiao Group Ltd. 6.250%, due 06/08/245		200,000		197,350
Coeur Mining, Inc. 5.125%, due 02/15/292,6		100,000		95,375
Compass Minerals International, Inc. 6.750%, due 12/01/272		25,000		26,193
Constellium SE 3.125%, due 07/15/292	EUR	175,000		185,704
3.750%, due 04/15/292,6		250,000		236,390
4.250%, due 02/15/265	EUR	275,000		309,646
First Quantum Minerals Ltd. 6.500%, due 03/01/242		600,000		610,312
6.875%, due 10/15/272		200,000		212,500
7.500%, due 04/01/255		400,000		409,000
FMG Resources August 2006 Pty Ltd. 4.375%, due 04/01/312		275,000		276,719
Freeport-McMoRan, Inc. 4.125%, due 03/01/28		50,000		51,125
4.375%, due 08/01/28		100,000		103,095
4.625%, due 08/01/30		100,000		104,035
IAMGOLD Corp. 5.750%, due 10/15/282		100,000		93,412
KME SE 6.750%, due 02/01/235	EUR	100,000		105,899
Novelis Corp. 4.750%, due 01/30/302		100,000		99,500
Novelis Sheet Ingot GmbH 3.375%, due 04/15/295	EUR	250,000		275,358
Petra Diamonds US Treasury PLC 10.500% PIK, 9.750%, due 03/08/262,7		109,744		113,311
Taseko Mines Ltd. 7.000%, due 02/15/262		100,000		101,390
Vedanta Resources Finance II PLC 13.875%, due 01/21/242		200,000		207,600
Vedanta Resources Ltd. 6.375%, due 07/30/222		300,000		296,775
				4,440,521
Miscellaneous manufacturers—0.2%
FXI Holdings, Inc. 7.875%, due 11/01/242		175,000		176,960
12.250%, due 11/15/262		244,000		267,236
				444,196
Office & business equipment—0.2%
CDW LLC/CDW Finance Corp. 3.250%, due 02/15/29		75,000		71,140
4.125%, due 05/01/25		75,000		75,937
Xerox Holdings Corp. 5.000%, due 08/15/252		175,000		177,291
5.500%, due 08/15/282,6		150,000		150,837
				475,205

142

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—10.5%
Aethon United BR LP/Aethon United Finance Corp. 8.250%, due 02/15/262		175,000	$	184,298
Antero Resources Corp. 5.375%, due 03/01/302		50,000		51,740
7.625%, due 02/01/292		83,000		90,470
Apache Corp. 4.750%, due 04/15/43		75,000		75,907
5.100%, due 09/01/40		150,000		157,341
5.350%, due 07/01/49		125,000		131,019
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 8.250%, due 12/31/282		50,000		52,375
9.000%, due 11/01/272		150,000		199,500
Athabasca Oil Corp. 9.750%, due 11/01/262		250,000		250,000
Callon Petroleum Co. 6.125%, due 10/01/24		450,000		450,000
8.250%, due 07/15/25		25,000		24,563
Centennial Resource Production LLC 5.375%, due 01/15/262		150,000		146,583
Chaparral Energy, Inc. 10.000%, due 02/14/253		22,253		66,314
Chesapeake Energy Corp. 5.875%, due 02/01/292		50,000		52,131
Citgo Holding, Inc. 9.250%, due 08/01/242,6		250,000		249,672
CITGO Petroleum Corp. 7.000%, due 06/15/252		150,000		151,125
Civitas Resources, Inc. 5.000%, due 10/15/262		150,000		149,954
CNX Resources Corp. 6.000%, due 01/15/292		125,000		128,750
7.250%, due 03/14/272		275,000		288,643
Colgate Energy Partners III LLC 5.875%, due 07/01/292		75,000		76,219
Comstock Resources, Inc. 5.875%, due 01/15/302		200,000		198,770
6.750%, due 03/01/292		150,000		154,318
7.500%, due 05/15/252		43,000		43,740
CrownRock LP/CrownRock Finance, Inc. 5.000%, due 05/01/292		25,000		25,236
5.625%, due 10/15/252		225,000		226,681
Ecopetrol SA 5.375%, due 06/26/26		750,000		775,495
5.875%, due 05/28/45		300,000		263,815
Energean Israel Finance Ltd. 5.375%, due 03/30/282,5		75,000		72,938
5.875%, due 03/30/312,5		75,000		72,656
Ensign Drilling, Inc. 9.250%, due 04/15/242		100,000		95,500
EQT Corp. 3.125%, due 05/15/262		75,000		73,313
3.900%, due 10/01/27		175,000		176,186
6.625%, due 02/01/2511		100,000		107,750
7.500%, due 02/01/3011		125,000		148,919

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Gazprom PJSC Via Gaz Capital SA 4.950%, due 07/19/225		200,000	$	201,250
Geopark Ltd. 5.500%, due 01/17/272		500,000		470,000
Global Marine, Inc. 7.000%, due 06/01/28		100,000		66,000
Gulfport Energy Corp. 2.000%, due 10/15/249		50,000		1,550
3.000%, due 05/15/259		100,000		3,100
3.000%, due 01/15/269		175,000		5,425
8.000%, due 05/17/262		120,052		129,020
Gulfport Energy Operating Corp. 8.000%, due 05/17/26		4,226		4,542
Hilcorp Energy I LP/Hilcorp Finance Co. 6.000%, due 02/01/312		200,000		203,000
6.250%, due 11/01/282		75,000		77,813
Ithaca Energy North Sea PLC 9.000%, due 07/15/262		200,000		205,500
KazMunayGas National Co. JSC 3.500%, due 04/14/332		200,000		195,300
4.750%, due 04/19/275		250,000		266,297
Laredo Petroleum, Inc. 9.500%, due 01/15/25		575,000		586,500
Leviathan Bond Ltd. 6.125%, due 06/30/252,5		75,000		78,577
6.500%, due 06/30/272,5		300,000		319,875
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/262		175,000		178,937
Matador Resources Co. 5.875%, due 09/15/26		225,000		228,098
MC Brazil Downstream Trading SARL 7.250%, due 06/30/315		200,000		190,800
Medco Laurel Tree Pte Ltd. 6.950%, due 11/12/282		400,000		387,000
MEG Energy Corp. 7.125%, due 02/01/272		325,000		338,471
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/262		150,000		137,283
10.500%, due 05/15/272		25,000		24,517
Murphy Oil Corp. 5.750%, due 08/15/25		250,000		253,750
6.375%, due 07/15/28		150,000		155,142
Nabors Industries Ltd. 7.500%, due 01/15/282		150,000		140,625
Nabors Industries, Inc. 5.750%, due 02/01/25		225,000		208,125
7.375%, due 05/15/272		100,000		102,614
Noble Finance Co. 11.000% Cash or 15.000% PIK, 11.000%, due 02/15/282,7		2,757		3,040
Northern Oil and Gas, Inc. 8.125%, due 03/01/282		300,000		312,750
Oasis Petroleum, Inc. 6.375%, due 06/01/262		75,000		77,039

143

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Occidental Petroleum Corp. 4.400%, due 04/15/46		75,000	$	71,724
5.550%, due 03/15/26		300,000		320,250
5.875%, due 09/01/25		175,000		187,031
6.125%, due 01/01/31		125,000		144,281
6.200%, due 03/15/40		150,000		173,625
6.375%, due 09/01/28		25,000		28,438
6.450%, due 09/15/36		150,000		182,205
6.600%, due 03/15/46		450,000		565,732
6.625%, due 09/01/30		325,000		381,391
6.950%, due 07/01/24		75,000		81,750
7.125%, due 10/15/27		50,000		55,713
7.500%, due 05/01/31		400,000		494,160
7.875%, due 09/15/31		150,000		189,375
8.000%, due 07/15/25		75,000		85,313
8.500%, due 07/15/27		150,000		180,070
8.875%, due 07/15/30		50,000		64,809
Ovintiv, Inc. 8.125%, due 09/15/30		125,000		164,839
Parkland Corp. 4.500%, due 10/01/292		300,000		288,424
4.625%, due 05/01/302		100,000		96,000
5.875%, due 07/15/272		150,000		154,660
PBF Holding Co. LLC/PBF Finance Corp. 6.000%, due 02/15/28		100,000		70,250
7.250%, due 06/15/25		25,000		19,836
9.250%, due 05/15/252		25,000		24,420
PDC Energy, Inc. 5.750%, due 05/15/26		75,000		76,358
Penn Virginia Escrow LLC 9.250%, due 08/15/262		175,000		179,462
Petrobras Global Finance BV 5.093%, due 01/15/30		500,000		507,000
5.600%, due 01/03/31		170,000		175,270
5.750%, due 02/01/29		275,000		290,191
5.999%, due 01/27/28		200,000		213,340
6.625%, due 01/16/34	GBP	100,000		145,274
6.750%, due 06/03/50		500,000		499,469
6.850%, due 06/05/15		200,000		189,300
6.900%, due 03/19/49		125,000		127,375
Petroleos Mexicanos 2.750%, due 04/21/275	EUR	575,000		598,343
3.750%, due 04/16/265	EUR	100,000		111,783
4.625%, due 09/21/23		425,000		435,200
4.750%, due 02/26/295	EUR	375,000		412,341
5.950%, due 01/28/31		300,000		284,512
6.500%, due 03/13/27		710,000		739,731
6.500%, due 06/02/41		1,250,000		1,080,625
6.625%, due 06/15/35		477,000		444,325
6.750%, due 09/21/47		179,000		152,687
6.840%, due 01/23/30		725,000		738,412
6.875%, due 10/16/252		935,000		1,002,787
6.950%, due 01/28/60		250,000		212,562
7.690%, due 01/23/50		1,150,000		1,062,600
Precision Drilling Corp. 6.875%, due 01/15/292		100,000		100,170

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
7.125%, due 01/15/262,6		200,000	$	201,000
Raffinerie Heide GmbH 6.375%, due 12/01/225,6	EUR	375,000		367,426
Range Resources Corp. 8.250%, due 01/15/29		150,000		165,750
9.250%, due 02/01/26		125,000		133,673
Rockcliff Energy II LLC 5.500%, due 10/15/292		100,000		101,250
Sanchez Energy Corp. 6.125%, due 01/15/239		350,000		7,000
7.750%, due 06/15/219		475,000		9,500
Shelf Drilling Holdings Ltd. 8.250%, due 02/15/252		175,000		133,875
8.875%, due 11/15/242,6		100,000		102,000
SM Energy Co. 5.000%, due 01/15/24		75,000		75,038
5.625%, due 06/01/25		200,000		198,500
6.750%, due 09/15/266		100,000		101,000
Southwestern Energy Co. 4.750%, due 02/01/32		125,000		124,789
5.375%, due 02/01/29		125,000		127,110
5.375%, due 03/15/30		100,000		102,461
5.950%, due 01/23/2511		34,000		35,955
8.375%, due 09/15/28		50,000		54,860
State Oil Co. of the Azerbaijan Republic 4.750%, due 03/13/235		300,000		308,587
Sunoco LP/Sunoco Finance Corp. 4.500%, due 04/30/302		150,000		147,297
6.000%, due 04/15/27		150,000		154,785
Talos Production, Inc. 12.000%, due 01/15/26		75,000		79,688
Tap Rock Resources LLC 7.000%, due 10/01/262		275,000		281,875
Teine Energy Ltd. 6.875%, due 04/15/292		125,000		127,500
Transocean Guardian Ltd. 5.875%, due 01/15/242		136,442		131,192
Transocean Poseidon Ltd. 6.875%, due 02/01/272		100,000		97,000
Transocean Sentry Ltd. 5.375%, due 05/15/232		83,316		80,400
Transocean, Inc. 7.250%, due 11/01/252		75,000		58,478
7.500%, due 04/15/31		50,000		30,500
8.000%, due 02/01/272		75,000		56,625
9.350%, due 12/15/4111		225,000		142,769
11.500%, due 01/30/272		68,000		67,461
UGI International LLC 2.500%, due 12/01/292	EUR	125,000		135,342
YPF SA 6.950%, due 07/21/275		300,000		193,087
8.500%, due 03/23/25		175,000		150,468
9.000%, due 02/12/26		150,000		121,860
				29,173,375

144

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas services—0.4%
Archrock Partners LP/Archrock Partners Finance Corp. 6.250%, due 04/01/282		225,000	$	225,891
6.875%, due 04/01/272		75,000		76,924
Bristow Group, Inc. 6.875%, due 03/01/282		175,000		176,312
ChampionX Corp. 6.375%, due 05/01/26		49,000		50,593
Exterran Energy Solutions LP/EES Finance Corp. 8.125%, due 05/01/25		75,000		74,812
Nine Energy Service, Inc. 8.750%, due 11/01/232		100,000		42,750
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 04/01/26		100,000		101,538
6.875%, due 09/01/27		50,000		51,345
Weatherford International Ltd. 8.625%, due 04/30/302		225,000		228,937
11.000%, due 12/01/242		25,000		25,813
				1,054,915
Packaging & containers—1.8%
ARD Finance SA 6.500% Cash or 7.250% PIK, 6.500%, due 06/30/272,7		400,000		404,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, due 08/15/265	EUR	700,000		749,123
4.750%, due 07/15/275	GBP	100,000		130,926
5.250%, due 08/15/272		250,000		245,000
Canpack SA / Canpack US LLC 2.375%, due 11/01/275	EUR	600,000		661,431
Flex Acquisition Co., Inc. 6.875%, due 01/15/252		50,000		50,000
7.875%, due 07/15/262		25,000		25,781
Graphic Packaging International LLC 2.625%, due 02/01/292	EUR	100,000		110,087
2.625%, due 02/01/295	EUR	100,000		110,087
Greif, Inc. 6.500%, due 03/01/272		175,000		181,142
Intelligent Packaging Holdco Issuer LP 9.000% Cash or 9.7500% PIK, 9.000%, due 01/15/262,7		75,000		77,250
Intelligent Packaging Ltd. Finco, Inc./ Intelligent Packaging Ltd. Co-Issuer LLC 6.000%, due 09/15/282		200,000		199,000
Kleopatra Finco SARL 4.250%, due 03/01/265,6	EUR	175,000		184,808
Matthews International Corp. 5.250%, due 12/01/252		75,000		76,500
Mauser Packaging Solutions Holding Co. 4.750%, due 04/15/245	EUR	425,000		473,819
7.250%, due 04/15/252		250,000		248,432
OI European Group BV 4.750%, due 02/15/302		125,000		121,413

	Face amount1		Value
Corporate bonds—(continued)
Packaging & containers—(concluded)
Owens-Brockway Glass Container, Inc. 6.625%, due 05/13/272		50,000	$	52,394
Rimini Bidco SpA 3 mo. Euribor + 5.250%, 0.800%, due 12/14/262,12	EUR	225,000		242,033
Sealed Air Corp. 4.000%, due 12/01/272		131,000		131,328
Trident TPI Holdings, Inc. 6.625%, due 11/01/252		100,000		99,500
9.250%, due 08/01/242		125,000		129,063
TriMas Corp. 4.125%, due 04/15/292		150,000		147,000
Trivium Packaging Finance BV 5.500%, due 08/15/262		200,000		201,624
				5,051,741
Pharmaceuticals—3.4%
Bausch Health Americas, Inc. 8.500%, due 01/31/272		225,000		227,531
Bausch Health Cos., Inc. 5.000%, due 01/30/282		75,000		63,188
5.250%, due 02/15/312		75,000		59,700
6.125%, due 04/15/252		200,000		203,850
6.125%, due 02/01/27		125,000		125,469
7.000%, due 01/15/282		75,000		67,219
7.250%, due 05/30/292		125,000		112,500
9.000%, due 12/15/252		825,000		861,778
Cheplapharm Arzneimittel GmbH 3.500%, due 02/11/275	EUR	100,000		112,561
4.375%, due 01/15/282	EUR	150,000		171,910
4.375%, due 01/15/285	EUR	100,000		114,607
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.000%, due 06/30/282		279,000		188,900
9.500%, due 07/31/272		265,000		261,740
Endo Luxembourg Finance Co. I SARL/ Endo U.S., Inc. 6.125%, due 04/01/292		125,000		118,777
Grifols SA 1.625%, due 02/15/255	EUR	150,000		165,456
2.250%, due 11/15/275	EUR	250,000		272,490
3.200%, due 05/01/255	EUR	100,000		110,905
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, due 09/01/252		200,000		210,016
HLF Financing SARL LLC/Herbalife International, Inc. 4.875%, due 06/01/292		25,000		23,688
Mallinckrodt International Finance SA/ Mallinckrodt CB LLC 0.000%, due 08/01/222,10		300,000		157,500
0.000%, due 10/15/232,10		150,000		80,250
0.000%, due 04/15/252,10		200,000		209,500
Nidda BondCo GmbH 7.250%, due 09/30/255	EUR	200,000		225,252
Nidda Healthcare Holding GmbH 3.500%, due 09/30/245	EUR	100,000		109,817
3.500%, due 09/30/245	EUR	350,000		384,360

145

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, due 04/30/285	EUR	100,000	$	109,057
2.875%, due 04/30/282	EUR	405,000		441,681
4.125%, due 04/30/282		200,000		196,804
5.125%, due 04/30/312		200,000		200,000
Owens & Minor, Inc. 4.500%, due 03/31/292		125,000		121,428
P&L Development LLC/PLD Finance Corp. 7.750%, due 11/15/252		225,000		218,250
Par Pharmaceutical, Inc. 7.500%, due 04/01/272		398,000		400,487
PRA Health Sciences, Inc. 2.875%, due 07/15/262		200,000		195,676
Prestige Brands, Inc. 3.750%, due 04/01/312		25,000		22,688
5.125%, due 01/15/282		100,000		100,750
Teva Pharmaceutical Finance Netherlands II BV 1.625%, due 10/15/285	EUR	300,000		281,803
1.875%, due 03/31/275	EUR	225,000		224,307
4.375%, due 05/09/30	EUR	425,000		455,175
4.500%, due 03/01/25	EUR	300,000		341,417
Teva Pharmaceutical Finance Netherlands III BV 4.100%, due 10/01/46		200,000		160,000
4.750%, due 05/09/27		200,000		192,790
6.000%, due 04/15/24		1,250,000		1,267,187
				9,568,464
Pipelines—3.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/292		25,000		25,165
5.750%, due 03/01/272		175,000		177,625
7.875%, due 05/15/262		225,000		241,875
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, due 12/15/252		125,000		130,625
Cheniere Energy Partners LP 3.250%, due 01/31/322		325,000		305,688
4.000%, due 03/01/31		275,000		273,610
Cheniere Energy, Inc. 4.625%, due 10/15/28		75,000		76,125
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/312		500,000		498,315
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.000%, due 02/01/292		225,000		226,687
DCP Midstream Operating LP 5.125%, due 05/15/29		200,000		212,000
5.375%, due 07/15/25		125,000		131,594
5.625%, due 07/15/27		75,000		80,875
Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.750%, due 05/15/25		200,000		200,802
7.125%, due 06/01/282		125,000		126,813

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
EnLink Midstream LLC 5.375%, due 06/01/29		150,000	$	151,380
5.625%, due 01/15/282		25,000		25,668
EnLink Midstream Partners LP 4.400%, due 04/01/24		75,000		75,533
4.850%, due 07/15/26		150,000		154,063
5.050%, due 04/01/45		75,000		64,275
5.450%, due 06/01/47		125,000		111,250
5.600%, due 04/01/44		150,000		135,750
EQM Midstream Partners LP 4.500%, due 01/15/292		125,000		119,378
4.750%, due 07/15/23		76,000		76,950
4.750%, due 01/15/312		225,000		215,363
5.500%, due 07/15/28		100,000		101,211
6.000%, due 07/01/252		125,000		129,062
6.500%, due 07/01/272		25,000		26,125
6.500%, due 07/15/48		25,000		26,875
Genesis Energy LP/Genesis Energy Finance Corp. 6.500%, due 10/01/25		75,000		73,386
7.750%, due 02/01/28		150,000		147,825
8.000%, due 01/15/27		25,000		25,160
Harvest Midstream I LP 7.500%, due 09/01/282		250,000		260,367
Hess Midstream Operations LP 5.125%, due 06/15/282		325,000		331,172
5.625%, due 02/15/262		175,000		178,500
Holly Energy Partners LP/Holly Energy Finance Corp. 5.000%, due 02/01/282		150,000		145,981
Howard Midstream Energy Partners LLC 6.750%, due 01/15/272		100,000		102,594
ITT Holdings LLC 6.500%, due 08/01/292		150,000		143,914
New Fortress Energy, Inc. 6.500%, due 09/30/262		75,000		70,125
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.500%, due 02/01/262		300,000		304,800
NuStar Logistics LP 6.000%, due 06/01/26		75,000		78,665
6.375%, due 10/01/30		25,000		27,042
PBF Logistics LP/PBF Logistics Finance Corp. 6.875%, due 05/15/236		375,000		368,437
Plains All American Pipeline LP, Series B, (fixed, converts to FRN on 11/15/22), 6.125%, due 11/15/228		450,000		378,000
Rockies Express Pipeline LLC 4.800%, due 05/15/302		50,000		49,875
4.950%, due 07/15/292		25,000		25,688
6.875%, due 04/15/402		100,000		106,000
7.500%, due 07/15/382		25,000		27,000
Summit Midstream Partners LP, Series A, (fixed, converts to FRN on 12/15/22), 9.500%, due 12/15/228		175,000		151,025

146

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(concluded)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 12/31/302		125,000	$	119,375
6.000%, due 09/01/312		100,000		95,270
7.500%, due 10/01/252		100,000		105,175
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000%, due 01/15/322		25,000		24,885
4.875%, due 02/01/31		225,000		235,125
5.000%, due 01/15/28		425,000		435,625
5.500%, due 03/01/30		25,000		26,469
5.875%, due 04/15/26		200,000		206,130
Transportadora de Gas del Sur SA 6.750%, due 05/02/252		600,000		537,000
6.750%, due 05/02/255		150,000		134,250
Venture Global Calcasieu Pass LLC 3.875%, due 11/01/332		250,000		247,370
Western Midstream Operating LP 4.500%, due 03/01/28		125,000		131,475
4.750%, due 08/15/28		100,000		106,250
5.300%, due 03/01/48		225,000		248,625
5.450%, due 04/01/44		150,000		165,750
5.500%, due 08/15/48		75,000		82,875
				10,017,887
Real estate—3.8%
ADLER Group SA 2.250%, due 01/14/295	EUR	300,000		264,711
3.250%, due 08/05/255,6	EUR	200,000		192,428
Agile Group Holdings Ltd. (fixed, converts to FRN on 12/04/23), 8.375%, due 12/04/235,8		400,000		104,544
Central Plaza Development Ltd. (fixed, converts to FRN on 11/14/24), 5.750%, due 11/14/245,8		200,000		181,098
China Aoyuan Group Ltd. 5.375%, due 09/13/225		300,000		54,000
6.200%, due 03/24/265		300,000		53,460
China SCE Group Holdings Ltd. 7.375%, due 04/09/245		600,000		457,284
CIFI Holdings Group Co. Ltd. 5.250%, due 05/13/265		200,000		171,902
6.550%, due 03/28/245,6		200,000		184,726
Dar Al-Arkan Sukuk Co. Ltd. 6.875%, due 04/10/225		200,000		201,475
Easy Tactic Ltd. 8.625%, due 02/27/245		300,000		102,285
11.750%, due 08/02/235		200,000		72,086
Fantasia Holdings Group Co. Ltd. 10.875%, due 01/09/235		300,000		61,275
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, due 11/15/252		125,000		128,906
Greenland Global Investment Ltd. 6.750%, due 09/26/235		200,000		160,690

	Face amount1		Value
Corporate bonds—(continued)
Real estate—(continued)
Greystar Real Estate Partners LLC 5.750%, due 12/01/252		100,000	$	101,659
Haya Real Estate SA 5.250%, due 11/15/225	EUR	100,000		92,404
Hong Seng Ltd. 9.875%, due 08/27/225		250,000		125,000
Howard Hughes Corp. 4.125%, due 02/01/292		125,000		120,154
4.375%, due 02/01/312		25,000		23,781
5.375%, due 08/01/282		375,000		381,999
Jababeka International BV 6.500%, due 10/05/235		200,000		180,000
Kaisa Group Holdings Ltd. 10.500%, due 01/15/255		500,000		133,715
Kennedy-Wilson, Inc. 4.750%, due 02/01/30		75,000		73,688
KWG Group Holdings Ltd. 7.400%, due 03/05/245		200,000		114,000
7.875%, due 09/01/235		200,000		125,346
Logan Group Co. Ltd. 5.250%, due 02/23/235		300,000		240,756
New Metro Global Ltd. 4.800%, due 12/15/245,6		200,000		144,000
Newmark Group, Inc. 6.125%, due 11/15/23		100,000		105,500
Pakuwon Jati Tbk PT 4.875%, due 04/29/285		200,000		200,350
Peach Property Finance GmbH 4.375%, due 11/15/255	EUR	450,000		516,970
PHM Group Holding Oy 4.750%, due 06/18/262,5	EUR	350,000		400,207
Powerlong Real Estate Holdings Ltd. 6.950%, due 07/23/235		250,000		203,375
Realogy Group LLC/Realogy Co-Issuer Corp. 5.250%, due 04/15/302		200,000		191,500
5.750%, due 01/15/292		425,000		417,478
9.375%, due 04/01/272		425,000		460,148
Redsun Properties Group Ltd. 9.700%, due 04/16/235		250,000		76,250
RKPF Overseas 2019 A Ltd. 6.000%, due 09/04/255		250,000		218,355
6.700%, due 09/30/245		500,000		448,480
Ronshine China Holdings Ltd. 8.100%, due 06/09/235		300,000		78,567
Seazen Group Ltd. 6.150%, due 04/15/235		200,000		153,300
Shimao Group Holdings Ltd. 5.600%, due 07/15/265		250,000		115,480
Signa Development Finance SCS 5.500%, due 07/23/262	EUR	300,000		308,977
5.500%, due 07/23/265	EUR	100,000		102,992
Sunac China Holdings Ltd. 6.500%, due 01/10/255		800,000		471,744
Theta Capital Pte Ltd. 8.125%, due 01/22/255		200,000		205,000

147

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate—(concluded)
Times China Holdings Ltd. 5.750%, due 04/26/225		200,000	$	134,000
6.200%, due 03/22/265		200,000		90,764
6.750%, due 07/16/235,6		200,000		102,000
Vivion Investments SARL 3.000%, due 08/08/245,6	EUR	100,000		106,754
3.500%, due 11/01/255	EUR	300,000		320,857
Yango Justice International Ltd. 9.250%, due 04/15/235		200,000		44,000
Yanlord Land HK Co. Ltd. 5.125%, due 05/20/265		200,000		187,000
6.800%, due 02/27/245		200,000		197,070
Yuzhou Group Holdings Co. Ltd. 7.375%, due 01/13/265		400,000		87,896
7.700%, due 02/20/255		200,000		44,048
8.500%, due 02/26/245		200,000		44,296
Zhenro Properties Group Ltd. 7.875%, due 04/14/245		200,000		90,580
8.350%, due 03/10/245		200,000		92,112
				10,463,422
Real estate investment trusts—1.6%
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/272		150,000		143,625
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.500%, due 04/01/272		75,000		70,889
CTR Partnership LP/CareTrust Capital Corp. 3.875%, due 06/30/282		25,000		24,750
GEO Group, Inc. 6.000%, due 04/15/26		200,000		164,500
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/262		75,000		72,188
3.750%, due 09/15/302		50,000		47,212
Iron Mountain Information Management Services, Inc. 5.000%, due 07/15/322		325,000		317,687
Iron Mountain, Inc. 4.500%, due 02/15/312		175,000		165,933
5.000%, due 07/15/282		50,000		49,925
5.250%, due 03/15/282		100,000		101,456
5.250%, due 07/15/302		200,000		198,590
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. 4.250%, due 02/01/272		100,000		97,354
4.750%, due 06/15/292		50,000		48,933
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, due 05/01/24		100,000		105,750
MPT Operating Partnership LP/MPT Finance Corp. 3.375%, due 04/24/30	GBP	150,000		201,185
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, due 05/15/292		125,000		123,552
5.875%, due 10/01/282		50,000		51,171
7.500%, due 06/01/252		175,000		183,400

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
RHP Hotel Properties LP/RHP Finance Corp. 4.500%, due 02/15/292		100,000	$	96,758
RLJ Lodging Trust LP 3.750%, due 07/01/262		150,000		145,500
4.000%, due 09/15/292		150,000		141,375
Service Properties Trust 3.950%, due 01/15/28		25,000		22,000
4.350%, due 10/01/24		275,000		262,680
4.375%, due 02/15/30		100,000		86,000
4.750%, due 10/01/26		150,000		139,410
4.950%, due 02/15/27		175,000		162,750
4.950%, due 10/01/29		125,000		112,500
5.000%, due 08/15/22		175,000		174,338
5.250%, due 02/15/26		150,000		143,902
7.500%, due 09/15/25		50,000		52,692
Starwood Property Trust, Inc. 3.750%, due 12/31/242		50,000		49,938
Uniti Group LP/Uniti Fiber Holdings, Inc./ CSL Capital LLC 7.875%, due 02/15/252		125,000		130,187
Uniti Group LP/Uniti Group Finance, Inc./ CSL Capital LLC 4.750%, due 04/15/282		125,000		121,184
6.500%, due 02/15/292		200,000		189,198
VICI Properties LP/VICI Note Co., Inc. 4.250%, due 12/01/262		150,000		151,687
4.625%, due 12/01/292		25,000		25,732
XHR LP 4.875%, due 06/01/292		75,000		73,537
6.375%, due 08/15/252		125,000		129,219
				4,578,687
Retail—3.6%
1011778 BC ULC/New Red Finance, Inc. 4.000%, due 10/15/302		450,000		416,551
4.375%, due 01/15/282		50,000		49,060
Abercrombie & Fitch Management Co. 8.750%, due 07/15/252		125,000		132,969
Alsea SAB de CV 7.750%, due 12/14/262		300,000		311,119
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/275		200,000		204,225
5.875%, due 04/04/272		100,000		102,112
Arko Corp. 5.125%, due 11/15/292		50,000		47,568
Asbury Automotive Group, Inc. 4.500%, due 03/01/28		15,000		14,888
4.625%, due 11/15/292		50,000		49,201
4.750%, due 03/01/30		25,000		24,636
5.000%, due 02/15/322		50,000		49,609
At Home Group, Inc. 7.125%, due 07/15/292		50,000		46,875
Bath & Body Works, Inc. 6.625%, due 10/01/302		200,000		214,638
6.750%, due 07/01/36		475,000		539,719
9.375%, due 07/01/252		44,000		52,626

148

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Retail—(continued)
BCPE Ulysses Intermediate, Inc. 7.750% Cash or 8.500% PIK, 7.750%, due 04/01/272,7		100,000	$	97,567
Beacon Roofing Supply, Inc. 4.125%, due 05/15/292		125,000		119,337
4.500%, due 11/15/262,6		75,000		76,311
Carrols Restaurant Group, Inc. 5.875%, due 07/01/292,6		75,000		64,500
CEC Entertainment LLC 6.750%, due 05/01/262		50,000		48,027
Dufry One BV 2.000%, due 02/15/275	EUR	175,000		180,249
eG Global Finance PLC 6.750%, due 02/07/252		200,000		199,325
Ferrellgas LP/Ferrellgas Finance Corp. 5.375%, due 04/01/262		200,000		189,500
5.875%, due 04/01/292		275,000		253,063
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.625%, due 01/15/29		100,000		97,454
6.750%, due 01/15/30		200,000		194,340
FirstCash, Inc. 4.625%, due 09/01/282		125,000		120,526
5.625%, due 01/01/302		75,000		74,961
Food Service Project SA 5.500%, due 01/21/27	EUR	100,000		111,620
Foodco Bondco SA 6.250%, due 05/15/265	EUR	275,000		273,409
Foundation Building Materials, Inc. 6.000%, due 03/01/292		100,000		96,519
Gap, Inc. 3.625%, due 10/01/292		50,000		46,510
3.875%, due 10/01/312		25,000		23,201
Golden Nugget, Inc. 6.750%, due 10/15/242		125,000		125,012
8.750%, due 10/01/252		96,000		98,100
Grupo Unicomer Co. Ltd. 7.875%, due 04/01/245		600,000		613,875
Hertz Corp. 3.000%, due 01/15/28		50,000		2,750
IRB Holding Corp. 6.750%, due 02/15/262		125,000		127,187
7.000%, due 06/15/252		50,000		52,125
Jsm Global SARL 4.750%, due 10/20/302		250,000		223,437
Ken Garff Automotive LLC 4.875%, due 09/15/282		75,000		72,508
LBM Acquisition LLC 6.250%, due 01/15/292		150,000		142,957
LCM Investments Holdings II LLC 4.875%, due 05/01/292		250,000		240,782
Lithia Motors, Inc. 3.875%, due 06/01/292		200,000		196,500
4.625%, due 12/15/272		150,000		153,750

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Macy's Retail Holdings LLC 4.500%, due 12/15/34		25,000	$	22,908
5.125%, due 01/15/42		150,000		133,773
5.875%, due 04/01/292,6		175,000		178,360
6.375%, due 03/15/37		75,000		75,000
Magic Mergeco, Inc. 5.250%, due 05/01/282		25,000		24,073
7.875%, due 05/01/292		50,000		45,750
Marks & Spencer PLC 4.500%, due 07/10/275,11	GBP	125,000		170,480
6.000%, due 06/12/255,11	GBP	100,000		143,740
Matalan Finance PLC 6.750%, due 01/31/232	GBP	275,000		356,607
Murphy Oil USA, Inc. 4.750%, due 09/15/29		150,000		152,250
5.625%, due 05/01/27		25,000		25,781
Party City Holdings, Inc. 8.750%, due 02/15/262		100,000		100,589
Punch Finance PLC 6.125%, due 06/30/262	GBP	125,000		166,548
Rite Aid Corp. 7.500%, due 07/01/252		52,000		51,250
8.000%, due 11/15/262		178,000		174,662
Sizzling Platter LLC/Sizzling Platter Finance Corp. 8.500%, due 11/28/252		50,000		49,500
Sonic Automotive, Inc. 4.625%, due 11/15/292		75,000		73,219
4.875%, due 11/15/312		125,000		120,804
Specialty Building Products Holdings LLC/ SBP Finance Corp. 6.375%, due 09/30/262		75,000		77,080
Staples, Inc. 7.500%, due 04/15/262		300,000		295,875
10.750%, due 04/15/272		300,000		279,624
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.000%, due 06/01/312		75,000		73,875
Superior Plus LP/Superior General Partner, Inc. 4.500%, due 03/15/292		125,000		125,187
Very Group Funding PLC 6.500%, due 08/01/262	GBP	275,000		367,073
Victoria's Secret & Co. 4.625%, due 07/15/292		75,000		72,272
				9,927,478
Savings & loans—0.0%†
Washington Mutual, Inc. 0.000%, due 09/21/173,9		500,000		5,813
Semiconductors—0.1%
Amkor Technology, Inc. 6.625%, due 09/15/272		100,000		105,125
Synaptics, Inc. 4.000%, due 06/15/292,6		125,000		122,575
				227,700

149

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Software—1.0%
Boxer Parent Co., Inc. 6.500%, due 10/02/255	EUR	100,000	$	116,664
6.500%, due 10/02/252	EUR	150,000		174,995
7.125%, due 10/02/252		75,000		78,198
9.125%, due 03/01/262		75,000		78,187
Camelot Finance SA 4.500%, due 11/01/262		150,000		152,265
Castle U.S. Holding Corp. 9.500%, due 02/15/282		225,000		231,750
Dun & Bradstreet Corp/The 5.000%, due 12/15/292		50,000		49,875
Elastic N.V. 4.125%, due 07/15/292		75,000		70,125
Fair Isaac Corp. 4.000%, due 06/15/282		75,000		74,250
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 4.625%, due 05/01/282		200,000		195,000
MSCI, Inc. 3.625%, due 11/01/312		125,000		123,097
4.000%, due 11/15/292		50,000		50,313
Open Text Corp. 3.875%, due 02/15/282		100,000		97,998
3.875%, due 12/01/292		150,000		144,057
Open Text Holdings, Inc. 4.125%, due 02/15/302		175,000		170,959
4.125%, due 12/01/312		225,000		217,125
Rocket Software, Inc. 6.500%, due 02/15/292		100,000		94,778
SS&C Technologies, Inc. 5.500%, due 09/30/272		250,000		258,180
Twilio, Inc. 3.875%, due 03/15/31		75,000		71,813
Veritas US, Inc./Veritas Bermuda Ltd. 7.500%, due 09/01/252		250,000		255,000
Ziff Davis, Inc. 4.625%, due 10/15/302		44,000		43,087
				2,747,716
Telecommunications—5.1%
Altice France Holding SA 6.000%, due 02/15/282		400,000		365,060
8.000%, due 05/15/275	EUR	400,000		468,865
10.500%, due 05/15/272		400,000		424,500
Altice France SA 4.125%, due 01/15/295	EUR	325,000		346,865
5.125%, due 07/15/292		375,000		348,202
5.500%, due 10/15/292		200,000		189,538
5.875%, due 02/01/275	EUR	100,000		115,951
Ciena Corp. 4.000%, due 01/31/30		100,000		99,000
CommScope Technologies LLC 6.000%, due 06/15/252		411,000		400,319
CommScope, Inc. 4.750%, due 09/01/292		50,000		47,897
6.000%, due 03/01/262		50,000		50,637

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
7.125%, due 07/01/282		100,000	$	93,250
8.250%, due 03/01/272		25,000		24,460
Consolidated Communications, Inc. 6.500%, due 10/01/282		75,000		77,228
Digicel Group Holdings Ltd. 7.000%, due 02/16/222,7,8		43,565		37,684
8.000%, due 04/01/252,7		107,814		100,267
8.000% Cash or 2.000% PIK, 10.000%, due 04/01/247		425,869		426,135
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.750%, due 05/25/245		200,000		205,037
8.750%, due 05/25/242		60,541		62,055
6.000% Cash or 7.000% PIK, 13.000%, due 12/31/252,7		34,379		35,088
Embarq Corp. 7.995%, due 06/01/36		300,000		308,814
Frontier Communications Holdings LLC 5.000%, due 05/01/282		100,000		99,000
5.875%, due 10/15/272		25,000		25,743
5.875%, due 11/01/29		42,911		41,315
6.000%, due 01/15/302		100,000		96,520
6.750%, due 05/01/292		150,000		150,375
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		150,000		161,624
Iliad Holding SASU 6.500%, due 10/15/262		200,000		202,526
Intelsat Jackson Holdings SA 0.000%, due 10/15/242,10		525,000		236,250
Intelsat Luxembourg SA 0.000%, due 06/01/2110		25,000		31
0.000%, due 06/01/2310		165,000		825
Level 3 Financing, Inc. 3.750%, due 07/15/292		100,000		91,250
4.250%, due 07/01/282		300,000		286,215
LogMeIn, Inc. 5.500%, due 09/01/272		225,000		218,812
Lorca Telecom Bondco SA 4.000%, due 09/18/272	EUR	225,000		248,220
Lumen Technologies, Inc. 4.500%, due 01/15/292		150,000		137,457
5.125%, due 12/15/262		250,000		251,677
5.375%, due 06/15/292		125,000		118,511
Series W, 6.750%, due 12/01/23		50,000		53,000
MTN Mauritius Investments Ltd. 6.500%, due 10/13/265		200,000		219,662
Network i2i Ltd. (fixed, converts to FRN on 04/15/25), 5.650%, due 01/15/255,8		300,000		310,275
Nokia of America Corp. 6.450%, due 03/15/29		300,000		321,375
Oztel Holdings SPC Ltd. 6.625%, due 04/24/285		200,000		214,800
PPF Telecom Group BV 3.250%, due 09/29/275	EUR	225,000		266,512

150

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
SoftBank Group Corp. 3.125%, due 09/19/255	EUR	475,000	$	520,781
4.500%, due 04/20/255	EUR	100,000		114,620
5.000%, due 04/15/285	EUR	200,000		221,329
Sprint Capital Corp. 8.750%, due 03/15/32		245,000		342,253
Sprint Corp. 7.625%, due 03/01/26		175,000		200,375
7.875%, due 09/15/23		325,000		351,000
Switch Ltd. 3.750%, due 09/15/282		50,000		47,694
T-Mobile USA, Inc. 2.625%, due 02/15/29		200,000		187,594
3.375%, due 04/15/29		75,000		73,695
4.750%, due 02/01/28		25,000		25,844
Telecom Argentina SA 8.500%, due 08/06/252		363,000		347,999
Telecom Italia Capital SA 6.000%, due 09/30/34		300,000		295,500
6.375%, due 11/15/33		75,000		76,988
7.200%, due 07/18/36		50,000		53,224
Telecom Italia Finance SA 7.750%, due 01/24/33	EUR	575,000		841,247
Telecom Italia SpA 2.375%, due 10/12/275	EUR	175,000		190,764
5.303%, due 05/30/242		25,000		25,802
Telecommunications Services of Trinidad & Tobago Ltd. 8.875%, due 10/18/295		400,000		419,825
Telesat Canada/Telesat LLC 4.875%, due 06/01/272		50,000		40,291
5.625%, due 12/06/262		125,000		105,746
6.500%, due 10/15/272		100,000		61,522
Total Play Telecomunicaciones SA de CV 7.500%, due 11/12/252		200,000		200,500
Vmed O2 UK Financing I PLC 3.250%, due 01/31/315	EUR	200,000		210,039
4.000%, due 01/31/295	GBP	150,000		187,626
4.250%, due 01/31/312		200,000		185,240
4.750%, due 07/15/312		200,000		191,136
Vodafone Group PLC (fixed, converts to FRN on 08/27/26), 2.625%, due 08/27/805	EUR	225,000		251,256
(fixed, converts to FRN on 10/03/28), 4.200%, due 10/03/785	EUR	125,000		149,888
(fixed, converts to FRN on 04/04/29), 7.000%, due 04/04/79		175,000		201,137
				14,099,742
Textiles—0.5%
Eagle Intermediate Global Holding BV/Ruyi US Finance LLC 5.375%, due 05/01/232	EUR	200,000		211,532
5.375%, due 05/01/235	EUR	478,000		505,560

	Face amount1		Value
Corporate bonds—(concluded)
Textiles—(concluded)
LSF9 Balta Issuer SARL 7.750% Cash or 1.000% PIK, 8.750%, due 12/31/245,7	EUR	115,597	$	129,673
7.750% Cash or 1.000% PIK, 10.750%, due 12/31/242,7	EUR	437,511		490,785
				1,337,550
Toys/Games/Hobbies—0.0%†
Mattel, Inc. 3.375%, due 04/01/262		25,000		24,894
5.450%, due 11/01/41		25,000		28,000
6.200%, due 10/01/40		25,000		30,788
				83,682
Transportation—0.3%
First Student Bidco, Inc./First Transit Parent, Inc. 4.000%, due 07/31/292		50,000		47,375
Hidrovias International Finance SARL 4.950%, due 02/08/312		200,000		181,750
InPost SA 2.250%, due 07/15/272	EUR	125,000		131,822
2.250%, due 07/15/275,6	EUR	100,000		105,457
Seaspan Corp. 5.500%, due 08/01/292		225,000		222,521
Western Global Airlines LLC 10.375%, due 08/15/252		125,000		138,275
				827,200
Trucking & leasing—0.2%
Fly Leasing Ltd. 7.000%, due 10/15/242		200,000		192,500
Fortress Transportation and Infrastructure Investors LLC 5.500%, due 05/01/282		100,000		96,775
6.500%, due 10/01/252		200,000		205,446
9.750%, due 08/01/272		125,000		136,875
				631,596
Water—0.1%
Solaris Midstream Holdings LLC 7.625%, due 04/01/262		175,000		180,710
Total corporate bonds (cost—$268,143,283)				254,996,161
Loan assignments—1.0%
Broadcast—0.6%
Allen Media LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 5.500%,, 5.724%, due 02/10/2712		72,786		72,513
Ascent Resources—Utica, 2020 Fixed 2nd Lien Term Loan, 3 mo. USD LIBOR + 9.000%,, 10.000%, due 11/01/2512		253,000		271,975

151

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Loan assignments—(continued)
Broadcast—(concluded)
Asurion LLC, 2020 Term Loan B8, 1 mo. USD LIBOR + 3.250%,, 3.355%, due 12/23/2612		94,971	$	94,259
Athenahealth, Inc., 2022 Delayed Draw Term loan, 0.000%, due 01/26/2914		14,493		14,423
2022 Term Loan, 0.000%, due 01/26/2914		85,507		85,098
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%,, 2.750%, due 11/08/2712		124,688		124,473
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%,, 3.355%, due 04/30/2612		19,802		19,688
Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%,, 4.250%, due 10/02/2712		150,000		149,484
DirecTV Financing LLC, Term Loan, 3 mo. USD LIBOR + 5.000%,, 5.750%, due 08/02/2712		48,875		48,906
Endure Digital, Inc., Term Loan, 3 mo. USD LIBOR + 3.500%,, 4.250%, due 02/10/2812		74,625		73,863
Flex Acquisition Co., Inc., 2021 Term Loan, 3 mo. USD LIBOR + 3.500%,, 4.000%, due 03/02/2812		269,451		268,880
PODS LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 3.000%,, 3.750%, due 03/31/2812		24,813		24,737
Raptor Acquisition Corp., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%,, 4.750%, due 11/01/2612		100,000		100,050
UFC Holdings LLC, 2021 Term Loan B, 6 mo. USD LIBOR + 2.750%,, 3.500%, due 04/29/2612		90,107		89,306
United Airlines, Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 3.750%,, 4.500%, due 04/21/2812		99,250		99,208
WW International, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%,, 4.000%, due 04/13/2812		47,250		45,596
				1,582,459

	Face amount1		Value
Loan assignments—(continued)
Chemicals—0.1%
Consolidated Energy Finance SA, Term Loan B, 6 mo. USD LIBOR + 2.500%,, 2.964%, due 05/07/2512		192,570	$	188,719
Gaming—0.0%†
Boyd Gaming Corp., Term Loan B3, 1 mo. USD LIBOR + 2.250%,, 2.354%, due 09/15/2312		61,742		61,700
Insurance—0.1%
Hub International Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 2.750%,, 2.942% - 3%, due 04/25/2512		147,820		146,080
Lodging—0.0%†
Golden Nugget, Inc., 2020 Initial Term Loan, 1 mo. USD LIBOR + 12.000%,, 13.000%, due 10/04/2312		25,000		26,500
Media—0.1%
Altice France SA, 2018 Term Loan B13, 2 mo. USD LIBOR + 4.000%,, 4.106%, due 08/14/2612		164,590		163,836
Diamond Sports Group LLC, Term Loan, 1 mo. USD LIBOR + 3.250%,, 3.360%, due 08/24/2612		97,750		39,630
				203,466
Oil & gas—0.1%
Apergy Corp., 2020 Term Loan, 3 mo. USD LIBOR + 5.000%,, 6.000%, due 06/03/2712		114,747		116,086
Citgo Holding, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 7.000%,, 8.000%, due 08/01/2312		171,063		168,924
Parker Drilling Co., 2nd Lien PIK Term Loan, PIK, 2.000% - 11.000%, due 03/26/24		27,227		26,274
				311,284
Retail-restaurants—0.0%†
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%,, 1.855%, due 11/19/2612		107,009		105,354

152

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount1		Value
Loan assignments—(concluded)
Support-services—0.0%†
Kar Auction Services, Inc., 2019 Term Loan B6, 1 mo. USD LIBOR + 0.625%, 0.000% - —%, due 09/19/2612,14		100,000	$	98,500
Total loan assignments (cost—$2,772,711)				2,724,062
Non-U.S. government agency obligations—0.4%
Ivory Coast Government International Bond 4.875%, due 01/30/325	EUR	400,000		421,799
Turkiye Ihracat Kredi Bankasi AS 5.375%, due 10/24/232		200,000		198,537
5.375%, due 10/24/235		50,000		49,634
5.375%, due 10/24/235		200,000		198,538
Ukreximbank Via Biz Finance PLC 9.750%, due 01/22/255		154,500		146,003
Total non-U.S. government agency obligations (cost—$1,105,020)				1,014,511
	Number of shares
Common stocks—0.4%
Aerospace & defense—0.0%†
Egmv137943,4		2,750		0
Chemicals—0.1%
Hexion Holdings Corp., Class B*		8,128		231,648
Diversified financial services—0.1%
Spn New*,3		3,832		164,776
Energy equipment & services—0.1%
Diamond Offshore Drilling, Inc.*,3		11,325		60,022
FTS International, Inc., Class A*		3,672		96,757
Noble Corp.*,3,9		207		5,111
Parker Drilling Co.*		1,153		5,189
				167,079
Gas utilities—0.0%†
Ferrellgas Partners LP, Class B		364		87,360
Leisure products—0.0%†
Codere New Topco SA*,3,4,9		4,367		0
Media—0.0%†
iHeartMedia, Inc., Class A*		1,347		27,142
Metals & mining—0.0%†
Aleris International, Inc.*,3,4,9		795		15,900
Cloud Peak Energy, Inc.*,3,4		66		0
Petra Diamonds Ltd.*		54,100		60,754
				76,654
Oil & gas—0.0%†
Chaparral Energy, Inc.*,3,4		1,269		53,932
Oil, gas & consumable fuels—0.1%
Gulfport Energy Corp.*		3,347		219,061
Summit Midstream Partners LP*		4,371		105,298
Superior Energy Services*,3,9		177		7,611
				331,970

	Number of shares		Value
Common stocks—(concluded)
Paper & forest products—0.0%†
Northwest Hardwoods, Inc.*,3,9		936	$	56,160
Total common stocks (cost—$1,318,255)				1,196,721
Preferred stocks—0.1%
Machinery—0.0%†
Selecta Group BV3		43,703		41,396
Selecta Group BV, Class A3		21,852		20,699
Total Machinery				62,095
Oil, gas & consumable fuels—0.1%
Global Partners LP8		4,255		112,572
Gulfport Energy Corp.3,7,8		9		52,200
Total oil, gas & consumable fuels				164,772
Total preferred stocks (cost—$133,291)				226,867
	Number of warrants
Warrants—0.0%†
Athabasca Oil Corp. expires 11/01/26*,3		250		11,419
California Resources Corp. expire 10/27/24*		201		3,015
Carlson Travel, Inc. expires 11/19/26*,3		1,052		6,207
Carlson Travel, Inc. expires 11/19/28*,3		1,108		5,673
Chaparral Energy, Inc. expires 10/01/24*,3		9		11
Chaparral Energy, Inc. expires 10/01/25*,3		9		15
Denbury, Inc. expires 09/18/25*		1,376		59,195
SandRidge Energy, Inc. strike price $41.34, expires 10/04/22*		2,886		72
SandRidge Energy, Inc. strike price $42.03, expires 10/04/22*		1,215		4
Total warrants (cost—$226,565)				85,611
	Number of shares
Short-term investments—4.1%
Investment companies—4.1%
State Street Institutional U.S. Government Money Market Fund, 0.030%15 (cost—$11,455,101)		11,455,101		11,455,101
Investment of cash collateral from securities loaned—2.4%
Money market funds—2.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%15 (cost—$6,799,125)		6,799,125		6,799,125
Total investments (cost—$291,953,351)—100.1%				278,498,159
Liabilities in excess of other assets—(0.1)%				(376,875	)
Net assets—100.0%			$	278,121,284

153

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	EUR	49,271,497	USD	55,689,947	02/07/22	$	330,377
SSC	GBP	5,243,488	USD	7,093,784	02/07/22		42,040
SSC	USD	51,000	EUR	45,084	02/07/22		(345	)
SSC	USD	29,000	EUR	25,547	02/07/22		(296	)
SSC	USD	180,000	EUR	161,437	02/07/22		1,385
Net unrealized appreciation (depreciation)						$	373,161

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Corporate bonds	$	—	$	254,978,881		$	17,280	$	254,996,161
Loan assignments		—		2,724,062			—		2,724,062
Non-U.S. government agency obligations		—		1,014,511			—		1,014,511
Common stocks		833,209		347,612			15,900		1,196,721
Preferred stocks		112,572		114,295			—		226,867
Warrants		62,286		23,325			—		85,611
Short-term investments		—		11,455,101			—		11,455,101
Investment of cash collateral from securities loaned		—		6,799,125			—		6,799,125
Forward foreign currency contracts		—		373,802			—		373,802
Total	$	1,008,067	$	277,830,714		$	33,180	$	278,871,961
Liabilities
Forward foreign currency contracts	$	—	$	(641	)	$	—	$	(641	)

At January 31, 2022, there were $102,164 transferred out of Level 3. The transfers from Level 3 to Level 2 occurred because there was observable market data that became available as of January 31, 2022.

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

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

¹  In U.S. dollars unless otherwise indicated.

154

PACE High Yield Investments

Portfolio of investments—January 31, 2022 (unaudited)

Portfolio footnotes—(concluded)

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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $136,163,059, represented 49.0% of the Portfolio's net assets at period end.

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

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

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

⁶  Security, or portion thereof, was on loan at the period end.

⁷  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

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

⁹  This security is considered restricted. At period end, the value of restricted security was $129,170, represented 0.0% of the Fund's net assets. The table below provides further information.Insert table here:

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net asset			Value at 01/31/22		Value as a percentage of net assets
Aleris International, Inc.	1/10/17	$	13,981		0.0	%	$	15,900		0.0	%
Appvion, Inc.9.000%, due 06/01/25	6/1/20		650,000		0.2			6,500		0.0
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/24	7/30/15-12/17/19		456,114		0.2			5,500		0.0
Codere New Topco SA	12/1/21		0.0		0.0			0.0		0.0
Gulfport Energy Corp. 2.000%, due 10/15/24	5/17/21		2,439		0.0			1,550		0.0
Gulfport Energy Corp. 3.000%, due 05/15/25	5/17/21		4,442		0.0			3,100		0.0
Gulfport Energy Corp. 3.000%, due 01/15/26	5/17/21		7,462		0.0			5,425		0.0
Noble Corp.	2/8/21		552		0.0			5,111		0.0
Northwest Hardwoods, Inc.	05/31/21		7,020		0.0			56,160		0.0
RRI Energy, Inc. 3.000%, due 06/15/2017	12/14/18		0.0		0.0			0.0		0.0
Sanchez Energy Corp. 6.125%, due 01/15/23	10/30/17-12/1/17		329,036		0.1			7,000		0.0
Sanchez Energy Corp. 7.750%, due 06/15/21	11/3/17-12/1/17		475,000		0.2			9,500		0.0
Superior Energy Services	1/29/21		232		0.0			7,611		0.0
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		0.0		0.0			5,813		0.0

¹⁰  Bond interest in default.

¹¹  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.

¹²  Variable or floating rate security. The interest rate shown is the rate in effect as of period end and changes periodically.

¹³  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.

¹⁴  Position is unsettled. Contract rate was not determined at January 31, 2022 and does not take effect until settlement.

¹⁵  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
155

PACE Large Co Value Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned 4.58% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Value Index (the "benchmark") returned 3.61%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 158. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio outperformed its benchmark during the reporting period. Stock selection was the primary contributor and generally positive across most sectors, with the exception of Materials, Consumer Staples and Utilities. Stock selection within the Industrials and Consumer Discretionary sectors was particularly strong. Sector allocation was an additional tailwind as the portfolio was underweight Communication Services. This was offset by an underweight to Energy, which was the strongest sector.

Broadly, the value rotation, as investors focused on recovery from the COVID shut down as well as the impact of inflation and rising interest rates, was beneficial for the Portfolio given underlying positioning. The Portfolio's bias to earnings yield was rewarded. The cash allocation was a modest drag on relative performance given the positive equity market.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Large Co Value Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Pzena Investment Management, LLC ("Pzena");

Artisan Partners Limited Partnership ("Artisan Partners") effective May 10, 2021;

Wellington Management Company LLP ("Wellington")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Pzena: Richard S. Pzena, John J. Flynn and Benjamin Silver;

Wellington: W. Michael Reckmeyer III, CFA and Matthew C. Hand, CFA; Artisan Partners: Daniel J. Okeefe and Michael J. McKinnon

Objective:

Capital appreciation and dividend income

Investment process:

The main strategies of the current subadvisors include:

• A "deep value" strategy which follows a disciplined investment process.

• A "select equity income" strategy in which the subadvisor invests in quality large cap dividend-paying companies, with an emphasis on companies with solid balance sheets and below-market valuations.

(continued on next page)

156

PACE Large Co Value Equity Investments

Investment process (concluded)

• A "select equity" strategy in which the subadvisor employs a fundamental investment process to construct a focused portfolio of securities of undervalued US companies across a broad capitalization range.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation and dividend income and who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

157

PACE Large Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		4.46	%		26.29	%		8.63	%		10.83	%
Class Y2		3.38			25.10			8.64			10.97
Class P3		4.58			26.57			8.89			11.09
After deducting maximum sales charge
Class A1		(1.26	)		19.34			7.41			10.20
Russell 1000 Value Index4		3.61			23.37			10.48			12.28

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		5.52	%		25.68	%		8.81	%		11.46	%
Class Y2		4.42			24.44			8.81			11.60
Class P3		5.64			25.96			9.05			11.73
After deducting maximum sales charge
Class A1		(0.28	)		18.76			7.58			10.83

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.32% and 1.32%; Class Y—1.08% and 1.08%; and Class P—1.07% and 1.07%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.14%; Class Y—0.89%; and Class P—0.89%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

158

PACE Large Co Value Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
MetLife, Inc.	2.8	%
Pioneer Natural Resources Co.	2.4
UnitedHealth Group, Inc.	2.4
Morgan Stanley	2.3
Citigroup, Inc.	2.3
Philip Morris International, Inc.	2.2
Anthem, Inc.	2.2
General Dynamics Corp.	2.2
Chubb Ltd.	2.1
Sempra Energy	2.1
Total	23.0	%
Top five issuer breakdown by country or territory of origin
United States	90.0	%
United Kingdom	2.5
Germany	1.9
South Korea	1.6
China	1.4
Total	97.4	%
Sectors
Financials	27.0	%
Health Care	13.5
Consumer Discretionary	10.5
Industrials	9.7
Information Technology	7.9
Consumer Staples	7.6
Materials	5.3
Utilities	5.0
Communication Services	5.0
Energy	4.7
Total	96.2	%

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

159

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—96.0%
Aerospace & defense—4.9%
BAE Systems PLC		911,019	$	7,072,021
General Dynamics Corp.		114,951		24,381,107
Raytheon Technologies Corp.		258,067		23,275,063
				54,728,191
Air freight & logistics—0.5%
FedEx Corp.		24,332		5,982,266
Airlines—0.7%
Southwest Airlines Co.*		169,307		7,578,181
Auto components—0.6%
Lear Corp.		41,856		7,003,346
Automobiles—1.4%
Harley-Davidson, Inc.		449,643		15,544,159
Banks—8.0%
Bank of America Corp.		61,118		2,819,984
Citigroup, Inc.		392,017		25,528,147
JPMorgan Chase & Co.		149,722		22,248,689
M&T Bank Corp.		96,983		16,426,981
Truist Financial Corp.		237,916		14,945,883
Wells Fargo & Co.		140,715		7,570,467
				89,540,151
Building products—1.1%
Johnson Controls International PLC		163,894		11,910,177
Capital markets—5.2%
Bank of New York Mellon Corp.		334,309		19,811,152
BlackRock, Inc.		13,395		11,023,281
Goldman Sachs Group, Inc.		6,216		2,204,691
Morgan Stanley		253,387		25,982,303
				59,021,427
Chemicals—3.7%
Axalta Coating Systems Ltd.*		660,906		19,569,426
Celanese Corp.		112,638		17,538,863
Dow, Inc.		72,223		4,313,880
				41,422,169
Communications equipment—1.8%
Cisco Systems, Inc.		368,778		20,529,871
Construction materials—1.6%
HeidelbergCement AG		260,627		17,937,019
Consumer finance—2.0%
American Express Co.		106,425		19,137,343
Capital One Financial Corp.		25,553		3,749,392
				22,886,735
Diversified financial services—3.0%
Berkshire Hathaway, Inc., Class B*		74,091		23,191,965
Equitable Holdings, Inc.		187,700		6,314,228
Voya Financial, Inc.1		56,156		3,816,362
				33,322,555

	Number of shares		Value
Common stocks—(continued)
Electric utilities—3.0%
Edison International		102,920	$	6,462,347
Exelon Corp.		348,736		20,209,251
NRG Energy, Inc.		165,637		6,613,885
				33,285,483
Electrical equipment—1.3%
Eaton Corp. PLC		95,940		15,199,774
Electronic equipment, instruments & components—2.9%
Corning, Inc.		445,652		18,735,210
TE Connectivity Ltd.		100,071		14,311,154
				33,046,364
Energy equipment & services—1.5%
Baker Hughes Co.		194,863		5,347,041
Halliburton Co.		210,969		6,485,187
NOV, Inc.		321,509		5,279,178
				17,111,406
Food & staples retailing—0.3%
Sprouts Farmers Market, Inc.*		147,870		4,013,192
Food products—3.2%
Archer-Daniels-Midland Co.		271,786		20,383,950
Danone SA		259,151		16,085,666
				36,469,616
Health care equipment & supplies—3.6%
Becton Dickinson and Co.		88,944		22,604,228
DENTSPLY SIRONA, Inc.		333,711		17,826,842
				40,431,070
Health care providers & services—5.4%
Anthem, Inc.		55,439		24,448,045
Cardinal Health, Inc.		28,107		1,449,478
Fresenius Medical Care AG & Co. KGaA, ADR		112,139		3,793,662
McKesson Corp.		15,662		4,020,749
UnitedHealth Group, Inc.		56,558		26,727,614
				60,439,548
Hotels, restaurants & leisure—1.9%
Booking Holdings, Inc.*		2,573		6,319,623
Expedia Group, Inc.*		81,187		14,880,765
				21,200,388
Household durables—0.8%
Mohawk Industries, Inc.*		20,696		3,267,277
Newell Brands, Inc.		246,136		5,712,817
				8,980,094
Industrial conglomerates—0.7%
General Electric Co.		83,604		7,898,906
Insurance—8.8%
Alleghany Corp.*		8,609		5,716,376
American International Group, Inc.		138,818		8,016,739
Axis Capital Holdings Ltd.		68,079		3,879,141
Chubb Ltd.		121,652		23,999,507

160

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Insurance—(concluded)
Marsh & McLennan Cos., Inc.		58,290	$	8,955,676
MetLife, Inc.		461,145		30,924,384
Progressive Corp.		156,300		16,983,558
				98,475,381
Interactive media & services—3.4%
Alphabet, Inc., Class A*		6,676		18,065,723
Meta Platforms, Inc., Class A*		63,692		19,952,156
				38,017,879
Internet & direct marketing retail—1.4%
Alibaba Group Holding Ltd., ADR*		128,642		16,181,877
IT services—0.9%
Amdocs Ltd.		55,546		4,215,386
Cognizant Technology Solutions Corp., Class A		74,734		6,383,778
				10,599,164
Machinery—0.5%
Westinghouse Air Brake Technologies Corp.		60,499		5,378,361
Media—1.6%
Comcast Corp., Class A		358,956		17,944,210
Multi-utilities—2.1%
Sempra Energy		168,595		23,293,085
Oil, gas & consumable fuels—3.1%
Cenovus Energy, Inc.		69,391		1,009,639
Exxon Mobil Corp.		53,502		4,064,012
Pioneer Natural Resources Co.		123,274		26,983,446
Shell PLC, ADR, Class A		63,703		3,274,334
				35,331,431
Personal products—1.8%
Unilever PLC, ADR		396,137		20,357,480
Pharmaceuticals—4.5%
Bristol-Myers Squibb Co.		3,970		257,613
Eli Lilly & Co.		52,212		12,812,303
Merck & Co., Inc.		215,744		17,578,821
Pfizer, Inc.		381,925		20,123,628
				50,772,365

	Number of shares		Value
Common stocks—(concluded)
Software—0.2%
SS&C Technologies Holdings, Inc.		22,463	$	1,794,120
Specialty retail—3.3%
Advance Auto Parts, Inc.		68,760		15,918,628
Lowe's Cos., Inc.		87,280		20,715,908
				36,634,536
Technology hardware, storage & peripherals—2.0%
Hewlett Packard Enterprise Co.		274,694		4,485,753
Samsung Electronics Co. Ltd.		293,580		17,851,028
				22,336,781
Textiles, apparel & luxury goods—1.1%
Gildan Activewear, Inc.1		103,473		4,121,330
PVH Corp.		50,886		4,834,679
Skechers USA, Inc., Class A*		77,662		3,261,804
				12,217,813
Tobacco—2.2%
Philip Morris International, Inc.		240,438		24,729,048
Total common stocks (cost—$924,305,640)				1,079,545,619
Short-term investments—3.6%
Investment companies—3.6%
State Street Institutional U.S. Government Money Market Fund, 0.03%2 (cost—$40,225,497)		40,225,497		40,225,497
Investment of cash collateral from securities loaned—0.0%†
Money market funds—0.0%†
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%2 (cost—$242,475)		242,475		242,475
Total investments (cost—$964,773,612)—99.6%				1,120,013,591
Other assets in excess of liabilities—0.4%				4,259,683
Net assets—100.0%			$	1,124,273,274

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.

161

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,079,545,619	$	—	$	—	$	1,079,545,619
Short-term investments		—		40,225,497		—		40,225,497
Investment of cash collateral from securities loaned		—		242,475		—		242,475
Total	$	1,079,545,619	$	40,467,972	$	—	$	1,120,013,591

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

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

*  Non-income producing security.

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

²  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
162

PACE Large Co Growth Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -3.94% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Growth Index (the "benchmark") returned -0.06%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 165. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio underperformed its benchmark during the reporting period. Both sector allocation and stock selection were negative. Stock selection detracted due to underperformance within Information Technology, Communication Services, and Consumer Discretionary. However, stock selection in Financials partially offset negative contributions from the aforementioned sectors. In terms of sector allocation, the overweight to Health Care and Communication Services as well as the underweight to the Information Technology sector detracted.

Risk factors were modestly supportive of performance for the period. The Portfolio benefitted from its exposure to value characteristics, such as long-term reversal, which is the tendency of securities with high returns over the past three to five years to underperform relative to securities with low returns during the same period. The Russell 1000 Growth Index was a challenging benchmark to outperform given the level of concentration and narrowness of the market. Five of the top ten individual detractors were companies that were not held or held at an underweight versus the benchmark.

Please note that during this period, Jackson Square and Mar Vista were terminated to fund Polen and GQG in an effort to improve risk-adjusted performance for the Fund.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Large Co Growth Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Jackson Square Partners, LLC ("JSP") (terminated effective close of business December 14, 2021);

Mar Vista Investment Partners ("Mar Vista") (terminated effective close of business December 14, 2021);

J.P. Morgan Investment Management Inc. ("J.P. Morgan")

Polen Capital Management, LLC ("Polen")

GQG Partners LLC ("GQG")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

JSP: Jeffrey Van Harte, Daniel Prislin, Christopher Eriksen and William Montana;

Mar Vista: Brian L. Massey and Silas A. Myers;

J.P. Morgan: Giri Devulapally, Joseph Wilson, Larry H. Lee and Holly Fleiss

Polen: David Davidowitz and Brandon Ladoff

GQG: Rajiv Jain and James Anders

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

(continued on next page)

163

PACE Large Co Growth Equity Investments

Investment process
(concluded)

• A strategy in which the subadvisor seeks to identify companies with secular business models and opportunities to generate consistent, long-term growth of intrinsic business value.

• A strategy in which the subadvisor seeks to identify companies with sustainable competitive advantages and ample opportunities to grow and reinvest capital at high rates of return.

• A strategy in which the subadvisor employs a concentrated, fundamentally driven sustainable growth strategy.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. Also, to the extent the Portfolio invests a large portion of its assets in a particular sector, the Portfolio may experience greater volatility and risk of loss due to unfavorable developments in that sector. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

164

PACE Large Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.09	)%		11.21	%		23.26	%		17.43	%
Class Y2		(3.93	)		11.50			19.88			15.96
Class P3		(3.94	)		11.50			19.88			15.96
After deducting maximum sales charge
Class A1		(9.35	)		5.10			21.87			16.77
Russell 1000 Growth Index4		(0.06	)		17.52			22.28			18.03

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		8.11	%		20.14	%		26.21	%		19.20	%
Class Y2		8.26			20.40			22.74			17.70
Class P3		8.23			20.37			22.72			17.69
After deducting maximum sales charge
Class A1		2.16			13.55			24.79			18.53

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.13% and 1.13%; Class Y—0.87% and 0.87%; and Class P—0.88% and 0.88%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.14%; Class Y—0.89%; and Class P—0.89%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

165

PACE Large Co Growth Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
Alphabet, Inc., Class C	7.7	%
Microsoft Corp.	7.6
Apple, Inc.	5.9
Amazon.com, Inc.	4.6
Meta Platforms, Inc., Class A	3.6
Visa, Inc., Class A	2.0
Blackstone, Inc.	1.9
Mastercard, Inc., Class A	1.8
Adobe, Inc.	1.8
Lowe's Cos., Inc.	1.7
Total	38.6	%
Top five issuer breakdown by country or territory of origin
United States	98.6	%
Netherlands	0.5
United Kingdom	0.3
Argentina	0.1
Canada	0.0	†
Total	99.5	%
Sectors
Information Technology	33.3	%
Health Care	13.7
Consumer Discretionary	13.5
Communication Services	13.4
Financials	7.7
Industrials	4.6
Consumer Staples	3.4
Energy	1.7
Materials	1.5
Utilities	0.8
Total	93.6	%

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

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

166

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—93.6%
Aerospace & defense—0.3%
Lockheed Martin Corp.		8,427	$	3,279,199
Automobiles—1.4%
Rivian Automotive, Inc., Class A*		14,817		974,070
Tesla, Inc.*		16,020		15,006,254
				15,980,324
Banks—1.6%
JPMorgan Chase & Co.		27,149		4,034,341
SVB Financial Group*		17,755		10,367,145
Wells Fargo & Co.		61,079		3,286,050
				17,687,536
Beverages—0.8%
Coca-Cola Co.		23,831		1,453,929
Monster Beverage Corp.*		91,157		7,905,135
				9,359,064
Biotechnology—2.1%
AbbVie, Inc.		55,575		7,607,662
Alnylam Pharmaceuticals, Inc.*		2,483		341,661
Biogen, Inc.*		11,440		2,585,440
Exact Sciences Corp.*		15,002		1,145,552
Moderna, Inc.*		5,966		1,010,223
Regeneron Pharmaceuticals, Inc.*		10,367		6,309,252
Seagen, Inc.*		38,923		5,235,533
				24,235,323
Building products—0.8%
Trane Technologies PLC		53,600		9,278,160
Capital markets—5.5%
Blackstone, Inc.		164,906		21,762,645
Charles Schwab Corp.		184,764		16,203,803
KKR & Co., Inc.		24,306		1,729,615
Morgan Stanley		153,964		15,787,469
MSCI, Inc.		14,096		7,557,147
				63,040,679
Chemicals—0.7%
Sherwin-Williams Co.		27,357		7,838,054
Consumer finance—0.3%
Capital One Financial Corp.		25,318		3,714,910
Electric utilities—0.5%
Exelon Corp.		61,320		3,553,494
FirstEnergy Corp.		41,029		1,721,577
				5,275,071
Electrical equipment—0.7%
Rockwell Automation, Inc.		28,532		8,252,025
Electronic equipment, instruments & components—0.7%
Amphenol Corp., Class A		96,405		7,672,874
Energy equipment & services—0.1%
Schlumberger N.V.		15,177		592,965

	Number of shares		Value
Common stocks—(continued)
Entertainment—1.0%
Netflix, Inc.*		26,495	$	11,317,074
Roku, Inc.*		2,990		490,510
				11,807,584
Food & staples retailing—0.5%
Walmart, Inc.		43,170		6,035,598
Food products—0.3%
Mondelez International, Inc., Class A		43,680		2,927,870
Gas utilities—0.3%
Atmos Energy Corp.		36,502		3,913,745
Health care equipment & supplies—4.1%
Abbott Laboratories		151,794		19,347,663
ABIOMED, Inc.*		3,534		1,045,605
Align Technology, Inc.*		20,271		10,033,334
DexCom, Inc.*		9,519		4,097,739
Intuitive Surgical, Inc.*		43,218		12,281,691
				46,806,032
Health care providers & services—4.4%
CVS Health Corp.		52,457		5,587,195
HCA Healthcare, Inc.		57,755		13,864,088
McKesson Corp.		47,473		12,187,268
UnitedHealth Group, Inc.		38,387		18,140,545
				49,779,096
Hotels, restaurants & leisure—2.4%
Airbnb, Inc., Class A*		95,326		14,677,345
Booking Holdings, Inc.*		3,132		7,692,599
Chipotle Mexican Grill, Inc.*		3,140		4,664,721
				27,034,665
Household products—0.4%
Procter & Gamble Co.		28,458		4,566,086
Insurance—0.3%
American International Group, Inc.		60,519		3,494,972
Interactive media & services—12.1%
Alphabet, Inc., Class A*		2,111		5,712,514
Alphabet, Inc., Class C*		32,207		87,408,832
Match Group, Inc.*		22,520		2,538,004
Meta Platforms, Inc., Class A*		130,930		41,015,132
Snap, Inc., Class A*		39,544		1,286,761
				137,961,243
Internet & direct marketing retail—4.9%
Amazon.com, Inc.*		17,446		52,189,186
Etsy, Inc.*		16,484		2,589,307
MercadoLibre, Inc.*		639		723,386
Wayfair, Inc., Class A*		1,580		246,353
				55,748,232
IT services—6.4%
Accenture PLC, Class A		42,283		14,950,423
Affirm Holdings, Inc.*		10,001		640,764

167

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
IT services—(concluded)
Block Inc.*		13,320	$	1,628,903
Mastercard, Inc., Class A		54,035		20,878,043
MongoDB, Inc.*		5,912		2,395,010
PayPal Holdings, Inc.*		55,905		9,612,306
Shopify, Inc., Class A*		126		121,494
Twilio, Inc., Class A*		2,295		473,046
Visa, Inc., Class A		99,280		22,454,158
				73,154,147
Life sciences tools & services—1.0%
Illumina, Inc.*		18,722		6,530,608
Syneos Health, Inc.*		23,016		2,084,329
Thermo Fisher Scientific, Inc.		4,358		2,533,305
				11,148,242
Machinery—1.7%
Deere & Co.		51,937		19,549,087
Media—0.2%
Charter Communications, Inc., Class A*		4,331		2,569,756
Metals & mining—0.8%
Freeport-McMoRan, Inc.		178,989		6,661,970
Newmont Corp.		45,781		2,800,424
				9,462,394
Multiline retail—0.3%
Target Corp.		13,343		2,941,198
Oil, gas & consumable fuels—1.6%
Devon Energy Corp.		104,247		5,271,771
Exxon Mobil Corp.		102,600		7,793,496
Occidental Petroleum Corp.		141,177		5,318,137
				18,383,404
Personal products—0.6%
Estee Lauder Cos., Inc., Class A		23,092		7,199,855
Pharmaceuticals—2.1%
AstraZeneca PLC, ADR		54,271		3,159,115
Eli Lilly & Co.		8,408		2,063,239
Johnson & Johnson		28,423		4,896,998
Zoetis, Inc.		69,992		13,983,702
				24,103,054
Professional services—1.0%
Equifax, Inc.		22,652		5,431,044
Verisk Analytics, Inc.		31,734		6,223,989
				11,655,033
Semiconductors & semiconductor equipment—3.8%
Advanced Micro Devices, Inc.*		98,427		11,245,285
ASML Holding N.V. NY Registered Shares		9,118		6,174,710

	Number of shares		Value
Common stocks—(concluded)
Semiconductors & semiconductor equipment—(concluded)
Enphase Energy, Inc.*		5,395	$	757,836
Lam Research Corp.		8,694		5,128,764
NVIDIA Corp.		47,179		11,552,250
Texas Instruments, Inc.		46,109		8,276,104
				43,134,949
Software—16.6%
Adobe, Inc.*		38,078		20,345,075
Autodesk, Inc.*		56,779		14,182,826
HubSpot, Inc.*		5,274		2,577,931
Intuit, Inc.		19,118		10,614,887
Microsoft Corp.		278,800		86,701,224
Oracle Corp.		180,467		14,646,702
salesforce.com, Inc.*		71,548		16,644,211
ServiceNow, Inc.*		22,409		13,126,744
Synopsys, Inc.*		25,569		7,939,175
Trade Desk, Inc., Class A*		5,781		402,011
Workday, Inc., Class A*		6,190		1,566,132
				188,746,918
Specialty retail—3.3%
AutoZone, Inc.*		7,248		14,397,065
Carvana Co.*		21,361		3,461,764
Lowe's Cos., Inc.		83,016		19,703,847
				37,562,676
Technology hardware, storage & peripherals—5.9%
Apple, Inc.		384,202		67,150,826
Textiles, apparel & luxury goods—1.3%
Nike, Inc., Class B		51,789		7,668,397
Tapestry, Inc.		190,821		7,241,657
				14,910,054
Tobacco—0.8%
Altria Group, Inc.		91,823		4,671,954
Philip Morris International, Inc.		44,594		4,586,493
				9,258,447
Total common stocks (cost—$898,573,679)				1,067,211,347
Short-term investments—5.9%
Investment companies—5.9%
State Street Institutional U.S. Government Money Market Fund, 0.030%1 (cost—$67,755,907)		67,755,907		67,755,907
Total investments (cost—$966,329,586)—99.5%				1,134,967,254
Other assets in excess of liabilities—0.5%				5,341,840
Net assets—100.0%			$	1,140,309,094

168

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	1,067,211,347	$	—	$	—	$	1,067,211,347
Short-term investments		—		67,755,907		—		67,755,907
Total	$	1,067,211,347	$	67,755,907	$	—	$	1,134,967,254

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

¹  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
169

PACE Small/Medium Co Value Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -1.27% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Value Index (the "benchmark") returned 0.34%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 172. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio underperformed its benchmark during the reporting period. Stock selection was the primary detractor to relative returns. Stock selection within Industrials, Energy and Information Technology sectors was most challenging while stock selection within Financials and Health Care had a positive impact. Sector allocation was an additional headwind relative to the benchmark, particularly the overweight to the Information Technology and Consumer Discretionary sectors, as these sectors lagged the benchmark during this time period.

Style factors were modestly supportive during the period as liquidity and leverage were rewarded but partially offset by value characteristics such as book to price and earnings yield as well as size.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Small/Medium Co Value Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Kayne Anderson Rudnick, LLC ("Kayne Anderson Rudnick"); Sapience Investments, LLC ("Sapience");
Huber Capital Management LLC ("Huber")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Kayne Anderson Rudnick: Julie Kutasov and Craig Stone Sapience: Samir Sikka;

Huber Capital: Joseph Huber

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A "value equity" strategy in which the subadvisor targets smaller capitalization companies with sustainable business models selling below their perceived value.

• A strategy that employs a fundamental, bottom-up, research-driven investment style and follows a disciplined investment process to identify high-quality companies.

• A "deep value" strategy that seeks long-term total investment return through capital appreciation, generally investing in common stocks of US companies that are considered to be undervalued.

170

PACE Small/Medium Co Value Equity Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. In addition, small- and mid-cap companies are typically subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they are considered to have a higher level of volatility and risk.

171

PACE Small/Medium Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		(1.37	)%		16.45	%		8.74	%		11.09	%
Class Y2		(1.26	)		16.71			8.99			11.30
Class P3		(1.27	)		16.64			8.93			11.26
Class P25		—			—			—			(0.72	)
After deducting maximum sales charge
Class A1		(6.79	)		10.04			7.52			10.46
Russell 2500 Value Index4		0.34			18.67			8.62			11.23

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		1.17	%		25.52	%		9.89	%		12.38	%
Class Y2		1.28			25.74			10.13			12.58
Class P3		1.22			25.71			10.07			12.55
Class P25		—			—			—			4.64
After deducting maximum sales charge
Class A1		(4.40	)		18.63			8.65			11.74

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.20% and 1.20%; Class Y—1.00% and 1.00%; Class P—1.02% and 1.02%; and P2—1.02% and 0.58%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.29%; Class Y—1.04%; and Class P—1.04%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The Portfolio and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated through November 30, 2022 with respect to Class P2 to waive (i) its management fees in an amount equal to the portion of the management fees UBS AM retains after payment by UBS AM of any sub-advisory fees, and (ii) its administrative services fees in an amount equal to the portion of the administrative services fees UBS AM retains after payment by UBS AM of any sub-administration fees and charges paid to third parties. These fee waiver/expense reimbursement agreements may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive, if applicable.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the US equity universe. It includes those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500 Value Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect value characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  Inception date of Class P2 of PACE Small/Medium Co Value Equity Investments is September 15, 2021.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

172

PACE Small/Medium Co Value Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
Samsonite International SA, ADR	1.5	%
Cheesecake Factory, Inc.	1.5
Scotts Miracle-Gro Co.	1.5
Webster Financial Corp.	1.4
Diebold Nixdorf, Inc.	1.4
W. R. Berkley Corp.	1.3
Viper Energy Partners LP	1.2
PDC Energy, Inc.	1.2
Capri Holdings Ltd.	1.2
Terminix Global Holdings, Inc.	1.2
Total	13.4	%
Top five issuer breakdown by country or territory of origin
United States	95.2	%
Puerto Rico	1.0
Bermuda	0.9
Argentina	0.8
Cameroon, United Republic Of	0.8
Total	98.7	%
Sectors
Financials	22.4	%
Industrials	18.7
Information Technology	13.8
Consumer Discretionary	12.8
Health Care	6.7
Energy	6.1
Real Estate	5.6
Consumer Staples	4.9
Materials	4.6
Utilities	2.1
Communication Services	1.4
Total	99.1	%

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

173

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—99.0%
Auto components—1.2%
Adient PLC*		53,800	$	2,257,986
Gentex Corp.		105,565		3,314,741
				5,572,727
Automobiles—1.1%
Thor Industries, Inc.		52,849		4,998,987
Banks—13.3%
Ameris Bancorp		87,420		4,310,680
Atlantic Capital Bancshares, Inc.*		64,050		1,929,186
Bank of Hawaii Corp.		55,137		4,745,642
Bank of NT Butterfield & Son Ltd.		117,575		4,309,124
Bank OZK		81,250		3,806,563
Banner Corp.		73,550		4,568,191
Carter Bankshares, Inc.*		96,590		1,486,520
Cathay General Bancorp		91,450		4,129,882
Central Pacific Financial Corp.		116,380		3,386,658
First Bancorp/Southern Pines NC		13,000		570,830
First Citizens BancShares, Inc., Class A		3,900		3,038,412
First Horizon Corp.		224,802		3,846,362
Glacier Bancorp, Inc.		80,325		4,171,277
Hancock Whitney Corp.		73,220		3,860,158
Popular, Inc.		49,920		4,451,366
Regions Financial Corp.		31,600		724,904
Truist Financial Corp.		21,600		1,356,912
Webster Financial Corp.		114,730		6,517,811
				61,210,478
Beverages—0.8%
National Beverage Corp.		85,634		3,825,271
Biotechnology—0.4%
Anika Therapeutics, Inc.*		54,600		1,736,280
Building products—2.8%
Armstrong World Industries, Inc.		34,439		3,410,150
Carrier Global Corp.		16,900		805,792
Lennox International, Inc.		13,537		3,839,364
Resideo Technologies, Inc.*		112,155		2,779,201
Zurn Water Solutions Corp.		61,290		1,871,796
				12,706,303
Capital markets—2.0%
Artisan Partners Asset Management, Inc., Class A		84,155		3,636,338
Jefferies Financial Group, Inc.		10,000		366,400
LPL Financial Holdings, Inc.		21,376		3,683,512
Virtus Investment Partners, Inc.		6,502		1,701,443
				9,387,693
Chemicals—3.4%
Axalta Coating Systems Ltd.*		110,750		3,279,308
Innospec, Inc.		33,900		3,151,344
Scotts Miracle-Gro Co.		44,182		6,680,318
Valvoline, Inc.		71,555		2,357,022
				15,467,992

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—1.6%
KAR Auction Services, Inc.*		254,630	$	3,620,838
Stericycle, Inc.*		67,570		3,969,062
				7,589,900
Communications equipment—1.8%
Comtech Telecommunications Corp.		164,775		3,349,876
Plantronics, Inc.*		184,415		4,914,660
				8,264,536
Consumer finance—1.5%
Enova International, Inc.*		49,180		1,980,970
Navient Corp.		110,210		1,920,960
SLM Corp.		170,005		3,117,892
				7,019,822
Diversified consumer services—1.3%
H&R Block, Inc.		16,400		374,904
Terminix Global Holdings, Inc.*		128,551		5,545,690
				5,920,594
Diversified telecommunication services—0.7%
Liberty Latin America Ltd., Class A*		295,290		3,230,473
Electric utilities—2.0%
Entergy Corp.		8,100		905,337
Evergy, Inc.		13,494		876,570
IDACORP, Inc.		33,475		3,689,615
Portland General Electric Co.		72,520		3,810,201
				9,281,723
Electrical equipment—0.8%
EnerSys		47,240		3,539,693
Electronic equipment, instruments & components—1.8%
CDW Corp.		14,696		2,778,279
Zebra Technologies Corp., Class A*		10,645		5,419,582
				8,197,861
Energy equipment & services—1.2%
ChampionX Corp.*		208,100		4,661,440
TETRA Technologies, Inc.*		304,073		890,934
				5,552,374
Entertainment—0.6%
Lions Gate Entertainment Corp., Class B*		179,221		2,613,042
Equity real estate investment trusts—6.3%
American Campus Communities, Inc.		47,400		2,477,124
CatchMark Timber Trust, Inc., Class A		42,193		345,983
Corporate Office Properties Trust		141,400		3,571,764
Granite Real Estate Investment Trust		21,690		1,652,127
Hudson Pacific Properties, Inc.		172,680		4,080,428
Lamar Advertising Co., Class A		25,006		2,769,665
MGM Growth Properties LLC, Class A		115,063		4,473,649
Office Properties Income Trust		16,374		417,210

174

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Equity real estate investment trusts—(concluded)
Outfront Media, Inc.		159,225	$	3,955,149
Physicians Realty Trust		294,200		5,372,092
				29,115,191
Food & staples retailing—1.1%
U.S. Foods Holding Corp.*		140,170		4,942,394
Food products—1.7%
Conagra Brands, Inc.		10,300		358,028
Lamb Weston Holdings, Inc.		4,400		282,524
Post Holdings, Inc.*		29,980		3,172,484
TreeHouse Foods, Inc.*		94,795		3,671,410
Tyson Foods, Inc., Class A		5,800		527,162
				8,011,608
Health care equipment & supplies—1.8%
CONMED Corp.		4,000		550,320
Envista Holdings Corp.*		94,150		4,071,046
Integra LifeSciences Holdings Corp.*		60,230		3,899,290
				8,520,656
Health care providers & services—3.6%
Acadia Healthcare Co., Inc.*		77,220		4,065,633
AdaptHealth Corp.*		151,430		2,862,027
CorVel Corp.*		14,170		2,495,620
Hanger, Inc.*		280,985		5,094,258
Select Medical Holdings Corp.		57,600		1,338,048
Tenet Healthcare Corp.*		8,800		652,256
				16,507,842
Hotels, restaurants & leisure—3.2%
Boston Pizza Royalties Income Fund		26,900		326,432
Cheesecake Factory, Inc.*		189,799		6,772,028
Despegar.com Corp.*		333,922		3,960,315
Six Flags Entertainment Corp.*		92,620		3,657,564
				14,716,339
Household durables—0.1%
Taylor Morrison Home Corp.*		14,100		432,729
Household products—0.5%
WD-40 Co.		10,450		2,322,617
Insurance—3.3%
Argo Group International Holdings Ltd.		71,570		4,063,745
Assured Guaranty Ltd.		64,040		3,412,692
CNO Financial Group, Inc.		83,237		2,075,931
W. R. Berkley Corp.		69,495		5,872,327
				15,424,695
IT services—3.5%
Alliance Data Systems Corp.		37,990		2,622,830
Broadridge Financial Solutions, Inc.		29,750		4,736,795
DXC Technology Co.*		80,130		2,410,310
Jack Henry & Associates, Inc.		31,687		5,317,395
VeriSign, Inc.*		3,900		847,002
				15,934,332

	Number of shares		Value
Common stocks—(continued)
Leisure products—0.4%
JAKKS Pacific, Inc.*,1		215,787	$	1,898,926
Life sciences tools & services—0.9%
Syneos Health, Inc.*		47,345		4,287,563
Machinery—8.3%
Altra Industrial Motion Corp.		77,305		3,732,285
EnPro Industries, Inc.		41,950		4,405,589
Graco, Inc.		62,050		4,502,348
Helios Technologies, Inc.		35,445		2,716,150
John Bean Technologies Corp.		25,688		3,467,880
Lincoln Electric Holdings, Inc.		18,595		2,377,185
Miller Industries, Inc.		65,159		2,050,554
Oshkosh Corp.		23,373		2,660,081
RBC Bearings, Inc.*		25,886		4,671,647
Terex Corp.		76,065		3,173,432
Toro Co.		44,921		4,338,470
				38,095,621
Marine—1.1%
Kirby Corp.*		78,780		5,134,880
Media—0.2%
ViacomCBS, Inc., Class B		20,500		685,725
Metals & mining—1.1%
Allegheny Technologies, Inc.*		273,780		5,007,436
Mortgage real estate investment trust—0.8%
Redwood Trust, Inc.		308,609		3,805,149
Multi-utilities—0.1%
Black Hills Corp.		7,200		487,728
Oil, gas & consumable fuels—4.9%
Chesapeake Energy Corp.		6,800		463,556
Devon Energy Corp.		23,000		1,163,110
EQT Corp.*		252,115		5,357,444
Golar LNG Ltd.*		252,793		3,627,580
Gulfport Energy Corp.*		9,500		621,775
PDC Energy, Inc.		95,320		5,649,616
Viper Energy Partners LP		213,480		5,772,499
				22,655,580
Paper & forest products—0.2%
Mercer International, Inc.		57,868		703,096
Personal products—0.7%
elf Beauty, Inc.*		115,840		3,424,230
Professional services—3.2%
KBR, Inc.		90,400		3,923,360
Resources Connection, Inc.		182,345		3,178,273
Science Applications International Corp.		25,400		2,083,562
TransUnion		52,650		5,429,268
				14,614,463
Road & rail—0.9%
Landstar System, Inc.		27,100		4,336,000

175

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Semiconductors & semiconductor equipment—0.9%
Teradyne, Inc.		36,996	$	4,344,440
Software—4.4%
8x8, Inc.*		99,260		1,523,641
American Software, Inc., Class A		136,714		3,143,055
CDK Global, Inc.		54,100		2,324,677
Dolby Laboratories, Inc., Class A		56,914		4,999,895
New Relic, Inc.*		40,240		4,230,833
SailPoint Technologies Holding, Inc.*		89,520		3,463,529
Xperi Holding Corp.		30,979		522,616
				20,208,246
Specialty retail—2.8%
Gap, Inc.		90,500		1,635,335
Leslie's, Inc.*		204,418		4,258,027
Rent-A-Center, Inc.		83,100		3,502,665
Tilly's, Inc., Class A		29,183		384,632
Urban Outfitters, Inc.*		115,765		3,324,771
				13,105,430
Technology hardware, storage & peripherals—1.5%
Diebold Nixdorf, Inc.*		676,340		6,317,016
Xerox Holdings Corp.		24,200		510,862
				6,827,878

	Number of shares		Value
Common stocks—(concluded)
Textiles, apparel & luxury goods—2.7%
Capri Holdings Ltd.*		92,495	$	5,556,175
Carter's, Inc.		1,200		111,744
Samsonite International SA, ADR*		652,625		6,917,825
				12,585,744
Thrifts & mortgage finance—0.5%
Essent Group Ltd.		53,830		2,456,801
Total common stocks (cost—$352,053,700)				456,709,088
Investment companies—0.1%
Sprott Physical Uranium Trust* (cost—$520,683)		61,250		679,404
Short-term investments—1.0%
Investment companies—1.0%
State Street Institutional U.S. Government Money Market Fund, 0.030%2 (cost—$4,707,059)		4,707,059		4,707,059
Total investments (cost—$357,281,442)—100.1%				462,095,551
Liabilities in excess of other assets—(0.1)%				(604,669	)
Net assets—100.0%			$	461,490,882

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Investments measured at fair value using the net asset value per share (or its equivalent) practical expedient		Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	—	$	456,709,088	$	—	$	—	$	456,709,088
Investment companies		679,404		—		—		—		679,404
Short-term investments		—		—		4,707,059		—		4,707,059
Total	$	679,404	$	456,709,088	$	4,707,059	$	—	$	462,095,551

Portfolio footnotes

*  Non-income producing security.

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

²  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
176

PACE Small/Medium Co Growth Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -12.39% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Growth Index (the "benchmark") returned -14.24%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 179. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio outperformed its benchmark during the reporting period. Stock selection was the main contributor for relative returns primarily due to strong performance in Information Technology. Stock selection in Health Care also contributed but was offset by challenging performance in Consumer Discretionary. Sector allocation was a modest headwind relative to the benchmark due to an underweight to Real Estate.

Risk factors were supportive of performance for the period. The Portfolio received a significant benefit from its momentum, liquidity, and value positioning. Cash was additive in a very challenging period for the benchmark.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE Small/Medium Co Growth Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Riverbridge Partners, LLC ("Riverbridge");

Calamos Advisors LLC ("Calamos"), Jacobs Levy Equity Management, Inc. ("Jacobs Levy")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Riverbridge: Mark Thompson and Ross Johnson;

Calamos: Brandon Nelson

Jacobs Levy: Bruce I. Jacobs and Kenneth N. Levy

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A growth strategy that focuses on companies viewed as building their earnings power and intrinsic value.

• A strategy in which the subadvisor seeks to identify and exploit the perception gap that exits between a company's business strength and the market's expectation of that strength.

• A strategy in which the subadvisor invests primarily in growth-oriented equity securities of small- and mid-cap companies selected based on a multidimensional quantitative investment process.

177

PACE Small/Medium Co Growth Equity Investments

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. In addition, small- and mid-cap companies are typically subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they are considered to have a higher level of volatility and risk. Also, to the extent the Portfolio invests a large portion of its assets in a particular sector, the Portfolio may experience greater volatility and risk of loss due to unfavorable developments in that sector.

178

PACE Small/Medium Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		(12.45	)%		(3.28	)%		15.45	%		12.50	%
Class Y2		(12.24	)		(3.00	)		15.74			12.71
Class P3		(12.39	)		(3.13	)		15.62			12.66
Class P25		—			—			—			(14.90	)
After deducting maximum sales charge
Class A1		(17.25	)		(8.58	)		14.14			11.87
Russell 2500 Growth Index4		(14.24	)		(11.29	)		13.83			13.28

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years or Inception
Before deducting maximum sales charge
Class A1		(0.95	)%		14.02	%		19.23	%		14.79	%
Class Y2		(0.66	)		14.39			19.54			14.99
Class P3		(0.80	)		14.25			19.42			14.95
Class P25		—			—			—			(3.09	)
After deducting maximum sales charge
Class A1		(6.41	)		7.74			17.89			14.14

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.19% and 1.19%; Class Y—2.20% and 1.08%; Class P—1.03% and 1.03% and P2—1.03% and 0.61%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.33%; Class Y—1.08%; and Class P—1.08%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The Portfolio and UBS AM have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated through November 30, 2022 with respect to Class P2 to waive (i) its management fees in an amount equal to the portion of the management fees UBS AM retains after payment by UBS AM of any sub-advisory fees, and (ii) its administrative services fees in an amount equal to the portion of the administrative services fees UBS AM retains after payment by UBS AM of any sub-administration fees and charges paid to third parties. These fee waiver/expense reimbursement agreements may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive, if applicable.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  Inception date of Class P2 of PACE Small/Medium Co Growth Equity Investments is September 15, 2021.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

179

PACE Small/Medium Co Growth Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
Globant SA	1.7	%
SPS Commerce, Inc.	1.5
Ritchie Bros Auctioneers, Inc.	1.5
Workiva, Inc.	1.4
Five Below, Inc.	1.2
Kornit Digital Ltd.	1.2
Grand Canyon Education, Inc.	1.2
Blackline, Inc.	1.2
Paylocity Holding Corp.	1.2
Amedisys, Inc.	1.2
Total	13.3	%
Top five issuer breakdown by country or territory of origin
United States	95.4	%
Canada	2.2
Israel	1.2
Bermuda	0.6
Ireland	0.3
Total	99.7	%
Sectors
Information Technology	27.7	%
Health Care	21.3
Consumer Discretionary	16.0
Industrials	14.7
Financials	7.8
Consumer Staples	3.4
Materials	2.6
Energy	2.0
Communication Services	1.8
Utilities	0.6
Real Estate	0.5
Total	98.4	%

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

180

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—98.4%
Aerospace & defense—0.3%
Axon Enterprise, Inc.*		4,813	$	673,483
Howmet Aerospace, Inc.		20,628		641,325
				1,314,808
Auto components—1.2%
Adient PLC*		8,176		343,147
Gentex Corp.		72,095		2,263,783
Modine Manufacturing Co.*		11,502		105,243
Stoneridge, Inc.*		16,849		317,941
Tenneco, Inc., Class A*		25,881		271,751
Visteon Corp.*		14,248		1,446,314
				4,748,179
Banks—1.8%
CrossFirst Bankshares, Inc.*		10,150		156,919
Customers Bancorp, Inc.*		16,555		965,156
FB Financial Corp.		2,570		114,416
Five Star Bancorp		877		27,187
Great Western Bancorp, Inc.		7,646		236,108
Metrocity Bankshares, Inc.		1,188		30,639
Metropolitan Bank Holding Corp.*		3,810		381,000
Northeast Bank		3,992		145,788
Origin Bancorp, Inc.		848		36,227
Synovus Financial Corp.		8,818		438,784
Texas Capital Bancshares, Inc.*		11,660		731,082
Triumph Bancorp, Inc.*		13,354		1,168,208
Western Alliance Bancorp		19,185		1,902,960
Wintrust Financial Corp.		11,819		1,159,089
				7,493,563
Beverages—1.0%
Boston Beer Co., Inc., Class A*		2,991		1,258,703
Celsius Holdings, Inc.*,1		19,418		926,821
Coca-Cola Consolidated, Inc.		3,435		1,968,255
				4,153,779
Biotechnology—4.8%
ACADIA Pharmaceuticals, Inc.*		55,620		1,250,894
Akebia Therapeutics, Inc.*		69,836		138,974
Alkermes PLC*		86,995		2,218,373
Alpine Immune Sciences, Inc.		1,000		8,500
Amicus Therapeutics, Inc.*		139,046		1,308,423
Apellis Pharmaceuticals, Inc.*		9,049		364,403
Arrowhead Pharmaceuticals, Inc.*		5,578		294,295
Athenex, Inc.*		62,227		63,472
Chinook Therapeutics, Inc.*,2,3		9,389		0
CytomX Therapeutics, Inc.*		70,826		325,800
Deciphera Pharmaceuticals, Inc.*		18,600		156,798
Eagle Pharmaceuticals, Inc.*		16,188		743,677
Enanta Pharmaceuticals, Inc.*		7,657		454,979
Exelixis, Inc.*		118,738		2,149,158
FibroGen, Inc.*		58,576		883,912
Harpoon Therapeutics, Inc.*		9,300		49,197
Intercept Pharmaceuticals, Inc.*,1		31,260		512,351
Ionis Pharmaceuticals, Inc.*		65,713		2,089,673
MiMedx Group, Inc.*		20,604		102,196

	Number of shares		Value
Common stocks—(continued)
Biotechnology—(concluded)
Mirum Pharmaceuticals, Inc.*		9,325	$	177,641
Prelude Therapeutics, Inc.*		8,255		81,972
Prothena Corp. PLC*		12,556		427,908
PTC Therapeutics, Inc.*		33,178		1,334,419
Radius Health, Inc.*		77,231		585,411
Sarepta Therapeutics, Inc.*		22,765		1,629,291
Selecta Biosciences, Inc.*		75,736		189,340
Seres Therapeutics, Inc.*		40,327		336,327
Shattuck Labs, Inc.		4,200		29,022
Sutro Biopharma, Inc.		4,000		42,720
Travere Therapeutics, Inc.*		60,768		1,671,120
				19,620,246
Building products—1.0%
Advanced Drainage Systems, Inc.		11,407		1,290,018
Masonite International Corp.*		8,517		845,227
Tecnoglass, Inc.		64,522		1,329,153
Trex Co., Inc.*		5,490		502,170
				3,966,568
Capital markets—1.0%
Donnelley Financial Solutions, Inc.		3,140		116,871
Focus Financial Partners, Inc., Class A*		14,616		736,062
Greenhill & Co., Inc.		17,939		299,222
LPL Financial Holdings, Inc.		14,677		2,529,141
StoneX Group, Inc.*		7,860		515,694
				4,196,990
Chemicals—1.3%
American Vanguard Corp.		20,171		305,994
Chemours Co.		46,064		1,506,753
Kronos Worldwide, Inc.		12,030		172,630
Olin Corp.		14,165		717,741
Orion Engineered Carbons SA		40,157		686,685
Trinseo PLC		19,433		1,040,443
Westlake Chemical Corp.		8,744		862,596
				5,292,842
Commercial services & supplies—2.9%
Cimpress PLC*		10,579		711,120
Driven Brands Holdings, Inc.*		16,505		466,266
Healthcare Services Group, Inc.		116,650		2,121,864
Interface, Inc.		4,495		59,604
Montrose Environmental Group, Inc.*		32,799		1,501,210
Ritchie Bros Auctioneers, Inc.		97,738		5,958,108
Tetra Tech, Inc.		6,350		883,857
				11,702,029
Communications equipment—1.8%
ADTRAN, Inc.		8,124		156,062
CalAmp Corp.*		29,835		177,220
Calix, Inc.		3,284		165,120
Cambium Networks Corp.*		3,385		81,849
Casa Systems, Inc.*		42,200		186,946
CommScope Holding Co., Inc.*		137,789		1,293,839
DZS, Inc.*		10,532		154,188

181

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Communications equipment—(concluded)
EMCORE Corp.*		38,898	$	225,997
Extreme Networks, Inc.*		143,118		1,816,167
Harmonic, Inc.*		71,076		764,778
Infinera Corp.*,1		119,125		1,003,033
Lantronix, Inc.		49,857		360,466
Plantronics, Inc.*		33,238		885,793
				7,271,458
Construction & engineering—2.0%
EMCOR Group, Inc.		18,160		2,164,854
MYR Group, Inc.*		17,107		1,608,571
Sterling Construction Co., Inc.*		8,205		208,489
WillScot Mobile Mini Holdings Corp.*		108,553		4,020,803
				8,002,717
Construction materials—0.3%
Summit Materials, Inc., Class A*		34,451		1,225,078
Consumer finance—0.9%
Credit Acceptance Corp.		694		374,455
Green Dot Corp., Class A*		26,526		841,139
PRA Group, Inc.*		51,543		2,396,749
Regional Management Corp.		3,805		193,142
				3,805,485
Containers & packaging—0.6%
O-I Glass, Inc.*		78,227		1,041,201
Ranpak Holdings Corp.*		58,897		1,581,974
				2,623,175
Diversified consumer services—2.4%
2U, Inc.*		115,124		1,858,101
Carriage Services, Inc.		7,480		376,394
European Wax Center, Inc., Class A*		27,787		679,114
Frontdoor, Inc.*		21,239		770,976
Grand Canyon Education, Inc.*		58,593		4,903,062
Houghton Mifflin Harcourt Co.*		53,924		971,171
				9,558,818
Diversified telecommunication services—0.7%
Cogent Communications Holdings, Inc.		36,731		2,336,459
Ooma, Inc.*		37,613		678,538
				3,014,997
Electric utilities—0.6%
NRG Energy, Inc.		55,966		2,234,722
Electrical equipment—0.8%
Atkore, Inc.*		22,061		2,377,734
Generac Holdings, Inc.*		1,368		386,296
Vicor Corp.*		4,820		454,671
				3,218,701
Electronic equipment, instruments & components—2.0%
Arlo Technologies, Inc.*		40,297		350,181
Identiv, Inc.*		9,710		187,597
IPG Photonics Corp.*		2,278		351,883

	Number of shares		Value
Common stocks—(continued)
Electronic equipment, instruments & components—(concluded)
Itron, Inc.*		19,904	$	1,234,048
Jabil, Inc.		43,104		2,650,465
Kimball Electronics, Inc.*		16,498		326,495
National Instruments Corp.		59,672		2,459,680
Plexus Corp.*		1,530		118,606
Vontier Corp.		18,300		514,413
				8,193,368
Energy equipment & services—0.9%
Aspen Aerogels, Inc.*		21,815		647,906
Cactus, Inc., Class A		21,174		1,026,092
Patterson-UTI Energy, Inc.		113,205		1,127,522
ProPetro Holding Corp.		57,416		603,442
RPC, Inc.		28,430		168,021
				3,572,983
Equity real estate investment trusts—1.3%
American Finance Trust, Inc.		26,144		215,949
CatchMark Timber Trust, Inc., Class A		52,413		429,787
Community Healthcare Trust, Inc.		7,638		346,307
EastGroup Properties, Inc.		8,792		1,757,609
NexPoint Residential Trust, Inc.		7,777		616,716
Ryman Hospitality Properties, Inc.*		21,706		1,918,810
				5,285,178
Food & staples retailing—0.2%
The Andersons, Inc.		13,994		533,172
United Natural Foods, Inc.*		4,671		181,141
				714,313
Food products—1.2%
Calavo Growers, Inc.		15,883		657,715
Darling Ingredients, Inc.*		8,556		545,616
Freshpet, Inc.*		30,766		2,862,161
Pilgrim's Pride Corp.*		23,660		661,770
				4,727,262
Health care equipment & supplies—5.0%
Accuray, Inc.*		147,533		538,495
Apollo Endosurgery, Inc.*		19,813		109,170
Apyx Medical Corp.*		44,782		514,993
AxoGen, Inc.		24,263		211,331
BioLife Solutions, Inc.*		15,042		448,853
Cardiovascular Systems, Inc.*		28,516		501,026
Cutera, Inc.*,1		10,220		372,110
Eargo, Inc. 1		1,960		9,428
Glaukos Corp.*		33,882		1,803,878
Heska Corp.*		17,404		2,394,442
Inogen, Inc.*		11,117		330,508
iRadimed Corp.*		22,543		897,662
iRhythm Technologies, Inc.		5,871		732,877
LivaNova PLC*		32,636		2,451,290
Merit Medical Systems, Inc.*		34,014		1,886,076
Neogen Corp.*		63,735		2,324,416
OrthoPediatrics Corp.*		30,514		1,443,007
Paragon 28, Inc.*		8,242		124,042

182

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—(concluded)
Shockwave Medical, Inc.*		13,756	$	1,994,207
STAAR Surgical Co.*		7,544		548,600
Surmodics, Inc.*		6,020		274,994
ViewRay, Inc.*		72,198		314,061
				20,225,466
Health care providers & services—7.0%
Amedisys, Inc.*		35,266		4,764,437
AMN Healthcare Services, Inc.*		36,605		3,709,551
Cardinal Health, Inc.		11,796		608,320
Chemed Corp.		5,810		2,724,367
Community Health Systems, Inc.*		14,831		188,205
Cross Country Healthcare, Inc.		7,650		164,552
DaVita, Inc.*		3,254		352,636
Ensign Group, Inc.		57,376		4,327,872
InfuSystem Holdings, Inc.*		21,914		330,901
Molina Healthcare, Inc.*		9,268		2,692,169
Pennant Group, Inc.*		78,349		1,302,160
Privia Health Group, Inc.*		125,161		2,663,426
Progyny, Inc.*		48,261		1,954,570
Tenet Healthcare Corp.*		7,559		560,273
US Physical Therapy, Inc.		22,316		2,159,519
				28,502,958
Health care technology—2.1%
Certara, Inc.*		89,267		2,386,107
Health Catalyst, Inc.*		63,667		1,900,460
Inspire Medical Systems, Inc.*		6,504		1,439,270
Omnicell, Inc.		4,007		601,611
OptimizeRx Corp.*		15,628		702,166
Phreesia, Inc.*		51,773		1,614,800
				8,644,414
Hotels, restaurants & leisure—2.5%
Everi Holdings, Inc.*		62,495		1,235,526
Full House Resorts, Inc.*		80,898		714,329
International Game Technology PLC1		79,449		2,126,850
Noodles & Co.*		18,799		158,100
ONE Group Hospitality,Inc.*		35,514		447,476
PlayAGS, Inc.*		77,349		602,549
Red Robin Gourmet Burgers, Inc.*		11,318		166,941
SeaWorld Entertainment, Inc.*		12,280		731,642
Six Flags Entertainment Corp.*		14,767		583,149
Travel + Leisure Co.		30,381		1,725,641
Wingstop, Inc.		10,242		1,569,586
Xponential Fitness, Inc., Class A*		13,682		238,888
				10,300,677
Household durables—2.4%
Century Communities, Inc.		16,227		1,068,548
GoPro, Inc., Class A*		138,718		1,229,042
Hooker Furniture Corp.		5,257		115,864
Lovesac Co.*		25,630		1,380,176
Meritage Homes Corp.*		5,244		535,045
Skyline Champion Corp.*		18,719		1,260,537

	Number of shares		Value
Common stocks—(continued)
Household durables—(concluded)
Toll Brothers, Inc.		21,926	$	1,292,976
TopBuild Corp.*		11,312		2,631,737
Tri Pointe Homes, Inc.*		14,477		344,697
				9,858,622
Insurance—2.7%
Alleghany Corp.*		3,030		2,011,920
BRP Group, Inc., Class A*		53,068		1,619,635
Everest Re Group Ltd.		6,246		1,770,117
Goosehead Insurance, Inc., Class A		22,661		2,233,921
Heritage Insurance Holdings, Inc.		5,251		32,714
James River Group Holdings Ltd.		16,369		463,570
Lincoln National Corp.		3,671		256,897
Palomar Holdings, Inc.*		4,500		237,375
RenaissanceRe Holdings Ltd.		14,742		2,317,000
				10,943,149
Interactive media & services—1.0%
EverQuote, Inc., Class A*		2,980		49,051
Outbrain, Inc.		5,179		65,359
Vimeo, Inc.*		67,790		993,124
Yelp, Inc.*		45,917		1,585,973
ZipRecruiter, Inc., Class A*		69,309		1,503,312
				4,196,819
Internet & catalog retail—0.5%
RumbleON, Inc., Class B*		20,770		738,166
ThredUp, Inc., Class A*,1		135,865		1,259,468
				1,997,634
Internet & direct marketing retail—0.8%
Fiverr International Ltd.*,1		22,178		1,892,005
Porch Group, Inc.*		138,194		1,457,947
				3,349,952
IT services—4.3%
Brightcove, Inc.*		36,567		344,827
CSG Systems International, Inc.		32,783		1,861,091
ExlService Holdings, Inc.*		5,978		720,468
Globant SA*		26,656		6,802,078
GoDaddy, Inc., Class A*		17,201		1,302,288
Grid Dynamics Holdings, Inc.*		112,112		2,987,785
IBEX Holdings Ltd.*,1		292		4,240
Rackspace Technology, Inc.		23,217		290,445
Squarespace, Inc., Class A*,1		69,935		2,317,646
Unisys Corp.*		17,526		319,849
WNS Holdings Ltd., ADR		4,289		360,962
				17,311,679
Leisure products—0.3%
Johnson Outdoors, Inc., Class A		2,791		251,804
Polaris, Inc.		6,173		695,018
Smith & Wesson Brands, Inc.		22,432		383,139
				1,329,961

183

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Life sciences tools & services—1.4%
Codexis, Inc.*		31,791	$	651,715
Inotiv, Inc.*,1		42,412		1,356,760
Medpace Holdings, Inc.*		21,652		3,842,364
				5,850,839
Machinery—3.4%
AGCO Corp.		9,118		1,068,630
Commercial Vehicle Group, Inc.*		5,045		39,048
Kadant, Inc.		13,384		2,796,988
Kornit Digital Ltd.*		46,689		4,905,146
Meritor, Inc.*		33,952		782,594
Proto Labs, Inc.*		12,481		626,297
RBC Bearings, Inc.*		2,317		418,149
REV Group, Inc.		14,928		200,483
Shyft Group, Inc.		20,932		877,888
Terex Corp.		41,299		1,722,994
Titan International, Inc.*		17,986		175,363
Wabash National Corp.		19,651		385,553
				13,999,133
Metals & mining—0.1%
Ryerson Holding Corp.		6,887		141,183
Schnitzer Steel Industries, Inc., Class A		5,433		212,648
				353,831
Multiline retail—0.6%
Nordstrom, Inc.*,1		34,489		776,003
Ollie's Bargain Outlet Holdings, Inc.*,1		33,195		1,591,368
				2,367,371
Oil, gas & consumable fuels—1.2%
Arch Resources, Inc.1		6,157		582,698
California Resources Corp.		24,290		1,035,240
Centennial Resource Development, Inc., Class A*		21,980		171,664
Denbury, Inc.*		14,954		1,123,644
Dorian LPG Ltd.		21,343		253,768
Earthstone Energy, Inc., Class A*		8,600		117,476
Matador Resources Co.		7,071		316,569
Ovintiv, Inc.		4,450		172,660
Par Pacific Holdings, Inc.*		29,263		412,608
SilverBow Resources, Inc.*		21,318		496,496
				4,682,823
Paper & forest products—0.3%
Louisiana-Pacific Corp.		17,114		1,137,054
Personal products—1.1%
BellRing Brands, Inc., Class A*,1		28,471		693,554
Herbalife Nutrition Ltd.*		18,220		774,532
Medifast, Inc.		6,881		1,367,323
Nu Skin Enterprises, Inc., Class A		13,056		629,169
USANA Health Sciences, Inc.*		10,194		974,342
				4,438,920
Pharmaceuticals—0.9%
Aerie Pharmaceuticals, Inc.*,1		65,516		482,198
Amneal Pharmaceuticals, Inc.*		131,841		584,056

	Number of shares		Value
Common stocks—(continued)
Pharmaceuticals—(concluded)
Amphastar Pharmaceuticals, Inc.*		29,132	$	672,658
Intra-Cellular Therapies, Inc.		12,372		587,546
NGM Biopharmaceuticals, Inc.*		21,016		332,263
Oramed Pharmaceuticals, Inc.*		15,375		137,760
Paratek Pharmaceuticals, Inc.*,1		43,327		175,474
Phathom Pharmaceuticals, Inc.*,1		11,884		199,651
Progenics Pharmaceuticals, Inc.*,2,3		76,855		0
Theravance Biopharma, Inc.*		50,249		457,769
WaVe Life Sciences Ltd.*,1		36,002		78,844
				3,708,219
Professional services—2.8%
Exponent, Inc.		33,107		3,144,503
Forrester Research, Inc.*		11,533		634,546
Heidrick & Struggles International, Inc.		9,313		407,630
Insperity, Inc.		19,947		2,144,901
KBR, Inc.		45,879		1,991,148
Kforce, Inc.		7,307		501,772
TriNet Group, Inc.*		27,715		2,361,318
				11,185,818
Real estate management & development—0.1%
Forestar Group, Inc.*		15,045		300,148
Road & rail—1.1%
ArcBest Corp.		8,841		781,898
Daseke, Inc.*		28,268		316,036
Landstar System, Inc.		9,950		1,592,000
Saia, Inc.*		6,140		1,745,479
Universal Logistics Holdings, Inc.		5,401		91,979
XPO Logistics, Inc.*		1,745		115,467
				4,642,859
Semiconductors & semiconductor equipment—4.4%
ACM Research, Inc., Class A*		11,738		934,932
Aehr Test Systems*,1		25,759		328,427
Alpha & Omega Semiconductor Ltd.*		12,508		563,235
Ambarella, Inc.*		7,822		1,096,253
Amkor Technology, Inc.		30,315		667,536
Azenta, Inc.		13,282		1,120,204
CMC Materials, Inc.		10,928		1,976,657
Diodes, Inc.*		10,196		946,087
Impinj, Inc.*		9,846		781,674
Lattice Semiconductor Corp.*		10,195		562,968
Power Integrations, Inc.		38,572		3,113,146
SiTime Corp.*		11,800		2,750,462
SMART Global Holdings, Inc.*		18,077		1,036,897
Synaptics, Inc.*		9,855		2,072,999
				17,951,477
Software—14.6%
8x8, Inc.		43,922		674,203
A10 Networks, Inc.		91,604		1,355,739
Agilysys, Inc.*		22,201		844,970
Alarm.com Holdings, Inc.*		63,579		4,741,086
Asana, Inc., Class A*		8,464		444,191
Avaya Holdings Corp.*		70,123		1,277,641

184

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Software—(concluded)
Benefitfocus, Inc.*		23,771	$	264,809
Blackline, Inc.*		52,917		4,861,485
Box, Inc., Class A*		73,280		1,914,806
Cerence, Inc.*		24,161		1,533,982
Citrix Systems, Inc.		2,454		250,161
CyberArk Software Ltd.*		7,894		1,082,662
Descartes Systems Group, Inc.*		40,935		2,978,840
Domo, Inc., Class B*		8,189		384,556
Dropbox, Inc., Class A*		96,384		2,385,504
Duck Creek Technologies, Inc.		10,355		264,570
eGain Corp.*		9,216		95,201
InterDigital, Inc.		6,934		478,654
Kaltura, Inc.		11,100		39,849
Mandiant, Inc.		33,704		508,593
Model N, Inc.*		74,879		2,071,153
NCR Corp.*		24,397		928,550
Nutanix, Inc., Class A*		60,412		1,651,664
ON24, Inc.*		20,545		338,171
OneSpan, Inc.*		35,016		562,357
Paylocity Holding Corp.*		23,501		4,793,734	��
Pegasystems, Inc.		43,705		4,336,410
Progress Software Corp.		5,493		249,987
PROS Holdings, Inc.*		44,518		1,233,594
Rapid7, Inc.*		4,919		473,847
Rimini Street, Inc.*		24,075		123,986
Smartsheet, Inc., Class A*		19,424		1,208,561
Sprout Social, Inc., Class A*		7,699		530,076
SPS Commerce, Inc.*		48,387		5,992,730
Tenable Holdings, Inc.*		21,681		1,114,403
Upland Software, Inc.		19,709		386,296
Varonis Systems, Inc.*		16,598		618,442
Workiva, Inc.*		47,618		5,632,257
Zuora, Inc., Class A*		52,854		878,962
				59,506,682
Specialty retail—4.9%
Abercrombie & Fitch Co., Class A*		822		32,058
Asbury Automotive Group, Inc.*		4,898		788,431
Boot Barn Holdings, Inc.*		14,846		1,365,387
Caleres, Inc.		18,103		434,110
Chico's FAS, Inc.*		25,994		122,432
Five Below, Inc.*		30,445		4,992,980
Floor & Decor Holdings, Inc., Class A*		22,582		2,455,115
Haverty Furniture Cos., Inc.		6,510		192,175
Lithia Motors, Inc.		3,866		1,129,375
MarineMax, Inc.*		9,337		439,399
Murphy USA, Inc.		15,073		2,964,256
National Vision Holdings, Inc.*		59,259		2,422,508

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—(concluded)
OneWater Marine, Inc., Class A		19,612	$	1,014,136
Signet Jewelers Ltd.		14,261		1,228,300
Sportsman's Warehouse Holdings, Inc.		36,509		400,139
				19,980,801
Technology hardware, storage & peripherals—0.6%
Avid Technology, Inc.*		44,796		1,404,803
Diebold Nixdorf, Inc.*		21,520		200,997
Stratasys Ltd.*		32,511		775,062
				2,380,862
Textiles, apparel & luxury goods—0.4%
Crocs, Inc.*		4,962		509,200
Deckers Outdoor Corp.*		1,279		409,574
Steven Madden Ltd.		20,715		852,215
Superior Group of Cos., Inc.		1,111		22,698
				1,793,687
Thrifts & mortgage finance—0.4%
Axos Financial, Inc.*		23,389		1,204,533
Luther Burbank Corp.		729		9,353
Waterstone Financial, Inc.		13,692		279,591
				1,493,477
Trading companies & distributors—0.5%
BlueLinx Holdings, Inc.*		2,104		150,731
Boise Cascade Co.		22,609		1,587,604
Global Industrial Co.		720		25,171
Textainer Group Holdings Ltd.		5,539		203,724
				1,967,230
Total common stocks (cost—$380,125,638)				400,339,821
Short-term investments—1.6%
Investment companies—1.6%
State Street Institutional U.S. Government Money Market Fund, 0.030%4 (cost—$6,562,830)		6,562,830		6,562,830
Investment of cash collateral from securities loaned—0.4%
Money market funds—0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040% 4 (cost—$1,620,147)		1,620,147		1,620,147
Total investments (cost—$388,308,615)—100.4%				408,522,798
Liabilities in excess of other assets—(0.4)%				(1,478,298	)
Net assets—100.0%			$	407,044,500

185

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	400,339,821	$	—	$	0	$	400,339,821
Short-term investments		—		6,562,830		—		6,562,830
Investment of cash collateral from securities loaned		—		1,620,147		—		1,620,147
Total	$	400,339,821	$	8,182,977	$	0	$	408,522,798

At January 31, 2022, 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  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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

⁴  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
186

PACE International Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned 0.25% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI EAFE Index (net) (the "benchmark") returned -3.43%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 189. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio outperformed its benchmark during the reporting period. Stock selection was the primary contributor, particularly within Information Technology, Financials, and Communication Services. Selection was positive across a majority of sectors. Sector allocation also contributed to relative returns. The Portfolio's overweight to Energy was additive during the period, but partially offset by the Portfolio's overweight to Information Technology.

Stock selection from a country perspective was also positive given results in Japan, the United Kingdom, and Singapore. Country allocation was not a significant driver of return. The cash allocation was modestly positive in a negative period for the benchmark.

Style contributed to benchmark relative results in the period. The Portfolio's value exposure, particularly earnings yield, and liquidity were additive, although the residual volatility tilt acted as a headwind.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust –
PACE International Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Mondrian Investment Partners Limited ("Mondrian");

Chautauqua Capital Management, a division of Robert W. Baird & Co. Incorporated ("Baird");

Los Angeles Capital Management and Equity Research, Inc. ("Los Angeles Capital")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Mondrian: Elizabeth A. Desmond, Nigel Bliss and Steve Dutaut;

Baird: Brian M. Beitner, CFA, Jesse Flores, CFA, Haicheng Li, CFA, Nathaniel Velarde;
Los Angeles Capital: Hal W. Reynolds, CFA, Daniel E. Allen, CFA, and Laina Draeger, CFA

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy that invests in durable large-cap franchises that can grow excess returns on capital well into the future and trade at a significant discount to the subadvisor's estimate of the true worth of these operations.

(continued on next page)

187

PACE International Equity Investments

Investment process
(concluded)

• A "long/short" or "130/30" equity strategy in which the subadvisor will buy securities "long" that it believes will outperform the market or decrease portfolio risk, sells securities "short" that it believes will underperform the market and may invest the proceeds from those sales in additional securities.

• A strategy that involves achieving consistent risk adjusted excess returns by managing a concentrated portfolio of quality, growth companies generally headquartered outside of the United States.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries.

188

PACE International Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.13	%		11.17	%		8.80	%		7.45	%
Class Y2		0.20			11.36			9.09			7.75
Class P3		0.25			11.46			9.09			7.75
After deducting maximum sales charge
Class A1		(5.39	)		5.05			7.58			6.85
MSCI EAFE Index (net)4		(3.43	)		7.03			7.85			6.94

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		1.99	%		12.15	%		9.76	%		8.10	%
Class Y2		2.12			12.41			10.06			8.40
Class P3		2.12			12.45			10.05			8.39
After deducting maximum sales charge
Class A1		(3.64	)		5.96			8.52			7.49

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.64% and 1.58%; Class Y—1.36% and 1.33%; and Class P—1.36% and 1.33%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.25%; Class Y—1.00%; and Class P—1.00%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The MSCI EAFE Index (net) is an index of stocks designed to measure the investment returns of developed economies outside of North America. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

189

PACE International Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings (long holding)
Sony Group Corp.	2.1	%
Shell PLC	1.8
Sanofi	1.8
Nippon Telegraph & Telephone Corp.	1.8
Lloyds Banking Group PLC	1.7
CK Hutchison Holdings Ltd.	1.7
Allianz SE	1.7
United Overseas Bank Ltd.	1.6
Novartis AG	1.6
GlaxoSmithKline PLC	1.5
Total	17.3	%
Top ten holdings (short holdings)
Unibail-Rodamco-Westfield	(0.4	)%
Tabcorp Holdings Ltd.	(0.4	)
Argenx SE	(0.3	)
Aegon N.V.	(0.3	)
JSR Corp.	(0.3	)
Embracer Group AB	(0.3	)
Singapore Airlines Ltd.	(0.2	)
Chr Hansen Holding A/S	(0.3	)
Bollore SA	(0.3	)
Odakyu Electric Railway Co. Ltd.	(0.2	)
Total	(3.0	)%
Top five issuer breakdown by country or territory of origin (long holdings)
Japan	28.1	%
United Kingdom	16.7
France	8.6
Germany	8.2
Switzerland	6.6
Total	68.2	%
Top five issuer breakdown by country or territory of origin (short holdings)
Japan	(4.6	)%
Australia	(1.4	)
United Kingdom	(1.2	)
France	(1.1	)
Netherlands	(0.7	)
Total	(9.0	)%

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

190

PACE International Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Common stocks
Aerospace & defense	1.2	%
Air freight & logistics	0.3
Auto components	1.4
Automobiles	3.5
Banks	12.5
Beverages	1.7
Biotechnology	1.3
Building products	1.3
Capital markets	1.0
Chemicals	3.1
Commercial services & supplies	1.4
Communications equipment	0.4
Construction & engineering	0.6
Construction materials	0.7
Diversified financial services	0.3
Diversified telecommunication services	3.4
Electric utilities	3.0
Electrical equipment	1.1
Electronic equipment, instruments & components	2.7
Energy equipment & services	0.3
Entertainment	0.7
Equity real estate investment trusts	0.5
Food & staples retailing	1.7
Food products	2.2
Gas utilities	1.0
Health care equipment & supplies	1.0
Health care providers & services	0.2
Health care technology	0.0	†
Hotels, restaurants & leisure	0.3
Household durables	3.4
Independent power and renewable electricity producers	0.3
Industrial conglomerates	2.8
Insurance	5.7
Interactive media & services	0.4
Internet & direct marketing retail	0.9
IT services	2.1
Leisure products	0.5
Life sciences tools & services	0.3
Machinery	4.3
Marine	0.7

Common stocks—(concluded)
Media	1.3	%
Metals & mining	2.0
Multi-utilities	0.8
Multiline retail	0.3
Oil, gas & consumable fuels	6.3
Personal products	0.9
Pharmaceuticals	10.3
Professional services	1.8
Real estate management & development	1.1
Road & rail	0.3
Semiconductors & semiconductor equipment	5.3
Software	2.8
Specialty retail	1.6
Technology hardware, storage & peripherals	1.1
Textiles, apparel & luxury goods	2.4
Tobacco	1.2
Trading companies & distributors	1.5
Transportation infrastructure	0.1
Wireless telecommunication services	0.6
Total common stocks	111.9
Preferred stocks
Automobiles	0.2
Chemicals	0.1
Total preferred stocks	0.3
Short-term investments	0.7
Investment of cash collateral from securities loaned	0.6
Total investments before investments sold short	113.5
Investments sold short
Aerospace & defense	(0.3	)
Airlines	(0.7	)
Auto components	(0.0	)†
Beverages	(0.2	)
Biotechnology	(0.4	)
Capital markets	(0.1	)
Chemicals	(0.8	)
Construction & engineering	(0.2	)
Diversified financial services	(0.2	)
Diversified telecommunication services	(0.6	)

191

PACE International Equity Investments

Portfolio statistics and industry diversification—(unaudited) (concluded)¹

As a percentage of net assets as of January 31, 2022

Investments sold short—(continued)
Electric utilities	(0.7	)%
Electrical equipment	(0.3	)
Electronic equipment, instruments & components	(0.0	)†
Entertainment	(0.6	)
Equity real estate investment trusts	(0.7	)
Food & staples retailing	(0.3	)
Food products	(0.2	)
Gas utilities	(0.0	)†
Health care equipment & supplies	(0.1	)
Health care providers & services	(0.2	)
Hotels, restaurants & leisure	(0.9	)
Household products	(0.3	)
Industrial conglomerates	(0.1	)
Insurance	(0.3	)
Interactive media & services	(0.3	)
Internet & direct marketing retail	(0.2	)
IT services	(0.4	)
Life sciences tools & services	(0.0	)†

Investments sold short—(concluded)
Machinery	(0.8	)%
Media	(0.2	)
Metals & mining	(0.2	)
Multiline retail	(0.1	)
Oil, gas & consumable fuels	(0.1	)
Paper & forest products	(0.3	)
Personal products	(0.2	)
Pharmaceuticals	(0.3	)
Real estate management & development	(0.5	)
Road & rail	(0.7	)
Semiconductors & semiconductor equipment	(0.2	)
Software	(0.2	)
Transportation infrastructure	(0.3	)
Wireless telecommunication services	(0.0	)†
Total investments sold short	(13.2	)
Liabilities in excess of other assets	(0.3	)
Net assets	100.0	%

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

192

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—111.9%
Australia—4.2%
Aristocrat Leisure Ltd.1		59,799	$	1,733,440
ASX Ltd.1,2		34,825		2,065,419
Aurizon Holdings Ltd.1		963,823		2,411,345
Australia & New Zealand Banking Group Ltd.		43,949		830,585
BHP Group Ltd.1,2		174,583		5,598,973
BHP Group Ltd.		111,603		3,522,725
Commonwealth Bank of Australia1		5,446		363,192
CSL Ltd.1		3,097		573,696
Dexus1		209,076		1,522,055
Endeavour Group Ltd.		30,963		138,300
Goodman Group1		63,394		1,046,744
Medibank Pvt. Ltd.		462,609		1,013,702
National Australia Bank Ltd.		130,995		2,527,607
Northern Star Resources Ltd.		473		2,819
REA Group Ltd.1		28,955		2,999,643
Rio Tinto PLC1		86,427		6,091,834
Sonic Healthcare Ltd.		62,587		1,685,487
Stockland		435,684		1,255,828
Telstra Corp. Ltd.1		456,071		1,267,841
Wesfarmers Ltd.1		60,154		2,244,497
Westpac Banking Corp.		95,734		1,380,765
WiseTech Global Ltd.		40,195		1,309,125
				41,585,622
Austria—1.0%
Erste Group Bank AG		64,894		3,033,183
OMV AG		45,456		2,782,106
Raiffeisen Bank International AG		43,499		1,222,637
Verbund AG1		11,643		1,233,112
voestalpine AG		40,382		1,342,505
				9,613,543
Belgium—0.1%
Anheuser-Busch InBev SA/N.V.1		2,846		179,415
KBC Group N.V.		10,073		876,042
				1,055,457
Canada—1.7%
Constellation Software, Inc.		5,435		9,360,907
Fairfax Financial Holdings Ltd.		15,145		7,313,064
				16,673,971
China—1.3%
Alibaba Group Holding Ltd., ADR*		21,031		2,645,490
BeiGene Ltd., ADR*		7,432		1,802,855
BOC Hong Kong Holdings Ltd.		40,500		156,384
Chow Tai Fook Jewellery Group Ltd.*		393,400		691,193
Prosus N.V.		57,838		4,811,882
Sinopharm Group Co. Ltd., Class H		108,250		242,133
SITC International Holdings Co. Ltd.		110,000		419,274
Wuxi Biologics Cayman, Inc.*,3		217,669		2,181,645
				12,950,856
Denmark—4.2%
A.P. Moller—Maersk A/S, Class B1		499		1,792,479
Carlsberg A/S, Class B		8,922		1,444,745

	Number of shares		Value
Common stocks—(continued)
Denmark—(concluded)
Coloplast A/S, Class B		10,204	$	1,483,889
Demant A/S*		12,110		535,787
DSV A/S1		7,877		1,600,454
Genmab A/S*		30,226		10,292,844
GN Store Nord A/S		15,615		944,926
ISS A/S*		182,874		3,445,392
Novo Nordisk A/S, ADR		87,013		8,689,988
Novo Nordisk A/S, Class B		91,411		9,092,492
Pandora A/S		11,070		1,203,749
Tryg A/S		52,158		1,235,926
				41,762,671
Finland—1.7%
Kesko Oyj, Class B1		15,666		494,782
Kone Oyj, Class B		62,072		4,020,041
Neste Oyj		73,610		3,319,775
Nokia Oyj*		292,716		1,745,648
Nordea Bank Abp		413,086		4,906,504
Orion Oyj, Class B		33,319		1,354,841
Sampo Oyj, Class A		15,377		763,204
				16,604,795
France—8.6%
Aeroports de Paris*,1		1,263		171,390
Air Liquide SA1		4,192		717,080
Airbus SE*,1		20,761		2,651,039
AXA SA1		75,058		2,377,162
Bouygues SA		104,767		3,694,824
Bureau Veritas SA		5,897		168,727
Capgemini SE1		3,454		776,516
Cie de Saint-Gobain		93,331		6,315,472
Cie Generale des Etablissements Michelin SCA		9,037		1,512,105
Dassault Aviation SA		50,032		5,945,925
Edenred		802		34,448
Engie SA1		455,993		7,013,994
EssilorLuxottica SA1		1,492		282,265
Hermes International		2,923		4,388,648
Kering SA1		3,185		2,378,446
L'Oreal SA1		11,710		5,001,887
Legrand SA1		8,541		869,243
LVMH Moet Hennessy Louis Vuitton SE		9,208		7,563,241
Pernod Ricard SA		4,580		979,659
Renault SA*		1,283		50,989
Sanofi1		173,392		18,130,216
Sartorius Stedim Biotech		1,522		667,414
SEB SA		2,065		313,405
Societe Generale SA		142,264		5,280,887
Thales SA		6,575		606,527
TotalEnergies SE		108,090		6,146,800
Valeo		15,446		432,312
Vinci SA1		10,859		1,190,217
Wendel SE		1,717		186,494
				85,847,332

193

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Germany—7.9%
adidas AG		7,660	$	2,102,036
Allianz SE1		66,546		17,085,853
BASF SE1		86,254		6,606,098
Bayerische Motoren Werke AG		52,537		5,560,668
Continental AG*		78,924		7,651,690
Daimler AG1		59,093		4,715,251
Daimler Truck Holding AG*,1		29,546		1,041,611
Deutsche Post AG1		23,628		1,421,947
Deutsche Telekom AG1		136,121		2,569,825
Evonik Industries AG		281,416		9,180,827
GEA Group AG		48,499		2,291,342
Hannover Rueck SE		2,404		484,988
HelloFresh SE*,1		49,252		3,279,233
Infineon Technologies AG		53,900		2,238,345
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		12,774		4,044,056
Puma SE		17,361		1,856,802
RWE AG1		28,474		1,201,098
SAP SE1		29,372		3,685,046
Symrise AG		5,125		612,434
Vitesco Technologies Group AG, Class A*		12,138		600,899
				78,230,049
Hong Kong—2.5%
AIA Group Ltd.1		94,400		985,518
CK Asset Holdings Ltd.1		627,000		4,185,480
Hong Kong Exchanges & Clearing Ltd.		44,298		2,528,339
Jardine Matheson Holdings Ltd.1		90,300		5,333,384
Link REIT1		15,000		128,782
Melco Resorts & Entertainment Ltd., ADR*,1		82,843		874,822
New World Development Co. Ltd.1		54,000		220,445
Sun Hung Kai Properties Ltd.1		244,500		2,983,024
Swire Pacific Ltd., Class A1		25,000		151,452
Swire Properties Ltd.1		139,000		370,535
Techtronic Industries Co. Ltd.		42,500		701,254
WH Group Ltd.3		8,862,689		5,929,225
Xinyi Glass Holdings Ltd.		62,000		164,360
				24,556,620
India—1.0%
HDFC Bank Ltd., ADR		83,743		5,747,282
Tata Consultancy Services Ltd.		91,489		4,607,004
				10,354,286
Indonesia—0.4%
Bank Rakyat Indonesia Persero Tbk. PT		15,484,954		4,407,566
Israel—1.1%
Bank Hapoalim BM		269,740		2,799,290
Bank Leumi Le-Israel BM		292,772		3,139,977
Check Point Software Technologies Ltd.*		7,967		964,087
ICL Group Ltd.		192,957		1,745,010
Israel Discount Bank Ltd., Class A		132,500		888,525
Mizrahi Tefahot Bank Ltd.		35,916		1,388,421
Wix.com Ltd.*		1,354		177,875
				11,103,185

	Number of shares		Value
Common stocks—(continued)
Italy—4.8%
Assicurazioni Generali SpA2		85,560	$	1,800,589
DiaSorin SpA		2,915		449,380
Enel SpA1		1,871,815		14,406,607
Eni SpA		849,936		12,767,051
Ferrari N.V.		13,642		3,144,107
Intesa Sanpaolo SpA		788,571		2,343,506
Moncler SpA		25,460		1,634,011
Snam SpA		1,775,143		9,947,332
UniCredit SpA		60,917		968,179
				47,460,762
Japan—28.1%
Advantest Corp.		7,600		646,855
Aisin Corp.		18,000		653,633
Asahi Kasei Corp.		112,300		1,109,291
Astellas Pharma, Inc.		66,200		1,068,505
Bridgestone Corp.		33,600		1,471,385
Brother Industries Ltd.		23,900		440,144
Canon, Inc.		72,000		1,702,852
Central Japan Railway Co.1		2,700		354,269
Chugai Pharmaceutical Co. Ltd.		76,900		2,497,694
Coca-Cola Bottlers Japan Holdings, Inc.		323,100		3,790,079
Dai-ichi Life Holdings, Inc.		145,400		3,272,874
Daiichi Sankyo Co. Ltd.		9,000		202,230
Daikin Industries Ltd.1		9,400		1,973,474
Daito Trust Construction Co. Ltd.1		17,400		1,995,198
Daiwa House Industry Co. Ltd.1		25,000		729,579
Dentsu Group, Inc.1		21,400		741,120
Disco Corp.		6,300		1,732,208
East Japan Railway Co.1		7,600		433,982
Eisai Co. Ltd.		29,900		1,497,542
FANUC Corp.1		38,509		7,615,090
FUJIFILM Holdings Corp.		119,500		8,010,801
Fujitsu Ltd.		28,500		3,767,652
Hirose Electric Co. Ltd.		3,400		506,796
Hitachi Ltd.		71,500		3,716,284
Honda Motor Co. Ltd.		431,000		12,694,145
Hoshizaki Corp.		5,400		399,030
Hoya Corp.1		22,600		2,930,505
Iida Group Holdings Co. Ltd.		8,300		172,678
Inpex Corp.		166,000		1,678,176
Isuzu Motors Ltd.		190,800		2,337,300
ITOCHU Techno-Solutions Corp.		61,000		1,664,087
Japan Exchange Group, Inc.1		14,500		298,277
Japan Post Bank Co. Ltd.2		160,400		1,577,976
Japan Post Insurance Co. Ltd.		11,800		206,897
Japan Tobacco, Inc.		43,600		870,469
JFE Holdings, Inc.		64,700		831,191
Kajima Corp.		8,100		97,829
Kakaku.com, Inc.1		30,100		623,418
Kansai Paint Co. Ltd.		54,400		1,129,224
KDDI Corp.1		89,300		2,853,019
Keyence Corp.1		21,723		11,142,213
Konami Holdings Corp.1		17,900		964,985
Kyocera Corp.		172,600		10,644,466
M3, Inc.		1,100		42,291

194

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
Marubeni Corp.		132,300	$	1,361,359
Mazda Motor Corp.*		80,100		617,070
MISUMI Group, Inc.		65,000		2,108,722
Mitsubishi Chemical Holdings Corp.		218,400		1,713,170
Mitsubishi Corp.1		31,900		1,083,082
Mitsubishi Electric Corp.1		672,500		8,421,985
Mitsubishi Heavy Industries Ltd.		56,400		1,531,790
Mitsubishi UFJ Financial Group, Inc.1		43,300		262,453
Mitsui & Co. Ltd.1		89,800		2,239,196
Mitsui Chemicals, Inc.		27,700		740,826
Mizuho Financial Group, Inc.		22,300		302,076
MonotaRO Co. Ltd.		46,800		768,961
Murata Manufacturing Co. Ltd.		900		67,665
Nexon Co. Ltd.1		12,700		239,416
Nintendo Co. Ltd.1		11,800		5,782,488
Nippon Paint Holdings Co. Ltd.2		1,000		7,997
Nippon Steel Corp.		134,900		2,204,881
Nippon Telegraph & Telephone Corp.1		629,900		18,026,310
Nitto Denko Corp.		44,700		3,480,325
Nomura Holdings, Inc.1		38,100		168,309
Nomura Research Institute Ltd.1		122,500		4,288,220
Olympus Corp.1		104,500		2,338,402
Omron Corp.		10,200		745,717
Otsuka Corp.		1,400		56,808
Otsuka Holdings Co. Ltd.		137,800		4,701,365
Panasonic Corp.		147,500		1,623,902
Recruit Holdings Co. Ltd.1		164,432		8,127,640
Renesas Electronics Corp.*		39,100		448,743
Resona Holdings, Inc.		34,100		146,543
Ricoh Co. Ltd.		21,600		182,399
Santen Pharmaceutical Co. Ltd.		159,900		1,815,532
SCSK Corp.		2,300		38,919
Secom Co. Ltd.		87,200		6,140,105
Seiko Epson Corp.		24,500		381,624
Sekisui Chemical Co. Ltd.		440,800		7,706,942
Sekisui House Ltd.2		8,700		176,263
Shimadzu Corp.		91,800		3,312,303
Shimano, Inc.		23,200		5,202,417
Shin-Etsu Chemical Co. Ltd.1		6,900		1,154,434
SMC Corp.1		1,200		669,314
SoftBank Corp.1		137,200		1,719,920
SoftBank Group Corp.		32,400		1,435,305
Sohgo Security Services Co. Ltd.		7,200		261,126
Sony Group Corp.1		183,600		20,539,050
Square Enix Holdings Co. Ltd.1		4,800		235,382
Subaru Corp.		7,800		141,971
Sumitomo Chemical Co. Ltd.		193,400		975,326
Sumitomo Corp.		176,900		2,734,061
Sumitomo Mitsui Financial Group, Inc.		80,800		2,910,493
Suntory Beverage & Food Ltd.		19,500		748,775
Suzuki Motor Corp.		111,782		4,759,020
Takeda Pharmaceutical Co. Ltd.		379,000		10,984,627
Tokio Marine Holdings, Inc.		170,900		10,198,227
Tokyo Electron Ltd.		11,300		5,527,203
Toray Industries, Inc.		93,900		593,430
Tosoh Corp.		52,400		819,876

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
Toyota Industries Corp.		102,700	$	8,011,479
Trend Micro, Inc.*		25,000		1,326,315
USS Co. Ltd.		14,700		239,914
Yamaha Motor Co. Ltd.		26,700		635,821
ZOZO, Inc.		64,000		1,705,434
				279,976,141
Netherlands—4.9%
Adyen N.V.*,3		2,755		5,606,143
ASML Holding N.V.1		18,152		12,294,249
ASML Holding N.V. NY Registered Shares		10,972		7,430,238
Koninklijke Ahold Delhaize N.V.1		69,014		2,237,751
Randstad N.V.		40,938		2,663,167
Shell PLC		711,041		18,265,729
				48,497,277
New Zealand—0.2%
Auckland International Airport Ltd.*,1		71,384		338,852
Spark New Zealand Ltd.		85,672		244,862
Xero Ltd.*,1		16,938		1,372,071
				1,955,785
Norway—0.4%
DNB Bank ASA		47,152		1,122,227
Equinor ASA1		44,231		1,219,352
Gjensidige Forsikring ASA		37,219		909,129
Telenor ASA		35,390		584,874
				3,835,582
Poland—0.0%†
InPost SA*,2		11,280		91,574
Portugal—0.1%
Jeronimo Martins, SGPS SA		39,799		956,412
Russia—0.3%
Coca-Cola HBC AG		90,463		2,996,190
Singapore—4.7%
Ascendas REIT		98,800		202,623
DBS Group Holdings Ltd.		527,484		13,855,352
Keppel Corp. Ltd.		11,800		49,751
Mapletree Commercial Trust2		100,600		134,655
Mapletree Logistics Trust		668,500		841,322
Oversea-Chinese Banking Corp. Ltd.		495,100		4,608,521
Singapore Technologies Engineering Ltd.		88,100		244,870
Singapore Telecommunications Ltd.		2,400,600		4,352,827
STMicroelectronics N.V.		139,148		6,542,841
United Overseas Bank Ltd.		732,398		16,368,113
				47,200,875
Spain—2.2%
Banco Bilbao Vizcaya Argentaria SA		206,293		1,317,105
Banco Santander SA		3,646,445		12,786,631
CaixaBank SA		763,686		2,457,068
Industria de Diseno Textil SA1		115,000		3,487,880
Red Electrica Corp. SA		77,951		1,571,353
				21,620,037

195

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Sweden—3.3%
Alfa Laval AB		72,540	$	2,450,488
Assa Abloy AB, Class B2		115,464		3,161,646
Atlas Copco AB, Class A		19,815		1,172,771
Epiroc AB, Class A		57,868		1,234,853
EQT AB1		3,464		135,742
Fastighets AB Balder, Class B*,1		8,325		551,522
H & M Hennes & Mauritz AB, Share B1,2		113,966		2,269,159
Husqvarna AB, Class B		69,577		967,396
Industrivarden AB, Class C1,2		23,053		716,040
Lundin Energy AB		51,012		2,074,550
Sandvik AB		258,204		6,799,678
Skandinaviska Enskilda Banken AB, Class A		3,112		40,228
Skanska AB, Class B		38,931		953,142
Svenska Handelsbanken AB, Class A		1,733		18,470
Swedbank AB, Class A		27,876		545,762
Telefonaktiebolaget LM Ericsson, Class B		184,707		2,306,269
Telia Co. AB2		1,772,045		6,984,329
				32,382,045
Switzerland—6.6%
ABB Ltd.		44,774		1,552,394
Cie Financiere Richemont SA, Class A		17,770		2,582,582
Geberit AG		2,350		1,596,661
Givaudan SA1		13		53,858
Holcim Ltd.*,1		84,847		4,598,815
Julius Baer Group Ltd.		43,606		2,849,638
Kuehne & Nagel International AG1		17,355		4,900,825
Nestle SA Registered Shares1		92,107		11,894,540
Novartis AG1		178,998		15,553,045
Partners Group Holding AG1		1,037		1,445,783
Roche Holding AG1		16,548		6,404,062
Schindler Holding AG		6,851		1,719,491
SGS SA		559		1,594,029
Sonova Holding AG		4,771		1,699,621
Temenos AG		39,603		4,747,005
Zurich Insurance Group AG		5,247		2,509,683
				65,702,032
Taiwan—1.3%
Sea Ltd., ADR*,1		839		126,110
Taiwan Semiconductor Manufacturing Co. Ltd.		303,000		7,005,962
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		48,018		5,888,447
				13,020,519
United Kingdom—16.7%
Associated British Foods PLC2		148,060		3,908,177
AstraZeneca PLC1		51,878		6,034,861
BAE Systems PLC		369,908		2,894,809
Barclays PLC		219,299		588,339
Barratt Developments PLC		126,050		1,048,362
Berkeley Group Holdings PLC*		3,634		207,392
BP PLC1		2,724,069		14,121,360
CK Hutchison Holdings Ltd.1		2,405,000		17,093,115
Coca-Cola Europacific Partners PLC		67,986		3,885,400
DCC PLC		20,063		1,686,968
Diageo PLC1		49,629		2,504,347

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
Experian PLC		46,185	$	1,929,050
GlaxoSmithKline PLC1		662,181		14,777,222
Hargreaves Lansdown PLC		31,214		566,713
HSBC Holdings PLC1		793,494		5,647,565
Imperial Brands PLC		447,783		10,616,868
InterContinental Hotels Group PLC*,1		3,738		246,982
Intertek Group PLC		21,954		1,593,212
Kingfisher PLC		1,940,986		8,704,070
Legal & General Group PLC		576,243		2,253,086
Lloyds Banking Group PLC		24,792,133		17,205,017
M&G PLC		603,582		1,766,513
Next PLC		12,200		1,243,005
Persimmon PLC		63,972		2,084,175
RELX PLC		46,979		1,445,092
Sage Group PLC		4,391		42,909
SSE PLC		583,332		12,550,982
Taylor Wimpey PLC		25,388		52,085
Tesco PLC		2,443,070		9,813,009
Travis Perkins PLC		179,356		3,639,151
Unilever PLC1		68,162		3,495,473
Wickes Group PLC		210,766		582,436
WPP PLC2		753,713		11,818,609
				166,046,354
United States—2.6%
Aptiv PLC*		14,579		1,991,200
Atlassian Corp. PLC, Class A*		12,494		4,052,304
Brookfield Renewable Corp., Class A		79,198		2,710,155
CyberArk Software Ltd.*		6,559		899,567
Ferguson PLC1		20,848		3,279,191
James Hardie Industries PLC		85,242		2,868,839
SolarEdge Technologies, Inc.*		13,096		3,119,729
Tenaris SA		230,269		2,810,873
Waste Connections, Inc.		34,322		4,279,953
				26,011,811
Total common stocks (cost—$957,382,614)				1,112,499,349
Preferred stocks—0.3%
Germany—0.3%
FUCHS PETROLUB SE		18,164		784,960
Volkswagen AG1		9,645		2,008,785
Total preferred stocks (cost—$3,472,011)				2,793,745
Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 0.030%4 (cost—$7,347,504)		7,347,504		7,347,504
Investment of cash collateral from securities loaned—0.6%
Money market funds—0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040% 4 (cost—$5,975,648)		5,975,648		5,975,648
Total investments before investments sold short (cost—$974,177,777)—113.5%				1,128,616,246

196

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares			Value
Investments sold short—(13.2)%
Common stocks—(13.1)%
Australia—(1.4)%
APA Group		(45,280	)	$	(307,082	)
AusNet Services Ltd.		(551,698	)		(1,015,179	)
Crown Resorts Ltd.		(74,357	)		(640,667	)
Domino's Pizza Enterprises Ltd.		(20,244	)		(1,493,263	)
Fortescue Metals Group Ltd.		(91,188	)		(1,280,471	)
Qantas Airways Ltd.		(442,499	)		(1,514,517	)
Sydney Airport		(317,725	)		(1,952,776	)
Tabcorp Holdings Ltd.		(1,158,287	)		(4,069,735	)
Vicinity Centres		(333,420	)		(386,536	)
Washington H Soul Pattinson & Co. Ltd.		(44,891	)		(871,510	)
					(13,531,736	)
Belgium—(0.3)%
Elia Group SA/NV		(2,354	)		(317,660	)
Groupe Bruxelles Lambert SA		(1,438	)		(154,301	)
Proximus SADP		(65,274	)		(1,332,933	)
Sofina SA		(1,062	)		(422,833	)
UCB SA		(6,199	)		(616,833	)
					(2,844,560	)
China—(0.0)%†
Wilmar International Ltd.		(20,300	)		(64,578	)
Denmark—(0.3)%
Chr Hansen Holding A/S		(32,164	)		(2,579,405	)
Vestas Wind Systems A/S		(9,467	)		(256,181	)
					(2,835,586	)
Finland—(0.3)%
Stora Enso Oyj, Class R		(65,097	)		(1,325,183	)
UPM-Kymmene Oyj		(47,110	)		(1,716,994	)
					(3,042,177	)
France—(1.1)%
Adevinta ASA		(53,526	)		(561,560	)
Bollore SA		(463,498	)		(2,498,350	)
Covivio		(4,280	)		(357,415	)
Dassault Aviation SA		(8,130	)		(966,189	)
Remy Cointreau SA		(10,066	)		(2,099,096	)
Unibail-Rodamco-Westfield		(54,933	)		(4,152,768	)
					(10,635,378	)
Germany—(0.5)%
Bechtle AG		(6,795	)		(407,988	)
Fresenius Medical Care AG & Co. KGaA		(19,230	)		(1,307,512	)
Fresenius SE & Co. KGaA		(4,180	)		(172,552	)
KION Group AG		(16,597	)		(1,534,447	)
LANXESS AG		(3,304	)		(201,165	)
Telefonica Deutschland Holding AG		(481,127	)		(1,381,205	)
					(5,004,869	)
Hong Kong—(0.4)%
CLP Holdings Ltd.		(23,000	)		(230,173	)
HK Electric Investments & HK Electric Investments Ltd.		(62,500	)		(62,226	)
Hongkong Land Holdings Ltd.		(26,700	)		(144,605	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Hong Kong—(concluded)
MTR Corp. Ltd.		(295,000	)	$	(1,596,783	)
Wharf Real Estate Investment Co. Ltd.		(391,000	)		(1,859,608	)
					(3,893,395	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(1,198,363	)
Italy—(0.1)%
Atlantia SpA		(28,882	)		(535,913	)
Telecom Italia SpA		(1,562,654	)		(736,447	)
					(1,272,360	)
Japan—(4.6)%
ANA Holdings, Inc.		(46,500	)		(981,975	)
Asahi Intecc Co. Ltd.		(53,000	)		(904,232	)
Capcom Co. Ltd.		(6,700	)		(161,743	)
Chubu Electric Power Co., Inc.		(144,800	)		(1,450,302	)
Cosmos Pharmaceutical Corp.		(1,400	)		(174,839	)
Daifuku Co. Ltd.		(30,300	)		(2,103,570	)
Daiwa House REIT Investment Corp.		(202	)		(601,751	)
Fuji Electric Co. Ltd.		(8,700	)		(464,982	)
Fujitsu Ltd.		(6,000	)		(793,190	)
GLP J-Reit		(338	)		(544,049	)
GMO Payment Gateway, Inc.		(16,600	)		(1,456,680	)
Hakuhodo DY Holdings, Inc.		(53,200	)		(814,903	)
Hankyu Hanshin Holdings, Inc.		(3,700	)		(107,749	)
Hitachi Construction Machinery Co. Ltd.		(17,900	)		(455,149	)
Hitachi Ltd.		(300	)		(15,593	)
Hulic Co. Ltd.		(74,700	)		(722,025	)
Japan Airlines Co. Ltd.		(74,100	)		(1,402,534	)
JSR Corp.		(94,800	)		(3,142,448	)
Kansai Electric Power Co., Inc.		(49,200	)		(464,405	)
Keio Corp.		(37,000	)		(1,664,282	)
Keisei Electric Railway Co. Ltd.		(26,700	)		(753,504	)
Kintetsu Group Holdings Co. Ltd.		(10,200	)		(296,366	)
Kobayashi Pharmaceutical Co. Ltd.		(800	)		(62,298	)
Kobe Bussan Co. Ltd.		(50,300	)		(1,565,809	)
Koei Tecmo Holdings Co. Ltd.		(10,400	)		(376,237	)
Koito Manufacturing Co. Ltd.		(5,900	)		(296,242	)
Kose Corp.		(12,200	)		(1,115,440	)
Kurita Water Industries Ltd.		(51,800	)		(2,106,370	)
Kyowa Kirin Co. Ltd.		(55,800	)		(1,390,803	)
Lasertec Corp.		(9,400	)		(2,108,771	)
Lion Corp.		(99,700	)		(1,302,674	)
Makita Corp.		(8,400	)		(314,357	)
NEC Corp.		(5,900	)		(230,178	)
Nippon Building Fund, Inc.		(100	)		(579,114	)
Nippon Sanso Holdings Corp.		(78,800	)		(1,564,872	)
Obayashi Corp.		(33,400	)		(270,612	)
Odakyu Electric Railway Co. Ltd.		(128,300	)		(2,267,158	)
Rakuten Group, Inc.		(233,500	)		(2,025,700	)
Ryohin Keikaku Co. Ltd.		(103,100	)		(1,480,451	)
Shiseido Co. Ltd.		(11,500	)		(580,106	)
Sumitomo Dainippon Pharma Co. Ltd.		(39,300	)		(427,750	)
Sumitomo Realty & Development Co. Ltd.		(11,300	)		(349,624	)
Taisho Pharmaceutical Holdings Co. Ltd.		(19,500	)		(957,687	)

197

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
TDK Corp.		(2,100	)	$	(75,841	)
TIS, Inc.		(16,700	)		(439,221	)
Tobu Railway Co. Ltd.		(11,300	)		(264,682	)
Toho Co. Ltd.		(6,100	)		(236,300	)
Tokyo Century Corp.		(12,200	)		(602,062	)
Toyota Industries Corp.		(11,700	)		(912,700	)
Z Holdings Corp.		(417,800	)		(2,121,867	)
					(45,501,197	)
Luxembourg—(0.0)%†
ArcelorMittal SA		(11,202	)		(332,745	)
Eurofins Scientific SE		(475	)		(47,691	)
					(380,436	)
Macau—(0.0)%†
Galaxy Entertainment Group Ltd.		(7,000	)		(40,539	)
Netherlands—(0.7)%
Aegon N.V.		(611,160	)		(3,447,855	)
Argenx SE		(13,218	)		(3,537,029	)
EXOR N.V.		(6,519	)		(546,624	)
					(7,531,508	)
New Zealand—(0.1)%
Mercury NZ Ltd.		(242,725	)		(892,384	)
Ryman Healthcare Ltd.		(40,216	)		(262,966	)
					(1,155,350	)
Portugal—(0.1)%
EDP—Energias de Portugal SA		(155,961	)		(798,382	)
Singapore—(0.5)%
CapitaLand Integrated Commercial Trust		(33,887	)		(48,855	)
Capitaland Investment Ltd.		(219,100	)		(562,182	)
City Developments Ltd.		(196,200	)		(1,030,634	)
Genting Singapore Ltd.		(819,600	)		(447,864	)
Singapore Airlines Ltd.		(701,200	)		(2,615,549	)
UOL Group Ltd.		(99,100	)		(537,417	)
					(5,242,501	)
South Africa—(0.1)%
Anglo American PLC		(14,343	)		(632,318	)
Spain—(0.6)%
ACS Actividades de Construccion y Servicios SA		(67,498	)		(1,704,095	)
Amadeus IT Group SA		(13,540	)		(931,013	)
Red Electrica Corp. SA		(64,065	)		(1,291,436	)
Siemens Gamesa Renewable Energy SA		(81,407	)		(1,761,474	)
Telefonica SA		(135,363	)		(631,004	)
					(6,319,022	)

	Number of shares			Value
Investments sold short—(concluded)
Common stocks—(concluded)
Sweden—(0.5)%
Embracer Group AB		(295,641	)	$	(2,966,263	)
Essity AB, B Shares		(34,811	)		(981,336	)
SKF AB, Class B		(3,284	)		(71,992	)
Tele2 AB, Class B		(25,941	)		(377,443	)
Telia Co. AB		(139,762	)		(550,857	)
					(4,947,891	)
Switzerland—(0.2)%
Barry Callebaut AG		(104	)		(238,745	)
Credit Suisse Group AG		(81,994	)		(779,387	)
Temenos AG		(6,477	)		(776,364	)
					(1,794,496	)
United Kingdom—(1.2)%
AVEVA Group PLC		(41,525	)		(1,647,787	)
British Land Co. PLC		(7,068	)		(52,851	)
BT Group PLC		(333,472	)		(883,258	)
Croda International PLC		(3,827	)		(413,308	)
Entain PLC		(101,395	)		(2,195,136	)
Informa PLC		(37,235	)		(281,659	)
Land Securities Group PLC		(64,078	)		(688,226	)
Melrose Industries PLC		(438,844	)		(893,932	)
Ocado Group PLC		(83,915	)		(1,709,816	)
Pearson PLC		(125,271	)		(1,045,943	)
Rolls-Royce Holdings PLC		(1,136,421	)		(1,781,318	)
					(11,593,234	)
United States—(0.0)%†
QIAGEN N.V.		(2,356	)		(116,462	)
Total common stocks (cost—$(138,516,795))					(130,376,338	)
Preferred stock—(0.1)%
Germany—(0.1)%
Henkel AG & Co. KGaA (cost—$1,139,160)		(11,613	)		(949,810	)
	Number of rights
Rights—(0.0)%†
Spain—(0.0)%†
ACS Actividades de Construccion y Servicios SA expires (cost—$36,181)		(67,498	)		(33,805	)
Total investments sold short (proceeds—$139,692,136)					(131,359,953	)
Liabilities in excess of other assets—(0.3)%					(2,733,846	)
Net assets—100.0%				$	994,522,447

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.

198

PACE International Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	76,523,810	$	1,035,975,539		$	—	$	1,112,499,349
Preferred stocks		—		2,793,745			—		2,793,745
Short-term investments		—		7,347,504			—		7,347,504
Investment of cash collateral from securities loaned		—		5,975,648			—		5,975,648
Total	$	76,523,810	$	1,052,092,436		$	—	$	1,128,616,246
Liabilities
Investments sold short	$	—	$	(131,359,953	)	$	—	$	(131,359,953	)
Total	$	—	$	(131,359,953	)	$	—	$	(131,359,953	)

At January 31, 2022, 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.

²  Security, or portion thereof, was on loan at the period end.

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $13,717,013, represented 1.4% of the Portfolio's net assets at period end.

⁴  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
199

PACE International Emerging Markets Equity Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -3.90% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI Emerging Markets Index (net) (the "benchmark") returned -4.59%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 202. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments²

The Portfolio outperformed its benchmark during the reporting period. Sector allocation was the primary driver of relative returns while stock selection was modestly negative. Sector allocation was beneficial relative to the benchmark due to the underweight to Health Care, the weakest sector during the reporting period, as well as the overweight to Financials. Stock selection was negative due to poor selection within Communication Services and Financials but partly offset by strong selection in Energy and Materials.

From a country perspective, stock selection was strong due to positive results in China and Brazil, which was partially offset by negative stock selection in India. Country allocation was negative due to the underweight to Taiwan and Saudi Arabia. The cash allocation was a modest tailwind for performance given the negative equity market return.

Style impact during the period was negative due to factors such as liquidity and residual volatility. Sub-advisors with more of a value or cyclical orientation tended to outperform in the period while growth orientation was more challenged. Energy was the top performing sector in the period.

Derivatives were not used during the reporting period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust – PACE International Emerging Markets Equity Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Mondrian Investment Partners Limited ("Mondrian"); William Blair & Company L.L.C. ("William Blair");

RWC Asset Advisors (US) LLC ("RWC");

ARGA Investment Management LP ("ARGA")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Mondrian: Ginny Chong, Gregory Halton and Andrew Miller;

William Blair: Todd M. McClone and Jack Murphy;

RWC: John Malloy

ARGA: A. Rama Krishna, CFA, Takashi Ito, CFA and Sujith Kumar

Objective:

Capital appreciation

Investment process:

The main strategies of the current subadvisors include:

• A strategy using fundamental research to identify companies that are attractive based on a value-oriented dividend discount model and market analysis.

• A strategy that invests in mid and large cap companies with a quality growth orientation.

(continued on next page)

200

PACE International Emerging Markets Equity Investments

Investment process:
(concluded)

• A strategy that uses a disciplined, deep value strategy based on fundamental research.

• A strategy that combines top-down analyses of economic, political and social factors with bottom-up quantitative and qualitative fundamental research to seek to identify countries, sectors and companies with robust growth characteristics.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking capital appreciation who are able to withstand short-term fluctuations in the equity markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies in whose securities the Portfolio invests. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries.

201

PACE International Emerging Markets Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(4.08	)%		(4.13	)%		8.04	%		3.47	%
Class Y2		(3.94	)		(3.88	)		8.32			3.72
Class P3		(3.90	)		(3.84	)		8.33			3.68
After deducting maximum sales charge
Class A1		(9.34	)		(9.39	)		6.82			2.88
MSCI Emerging Markets Index (net)4		(4.59	)		(7.23	)		8.30			4.16

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(9.42	)%		(1.95	)%		9.23	%		4.51	%
Class Y2		(9.30	)		(1.78	)		9.49			4.78
Class P3		(9.29	)		(1.73	)		9.50			4.72
After deducting maximum sales charge
Class A1		(14.41	)		(7.36	)		8.00			3.93

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.66% and 1.45%; Class Y—1.40% and 1.20%; and Class P—1.44% and 1.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.45%; Class Y—1.20%; and Class P—1.20%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/ expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The MSCI Emerging Markets Index (net) is a market capitalization-weighted index composed of different emerging market countries in Europe, Latin America, and the Pacific Basin. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to nonresident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

202

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
Tencent Holdings Ltd.	3.8	%
Alibaba Group Holding Ltd.	3.2
Taiwan Semiconductor Manufacturing Co. Ltd.	3.1
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	3.0
Reliance Industries Ltd.	2.6
MediaTek, Inc.	1.9
Baidu, Inc., ADR	1.9
Ping An Insurance Group Co. of China Ltd., Class H	1.7
SK Hynix, Inc.	1.6
Housing Development Finance Corp. Ltd.	1.6
Total	24.4	%
Top five issuer breakdown by country or territory of origin
China	32.0	%
India	12.4
South Korea	10.8
Taiwan	10.7
Brazil	7.3
Total	73.2	%

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

203

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2022

Common stocks
Airlines	1.2	%
Auto components	0.8
Automobiles	1.6
Banks	12.5
Beverages	0.7
Capital markets	0.6
Chemicals	2.1
Construction materials	0.7
Consumer finance	0.8
Diversified telecommunication services	0.5
Electrical equipment	1.1
Electronic equipment, instruments & components	2.4
Entertainment	0.8
Food & staples retailing	1.8
Food products	3.5
Gas utilities	0.6
Health care providers & services	1.3
Hotels, restaurants & leisure	3.4
Household durables	2.6
Independent power and renewable electricity producers	0.3
Insurance	4.8
Interactive media & services	8.3
Internet & direct marketing retail	6.4
IT services	3.5
Life sciences tools & services	0.2
Machinery	0.9
Metals & mining	4.7
Multiline retail	0.1

Common stocks—(concluded)
Oil, gas & consumable fuels	5.1	%
Paper & forest products	0.6
Personal products	1.0
Pharmaceuticals	1.2
Professional services	0.6
Real estate management & development	1.8
Road & rail	0.6
Semiconductors & semiconductor equipment	11.3
Software	0.7
Specialty retail	0.5
Technology hardware, storage & peripherals	1.6
Textiles, apparel & luxury goods	0.6
Thrifts & mortgage finance	1.6
Transportation infrastructure	1.8
Wireless telecommunication services	0.5
Total common stocks	97.7
Preferred stocks
Banks	0.4
Chemicals	0.5
Technology hardware, storage & peripherals	0.3
Total preferred stocks	1.2
Short-term investments	0.9
Investment of cash collateral from securities loaned	0.8
Total investments	100.6
Liabilities in excess of other assets	(0.6	)
Net assets	100.0	%

204

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—97.7%
Argentina—1.3%
MercadoLibre, Inc.*		4,174	$	4,725,218
Austria—0.3%
Mondi PLC		51,852		1,297,295
Brazil—6.9%
B3 SA—Brasil Bolsa Balcao		834,000		2,296,205
Banco Bradesco SA		607,200		2,149,745
Banco do Brasil SA		709,800		4,365,656
Hapvida Participacoes e Investimentos SA1		636,800		1,518,218
Hypera SA		165,400		969,020
Itau Unibanco Holding SA, ADR		90,395		426,664
Locaweb Servicos de Internet SA*,1		384,200		701,821
Notre Dame Intermedica Participacoes SA		76,100		1,020,380
Petroleo Brasileiro SA, ADR		348,728		4,655,519
Raia Drogasil SA		199,300		869,247
Rumo SA*		807,100		2,374,136
Suzano SA		81,200		905,264
TOTVS SA		279,500		1,530,115
Vale SA, ADR		39,350		597,333
WEG SA		206,800		1,252,460
				25,631,783
Canada—0.7%
Barrick Gold Corp.		41,766		799,819
Ivanhoe Mines Ltd., Class A*,2		206,338		1,767,707
				2,567,526
Chile—0.7%
Sociedad Quimica y Minera de Chile SA, ADR		48,684		2,636,239
China—32.0%
Aier Eye Hospital Group Co. Ltd., Class A		144,031		738,185
Airtac International Group		36,000		1,263,925
Alibaba Group Holding Ltd.*		749,332		11,744,701
Autohome, Inc., ADR		32,712		1,089,964
Baidu, Inc., ADR*		43,824		7,000,446
Bilibili, Inc., ADR*,2		14,055		496,001
Bilibili, Inc., Class Z*		17,740		619,818
China Medical System Holdings Ltd.		298,000		499,010
China Merchants Bank Co. Ltd., Class H		167,500		1,399,985
China Merchants Port Holdings Co. Ltd.		1,771,836		3,274,651
China Overseas Land & Investment Ltd.		564,000		1,664,633
China Resources Power Holdings Co. Ltd.		516,000		1,256,606
China Southern Airlines Co. Ltd., Class H*,2		1,846,000		1,181,893
China Tourism Group Duty Free Corp. Ltd., Class A		53,519		1,755,535
Country Garden Services Holdings Co. Ltd.		147,000		868,360
CSPC Pharmaceutical Group Ltd.		1,284,400		1,561,046
Dongfeng Motor Group Co. Ltd., Class H*		1,986,000		1,751,344
Foshan Haitian Flavouring & Food Co. Ltd., Class A		131,950		2,021,367
Fujian Sunner Development Co. Ltd., Class A		553,900		1,846,318
Geely Automobile Holdings Ltd.		592,000		1,281,536
Ginlong Technologies Co. Ltd., Class A		13,000		490,330
Gree Electric Appliances, Inc. of Zhuhai, Class A*		891,400		5,348,565
Hello Group Inc.,ADR		153,100		1,489,663
Hengan International Group Co. Ltd.		119,500		584,153
Huazhu Group Ltd.*		52,000		204,980

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Huazhu Group Ltd., ADR*		42,262	$	1,670,194
JD.com, Inc, Class A*		10,670		404,408
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		13,600		337,793
Kunlun Energy Co. Ltd.		2,096,000		2,173,651
Kweichow Moutai Co. Ltd., Class A		6,000		1,793,717
Lenovo Group Ltd.		1,192,000		1,291,780
Longfor Group Holdings Ltd.1		147,500		884,827
LONGi Green Energy Technology Co. Ltd., Class A*		224,380		2,515,312
Luxshare Precision Industry Co. Ltd., Class A		290,600		2,179,328
Meituan, Class B*,1		121,700		3,630,840
Midea Group Co. Ltd., Class A		371,500		4,319,360
NetEase, Inc.		34,175		713,556
Ningbo Huaxiang Electronic Co. Ltd., Class A		140,900		441,405
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		20,654		419,904
PICC Property & Casualty Co. Ltd., Class H		3,898,000		3,631,971
Ping An Insurance Group Co. of China Ltd., Class A		297,001		2,348,840
Ping An Insurance Group Co. of China Ltd., Class H		779,500		6,185,971
QuakeSafe Technologies Co. Ltd., Class A		79,600		1,111,152
Shanghai Mechanical and Electrical Industry Co. Ltd.,Class A		851,200		1,932,525
Shenzhou International Group Holdings Ltd.		53,700		996,400
Sinopharm Group Co. Ltd., Class H		610,000		1,364,444
Sunac China Holdings Ltd.		1,276,000		1,572,442
Tencent Holdings Ltd.		224,402		14,061,540
Tingyi Cayman Islands Holding Corp.		478,000		990,313
Travelsky Technology Ltd., Class H		762,000		1,428,020
Trip.Com Group Ltd., ADR*		75,493		2,008,869
Weibo Corp. ADR*		30,035		1,040,713
Wingtech Technology Co. Ltd., Class A		109,100		1,860,350
Wuliangye Yibin Co. Ltd., Class A		14,600		459,619
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		479,500		1,404,015
Yum China Holdings, Inc.		6,238		300,484
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		27,400		1,553,264
				118,460,022
Czech Republic—0.4%
Komercni banka A.S.		35,418		1,570,551
Greece—0.2%
Eurobank Ergasias Services and Holdings SA, Class A*		541,414		612,340
Hong Kong—0.7%
WH Group Ltd.1		3,973,186		2,658,100
India—12.4%
Asian Paints Ltd.		39,136		1,658,428
Axis Bank Ltd.*		36,894		386,376
Bajaj Finance Ltd.		17,991		1,703,944
Britannia Industries Ltd.		33,079		1,572,856
DLF Ltd.		80,784		427,799
Havells India Ltd.		80,490		1,286,577
HCL Technologies Ltd.		36,539		542,267

205

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
India—(concluded)
HDFC Bank Ltd.		169,627	$	3,411,384
Housing Development Finance Corp. Ltd.		170,111		5,804,313
Indian Hotels Co. Ltd.		166,692		485,930
Infosys Ltd.		175,923		4,139,063
Infosys Ltd., ADR		13,807		325,431
InterGlobe Aviation Ltd.*,1		131,055		3,282,607
Maruti Suzuki India Ltd.		8,500		984,758
Motherson Sumi Systems Ltd.6		887,395		2,152,150
Motherson Sumi Wiring India		887,395		473,888
Reliance Industries Ltd.		301,118		9,704,180
SBI Cards & Payment Services Ltd.*		115,970		1,374,847
State Bank of India3		25,611		1,855,454
Tata Consultancy Services Ltd.		22,943		1,155,314
UPL Ltd.		291,237		3,051,308
				45,778,874
Indonesia—1.6%
Bank Central Asia Tbk. PT		5,957,000		3,168,511
Bank Mandiri Persero Tbk. PT		2,192,300		1,148,783
Bank Rakyat Indonesia Persero Tbk. PT		5,156,788		1,467,804
				5,785,098
Kazakhstan—0.1%
NAC Kazatomprom JSC, GDR		6,500		204,720
Macau—2.1%
Galaxy Entertainment Group Ltd.*		590,000		3,416,845
Sands China Ltd.*		1,631,200		4,548,522
				7,965,367
Mexico—2.3%
Cemex SAB de CV, ADR*		235,226		1,439,583
Grupo Aeroportuario del Pacifico SAB de CV, Class B*		256,500		3,526,564
Grupo Financiero Banorte SAB de CV, Class O		106,878		677,391
Wal-Mart de Mexico SAB de CV		798,600		2,715,426
				8,358,964
Peru—0.8%
Credicorp Ltd.		20,772		2,974,966
Philippines—0.2%
Monde Nissin Corp.*,1		1,794,000		577,831
Poland—0.9%
Allegro.eu SA*,1		118,312		1,096,559
Powszechny Zaklad Ubezpieczen SA		273,013		2,430,817
				3,527,376
Russia—3.8%
Alrosa PJSC		1,839,700		2,706,388
Fix Price Group Ltd.3		60,167		343,462
Gazprom PJSC, ADR4,5		111,460		970,294
HeadHunter Group PLC, ADR		50,647		2,244,169
LUKOIL PJSC, ADR4		13,640		1,212,187
Polymetal International PLC		32,540		467,555
Rosneft Oil Co. PJSC		278,307		2,075,559

	Number of shares		Value
Common stocks—(continued)
Russia—(concluded)
Sberbank of Russia PJSC, ADR		140,984	$	1,977,720
Yandex N.V., Class A*		44,543		2,140,737
				14,138,071
Saudi Arabia—1.6%
Delivery Hero SE*,1		14,419		1,113,002
Saudi Arabian Mining Co.*		22,042		543,219
Saudi National Bank		112,657		2,221,194
Saudi Telecom Co.		60,555		1,905,123
				5,782,538
South Africa—2.5%
Absa Group Ltd.		150,023		1,662,592
Capitec Bank Holdings Ltd.		24,440		3,217,422
Clicks Group Ltd.		92,498		1,771,337
Gold Fields Ltd., ADR2		253,088		2,682,733
MTN Group Ltd.*		8,626		108,480
				9,442,564
South Korea—10.3%
Coupang, Inc.*,2		46,174		961,343
DB Insurance Co. Ltd.*		49,808		2,494,885
Doosan Fuel Cell Co. Ltd.*		14,592		427,575
Douzone Bizon Co. Ltd.*		21,544		954,939
Fila Holdings Corp.*		44,559		1,100,842
Hana Financial Group, Inc.		53,414		2,012,553
Kakao Corp.*		19,219		1,388,220
KakaoBank Corp.*,2		20,263		703,955
KB Financial Group, Inc.		42,113		2,087,107
Kia Corp.		26,528		1,849,684
LG Chem Ltd.*		1,020		546,781
LG Household & Health Care Ltd.		2,370		1,927,871
NAVER Corp.		9,565		2,526,505
POSCO		10,723		2,398,664
Samsung Biologics Co. Ltd.*,1		1,198		741,657
Samsung Electronics Co. Ltd.		75,141		4,673,701
Samsung Fire & Marine Insurance Co. Ltd.		4,909		820,546
Shinhan Financial Group Co. Ltd.		29,422		942,362
SK Hynix, Inc.		57,114		5,911,742
SK Square Co. Ltd.*		27,600		1,259,228
SK Telecom Co. Ltd.		34,237		1,629,513
WONIK IPS Co. Ltd.*		24,214		799,102
				38,158,775
Taiwan—10.7%
Alchip Technologies Ltd.		20,000		693,854
CTBC Financial Holding Co. Ltd.		865,934		870,531
Delta Electronics, Inc.		121,000		1,193,719
E. Sun Financial Holding Co. Ltd.		1,501,483		1,578,945
eMemory Technology, Inc.		22,000		1,284,361
FLEXium Interconnect, Inc.*		231,000		820,033
HON HAI Precision Industry Co. Ltd.		557,000		2,082,582
MediaTek, Inc.		179,469		7,128,363
Sea Ltd., ADR*		6,331		951,613
Taiwan Semiconductor Manufacturing Co. Ltd.		493,231		11,404,481
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		89,332		10,954,783

206

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Taiwan—(concluded)
Zhen Ding Technology Holding Ltd.		242,000	$	834,206
				39,797,471
Thailand—1.2%
Bangkok Bank PCL NVDR		722,800		2,957,078
CP ALL PCL		731,400		1,378,446
				4,335,524
Turkey—0.1%
Turkiye Garanti Bankasi A.S.		459,126		411,540
United Arab Emirates—0.3%
Network International Holdings PLC*,1		312,256		1,111,914
United Kingdom—0.3%
Unilever PLC		22,136		1,130,646
United States—1.3%
Globant SA*		10,750		2,743,185
JBS SA		309,600		2,045,887
				4,789,072
Uruguay—0.2%
Dlocal Ltd.*		23,393		699,919
Vietnam—0.5%
Hoa Phat Group JSC		394,143		740,815
Vincom Retail JSC*		727,320		1,136,757
				1,877,572
Zambia—1.3%
First Quantum Minerals Ltd.		194,813		4,798,486
Total common stocks (cost—$330,664,630)				361,806,362

	Number of shares		Value
Preferred stocks—1.2%
Brazil—0.4%
Banco Bradesco SA		204,090	$	876,302
Itausa SA		277,759		533,016
				1,409,318
Chile—0.3%
Sociedad Quimica y Minera de Chile SA, Class B		22,804		1,221,243
South Korea—0.5%
LG Chem Ltd.*		2,798		710,275
Samsung Electronics Co. Ltd.		20,792		1,169,493
				1,879,768
Total preferred stocks (cost—$4,419,148)				4,510,329
Short-term investments—0.9%
Investment companies—0.9%
State Street Institutional U.S. Government Money Market Fund, 0.030%7 (cost—$3,471,387)		3,471,387		3,471,387
Investment of cash collateral from securities loaned—0.8%
Money market funds—0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%7 (cost—$2,890,757)		2,890,757		2,890,757
Total investments (cost—$341,445,922)—100.6%				372,678,835
Liabilities in excess of other assets—(0.6)%				(2,376,550	)
Net assets—100.0%			$	370,302,285

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

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
SSC	USD	96,359	HKD	750,739	02/04/22	$	(73	)
SSC	USD	259,726	HKD	2,025,159	02/07/22		8
Net unrealized appreciation (depreciation)						$	(65	)

207

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	96,809,078	$	264,997,284		$	—	$	361,806,362
Preferred stocks		1,409,317		3,101,012			—		4,510,329
Short-term investments		—		3,471,387			—		3,471,387
Investment of cash collateral from securities loaned		—		2,890,757			—		2,890,757
Forward foreign currency contracts		—		8			—		8
Total	$	98,218,395	$	274,460,448		$	—	$	372,678,843
Liabilities
Forward foreign currency contracts	$	—	$	(73	)	$	—	$	(73	)

At January 31, 2022, 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 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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $17,317,376, represented 4.7% of the Portfolio's net assets at period end.

²  Security, or portion thereof, was on loan at the 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 is traded on the Turquoise Exchange.

⁵  Security is traded on the over-the-counter ("OTC") market.

⁶  Security is being fair valued by a valuation committee under the direction of the board of trustees.

⁷  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
208

PACE Global Real Estate Securities Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -1.97% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE EPRA/NAREIT Developed Index (the "benchmark") returned -0.56%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 211. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Subadvisor's comments²

The Portfolio underperformed its benchmark during the reporting period. The Portfolio's holdings of securities within the integrated telecommunications services industry detracted from performance. Here, owning shares of wireless telecommunications firm Cellnex Telecom (Spain) and telecommunication towers operator Helios Towers dampened our returns, and we eliminated both positions after the reporting period. Stock selection within the residential REITs industry also weighed on results. However, there were no individual securities within this industry that were among the Portfolio's top detractors over the period. Elsewhere, not owning both self-storage facility operator Public Storage and industrial and medical property manager Duke Realty, and the timing of our position in office and retail space developer Mapletree Commercial Trust (Singapore), held back performance. We sold our position in Mapletree Commercial Trust after the period. Overweighting shares of logistics property developer Mapletree Logistics Trust (Singapore) and residential property developers LEG Immobilien (Germany), Advance Residence Investment (Japan) also hindered our performance. Lastly, health care services provider Encompass Health detracted from returns and we eliminated the position after the reporting period.

Securities in other industries that were among the Portfolio's top contributors included overweight positions in logistics property developer Prologis, self-storage property operator Extra Space Storage, data center firm CoreSite Realty (acquired by American Tower November 15, 2021), warehouse and logistics property manager Granite Real Estate Investment Trust (Canada), shopping center developer Brixmor Property Group, storage facility operator National Storage REIT, and multi-family community property developer AvalonBay Communities. An underweight in co-location and data center company Equinix, holding shares of forest product and timberland company Weyerhaeuser, and not owning shares of temperature-controlled warehouse

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust –
PACE Global Real Estate Securities Investments

Investment Manager:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Brookfield Public Securities Group LLC (f/k/a Brookfield Investment Management Inc.) ("Brookfield") (terminated effective close of business on August 18, 2021);

Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles and Christopher Andersen, CFA

Brookfield: Jason Baine and Bernhard Krieg

MFS: Rick Gable

Objective:

Total Return

Investment process:

The main strategies of the subadvisors include:

• a strategy that involves achieving total returns by investing in a diversified portfolio of global securities of companies primarily in the real estate industry.

• a strategy that focuses on investments in equity REITs as well as similar entities formed under the laws of non-US countries, and the subadvisor may also invest in mortgage REITs, hybrid REITs and other US and foreign real estate-related investments, including emerging market real estate-related investments.

209

PACE Global Real Estate Securities Investments

Subadvisor's comments – concluded

operator Americold Realty Trust also supported relative results. We eliminated our position in Weyerhaeuser after the reporting period.

The Portfolio did not utilize derivatives during the reporting period.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for long-term investors seeking to diversify a portion of their assets into real estate related investments. Investors should be willing to withstand short-term fluctuations in the equity and real estate markets in return for potentially higher returns over the long term. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the companies or issuers in whose securities the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social, and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. These risks are greater for investments in emerging market issuers than for issuers in more developed countries. There are certain risks associated with investing in real estate-related investments, including sensitivity to economic downturns, interest rates, declines in property values and variation in property management.

210

PACE Global Real Estate Securities Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.12	)%		23.74	%		5.47	%		6.92	%
Class P2		(1.97	)		23.96			5.74			7.20
After deducting maximum sales charge
Class A1		(7.51	)		16.90			4.29			6.32
FTSE EPRA Nareit Developed Index3		(0.56	)		20.88			7.42			8.12

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		10.38	%		32.65	%		7.47	%		8.60	%
Class P2		10.58			33.01			7.75			8.89
After deducting maximum sales charge
Class A1		4.33			25.40			6.25			7.99

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—1.62% and 1.45% and Class P—1.65% and 1.20%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.45% and Class P—1.20%. The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed these expense caps and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

³  The FTSE EPRA Nareit Developed Index is designed to measure the stock performance of companies engaged in certain real estate activities of the North American, UK, European and Asian real estate markets. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

211

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten holdings
Prologis, Inc.	7.8	%
Equinix, Inc.	3.7
Simon Property Group, Inc.	3.6
Extra Space Storage, Inc.	3.0
Vonovia SE	3.0
American Homes 4 Rent, Class A	2.9
AvalonBay Communities, Inc.	2.8
Goodman Group	2.8
Sun Communities, Inc.	2.6
Equity Lifestyle Properties, Inc.	2.5
Total	34.7	%
Top five issuer breakdown by country or territory of origin
United States	59.8	%
United Kingdom	6.2
Japan	5.2
Germany	4.5
Australia	4.4
Total	80.1	%

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

212

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Common stocks
Apartments	10.1	%
Building & Construct-Misc	1.8
Building-Heavy Construction	4.0
Diversified	17.3
Health care	4.1
Hotels	2.0
Manufactured homes	5.1
Office property	5.0
Physical Therapy/Rehabilitation Centers	1.0
Real estate management/service	4.9
Real estate operations/development	10.2
Regional malls	3.6
Shopping centers	5.0
Single Tenant	2.7
Storage	6.5
Warehouse/industrial	15.3
Total common stocks	98.6
Short-term investments	1.4
Investment of cash collateral from securities loaned	1.5
Total investments	101.5
Liabilities in excess of other assets	(1.5	)
Net assets	100.0	%

213

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—98.6%
Australia—4.4%
Goodman Group		184,139	$	3,040,453
National Storage REIT		973,563		1,706,718
				4,747,171
Belgium—3.8%
Shurgard Self Storage SA		27,399		1,579,365
Warehouses De Pauw CVA		58,100		2,499,540
				4,078,905
Brazil—0.3%
Multiplan Empreendimentos Imobiliarios SA		70,609		285,888
Canada—3.5%
Allied Properties REIT		23,127		813,807
Brookfield Asset Management, Inc., Class A		15,126		832,962
Granite REIT		28,625		2,172,631
				3,819,400
China—1.9%
ESR Cayman Ltd.*,1		593,800		2,013,397
Germany—4.5%
LEG Immobilien SE		12,078		1,602,252
Vonovia SE		57,269		3,261,800
				4,864,052
Hong Kong—2.3%
Sino Land Co. Ltd.		824,000		1,067,652
Swire Properties Ltd.		534,600		1,425,095
				2,492,747
Japan—5.2%
Advance Residence Investment Corp.2		527		1,553,750
Heiwa Real Estate Co. Ltd.		7,800		266,449
Japan Logistics Fund, Inc.2		465		1,288,901
Katitas Co. Ltd.		65,700		2,003,918
Star Asia Investment Corp.2		1,108		583,100
				5,696,118
Mexico—1.5%
Corp Inmobiliaria Vesta SAB de CV		397,557		752,984
Fibra Uno Administracion SA de CV		830,827		853,865
				1,606,849
Singapore—2.0%
Ascendas India Trust		866,500		836,248
Capitaland Investment Ltd.*		241,000		618,375
Mapletree Logistics Trust		581,500		731,831
				2,186,454
Spain—1.7%
Cellnex Telecom SA1,2		41,226		1,869,417
Tanzania, United Republic Of—1.5%
Helios Towers PLC*,2		805,497		1,665,127

	Number of shares		Value
Common stocks—(concluded)
United Kingdom—6.2%
Big Yellow Group PLC		100,205	$	2,021,867
Grainger PLC		451,571		1,839,007
Shaftesbury PLC2		245,228		2,059,081
UNITE Group PLC		55,936		782,614
				6,702,569
United States—59.8%
Alexandria Real Estate Equities, Inc.		11,063		2,155,515
American Homes 4 Rent, Class A		81,056		3,171,721
American Tower Corp.		6,087		1,530,881
AvalonBay Communities, Inc.		12,592		3,075,344
Boston Properties, Inc.		11,984		1,343,167
Brixmor Property Group, Inc.		83,704		2,122,734
Douglas Emmett, Inc.		33,964		1,060,356
Encompass Health Corp.		17,886		1,109,647
Equinix, Inc.		5,609		4,065,964
Equity Lifestyle Properties, Inc.		34,372		2,690,984
Extra Space Storage, Inc.		16,632		3,296,296
Host Hotels & Resorts, Inc.*		123,098		2,134,519
Medical Properties Trust, Inc.		89,101		2,027,939
Mid-America Apartment Communities, Inc.		11,728		2,423,943
National Retail Properties, Inc.		40,823		1,811,725
Phillips Edison & Co., Inc.		55,385		1,745,735
Prologis, Inc.		54,049		8,475,964
Rayonier, Inc.		56,936		2,080,441
SBA Communications Corp.		2,483		808,068
Simon Property Group, Inc.		26,449		3,893,293
STAG Industrial, Inc.		38,850		1,660,061
STORE Capital Corp.		34,941		1,107,979
Sun Communities, Inc.		14,816		2,799,631
Urban Edge Properties		88,348		1,611,468
VICI Properties, Inc.2		78,860		2,256,973
Welltower, Inc.		27,553		2,386,916
Weyerhaeuser Co.		52,870		2,137,534
				64,984,798
Total common stocks (cost—$97,711,779)				107,012,892
Short-term investments—1.4%
Investment companies—1.4%
State Street Institutional U.S. Government Money Market Fund, 0.030%3 (cost—$1,544,007)		1,544,007		1,544,007
Investment of cash collateral from securities loaned—1.5%
Money market funds—1.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.040%3 (cost—$1,651,793)		1,651,793		1,651,793
Total investments (cost—$100,907,579)—101.5%				110,208,692
Liabilities in excess of other assets—(1.5)%				(1,610,281	)
Net assets—100.0%			$	108,598,411

214

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2022 (unaudited)

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Common stocks	$	70,696,935	$	36,315,957	$	—	$	107,012,892
Short-term investments		—		1,544,007		—		1,544,007
Investment of cash collateral from securities loaned		—		1,651,793		—		1,651,793
Total	$	70,696,935	$	39,511,757	$	—	$	110,208,692

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $3,882,814, represented 3.6% of the Portfolio's net assets at period end.

²  Security, or portion thereof, was on loan at the period end.

³  Rates shown reflect yield at January 31, 2022.

See accompanying notes to financial statements.
215

PACE Alternative Strategies Investments

Performance

For the six-months ended January 31, 2022, the Portfolio's Class P shares returned -0.42% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE Three-Month US Treasury Bill Index (the "benchmark") returned 0.02%, the Bloomberg Global Aggregate Index returned -4.82%, the MSCI World Index (net) returned 0.26%, the HFRI Fund of Funds Composite Index returned -1.02%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 219. Please note that the returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.) For a detailed commentary on the market environment in general during the reporting period, please refer to page 3.

Investment Manager's comments^2,3

(Please note that while the subadvisor outperformed the benchmark on a gross-of-fees basis, the Portfolio underperformed net of fees, as reported in the "Performance at a glance" table. As stated in footnote two, the comments that follow address performance on a gross-of-fees basis.)

The Portfolio outperformed the benchmark during the reporting period. This was primarily driven by allocations to equity hedged strategies. Specifically, tilts toward certain valuation metrics, such as sales-to-price, forward earnings-to-price and historical earnings-to-price were the top drivers of performance. In addition, tilts toward earnings estimate revisions also helped during the period. From a sector perspective, positioning in consumer and industrial sectors produced the most positive results. Negatively impacting results was an emphasis on quality, as tilts to return-on-assets and profit margin were challenged and detracted from performance. An emphasis on low beta stocks also positively impacted performance, as low beta securities outperformed high beta securities. (Beta is a measure of volatility or risk relative to the market as a whole.) Meanwhile, portfolio hedges detracted from returns, providing a partial offset to the positive return drivers. The largest detractors included mega-cap names in technology and stocks in the communication sector which rallied over the period.

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

²  A long position in a security is implemented by purchasing a security with the expectation that it will rise in value. A short position in a security may be taken when an investor believes that a security, or investment, is overpriced and expects it to fall in value. A short position is typically implemented by first borrowing the investment and then selling it. The investor then seeks to buy the investment at a later date ideally at a lower price to replace the security that had been borrowed, thereby earning a profit on the transaction.

³  Performance is discussed on a gross-of-fees basis—meaning that no fees or expenses are reflected when discussed at the level of a subadvisor's sleeve (or subadvisors' sleeves, if applicable). Alternatively, performance at the overall Portfolio level is shown net of fees, which does factor in fees and expenses associated with the Portfolio.

PACE Select Advisors Trust –
PACE Alternative Strategies Investments

Investment Manager and Portfolio Sleeve Advisor:

UBS Asset Management (Americas) Inc. ("UBS AM")

Investment Subadvisors:

Allspring Global Investments, LLC (formerly, Wells Capital Management Incorporated ("Allspring");
First Quadrant L.P. ("First Quadrant");
Sirios Capital Management, L.P. ("Sirios");

Aviva Investors Americas, LLC ("Aviva");

PCJ Investment Counsel LTD ("PCJ")

Kettle Hill Capital Management, LLC ("Kettle Hill")

Magnetar Asset Management, LLC ("Magnetar");
DLD Asset Management, L.P. ("DLD")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Gina Toth, CFA, Fred Lee CFA, Edward Eccles, Christopher Andersen, CFA, David Kelly and Mayoor Joshi

Allspring: Dennis Bein, David Krider and Harindra de Silva;

First Quadrant: Dori Levanoni and Jeppe Ladekarl;

Magnetar: Devin Dallaire

DLD: Sudeep Duttaroy and Mark Friedman

Aviva: Peter Fitzgerald and Ian Pizer

(continued on next page)

216

PACE Alternative Strategies Investments

Investment Manager's comments – concluded

The largest offset to performance by category was an allocation to a tactical currency strategy that primarily functions as a diversifier within the overall portfolio. Performance for the period was driven by the fact that currency markets were more heavily influenced by COVID-19 risks than underlying fundamentals. The strategy's quantitative models, particularly the inflation-related and fair value models, drove results. The inflation-related models led the strategy to be long the Canadian dollar and short the Japanese yen. Unfortunately, the yen strengthened as the Bank of Japan reiterated prolonged accommodation and the Canadian dollar weakened as the Bank of Canada moved forward its interest rate guidance. The strategy's fair value models drove the strategy to be long the euro and Swedish krona. Both currencies weakened over the period on dovishness from the European Central Bank and Riksbank, respectively.

Derivatives were used in the Portfolio to gain economic exposure and for hedging or risk management purposes across currencies, fixed income and equity markets. The derivatives utilized over the period primarily included currency forwards (both deliverable and non-deliverable), options, futures, forwards and swaps.

Portfolio Management
Team (concluded)

PCJ: Adam Posman, Heiki Altosaar, Kevin Kingsley and Jenny Yan

Kettle Hill: Andrew Y. Kurita

UBS AM sleeve: Mabel Lung, Gina Toth, Fred Lee, and Edward Eccles, Christopher Andersen, CFA, David Kelly and Mayoor Joshi;

Sirios: John F. Brennan, Jr.

Objective:

Long-term capital appreciation

217

PACE Alternative Strategies Investments

Investment process

The main strategies of the subadvisors include:

• An "opportunistic strategy" in which UBS AM allocates a portion of the fund's assets primarily to unaffiliated actively- and passively- managed pooled investment vehicles that UBS AM believes are suitable for return generation, risk management or both.

• A "long/short global equity" strategy in which the subadvisor buys securities "long" that the subadvisor believes will out-perform the market, and sells securities "short" that the subadvisor believes will underperform the market.

• A "currency strategy" that seeks to produce absolute return from investing in currency markets.

• A "liquid alternative long/short equity strategy" in which the subadvisor generally utilizes long positions that the subadvisor believes are attractively-valued, growth-oriented companies of mid to large capitalization and short positions that the subadvisor believes have deteriorating fundamentals or appear overvalued.

• A "global unconstrained multi-strategy" strategy that identifies and pursues diverse strategies across asset classes, sectors, currencies, interest rates, inflation and volatility that are expected to work well together whether markets are rising or falling.

• An "absolute return equity market neutral" strategy that aims to earn a positive absolute and attractive risk adjusted return while demonstrating low correlation with, and lower volatility than, traditional long only investment portfolios.

• A "long/short US, small cap equity" strategy in which the subadvisor primarily buys securities of US small capitalization companies "long" that the subadvisor believes will out-perform the market, and sells securities of US small capitalization companies "short" that the subadvisor believes will underperform the market.

• A "relative value strategy" that seeks to generate risk adjusted returns that are uncorrelated to the equity or credit markets by isolating opportunities in the convertible bond, high yield and listed options markets.

• A "merger arbitrage strategy" that seeks to achieve absolute returns utilizing a rule-based approach to investing.

Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

Special considerations

The Portfolio may be appropriate for investors seeking long-term capital appreciation who are able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long term. The Portfolio may employ investment strategies that involve greater risks than the strategies used by many other mutual funds, including increased use of short sales (which involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss), leverage and derivative transactions, and hedging strategies. The value of the Portfolio changes every day and can be affected by changes in interest rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers of securities in which the Portfolio invests. The value of the Portfolio's investments in foreign securities may fall due to adverse political, social and economic developments abroad, and due to decreases in foreign currency values relative to the US dollar. It is important to note that an investment in the Portfolio is only one component of a balanced investment plan.

218

PACE Alternative Strategies Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.51	)%		2.11	%		2.82	%		3.18	%
Class Y2		(0.33	)		2.39			3.08			3.46
Class P3		(0.42	)		2.40			3.07			3.45
After deducting maximum sales charge
Class A1		(6.00	)		(3.50	)		1.68			2.59
FTSE Three-Month US Treasury Bill Index4		0.02			0.04			1.11			0.60
Bloomberg Global Aggregate Index5		(4.82	)		(5.81	)		2.70			1.39
MSCI World Index (net)6		0.26			16.53			13.25			11.54
HFRI Fund of Funds Composite Index7		(1.02	)		3.91			4.90			4.08

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/21	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.46	%		2.63	%		3.17	%		3.62	%
Class Y2		0.64			3.00			3.45			3.91
Class P3		0.64			2.92			3.44			3.89
After deducting maximum sales charge
Class A1		(5.06	)		(3.04	)		2.02			3.04

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 26, 2021 were as follows: Class A—3.01% and 2.89%; Class Y—2.76% and 2.65%; and Class P—2.76% and 2.65%. Net expenses reflect fee waivers and/or expense reimbursements, if any, pursuant to an agreement that is in effect to cap the expenses. The Portfolio and UBS Asset Management (Americas) Inc. ("UBS AM") have entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2022 to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The agreement also provides that UBS AM is contractually obligated to waive its management fees and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2022 (excluding dividend expense, borrowing costs, and interest expense relating to short sales, and expenses attributable to investment in other investment companies, interest, taxes, brokerage commissions, trustee elections, as well as other matters related to shareholder meetings (unless specifically agreed by UBS AM) and extraordinary expenses) would not exceed Class A—1.88%; Class Y—1.63%; and Class P—1.63% The Portfolio has agreed to repay UBS AM for any waived fees/reimbursed expenses (pursuant to item (2)) to the extent that it can do so over the following three fiscal years without causing the Portfolio's expenses in any of those three years to exceed this expense cap and that UBS AM has not waived the right to do so. The fee waiver/expense reimbursement agreement may be terminated by the Portfolio's board at any time and also will terminate automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. Upon termination of the agreement, however, UBS AM's three year recoupment rights will survive.

¹  Maximum sales charge for Class A shares is 5.5%. Class A shares bear ongoing 12b-1 service fees of 0.25% annually.

²  The Portfolio offers Class Y shares to a limited group of eligible investors, including certain qualifying retirement plans. Class Y shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees.

³  Class P shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P shares held through advisory programs may be subject to a program fee, which, if included, would have reduced performance.

⁴  The FTSE Three-Month US Treasury Bill Index is an unmanaged index reflecting monthly return equivalents of yield averages that are not marked to the market and an average of the last three 3-month T-bill month-end rates. 3-month T-bills are the short-term debt obligations of the US government. Investors should note that indices do not reflect the deduction of fees and expenses.

⁵  The Bloomberg Global Aggregate Index is an unmanaged broad-based, market capitalization-weighted index which is designed to measure the broad investment-grade global fixed income markets for US and non-US government, government-related, corporate and securitized sectors. Investors should note that indices do not reflect the deduction of fees and expenses.

219

PACE Alternative Strategies Investments

⁶  The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The index is constructed and managed with a view to being fully investable from the perspective of international institutional investors. Investors should note that indices do not reflect the deduction of fees and expenses.

⁷  The HFRI Fund of Funds Composite Index is an index of Fund of Funds strategies which invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of vesting with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. Investors should note that indices do not reflect the deduction of fees and expenses.

Prior to August 3, 2015, a 1% redemption fee was imposed on sales or exchanges of any class of shares of the Portfolio made during the specified holding period.

Past performance does not predict future performance, and the performance information provided does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. The return and principal value of an investment will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value on the ex-dividend dates. Current performance may be higher or lower than the performance data quoted. For month-end performance figures, please visit www.ubs.com/us-mutualfundperformance.

220

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Top ten Equity holdings (long holdings)
Microsoft Corp.	0.9	%
George Weston Ltd.	0.7
ATS Automation Tooling Systems, Inc.	0.7
Wells Fargo & Co.	0.6
Take-Two Interactive Software, Inc.	0.6
DISH Network Corp., Class A	0.6
Pfizer, Inc.	0.5
Mandiant, Inc.	0.5
IHS Markit Ltd.	0.5
Stantec, Inc.	0.4
Total	6.0	%
Top ten equity holdings (short holdings)
Carnival Corp.	(2.8	)%
Liberty Media Corp.-Liberty SiriusXM, Class A	(1.4	)
United States Steel Corp.	(1.0	)
iStar, Inc.	(0.8	)
Wayfair, Inc., Class A	(0.6	)
Bloomin' Brands, Inc.	(0.5	)
World Wrestling Entertainment, Inc., Class A	(0.4	)
Cinemark Holdings, Inc.	(0.4	)
Liberty Media Corp.-Liberty Formula One, Class A	(0.4	)
Live Nation Entertainment, Inc.	(0.4	)
Total	(8.7	)%
Top ten long-term income holdings
U.S. Treasury Bills, 0.036% due 03/24/22	4.6	%
Carnival Corp., 5.750% due 04/01/23	3.1
Liberty Media Corp., 1.375% due 10/15/23	2.1
U.S. Treasury Bills, 0.061% due 04/21/22	1.3
United States Steel Corp., 5.000% due 11/01/26	1.2
iStar, Inc., 3.125% due 09/15/22	0.9
Wayfair, Inc., 1.000% due 08/15/26	0.7
Cinemark Holdings, Inc., 4.500% due 08/15/25	0.7
U.S. Treasury Bills, 0.162% due 05/19/22	0.6
Bloomin' Brands, Inc., 5.000% due 05/01/25	0.6
Total	15.8	%

Top five issuer breakdown by country or territory of origin (long holdings)
United States	77.7	%
Canada	10.0
United Kingdom	1.7
France	1.3
Japan	1.1
Total	91.8	%

Top five issuer breakdown by country or territory of origin (short holdings)
United States	(21.1	)%
Canada	(4,7	)
United Kingdom	(0.4	)
Sweden	(0.2	)
Australia	(0.2	)
Total	(26.6	)%

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

221

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Common stocks
Aerospace & defense	0.6	%
Air freight & logistics	0.3
Airlines	0.8
Auto components	0.2
Automobiles	0.4
Banks	1.9
Beverages	0.5
Biotechnology	0.4
Building products	0.9
Capital markets	0.6
Chemicals	1.2
Commercial services & supplies	0.8
Communications equipment	0.2
Construction & engineering	0.5
Distributors	0.4
Diversified consumer services	0.2
Diversified financial services	0.2
Diversified telecommunication services	0.4
Electric utilities	0.3
Electrical equipment	0.3
Electronic equipment, instruments & components	0.8
Energy equipment & services	0.4
Entertainment	0.9
Equity real estate investment trusts	2.9
Financial services	0.1
Food & staples retailing	1.2
Food products	0.8
Gas utilities	0.3
Health care equipment & supplies	0.9
Health care providers & services	0.2
Health care technology	0.0	†
Hotels, restaurants & leisure	2.4
Household durables	1.0
Household products	0.4
Independent power and renewable electricity producers	0.4
Industrial conglomerates	0.2
Insurance	0.8
Interactive media & services	0.8
Internet & direct marketing retail	0.3
IT services	1.1
Leisure products	0.1
Life sciences tools & services	0.2
Machinery	1.4
Marine	0.2

Common stocks—(concluded)
Media	1.0	%
Metals & mining	1.4
Mortgage real estate investment	0.0	†
Multi-utilities	0.2
Multiline retail	0.4
Oil, gas & consumable fuels	2.9
Paper & forest products	0.2
Personal products	0.1
Pharmaceuticals	1.6
Professional services	1.7
Real estate management & development	0.6
Road & rail	1.2
Semiconductors & semiconductor equipment	1.5
Software	4.0
Specialty retail	1.5
Technology hardware, storage & peripherals	0.5
Textiles, apparel & luxury goods	0.3
Trading companies & distributors	1.0
Water utilities	0.1
Wireless telecommunication services	0.1
Total common stocks	49.2
Preferred stocks
Automobiles	0.0	†
Household products	0.2
Total preferred stocks	0.2
Investment companies	6.1
Warrants
Financial services	0.0	†
Pharmaceuticals	0.0	†
Total warrants	0.0	†
Corporate bonds
Airlines	0.8
Chemicals	0.1
Construction materials	0.1
Entertainment	0.7
Internet	0.7
Iron & steel	1.2
Leisure Time	3.1
Media	3.1
Real estate investment trust	0.9
Retail	0.9

222

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2022

Corporate bonds—(concluded)
Software	0.5	%
Transportation	0.0	†
Total corporate bonds	12.1
Short-term investments	22.8
Short-term U.S. Treasury obligations	7.8
Equity and foreign exchange options purchased
Call options	0.3
Put options	0.0	†
Total foreign exchange options purchased	0.3
Investments sold short Common stocks
Aerospace & defense	(0.1	)
Air freight & logistics	(0.2	)
Airlines	(0.5	)
Auto components	(0.1	)
Automobiles	(0.1	)
Beverages	(0.1	)
Biotechnology	(0.4	)
Building products	(0.0	)†
Capital markets	(0.6	)
Chemicals	(0.0	)†
Commercial services & supplies	(0.5	)
Communications equipment	(0.0	)†
Construction & engineering	(0.0	)†
Containers & packaging	(0.3	)
Diversified consumer services	(0.0	)†
Diversified telecommunication services	(0.2	)
Electric utilities	(0.1	)
Electrical equipment	(0.7	)
Electronic equipment, instruments & components	(0.0	)†
Entertainment	(1.9	)
Equity real estate investment trusts	(1.7	)
Food & staples retailing	(0.5	)
Food products	(0.2	)
Health care equipment & supplies	(0.2	)

Investments sold short—(concluded) Common stocks—(concluded)
Health care providers & services	(0.3	)%
Health care technology	(0.0	)†
Hotels, restaurants & leisure	(4.0	)
Household durables	(0.4	)
Household products	(0.1	)
Independent power and renewable electricity producers	(0.3	)
Industrial conglomerates	(0.1	)
Insurance	(0.1	)
Internet & direct marketing retail	(0.9	)
IT services	(0.3	)
Leisure products	(0.0	)†
Life sciences tools & services	(0.1	)
Machinery	(0.4	)
Marine	(0.0	)†
Media	(1.4	)
Metals & mining	(1.8	)
Multi-utilities	(0.3	)
Oil, gas & consumable fuels	(1.1	)
Personal products	(0.1	)
Pharmaceuticals	(0.2	)
Real estate management & development	(0.4	)
Road & rail	(0.2	)
Software	(0.8	)
Specialty retail	(0.5	)
Textiles, apparel & luxury goods	(0.3	)
Thrifts & mortgage finance	(0.1	)
Trading companies & distributors	(0.1	)
Transportation infrastructure	(0.1	)
Total common stock	(22.8	)
Corporate bonds
Construction materials	(0.0	)†
Investment companies	(4.2	)
Total investments sold short	(27.0	)
Other assets in excess of liabilities	28.5
Net assets	100.0	%

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

223

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—49.2%
Australia—0.2%
Dexus		6,868	$	49,999
GPT Group		139,504		494,354
Mirvac Group		59,406		110,089
PointsBet Holdings Ltd.*		38,391		134,542
Rio Tinto PLC		1,067		75,208
Sonic Healthcare Ltd.		3,324		89,516
Stockland		7,677		22,128
				975,836
Austria—0.1%
OMV AG		5,277		322,976
Belgium—0.0%†
Proximus SADP		3,814		77,884
Canada—9.6%
AirBoss of America Corp.1		26,570		836,093
Algoma Steel Group, Inc.1		15,690		140,896
Alimentation Couche-Tard, Inc.		800		32,267
Arizona Metals Corp.		93,500		411,911
ATS Automation Tooling Systems, Inc.1		75,070		3,065,050
Aya Gold & Silver, Inc.*,1		50,380		340,451
Brookfield Asset Management, Inc., Class A1		18,130		998,963
CAE, Inc.*,1		50,710		1,280,428
Cameco Corp.		3,361		65,335
Canadian Apartment Properties REIT		37,800		1,662,587
Canadian Pacific Railway Ltd.1		9,640		688,296
Canfor Corp.*,1		19,290		438,261
CareRx Corp.*		96,650		398,416
CES Energy Solutions Corp.		256,230		491,839
Dexterra Group, Inc.		43,060		279,806
Dream Industrial REIT1		68,500		849,817
Dye & Durham Ltd.1		28,030		810,591
Empire Co. Ltd., Class A		7,200		222,148
Finning International, Inc.1		18,790		523,870
George Weston Ltd.1		28,360		3,092,682
GFL Environmental, Inc.1		41,320		1,358,188
Gildan Activewear, Inc.1		20,590		820,100
Gildan Activewear, Inc.		2,700		107,478
Granite REIT1		6,850		519,913
GURU Organic Energy Corp.*		62,000		629,194
Hardwoods Distribution, Inc.1		54,200		1,864,584
HLS Therapeutics, Inc.		17,570		204,153
i-80 Gold Corp.*,1		98,390		205,890
IBI Group, Inc.*		65,460		681,301
Intact Financial Corp.1		4,210		570,419
K-Bro Linen, Inc.		39,630		1,060,313
Kinaxis, Inc.*,1		10,060		1,304,876
Kirkland Lake Gold Ltd.1		25,580		963,599
Leaf Mobile, Inc.*		107,955		346,502
Lightspeed Commerce, Inc.*,1		8,970		291,155
Linamar Corp.1		4,430		245,521
MAG Silver Corp.*,1		20,830		282,835
NanoXplore, Inc.*,1		91,860		395,291
Neo Performance Materials, Inc.1		32,970		463,497
Northland Power, Inc.1		37,040		1,072,605
Nutrien Ltd.		6,600		460,959

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
NuVista Energy Ltd.*,1		45,170	$	319,457
Open Text Corp.		12,200		583,919
Osisko Mining, Inc.*,1		122,640		423,545
Parkit Enterprise, Inc.*		330,060		353,130
Precision Drilling Corp.*,1		11,190		486,457
Premium Brands Holdings Corp.1		7,550		712,622
RioCan REIT		62,200		1,082,867
Rivalry Corp.*		109,900		149,571
SNC-Lavalin Group, Inc.1		15,670		345,538
Stantec, Inc.1		36,663		1,944,972
Stella-Jones, Inc.1		9,160		287,162
Tamarack Valley Energy Ltd.1		275,450		1,068,299
TFI International, Inc.		8,600		827,762
TransAlta Corp.1		56,050		608,703
Tricon Residential, Inc.1		13,760		201,667
Uni-Select, Inc.*,1		81,550		1,521,103
Wesdome Gold Mines Ltd.*,1		70,560		606,711
				42,001,565
Cayman Islands—0.1%
Black Spade Acquisition Co.		27,200		270,368
China—0.1%
Chow Tai Fook Jewellery Group Ltd.		360,200		632,862
Denmark—0.3%
A.P. Moller—Maersk A/S, Class B		92		330,477
Novo Nordisk A/S, Class B		9,092		904,365
Pandora A/S		1,681		182,792
				1,417,634
Finland—0.2%
Fortum Oyj		19,454		529,533
Kesko Oyj, Class B		10,653		336,455
				865,988
France—1.3%
Accor SA*		24,380		895,998
Arkema SA		2,190		323,831
AXA SA		5,084		161,015
Carrefour SA		2,176		41,413
Cie de Saint-Gobain		9,486		641,894
Cie Generale des Etablissements Michelin SCA		1,870		312,896
CNP Assurances		6,524		160,589
Engie SA		37,389		575,110
La Francaise des Jeux SAEM2		5,090		210,744
Rexel SA*		14,413		321,260
SCOR SE		4,924		167,970
Thales SA		1,793		165,400
TotalEnergies SE		32,157		1,828,686
Vivendi SE		6,139		80,454
				5,887,260
Germany—0.3%
Allianz SE		312		80,107
Bayerische Motoren Werke AG		2,943		311,496
Daimler AG		3,915		312,393

224

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Germany—(concluded)
Deutsche Telekom AG		526	$	9,930
Hannover Rueck SE		404		81,504
Henkel AG & Co. KGaA		3,204		253,151
Merck KGaA		450		98,684
Rheinmetall AG		739		77,262
Siemens AG, Registered Shares		2,062		327,386
				1,551,913
Hong Kong—0.1%
Link REIT		35,100		301,351
Swire Pacific Ltd., Class A		18,000		109,046
WH Group Ltd.2		215,000		143,837
				554,234
Ireland—0.2%
AerCap Holdings NV*		18,400		1,159,200
Israel—0.2%
Check Point Software Technologies Ltd.1		2,871		347,420
Sapiens International Corp. N.V.		1,503		47,855
ZIM Integrated Shipping Services Ltd.1		5,712		381,105
				776,380
Italy—0.4%
Assicurazioni Generali SpA		7,676		161,539
Eni SpA		121,411		1,823,738
				1,985,277
Japan—1.1%
AGC, Inc.		17,600		807,759
Allegro MicroSystems, Inc.		1,578		44,783
Daikin Industries Ltd.		1,400		293,922
Iida Group Holdings Co. Ltd.		19,200		399,449
Marubeni Corp.		22,500		231,523
Mitsubishi Chemical Holdings Corp.		5,900		46,281
Murata Manufacturing Co. Ltd.		4,900		368,398
Oracle Corp.		16,500		1,234,044
Pharma Foods International Co. Ltd.		5,800		82,371
Trend Micro, Inc.		19,000		1,007,999
Yamaha Motor Co. Ltd.		7,800		185,745
				4,702,274
Luxembourg—0.1%
ArcelorMittal SA		9,416		279,693
Netherlands—0.9%
ABN AMRO Bank N.V.2		15,924		255,565
Aegon N.V.		28,760		162,249
EXOR N.V.		3,723		312,177
Koninklijke BAM Groep NV*		3,432		11,459
Koninklijke KPN N.V.		23,790		78,472
Randstad N.V.		3,025		196,787
Shell PLC		54,823		1,408,333
Shell PLC New Common Stock Eur.07		58,563		1,494,436
				3,919,478

	Number of shares		Value
Common stocks—(continued)
Norway—0.3%
Aker BP ASA		9,892	$	342,750
Equinor ASA		30,962		853,555
Mowi ASA		4,264		104,655
				1,300,960
Philippines—0.1%
TELUS International CDA, Inc.*		18,900		536,760
Portugal—0.1%
Galp Energia SGPS SA		7,201		79,400
Jeronimo Martins, SGPS SA		8,975		215,679
				295,079
Russia—0.1%
Evraz PLC		53,719		364,946
Singapore—0.1%
Kulicke & Soffa Industries, Inc.1		5,851		319,991
South Africa—0.1%
Anglo American PLC		7,231		318,782
Spain—0.4%
Amadeus IT Group SA*		12,723		874,836
Banco Bilbao Vizcaya Argentaria SA		52,228		333,456
Banco Santander SA		121,779		427,031
Telefonica SA		16,586		77,317
				1,712,640
Sweden—0.7%
Boliden AB*		7,852		317,947
Electrolux AB, Class B		10,427		216,956
Essity AB, Class B		34,329		967,748
Getinge AB, Class B		19,202		750,713
Lundin Energy AB		8,438		343,156
Trelleborg AB, Class B		3,051		76,821
Volvo Car AB, Class B*		35,014		265,593
				2,938,934
Switzerland—0.9%
Adecco Group AG, Registered Shares		3,934		187,389
Alcon, Inc.		16,655		1,278,771
Chocoladefabriken Lindt & Spruengli AG		12		139,264
Dufry AG, Registered Shares*		16,553		857,810
Roche Holding AG		2,300		905,944
Schindler Holding AG, Participation Certificates		1,125		282,357
Sonova Holding AG, Registered Shares		317		112,928
Straumann Holding AG, Registered Shares		136		225,363
				3,989,826
Taiwan—0.2%
MediaTek, Inc.		9,000		357,473
Yageo Corp.*		22,000		374,940
				732,413
Thailand—0.0%†
Fabrinet*		411		46,509

225

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United Kingdom—1.7%
BAE Systems PLC		9,391	$	73,492
Barratt Developments PLC		17,010		141,473
Berkeley Group Holdings PLC		1,052		60,038
BP PLC		299,600		1,553,103
BT Group PLC		65,386		173,186
Centrica PLC*		325,102		319,661
Diageo PLC		1,729		87,248
easyJet PLC*		166,142		1,403,649
International Consolidated Airlines Group SA*		539,235		1,152,710
Legal & General Group PLC		39,248		153,458
Liberty Global PLC, Class C*,1		19,369		523,738
Natwest Group PLC		85,269		280,260
Royal Mail PLC		48,169		287,841
Segro PLC		18,675		329,236
SSE PLC		3,770		81,115
Taylor Wimpey PLC		71,786		147,273
Tesco PLC		17,307		69,516
Unilever PLC		3,609		185,076
United Utilities Group PLC		24,760		357,185
				7,379,258
United States—29.3%
3M Co.1		714		118,538
A-Mark Precious Metals, Inc.1		6,804		421,168
A.O. Smith Corp.		603		46,081
Abbott Laboratories		3,597		458,474
Abercrombie & Fitch Co., Class A		38,708		1,509,612
ABIOMED, Inc.		162		47,931
Academy Sports & Outdoors, Inc.1		10,530		409,617
Accenture PLC, Class A1		438		154,868
Acuity Brands, Inc.		1,693		324,260
Acushnet Holdings Corp.		984		45,953
Adobe, Inc.1		726		387,902
AECOM1		18,360		1,269,227
Akamai Technologies, Inc.		432		49,486
Albany International Corp., Class A		546		45,706
Alector, Inc.1		757		12,006
Alleghany Corp.1		514		341,296
Allegion PLC		2,522		309,525
Allison Transmission Holdings, Inc.		11,401		433,124
Alpha & Omega Semiconductor Ltd.		957		43,094
Alphabet, Inc., Class A1		589		1,593,875
Alphabet, Inc., Class C1		519		1,408,550
Amazon.com, Inc.1		131		391,883
Amdocs Ltd.		642		48,721
Amedisys, Inc.		330		44,583
AMERCO1		1,910		1,163,095
American Homes 4 Rent, Class A1		45,900		1,796,067
AMERISAFE, Inc.		876		46,008
AMETEK, Inc.		342		46,775
AMMO, Inc.		72,945		338,465
Analog Devices, Inc.		4,777		783,285
ANSYS, Inc.		138		46,921
Anterix, Inc.		3,302		169,261
APA Corp.		21,976		729,823

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Apple, Inc.1		6,818	$	1,191,650
Aptiv PLC1		1,600		218,528
ArcBest Corp.		534		47,227
Arch Capital Group Ltd.*		1,023		47,385
Arista Networks, Inc.		375		46,616
Arrow Electronics, Inc.1		6,432		797,568
ASGN, Inc.		411		47,212
Aspen Technology, Inc.*		312		46,850
AT&T, Inc.1		11,950		304,725
Atrion Corp.		69		41,773
Badger Meter, Inc.		510		51,597
Balchem Corp.		312		45,845
Bank of America Corp.1		20,630		951,868
Bath & Body Works, Inc.1		10,723		601,239
Bausch Health Cos., Inc.*		16,452		404,226
Bentley Systems, Inc., Class B1		2,297		92,271
Bio-Techne Corp.		123		46,298
Blackstone, Inc.1		5,226		689,675
Bloomin' Brands, Inc.*		34,996		711,469
Booking Holdings, Inc.1		590		1,449,117
Boot Barn Holdings, Inc.		447		41,111
Boston Scientific Corp.*		9,757		418,575
Brady Corp., Class A		903		46,884
Brinker International, Inc.*		13,274		440,830
Broadcom, Inc.		676		396,055
Broadmark Realty Capital, Inc.		4,959		46,515
Buckle, Inc.1		12,377		465,870
Bunge Ltd.1		5,392		533,053
Calix, Inc.		888		44,649
Campbell Soup Co.1		1,466		64,680
Cargurus, Inc.*		1,521		48,520
Carnival Corp.*		38,365		760,011
Cathay General Bancorp		1,035		46,741
Cavco Industries, Inc.*		171		46,074
CBIZ, Inc.*		1,188		45,892
Cerner Corp.		525		47,880
CF Industries Holdings, Inc.1		7,405		509,982
ChannelAdvisor Corp.*		2,181		46,106
Chegg, Inc.*		16,025		424,182
Chemed Corp.		99		46,422
Cintas Corp.		123		48,158
Cirrus Logic, Inc.*		10,759		962,285
Cisco Systems, Inc.1		403		22,435
Citi Trends, Inc.*,1		668		32,545
Clearfield, Inc.*		717		46,225
Coca-Cola Co.1		10,909		665,558
Cognex Corp.		687		45,658
Cohen & Steers, Inc.		555		46,359
Colgate-Palmolive Co.1		2,867		236,384
Columbia Sportswear Co.		531		49,314
Comfort Systems USA, Inc.		501		44,980
CommScope Holding Co., Inc.		40,188		377,365
Constellation Brands, Inc., Class A		3,381		803,833
Copart, Inc.*		354		45,755
Corteva, Inc.		999		48,032

226

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
CorVel Corp.		252	$	44,382
Coty, Inc., Class A*		30,855		261,650
CRA International, Inc.		549		46,698
Crocs, Inc.1		2,070		212,423
Crowdstrike Holdings, Inc., Class A*		1,300		234,832
D.R. Horton, Inc.1		12,946		1,155,042
Danaher Corp.		2,370		677,322
Darden Restaurants, Inc.1		598		83,642
Datadog, Inc., Class A*		1,596		233,192
Deckers Outdoor Corp.		150		48,035
Digital Turbine, Inc.*		1,009		44,547
Dillard's, Inc., Class A1		1,517		384,893
Diodes, Inc.		495		45,931
DISH Network Corp., Class A*		78,851		2,475,921
Dolby Laboratories, Inc., Class A		528		46,385
Domino's Pizza, Inc.1		1,541		700,616
Dorman Products, Inc.*		459		42,976
Dow, Inc.1		8,953		534,763
eBay, Inc.1		12,924		776,345
Eli Lilly & Co.		2,146		526,607
EPAM Systems, Inc.*,1		897		427,098
Erie Indemnity Co., Class A		264		48,602
Ethan Allen Interiors, Inc.		1,842		46,437
Everbridge, Inc.*		8,408		429,817
ExlService Holdings, Inc.		375		45,195
Expeditors International of Washington, Inc.1		9,896		1,132,894
Exponent, Inc.		480		45,590
Extra Space Storage, Inc.1		380		75,312
F5, Inc.*		207		42,977
Fastenal Co.		819		46,421
Federal Signal Corp.		1,161		45,302
Federated Hermes, Inc.		1,275		42,215
First American Financial Corp.		609		45,377
Flex Ltd.*		53,368		863,494
FMC Corp.		4,044		446,336
Fortinet, Inc.*,1		1,060		315,074
Fortune Brands Home & Security, Inc.		477		44,919
Fox Corp., Class A1		6,484		263,315
Fox Corp., Class B1		16,194		602,093
Franklin Electric Co., Inc.		537		46,612
Freeport-McMoRan, Inc.1		9,020		335,724
FTI Consulting, Inc.*		321		46,805
Full House Resorts, Inc.		48,571		428,882
Garmin Ltd.		366		45,538
Gartner, Inc.*,1		3,155		927,223
Generac Holdings, Inc.		159		44,898
General Dynamics Corp.1		1,284		272,336
General Motors Co.*,1		6,740		355,400
Genpact Ltd.		942		46,865
Gentex Corp.		1,362		42,767
Gentherm, Inc.*		492		42,996
Gilead Sciences, Inc.1		6,924		475,540
Globus Medical, Inc., Class A*		660		44,042
Grand Canyon Education, Inc.		555		46,442
Group 1 Automotive, Inc.		264		44,830

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Halliburton Co.		4,593	$	141,189
Haverty Furniture Cos., Inc.		1,602		47,291
Healthcare Services Group, Inc.		2,592		47,148
HEICO Corp.		318		43,372
HEICO Corp., Class A		373		40,918
Heidrick & Struggles International, Inc.1		9,320		407,936
Henry Schein, Inc.*		624		46,987
Hewlett Packard Enterprise Co.1		45,069		735,977
Hilltop Holdings, Inc.		1,275		42,113
Hilton Grand Vacations, Inc.*,1		15,760		770,034
Hormel Foods Corp.		990		46,995
Houlihan Lokey, Inc.		423		44,956
Hubbell, Inc.		1,637		306,594
HubSpot, Inc.		467		228,270
Huntington Ingalls Industries, Inc.1		908		169,978
ICF International, Inc.		465		43,891
ICU Medical, Inc.*		222		47,366
IDEX Corp.		219		47,181
IHS Markit Ltd.		17,090		1,995,941
Ingles Markets, Inc., Class A1		1,379		106,086
Inmode Ltd.*,1		301		14,517
Innospec, Inc.		492		45,736
Insteel Industries, Inc.		1,194		45,169
Inter Parfums, Inc.		504		49,881
Interpublic Group of Cos., Inc.1		3,208		114,012
Intuit, Inc.1		867		481,384
IPG Photonics Corp.		300		46,341
Iron Mountain, Inc.1		28,499		1,308,674
Ironwood Pharmaceuticals, Inc.*,1		30,173		336,429
iTeos Therapeutics, Inc.*,1		3,722		136,300
Jack Henry & Associates, Inc.		288		48,329
Jacobs Engineering Group, Inc.1		3,355		436,754
Janus Henderson Group PLC		1,182		43,616
John B Sanfilippo & Son, Inc.		546		43,189
Johnson & Johnson1		2,337		402,642
Johnson Controls International PLC		11,215		814,994
Kadant, Inc.		231		48,274
KeyCorp		11,920		298,715
Keysight Technologies, Inc.*		951		160,548
Kimco Realty Corp.		76,640		1,859,286
Kinsale Capital Group, Inc.		237		47,476
Knight-Swift Transportation Holdings, Inc.1		16,439		930,119
Kohl's Corp.1		5,432		324,345
Korn Ferry1		417		27,680
Kraft Heinz Co.1		14,864		532,131
Kroger Co.1		1,699		74,059
L3harris Technologies, Inc.1		1,245		260,566
Lancaster Colony Corp.		294		46,678
Landstar System, Inc.		291		46,560
Las Vegas Sands Corp.*		24,821		1,087,160
LeMaitre Vascular, Inc.		1,059		44,806
Lennar Corp., Class A1		12,008		1,154,089
Lennar Corp., Class B		540		43,594
Lennox International, Inc.1		1,081		306,593
LGI Homes, Inc.*		348		43,329

227

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Liquidity Services, Inc.*		2,304	$	43,845
Lithia Motors, Inc.		159		46,449
Littelfuse, Inc.		162		43,735
LKQ Corp.		856		46,986
Lululemon Athletica, Inc.*		147		49,063
Lumentum Holdings, Inc.*		3,717		377,201
Macy's, Inc.1		9,856		252,314
Mandiant, Inc.		152,092		2,295,068
Manhattan Associates, Inc.*		357		47,792
ManTech International Corp., Class A		660		47,678
Maravai LifeSciences Holdings, Inc., Class A*,1		6,460		186,823
Marcus & Millichap, Inc.*		993		46,482
MarineMax, Inc.		948		44,613
MarketAxess Holdings, Inc.		132		45,471
Marvell Technology, Inc.		7,374		526,504
MasTec, Inc.*		7,279		626,940
MAXIMUS, Inc.		630		48,712
MDC Holdings, Inc.1		13,836		701,347
Medifast, Inc.		237		47,094
Medpace Holdings, Inc.		276		48,979
Medtronic PLC1		3,076		318,335
Meridian Bioscience, Inc.*		2,331		48,601
Meta Platforms, Inc., Class A1		955		299,163
Microsoft Corp.1		12,638		3,930,165
Mission Advancement Corp., Class A*		27,523		266,423
MKS Instruments, Inc.		270		41,939
Moderna, Inc.1		1,592		269,573
Moelis & Co., Class A		816		46,080
Mohawk Industries, Inc.		285		44,993
Molina Healthcare, Inc.1		730		212,050
Monolithic Power Systems, Inc.		111		44,725
Morningstar, Inc.		165		47,423
Mosaic Co.1		20,500		818,975
Mueller Industries, Inc.		837		43,239
MYR Group, Inc.		498		46,827
Neogen Corp.		1,248		45,515
NETGEAR, Inc.*		1,635		45,240
New York Times Co., Class A		1,128		45,154
News Corp., Class A		29,822		663,241
Nordson Corp.		204		47,438
NortonLifeLock, Inc.1		512		13,317
NRG Energy, Inc.1		11,935		476,565
Nucor Corp.1		8,609		872,953
NVIDIA Corp.1		515		126,103
NVR, Inc.*		9		47,945
O'Reilly Automotive, Inc.*,1		670		436,673
Oasis Petroleum, Inc.1		3,487		472,244
Occidental Petroleum Corp.1		1,097		41,324
Old Dominion Freight Line, Inc.1		1,605		484,598
Olin Corp.1		2,462		124,750
Onto Innovation, Inc.*		459		42,017
Opendoor Technologies, Inc.*		45,301		449,839
Oracle Corp.1		15,543		1,261,470
Organogenesis Holdings, Inc.*,1		27,396		210,675
Oshkosh Corp.		390		44,386

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Otis Worldwide Corp.1		6,141	$	524,626
Owens Corning1		3,596		318,965
PACCAR, Inc.		6,770		629,542
Palo Alto Networks, Inc.*		426		220,412
Park Hotels & Resorts, Inc.*		99,845		1,817,179
Parker-Hannifin Corp.		150		46,502
Paychex, Inc.		387		45,573
Pentair PLC1		3,386		215,688
Perficient, Inc.*		474		49,685
Petco Health & Wellness Co., Inc.*		12		225
PetMed Express, Inc.		2,023		52,254
Pfizer, Inc.1		44,558		2,347,761
Planet Fitness, Inc., Class A*,1		4,500		398,880
Porch Group, Inc.		5,934		62,604
Portillo's, Inc., Class A*		16,464		437,119
Power Integrations, Inc.		570		46,005
Procter & Gamble Co.1		1,505		241,477
Progyny, Inc.		1,125		45,563
Proto Labs, Inc.		966		48,474
PS Business Parks, Inc.		279		46,582
PTC, Inc.*		578		67,198
PulteGroup, Inc.		849		44,734
Qorvo, Inc.*		2,987		410,055
QUALCOMM, Inc.		8,968		1,576,216
Qualys, Inc.*		384		49,206
Quest Diagnostics, Inc.		342		46,177
RBC Bearings, Inc.		237		42,771
Regal Rexnord Corp.		282		44,691
Regency Centers Corp.1		1,743		125,060
Regeneron Pharmaceuticals, Inc.1		222		135,107
Regions Financial Corp.		22,708		520,922
Reliance Steel & Aluminum Co.		291		44,488
ResMed, Inc.		192		43,891
Revolve Group, Inc.*		1,041		51,342
Robert Half International, Inc.1		12,043		1,363,990
Rogers Corp.*		177		48,312
Rollins, Inc.		1,488		45,905
Roper Technologies, Inc.		1,257		549,510
Royal Caribbean Cruises Ltd.*		2,615		203,473
S&P Global, Inc.		333		138,268
Safety Insurance Group, Inc.		576		47,422
Saia, Inc.		174		49,465
salesforce.com, Inc.		1,982		461,073
Sanderson Farms, Inc.		255		46,920
Schlumberger N.V.		11,368		444,148
Schneider Electric SE		1,934		327,611
SEI Investments Co.		774		45,364
Selective Insurance Group, Inc.		615		48,524
Semtech Corp.*		603		42,873
Sherwin-Williams Co.		175		50,139
Shoe Carnival, Inc.		1,344		45,911
Shutterstock, Inc.		519		50,327
Simon Property Group, Inc.1		1,664		244,941
Simpson Manufacturing Co., Inc.		378		42,635
Simulations Plus, Inc.		1,023		43,498

228

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Skyworks Solutions, Inc.		2,858	$	418,754
SMART Global Holdings, Inc.		1,400		80,304
Snap-on, Inc.		222		46,232
Snowflake, Inc., Class A*		800		220,720
Southwest Airlines Co.		20,917		936,245
SPS Commerce, Inc.		408		50,531
Standard Motor Products, Inc.		933		44,663
Steel Dynamics, Inc.1		4,300		238,736
Steven Madden Ltd.		1,158		47,640
Stewart Information Services Corp.		624		44,572
SVB Financial Group		1,163		679,076
Synopsys, Inc.		150		46,575
T-Mobile U.S., Inc.*		2,180		235,811
T. Rowe Price Group, Inc.1		1,152		177,903
Take-Two Interactive Software, Inc.*		16,327		2,666,852
Target Corp.1		4,231		932,639
Tenable Holdings, Inc.		4,740		243,636
Teradyne, Inc.		294		34,524
Terminix Global Holdings, Inc.		5,700		245,898
Tesla, Inc.1		132		123,647
Tetra Tech, Inc.		327		45,515
Texas Roadhouse, Inc.		13,200		1,127,148
Timken Co.		6,119		408,749
Toll Brothers, Inc.		732		43,166
TopBuild Corp.*		207		48,159
Toro Co.		492		47,517
Trade Desk, Inc., Class A		642		44,645
Tradeweb Markets, Inc., Class A		528		44,759
Trane Technologies PLC		1,686		291,847
Trex Co., Inc.		453		41,436
Tri Pointe Homes, Inc.		1,854		44,144
Trimble, Inc.*		639		46,110
TrueCar, Inc.*		13,014		44,768
Tyson Foods, Inc., Class A1		11,186		1,016,696
UFP Industries, Inc.		549		43,843
UGI Corp.1		33,598		1,523,669
Ulta Beauty, Inc.*,1		1,431		520,512
UniFirst Corp.		249		47,332
Union Pacific Corp.1		4,590		1,122,485
United Natural Foods, Inc.1		7,410		287,360
United Therapeutics Corp.*,1		1,270		256,375
Universal Display Corp.		294		45,132
US Physical Therapy, Inc.		510		49,353
USANA Health Sciences, Inc.		480		45,878	��
Veeva Systems, Inc., Class A*		216		51,093
Verizon Communications, Inc.1		9,301		495,092
Viatris, Inc.		108,466		1,623,736
Vicor Corp.		447		42,166
Vontier Corp.		21,440		602,678
W. R. Berkley Corp.1		13,850		1,170,325
Walgreens Boots Alliance, Inc.1		9,795		487,399
Waste Connections, Inc.		2,151		268,230
Waters Corp.*,1		63		20,168
Watsco, Inc.		162		45,775

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Watts Water Technologies, Inc., Class A		258	$	39,528
WD-40 Co.		192		42,674
Weis Markets, Inc.		756		45,541
Wells Fargo & Co.1		50,428		2,713,026
West Pharmaceutical Services, Inc.		129		50,725
Western Digital Corp.*		8,421		435,703
Western Union Co.1		64,548		1,220,603
Weyerhaeuser Co.		1,185		47,910
Williams-Sonoma, Inc.		5,074		814,580
Winnebago Industries, Inc.		642		41,422
Wintrust Financial Corp.		4,402		431,704
Woodward, Inc.		414		45,652
Wynn Resorts Ltd.*		5,256		449,125
Xilinx, Inc.		246		47,613
XPEL, Inc.*		741		46,209
Zebra Technologies Corp., Class A		93		47,348
Zillow Group, Inc., Class C*		36,979		1,866,700
Zions Bancorp N.A.		16,523		1,120,590
Zscaler, Inc.*		901		231,656
Zumiez, Inc.*		1,119		50,299
Zuora, Inc., Class A		9,124		151,732
Zynga, Inc., Class A*		97,668		885,849
				128,283,749
Total common stocks (cost—$215,284,495)				215,600,669
Preferred stocks—0.2%
Germany—0.2%
Bayerische Motoren Werke AG		961		83,171
Henkel AG & Co. KGaA		7,559		618,239
Total preferred stocks (cost—$699,096)				701,410
Investment companies—6.1%
AlphaSimplex Managed Futures Strategy Fund, Class Y		628,120		6,482,200
Carillon Reams Unconstrained Bond Fund, Class I		1,404,006		17,662,391
Invesco DB Gold Fund*		48,000		2,465,088
Total investment companies (cost—$25,491,630)				26,609,679
	Number of warrants
Warrants—0.0%†
Canada—0.0%†
Medexus Pharmaceuticals, Inc. expires 02/23/23*		12,500		1,770
United States—0.0%†
Mission Advancement Corp., Class A expires 12/31/28*		11,947		4,568
Total warrants (cost—$8,302)				6,338

229

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Face amount		Value
Corporate bonds—12.1%
Canada—0.4%
Chorus Aviation, Inc. 6.000%, due 06/30/261,2	CAD	2,188,000	$	1,665,334
Hong Kong—0.0%†
Seaspan Corp. 3.750%, due 12/15/252	$	125,000		155,974
United States—11.7%
Amyris, Inc. 1.500%, due 11/15/262		525,000		405,062
Bloomin' Brands, Inc. 5.000%, due 05/01/25		1,500,000		2,838,750
Carnival Corp. 5.750%, due 04/01/23		6,540,000		13,557,943
Cinemark Holdings, Inc. 4.500%, due 08/15/25		2,140,000		2,903,959
Coupa Software, Inc. 0.125%, due 06/15/25		2,000,000		2,225,320
Guess?, Inc. 2.000%, due 04/15/24		1,000,000		1,143,880
iStar, Inc. 3.125%, due 09/15/22		2,500,000		3,905,725
Liberty Media Corp. 0.500%, due 12/01/502		1,500,000		2,006,310
1.375%, due 10/15/23		6,867,000		9,359,721
Patrick Industries, Inc. 1.750%, due 12/01/282		450,000		420,326
Southwest Airlines Co. 1.250%, due 05/01/25		1,500,000		2,030,115
United States Steel Corp. 5.000%, due 11/01/26		3,000,000		5,332,770
Wayfair, Inc. 1.000%, due 08/15/26		2,450,000		3,140,679
World Wrestling Entertainment, Inc. 3.375%, due 12/15/23		978,000		2,021,986
				51,292,546
Total corporate bonds (cost—$51,842,258)				53,113,854
	Number of shares
Short-term investments—22.8%
Investment companies—22.8%
State Street Institutional U.S. Government Money Market Fund, 0.030%3 (cost—$99,847,106)		99,847,106		99,847,106
	Face amount
Short-term U.S. Treasury obligations—7.8%
U.S. Treasury Bills 0.041%, due 03/24/221,4	$	23,000,000		22,997,475
0.061%, due 04/21/221,4		5,500,000		5,497,993
0.165%, due 05/19/221,4		5,500,000		5,495,623
Total short-term U.S. Treasury obligations (cost—$33,995,457)				33,991,091

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—0.3%
Call options—0.3%
Call Euro STOXX 50, strike @ $4,325 expires 02/18/22 (Counterparty: JPMCB)		4	$	17,732,500	$	320,588
Call FTSE 100 Index, strike @ $7,700 expires 03/08/22 (Counterparty: JPMCB)		2		18,480,000		153,319
Call Nasdaq 100 Stock Index strike @ $14,750 expires 03/18/22 (Counterparty: JPMCB)		1		2,950,000		117,780
Call NIKKEI 225 Index, strike @ $28,750 expires 02/10/22 (Counterparty: JPMCB)		1		1,293,750,000		5,474
Call S&P 500 Index, strike @ $4,450, expires 04/14/22 (Counterparty: JPMCB)		1		12,460,000		554,176
Call S&P 500 Index, strike @ $4,850, expires 03/31/22 (Counterparty: JPMCB)		1		12,125,000		42,500
Call S&P 500 Index, strike @ $4,850, expires 02/28/22 (Counterparty: JPMCB)		1		12,125,000		8,725
Call NIKKEI 225 Index, strike @ $29,250, expires 03/11/22 (Counterparty: JPMCB)		1		1,462,500,000		31,283
Call FTSE 100 Index, strike @ $7,650, expires 02/18/22 (Counterparty: JPMCB)		1		6,196,500		33,770
Call Euro STOXX 50, strike @ $4,200, expires 02/18/22 (Counterparty: JPMCB)		2		7,812,000		117,437
Total					1,385,052
Put options—0.0%†
Put Amyris, Inc. , strike price @ $4.000 01/20/23 (Counterparty: MSCI)		1		14,800		5,180
Put Euro STOXX 50, strike @ $3,500 expires 02/18/22 (Counterparty: JPMCB)		2		8,575,000		13,762
Put S&P 500 Index, strike @ $3,850, expires 02/28/22 (Counterparty: JPMCB)		1		9,625,000		25,250

230

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(concluded)
Put options—(concluded)
Put United States Steel Corp., strike @ $12, expires 01/20/23 (Counterparty: MSCI)		1	$	120,000	$	9,100
Total						53,292
Total equity and foreign exchange options purchased (cost—$2,365,786)						1,438,344
Total investments before investments sold short (cost—$429,534,130)—98.5%						431,308,491

	Number of shares
Investments sold short—(27.0)%
Common stocks—(22.8)%
Australia—(0.2)%
De Grey Mining Ltd.		(216,237	)	(175,195	)
Paladin Energy Ltd.		(473,972	)	(247,153	)
PointsBet Holdings Ltd.		(41,895	)	(146,822	)
Qantas Airways Ltd.		(23,024	)	(78,803	)
				(647,973	)
Burkina Faso—(0.1)%
IAMGOLD Corp.		(176,340	)	(430,047	)
Canada—(4.7)%
Agnico Eagle Mines Ltd.		(4,390	)	(209,666	)
Air Canada		(2,200	)	(39,564	)
Altus Group Ltd.		(6,610	)	(317,253	)
Atco Ltd., Class I		(22,060	)	(743,114	)
Atlas Corp.		(6,535	)	(94,496	)
B2Gold Corp.		(103,060	)	(371,329	)
Ballard Power Systems, Inc.		(77,000	)	(803,225	)
Barrick Gold Corp.		(22,950	)	(439,266	)
BlackBerry Ltd.		(33,400	)	(274,841	)
Brookfield Renewable Partners LP		(24,670	)	(826,571	)
Calian Group Ltd.		(4,400	)	(197,821	)
Cameco Corp.		(3,361	)	(65,335	)
Canadian Natural Resources Ltd.		(22,910	)	(1,165,370	)
Canadian Utilities Ltd., Class A		(11,010	)	(319,867	)
Canopy Growth Corp.		(68,200	)	(548,326	)
Capital Power Corp.		(8,720	)	(270,830	)
Cascades, Inc.		(63,540	)	(635,825	)
Choice Properties Real Estate Investment Trust		(48,520	)	(553,849	)
CI Financial Corp.		(13,030	)	(241,811	)
Copperleaf Technologies, Inc.		(23,370	)	(316,221	)
Crombie Real Estate Investment Trust		(38,630	)	(526,048	)
CT Real Estate Investment Trust		(26,340	)	(351,228	)
DIRTT Environmental Solutions		(8,740	)	(14,370	)
Equinox Gold Corp.		(94,120	)	(539,775	)
Equitable Group, Inc.		(4,380	)	(243,128	)
Extendicare, Inc.		(48,210	)	(275,345	)
First Capital Real Estate Investment Trust		(33,400	)	(466,651	)
FirstService Corp.		(1,120	)	(178,589	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Hut 8 Mining Corp.		(26,190	)	$	(154,937	)
International Petroleum Corp.		(1	)		(7	)
Kinross Gold Corp.		(43,580	)		(235,530	)
Labrador Iron Ore Royalty Corp.		(4,370	)		(134,591	)
Lightspeed Commerce, Inc.		(19,200	)		(623,209	)
Metro, Inc.		(16,600	)		(887,884	)
MTY Food Group, Inc.		(6,400	)		(286,179	)
NexGen Energy Ltd.		(73,500	)		(302,407	)
NFI Group, Inc.		(8,040	)		(120,807	)
North West Co., Inc.		(18,300	)		(504,594	)
Novagold Resources, Inc.		(21,340	)		(140,683	)
Pan American Silver Corp.		(14,000	)		(302,985	)
Parkland Corp.		(8,730	)		(232,132	)
Peyto Exploration & Development Corp.		(29,240	)		(229,108	)
PrairieSky Royalty Ltd.		(59,690	)		(768,224	)
Ritchie Bros Auctioneers, Inc.		(11,240	)		(685,108	)
Rogers Sugar, Inc.		(99,000	)		(466,515	)
Russel Metals, Inc.		(22,900	)		(571,442	)
SilverCrest Metals, Inc.		(1,700	)		(12,812	)
Sleep Country Canada Holdings, Inc.		(13,110	)		(369,739	)
SmartCentres Real Estate Investment Trust		(34,910	)		(844,222	)
TC Energy Corp.		(7,300	)		(376,959	)
TMX Group Ltd.		(3,850	)		(391,648	)
Westshore Terminals Investment Corp.		(17,700	)		(375,820	)
Whitecap Resources, Inc.		(60,770	)		(428,830	)
WSP Global, Inc.		(1,610	)		(214,684	)
					(20,690,770	)
Colombia—(0.1)%
Ecopetrol SA, ADR		(22,000	)		(324,280	)
France—(0.0)%†
Safran SA		(276	)		(33,415	)
Germany—(0.0)%†
Bechtle AG		(1,500	)		(90,064	)
Netherlands—(0.1)%
Argenx SE		(1,871	)		(499,821	)
Saudi Arabia—(0.1)%
Delivery Hero SE		(4,986	)		(384,869	)
Sweden—(0.2)%
Embracer Group AB		(76,347	)		(766,015	)
United Kingdom—(0.4)%
Berkeley Group Holdings PLC		(1,052	)		(60,038	)
Eurasia Mining PLC		(718,254	)		(207,668	)
Greatland Gold PLC		(1,406,091	)		(261,708	)
ITM Power PLC		(46,966	)		(174,294	)
Just Eat Takeaway.com N.V.		(10,881	)		(537,313	)
Ocado Group PLC		(30,388	)		(619,173	)
					(1,860,194	)
United States—(16.9)%
10X Genomics, Inc., Class A		(3,771	)		(363,034	)
3M Co.		(2,150	)		(356,943	)

231

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Accolade, Inc.		(12,396	)	$	(236,764	)
Affirm Holdings, Inc.		(3,276	)		(209,893	)
Aflac, Inc.		(5,084	)		(319,377	)
Alnylam Pharmaceuticals, Inc.		(78	)		(10,733	)
American Airlines Group, Inc.		(44,120	)		(726,656	)
American Eagle Outfitters, Inc.		(7,666	)		(175,015	)
Amyris, Inc.		(29,313	)		(133,667	)
AT&T, Inc.		(5,337	)		(136,093	)
Axsome Therapeutics, Inc.		(5,875	)		(161,210	)
Blink Charging Co.		(11,194	)		(234,067	)
Bloomin' Brands, Inc.		(109,781	)		(2,231,852	)
Boeing Co.		(326	)		(65,278	)
Bruker Corp.		(3,867	)		(257,542	)
Capri Holdings Ltd.		(3,798	)		(228,146	)
Carnival Corp.		(627,962	)		(12,439,927	)
Carter's, Inc.		(2,292	)		(213,431	)
Carvana Co.		(4,860	)		(787,612	)
Caterpillar, Inc.		(1,140	)		(229,778	)
CH Robinson Worldwide, Inc.		(4,010	)		(419,646	)
Cheesecake Factory, Inc.		(28,269	)		(1,008,638	)
Cinemark Holdings, Inc.		(116,307	)		(1,756,236	)
Cogent Communications Holdings, Inc.		(1,385	)		(88,100	)
Coinbase Global, Inc., Class A		(1,480	)		(281,422	)
Consolidated Edison, Inc.		(3,958	)		(342,169	)
Container Store Group, Inc.		(780	)		(7,956	)
Coupa Software, Inc.		(7,519	)		(1,009,576	)
Crocs, Inc.		(4,570	)		(468,973	)
Darden Restaurants, Inc.		(4,672	)		(653,473	)
Delta Air Lines, Inc.		(1,091	)		(43,302	)
Deluxe Corp.		(14,700	)		(442,470	)
Devon Energy Corp.		(2,273	)		(114,946	)
DXC Technology Co.		(6,652	)		(200,092	)
Electronic Arts, Inc.		(2,451	)		(325,150	)
Energy Fuels Inc/Canada		(34,900	)		(215,800	)
Estee Lauder Cos., Inc., Class A		(1,102	)		(343,593	)
Exact Sciences Corp.		(9,555	)		(729,620	)
Expedia Group, Inc.		(1,198	)		(219,581	)
Expeditors International of Washington, Inc.		(2,980	)		(341,150	)
Exxon Mobil Corp.		(1,522	)		(115,611	)
Fastly, Inc., Class A		(7,539	)		(216,068	)
Federal Realty Investment Trust		(2,671	)		(340,526	)
Frontier Communications Parent, Inc.		(3,872	)		(103,228	)
FuelCell Energy, Inc.		(63,196	)		(267,951	)
General Mills, Inc.		(3,227	)		(221,630	)
Grand Canyon Education, Inc.		(2,548	)		(213,217	)
Guardant Health, Inc.		(3,261	)		(226,803	)
Guess?, Inc.		(20,558	)		(473,245	)
Hudson Pacific Properties, Inc.		(22,091	)		(522,010	)
II-VI, Inc.		(3,187	)		(202,056	)
Insulet Corp.		(1,118	)		(277,264	)
International Paper Co.		(4,150	)		(200,237	)
iStar, Inc.		(172,650	)		(3,706,796	)
Janus Henderson Group PLC		(5,157	)		(190,293	)
Jones Lang LaSalle, Inc.		(898	)		(225,209	)
Kimberly-Clark Corp.		(2,180	)		(300,077	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Las Vegas Sands Corp.		(718	)	$	(31,448	)
Lemonade, Inc.		(7,084	)		(226,192	)
Liberty Media Corp.-Liberty Braves, Class A		(13,693	)		(384,089	)
Liberty Media Corp.-Liberty Formula One, Class A		(31,493	)		(1,725,816	)
Liberty Media Corp.-Liberty SiriusXM, Class A		(128,000	)		(5,920,000	)
Limelight Networks, Inc.		(12,250	)		(52,307	)
Live Nation Entertainment, Inc.		(14,926	)		(1,634,546	)
Lululemon Athletica, Inc.		(692	)		(230,962	)
Lumentum Holdings, Inc.		(2,040	)		(207,019	)
Luminar Technologies, Inc.		(13,043	)		(190,950	)
Nexstar Media Group, Inc., Class A		(1,436	)		(237,486	)
Nordson Corp.		(1,428	)		(332,067	)
Novocure Ltd.		(6,997	)		(480,344	)
Nu Skin Enterprises, Inc., Class A		(4,285	)		(206,494	)
NVR, Inc.		(230	)		(1,225,261	)
Oak Street Health, Inc.		(29,132	)		(506,314	)
Occidental Petroleum Corp.		(3,105	)		(116,965	)
Otis Worldwide Corp.		(13,770	)		(1,176,371	)
Packaging Corp. of America		(1,390	)		(209,376	)
Patrick Industries, Inc.		(2,562	)		(164,993	)
Peloton Interactive, Inc., Class A		(5,742	)		(156,929	)
Plug Power, Inc.		(35,364	)		(773,411	)
Primo Water Corp.		(21,950	)		(366,251	)
Provention Bio, Inc.		(32,995	)		(176,853	)
Redfin Corp.		(8,581	)		(253,740	)
Regency Centers Corp.		(4,644	)		(333,207	)
Republic Services, Inc.		(3,670	)		(468,512	)
RH		(330	)		(132,931	)
Rivian Automotive, Inc.		(6,537	)		(429,742	)
Royal Caribbean Cruises Ltd.		(3,047	)		(237,087	)
Seagen, Inc.		(3,962	)		(532,929	)
SeaWorld Entertainment, Inc.		(3,353	)		(199,772	)
SEI Investments Co.		(20,010	)		(1,172,786	)
Sinclair Broadcast Group, Inc., Class A		(4,184	)		(114,976	)
Southern Co.		(4,828	)		(335,498	)
Southwest Airlines Co.		(25,342	)		(1,134,308	)
Splunk, Inc.		(6,464	)		(801,019	)
Sunrun, Inc.		(23,356	)		(605,621	)
T Rowe Price Group, Inc.		(2,030	)		(313,493	)
Teladoc Health, Inc.		(808	)		(61,982	)
Tesla, Inc.		(110	)		(103,039	)
TG Therapeutics, Inc.		(16,450	)		(190,326	)
TuSimple Holdings, Inc.		(9,059	)		(169,947	)
Twilio, Inc., Class A		(1,977	)		(407,499	)
Uber Technologies, Inc.		(17,665	)		(660,671	)
United States Steel Corp.		(207,415	)		(4,297,639	)
Unity Software, Inc.		(2,358	)		(247,944	)
Uranium Energy Corp.		(68,751	)		(179,440	)
Urban Outfitters, Inc.		(6,850	)		(196,732	)
Verizon Communications, Inc.		(6,276	)		(334,071	)
Virgin Galactic Holdings, Inc.		(22,808	)		(209,834	)
Vuzix Corp.		(15,381	)		(100,438	)
Waste Management, Inc.		(2,750	)		(413,710	)
Wayfair, Inc., Class A		(17,704	)		(2,760,408	)
Westrock Co.		(4,620	)		(213,259	)

232

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
Whirlpool Corp.		(2,180	)	$	(458,214	)
Wingstop, Inc.		(1,421	)		(217,768	)
World Wrestling Entertainment, Inc., Class A		(36,510	)		(1,823,309	)
Wynn Resorts Ltd.		(1,403	)		(119,886	)
Zillow Group, Inc.		(3,721	)		(185,529	)
Zillow Group, Inc., Class C		(11,843	)		(597,835	)
					(74,078,677	)
Total common stocks (proceeds—$(108,371,424))					(99,806,125	)
	Face amount
Corporate bonds—(0.0)%†
United States—(0.0)%†
Patrick Industries, Inc. 4.750%, due 05/01/29 (proceeds—$(98,030))	$	(100,000	)		(96,500	)
					(96,500	)

	Number of shares			Value
Investments sold short—(concluded)
Investment companies—(4.2)%
BMO S&P 500 Index ETF		(22,400	)	$	(1,108,678	)
Horizon S&P/TSX 60 Index ETF		(160,130	)		(6,391,847	)
Industrial Select Sector SPDR Fund		(4,600	)		(463,404	)
iShares Core S&P Small-Cap ETF		(37,460	)		(3,980,125	)
iShares MSCI USA Momentum Factor ETF		(5,010	)		(828,654	)
SPDR Bloomberg High Yield Bond ETF		(17,200	)		(1,815,804	)
SPDR S&P 500 ETF Trust		(7,235	)		(3,255,099	)
SPDR S&P Oil & Gas Exploration & Production ETF		(3,440	)		(366,704	)
Total investment companies (proceeds—$(17,759,181))					(18,210,315	)
Total investments sold short (proceeds—$126,228,635)					(118,112,940	)
Other assets in excess of liabilities—28.5%					124,766,113
Net assets—100.0%				$	437,961,664

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	7,998,000		186	Call Euro STOXX 50, strike @ 4,300, strike @ 4,300.00	JPCMB	02/18/22	$	151,030	$	(43,464	)	$	107,566
EUR	17,937,500		410	Call Euro STOXX 50, strike @ 4,375, strike @ 4,375.00	JPCMB	04/14/22		385,508		(220,174	)		165,334
GBP	6,237,000		81	Call FTSE 100 Index, strike @ 7700, strike @ 7,700.00	JPCMB	02/18/22		52,566		(22,877	)		29,689
GBP	18,720,000		240	Call FTSE 100 Index, strike @ 7800, strike @ 7,800.00	JPCMB	03/18/22		90,035		(79,080	)		10,955
JPY	1,316,250,000		45	Call NIKKEI 225 Index, strike @ 29,250.00, strike @ 29,250.00	JPCMB	02/10/22		150,529		(2,737	)		147,792
JPY	1,487,500,000		50	Call NIKKEI 225 Index, strike @ 29,750.00, strike @ 29,750.00	JPCMB	03/11/22		104,960		(16,945	)		88,015
USD	12,740,000		28	Call S&P 500 Index, strike @ 4,550.00, strike @ 4,550.00	JPCMB	04/14/22		217,792		(363,580	)		(145,788	)
USD	12,250,000		25	Call S&P 500 Index, strike @ 4,900.00, strike @ 4,900.00	JPCMB	03/31/22		216,707		(28,750	)		187,957
	Total						$	1,369,127	$	(777,607	)	$	591,520

233

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Equity options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
EUR	2,480,000		62	Put Euro STOXX 50, strike @ 4,000, strike @ 4,000.00	JPCMB	02/18/22	$	79,516	$	(28,558	)	$	50,958
EUR	2,614,500		63	Put Euro STOXX 50, strike @ 4,150, strike @ 4,150.00	JPCMB	04/14/22		99,614		(122,728	)		(23,114	)
GBP	1,341,000		18	Put FTSE 100 Index, strike @ 7450, strike @ 7,450.00	JPCMB	02/18/22		19,335		(30,018	)		(10,683	)
GBP	1,812,000		24	Put FTSE 100 Index, strike @ 7550, strike @ 7,550.00	JPCMB	03/18/22		64,354		(82,792	)		(18,438	)
USD	2,800,000		2	Put Nasdaq 100 Stock Index strike @14,000, strike @ 14,000.00	JPCMB	03/18/22		119,548		(58,840	)		60,708
JPY	285,000,000		10	Put NIKKEI 225 Index, strike @ 28,500.00, strike @ 28,500.00	JPCMB	03/11/22		84,020		(142,075	)		(58,055	)
USD	3,010,000		7	Put S&P 500 Index, strike @ 4,300.00, strike @ 4,300.00	JPCMB	04/14/22		150,605		(73,318	)		77,287
USD	2,350,000		5	Put S&P 500 Index, strike @ 4,700.00, strike @ 4,700.00	JPCMB	02/28/22		43,291		(105,000	)		(61,709	)
USD	2,350,000		5	Put S&P 500 Index, strike @ 4,700.00, strike @ 4,700.00	JPCMB	03/31/22		63,284		(126,700	)		(63,416	)
	Total						$	723,567	$	(770,029	)	$	(46,462	)
	Total equity options written						$	2,092,694	$	(1,547,636	)	$	545,058

Futures contracts

Number of contracts		Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
	54	USD	Mini Health Care Select Sector Futures	March 2022	$	7,306,305		$	7,151,220		$	(155,085	)
	59	USD	MSCI Emerging Markets (EM) Index Futures	March 2022		3,750,871			3,613,160			(137,711	)
	Total				$	11,057,176		$	10,764,380		$	(292,796	)
Index futures sell contracts:
	49	EUR	EURO STOXX 50 Index Futures	March 2022	$	(2,311,305	)	$	(2,280,683	)	$	30,622
	584	EUR	EURO STOXX 600 Index Futures	March 2022		(15,650,659	)		(15,287,023	)		363,636
	12	GBP	FTSE 100 Index Futures	March 2022		(1,197,687	)		(1,193,706	)		3,981
	10	JPY	NIKKEI 225 Index Futures	March 2022		(2,394,034	)		(2,350,539	)		43,495
	60	USD	MSCI World Index Futures	March 2022		(5,738,775	)		(5,484,000	)		254,775
	90	USD	Russell 2000 Mini Index Futures	March 2022		(9,920,200	)		(9,109,800	)		810,400
	18	USD	S&P 500 E-Mini Index Futures	March 2022		(4,003,162	)		(4,053,825	)		(50,663	)
U.S. Treasury futures sell contracts:
	474	USD	U.S. Treasury Note 5 Year Futures	March 2022	$	(56,744,819	)	$	(56,502,281	)	$	242,538
	Total				$	(97,960,641	)	$	(96,261,857	)	$	1,698,784
	Net unrealized appreciation (depreciation)										$	1,405,988

234

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Centrally cleared credit default swap agreements on corporate issues—sell protection⁵

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio6			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
CDX North America High Yield Series 37 Index	USD	1,082	12/20/26	Quarterly		5.000	%	$	(93,921	)	$	80,311	$	(13,610	)
iTraxx Europe Crossover Series 36 Index	EUR	895	12/20/26	Quarterly		5.000			(121,814	)		99,673		(22,141	)
Total								$	(215,735	)	$	179,984	$	(35,751	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6			Payments received by the Portfolio6			Value			Unrealized appreciation (depreciation)
CNY	79,700	09/15/26	Quarterly		3 Month CNY CNRR			2.511	%	$	156,490		$	156,490
GBP	4,618	12/21/32	Annual		0.957	%		12 Month SONIA			164,636			164,636
GBP	4,618	12/21/32	Annual		0.973			12 Month SONIA			155,454			155,454
GBP	1,800	12/21/32	Annual		0.933			12 Month SONIA			69,540			69,540
CNY	88,587	12/15/26	Quarterly		3 Month CNY CNRR			2.658			271,429			271,429
GBP	17,618	12/21/24	Annual		12 Month SONIA			1.127			(199,336	)		(199,336	)
GBP	3,770	12/21/32	Annual		1.110			12 Month SONIA			62,726			62,726
GBP	26,369	12/21/24	Annual		12 Month SONIA			1.103			(314,785	)		(314,785	)
GBP	5,491	12/21/32	Annual		1.110			12 Month SONIA			91,357			91,357
GBP	21,955	12/21/24	Annual		12 Month SONIA			1.140			(240,655	)		(240,655	)
GBP	21,955	12/21/24	Annual		12 Month SONIA			1.130			(246,398	)		(246,398	)
GBP	10,600	12/21/24	Annual		12 Month SONIA			1.143			(115,358	)		(115,358	)
GBP	2,663	12/21/32	Annual		1.052			12 Month SONIA			63,434			63,434
USD	61,915	03/15/25	Annual		1.404			12 Month SOFR			265,401			265,401
GBP	2,325	03/15/33	Annual		1.121			12 Month SONIA			32,996			32,996
GBP	2,325	03/15/33	Annual		1.136			12 Month SONIA			28,674			28,674
GBP	2,325	03/15/33	Annual		1.149			12 Month SONIA			24,929			24,929
GBP	2,325	03/15/33	Annual		1.126			12 Month SONIA			31,555			31,555
GBP	12,297	12/21/24	Annual		12 Month SONIA			1.278			(90,407	)		(90,407	)
AUD	30,749	03/16/23	Quarterly		3 Month AUD BBSW			0.620			(25,369	)		(25,369	)
AUD	10,250	03/16/23	Quarterly		3 Month AUD BBSW			0.608			(9,323	)		(9,323	)
AUD	20,500	03/16/23	Quarterly		3 Month AUD BBSW			0.603			(19,368	)		(19,368	)
AUD	20,500	03/16/23	Quarterly		3 Month AUD BBSW			0.603			(19,440	)		(19,440	)
AUD	41,001	03/16/23	Quarterly		3 Month AUD BBSW			0.612			(36,138	)		(36,138	)
AUD	20,139	03/16/23	Quarterly		3 Month AUD BBSW			0.608			(18,417	)		(18,417	)
AUD	20,861	03/16/23	Quarterly		3 Month AUD BBSW			0.603			(19,812	)		(19,812	)
GBP	11,000	03/15/25	Annual		12 Month SONIA			1.356			(55,448	)		(55,448	)
GBP	11,000	03/15/25	Annual		12 Month SONIA			1.356			(55,592	)		(55,592	)
GBP	11,000	03/15/25	Annual		12 Month SONIA			1.370			(51,434	)		(51,434	)
GBP	11,000	03/15/25	Annual		12 Month SONIA			1.344			(59,032	)		(59,032	)
	Total									$	(157,691	)	$	(157,691	)

235

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6	Payments received by the Portfolio6	Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
BB	USD	2	06/17/22	Quarterly	0.000%	S&P 500 Index	$	—		$	(458,856	)	$	(458,856	)
BB	EUR	11	10/29/22	Quarterly	0.000	3 Month EURIBOR		(211,946	)		—			(211,946	)
BB	EUR	540	10/29/22	Quarterly	3 Months EURIBOR	0.552%		—			(246	)		(246	)
BB	EUR	189	10/29/22	Quarterly	3 Months EURIBOR	0.552		—			(81	)		(81	)
BOA	USD	—	03/18/22	Quarterly	0.000	S&P 500 Index		—			25,541			25,541
BOA	USD	1	04/14/22	Quarterly	0.000	S&P 500 Index		—			(248,084	)		(248,084	)
BOA	USD	1	08/19/22	Quarterly	0.000	S&P 500 Index		—			33,203			33,203
GS	USD	—	04/14/22	Quarterly	0.000	S&P 500 Index		—			5,038			5,038
GS	USD	1	09/16/22	Quarterly	0.000	S&P 500 Index		—			(129	)		(129	)
JPMCB	USD	9	08/05/22	Monthly	Block, Inc.	-0.230		—			1,228,272			1,228,272
JPMCB	EUR	12	02/22/22	Monthly	-0.273	Siltronic Ag-Tend		—			(348,973	)		(348,973	)
JPMCB	CAD	16	02/22/22	Monthly	0.8325	Cineplex, Inc.		—			10,275			10,275
JPMCB	USD	11	02/24/22	Monthly	M&T Bank Corp.	-0.230		—			(156,278	)		(156,278	)
JPMCB	USD	91	02/24/22	Monthly	0.370	People's United Financial		—			110,958			110,958
JPMCB	CAD	71	03/17/22	Monthly	0.932	Shaw Communications, Inc., Class B		—			216,718			216,718
JPMCB	USD	8	03/29/22	Monthly	II-VI, Inc.	-0.230		—			25,347			25,347
JPMCB	USD	39	04/14/22	Monthly	0.370	Nuance Communications, Inc.		—			87,415			87,415
JPMCB	USD	91	04/25/22	Monthly	0.370	Welbilt, Inc.		—			160,702			160,702
JPMCB	USD	2	04/28/22	Monthly	New York Community BanCorp.	-0.230		—			748			748
JPMCB	USD	—	04/28/22	Monthly	0.370	Flagstar BanCorp., Inc.		—			(655	)		(655	)
JPMCB	USD	82	05/13/22	Monthly	0.370	Ferro Corp.		—			14,944			14,944
JPMCB	USD	36	07/27/22	Monthly	0.370	Veoneer, Inc.		—			27,085			27,085
JPMCB	EUR	1,263	08/02/22	Monthly	-0.273	Europcar Mobility Group		—			11,052			11,052
JPMCB	GBP	147	08/04/22	Monthly	0.496	Meggitt PLC		—			26,052			26,052
JPMCB	USD	63	08/08/22	Monthly	Vici Properties, Inc.	-0.230		—			97,818			97,818
JPMCB	USD	47	08/08/22	Monthly	0.370	Mgm Growth Properties LLC, Class A		—			(60,312	)		(60,312	)
JPMCB	USD	2	08/11/22	Monthly	0.370	American National Group, Inc.		—			(460	)		(460	)
JPMCB	USD	11	08/11/22	Monthly	0.370	Sanderson Farms, Inc.		—			(123,844	)		(123,844	)
JPMCB	GBP	15	08/15/22	Monthly	0.496	Avast PLC		—			3,567			3,567
JPMCB	USD	1	08/15/22	Monthly	Nortonlifelock, Inc.	-0.230		—			284			284
JPMCB	GBP	33	08/18/22	Monthly	0.496	Ultra Electronics Hldgs PLC		—			(191,975	)		(191,975	)
JPMCB	USD	15	09/20/22	Monthly	0.370	Great Western BanCorp., Inc.		—			(23,650	)		(23,650	)
JPMCB	USD	13	09/20/22	Monthly	First Interstate Bancsys, Class A	-0.230		—			39,407			39,407
JPMCB	USD	29	09/29/22	Monthly	0.370	Kraton Corp.		—			27,797			27,797
JPMCB	USD	21	10/14/22	Monthly	0.370	Umpqua Holdings Corp.		—			(472	)		(472	)

236

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6	Payments received by the Portfolio6	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD	12	10/14/22	Monthly	Columbia Banking System, Inc.	-0.230%	$	—	$	(5,976	)	$	(5,976	)
JPMCB	USD	41	10/25/22	Monthly	0.370%	Pnm Resources, Inc.		—		(201,098	)		(201,098	)
JPMCB	USD	11	10/31/22	Monthly	0.370	Xilinx, Inc.		—		100,927			100,927
JPMCB	USD	13	10/31/22	Monthly	Advanced Micro Devices	-0.230		—		91,712			91,712
JPMCB	USD	8	11/04/22	Monthly	0.370	Rogers Corp.		—		23,337			23,337
JPMCB	USD	3	11/07/22	Monthly	Zendesk, Inc.	-0.230		—		4,444			4,444
JPMCB	USD	15	11/07/22	Monthly	0.370	Momentive Global, Inc.		—		(66,069	)		(66,069	)
JPMCB	USD	7	11/09/22	Monthly	0.370	Monmouth Real Estate Investment Corp.		—		(348	)		(348	)
JPMCB	AUD	21	11/14/22	Monthly	Newcrest Mining Ltd.	-0.250		—		42,257			42,257
JPMCB	CAD	54	11/14/22	Monthly	0.933	Pretium Resources, Inc.		—		(20,550	)		(20,550	)
JPMCB	DKK	2	11/14/22	Monthly	-0.050	Drilling Co.		—		426			426
JPMCB	USD	3	11/15/22	Monthly	NOBLE Corp.	-1.036		—		784			784
JPMCB	USD	87	11/25/22	Monthly	0.370	Vonage Holdings Corp.		—		24,798			24,798
JPMCB	USD	40	12/08/22	Monthly	0.370	Gcp Applied Technologies		—		12,704			12,704
JPMCB	EUR	64	12/08/22	Monthly	-0.273	Intertrust Nv		—		(15,861	)		(15,861	)
JPMCB	USD	13	12/15/22	Monthly	0.370	Arena Pharmaceuticals, Inc.		—		8,223			8,223
JPMCB	USD	13	12/16/22	Monthly	0.370	Terminix Global Holdings, Inc.		—		(19,138	)		(19,138	)
JPMCB	GBP	61	12/16/22	Monthly	Rentokil Initial PLC	-0.104		—		21,057			21,057
JPMCB	CHF	9	12/16/22	Monthly	-0.412	Vifor Pharma Ag		—		38,160			38,160
JPMCB	USD	12	12/19/22	Monthly	0.370	CMC Materials, Inc.		—		(86,042	)		(86,042	)
JPMCB	USD	5	12/19/22	Monthly	Entegris, Inc.	-0.230		—		74,606			74,606
JPMCB	USD	24	12/22/22	Monthly	0.370	Cerner Corp.		—		5,094			5,094
JPMCB	USD	39	12/23/22	Monthly	0.370	Aerojet Rocketdyne Holdings		—		(323,326	)		(323,326	)
JPMCB	USD	42	12/28/22	Monthly	0.370	Ortho Clinical Diagnostics, Class H		—		(126,026	)		(126,026	)
JPMCB	USD	4	12/28/22	Monthly	Quidel Corp.	-0.230		—		110,572			110,572
JPMCB	USD	2	01/10/23	Monthly	0.370	Vocera Communications, Inc.		—		(143	)		(143	)
JPMCB	USD	84	01/10/23	Monthly	0.370	Change Healthcare, Inc.		—		(107,240	)		(107,240	)
JPMCB	USD	5	01/12/23	Monthly	Take-Two Interactive Softwre	-0.230		—		(86,428	)		(86,428	)
JPMCB	USD	161	01/12/23	Monthly	0.370	Zynga, Inc., Class A		—		58,461			58,461
JPMCB	USD	27	01/20/23	Monthly	0.370	Activision Blizzard, Inc.		—		(58,518	)		(58,518	)
JPMCB	USD	9	01/23/23	Monthly	0.370	Coherent, Inc.		—		(42,002	)		(42,002	)
JPMCB	USD	10	01/24/23	Monthly	0.370	Zogenix, Inc.		—		782			782
JPMCB	AUD	9	02/01/23	Monthly	0.000	Block, Inc.		—		(1,148,827	)		(1,148,827	)

237

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

OTC Total return swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio6	Payments received by the Portfolio6	Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
MSCI	USD	421	10/27/22	At maturity	Walmart, Inc., common stocks	1 Day Federal Fund Rate minus 30 bps	$	—		$	(6,956	)	$	(6,956	)
MSCI	USD	790	12/03/24	At maturity	S&P 500 Index	1 Day Federal Fund Rate minus 25 bps		—			(147,367	)		(147,367	)
MSCI	USD	104	10/27/22	At maturity	Dow Jones U.S. Real Estate Index	1 Day Federal Fund Rate minus 20 bps		—			(24,897	)		(24,897	)
MSCI	USD	827	01/22/25	At maturity	Health Care Select Sector Index	1 Day Federal Fund Rate minus 25 bps		—			(36,305	)		(36,305	)
MSCI	USD	241	10/27/22	At maturity	S&P 500 Equal Weight Consumer Discretionary CME Index	1 Day Federal Fund Rate minus 35 bps		—			(24,383	)		(24,383	)
MSCI	USD	1,667	12/19/22	At maturity	1 Day Federal Fund Rate plus 55 bps	Cellnex Telecom SA., Common Stock		—			(228,535	)		(228,535	)
MSCI	USD	718	12/05/23	At maturity	S&P Pharmaceuticals Select Industry Index	1 Day Federal Fund Rate minus 35 bps		—			39,956			39,956
MSCI	USD	938	02/20/24	At maturity	S&P 500 Equal Weight Communication Services Index	1 Day Federal Fund Rate minus 35 bps		—			71,620			71,620
MSCI	USD	464	07/22/24	At maturity	S&P Retail Select Industry Index	1 Day Federal Fund Rate minus 127 bps		—			40,127			40,127
MSCI	USD	680	07/29/24	At maturity	S&P 500 Equal Weight Financials Index	1 Day Federal Fund Rate minus 35 bps	��	—			(29,175	)		(29,175	)
MSCI	USD	1,813	11/29/24	At maturity	Industrial Select Sector Index	1 Day Federal Fund Rate minus 35 bps		—			1,938			1,938
MSCI	USD	761	12/02/24	At maturity	Moody's Corp.	1 Day Federal Fund Rate minus 30 bps		—			93,063			93,063
MSCI	USD	699	01/08/25	At maturity	S&P Technology Select Sector Index	1 Day Federal Fund Rate minus 10 bps		—			(8,544	)		(8,544	)
MSCI	USD	409	01/17/25	At maturity	1 Day Federal Fund Rate plus 55 bps	Airbus SE		—			(5,563	)		(5,563	)
MSCI	USD	155	01/17/25	At maturity	1 Day Federal Fund Rate plus 55 bps	Telefonaktiebolaget LM Ericsson		—			1,719			1,719
MSCI	USD	1,989	01/17/25	At maturity	1 Day Federal Fund Rate plus 55 bps	London Stock Exchange Group PLC		—			81,304			81,304
MSCI	USD	677	04/09/24	At maturity	S&P Software & Service Select Industry Total Return Index	1 Day Federal Fund Rate plus 7 bps		—			47,147			47,147
SG	USD	1	03/18/22	Quarterly	0.000%	S&P 500 Index		—			(164,750	)		(164,750	)
SG	USD	1	03/18/22	Quarterly	0.000	S&P 500 Index		—			(267,927	)		(267,927	)
							$	(211,946	)	$	(1,718,568	)	$	(1,930,514	)

238

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	AUD	22,161,343	USD	15,864,728	03/16/22	$	192,597
BB	CAD	9,801,798	USD	7,641,930	03/16/22		(68,587	)
BB	CAD	4,585,144	USD	3,624,651	03/16/22		17,779
BB	CHF	19,928,075	USD	21,692,842	03/16/22		162,368
BB	CHF	442,884	USD	476,840	03/16/22		(1,656	)
BB	EUR	2,812,170	USD	3,186,326	03/16/22		24,064
BB	EUR	133,463	USD	149,314	03/16/22		(764	)
BB	GBP	232,248	USD	316,249	03/16/22		3,978
BB	GBP	4,286,220	USD	5,697,636	03/16/22		(65,435	)
BB	JPY	73,190,641	USD	633,864	03/16/22		(2,390	)
BB	JPY	122,425,318	USD	1,076,307	03/16/22		12,052
BB	JPY	82,914,538	USD	723,625	04/20/22		2,460
BB	NOK	300,814,814	USD	33,047,188	03/16/22		(749,992	)
BB	NOK	85,246,965	USD	9,668,945	03/16/22		91,269
BB	NZD	51,108,422	USD	34,662,699	03/16/22		1,056,978
BB	SEK	77,743,238	USD	8,595,633	03/16/22		254,820
BB	SEK	556,611	USD	59,635	03/16/22		(82	)
BB	SGD	17,043,690	USD	12,516,949	03/16/22		(97,123	)
BB	SGD	339,032	USD	251,975	03/16/22		1,056
BB	USD	14,350,236	AUD	20,341,422	03/16/22		34,876
BB	USD	6,430,829	AUD	8,939,884	03/16/22		(108,692	)
BB	USD	17,472,399	CAD	22,042,422	03/16/22		(132,880	)
BB	USD	136,312	CAD	175,076	03/16/22		1,410
BB	USD	6,848,151	CHF	6,273,742	03/16/22		(69,941	)
BB	USD	42,180,688	EUR	37,218,234	03/16/22		(329,103	)
BB	USD	429,694	EUR	384,651	03/16/22		2,843
BB	USD	14,795,219	GBP	11,175,541	03/16/22		230,945
BB	USD	22,421,256	GBP	16,564,491	03/16/22		(149,337	)
BB	USD	5,355,210	JPY	608,672,224	03/16/22		(63,964	)
BB	USD	457,492	JPY	52,771,839	03/16/22		1,258
BB	USD	9,905,017	NOK	89,419,693	03/16/22		141,476
BB	USD	120,932	NOK	1,073,083	03/16/22		(368	)
BB	USD	3,957,325	NZD	5,879,614	03/16/22		(91,256	)
BB	USD	15,072,014	SEK	136,540,050	03/16/22		(423,087	)
BB	USD	4,264,509	SGD	5,811,565	03/16/22		36,643
BB	USD	1,672,375	SGD	2,252,718	03/16/22		(5,134	)
BNP	BRL	10,267,684	USD	1,777,000	03/07/22		(140,637	)
BNP	EUR	1,278,000	USD	1,452,284	04/20/22		13,815
BNP	KRW	881,676,988	USD	729,708	06/15/22		(382	)
BNP	KRW	4,908,293,110	USD	4,118,292	06/15/22		53,885
BNP	TWD	20,971,300	USD	765,125	04/20/22		10,936
BNP	USD	12,500	EUR	11,000	04/20/22		(119	)
BNP	USD	27,021	GBP	20,000	04/20/22		(134	)
BOA	CHF	339,000	USD	371,791	04/20/22		5,114
BOA	DKK	528,000	USD	80,620	04/20/22		746

239

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	EUR	9,313,002	USD	10,625,762	04/20/22	$	143,391
BOA	GBP	2,149,588	USD	2,921,823	04/20/22		32,045
BOA	SEK	20,534,585	NOK	19,902,000	04/20/22		30,340
BOA	SEK	9,100,815	USD	1,006,144	04/20/22		29,235
BOA	USD	18,017	DKK	118,000	04/20/22		(167	)
BOA	USD	281,877	EUR	248,000	04/20/22		(2,737	)
BOA	USD	134,380	GBP	100,000	04/20/22		54
CITI	CHF	453,440	USD	496,924	04/20/22		6,463
CITI	GBP	294,000	USD	400,427	04/20/22		5,191
CITI	USD	1,175,104	CAD	1,471,000	04/20/22		(18,081	)
CITI	USD	25,878	GBP	19,000	04/20/22		(335	)
GS	BRL	10,746,730	USD	1,859,000	03/07/22		(148,106	)
JPMCB	AUD	513,718	USD	370,806	02/28/22		7,549
JPMCB	CAD	133,572	USD	108,226	06/30/22		3,197
JPMCB	CAD	139,094	USD	108,426	06/30/22		(946	)
JPMCB	DKK	1,699,000	USD	260,599	04/20/22		3,580
JPMCB	EUR	545,000	USD	608,167	04/20/22		(5,265	)
JPMCB	GBP	2,149,589	USD	2,925,475	04/20/22		35,696
JPMCB	GBP	144,438	USD	200,405	08/31/22		6,354
JPMCB	GBP	179,438	USD	242,206	09/30/22		1,165
JPMCB	GBP	146,588	USD	193,724	09/30/22		(3,189	)
JPMCB	NOK	1,763,000	USD	200,517	04/20/22		2,569
JPMCB	USD	2,201,204	AUD	3,014,108	02/28/22		(69,892	)
JPMCB	USD	277,424	CAD	349,735	02/28/22		(2,294	)
JPMCB	USD	107,295	CAD	137,457	02/28/22		840
JPMCB	USD	1,625,828	CHF	1,489,381	06/30/22		(10,128	)
JPMCB	USD	68,208	DKK	445,690	06/30/22		(619	)
JPMCB	USD	187,316	EUR	164,710	02/15/22		(2,225	)
JPMCB	USD	98,916	GBP	74,524	02/28/22		1,295
JPMCB	USD	110,641	GBP	80,385	06/30/22		(2,613	)
JPMCB	USD	172,282	GBP	125,040	08/31/22		(4,292	)
JPMCB	ZAR	28,815,832	USD	1,777,000	06/15/22		(63,414	)
MSCI	AUD	22,548,280	USD	16,188,784	03/16/22		243,018
MSCI	CAD	2,070,012	USD	1,618,601	03/16/22		(9,759	)
MSCI	CAD	1,182,700	USD	939,379	03/16/22		9,017
MSCI	CHF	11,855,255	USD	12,844,823	03/16/22		36,298
MSCI	EUR	1,029,267	CAD	1,471,000	04/20/22		(1,481	)
MSCI	EUR	7,897,732	USD	8,962,227	03/16/22		81,296
MSCI	EUR	302,000	USD	343,087	04/20/22		3,167
MSCI	EUR	100,000	USD	111,592	04/20/22		(964	)
MSCI	GBP	529,992	USD	720,034	03/16/22		7,430
MSCI	GBP	15,832,734	USD	20,983,266	03/16/22		(304,764	)
MSCI	GBP	148,000	USD	197,979	04/20/22		(983	)
MSCI	JPY	83,888,405	USD	725,862	03/16/22		(3,388	)
MSCI	JPY	4,263,323,478	USD	37,639,663	03/16/22		578,175

240

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	NOK	108,189,251	USD	12,352,788	03/16/22	$	197,497
MSCI	NOK	4,777,083	USD	536,554	03/16/22		(161	)
MSCI	NZD	11,403,417	USD	7,748,092	03/16/22		249,913
MSCI	SEK	13,740,022	USD	1,505,124	03/16/22		31,003
MSCI	SEK	3,848,246	USD	410,220	03/16/22		(2,646	)
MSCI	SEK	2,995,000	USD	328,517	04/20/22		7,025
MSCI	SGD	13,871,605	USD	10,206,714	03/16/22		(59,691	)
MSCI	SGD	1,631,376	USD	1,211,101	03/16/22		3,716
MSCI	USD	3,661,338	AUD	5,071,061	03/16/22		(75,168	)
MSCI	USD	568,007	AUD	811,266	03/16/22		5,707
MSCI	USD	21,997,489	CAD	27,868,588	03/16/22		(74,856	)
MSCI	USD	667,256	CAD	849,383	03/16/22		905
MSCI	USD	46,944	CHF	43,645	03/16/22		210
MSCI	USD	3,119,052	CHF	2,864,275	03/16/22		(24,463	)
MSCI	USD	2,733	DKK	18,000	04/20/22		(10	)
MSCI	USD	49,093	EUR	44,000	03/16/22		385
MSCI	USD	289,419	EUR	255,496	03/16/22		(2,116	)
MSCI	USD	321,502	EUR	283,000	04/20/22		(2,967	)
MSCI	USD	1,039,654	GBP	774,077	03/16/22		1,137
MSCI	USD	16,269,459	GBP	12,026,485	03/16/22		(99,153	)
MSCI	USD	1,681,682	JPY	191,191,844	03/16/22		(19,632	)
MSCI	USD	18,469,439	NOK	168,368,355	03/16/22		447,101
MSCI	USD	2,382,335	NOK	20,975,085	03/16/22		(25,741	)
MSCI	USD	99,731	NOK	888,000	04/20/22		(27	)
MSCI	USD	609,037	NOK	5,490,000	04/20/22		7,378
MSCI	USD	21,250,358	NZD	31,319,668	03/16/22		(656,491	)
MSCI	USD	25,910,319	SEK	235,046,946	03/16/22		(692,915	)
MSCI	USD	591,691	SEK	5,574,074	03/16/22		6,333
MSCI	USD	16,288	SEK	150,000	04/20/22		(187	)
MSCI	USD	1,136,641	SGD	1,544,309	03/16/22		6,305
MSCI	ZAR	29,839,189	USD	1,859,000	06/15/22		(46,774	)
SG	NOK	16,727,941	USD	1,905,591	04/20/22		27,386
Net unrealized appreciation (depreciation)						$	(326,969	)

241

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2022 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Common stocks	$	174,914,203		$	40,686,466		$	—	$	215,600,669
Preferred stocks		701,410			—			—		701,410
Investment companies		26,609,679			—			—		26,609,679
Warrants		6,338			—			—		6,338
Corporate bonds		—			53,113,854			—		53,113,854
Short-term investments		—			99,847,106			—		99,847,106
Short-term U.S. Treasury obligations		—			33,991,091			—		33,991,091
Equity and foreign exchange options purchased		1,438,344			—			—		1,438,344
Futures contracts		1,338,335			411,112			—		1,749,447
Swap agreements		—			4,746,049			—		4,746,049
Forward foreign currency contracts		—			4,612,734			—		4,612,734
Total	$	205,008,309		$	237,408,412		$	—	$	442,416,721
Liabilities
Investments sold short	$	(117,321,067	)	$	(791,873	)	$	—	$	(118,112,940	)
Equity options written		(1,547,636	)		—			—		(1,547,636	)
Futures contracts		(343,459	)		—			—		(343,459	)
Swap agreements		—			(6,442,324	)		—		(6,442,324	)
Forward foreign currency contracts		—			(4,939,703	)		—		(4,939,703	)
Total	$	(119,212,162	)	$	(12,173,900	)	$	—	$	(131,386,062	)

At January 31, 2022, 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 registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $5,263,152, represented 1.2% of the Portfolio's net assets at period end.

³  Rates shown reflect yield at January 31, 2022.

⁴  Rate shown is the discount rate at the date of purchase unless otherwise noted.

⁵  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund 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.

⁶  Payments made or received are based on the notional amount.

See accompanying notes to financial statements.
242

PACE^® Select Advisors Trust
Glossary of terms used in the Portfolio of investments
January 31, 2022 (unaudited)

Portfolio acronyms:

ABS  Asset-backed Security

ADR  American Depositary Receipt

AGM  Assured Guaranty Municipal

AMT  Alternative Minimum Tax

ARM  Adjustable Rate Mortgage

BAM  Build Americal Mutual

BBSW  Bank Bill Swap Rate

BOBL  Bundesobligationen

CLO  Collateralized Loan Obligation

CMT  Constant Maturity Treasury Index

COFI  Cost of Funds Index

CPI  Consumer Price Index

DAC  Designated Activity Company

ETF  Exchange Traded Fund

EURIBOR  Euro Interbank Offered Rate

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

FRN  Floating Rate Note

GDR  Global Depositary Receipt

GNMA  Government National Mortgage Association

GSAMP  Goldman Sachs Asset Mortgage Passthrough

GTD  Guaranteed

IO  Interest Only

JSC  Joint Stock Company

LIBOR  London Interbank Offered Rate

MGIC  Mortgage Guaranty Insurance Corporation

MTA  Monthly Treasury Average Index

MTN  Medium Term Note

NVDR  Non-Voting Depository Receipt

OAT  Obligation Assimilables du Trésor (French Government Bonds)

OTC  Over The Counter

PJSC  Private Joint Stock Company

PO  Principal Only

PSF  Permanent School Fund

RASC  Retirement Administration Service Center

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

SBA  Small Business Administration

SIFMA  Municipal Swap Index Yield

SOFR  Secured Overnight Financing Rate

SONIA  Sterling Overnight Index Average

SPDR  Standard and Poor's Depository Receipts

STRIP  Separate Trading of Registered Interest and Principal of Securities

TBA  To-Be-Announced Security

TONA  Tokyo Overnight Average Rate

UMBS  Uniform Mortgage Backed Securities

Currency type abbreviations:

AUD  Australian Dollar

BRL  Brazilian Real

CAD  Canadian Dollar

CHF  Swiss Franc

CLP  Chilean Peso

CNY  Chinese Yuan Renminbi

COP  Colombian Peso

CZK  Czech Koruna

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

HUF  Hungarian Forint

ILS  Israeli Shekel

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

NZD  New Zealand Dollar

PEN  Peruvian Sol

PLN  Polish Zloty

RON  Romanian Leu

RUB  Russian Ruble

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thai Baht

TRY  Turkish Lira

TWD  Taiwan Dollar

USD  United States Dollar

ZAR  South African Rand

Counterparty acronyms:

ANZ  Australia and New Zealand Banking Group

BB  Barclays Bank PLC

BNP  BNP Paribas

BOA  Bank of America

CITI  Citibank NA

CSI  Credit Suisse International

GS  Goldman Sachs

GSI  Goldman Sachs International

HSBC  HSBC Bank PLC

JPMCB  JPMorgan Chase Bank

MSCI  Morgan Stanley & Co. International PLC

RBC  Royal Bank of Canada

SCB  Standard Chartered Bank

SG  Societe Generale

SSC  State Street Bank and Trust Co.

TD  Toronto-Dominion Bank

See accompanying notes to financial statements.
243

PACE Select Advisors Trust

Understanding your Portfolio's expenses (unaudited)

As a shareholder of a Portfolio, you incur two types of costs: (1) transactional costs (as applicable), including sales charges (loads), or ongoing program fees; and (2) ongoing Portfolio costs, including management fees; service and/or distribution (12b-1) fees (if applicable); and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire period, August 1, 2021 to January 31, 2022.

Actual expenses (unaudited)

The first line for each class of shares in the table below for each Portfolio provides information about its actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for each class of shares for each respective Portfolio under the heading entitled "Expenses paid during period" to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes (unaudited)

The second line for each class of shares in the table below for each Portfolio provides information about hypothetical account values and hypothetical expenses based on that Portfolio's actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which is not that Portfolio's actual return for each class of shares. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any transactional costs (as applicable), such as sales charges (loads), or program fees. Therefore, the second line in the table for each class of shares for each Portfolio is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs or program fees were included, your costs would have been higher.

244

PACE Select Advisors Trust

		Beginning account value August 1, 2021		Ending account value January 31, 2022		Expenses paid during period 08/01/21 to 01/31/221		Expense ratio during the period
UBS Government Money Market Investments Fund
Class P	Actual	$	1,000.00	$	1,000.10	$	0.25		0.05	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,024.95		0.26		0.05
PACE Mortgage-Backed Securities Fixed Income Investments
Class A	Actual		1,000.00		974.90		4.83		0.97
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.32		4.94		0.97
Class Y	Actual		1,000.00		976.20		3.59		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.58		3.67		0.72
Class P	Actual		1,000.00		976.20		3.59		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.58		3.67		0.72
PACE Intermediate Fixed Income Investments
Class A	Actual		1,000.00		966.20		4.51		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.62		4.63		0.91
Class Y	Actual		1,000.00		967.50		3.27		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.88		3.36		0.66
Class P	Actual		1,000.00		966.70		3.27		0.66
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.88		3.36		0.66
PACE Strategic Fixed Income Investments
Class A	Actual		1,000.00		968.50		4.47		0.90
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.67		4.58		0.90
Class Y	Actual		1,000.00		968.90		3.23		0.65
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.93		3.31		0.65
Class P	Actual		1,000.00		969.70		3.23		0.65
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.93		3.31		0.65
PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		967.00		4.07		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.07		4.18		0.82
Class Y	Actual		1,000.00		969.00		2.83		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.33		2.91		0.57
Class P	Actual		1,000.00		968.30		2.83		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.33		2.91		0.57
PACE Global Fixed Income Investments
Class A	Actual		1,000.00		957.10		5.08		1.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.01		5.24		1.03
Class Y	Actual		1,000.00		959.00		4.30		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.82		4.43		0.87
Class P	Actual		1,000.00		958.20		4.15		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.97		4.28		0.84

245

PACE Select Advisors Trust

		Beginning account value August 1, 2021		Ending account value January 31, 2022		Expenses paid during period 08/01/21 to 01/31/221		Expense ratio during the period
PACE High Yield Investments
Class A	Actual	$	1,000.00	$	970.30	$	5.26		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.86		5.40		1.06
Class Y	Actual		1,000.00		971.70		4.37		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
Class P	Actual		1,000.00		970.50		4.52		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.62		4.63		0.91
Class P22	Actual		1,000.00		959.20		1.04		0.28
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.79		1.43		0.28
PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		1,044.60		5.72		1.11
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.61		5.65		1.11
Class Y	Actual		1,000.00		1,033.80		4.36		0.85
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.92		4.33		0.85
Class P	Actual		1,000.00		1,045.80		4.43		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.87		4.38		0.86
PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		959.10		5.53		1.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.56		5.70		1.12
Class Y	Actual		1,000.00		960.70		4.25		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.87		4.38		0.86
Class P	Actual		1,000.00		960.60		4.35		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
PACE Small/Medium Co Value Equity Investments
Class A	Actual		1,000.00		986.30		5.96		1.19
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.21		6.06		1.19
Class Y	Actual		1,000.00		987.40		4.96		0.99
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.21		5.04		0.99
Class P	Actual		1,000.00		987.30		5.01		1.00
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.16		5.09		1.00
Class P22	Actual		1,000.00		992.80		7.57		2.01
	Hypothetical (5% annual return before expenses)		1,000.00		1,015.07		10.21		2.01
PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		875.50		5.63		1.19
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.21		6.06		1.19
Class Y	Actual		1,000.00		877.60		4.83		1.02
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.06		5.19		1.02
Class P	Actual		1,000.00		876.10		4.82		1.02
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.06		5.19		1.02
Class P22	Actual		1,000.00		851.00		7.94		2.27
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.76		11.52		2.27

246

PACE Select Advisors Trust

		Beginning account value August 1, 2021		Ending account value January 31, 2022		Expenses paid during period 08/01/21 to 01/31/221		Expense ratio during the period
PACE International Equity Investments
Class A	Actual	$	1,000.00	$	1,001.30	$	8.27		1.64	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.94		8.34		1.64
Class Y	Actual		1,000.00		1,002.00		7.01		1.39
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.20		7.07		1.39
Class P	Actual		1,000.00		1,002.50		7.02		1.39
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.20		7.07		1.39
PACE International Emerging Markets Equity Investments
Class A	Actual		1,000.00		959.20		7.16		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.38		1.45
Class Y	Actual		1,000.00		960.60		5.93		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
Class P	Actual		1,000.00		961.00		5.93		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
PACE Global Real Estate Securities Investments
Class A	Actual		1,000.00		978.80		7.23		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.38		1.45
Class P	Actual		1,000.00		980.30		5.99		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
PACE Alternative Strategies Investments
Class A	Actual		1,000.00		994.90		13.63		2.71
	Hypothetical (5% annual return before expenses)		1,000.00		1,011.54		13.74		2.71
Class Y	Actual		1,000.00		996.70		12.38		2.46
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.80		12.48		2.46
Class P	Actual		1,000.00		995.80		12.38		2.46
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.80		12.48		2.46

¹  Expenses are equal to the Portfolio's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

²  The Class commenced operations on September 15, 2021. Expenses are equal to the Portfolios' annualized net expense ratio, multiplied by the average account value over the period, multiplied by 138 divided by 365 (to reflect the actual days in the period) for the actual example and 184 divided by 365 (to reflect the one-half year period) for the hypothetical example.

247

PACE Select Advisors Trust

Statement of assets and liabilities
January 31, 2022 (unaudited)

	UBS Government Money Market Investments Fund		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments		PACE Strategic Fixed Income Investments
Assets:
Investments, at cost
Investments	$	208,229,169	$	545,401,329	$	363,192,330	$	667,949,488
Repurchase agreements		68,330,000		—		—		—
Foreign currency		—		—		1,094,094		2,044,311
Investments, at value
Investments1	$	208,229,169	$	544,012,748	$	360,064,504	$	668,003,061
Repurchase agreements		68,330,000		—		—		—
Foreign currency		—		—		1,097,062		2,009,758
Cash		758		—		5,139		898,831
Cash collateral on futures		—		51,000		376,788		827,000
Cash collateral on swap agreements		—		1,761,000		887,120		2,149,000
Cash collateral for forward foreign currency contracts		—		—		35,900		—
Due from broker		—		—		—		3,706,842
Receivable for investments sold		—		13,281		299,696		—
Receivable for investments sold short		—		122,016,363		4,095,304		—
Receivable for when issued TBA securities		—		202,923,516		45,125,014		1,324,693
Receivable for fund shares sold		2,480,009		285,863		267,783		441,524
Receivable for interest and dividends		28,720		780,614		1,707,068		4,905,707
Receivable for foreign tax reclaims		—		—		867		—
Receivable from affiliate		77,321		—		—		—
Receivable for variation margin on futures contracts		—		62,156		96,929		296,899
Receivable for variation margin on centrally cleared swap agreements		—		147,629		517		9,721
OTC swap agreements, at value2		—		—		4,410		—
Unrealized appreciation on forward foreign currency contracts		—		—		97,504		905,557
Other assets		17,273		29,564		24,646		29,888
Total assets		279,163,250		872,083,734		414,186,251		685,508,481
Liabilities:
Investments sold short, at value (proceeds—$0; $83,748,844; $4,090,547; $0; $0; $0 and $0, respectively)		—		83,253,006		4,080,330		—
Options and swaptions written, at value (premiums received $0; $811,076; $1,372,339; $191,867; $0; $0 and $0, respectively)		—		960,682		1,758,431		276,880
Due to broker		—		1,031,881		46,476		827,460
Payable for cash collateral from securities loaned		—		—		1,492,348		10,444,696
Payable for investments purchased		2,998,408		—		10,590,661		2,743,008
Payable for when issued TBA securities		—		486,737,192		92,159,365		6,285,530
Payable for fund shares redeemed		989,204		270,658		334,208		673,356
Payable for dividend and interest expense on investments sold short		—		3,160		9,237		—
Dividends payable to shareholders		1,345		—		—		—
Payable to affiliate		—		97,347		11,883		262,555
Payable to custodian		6,210		17,826		39,302		18,319
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		189		613
Payable for variation margin on futures contracts		—		—		—		1,757,322
Payable for variation margin on centrally cleared swap agreements		—		—		—		805,903
OTC swap agreements, at value2		—		—		—		211,832
Unrealized depreciation on forward foreign currency contracts		—		—		1,859		937,404
Accrued expenses and other liabilities		676,723		185,006		174,098		210,487
Total liabilities		4,671,890		572,556,758		110,698,387		25,455,365
Net assets	$	274,491,360	$	299,526,976	$	303,487,864	$	660,053,116

¹  Includes $0; $0; $1,824,673; $11,323,235; $0; $0 and $6,661,856, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

²  Net upfront payment received by PACE Intermediate Fixed Income Investments and PACE Strategic Fixed Income Investments were $70,110 and $96,617, respectively. Net upfront payment made by PACE Intermediate Fixed Income Investments and PACE Strategic Fixed Income Investments were $141,262 and 2,684,485, respectively.

248

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments		PACE High Yield Investments
Assets:
Investments, at cost
Investments	$	294,437,824	$	314,808,110	$	291,953,351
Repurchase agreements		—		—		—
Foreign currency		—		713,566		3,272,328
Investments, at value
Investments1	$	304,657,068	$	307,513,548	$	278,498,159
Repurchase agreements		—		—		—
Foreign currency		—		713,851		3,253,227
Cash		—		280,000		—
Cash collateral on futures		—		1,024,000		—
Cash collateral on swap agreements		—		—		—
Cash collateral for forward foreign currency contracts		—		—		—
Due from broker		—		—		—
Receivable for investments sold		—		1,317,538		1,203,209
Receivable for investments sold short		—		—		—
Receivable for when issued TBA securities		—		896,625		—
Receivable for fund shares sold		67,850		109,098		135,213
Receivable for interest and dividends		2,904,459		1,480,350		3,939,521
Receivable for foreign tax reclaims		—		11,764		2,551
Receivable from affiliate		—		—		—
Receivable for variation margin on futures contracts		—		—		—
Receivable for variation margin on centrally cleared swap agreements		—		—		—
OTC swap agreements, at value2		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		1,146,862		373,802
Other assets		23,466		24,699		47,110
Total assets		307,652,843		314,518,335		287,452,792
Liabilities:
Investments sold short, at value (proceeds—$0; $83,748,844; $4,090,547; $0; $0; $0 and $0, respectively)		—		—		—
Options and swaptions written, at value (premiums received $0; $811,076; $1,372,339; $191,867; $0; $0 and $0, respectively)		—		—		—
Due to broker		—		—		—
Payable for cash collateral from securities loaned		—		—		6,799,125
Payable for investments purchased		—		6,409,265		1,938,664
Payable for when issued TBA securities		—		9,145,713		—
Payable for fund shares redeemed		400,781		237,303		215,098
Payable for dividend and interest expense on investments sold short		—		—		—
Dividends payable to shareholders		—		—		—
Payable to affiliate		124,061		121,586		138,347
Payable to custodian		26,673		52,025		61,130
Payable for foreign withholding taxes and foreign capital gains taxes		—		9,257		444
Payable for variation margin on futures contracts		—		116,715		—
Payable for variation margin on centrally cleared swap agreements		—		—		—
OTC swap agreements, at value2		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		1,598,445		641
Accrued expenses and other liabilities		106,362		192,998		178,059
Total liabilities		657,877		17,883,307		9,331,508
Net assets	$	306,994,966	$	296,635,028	$	278,121,284

See accompanying notes to financial statements.
249

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2022 (unaudited)

	UBS Government Money Market Investments Fund			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	274,492,742		$	326,571,057		$	306,190,995		$	678,404,874
Distributable earnings (accumulated losses)		(1,382	)		(27,044,081	)		(2,703,131	)		(18,351,758	)
Net assets	$	274,491,360		$	299,526,976		$	303,487,864		$	660,053,116
Class A
Net assets	$	—		$	25,883,228		$	10,758,964		$	14,653,681
Shares outstanding		—			2,094,004			889,346			1,080,128
Net asset value per share	$	—		$	12.36		$	12.10		$	13.57
Maximum offering price per share	$	—		$	12.84		$	12.57		$	14.10
Class Y
Net assets	$	—		$	11,597,243		$	212,530		$	937,645
Shares outstanding		—			938,253			17,569			69,236
Net asset value, offering price and redemption value per share3	$	—		$	12.36		$	12.10		$	13.54
Class P
Net assets	$	274,491,360		$	262,046,505		$	292,516,370		$	644,461,790
Shares outstanding		274,491,552			21,190,344			24,172,372			47,536,542
Net asset value and offering price per share3	$	1.00		$	12.37		$	12.10		$	13.56
Class P2
Net assets	$	—		$	—		$	—		$	—
Shares outstanding		—			—			—			—
Net asset value and offering price per share*	$	—		$	—		$	—		$	—

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

*  Net assets divided by shares outstanding does not equal net asset value due to rounding.

250

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments			PACE High Yield Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	295,651,429	$	310,850,083		$	301,582,540
Distributable earnings (accumulated losses)		11,343,537		(14,215,055	)		(23,461,256	)
Net assets	$	306,994,966	$	296,635,028		$	278,121,284
Class A
Net assets	$	34,498,628	$	23,299,316		$	4,647,084
Shares outstanding		2,684,565		2,413,827			493,320
Net asset value per share	$	12.85	$	9.65		$	9.42
Maximum offering price per share	$	13.15	$	10.03		$	9.79
Class Y
Net assets	$	3,886	$	1,661,659		$	627,675
Shares outstanding		302		173,525			66,321
Net asset value, offering price and redemption value per share3	$	12.86	$	9.58		$	9.46
Class P
Net assets	$	272,492,452	$	271,674,053		$	258,713,550
Shares outstanding		21,191,105		28,225,563			27,495,945
Net asset value and offering price per share3	$	12.86	$	9.63		$	9.41
Class P2
Net assets	$	—	$	—		$	14,132,975
Shares outstanding		—		—			1,499,516
Net asset value and offering price per share*	$	—	$	—		$	9.42	*

See accompanying notes to financial statements.
251

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2022 (unaudited)

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments
Assets:
Investments, at cost
Investments	$	964,773,612	$	966,329,586		$	357,281,442	$	388,308,615
Foreign currency		—		—			1,529		—
Investments, at value
Investments1	$	1,120,013,591	$	1,134,967,254		$	462,095,551	$	408,522,798
Foreign currency		—		—			1,529		—
Cash		—		53,026			—		—
Cash collateral on options		—		—			—		—
Cash collateral on futures		—		—			—		—
Cash collateral on swap agreements		—		—			—		—
Cash collateral on investments sold short		—		—			—		—
Cash collateral for forward foreign currency contracts		—		—			—		—
Due from broker		—		—			—		—
Receivable for investments sold		5,599,079		13,961,886			—		728,054
Receivable for investments sold short		—		—			—		—
Receivable for fund shares sold		375,011		503,487			291,568		248,389
Receivable for interest and dividends		881,960		500,200			107,022		50,488
Receivable for foreign tax reclaims		18,790		37,390			13,990		—
Receivable for variation margin on futures contracts		—		—			—		—
Receivable for variation margin on centrally cleared swap agreements		—		—			—		—
OTC swap agreements, at value2		—		—			—		—
Unrealized appreciation on forward foreign currency contracts		—		—			—		—
Other assets		33,032		33,827			37,022		37,252
Total assets		1,126,921,463		1,150,057,070	��		462,546,682		409,586,981
Liabilities:
Investments sold short, at value (proceeds—$0; $0; $0; $0; $139,692,136; $0; $0 and $126,228,635, respectively)		—		—			—		—
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $2,092,694, respectively)		—		—			—		—
Due to broker		—		—			—		—
Payable for bank loan		—		—			—		—
Payable for cash collateral from securities loaned		242,475		—			—		1,620,147
Payable for investments purchased		257,505		7,558,295			69,636		39,280
Payable for fund shares redeemed		1,069,659		1,062,870			430,188		387,493
Payable for dividend and interest expense on investments sold short		—		—			—		—
Payable to affiliate		747,383		793,619			329,651		295,068
Payable to custodian		—		107,501			28,172		24,128
Payable for foreign withholding taxes and foreign capital gains taxes		20,002		—			658		—
OTC swap agreements, at value2		—		—			—		—
Unrealized depreciation on forward foreign currency contracts		—		—			—		—
Accrued expenses and other liabilities		311,165		225,691			197,495		176,365
Total liabilities		2,648,189		9,747,976			1,055,800		2,542,481
Net assets	$	1,124,273,274	$	1,140,309,094		$	461,490,882	$	407,044,500

¹  Includes $7,300,411; $0; $598; $10,800,940; $17,463,471; $5,171,233; $7,375,982 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

²  Net upfront payment made by PACE Alternative Strategies Investments was $427,681.

252

PACE Select Advisors Trust

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at cost
Investments	$	974,177,777		$	341,445,922	$	100,907,579	$	429,534,130
Foreign currency		1,021,264			1,064,258		62		577,277
Investments, at value
Investments1	$	1,128,616,246		$	372,678,835	$	110,208,692	$	431,308,491
Foreign currency		1,018,155			1,067,301		59		522,247
Cash		—			—		81,996		—
Cash collateral on options		—			—		—		14,608,135
Cash collateral on futures		—			—		���		2,690,677
Cash collateral on swap agreements		—			—		—		26,748,950
Cash collateral on investments sold short		—			—		—		88,901,861
Cash collateral for forward foreign currency contracts		—			—		—		770,000
Due from broker		—			—		—		51,730
Receivable for investments sold		1,191,985			2,535,983		—		5,025,857
Receivable for investments sold short		—			—		—		2,600,057
Receivable for fund shares sold		410,897			264,814		90,575		179,064
Receivable for interest and dividends		684,645			751,409		188,708		529,728
Receivable for foreign tax reclaims		3,813,186			19,806		30,486		151,722
Receivable for variation margin on futures contracts		—			—		—		1,408,083
Receivable for variation margin on centrally cleared swap agreements		—			—		—		79,615
OTC swap agreements, at value2		—			—		—		3,147,444
Unrealized appreciation on forward foreign currency contracts		—			8		—		4,612,734
Other assets		32,951			24,253		16,746		39,753
Total assets		1,135,768,065			377,342,409		110,617,262		583,376,148
Liabilities:
Investments sold short, at value (proceeds—$0; $0; $0; $0; $139,692,136; $0; $0 and $126,228,635, respectively)		131,359,953			—		—		118,112,940
Options and swaptions written, at value (premiums received $0; $0; $0; $0; $0; $0; $0 and $2,092,694, respectively)		—			—		—		1,547,636
Due to broker		—			—		—		1,938,772
Payable for bank loan		714,117			—		—		—
Payable for cash collateral from securities loaned		5,975,648			2,890,757		1,651,793		—
Payable for investments purchased		674,130			2,623,838		—		12,328,485
Payable for fund shares redeemed		1,010,776			347,889		94,882		353,352
Payable for dividend and interest expense on investments sold short		95,687			—		—		74,746
Payable to affiliate		720,739			227,008		30,331		423,503
Payable to custodian		50,158			106,426		47,589		599,323
Payable for foreign withholding taxes and foreign capital gains taxes		290,334			597,834		32,900		7,910
OTC swap agreements, at value2		—	��		—		—		4,866,012
Unrealized depreciation on forward foreign currency contracts		—			73		—		4,939,703
Accrued expenses and other liabilities		354,076			246,299		161,356		222,102
Total liabilities		141,245,618			7,040,124		2,018,851		145,414,484
Net assets	$	994,522,447		$	370,302,285	$	108,598,411	$	437,961,664

See accompanying notes to financial statements.
253

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
January 31, 2022 (unaudited)

	PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments		PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	958,021,175	$	717,996,403	$	339,807,455		$	371,954,795
Distributable earnings (accumulated losses)		166,252,099		422,312,691		121,683,427			35,089,705
Net assets	$	1,124,273,274	$	1,140,309,094	$	461,490,882		$	407,044,500
Class A
Net assets	$	102,722,531	$	57,562,653	$	18,974,522		$	25,372,129
Shares outstanding		4,656,482		2,602,242		857,322			2,082,872
Net asset value per share	$	22.06	$	22.12	$	22.13		$	12.18
Maximum offering price per share	$	23.34	$	23.41	$	23.42		$	12.89
Class Y
Net assets	$	17,368,475	$	20,892,491	$	150,460		$	8,346
Shares outstanding		786,151		855,570		6,439			560
Net asset value, offering price and redemption value per share3	$	22.09	$	24.42	$	23.37		$	14.90
Class P
Net assets	$	1,004,182,268	$	1,061,853,950	$	442,365,049		$	381,663,451
Shares outstanding		45,747,253		44,194,754		19,240,217			26,777,142
Net asset value, offering price and redemption value per share3	$	21.95	$	24.03	$	22.99		$	14.25
Class P2
Net assets	$	—	$	—	$	851		$	574
Shares outstanding		—		—		37			41
Net asset value and offering price per share*	$	—	$	—	$	22.95	*	$	14.16	*

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

*  Net assets divided by shares outstanding does not equal net asset value due to rounding.

254

PACE Select Advisors Trust

	PACE International Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	832,992,761	$	339,342,193	$	107,430,182	$	442,295,425
Distributable earnings (accumulated losses)		161,529,686		30,960,092		1,168,229		(4,333,761	)
Net assets	$	994,522,447	$	370,302,285	$	108,598,411	$	437,961,664
Class A
Net assets	$	26,153,140	$	4,641,575	$	382,414	$	5,603,984
Shares outstanding		1,482,172		320,230		47,728		530,704
Net asset value per share	$	17.65	$	14.49	$	8.01	$	10.56
Maximum offering price per share	$	18.68	$	15.33	$	8.48	$	11.17
Class Y
Net assets	$	12,160,705	$	5,258,195	$	—	$	425,330
Shares outstanding		693,556		359,357		—		40,212
Net asset value, offering price and redemption value per share3	$	17.53	$	14.63	$	—	$	10.58
Class P
Net assets	$	956,208,602	$	360,402,515	$	108,215,997	$	431,932,350
Shares outstanding		54,686,486		24,775,123		14,109,322		41,023,501
Net asset value, offering price and redemption value per share3	$	17.49	$	14.55	$	7.67	$	10.53
Class P2
Net assets	$	—	$	—	$	—	$	—
Shares outstanding		—		—		—		—
Net asset value and offering price per share*	$	—	$	—	$	—	$	—

See accompanying notes to financial statements.
255

PACE Select Advisors Trust

Statement of operations
For the six months ended January 31, 2022 (unaudited)

	UBS Government Money Market Investments Fund			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments			PACE Strategic Fixed Income Investments
Investment income:
Dividends	$	—		$	—		$	—		$	73,301
Interest		85,218			2,875,572			2,575,151			9,305,465
Securities lending		—			—			1,155			7,649
Foreign tax withheld		—			(695	)		(250	)		(1,215	)
Total income		85,218			2,874,877			2,576,056			9,385,200
Expenses:
Investment management and administration fees		336,496			1,006,895			858,803			2,110,049
Service fees–Class A		—			34,534			14,400			19,547
Transfer agency and related services fees		405,014			240,972			213,758			276,706
Custody and fund accounting fees		10,216			86,648			174,159			115,675
Trustees fees		9,762			10,514			10,509			12,750
Professional services fees		42,343			105,525			100,201			112,027
Printing and shareholder report fees		31,118			21,834			18,780			24,853
Federal and state registration fees		18,948			26,230			24,524			28,362
Insurance expense		1,246			3,741			1,575			3,791
Other expenses		28,224			36,745			38,948			43,177
Total expenses		883,367			1,573,638			1,455,657			2,746,937
Fee waivers and/or expense reimbursements by investment manager and administrator		(811,617	)		(406,447	)		(390,814	)		(484,582	)
Net expenses		71,750			1,167,191			1,064,843			2,262,355
Net investment income (loss)		13,468			1,707,686			1,511,213			7,122,845
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(230	)		(3,137,388	)		(1,597,612	)		6,146,021
Securities sold short		—			671,134			374,247			(530,159	)
Options and swaptions written		—			1,193,746			331,797			18,109
Futures contracts		—			19,713			(396,497	)		(428,278	)
Swap agreements		—			64,711			(194,689	)		393,063
Forward foreign currency contracts		—			—			1,390,367			498,136
Foreign currency transactions		—			—			(87,751	)		(70,215	)
Net realized gain (loss)		(230	)		(1,188,084	)		(180,138	)		6,026,677
Change in net unrealized appreciation (depreciation) on:
Investments		—			(7,841,160	)		(12,216,328	)		(31,581,632	)
Investments sold short		—			563,220			28,776			—
Options and swaptions written		—			(618,110	)		(649,143	)		(81,332	)
Futures contracts		—			154,588			706,706			(2,286,105	)
Swap agreements		—			(211,407	)		691,761			(410,152	)
Forward foreign currency contracts		—			—			(356,497	)		65,337
Translation of other assets and liabilities denominated in foreign currency		—			—			(748	)		13,590
Net change in unrealized appreciation (depreciation)		—			(7,952,869	)		(11,795,473	)		(34,280,294	)
Net realized and unrealized gain (loss)		(230	)		(9,140,953	)		(11,975,611	)		(28,253,617	)
Net increase (decrease) in net assets resulting from operations	$	13,238		$	(7,433,267	)	$	(10,464,398	)	$	(21,130,772	)

256

PACE Select Advisors Trust

	PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments			PACE High Yield Investments
Investment income:
Dividends	$	—		$	—		$	19,277
Interest		4,154,703			2,334,912			8,256,034
Securities lending		—			708			25,208
Foreign tax withheld		—			(8,529	)		(459	)
Total income		4,154,703			2,327,091			8,300,060
Expenses:
Investment management and administration fees		861,863			1,167,157			1,116,472
Service fees–Class A		45,702			31,428			5,796
Transfer agency and related services fees		45,379			248,525			204,428
Custody and fund accounting fees		15,252			117,695			26,257
Trustees fees		10,494			10,490			10,248
Professional services fees		86,325			107,602			91,180
Printing and shareholder report fees		8,193			23,341			17,314
Federal and state registration fees		24,700			25,228			29,364
Insurance expense		1,233			1,285			1,038
Other expenses		22,589			26,770			48,004
Total expenses		1,121,730			1,759,521			1,550,101
Fee waivers and/or expense reimbursements by investment manager and administrator		(165,339	)		(428,161	)		(286,954	)
Net expenses		956,391			1,331,360			1,263,147
Net investment income (loss)		3,198,312			995,731			7,036,913
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		408,625			(2,521,485	)		(1,415,618	)
Securities sold short		—			—			—
Options and swaptions written		—			—			—
Futures contracts		—			1,989,306			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			1,286,621			3,059,436
Foreign currency transactions		—			(105,272	)		(411,950	)
Net realized gain (loss)		408,625			649,170			1,231,868
Change in net unrealized appreciation (depreciation) on:
Investments		(13,713,126	)		(14,620,695	)		(17,085,328	)
Investments sold short		—			—			—
Options and swaptions written		—			—			—
Futures contracts		—			347,392			—
Swap agreements		—			—			—
Forward foreign currency contracts		—			(280,743	)		552,927
Translation of other assets and liabilities denominated in foreign currency		—			(15,835	)		(38,924	)
Net change in unrealized appreciation (depreciation)		(13,713,126	)		(14,569,881	)		(16,571,325	)
Net realized and unrealized gain (loss)		(13,304,501	)		(13,920,711	)		(15,339,457	)
Net increase (decrease) in net assets resulting from operations	$	(10,106,189	)	$	(12,924,980	)	$	(8,302,544	)

See accompanying notes to financial statements.
257

PACE Select Advisors Trust

Statement of operations (concluded)
For the six months ended January 31, 2022 (unaudited)

	PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments			PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments
Investment income:
Dividends	$	10,663,265		$	3,498,137		$	3,766,112		$	1,290,611
Interest		5,532			2,847			1,296			669
Securities lending		4,036			2,179			399			17,321
Foreign tax withheld		(54,394	)		(3,947	)		(13,637	)		(8,937	)
Total income		10,618,439			3,499,216			3,754,170			1,299,664
Expenses:
Investment management and administration fees		4,306,328			4,978,448			1,974,182			1,969,033
Service fees–Class A		130,725			79,915			24,830			38,474
Transfer agency and related services fees		317,500			310,234			291,689			291,370
Custody and fund accounting fees		58,806			62,736			24,903			47,750
Trustees fees		15,067			16,031			11,435			11,510
Professional services fees		127,136			117,612			87,888			87,098
Printing and shareholder report fees		53,035			38,894			24,042			24,475
Federal and state registration fees		25,475			24,701			29,987			29,916
Insurance expense		3,833			4,384			1,474			1,628
Interest expense		—			1,664			459			588
Dividend expense		—			—			—			—
Other expenses		48,623			46,278			25,008			30,404
Total expenses		5,086,528			5,680,897			2,495,897			2,532,246
Fee waivers and/or expense reimbursements by investment manager and administrator		—			—			(2	)		(2	)
Net expenses		5,086,528			5,680,897			2,495,895			2,532,244
Net investment income (loss)		5,531,911			(2,181,681	)		1,258,275			(1,232,580	)
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		44,218,888			297,537,461			34,406,121			32,544,833
Securities sold short		—			—			—			—
Options and swaptions written		—			—			—			—
Futures contracts		—			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Foreign currency transactions		(6,511	)		—			(304	)		—
Net realized gain (loss)		44,212,377			297,537,461			34,405,817			32,544,833
Change in net unrealized appreciation (depreciation) on:
Investments		1,040,743			(340,217,281	)		(41,314,044	)		(89,341,151	)
Investments sold short		—			—			—			—
Options and swaptions written		—			—			—			—
Futures contracts		—			—			—			—
Swap agreements		—			—			—			—
Forward foreign currency contracts		—			—			—			—
Translation of other assets and liabilities denominated in foreign currency		180			—			28			—
Net change in unrealized appreciation (depreciation)		1,040,923			(340,217,281	)		(41,314,016	)		(89,341,151	)
Net realized and unrealized gain (loss)		45,253,300			(42,679,820	)		(6,908,199	)		(56,796,318	)
Net increase (decrease) in net assets resulting from operations	$	50,785,211		$	(44,861,501	)	$	(5,649,924	)	$	(58,028,898	)

258

PACE Select Advisors Trust

	PACE International Equity Investments			PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends	$	14,390,324		$	6,148,340		$	1,419,699		$	2,434,744
Interest		923			5,290			195			551,625
Securities lending		92,122			25,677			4,692			—
Foreign tax withheld		(1,096,723	)		(520,764	)		(35,015	)		(114,429	)
Total income		13,386,646			5,658,543			1,389,571			2,871,940
Expenses:
Investment management and administration fees		4,599,251			2,153,423			455,897			3,163,121
Service fees–Class A		35,497			6,195			504			7,370
Transfer agency and related services fees		300,077			268,084			207,290			139,387
Custody and fund accounting fees		269,836			344,896			61,740			612,609
Trustees fees		14,597			11,008			9,221			11,317
Professional services fees		118,190			130,733			110,228			150,228
Printing and shareholder report fees		27,324			39,563			24,734			23,031
Federal and state registration fees		25,288			23,875			16,128			23,807
Insurance expense		3,800			1,420			340			2,913
Interest expense		467			877			701			3,201
Dividend expense		1,998,029			—			—			1,867,565
Other expenses		41,614			40,928			24,551			50,351
Total expenses		7,433,970			3,021,002			911,334			6,054,900
Fee waivers and/or expense reimbursements by investment manager and administrator		(211,309	)		(664,743	)		(226,283	)		(493,986	)
Net expenses		7,222,661			2,356,259			685,051			5,560,914
Net investment income (loss)		6,163,985			3,302,284			704,520			(2,688,974	)
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		34,748,842			13,294,149			5,348,523			15,820,896
Securities sold short		(2,504,658	)		—			—			(13,597,330	)
Options and swaptions written		—			—			—			690,548
Futures contracts		—			—			—			(1,456,741	)
Swap agreements		—			—			—			(1,444,951	)
Forward foreign currency contracts		(6,331	)		—			—			456,330
Foreign currency transactions		(34,772	)		(120,212	)		(7,434	)		(94	)
Net realized gain (loss)		32,203,081			13,173,937			5,341,089			468,658
Change in net unrealized appreciation (depreciation) on:
Investments		(51,418,091	)		(31,789,927	)		(8,196,287	)		(24,996,284	)
Investments sold short		16,012,115			—			—			24,925,385
Options and swaptions written		—			—			—			538,363
Futures contracts		—			—			—			1,133,547
Swap agreements		—			—			—			(812,373	)
Forward foreign currency contracts		—			(65	)		—			(341,521	)
Translation of other assets and liabilities denominated in foreign currency		(261,492	)		(1,284	)		(974	)		289,063
Net change in unrealized appreciation (depreciation)		(35,667,468	)		(31,791,276	)		(8,197,261	)		736,180
Net realized and unrealized gain (loss)		(3,464,387	)		(18,617,339	)		(2,856,172	)		1,204,838
Net increase (decrease) in net assets resulting from operations	$	2,699,598		$	(15,315,055	)	$	(2,151,652	)	$	(1,484,136	)

See accompanying notes to financial statements.
259

PACE Select Advisors Trust

Statement of changes in net assets

	UBS Government Money Market Investments Fund						PACE Mortgage-Backed Securities Fixed Income Investments						PACE Intermediate Fixed Income Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	13,468		$	29,838		$	1,707,686		$	3,916,725		$	1,511,213		$	3,885,406
Net realized gain (loss)		(230	)		411			(1,188,084	)		4,063,076			(180,138	)		8,688,124
Net change in unrealized appreciation (depreciation)		—			—			(7,952,869	)		(3,215,304	)		(11,795,473	)		(14,146,409	)
Net increase (decrease) in net assets resulting from operations		13,238			30,249			(7,433,267	)		4,764,497			(10,464,398	)		(1,572,879	)
Total distributions–Class A		—			—			(326,405	)		(851,928	)		(226,513	)		(476,127	)
Total distributions–Class Y		—			—			(160,812	)		(427,616	)		(4,701	)		(9,662	)
Total distributions–Class P		(13,468	)		(29,838	)		(3,591,003	)		(8,603,330	)		(6,483,644	)		(12,448,901	)
Total distributions		(13,468	)		(29,838	)		(4,078,220	)		(9,882,874	)		(6,714,858	)		(12,934,690	)
From beneficial interest transactions:
Proceeds from shares sold		129,088,083			277,990,757			23,367,721			47,584,857			18,607,945			37,417,678
Cost of shares redeemed		(116,958,989	)		(331,762,633	)		(32,453,208	)		(63,206,297	)		(25,514,530	)		(50,962,890	)
Shares issued on reinvestment of dividends and distributions		9,274			21,321			3,672,586			8,861,306			6,200,615			11,860,744
Net increase (decrease) in net assets from beneficial interest transactions		12,138,368			(53,750,555	)		(5,412,901	)		(6,760,134	)		(705,970	)		(1,684,468	)
Net increase (decrease) in net assets		12,138,138			(53,750,144	)		(16,924,388	)		(11,878,511	)		(17,885,226	)		(16,192,037	)
Net assets:
Beginning of period		262,353,222			316,103,366			316,451,364			328,329,875			321,373,090			337,565,127
End of period	$	274,491,360		$	262,353,222		$	299,526,976		$	316,451,364		$	303,487,864		$	321,373,090

260

PACE Select Advisors Trust

	PACE Strategic Fixed Income Investments						PACE Municipal Fixed Income Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	7,122,845		$	16,828,591		$	3,198,312		$	6,884,534
Net realized gain (loss)		6,026,677			9,870,279			408,625			1,182,049
Net change in unrealized appreciation (depreciation)		(34,280,294	)		(16,319,295	)		(13,713,126	)		1,359,375
Net increase (decrease) in net assets resulting from operations		(21,130,772	)		10,379,575			(10,106,189	)		9,425,958
Total distributions–Class A		(344,889	)		(927,644	)		(436,704	)		(928,554	)
Total distributions–Class Y		(22,854	)		(58,488	)		(53	)		(104	)
Total distributions–Class P		(15,744,288	)		(36,659,203	)		(3,743,320	)		(7,373,887	)
Total distributions		(16,112,031	)		(37,645,335	)		(4,180,077	)		(8,302,545	)
From beneficial interest transactions:
Proceeds from shares sold		36,006,907			72,942,502			18,603,335			35,995,140
Cost of shares redeemed		(48,669,115	)		(99,278,428	)		(18,962,465	)		(45,572,977	)
Shares issued on reinvestment of dividends and distributions		14,917,931			34,888,691			3,555,724			7,002,342
Net increase (decrease) in net assets from beneficial interest transactions		2,255,723			8,552,765			3,196,594			(2,575,495	)
Net increase (decrease) in net assets		(34,987,080	)		(18,712,995	)		(11,089,672	)		(1,452,082	)
Net assets:
Beginning of period		695,040,196			713,753,191			318,084,638			319,536,720
End of period	$	660,053,116		$	695,040,196		$	306,994,966		$	318,084,638

See accompanying notes to financial statements.
261

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Global Fixed Income Investments						PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	995,731		$	2,715,612		$	7,036,913		$	14,315,239		$	5,531,911		$	11,921,221
Net realized gain (loss)		649,170			16,265,046			1,231,868			4,287,386			44,212,377			201,711,241
Net change in unrealized appreciation (depreciation)		(14,569,881	)		(11,974,276	)		(16,571,325	)		16,605,868			1,040,923			149,359,534
Net increase (decrease) in net assets resulting from operations		(12,924,980	)		7,006,382			(8,302,544	)		35,208,493			50,785,211			362,991,996
Total distributions–Class A		(940,081	)		(807,848	)		(139,875	)		(321,956	)		(17,090,824	)		(1,082,191	)
Total distributions–Class Y		(69,024	)		(58,492	)		(20,307	)		(32,610	)		(2,844,981	)		(217,108	)
Total distributions–Class P		(11,243,327	)		(9,288,367	)		(8,510,856	)		(14,254,371	)		(169,502,941	)		(12,444,560	)
Total distributions–Class P21		—			—			(201,785	)		—			—			—
Total distributions		(12,252,432	)		(10,154,707	)		(8,872,823	)		(14,608,937	)		(189,438,746	)		(13,743,859	)
From beneficial interest transactions:
Proceeds from shares sold		14,305,931			24,484,715			26,544,845			23,583,940			23,621,301			82,392,120
Cost of shares redeemed		(22,272,701	)		(43,734,995	)		(17,591,519	)		(45,598,396	)		(79,214,550	)		(158,829,701	)
Shares issued on reinvestment of dividends and distributions		11,348,493			9,379,708			8,096,654			13,240,766			178,147,466			12,706,808
Net increase (decrease) in net assets from beneficial interest transactions		3,381,723			(9,870,572	)		17,049,980			(8,773,690	)		122,554,217			(63,730,773	)
Net increase (decrease) in net assets		(21,795,689	)		(13,018,897	)		(125,387	)		11,825,866			(16,099,318	)		285,517,364
Net assets:
Beginning of period		318,430,717			331,449,614			278,246,671			266,420,805			1,140,372,592			854,855,228
End of period	$	296,635,028		$	318,430,717		$	278,121,284		$	278,246,671		$	1,124,273,274		$	1,140,372,592

¹  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

262

PACE Select Advisors Trust

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	(2,181,681	)	$	(5,362,754	)	$	1,258,275		$	1,220,163
Net realized gain (loss)		297,537,461			263,153,334			34,405,817			76,909,307
Net change in unrealized appreciation (depreciation)		(340,217,281	)		87,151,223			(41,314,016	)		116,171,799
Net increase (decrease) in net assets resulting from operations		(44,861,501	)		344,941,803			(5,649,924	)		194,301,269
Total distributions–Class A		(12,834,666	)		(9,968,468	)		(2,851,089	)		(77,083	)
Total distributions–Class Y		(4,210,372	)		(3,361,479	)		(21,749	)		(730	)
Total distributions–Class P		(221,390,539	)		(178,529,295	)		(65,914,739	)		(2,590,795	)
Total distributions–Class P21		—			—			(143	)		—
Total distributions		(238,435,577	)		(191,859,242	)		(68,787,720	)		(2,668,608	)
From beneficial interest transactions:
Proceeds from shares sold		21,204,818			45,291,855			10,883,807			30,753,325
Cost of shares redeemed		(110,803,824	)		(263,965,503	)		(38,063,173	)		(77,781,460	)
Shares issued on reinvestment of dividends and distributions		224,880,269			180,829,439			64,231,945			2,469,182
Net increase (decrease) in net assets from beneficial interest transactions		135,281,263			(37,844,209	)		37,052,579			(44,558,953	)
Net increase (decrease) in net assets		(148,015,815	)		115,238,352			(37,385,065	)		147,073,708
Net assets:
Beginning of period		1,288,324,909			1,173,086,557			498,875,947			351,802,239
End of period	$	1,140,309,094		$	1,288,324,909		$	461,490,882		$	498,875,947

See accompanying notes to financial statements.
263

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments						PACE International Emerging Markets Equity Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	(1,232,580	)	$	(2,910,721	)	$	6,163,985		$	15,894,787		$	3,302,284		$	2,346,056
Net realized gain (loss)		32,544,833			152,613,382			32,203,081			87,876,557			13,173,937			73,896,990
Net change in unrealized appreciation (depreciation)		(89,341,151	)		30,872,325			(35,667,468	)		156,706,070			(31,791,276	)		6,067,158
Net increase (decrease) in net assets resulting from operations		(58,028,898	)		180,574,986			2,699,598			260,477,414			(15,315,055	)		82,310,204
Total distributions–Class A		(10,532,041	)		(2,001,171	)		(1,941,620	)		(293,209	)		(485,849	)		(47,691	)
Total distributions–Class Y		(2,872	)		(2,172	)		(932,253	)		(172,425	)		(551,067	)		(71,343	)
Total distributions–Class P		(140,689,915	)		(28,184,439	)		(73,791,579	)		(12,507,238	)		(38,408,749	)		(4,381,438	)
Total distributions–Class P21		(303	)		—			—			—			—			—
Total distributions		(151,225,131	)		(30,187,782	)		(76,665,452	)		(12,972,872	)		(39,445,665	)		(4,500,472	)
From beneficial interest transactions:
Proceeds from shares sold		10,210,211			17,732,354			26,842,811			64,104,081			15,662,805			26,208,693
Cost of shares redeemed		(42,662,819	)		(96,881,194	)		(66,902,398	)		(137,257,207	)		(25,089,218	)		(67,153,760	)
Shares issued on reinvestment of dividends and distributions		141,684,760			28,584,286			71,885,977			12,050,762			37,319,696			4,201,916
Net increase (decrease) in net assets from beneficial interest transactions		109,232,152			(50,564,554	)		31,826,390			(61,102,364	)		27,893,283			(36,743,151	)
Net increase (decrease) in net assets		(100,021,877	)		99,822,650			(42,139,464	)		186,402,178			(26,867,437	)		41,066,581
Net assets:
Beginning of period		507,066,377			407,243,727			1,036,661,911			850,259,733			397,169,722			356,103,141
End of period	$	407,044,500		$	507,066,377		$	994,522,447		$	1,036,661,911		$	370,302,285		$	397,169,722

¹  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

264

PACE Select Advisors Trust

	PACE Global Real Estate Securities Investments						PACE Alternative Strategies Investments
	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021			For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	704,520		$	1,308,392		$	(2,688,974	)	$	(5,589,722	)
Net realized gain (loss)		5,341,089			10,828,404			468,658			46,241,768
Net change in unrealized appreciation (depreciation)		(8,197,261	)		22,268,831			736,180			(7,804,506	)
Net increase (decrease) in net assets resulting from operations		(2,151,652	)		34,405,627			(1,484,136	)		32,847,540
Total distributions–Class A		(11,217	)		(8,163	)		(350,092	)		(292,742	)
Total distributions–Class Y		—			—			(26,763	)		(20,773	)
Total distributions–Class P		(3,596,053	)		(2,638,213	)		(26,945,358	)		(22,083,642	)
Total distributions–Class P21		—			—			—			—
Total distributions		(3,607,270	)		(2,646,376	)		(27,322,213	)		(22,397,157	)
From beneficial interest transactions:
Proceeds from shares sold		4,101,171			11,050,040			18,871,102			35,717,483
Cost of shares redeemed		(8,001,312	)		(18,545,546	)		(32,044,657	)		(70,712,030	)
Shares issued on reinvestment of dividends and distributions		3,354,812			2,465,994			26,002,759			21,218,568
Net increase (decrease) in net assets from beneficial interest transactions		(545,329	)		(5,029,512	)		12,829,204			(13,775,979	)
Net increase (decrease) in net assets		(6,304,251	)		26,729,739			(15,977,145	)		(3,325,596	)
Net assets:
Beginning of period		114,902,662			88,172,923			453,938,809			457,264,405
End of period	$	108,598,411		$	114,902,662		$	437,961,664		$	453,938,809

See accompanying notes to financial statements.
265

PACE Select Advisors Trust

Statement of cash flows
For the six months ended January 31, 2022 (unaudited)

	PACE International Equity Investments
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	2,699,598
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used/provided from operating activities:
Purchases of long-term investments		(195,936,165	)
Purchases to cover investments sold short		(75,295,473	)
Proceeds from disposition of long-term investments		228,765,865
Sales of investments sold short		81,045,413
Net purchases from short-term investments		10,994,276
Net realized (gains) losses from investments in securities		(34,748,842	)
Net realized (gains) losses from investments sold short		2,504,658
Net change in unrealized appreciation/depreciation of investments in securities		51,418,091
Net change in unrealized appreciation/depreciation of investments sold short		(16,012,115	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on investments sold short		—
Receivable for interest and dividends		520,763
Receivable for foreign tax reclaims		1,657,391
Other assets		(9,420	)
Increase (decrease) in liabilities:
Payable for Bank Loan		714,117
Payable for cash collateral from securities loaned		(13,149,939	)
Payable for foreign withholding taxes and foreign capital gains taxes		59,929
Payable to affiliate		(16,039	)
Payable for dividends and interest on investments sold short		4,929
Payable to custodian		(429,332	)
Accrued expenses and other liabilities		(142,684	)
Net cash provided from operating activities		44,645,021
Cash flows from financing activities
Proceeds from borrowings		2,652,239
Payments from borrowings		(2,652,239	)
Proceeds from shares sold		26,707,681
Cost of shares repurchased		(67,266,567	)
Dividends paid to shareholders		(4,779,475	)
Net cash used in financing activities		(45,338,361	)
Net increase (decrease) in cash and foreign currency		(693,340	)
Cash and foreign currency, beginning of period		1,711,495
Cash and foreign currency, end of period	$	1,018,155
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(71,885,977	)
Cash paid during the period for interest	$	467

See accompanying notes to financial statements.
266

PACE Select Advisors Trust

Statement of cash flows (concluded)
For the period ended January 31, 2022

	PACE Alternative Strategies Investments
Cash flows from operating activities
Net decrease in net assets resulting from operations	$	(1,484,136	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) for operating activities:
Purchases of long-term investments securities		(653,931,636	)
Purchases to cover investments sold short		(288,629,812	)
Proceeds from disposition of long-term investments securities		635,459,986
Sales of investments sold short		284,432,495
Net proceeds from short-term investments		27,262,656
Net realized (gain) loss from investments in securities		(15,820,896	)
Net realized (gain) loss from investments sold short		13,597,330
Net amortization of bond discount and amortization of bond premium		95,668
Net change in unrealized appreciation (depreciation) of investments in securities		24,996,284
Net change in unrealized appreciation (depreciation) of investments sold short		(24,925,385	)
Net change in unrealized appreciation (depreciation) of forward foreign currency contracts		341,521
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on options		(2,457,011	)
Cash collateral on futures		(1,203,190	)
Cash Collateral on swaps agreements		1,061,881
Cash collateral on investments sold short		8,084,499
Cash collateral for forward foreign currency contracts		400,000
Due from broker		109,036
Receivable for interest		10,832
OTC swap agreements, at value		(1,225,007	)
Receivable for variation margin on futures contracts		(1,133,036	)
Receivable for variation margin on centrally cleared swap agreements		(13,883	)
Receivable for foreign tax reclaims		21,749
Other assets		(16,693	)
Increase (decrease) in liabilities:
Due to broker		1,311,295
Options and swaptions written, at value		69,906
OTC swap agreements, at value		1,038,124
Payable for dividends and interest expense on securities sold short		(56,919	)
Payable for bank loan		(1,102,911	)
Payable to affiliate		129,192
Payable to custodian		599,323
Payable for dividend and interest expense on investments sold short		4,241
Accrued expenses and other liabilities		(207,501	)
Net cash provided by operating activities		6,818,002
Cash flows from financing activities
Proceeds from shares sold		18,849,453
Cost of shares repurchased		(32,087,827	)
Dividends paid to shareholders		(1,319,454	)
Net cash used in financing activities		(14,557,828	)
Net increase (decrease) in cash and foreign currency		(7,739,826	)
Cash and foreign currency, beginning of period		8,262,073
Cash and foreign currency, end of period	$	522,247
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(26,002,759	)
Cash paid during the period for interest	$	3,201

See accompanying notes to financial statements.
267

This page intentionally left blank.

268

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.0001			0.0001			0.008			0.017			0.008			0.001
Net realized gain (loss)		(0.000	)1		0.0001			—			0.0001			0.0001			(0.000	)1
Net increase (decrease) from operations		0.0001			0.0001			0.008			0.017			0.008			0.001
Dividends from net investment income		(0.000	)1		(0.000	)1		(0.008	)		(0.017	)		(0.008	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.01	%		0.76	%		1.72	%		0.83	%		0.11	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.66	%3		0.65	%		0.75	%		0.90	%		0.89	%		0.95	%
Expenses after fee waivers and/or expense reimbursements		0.05	%3		0.10	%		0.49	%		0.60	%		0.60	%		0.52	%
Net investment income (loss)		0.01	%3		0.01	%		0.60	%		1.71	%		0.82	%		0.12	%
Supplemental data:
Net assets, end of period (000's)	$	274,491		$	262,353		$	316,103		$	184,602		$	188,794		$	199,585

¹  Amount represents less than $0.0005 or $(0.0005) per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. The figures do not include program fees; results would be lower if these fees were included. The investment return for period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

³  Annualized.

See accompanying notes to financial statements.

269

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.83		$	13.03		$	12.69		$	12.34		$	12.85		$	13.15
Net investment income (loss)1		0.05			0.13			0.26			0.30			0.24			0.17
Net realized and unrealized gain (loss)		(0.37	)		0.04			0.48			0.46			(0.38	)		(0.13	)
Net increase (decrease) from operations		(0.32	)		0.17			0.74			0.76			(0.14	)		0.04
Dividends from net investment income		(0.15	)		(0.37	)		(0.40	)		(0.41	)		(0.37	)		(0.34	)
Net asset value, end of period	$	12.36		$	12.83		$	13.03		$	12.69		$	12.34		$	12.85
Total investment return2		(2.51	)%		1.20	%		6.02	%		6.27	%		(1.12	)%		0.30	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.18	%3		1.14	%		1.36	%		1.38	%		1.09	%4		1.08	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.97	%3		0.98	%		1.20	%		1.25	%		0.97	%4		0.97	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.97	%3		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income (loss)		0.85	%3		0.98	%		2.02	%		2.42	%		1.88	%		1.33	%
Supplemental data:
Net assets, end of period (000's)	$	25,883		$	28,960		$	31,498		$	34,380		$	30,489		$	36,239
Portfolio turnover		366	%		796	%		765	%		905	%		887	%		1,255	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.83		$	13.04		$	12.69		$	12.35		$	12.86		$	13.16
Net investment income (loss)1		0.07			0.16			0.30			0.33			0.27			0.19
Net realized and unrealized gain (loss)		(0.37	)		0.03			0.48			0.45			(0.38	)		(0.12	)
Net increase (decrease) from operations		(0.30	)		0.19			0.78			0.78			(0.11	)		0.07
Dividends from net investment income		(0.17	)		(0.40	)		(0.43	)		(0.44	)		(0.40	)		(0.37	)
Net asset value, end of period	$	12.36		$	12.83		$	13.04		$	12.69		$	12.35		$	12.86
Total investment return2		(2.38	)%		1.46	%		6.28	%		6.44	%		(0.87	)%		0.63	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.03	%3		0.95	%		1.23	%		1.25	%		1.01	%4		0.99	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.72	%3		0.73	%		0.97	%		0.98	%		0.72	%4		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%3		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss)		1.10	%3		1.24	%		2.35	%		2.66	%		2.12	%		1.49	%
Supplemental data:
Net assets, end of period (000's)	$	11,597		$	13,535		$	15,308		$	25,481		$	30,542		$	45,658
Portfolio turnover		366	%		796	%		765	%		905	%		887	%		1,255	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

270

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.84		$	13.04		$	12.70		$	12.35		$	12.86		$	13.16
Net investment income (loss)1		0.07			0.16			0.29			0.33			0.27			0.21
Net realized and unrealized gain (loss)		(0.37	)		0.04			0.48			0.46			(0.38	)		(0.14	)
Net increase (decrease) from operations		(0.30	)		0.20			0.77			0.79			(0.11	)		0.07
Dividends from net investment income		(0.17	)		(0.40	)		(0.43	)		(0.44	)		(0.40	)		(0.37	)
Net asset value, end of period	$	12.37		$	12.84		$	13.04		$	12.70		$	12.35		$	12.86
Total investment return2		(2.38	)%		1.53	%		6.20	%		6.53	%		(0.87	)%		0.55	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.98	%3		0.96	%		1.18	%		1.22	%		0.93	%4		0.92	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.72	%3		0.73	%		0.95	%		1.00	%		0.72	%4		0.72	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding interest expense		0.72	%3		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Net investment income (loss)		1.11	%3		1.23	%		2.26	%		2.66	%		2.14	%		1.60	%
Supplemental data:
Net assets, end of period (000's)	$	262,047		$	273,956		$	281,524		$	302,107		$	321,912		$	352,789
Portfolio turnover		366	%		796	%		765	%		905	%		887	%		1,255	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

271

PACE Intermediate Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.78		$	13.36		$	12.44		$	11.90		$	12.34		$	12.45
Net investment income (loss)1		0.04			0.12			0.23			0.30			0.24			0.16
Net realized and unrealized gain (loss)		(0.47	)		(0.22	)		0.95			0.56			(0.42	)		(0.06	)
Net increase (decrease) from operations		(0.43	)		(0.10	)		1.18			0.86			(0.18	)		0.10
Dividends from net investment income		(0.06	)		(0.17	)		(0.26	)		(0.32	)		(0.26	)		(0.17	)
Distributions from net realized gains		(0.19	)		(0.31	)		—			—			—			(0.04	)
Total dividends and distributions		(0.25	)		(0.48	)		(0.26	)		(0.32	)		(0.26	)		(0.21	)
Net asset value, end of period	$	12.10		$	12.78		$	13.36		$	12.44		$	11.90		$	12.34
Total investment return2		(3.38	)%		(0.72	)%		9.61	%		7.33	%		(1.43	)%		0.84	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.12	%3		1.06	%		1.04	%4		1.05	%4		1.00	%4		1.01	%4
Expenses after fee waivers and/or expense reimbursements		0.91	%3		0.91	%		0.91	%4		0.91	%4		0.93	%4		0.93	%4
Net investment income (loss)		0.71	%3		0.95	%		1.82	%		2.52	%		1.97	%		1.32	%
Supplemental data:
Net assets, end of period (000's)	$	10,759		$	12,045		$	13,475		$	13,652		$	14,254		$	16,884
Portfolio turnover		254	%		416	%		403	%		511	%		537	%		437	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.78		$	13.36		$	12.44		$	11.90		$	12.34		$	12.45
Net investment income (loss)1		0.06			0.16			0.26			0.33			0.27			0.19
Net realized and unrealized gain (loss)		(0.47	)		(0.22	)		0.95			0.56			(0.42	)		(0.05	)
Net increase (decrease) from operations		(0.41	)		(0.06	)		1.21			0.89			(0.15	)		0.14
Dividends from net investment income		(0.08	)		(0.21	)		(0.29	)		(0.35	)		(0.29	)		(0.21	)
Distributions from net realized gains		(0.19	)		(0.31	)		—			—			—			(0.04	)
Total dividends and distributions		(0.27	)		(0.52	)		(0.29	)		(0.35	)		(0.29	)		(0.25	)
Net asset value, end of period	$	12.10		$	12.78		$	13.36		$	12.44		$	11.90		$	12.34
Total investment return2		(3.25	)%		(0.47	)%		9.89	%		7.60	%		(1.20	)%		1.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%3		0.96	%		0.87	%4		0.98	%4		0.95	%4		0.93	%4
Expenses after fee waivers and/or expense reimbursements		0.66	%3		0.66	%		0.66	%4		0.66	%4		0.68	%4		0.68	%4
Net investment income (loss)		0.97	%3		1.22	%		2.08	%		2.77	%		2.23	%		1.57	%
Supplemental data:
Net assets, end of period (000's)	$	213		$	199		$	271		$	325		$	293		$	337
Portfolio turnover		254	%		416	%		403	%		511	%		537	%		437	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

272

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	12.79		$	13.36		$	12.44		$	11.90		$	12.34		$	12.45
Net investment income (loss)1		0.06			0.15			0.26			0.33			0.27			0.19
Net realized and unrealized gain (loss)		(0.48	)		(0.20	)		0.95			0.56			(0.42	)		(0.05	)
Net increase (decrease) from operations		(0.42	)		(0.05	)		1.21			0.89			(0.15	)		0.14
Dividends from net investment income		(0.08	)		(0.21	)		(0.29	)		(0.35	)		(0.29	)		(0.21	)
Distributions from net realized gains		(0.19	)		(0.31	)		—			—			—			(0.04	)
Total dividends and distributions		(0.27	)		(0.52	)		(0.29	)		(0.35	)		(0.29	)		(0.25	)
Net asset value, end of period	$	12.10		$	12.79		$	13.36		$	12.44		$	11.90		$	12.34
Total investment return2		(3.33	)%		(0.39	)%		9.89	%		7.60	%		(1.20	)%		1.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.91	%3		0.85	%		0.84	%4		0.86	%4		0.81	%4		0.82	%4
Expenses after fee waivers and/or expense reimbursements		0.66	%3		0.66	%		0.66	%4		0.66	%4		0.68	%4		0.68	%4
Net investment income (loss)		0.96	%3		1.20	%		2.08	%		2.77	%		2.23	%		1.57	%
Supplemental data:
Net assets, end of period (000's)	$	292,516		$	309,129		$	323,819		$	334,203		$	352,865		$	374,144
Portfolio turnover		254	%		416	%		403	%		511	%		537	%		437	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

273

PACE Strategic Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	14.33		$	14.91		$	13.91		$	13.32		$	13.81		$	14.21
Net investment income (loss)1		0.13			0.32			0.37			0.40			0.35			0.36
Net realized and unrealized gain (loss)		(0.58	)		(0.14	)		1.06			0.61			(0.47	)		(0.15	)
Net increase (decrease) from operations		(0.45	)		0.18			1.43			1.01			(0.12	)		0.21
Dividends from net investment income		(0.14	)		(0.33	)		(0.43	)		(0.42	)		(0.37	)		(0.39	)
Distributions from net realized gains		(0.17	)		(0.43	)		—			—			—			(0.22	)
Total dividends and distributions		(0.31	)		(0.76	)		(0.43	)		(0.42	)		(0.37	)		(0.61	)
Net asset value, end of period	$	13.57		$	14.33		$	14.91		$	13.91		$	13.32		$	13.81
Total investment return2		(3.15	)%		1.25	%		10.56	%		7.69	%		(0.89	)%		1.61	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.02	%3		1.00	%		1.35	%		1.56	%		1.05	%		1.12	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.90	%3		0.94	%		1.28	%		1.51	%		1.01	%		1.06	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.90	%3		0.93	%		0.93	%		0.96	%		0.96	%		0.96	%
Net investment income (loss)		1.82	%3		2.19	%		2.57	%		2.98	%		2.57	%		2.59	%
Supplemental data:
Net assets, end of period (000's)	$	14,654		$	15,976		$	18,980		$	18,074		$	13,652		$	13,605
Portfolio turnover		31	%		147	%		248	%		308	%		243	%		212	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	14.31		$	14.88		$	13.88		$	13.29		$	13.79		$	14.19
Net investment income (loss)1		0.15			0.35			0.40			0.43			0.38			0.39
Net realized and unrealized gain (loss)		(0.59	)		(0.13	)		1.06			0.62			(0.48	)		(0.15	)
Net increase (decrease) from operations		(0.44	)		0.22			1.46			1.05			(0.10	)		0.24
Dividends from net investment income		(0.16	)		(0.36	)		(0.46	)		(0.46	)		(0.40	)		(0.42	)
Distributions from net realized gains		(0.17	)		(0.43	)		—			—			—			(0.22	)
Total dividends and distributions		(0.33	)		(0.79	)		(0.46	)		(0.46	)		(0.40	)		(0.64	)
Net asset value, end of period	$	13.54		$	14.31		$	14.88		$	13.88		$	13.29		$	13.79
Total investment return2		(3.11	)%		1.54	%		10.78	%		8.05	%		(0.71	)%		1.87	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		0.92	%3		0.71	%		1.30	%		1.42	%		0.93	%		1.03	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.65	%3		0.69	%		1.03	%		1.24	%		0.76	%		0.81	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%3		0.68	%		0.68	%		0.71	%		0.71	%		0.71	%
Net investment income (loss)		2.07	%3		2.43	%		2.83	%		3.24	%		2.81	%		2.84	%
Supplemental data:
Net assets, end of period (000's)	$	938		$	1,033		$	1,110		$	1,364		$	1,370		$	1,599
Portfolio turnover		31	%		147	%		248	%		308	%		243	%		212	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder pay on Portfolio distributions or the redemption of Portfolio shares.

274

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	14.32		$	14.90		$	13.90		$	13.31		$	13.81		$	14.20
Net investment income (loss)1		0.15			0.35			0.40			0.44			0.38			0.39
Net realized and unrealized gain (loss)		(0.58	)		(0.14	)		1.06			0.61			(0.48	)		(0.14	)
Net increase (decrease) from operations		(0.43	)		0.21			1.46			1.05			(0.10	)		0.25
Dividends from net investment income		(0.16	)		(0.36	)		(0.46	)		(0.46	)		(0.40	)		(0.42	)
Distributions from net realized gains		(0.17	)		(0.43	)		—			—			—			(0.22	)
Total dividends and distributions		(0.33	)		(0.79	)		(0.46	)		(0.46	)		(0.40	)		(0.64	)
Net asset value, end of period	$	13.56		$	14.32		$	14.90		$	13.90		$	13.31		$	13.81
Total investment return2		(3.03	)%		1.51	%		10.76	%		8.04	%		(0.71	)%		1.94	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		0.79	%3		0.78	%		1.13	%		1.32	%		0.84	%		0.90	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.65	%3		0.69	%		1.03	%		1.23	%		0.76	%		0.81	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%3		0.68	%		0.68	%		0.71	%		0.71	%		0.71	%
Net investment income (loss)		2.07	%3		2.44	%		2.83	%		3.25	%		2.82	%		2.84	%
Supplemental data:
Net assets, end of period (000's)	$	644,462		$	678,031		$	693,664		$	725,052		$	758,303		$	808,009
Portfolio turnover		31	%		147	%		248	%		308	%		243	%		212	%

³  Annualized.

See accompanying notes to financial statements.

275

PACE Municipal Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	13.45		$	13.40		$	13.23		$	12.73		$	13.08		$	13.55
Net investment income (loss)1		0.12			0.26			0.27			0.34			0.33			0.32
Net realized and unrealized gain (loss)		(0.56	)		0.11			0.20			0.53			(0.32	)		(0.37	)
Net increase (decrease) from operations		(0.44	)		0.37			0.47			0.87			0.01			(0.05	)
Dividends from net investment income		(0.11	)		(0.24	)		(0.25	)		(0.34	)		(0.34	)		(0.32	)
Distributions from net realized gains		(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)		(0.10	)
Total dividends and distributions		(0.16	)		(0.32	)		(0.30	)		(0.37	)		(0.36	)		(0.42	)
Net asset value, end of period	$	12.85		$	13.45		$	13.40		$	13.23		$	12.73		$	13.08
Total investment return2		(3.30	)%		2.81	%		3.66	%		6.92	%		0.03	%		(0.29	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.93	%3		0.93	%		0.92	%		0.92	%		0.91	%		0.92	%
Expenses after fee waivers and/or expense reimbursements		0.82	%3		0.82	%		0.82	%		0.82	%		0.82	%		0.85	%
Net investment income (loss)		1.78	%3		1.95	%		2.07	%		2.62	%		2.58	%		2.47	%
Supplemental data:
Net assets, end of period (000's)	$	34,499		$	37,068		$	40,355		$	45,403		$	38,714		$	46,784
Portfolio turnover		5	%		9	%		10	%		21	%		19	%		14	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	13.45		$	13.41		$	13.23		$	12.74		$	13.08		$	13.56
Net investment income (loss)1		0.14			0.30			0.30			0.37			0.37			0.35
Net realized and unrealized gain (loss)		(0.55	)		0.10			0.22			0.52			(0.32	)		(0.38	)
Net increase (decrease) from operations		(0.41	)		0.40			0.52			0.89			0.05			(0.03	)
Dividends from net investment income		(0.13	)		(0.28	)		(0.29	)		(0.37	)		(0.37	)		(0.35	)
Distributions from net realized gains		(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)		(0.10	)
Total dividends and distributions		(0.18	)		(0.36	)		(0.34	)		(0.40	)		(0.39	)		(0.45	)
Net asset value, end of period	$	12.86		$	13.45		$	13.41		$	13.23		$	12.74		$	13.08
Total investment return2		(3.10	)%		2.99	%		4.00	%		7.10	%		0.34	%		(0.16	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.35	%3		1.44	%		0.73	%		0.73	%		0.71	%		0.71	%
Expenses after fee waivers and/or expense reimbursements		0.57	%3		0.57	%		0.57	%		0.57	%		0.57	%		0.64	%
Net investment income (loss)		2.04	%3		2.20	%		2.31	%		2.87	%		2.83	%		2.67	%
Supplemental data:
Net assets, end of period (000's)	$	4		$	4		$	4		$	68		$	65		$	91
Portfolio turnover		5	%		9	%		10	%		21	%		19	%		14	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for periods of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder could pay on Portfolio distributions or the redemption of Portfolio shares.

276

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	13.46		$	13.41		$	13.24		$	12.74		$	13.08		$	13.56
Net investment income (loss)1		0.14			0.29			0.30			0.37			0.37			0.35
Net realized and unrealized gain (loss)		(0.56	)		0.12			0.21			0.53			(0.32	)		(0.38	)
Net increase (decrease) from operations		(0.42	)		0.41			0.51			0.90			0.05			(0.03	)
Dividends from net investment income		(0.13	)		(0.28	)		(0.29	)		(0.37	)		(0.37	)		(0.35	)
Distributions from net realized gains		(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)		(0.10	)
Total dividends and distributions		(0.18	)		(0.36	)		(0.34	)		(0.40	)		(0.39	)		(0.45	)
Net asset value, end of period	$	12.86		$	13.46		$	13.41		$	13.24		$	12.74		$	13.08
Total investment return2		(3.17	)%		3.06	%		3.92	%		7.18	%		0.34	%		(0.13	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.67	%3		0.68	%		0.67	%		0.67	%		0.67	%		0.67	%
Expenses after fee waivers and/or expense reimbursements		0.57	%3		0.57	%		0.57	%		0.57	%		0.57	%		0.61	%
Net investment income (loss)		2.03	%3		2.20	%		2.30	%		2.87	%		2.84	%		2.71	%
Supplemental data:
Net assets, end of period (000's)	$	272,492		$	281,012		$	279,178		$	298,844		$	309,878		$	323,715
Portfolio turnover		5	%		9	%		10	%		21	%		19	%		14	%

³  Annualized.

See accompanying notes to financial statements.

277

PACE Global Fixed Income Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.48		$	10.58		$	10.01		$	9.73		$	10.04		$	10.79
Net investment income (loss)1		0.02			0.07			0.09			0.11			0.09			0.11
Net realized and unrealized gain (loss)		(0.45	)		0.14			0.64			0.32			(0.26	)		(0.61	)
Net increase (decrease) from operations		(0.43	)		0.21			0.73			0.43			(0.17	)		(0.50	)
Dividends from net investment income		(0.13	)		(0.11	)		(0.16	)		(0.15	)		—			(0.18	)
Distributions from net realized gains		(0.27	)		(0.20	)		—			—			—			—
Return of capital		—			—			—			—			(0.14	)		(0.07	)
Total dividends and return of capital		(0.40	)		(0.31	)		(0.16	)		(0.15	)		(0.14	)		(0.25	)
Net asset value, end of period	$	9.65		$	10.48		$	10.58		$	10.01		$	9.73		$	10.04
Total investment return2		(4.29	)%		2.04	%		7.36	%		4.48	%		(1.72	)%		(4.59	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.31	%3		1.28	%		1.27	%		1.26	%4		1.27	%4		1.29	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.03	%3		1.03	%		1.03	%		1.03	%4		1.09	%4		1.10	%4
Net investment income (loss)		0.46	%3		0.67	%		0.88	%		1.12	%		0.93	%		1.11	%
Supplemental data:
Net assets, end of period (000's)	$	23,299		$	26,309		$	28,811		$	30,448		$	31,480		$	38,368
Portfolio turnover		91	%		132	%		136	%		54	%		221	%		199	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.41		$	10.51		$	9.96		$	9.69		$	10.00		$	10.75
Net investment income (loss)1		0.03			0.09			0.10			0.12			0.11			0.13
Net realized and unrealized gain (loss)		(0.45	)		0.15			0.63			0.32			(0.26	)		(0.62	)
Net increase (decrease) from operations		(0.42	)		0.24			0.73			0.44			(0.15	)		(0.49	)
Dividends from net investment income		(0.14	)		(0.14	)		(0.18	)		(0.17	)		—			(0.18	)
Distributions from net realized gains		(0.27	)		(0.20	)		—			—			—			—
Return of capital		—			—			—			—			(0.16	)		(0.08	)
Total dividends and return of capital		(0.41	)		(0.34	)		(0.18	)		(0.17	)		(0.16	)		(0.26	)
Net asset value, end of period	$	9.58		$	10.41		$	10.51		$	9.96		$	9.69		$	10.00
Total investment return2		(4.10	)%		2.20	%		7.47	%		4.66	%		(1.51	)%		(4.45	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.16	%3		1.12	%		1.05	%		1.10	%4		1.15	%4		1.13	%4
Expenses after fee waivers and/or expense reimbursements		0.87	%3		0.87	%		0.87	%		0.87	%4		0.94	%4		0.94	%4
Net investment income (loss)		0.63	%3		0.83	%		1.04	%		1.28	%		1.08	%		1.28	%
Supplemental data:
Net assets, end of period (000's)	$	1,662		$	1,777		$	1,943		$	2,182		$	2,324		$	2,592
Portfolio turnover		91	%		132	%		136	%		54	%		221	%		199	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

278

PACE Global Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.46		$	10.56		$	10.00		$	9.72		$	10.03		$	10.79
Net investment income (loss)1		0.03			0.09			0.11			0.13			0.11			0.13
Net realized and unrealized gain (loss)		(0.45	)		0.15			0.63			0.32			(0.26	)		(0.63	)
Net increase (decrease) from operations		(0.42	)		0.24			0.74			0.45			(0.15	)		(0.50	)
Dividends from net investment income		(0.14	)		(0.14	)		(0.18	)		(0.17	)		—			(0.18	)
Distributions from net realized gains		(0.27	)		(0.20	)		—			—			—			—
Return of capital		—			—			—			—			(0.16	)		(0.08	)
Total dividends and return of capital		(0.41	)		(0.34	)		(0.18	)		(0.17	)		(0.16	)		(0.26	)
Net asset value, end of period	$	9.63		$	10.46		$	10.56		$	10.00		$	9.72		$	10.03
Total investment return2		(4.18	)%		2.20	%		7.54	%		4.75	%		(1.50	)%		(4.51	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%3		1.09	%		1.08	%		1.09	%4		1.09	%4		1.11	%4
Expenses after fee waivers and/or expense reimbursements		0.84	%3		0.84	%		0.84	%		0.84	%4		0.90	%4		0.92	%4
Net investment income (loss)		0.66	%3		0.85	%		1.07	%		1.31	%		1.12	%		1.29	%
Supplemental data:
Net assets, end of period (000's)	$	271,674		$	290,345		$	300,695		$	328,278		$	369,353		$	403,015
Portfolio turnover		91	%		132	%		136	%		54	%		221	%		199	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

279

PACE High Yield Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.01		$	9.28		$	9.72		$	9.81		$	10.07		$	9.59
Net investment income (loss)1		0.24			0.50			0.50			0.53			0.53			0.54
Net realized and unrealized gain (loss)		(0.53	)		0.73			(0.40	)		(0.09	)		(0.26	)		0.48
Net increase (decrease) from operations		(0.29	)		1.23			0.10			0.44			0.27			1.02
Dividends from net investment income		(0.30	)		(0.50	)		(0.54	)		(0.53	)		(0.53	)		(0.54	)
Total dividends, distributions and return of capital		(0.30	)		(0.50	)		(0.54	)		(0.53	)		(0.53	)		(0.54	)
Net asset value, end of period	$	9.42		$	10.01		$	9.28		$	9.72		$	9.81		$	10.07
Total investment return2		(2.97	)%		13.48	%		1.25	%		4.66	%		2.76	%		10.93	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.27	%3		1.25	%		1.24	%		1.23	%4		1.22	%		1.25	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.06	%3		1.06	%		1.06	%		1.06	%4		1.06	%		1.07	%
Net investment income (loss)		4.89	%3		5.12	%		5.39	%		5.52	%		5.29	%		5.43	%
Supplemental data:
Net assets, end of period (000's)	$	4,647		$	4,662		$	7,507		$	5,813		$	3,748		$	4,251
Portfolio turnover		29	%		75	%		82	%		62	%		63	%		91	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.06		$	9.32		$	9.76		$	9.86		$	10.10		$	9.62
Net investment income (loss)1		0.25			0.52			0.52			0.55			0.56			0.56
Net realized and unrealized gain (loss)		(0.54	)		0.74			(0.40	)		(0.10	)		(0.25	)		0.48
Net increase (decrease) from operations		(0.29	)		1.26			0.12			0.45			0.31			1.04
Dividends from net investment income		(0.31	)		(0.52	)		(0.56	)		(0.55	)		(0.55	)		(0.56	)
Total dividends, distributions and return of capital		(0.31	)		(0.52	)		(0.56	)		(0.55	)		(0.55	)		(0.56	)
Net asset value, end of period	$	9.46		$	10.06		$	9.32		$	9.76		$	9.86		$	10.10
Total investment return2		(2.83	)%		13.71	%		1.49	%		4.79	%		3.06	%		11.21	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		0.97	%3		0.98	%		0.93	%		0.92	%4		0.85	%		1.05	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		0.88	%3		0.88	%		0.88	%		0.88	%4		0.79	%		0.88	%
Net investment income (loss)		5.04	%3		5.24	%		5.58	%		5.69	%		5.57	%		5.66	%
Supplemental data:
Net assets, end of period (000's)	$	628		$	647		$	568		$	560		$	534		$	518
Portfolio turnover		29	%		75	%		82	%		62	%		63	%		91	%

¹  Calculated using the average share method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

280

PACE High Yield Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	10.01		$	9.28		$	9.73		$	9.83		$	10.09		$	9.61
Net investment income (loss)1		0.25			0.51			0.52			0.55			0.54			0.55
Net realized and unrealized gain (loss)		(0.54	)		0.74			(0.40	)		(0.10	)		(0.25	)		0.49
Net increase (decrease) from operations		(0.29	)		1.25			0.12			0.45			0.29			1.04
Dividends from net investment income		(0.31	)		(0.52	)		(0.57	)		(0.55	)		(0.55	)		(0.56	)
Total dividends, distributions and return of capital		(0.31	)		(0.52	)		(0.57	)		(0.55	)		(0.55	)		(0.56	)
Net asset value, end of period	$	9.41		$	10.01		$	9.28		$	9.73		$	9.83		$	10.09
Total investment return2		(2.95	)%		13.78	%		1.40	%		4.80	%		2.96	%		11.07	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%3		1.11	%		1.10	%		1.09	%4		1.07	%		1.10	%
Expenses after fee waivers and/or expense reimbursements		0.91	%3		0.91	%		0.91	%		0.91	%4		0.91	%		0.92	%
Net investment income (loss)		5.04	%3		5.21	%		5.53	%		5.66	%		5.44	%		5.59	%
Supplemental data:
Net assets, end of period (000's)	$	258,714		$	272,938		$	258,345		$	302,015		$	347,364		$	376,424
Portfolio turnover		29	%		75	%		82	%		62	%		63	%		91	%

Class P2

	Six months ended January 31, 20225 (unaudited)
Net asset value, beginning of period	$	10.06
Net investment income (loss)1		0.18
Net realized and unrealized gain (loss)		(0.59	)
Net increase (decrease) from operations		(0.41	)
Dividends from net investment income		(0.23	)
Total dividends, distributions and return of capital		(0.23	)
Net asset value, end of period	$	9.42
Total investment return2		(4.08	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.97	%3
Expenses after fee waivers and/or expense reimbursements		0.28	%3
Net investment income (loss)		5.03	%3
Supplemental data:
Net assets, end of period (000's)	$	14,133
Portfolio turnover		29	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

See accompanying notes to financial statements.

281

PACE Large Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	25.34		$	17.87		$	21.57		$	23.76		$	23.70		$	21.35
Net investment income (loss)1		0.09			0.21			0.38			0.38			0.35			0.33
Net realized and unrealized gain (loss)		0.92			7.51			(2.83	)		(0.40	)		1.73			2.99
Net increase (decrease) from operations		1.01			7.72			(2.45	)		(0.02	)		2.08			3.32
Dividends from net investment income		(0.17	)		(0.25	)		(0.39	)		(0.35	)		(0.32	)		(0.35	)
Distributions from net realized gains		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)		(0.62	)
Total dividends and distributions		(4.29	)		(0.25	)		(1.25	)		(2.17	)		(2.02	)		(0.97	)
Net asset value, end of period	$	22.06		$	25.34		$	17.87		$	21.57		$	23.76		$	23.70
Total investment return2		4.46	%		43.50	%		(12.41	)%		1.06	%		8.83	%		15.74	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.11	%3		1.32	%		1.47	%		1.44	%		1.46	%		1.45	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.11	%3		1.32	%		1.47	%		1.44	%		1.46	%		1.44	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.11	%3		1.12	%		1.13	%		1.11	%		1.10	%		1.11	%
Net investment income (loss)		0.74	%3		0.95	%		1.91	%		1.77	%		1.46	%		1.47	%
Supplemental data:
Net assets, end of period (000's)	$	102,723		$	103,828		$	81,190		$	107,796		$	111,759		$	117,223
Portfolio turnover		14	%		117	%		72	%		81	%		68	%		71	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	25.40		$	17.91		$	21.64		$	23.83		$	23.77		$	21.41
Net investment income (loss)1		0.12			0.26			0.42			0.44			0.41			0.39
Net realized and unrealized gain (loss)		0.92			7.54			(2.84	)		(0.40	)		1.73			3.00
Net increase (decrease) from operations		1.04			7.80			(2.42	)		0.04			2.14			3.39
Dividends from net investment income		(0.23	)		(0.31	)		(0.45	)		(0.41	)		(0.38	)		(0.41	)
Distributions from net realized gains		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)		(0.62	)
Total dividends and distributions		(4.35	)		(0.31	)		(1.31	)		(2.23	)		(2.08	)		(1.03	)
Net asset value, end of period	$	22.09		$	25.40		$	17.91		$	21.64		$	23.83		$	23.77
Total investment return2		3.38	%		43.81	%		(12.22	)%		1.35	%		9.08	%		16.02	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.85	%3		1.08	%		1.55	%		1.19	%		1.21	%		1.20	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		0.85	%3		1.08	%		1.23	%		1.19	%		1.21	%		1.19	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.85	%3		0.88	%		0.89	%		0.86	%		0.85	%		0.86	%
Net investment income (loss)		1.00	%3		1.18	%		2.15	%		2.01	%		1.71	%		1.73	%
Supplemental data:
Net assets, end of period (000's)	$	17,368		$	17,611		$	13,059		$	16,463		$	17,206		$	17,451
Portfolio turnover		14	%		117	%		72	%		81	%		68	%		71	%

¹  Calculated using the average shares method.

282

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	25.27		$	17.81		$	21.51		$	23.71		$	23.66		$	21.31
Net investment income (loss)1		0.12			0.26			0.42			0.44			0.40			0.38
Net realized and unrealized gain (loss)		0.91			7.50			(2.82	)		(0.42	)		1.72			2.99
Net increase (decrease) from operations		1.03			7.76			(2.40	)		0.02			2.12			3.37
Dividends from net investment income		(0.23	)		(0.30	)		(0.44	)		(0.40	)		(0.37	)		(0.40	)
Distributions from net realized gains		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)		(0.62	)
Total dividends and distributions		(4.35	)		(0.30	)		(1.30	)		(2.22	)		(2.07	)		(1.02	)
Net asset value, end of period	$	21.95		$	25.27		$	17.81		$	21.51		$	23.71		$	23.66
Total investment return2		4.58	%		43.92	%		(12.24	)%		1.28	%		9.06	%		16.03	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.86	%3		1.07	%		1.24	%		1.21	%		1.23	%		1.22	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		0.86	%3		1.07	%		1.23	%		1.21	%		1.22	%		1.20	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.86	%3		0.88	%		0.89	%		0.88	%		0.87	%		0.88	%
Net investment income (loss)		0.99	%3		1.19	%		2.16	%		2.01	%		1.69	%		1.70	%
Supplemental data:
Net assets, end of period (000's)	$	1,004,182		$	1,018,933		$	760,606		$	1,008,741		$	1,184,977		$	1,197,155
Portfolio turnover		14	%		117	%		72	%		81	%		68	%		71	%

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

See accompanying notes to financial statements.

283

PACE Large Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	28.94		$	26.11		$	24.27		$	27.06		$	25.18		$	22.37
Net investment income (loss)1		(0.08	)		(0.19	)		(0.02	)		(0.06	)		(0.06	)		0.02
Net realized and unrealized gain (loss)		(0.73	)		7.99			5.61			1.74			4.55			3.54
Net increase (decrease) from operations		(0.81	)		7.80			5.59			1.68			4.49			3.56
Dividends from net investment income		—			—			—			—			—			(0.03	)
Distributions from net realized gains		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)		(0.72	)
Total dividends and distributions		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)		(0.75	)
Net asset value, end of period	$	22.12		$	28.94		$	26.11		$	24.27		$	27.06		$	25.18
Total investment return2		(4.09	)%		32.62	%		26.36	%		10.08	%		18.72	%		16.50	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.12	%3,4		1.13	%4		1.16	%4		1.14	%4		1.14	%4		1.18	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.12	%3,4		1.13	%4		1.13	%4		1.13	%4		1.14	%4		1.17	%4
Net investment income (loss)		(0.57	)%3		(0.69	)%		(0.10	)%		(0.27	)%		(0.22	)%		0.07	%
Supplemental data:
Net assets, end of period (000's)	$	57,563		$	63,320		$	54,124		$	48,197		$	47,549		$	45,095
Portfolio turnover		50	%		39	%		42	%		34	%		41	%		40	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	31.29		$	27.83		$	25.61		$	28.23		$	26.12		$	23.19
Net investment income (loss)1		(0.05	)		(0.12	)		0.04			(0.01	)		0.01			0.08
Net realized and unrealized gain (loss)		(0.81	)		8.55			5.97			1.87			4.74			3.66
Net increase (decrease) from operations		(0.86	)		8.43			6.01			1.86			4.75			3.74
Dividends from net investment income		—			—			(0.04	)		(0.01	)		(0.03	)		(0.09	)
Distributions from net realized gains		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)		(0.72	)
Total dividends and distributions		(6.01	)		(4.97	)		(3.79	)		(4.48	)		(2.64	)		(0.81	)
Net asset value, end of period	$	24.42		$	31.29		$	27.83		$	25.61		$	28.23		$	26.12
Total investment return2		(3.93	)%		32.89	%		26.71	%		10.38	%		19.03	%		16.73	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.86	%3,4		0.87	%4		0.88	%4		0.88	%4		0.88	%4		0.92	%4
Expenses after fee waivers and/or expense reimbursements		0.86	%3,4		0.87	%4		0.88	%4		0.88	%4		0.88	%4		0.91	%4
Net investment income (loss)		(0.31	)%3		(0.42	)%		0.15	%		(0.02	)%		0.05	%		0.33	%
Supplemental data:
Net assets, end of period (000's)	$	20,892		$	22,743		$	19,149		$	16,329		$	15,715		$	14,238
Portfolio turnover		50	%		39	%		42	%		34	%		41	%		40	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

284

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	30.89		$	27.52		$	25.37		$	28.01		$	25.94		$	23.03
Net investment income (loss)1		(0.05	)		(0.12	)		0.04			(0.00	)5		0.01			0.07
Net realized and unrealized gain (loss)		(0.80	)		8.46			5.90			1.84			4.70			3.64
Net increase (decrease) from operations		(0.85	)		8.34			5.94			1.84			4.71			3.71
Dividends from net investment income		—			—			(0.04	)		(0.01	)		(0.03	)		(0.08	)
Distributions from net realized gains		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)		(0.72	)
Total dividends and distributions		(6.01	)		(4.97	)		(3.79	)		(4.48	)		(2.64	)		(0.80	)
Net asset value, end of period	$	24.03		$	30.89		$	27.52		$	25.37		$	28.01		$	25.94
Total investment return2		(3.94	)%		32.89	%		26.72	%		10.34	%		19.03	%		16.75	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3,4		0.90	%4		0.92	%4		0.90	%4		0.90	%4		0.93	%4
Expenses after fee waivers and/or expense reimbursements		0.88	%3,4		0.88	%4		0.88	%4		0.88	%4		0.89	%4		0.92	%4
Net investment income (loss)		(0.33	)%3		(0.43	)%		0.17	%		(0.01	)%		0.03	%		0.32	%
Supplemental data:
Net assets, end of period (000's)	$	1,061,854		$	1,202,262		$	1,099,813		$	1,156,162		$	1,327,262		$	1,270,696
Portfolio turnover		50	%		39	%		42	%		34	%		41	%		40	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  Amount represents less than $0.005 per share.

See accompanying notes to financial statements.

285

PACE Small/Medium Co Value Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	26.33		$	16.88		$	18.74		$	21.05		$	20.90		$	18.86
Net investment income (loss)1		0.04			0.02			0.08			0.10			0.07			0.13
Net realized and unrealized gain (loss)		(0.37	)		9.53			(1.81	)		(1.29	)		2.49			2.75
Net increase (decrease) from operations		(0.33	)		9.55			(1.73	)		(1.19	)		2.56			2.88
Dividends from net investment income		(0.05	)		(0.10	)		(0.13	)		(0.13	)		(0.02	)		(0.28	)
Distributions from net realized gains		(3.82	)		—			—			(0.99	)		(2.39	)		(0.56	)
Total dividends, distributions and return of capital		(3.87	)		(0.10	)		(0.13	)		(1.12	)		(2.41	)		(0.84	)
Net asset value, end of period	$	22.13		$	26.33		$	16.88		$	18.74		$	21.05		$	20.90
Total investment return2		(1.37	)%		56.72	%		(9.32	)%		(4.68	)%		12.93	%		15.25	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.19	%3,4		1.20	%		1.23	%3		1.22	%3		1.21	%		1.23	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.19	%3,4		1.20	%		1.23	%3		1.22	%3		1.21	%		1.21	%3
Net investment income (loss)		0.34	%4		0.09	%		0.47	%		0.52	%		0.34	%		0.66	%
Supplemental data:
Net assets, end of period (000's)	$	18,975		$	19,885		$	13,279		$	17,094		$	18,342		$	17,627
Portfolio turnover		15	%		50	%		59	%		68	%		60	%		102	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	27.61		$	17.69		$	19.63		$	22.00		$	21.71		$	19.55
Net investment income (loss)1		0.07			0.07			0.14			0.16			0.15			0.30
Net realized and unrealized gain (loss)		(0.39	)		9.98			(1.90	)		(1.35	)		2.58			2.70
Net increase (decrease) from operations		(0.32	)		10.05			(1.76	)		(1.19	)		2.73			3.00
Dividends from net investment income		(0.10	)		(0.13	)		(0.18	)		(0.19	)		(0.05	)		(0.28	)
Distributions from net realized gains		(3.82	)		—			—			(0.99	)		(2.39	)		(0.56	)
Total dividends, distributions and return of capital		(3.92	)		(0.13	)		(0.18	)		(1.18	)		(2.44	)		(0.84	)
Net asset value, end of period	$	23.37		$	27.61		$	17.69		$	19.63		$	22.00		$	21.71
Total investment return2		(1.26	)%		56.98	%		(9.08	)%		(4.44	)%		13.26	%		15.35	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		0.98	%3,4		1.00	%		1.04	%3		0.94	%3		0.89	%		1.13	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments		0.98	%3,4		1.00	%		1.04	%3		0.94	%3		0.89	%		1.10	%3
Net investment income (loss)		0.54	%4		0.29	%		0.77	%		0.79	%		0.70	%		1.43	%
Supplemental data:
Net assets, end of period (000's)	$	150		$	153		$	105		$	178		$	232		$	297
Portfolio turnover		15	%		50	%		59	%		68	%		60	%		102	%

¹  Calculated using the average share method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

286

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	27.22		$	17.45		$	19.36		$	21.69		$	21.47		$	19.35
Net investment income (loss)1		0.07			0.06			0.12			0.13			0.11			0.17
Net realized and unrealized gain (loss)		(0.39	)		9.85			(1.86	)		(1.31	)		2.55			2.81
Net increase (decrease) from operations		(0.32	)		9.91			(1.74	)		(1.18	)		2.66			2.98
Dividends from net investment income		(0.09	)		(0.14	)		(0.17	)		(0.16	)		(0.05	)		(0.30	)
Distributions from net realized gains		(3.82	)		—			—			(0.99	)		(2.39	)		(0.56	)
Total dividends, distributions and return of capital		(3.91	)		(0.14	)		(0.17	)		(1.15	)		(2.44	)		(0.86	)
Net asset value, end of period	$	22.99		$	27.22		$	17.45		$	19.36		$	21.69		$	21.47
Total investment return2		(1.27	)%		56.95	%		(9.12	)%		(4.49	)%		13.07	%		15.41	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.00	%3,4		1.02	%		1.09	%3		1.07	%3		1.07	%		1.09	%3
Expenses after fee waivers and/or expense reimbursements		1.00	%3,4		1.02	%		1.04	%3		1.04	%3		1.06	%		1.07	%3
Net investment income (loss)		0.52	%4		0.28	%		0.65	%		0.69	%		0.50	%		0.82	%
Supplemental data:
Net assets, end of period (000's)	$	442,365		$	478,837		$	338,418		$	421,054		$	517,363		$	503,464
Portfolio turnover		15	%		50	%		59	%		68	%		60	%		102	%

Class P2

	Six months ended January 31, 2022 (unaudited)5
Net asset value, beginning of period	$	26.96
Net investment income (loss)1		(0.05	)
Net realized and unrealized gain (loss)		(0.11	)
Net increase (decrease) from operations		(0.16	)
Dividends from net investment income		(0.03	)
Distributions from net realized gains		(3.82	)
Total dividends, distributions and return of capital		(3.85	)
Net asset value, end of period	$	22.95
Total investment return2		(0.72	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.61	%4
Expenses after fee waivers and/or expense reimbursements		2.01	%4
Net investment income (loss)		(0.48	)%4
Supplemental data:
Net assets, end of period (000's)	$	1
Portfolio turnover		15	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

⁵  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

See accompanying notes to financial statements.

287

PACE Small/Medium Co Growth Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	21.72		$	15.82		$	16.82		$	19.54		$	16.79		$	14.34
Net investment income (loss)1		(0.06	)		(0.15	)		(0.10	)		(0.12	)		(0.12	)		(0.09	)
Net realized and unrealized gain (loss)		(2.00	)		7.42			1.65			0.45			3.88			2.54
Net increase (decrease) from operations		(2.06	)		7.27			1.55			0.33			3.76			2.45
Distributions from net realized gains		(7.48	)		(1.37	)		(2.55	)		(3.05	)		(1.01	)		—
Net asset value, end of period	$	12.18		$	21.72		$	15.82		$	16.82		$	19.54		$	16.79
Total investment return2		(12.45	)%		47.35	%		10.43	%		4.67	%		23.29	%		17.09	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.19	%3,4		1.19	%3		1.23	%3		1.21	%3		1.20	%3		1.23	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.19	%3,4		1.19	%3		1.23	%3		1.21	%3		1.19	%3		1.19	%
Net investment income (loss)		(0.66	)%4		(0.77	)%		(0.64	)%		(0.67	)%		(0.66	)%		(0.61	)%
Supplemental data:
Net assets, end of period (000's)	$	25,372		$	31,412		$	23,755		$	24,675		$	24,749		$	22,681
Portfolio turnover		36	%		98	%		89	%		135	%		99	%		93	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	24.77		$	17.87		$	18.65		$	21.26		$	18.08		$	15.44
Net investment income (loss)1		(0.04	)		(0.15	)		(0.08	)		(0.10	)		(0.02	)		(0.08	)
Net realized and unrealized gain (loss)		(2.35	)		8.42			1.85			0.54			4.21			2.72
Net increase (decrease) from operations		(2.39	)		8.27			1.77			0.44			4.19			2.64
Distributions from net realized gains		(7.48	)		(1.37	)		(2.55	)		(3.05	)		(1.01	)		—
Net asset value, end of period	$	14.90		$	24.77		$	17.87		$	18.65		$	21.26		$	18.08
Total investment return2		(12.24	)%		47.52	%		10.60	%		4.82	%		23.97	%		17.16	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.02	%3,4		2.20	%3		1.21	%3		0.92	%3		0.69	%3		1.24	%
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.02	%3,4		1.08	%3		1.08	%3		1.08	%3,5		0.67	%3		1.13	%
Net investment income (loss)		(0.30	)%4		(0.66	)%		(0.49	)%		(0.54	)%		(0.12	)%		(0.48	)%
Supplemental data:
Net assets, end of period (000's)	$	8		$	36		$	28		$	49		$	47		$	100
Portfolio turnover		36	%		98	%		89	%		135	%		99	%		93	%

¹  Calculated using the average share method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Includes interest expense representing less than 0.005%.

288

PACE Small/Medium Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	24.07		$	17.39		$	18.21		$	20.85		$	17.82		$	15.21
Net investment income (loss)1		(0.05	)		(0.13	)		(0.08	)		(0.10	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)		(2.29	)		8.18			1.81			0.51			4.14			2.69
Net increase (decrease) from operations		(2.34	)		8.05			1.73			0.41			4.04			2.61
Distributions from net realized gains		(7.48	)		(1.37	)		(2.55	)		(3.05	)		(1.01	)		—
Net asset value, end of period	$	14.25		$	24.07		$	17.39		$	18.21		$	20.85		$	17.82
Total investment return2		(12.39	)%		47.57	%		10.64	%		4.83	%		23.46	%		17.16	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.02	%3,4		1.03	%3		1.09	%3		1.07	%3		1.06	%3		1.11	%
Expenses after fee waivers and/or expense reimbursements		1.02	%3,4		1.03	%3		1.08	%3		1.07	%3		1.05	%3		1.07	%
Net investment income (loss)		(0.49	)%4		(0.60	)%		(0.49	)%		(0.52	)%		(0.52	)%		(0.49	)%
Supplemental data:
Net assets, end of period (000's)	$	381,663		$	475,618		$	383,461		$	433,053		$	518,869		$	469,557
Portfolio turnover		36	%		98	%		89	%		135	%		99	%		93	%

Class P2

	Six months ended January 31, 20226 (unaudited)
Net asset value, beginning of period	$	24.66
Net investment income (loss)1		(0.15	)
Net realized and unrealized gain (loss)		(2.87	)
Net increase (decrease) from operations		(3.02	)
Distributions from net realized gains		(7.48	)
Net asset value, end of period	$	14.16
Total investment return2		(14.90	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		2.78	%3,4
Expenses after fee waivers and/or expense reimbursements		2.27	%3,4
Net investment income (loss)		(1.88	)%4
Supplemental data:
Net assets, end of period (000's)	$	1
Portfolio turnover		36	%

⁴  Annualized.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

⁶  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

See accompanying notes to financial statements.

289

PACE International Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	19.03		$	14.64		$	15.00		$	17.03		$	16.23		$	14.19
Net investment income (loss)1		0.09			0.24			0.21			0.24			0.23			0.26
Net realized and unrealized gain (loss)		(0.08	)		4.34			(0.18	)		(1.13	)		0.88			2.06
Net increase (decrease) from operations		0.01			4.58			0.03			(0.89	)		1.11			2.32
Dividends from net investment income		(0.37	)		(0.19	)		(0.36	)		(0.26	)		(0.31	)		(0.28	)
Distributions from net realized gains		(1.02	)		—			(0.03	)		(0.88	)		—			—
Total dividends and distributions		(1.39	)		(0.19	)		(0.39	)		(1.14	)		(0.31	)		(0.28	)
Net asset value, end of period	$	17.65		$	19.03		$	14.64		$	15.00		$	17.03		$	16.23
Total investment return2		0.13	%		31.41	%		0.00	%		(4.56	)%		6.88	%		16.71	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.71	%3		1.64	%		1.78	%		1.88	%		1.86	%4		1.79	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.64	%3		1.58	%		1.78	%		1.88	%		1.85	%4		1.76	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.25	%3		1.25	%		1.34	%		1.34	%		1.31	%		1.37	%
Net investment income (loss)		0.96	%3		1.40	%		1.42	%		1.60	%		1.37	%		1.77	%
Supplemental data:
Net assets, end of period (000's)	$	26,153		$	28,773		$	23,422		$	27,264		$	31,165		$	31,113
Portfolio turnover		17	%		48	%		32	%		46	%		78	%		81	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	18.95		$	14.58		$	14.93		$	16.98		$	16.17		$	14.14
Net investment income (loss)1		0.11			0.28			0.25			0.29			0.28			0.30
Net realized and unrealized gain (loss)		(0.09	)		4.33			(0.17	)		(1.15	)		0.89			2.05
Net increase (decrease) from operations		0.02			4.61			0.08			(0.86	)		1.17			2.35
Dividends from net investment income		(0.42	)		(0.24	)		(0.40	)		(0.31	)		(0.36	)		(0.32	)
Distributions from net realized gains		(1.02	)		—			(0.03	)		(0.88	)		—			—
Total dividends and distributions		(1.44	)		(0.24	)		(0.43	)		(1.19	)		(0.36	)		(0.32	)
Net asset value, end of period	$	17.53		$	18.95		$	14.58		$	14.93		$	16.98		$	16.17
Total investment return2		0.20	%		31.77	%		0.29	%		(4.32	)%		7.24	%		17.04	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.44	%3		1.36	%		1.47	%		1.62	%		1.59	%4		1.51	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.39	%3		1.33	%		1.47	%		1.62	%		1.58	%4		1.48	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.00	%3		1.00	%		1.03	%		1.07	%		1.04	%		1.09	%
Net investment income (loss)		1.20	%3		1.65	%		1.71	%		1.90	%		1.63	%		2.04	%
Supplemental data:
Net assets, end of period (000's)	$	12,161		$	12,596		$	11,053		$	11,977		$	13,966		$	14,726
Portfolio turnover		17	%		48	%		32	%		46	%		78	%		81	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

290

PACE International Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	18.90		$	14.54		$	14.90		$	16.93		$	16.13		$	14.11
Net investment income (loss)1		0.11			0.28			0.24			0.29			0.28			0.31
Net realized and unrealized gain (loss)		(0.08	)		4.31			(0.17	)		(1.13	)		0.88			2.03
Net increase (decrease) from operations		0.03			4.59			0.07			(0.84	)		1.16			2.34
Dividends from net investment income		(0.42	)		(0.23	)		(0.40	)		(0.31	)		(0.36	)		(0.32	)
Distributions from net realized gains		(1.02	)		—			(0.03	)		(0.88	)		—			—
Total dividends and distributions		(1.44	)		(0.23	)		(0.43	)		(1.19	)		(0.36	)		(0.32	)
Net asset value, end of period	$	17.49		$	18.90		$	14.54		$	14.90		$	16.93		$	16.13
Total investment return2		0.25	%		31.74	%		0.30	%		(4.27	)%		7.14	%		17.08	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.42	%3		1.36	%		1.49	%		1.60	%		1.59	%4		1.51	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.39	%3		1.33	%		1.49	%		1.60	%		1.58	%4		1.48	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.00	%3		1.00	%		1.05	%		1.05	%		1.03	%		1.09	%
Net investment income (loss)		1.19	%3		1.65	%		1.70	%		1.89	%		1.66	%		2.10	%
Supplemental data:
Net assets, end of period (000's)	$	956,209		$	995,293		$	815,785		$	948,956		$	1,138,165		$	1,104,550
Portfolio turnover		17	%		48	%		32	%		46	%		78	%		81	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

291

PACE International Emerging Markets Equity Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	16.87		$	13.79		$	12.99		$	13.61		$	13.59		$	11.41
Net investment income (loss)1		0.12			0.05			0.12			0.16			0.13			0.13
Net realized and unrealized gain (loss)		(0.84	)		3.18			0.80			(0.58	)		0.03			2.14
Net increase (decrease) from operations		(0.72	)		3.23			0.92			(0.42	)		0.16			2.27
Dividends from net investment income		(0.23	)		(0.15	)		(0.12	)		(0.20	)		(0.14	)		(0.09	)
Distributions from net realized gains		(1.43	)		—			—			—			—			—
Total dividends and distributions		(1.66	)		(0.15	)		(0.12	)		(0.20	)		(0.14	)		(0.09	)
Net asset value, end of period	$	14.49		$	16.87		$	13.79		$	12.99		$	13.61		$	13.59
Total investment return2		(4.08	)%		23.45	%		6.97	%		(2.91	)%		1.11	%		19.95	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.76	%3,4		1.66	%4		1.72	%4		1.71	%4		1.72	%4		1.80	%4
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.55	%4		1.65	%4		1.70	%4		1.70	%4		1.75	%4
Net investment income (loss)		1.42	%3		0.33	%		0.92	%		1.24	%		0.89	%		1.06	%
Supplemental data:
Net assets, end of period (000's)	$	4,642		$	5,033		$	4,605		$	4,512		$	3,811		$	4,076
Portfolio turnover		27	%		82	%		79	%		52	%		65	%		65	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	17.04		$	13.92		$	13.11		$	13.73		$	13.70		$	11.51
Net investment income (loss)1		0.14			0.09			0.15			0.19			0.17			0.16
Net realized and unrealized gain (loss)		(0.84	)		3.21			0.81			(0.59	)		0.03			2.15
Net increase (decrease) from operations		(0.70	)		3.30			0.96			(0.40	)		0.20			2.31
Dividends from net investment income		(0.28	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Distributions from net realized gains		(1.43	)		—			—			—			—			—
Total dividends and distributions		(1.71	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net asset value, end of period	$	14.63		$	17.04		$	13.92		$	13.11		$	13.73		$	13.70
Total investment return2		(3.94	)%		23.78	%		7.29	%		(2.74	)%		1.41	%		20.21	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.53	%3,4		1.40	%4		1.40	%4		1.47	%4		1.45	%4		1.54	%4
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.30	%4		1.40	%4		1.45	%4		1.45	%4		1.50	%4
Net investment income (loss)		1.69	%3		0.56	%		1.16	%		1.45	%		1.15	%		1.30	%
Supplemental data:
Net assets, end of period (000's)	$	5,258		$	5,630		$	6,067		$	6,424		$	7,419		$	7,795
Portfolio turnover		27	%		82	%		79	%		52	%		65	%		65	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

292

PACE International Emerging Markets Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	16.95		$	13.85		$	13.04		$	13.65		$	13.63		$	11.45
Net investment income (loss)1		0.14			0.10			0.15			0.19			0.16			0.16
Net realized and unrealized gain (loss)		(0.83	)		3.18			0.81			(0.58	)		0.03			2.14
Net increase (decrease) from operations		(0.69	)		3.28			0.96			(0.39	)		0.19			2.30
Dividends from net investment income		(0.28	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Distributions from net realized gains		(1.43	)		—			—			—			—			—
Total dividends and distributions		(1.71	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)		(0.12	)
Net asset value, end of period	$	14.55		$	16.95		$	13.85		$	13.04		$	13.65		$	13.63
Total investment return2		(3.90	)%		23.75	%		7.24	%		(2.70	)%		1.42	%		20.18	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.54	%3,4		1.44	%4		1.51	%4		1.49	%4		1.50	%4		1.59	%4
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.30	%4		1.40	%4		1.45	%4		1.45	%4		1.50	%4
Net investment income (loss)		1.69	%3		0.59	%		1.14	%		1.45	%		1.14	%		1.33	%
Supplemental data:
Net assets, end of period (000's)	$	360,403		$	386,507		$	345,431		$	376,722		$	437,363		$	454,178
Portfolio turnover		27	%		82	%		79	%		52	%		65	%		65	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

293

PACE Global Real Estate Securities Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	8.42		$	6.13		$	7.74		$	7.65		$	7.69		$	8.03
Net investment income (loss)1		0.04			0.08			0.12			0.14			0.21			0.17
Net realized and unrealized gain (loss)		(0.21	)		2.38			(1.37	)		0.18			0.06			(0.21	)
Net increase (decrease) from operations		(0.17	)		2.46			(1.25	)		0.32			0.27			(0.04	)
Dividends from net investment income		(0.24	)		(0.17	)		(0.36	)		(0.23	)		(0.27	)		(0.30	)
Distributions from net realized gains		—			—			—			—			(0.04	)		—
Total dividends and distributions		(0.24	)		(0.17	)		(0.36	)		(0.23	)		(0.31	)		(0.30	)
Net asset value, end of period	$	8.01		$	8.42		$	6.13		$	7.74		$	7.65		$	7.69
Total investment return2		(2.12	)%		40.73	%		(17.00	)%		4.53	%		3.50	%		(0.15	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.62	%3,4		1.62	%4		1.59	%4		1.56	%4		1.50	%4		1.54	%4
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.45	%4		1.45	%4		1.45	%4		1.45	%4		1.46	%4
Net investment income (loss)		0.99	%3		1.06	%		1.69	%		1.81	%		2.82	%		2.28	%
Supplemental data:
Net assets, end of period (000's)	$	382		$	409		$	307		$	491		$	370		$	458
Portfolio turnover		57	%		117	%		111	%		68	%		73	%		98	%

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	8.08		$	5.89		$	7.46		$	7.37		$	7.42		$	7.76
Net investment income (loss)1		0.05			0.09			0.13			0.16			0.22			0.19
Net realized and unrealized gain (loss)		(0.20	)		2.28			(1.31	)		0.18			0.07			(0.21	)
Net increase (decrease) from operations		(0.15	)		2.37			(1.18	)		0.34			0.29			(0.02	)
Dividends from net investment income		(0.26	)		(0.18	)		(0.39	)		(0.25	)		(0.30	)		(0.32	)
Distributions from net realized gains		—			—			—			—			(0.04	)		—
Total dividends and distributions		(0.26	)		(0.18	)		(0.39	)		(0.25	)		(0.34	)		(0.32	)
Net asset value, end of period	$	7.67		$	8.08		$	5.89		$	7.46		$	7.37		$	7.42
Total investment return2		(1.97	)%		41.05	%		(16.85	)%		4.92	%		3.68	%		0.19	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.60	%3,4		1.65	%4		1.59	%4		1.57	%4		1.53	%4		1.58	%4
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.20	%4		1.20	%4		1.20	%4		1.20	%4		1.21	%4
Net investment income (loss)		1.24	%3		1.32	%		1.97	%		2.20	%		3.08	%		2.58	%
Supplemental data:
Net assets, end of period (000's)	$	108,216		$	114,494		$	87,866		$	121,187		$	137,069		$	140,262
Portfolio turnover		57	%		117	%		111	%		68	%		73	%		98	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

294

This page intentionally left blank.

295

PACE Alternative Strategies Investments

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class A

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.30		$	11.05		$	10.60		$	10.85		$	10.71		$	10.49
Net investment income (loss)1		(0.08	)		(0.17	)		(0.06	)		0.01			(0.02	)		(0.07	)
Net realized and unrealized gain (loss)		0.03			0.96			0.51			0.03			0.16			0.29
Net increase (decrease) from operations		(0.05	)		0.79			0.45			0.04			0.14			0.22
Dividends from net investment income		—			(0.14	)		—			—			—			—
Distributions from net realized gains		(0.69	)		(0.40	)		—			(0.29	)		—			—
Total dividends and distributions		(0.69	)		(0.54	)		—			(0.29	)		—			—
Net asset value, end of period	$	10.56		$	11.30		$	11.05		$	10.60		$	10.85		$	10.71
Total investment return2		(0.51	)%		7.21	%		4.25	%		0.52	%		1.21	%		2.19	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.93	%3		2.93	%		2.80	%		2.65	%		2.36	%		2.26	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.71	%3		2.81	%		2.62	%		2.58	%		2.27	%		2.17	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.88	%3		1.88	%		1.88	%		1.85	%		1.76	%		1.75	%
Net investment income (loss)		(1.44	)%3		(1.47	)%		(0.57	)%		0.10	%		(0.16	)%		(0.71	)%
Supplemental data:
Net assets, end of period (000's)	$	5,604		$	5,995		$	6,460		$	8,394		$	7,208		$	8,702
Portfolio turnover		184	%		418	%		491	%		447	%		346	%		292	%

Class Y

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.31		$	11.06		$	10.60		$	10.82		$	10.65		$	10.42
Net investment income (loss)1		(0.07	)		(0.14	)		(0.04	)		0.04			0.01			(0.06	)
Net realized and unrealized gain (loss)		0.03			0.96			0.52			0.03			0.16			0.29
Net increase (decrease) from operations		(0.04	)		0.82			0.48			0.07			0.17			0.23
Dividends from net investment income		—			(0.17	)		(0.02	)		—			—			—
Distributions from net realized gains		(0.69	)		(0.40	)		—			(0.29	)		—			—
Total dividends and distributions		(0.69	)		(0.57	)		(0.02	)		(0.29	)		—			—
Net asset value, end of period	$	10.58		$	11.31		$	11.06		$	10.60		$	10.82		$	10.65
Total investment return2		(0.33	)%		7.40	%		4.56	%		0.80	%		1.41	%		2.40	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.68	%3		2.68	%		2.56	%		2.38	%		2.11	%		2.06	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.46	%3		2.57	%		2.38	%		2.31	%		2.02	%		1.96	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.63	%3		1.63	%		1.63	%		1.59	%		1.51	%		1.57	%
Net investment income (loss)		(1.19	)%3		(1.22	)%		(0.38	)%		0.36	%		0.09	%		(0.54	)%
Supplemental data:
Net assets, end of period (000's)	$	425		$	436		$	402		$	386		$	544		$	646
Portfolio turnover		184	%		418	%		491	%		447	%		346	%		292	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each period reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Total investment return for the period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

296

PACE Alternative Strategies Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2022			Years ended July 31,
	(unaudited)			2021			2020			2019			2018			2017
Net asset value, beginning of period	$	11.26		$	11.01		$	10.55		$	10.78		$	10.61		$	10.38
Net investment income (loss)1		(0.07	)		(0.14	)		(0.04	)		0.03			0.01			(0.05	)
Net realized and unrealized gain (loss)		0.03			0.96			0.52			0.03			0.16			0.28
Net increase (decrease) from operations		(0.04	)		0.82			0.48			0.06			0.17			0.23
Dividends from net investment income		—			(0.17	)		(0.02	)		—			—			—
Distributions from net realized gains		(0.69	)		(0.40	)		—			(0.29	)		—			—
Total dividends and distributions		(0.69	)		(0.57	)		(0.02	)		(0.29	)		—			—
Net asset value, end of period	$	10.53		$	11.26		$	11.01		$	10.55		$	10.78		$	10.61
Total investment return2		(0.42	)%		7.53	%		4.46	%		0.90	%		1.32	%		2.41	%
Ratios to average net assets:
Expenses before fee waivers and/or reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.68	%3		2.68	%		2.56	%		2.42	%		2.13	%		2.04	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.46	%3		2.57	%		2.38	%		2.35	%		2.04	%		1.94	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.63	%3		1.63	%		1.63	%		1.62	%		1.53	%		1.52	%
Net investment income (loss)		(1.19	)%3		(1.22	)%		(0.35	)%		0.33	%		0.08	%		(0.48	)%
Supplemental data:
Net assets, end of period (000's)	$	431,932		$	447,508		$	450,402		$	520,531		$	615,778		$	650,347
Portfolio turnover		184	%		418	%		491	%		447	%		346	%		292	%

³  Annualized.

See accompanying notes to financial statements.

297

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Organization and significant accounting policies

PACE Select Advisors Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), currently offering multiple series representing separate investment portfolios. The Trust is a Delaware statutory trust organized under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest at par value of $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies: UBS Government Money Market Investments Fund, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Intermediate Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE Municipal Fixed Income Investments, PACE Global Fixed Income Investments, PACE High Yield Investments, PACE Large Co Value Equity Investments, PACE Large Co Growth Equity Investments, PACE Small/Medium Co Value Equity Investments, PACE Small/Medium Co Growth Equity Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments (each a "Portfolio" and collectively, the "Portfolios"). Each of the Portfolios is classified as a diversified investment company for purposes of the 1940 Act.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager and administrator for the Portfolios and also as the investment advisor for UBS Government Money Market Investments Fund and a portion of PACE Alternative Strategies Investments' assets. Subject to the approval and oversight of the Portfolios' Board of Trustees (the "Board"), UBS AM selects and oversees other investment subadvisors, who provide advisory services for the other Portfolios. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as principal underwriter for the Portfolios. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

Each Portfolio currently offers Class A, Class Y, Class P, and Class P2 shares, with the exception of UBS Government Money Market Investments Fund, which currently offers Class P shares only, and PACE Global Real Estate Securities Investments, which only has Class A, Class P, and Class P2 shares. Each class represents interests in the same assets of the applicable Portfolio and the classes are identical except for differences in their sales charge structures, ongoing service and distribution charges certain transfer agency and related services expenses and class specific fee/expense waiver arrangements. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plan, if any. Class Y, Class P and Class P2 shares have no service or distribution plan. The Portfolios' Class P shares currently are available for purchase only to participants in the PACE^SM Select Advisors Program and certain other advisory programs offered through select sponsors, except that UBS Government Money Market Investments Fund shares are also available to participants in the PACE^SM Multi Advisor Program. Class P2 shares are only available for purchase by a limited group of investors, including on behalf of certain investors of a fee-based program or other advisory programs in which UBS AM exercises investment discretion and for which such investors pay UBS AM a fee, or pay an affiliate of UBS AM a fee, and UBS AM receives compensation, to participate in such programs; on behalf of institutional clients with which UBS AM or its affiliates has signed a separate investment management agreement, pursuant to which such investors pay an advisory fee; and by other registered investment companies managed by UBS AM that pay a management fee at the investing/acquiring fund level.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

298

PACE Select Advisors Trust

Notes to financial statements (unaudited)

In the normal course of business, the Portfolios may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had any prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

UBS Government Money Market Investments Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share. In addition, by operating as a "government money market fund", the Portfolio is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Portfolio's Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In January 2021, the FASB issued Accounting Standards ("FASB") Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update become effective no later than December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

The following is a summary of significant accounting policies:

Investment transactions, investment income and expenses—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions and foreign exchange transactions are calculated using the identified cost method. Dividend income and expense are recorded net of withholding taxes on the ex-dividend date ("ex-date") except in the case of certain dividends from foreign securities which are recorded as soon after the ex-date as the respective Portfolio , using reasonable diligence, becomes aware of such dividends. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Income, expenses (excluding class-specific expenses) and realized/unrealized gains/losses are allocated proportionately to each class of shares based upon the relative net asset value of outstanding shares (or the value of dividend eligible shares, as appropriate) of each class at the beginning of the day after adjusting for current capital share activity of the respective classes. Class specific expenses are charged directly to the applicable class of shares.

299

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Foreign currency translation—The books and records of the Portfolios are maintained in US dollars. Foreign currency amounts are translated into US dollars as follows: (1) the foreign currency market value of investment securities and other assets and liabilities stated in foreign currencies are translated into US dollars based on the current exchange rates each business day; and (2) purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. The resulting exchange gains and losses are included in the Statement of operations.

The Portfolios do not generally isolate the effect of fluctuations in foreign exchange rates from the effect of the changes in the market prices of securities. However, the Portfolios do isolate the effect of fluctuations in foreign exchange rates when determining the realized gain or loss upon the sale or maturity of foreign currency-denominated securities pursuant to US federal income tax regulations. Net realized foreign currency transaction gain (loss) is treated as ordinary income (loss) for income tax reporting purposes.

Concentration of risk—Investing in securities of foreign issuers and currency transactions may involve certain considerations and risks not typically associated with investments in the United States. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region, which could cause the securities and their markets to be less liquid and prices more volatile than those of comparable US companies and US government securities. These risks are greater with respect to securities of issuers located in emerging market countries in which some Funds in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

The ability of the issuers of debt securities held by the Portfolios' to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

Investments in bonds with ratings of BB (Standard & Poor's Financial Services LLC or Fitch Ratings, Inc.) or Ba (Moody's Investors Service, Inc.) or below (commonly referred to as "high yield" bonds), or deemed of equivalent quality, have an increased risk of defaulting or otherwise being unable to honor a financial obligation. These securities are considered to be predominantly speculative with respect to an issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Lower-quality bonds are more likely to be subject to an issuer's default or downgrade than investment grade (higher-quality) bonds.

Many financial instruments, financings or other transactions to which a Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). LIBOR is widely used in financial markets. In July 2017, the United Kingdom's financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may

300

PACE Select Advisors Trust

Notes to financial statements (unaudited)

cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Portfolio's performance or NAV. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30 , 2023, with the remainder of LIBOR publications to still end at the end of 2021.

Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Portfolios' investments. The extent of the impact to the financial performance of the Portfolio will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

At January 31, 2022, PACE Global Fixed Income Investments, PACE Strategic Fixed Income Investments, PACE International Equity Investments, PACE International Emerging Markets Equity Investments and PACE Alternative Strategies Investments had exposure to Russian or Ukrainian securities. Such exposure was limited to less than 1% of each such Fund's assets as of such date, with the exception of PACE International Emerging Markets Equity Investments. PACE International Emerging Markets Equity Investments had 3.8% of its assets in such securities as of January 31, 2022, which holdings were subsequently sold or declined in value to represent under 1% of that Fund's assets. The escalating conflict between Ukraine and the Russian Federation, especially after Russia invaded Ukraine in March 2022, has resulted in significant volatility and uncertainty in financial markets. NATO, EU and G7 member countries have imposed severe and coordinated sanctions against Russia. Restrictive measures have also been imposed by Russia, and some securities traded in that country have materially declined in value and/or may no longer be tradable. These actions have resulted in significant disruptions to investing activities and businesses with operations in Russia. The longer-term impact to geopolitical norms, supply chains and investment valuations is uncertain.

Valuation of investments

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

Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), UBS Government Money Market Investments Fund has adopted a policy to operate as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", UBS Government Money Market Investments Fund values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

Each Portfolio (other than UBS Government Money Market Investments Fund) calculates its net asset value based on the current market value, where available, for its Portfolio investments. The Portfolios normally obtain market values for their investments from independent pricing sources and broker-dealers. Independent pricing sources may use

301

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 Portfolio's 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

302

PACE Select Advisors Trust

Notes to financial statements (unaudited)

swap is valued at fair value as determined in good faith by or under the direction of the Board. Centrally cleared swaps are valued using prices from the clearing houses.

The Board has delegated to the Equities, Fixed Income, and Multi-Asset Valuation Committee ("VC") the responsibility for making fair value determinations 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 value determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

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

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

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

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

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

Investments

Asset-backed securities—Certain Portfolios may invest in asset-backed securities ("ABS"), representing interests in pools of certain types of underlying installment loans, home equity loans, leases of various types of real and personal property and receivables from revolving lines of credit (credit cards). Such assets are securitized through the use of trusts or special purpose corporations. The yield characteristics of ABS differ from those of traditional debt securities. One such major difference is that principal may be prepaid at any time because the underlying obligations generally may be prepaid at any time. ABS may decrease in value as a result of increases in interest rates and may benefit less than other fixed-income securities from declining interest rates because of the risk of prepayment.

Loan assignments and participations—Certain Portfolios may invest in secured or unsecured fixed or floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity and one or more financial institutions ("Lenders") which may be in the form of participations ("Participations") in Loans or assignments ("Assignments") of all or a portion of Loans from third parties. A Portfolio may invest in multi-

303

PACE Select Advisors Trust

Notes to financial statements (unaudited)

ple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio . However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

Mortgage-backed securities—Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

The yield characteristics of MBS differ from those of traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying mortgage loans or other obligations generally may be prepaid at any time. Prepayments on a pool of mortgage loans are influenced by a variety of economic, geographic, social and other factors. Generally, prepayments on fixed-rate mortgage loans will increase during a period of falling interest rates and decrease during a period of rising interest rates. Certain classes of CMOs and other MBS are structured in a manner that makes them extremely sensitive to changes in prepayment rates. Such classes include interest-only ("IO") and principal-only ("PO") classes. IOs are entitled to receive all or a portion of the interest, but none (or only a nominal amount) of the principal payments, from the underlying mortgage assets. If the mortgage assets underlying an IO experience greater than anticipated principal prepayments, then the total amount of interest payments allocable to the IO class, and therefore the yield to investors, generally will be reduced. Conversely, PO classes are entitled to receive all or a portion of the

304

PACE Select Advisors Trust

Notes to financial statements (unaudited)

principal payments, but none of the interest, from the underlying mortgage assets. PO classes are purchased at substantial discounts from par, and the yield to investors will be reduced if principal payments are slower than expected.

Real estate investment trusts—Certain Portfolios may invest in real estate investment trusts ("REITs"). Distributions from a REIT are initially recorded as dividend income and may subsequently be recharacterized by the REIT at the end of its tax year as a return of capital and/or capital gains. The Portfolio estimates the character of dividends received from REITs for financial reporting purposes based on the distribution history of each REIT. Once actual distribution characterizations are made available by the REITs, typically after calendar year end, the Portfolio updates its accounting and/or tax books and records.

Repurchase agreements—The Portfolios may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolios maintain custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolios and their counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price. Certain Portfolios obtain securities on terms that allow it to resell or repledge the securities to others.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by a Portfolios upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolios generally have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or a Portfolio's investment strategies and limitations, may require the Portfolios to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any) becomes insolvent, the Portfolios may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Each Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks .

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its Portfolios at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

Reverse repurchase agreements—Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's cus-

305

PACE Select Advisors Trust

Notes to financial statements (unaudited)

todian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

During the period ended January 31, 2022, there were no outstanding reverse repurchase agreements.

Securities traded on to-be-announced basis—Certain Portfolios may from time to time purchase, or short sell, securities on a to-be-announced ("TBA") basis. In a TBA transaction, the Portfolio commits to purchasing securities for which all specific information is not yet known at the time of the trade, particularly the face amount and maturity date of the underlying securities. Securities purchased on a TBA basis are not settled until they are delivered to the Portfolio , normally 15 to 45 days later. Beginning on the date the Portfolio enters into a TBA transaction, cash, U.S. government securities or other liquid securities are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are subject to market fluctuations and their current value is determined in the same manner as for other securities.

Short sales "against the box"—Each Portfolio (other than UBS Government Money Market Investments Fund and PACE Municipal Fixed Income Investments) may engage in short sale transactions of securities it owns or has the right to acquire at no added cost through conversion or exchange of other securities it owns (short sales "against the box"). A Portfolio might make a short sale "against the box" to hedge against market risks when its subadvisor believes that the price of a security may decline, thereby causing a decline in the value of a security owned by the Portfolio or a security convertible into or exchangeable for a security owned by the Portfolio .

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. Any loss in the Portfolio's long position after the short sale should be reduced by a corresponding gain in the short position. Conversely, any gain in the long position after the short sale should be reduced by a corresponding loss in the short position. When a Portfolio sells short, it establishes a margin account with the broker effecting the short sale and deposits collateral with the broker. In addition, the Portfolio maintains, in a segregated account with its custodian, the securities that could be used to cover the short sale. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expense, in connection with opening, maintaining and closing short sales "against the box". These dividends and interest are booked as an expense or liability to the Portfolio .

Treasury Inflation Protected Securities—The Portfolios may purchase Treasury inflation protected securities ("TIPS") which are debt securities issued by the US Treasury. TIPS adjust for inflation based on changes in the published Consumer Price Index ("CPI"). During periods of inflation when the CPI index increases, the principal amount of the debt to which the rate of interest is applied increases, which in turn increases the yield. During periods of deflation when the CPI index decreases, the principal amount of the debt to which the rate of interest is applied decreases, which in turn lowers the yield. At maturity, TIPS return the higher of the principal amount at maturity or the initial face amount of the debt.

Treasury roll transactions—Certain Portfolios may enter into treasury roll transactions. In a treasury roll transaction, a Portfolio sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and date. The Portfolio receives cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase and sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Portfolio and the counterparty over the term of the borrowing. The Portfolio will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Portfolio. If the interest expense exceeds the income earned, the Portfolio's net investment income and dividends to shareholders may be adversely impacted.

306

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Treasury roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase may decline below the agreed upon repurchase price of those securities. During the period ended January 31, 2022, treasury roll transactions were not utilized.

Uncovered short sales—PACE Mortgage-Backed Securities Fixed Income Investments (with respect to securities issued by the US Treasury and TBA securities coupon trades), PACE Large Co Value Equity Investments, PACE International Equity Investments, PACE Global Real Estate Securities Investments and PACE Alternative Strategies Investments may engage in short sale transactions in which the Portfolio sells a security it does not own (or does not have the right to acquire at no added cost), in anticipation of a decline in the security's price.

The Portfolio must borrow the security to make delivery to the buyer. The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of this liability are recorded as unrealized appreciation or depreciation on the Statement of operations. The Portfolio will realize a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security, and the Portfolio will realize a gain if the security declines in price between those same dates. Each Portfolio segregates collateral, consisting of cash or liquid assets, sufficient to collateralize the market value of the investments sold short. Each Portfolio incurs transaction costs, including dividend expense, borrowing costs and interest expenses in connection with opening, maintaining and closing short sales. These dividends and interest are booked as an expense or liability to the Portfolio.

Because a Portfolio's loss on a short sale arises from increases in the value of the investment sold short, such loss, like the potential increase in price of the security sold short, is theoretically unlimited. The Portfolio's investments held long could also decline in value at the same time the value of the investment sold short increases, thereby increasing the Portfolio's potential for loss. There is also the risk that the counterparty to a short sale transaction may fail to honor its contract terms, causing a loss to the Portfolio. In addition, PACE Large Co Value Equity Investments and PACE International Equity Investments may invest the proceeds received upon the initial sale of the security, resulting in leverage and increasing each Portfolio's return and loss potential. PACE Large Co Value Equity Investments and PACE International Equity Investments may also engage in short sale transactions that are effected through their custodian and may deliver cash received in connection with its securities lending activity to the custodian as collateral to secure the short sale transactions.

For the period ended January 31, 2022, PACE Large Co Value Equity Investments and PACE Global Real Estate Securities Investments did not engage in uncovered short sale transactions.

Unfunded loan commitments—A Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding at the option of the borrower. Unfunded loan commitments represent a future obligation, in full, even though a percentage of the committed amount may not be utilized by the borrower. Unfunded loan commitments, and the obligation for future funding, are recorded as a liability on the Statement of assets and liabilities at par value at the time the commitment is entered into. Purchases of unfunded loan commitments may have a similar effect on the Portfolio's NAV as if the Portfolio had created a degree of leverage in the portfolio. Market risk exists with these commitments to the same extent as if the securities were owned on a settled basis. Losses may arise due to changes in the value of the unfunded loan commitments.

Under the terms of the contract, the Portfolio has the option to assign (sell) all or portion of the unfunded loan commitment. Upon the completion of such assignment, the Portfolio is released from its rights and obligations pertaining to the portion of the unfunded loan commitment assigned. When the Portfolio sells a portion of an unfunded loan commitment, the portion sold is removed from the Portfolio of investments and the unsettled amount is reflected as unfunded loan commitments sold on the Statement of assets and liabilities until settlement date. Once settled, the portion of the unfunded loan commitment assigned is relieved from the Portfolio's unfunded loan commitments liability.

307

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Derivative instruments

Purchased options—Certain Portfolios may purchase put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument.

The Portfolios pay a premium which is included on the Statement of assets and liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Purchased options are shown as portfolio holdings within the Portfolio of investments and are included in the Statement of assets and liabilities in investments, at value.

The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, security or currency transaction to determine the realized gain or loss.

Option writing—Certain Portfolios may write (sell) put and call options, including, but not limited to, options on foreign or US securities, indices, foreign currencies, options on futures contracts and options on swap agreements (commonly referred to as swaptions), in order to gain exposure to or protect against changes in the markets or in an attempt to enhance income or gains.

When a Portfolio writes a call or a put option, an amount equal to the premium received by the Portfolio is included on the Portfolio's Statement of assets and liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. If an option which the Portfolio has written either expires on its stipulated expiration date or the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished. If a call option, which a Portfolio has written, is exercised, the Portfolio recognizes a realized gain or loss (long-term or short-term, depending on the holding period of the underlying security) from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received. If a put option, which a Portfolio has written, is exercised, the amount of the premium originally received reduces the cost of the security or derivative instrument which the Portfolio purchases upon exercise of the option.

In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the derivative instrument, security, or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a derivative instrument, security or currency at a price different from current market value.

In the normal course of trading activities, the Portfolio trades and holds certain fair valued derivative contracts that constitute guarantees. Such contracts include written put options, where the Portfolio will be obligated to purchase securities at specified prices (i.e. the options are exercised by the counterparties). It also includes written swaptions, where the Portfolio will be obligated to enter into a swap agreement.

The maximum payout for written put options is limited to the number of put option contracts written and the related strike prices, respectively. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event. At January 31, 2022, PACE Mortgage-Backed Securities Fixed Income Investments, PACE Strategic Fixed Income Investments and PACE Alternative Strategies Investments had maximum payout amounts of approximately $10,435,280,000, $1,385,580 and $22,950,424 respectively, relating to written put option contracts.

Futures contracts—Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or real-

308

PACE Select Advisors Trust

Notes to financial statements (unaudited)

ized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio , depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

Using futures contracts involves various risks, including market, interest rate and equity risks. Risks of entering into futures contracts include the possibility that there may be an illiquid market or that a change in the value of the contract may not correlate with changes in the value of the underlying securities. To the extent that market prices move in an unexpected direction, there is a risk that a Portfolio will not achieve the anticipated benefits of the futures contract or may realize a loss.

Futures contracts, if any, are shown as fund holdings within the Portfolio of investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statement of Assets and Liabilities.

Swap agreements—Certain Portfolios may engage in swap agreements, including, but not limited to, interest rate, credit default, total return. A Portfolio expects to enter into these transactions to preserve a return or spread on a particular investment or to hedge a portion of the Portfolio's duration, to protect against any increase in the price of securities the Portfolio anticipates purchasing at a later date, to gain exposure to certain markets in the most economical way possible or in an attempt to enhance income or gains.

The Portfolios accrue for interim payments on swap agreements on a daily basis, with the net amount recorded within unrealized appreciation or depreciation of swap agreements. Once interim payments are settled in cash, the net amount is recorded as realized gain/loss on swap agreements, in addition to realized gain/loss recorded upon the termination of swap agreements on the Statement of operations. Fluctuations in the value of swap agreements are recorded for financial statement purposes as unrealized appreciation or depreciation on swap agreements.

Certain Portfolios may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect themselves from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.

Credit default swap agreements involve commitments to make or receive payments in the event of a default of a security or other credit event of the referenced obligation. As a buyer, the Portfolio would make periodic payments to the counterparty, and the Portfolio would receive payments only upon the occurrence of a default or credit event. If no default or credit event occurs, the Portfolio will lose its periodic stream of payments over the term of the contract. However, if a default or a credit event does occur, the Portfolio typically would receive full notional value for the referenced obligation that may have little or no value. As a seller, the Portfolio would receive periodic payments from the counterparty, and the Portfolio would make payments only upon the occurrence of a default or a credit event. If no default or credit event occurs, the Portfolio will gain the periodic stream of payments it received over the term of the contract and the counterparty will lose its periodic stream of payments over the term of the contract. However, if a default or credit event occurs, the Portfolio typically would pay full notional value for the referenced obligation that may have little or no value. Credit default swap agreements may involve greater risks than if the Portfolio had invested in the referenced obligation directly and are subject to general market risk, liquidity risk and credit risk.

309

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of referenced credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swap agreements on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swap agreements on credit indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Credit default swap agreements on corporate issues or sovereign issues of an emerging market country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swap agreements on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement, which may exceed the amount of the value reflected on the Statement of assets and liabilities. Notional amounts of all credit default swap agreements outstanding as of the period end for which a Portfolio is the seller of protection are disclosed under the section "Credit default swap agreements on corporate issues and credit indices—sell protection" in the Portfolio of investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into, if any, by a Portfolio for the same referenced entity or entities.

Total return swap agreements involve commitments to pay or receive interest in exchange for a market-linked return based on a notional amount. To the extent the total return of the security or index underlying the transactions exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty, respectively. Total return swap agreements are marked-to-market daily, and the change, if any, is recorded as unrealized appreciation or depreciation. Total return swap agreements are subject to general market risk, liquidity risk, counterparty risk, interest rate risk, credit risk and the risk that there may be unfavorable changes in the underlying investments or instruments.

Variance swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a "fixed rate" or strike price payment for the "floating rate" or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Portfolio would receive the payoff amount when the realized price variance of the underlying asset is

310

PACE Select Advisors Trust

Notes to financial statements (unaudited)

greater than the strike price and would owe the payoff amount when the realized price variance of the underlying asset is less than the strike price. As a payer of the realized price variance the Portfolio would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike price.

The use of swap agreements involves investment techniques, risks, and transaction costs different from those associated with ordinary portfolio security transactions, including assumptions about market conditions, interest rates, and other applicable factors. As a result, the performance of the Portfolio will be different than if it had used ordinary portfolio security transactions. OTC swap agreements do not involve the delivery of securities and are subject to counterparty risk. If the other party to a swap agreement defaults and fails to consummate the transaction, the Portfolio's risk of loss will consist of the net amount of interest or other payments that the Portfolio is contractually entitled to receive. Therefore, the Portfolio would consider the creditworthiness of the counterparty to a swap agreement in evaluating potential credit risk.

Certain clearinghouses offer clearing for limited types of derivatives transactions, such as interest rate and credit default swap agreements. Centrally cleared swap agreements must be transacted through a futures commission merchant ("FCM") and cleared through a clearinghouse that serves as a central counterparty. The performance of a centrally cleared swap transaction is effectively guaranteed by a central clearinghouse, thereby reducing the Portfolio's exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. Centrally cleared swap agreements, if any, are reported on the Statement of assets and liabilities based on variation margin received or paid, if any.

Forward foreign currency contracts—Certain Portfolios may enter into forward foreign currency contracts as part of their investment objective, for purposes of risk management or to hedge the US dollar value of portfolio securities denominated in a particular currency. Generally, a forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Non-deliverable forward foreign currency contracts are settled with the counterparty in US dollars, or another fully convertible currency, without the physical delivery of foreign currency.

Fluctuations in the value of open forward foreign currency contracts are recorded daily for book purposes as unrealized appreciation or depreciation on forward foreign currency contracts by the Portfolios. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Portfolios on contracts which have been sold or matured.

Risks may arise upon entering into forward foreign currency contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of foreign currencies relative to the US dollar or each other.

Derivatives by underlying risk—Investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of operations. Under US GAAP, investment companies do not qualify for hedge accounting. Accordingly, even though Portfolio's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for purposes of disclosure under US GAAP.

The volume of derivatives as disclosed in each Portfolio's portfolio of investments is representative of the volume of derivatives outstanding during the period ended January 31, 2022.

Swap agreements, forward foreign currency contracts, swaptions and options written entered into by the Portfolios may contain credit-risk related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value thresholds. If triggered, the derivative counterparty could request additional cash margin and/or terminate the derivative contract. The aggregate fair value of the derivative contracts

311

PACE Select Advisors Trust

Notes to financial statements (unaudited)

that are in a net liability position that contain these triggers can be found in the Portfolio's Portfolio of investments. The aggregate fair value of assets that are already posted as collateral as of January 31, 2022 is reflected in the Statement of assets and liabilities.

At January 31, 2022, the Portfolio had the following derivatives categorized by underlying risk:

Asset derivatives¹

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	992,038	$	—	$	—	$	—	$	992,038
Futures contracts		62,109		—		—		—		62,109
Swap agreements		1,319,669		—		—		—		1,319,669
Total value	$	2,373,816	$	—	$	—	$	—	$	2,373,816
PACE Intermediate Fixed Income Investments
Options and swaptions purchased	$	1,104,660	$	—	$	—	$	—	$	1,104,660
Futures contracts		458,354		—		—		—		458,354
Swap agreements		1,842,997		—		152,722		—		1,995,719
Forward foreign currency contracts		—		97,504		—		—		97,504
Total value	$	3,406,011	$	97,504	$	152,722	$	—	$	3,656,237
PACE Strategic Fixed Income Investments
Futures contracts	$	1,432,125	$	—	$	—	$	—	$	1,432,125
Swap agreements		198,983		—		2,546,621		—		2,745,604
Forward foreign currency contracts		—		905,557		—		—		905,557
Total value	$	1,631,108	$	905,557	$	2,546,621	$	—	$	5,083,286
PACE Global Fixed Income Investments
Futures contracts	$	340,265	$	—	$	—	$	—	$	340,265
Forward foreign currency contracts		—		1,146,862		—		—		1,146,862
Total value	$	340,265	$	1,146,862	$	—	$	—	$	1,487,127
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	373,802	$	—	$	—	$	373,802
PACE International Emerging Markets Equity Investments
Forward foreign currency contracts	$	—	$	8	$	—	$	—	$	8
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—	$	—	$	—	$	1,438,344	$	1,438,344
Futures contracts		242,538		—		—		1,506,909		1,749,447
Swap agreements		1,418,621		—		179,984		3,147,444		4,746,049
Forward foreign currency contracts		—		4,612,734		—		—		4,612,734
Total value	$	1,661,159	$	4,612,734	$	179,984	$	6,092,697	$	12,546,574

¹  In the Statement of assets and liabilities, options and swaptions purchased are shown within investments, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown using unrealized appreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative

312

PACE Select Advisors Trust

Notes to financial statements (unaudited)

appreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

Liability derivatives¹

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total value
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions written	$	(960,682	)	$	—		$	—		$	—		$	(960,682	)
Swap agreements		(1,226,465	)		—			—			—			(1,226,465	)
Total	$	(2,187,147	)	$	—		$	—		$	—		$	(2,187,147	)
PACE Intermediate Fixed Income Investments
Options and swaptions written	$	(1,758,431	)	$	—		$	—		$	—		$	(1,758,431	)
Futures contracts		(366,347	)		—			—			—			(366,347	)
Swap agreements		(1,069,759	)		—			(60,838	)		—			(1,130,597	)
Forward foreign currency contracts		—			(1,859	)		—			—			(1,859	)
Total	$	(3,194,537	)	$	(1,859	)	$	(60,838	)	$	—		$	(3,257,234	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(276,880	)	$	—		$	—		$	—		$	(276,880	)
Futures contracts		(2,895,895	)		—			—			—			(2,895,895	)
Swap agreements		(376,530	)		—			(289,213	)		(96,773	)		(762,516	)
Forward foreign currency contracts		—			(937,404	)		—			—			(937,404	)
Total	$	(3,549,305	)	$	(937,404	)	$	(289,213	)	$	(96,773	)	$	(4,872,695	)
PACE Global Fixed Income Investments
Futures contracts	$	(236,277	)	$	—		$	—		$	—		$	(236,277	)
Forward foreign currency contracts		—			(1,598,445	)		—			—			(1,598,445	)
Total	$	(236,277	)	$	(1,598,445	)	$	—		$	—		$	(1,834,722	)
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	(641	)	$	—		$	—		$	(641	)
PACE International Emerging Markets Equity Investments
Forward foreign currency contracts	$	—		$	(73	)	$	—		$	—		$	(73	)
PACE Alternative Strategies Investments
Options and swaptions written	$	—		$	—		$	—		$	(1,547,636	)	$	(1,547,636	)
Futures contracts		—			—			—			(343,459	)		(343,459	)
Swap agreements		(1,576,312	)		—			—			(4,866,012	)		(6,442,324	)
Forward foreign currency contracts		—			(4,939,703	)		—			—			(4,939,703	)
Total	$	(1,576,312	)	$	(4,939,703	)	$	—		$	(6,757,107	)	$	(13,273,122	)

¹  In the Statement of assets and liabilities, options and swaptions written are shown within options and swaptions written, at value, swap agreements (except centrally cleared swap agreements) are shown within swap agreements, at value, while forward foreign currency contracts are shown within unrealized depreciation on forward foreign currency contracts. Futures contracts are reported in the table above using cumulative depreciation of futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be paid, if any, is reported within the Statement of assets and liabilities.

313

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2022, net realized gain (loss) from derivatives were as follows:

Realized gain (loss)¹

	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk			Total
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions Purchased	$	(503,320	)	$	—		$	—	$	—		$	(503,320	)
Options and swaptions written		1,193,746			—			—		—			1,193,746
Futures contracts		19,713			—			—		—			19,713
Swap agreements		64,711			—			—		—			64,711
Total net realized gains (loss)	$	774,850		$	—		$	—	$	—		$	774,850
PACE Intermediate Fixed Income Investments
Options and swaptions Purchased	$	6,196		$	—		$	—	$	—		$	6,196
Options and swaptions written		331,797			—			—		—			331,797
Futures contracts		(396,497	)		—			—		—			(396,497	)
Swap agreements		(199,413	)		—			4,724		—			(194,689	)
Forward foreign currency contracts		—			1,390,367			—		—			1,390,367
Total net realized gains (loss)	$	(257,917	)	$	1,390,367		$	4,724	$	—		$	1,137,174
PACE Strategic Fixed Income Investments
Options and swaptions written	$	18,109		$	—		$	—	$	—		$	18,109
Futures contracts		(428,278	)		—			—		—			(428,278	)
Swap agreements		120,862			—			272,201		—			393,063
Forward foreign currency contracts		—			498,136			—		—			498,136
Total net realized gains (loss)	$	(289,307	)	$	498,136		$	272,201	$	—		$	481,030
PACE Global Fixed Income Investments
Futures contracts	$	1,989,306		$	—		$	—	$	—		$	1,989,306
Forward foreign currency contracts		—			1,286,621			—		—			1,286,621
Total net realized gains (loss)	$	1,989,306		$	1,286,621		$	—	$	—		$	3,275,927
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	3,059,436		$	—	$	—		$	3,059,436
PACE International Equity Investments
Forward foreign currency contracts	$	—		$	(6,331	)	$	—	$	—		$	(6,331	)
PACE Alternative Strategies Investments
Options and swaptions Purchased	$	—		$	—		$	—	$	(437,389	)	$	(437,389	)
Options and swaptions written		—			—			—		690,548			690,548
Futures contracts		164,688			—			—		(1,621,429	)		(1,456,741	)
Swap agreements		1,058,968			—			93,669		(2,597,588	)		(1,444,951	)
Forward foreign currency contracts		—			456,330			—		—			456,330
Total net realized gains (loss)	$	1,223,656		$	456,330		$	93,669	$	(3,965,858	)	$	(2,192,203	)

¹  The net realized gain (loss) is shown in the Statement of operations in net realized gain (loss) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The net realized gain (loss) on options and swaptions purchased is shown in the Statement of operations in net realized gain (loss) on investments.

314

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2022, net unrealized appreciation (depreciation) from derivatives were as follows:

Net change in unrealized appreciation (depreciation)¹

	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
PACE Mortgage-Backed Securities Fixed Income Investments
Options and swaptions purchased	$	1,155,641		$	—		$	—		$	—		$	1,155,641
Options and swaptions written		(618,110	)		—			—			—			(618,110	)
Futures contracts		154,588			—			—			—			154,588
Swap agreements		(211,407	)		—			—			—			(211,407	)
Net change in appreciation (depreciation)	$	480,712		$	—		$	—		$	—		$	480,712
PACE Intermediate Fixed Income Investments
Options and swaptions purchased	$	(781,625	)	$	(34,119	)	$	—		$	—		$	(815,744	)
Options and swaptions written		(702,434	)		53,291			—			—			(649,143	)
Futures contracts		706,706			—			—			—			706,706
Swap agreements		674,372			—			17,389			—			691,761
Foreign forward currency contracts		—			(356,497	)		—			—			(356,497	)
Net change in appreciation (depreciation)	$	(102,981	)	$	(337,325	)	$	17,389		$	—		$	(422,917	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(81,332	)	$	—		$	—		$	—		$	(81,332	)
Futures contracts		(2,286,105	)		—			—			—			(2,286,105	)
Swap agreements		307,232			—			(606,563	)		(110,821	)		(410,152	)
Foreign forward currency contracts		—			65,337			—			—			65,337
Net change in appreciation (depreciation)	$	(2,060,205	)	$	65,337		$	(606,563	)	$	(110,821	)	$	(2,712,252	)
PACE Global Fixed Income Investments
Futures contracts	$	347,392		$	—		$	—		$	—		$	347,392
Foreign forward currency contracts		—			(280,743	)		—			—			(280,743	)
Net change in appreciation (depreciation)	$	347,392		$	(280,743	)	$	—		$	—		$	66,649
PACE High Yield Investments
Foreign forward currency contracts	$	—		$	552,927		$	—		$	—		$	552,927
PACE International Emerging Markets Equity Investments
Foreign forward currency contracts	$	—		$	(65	)	$	—		$	—		$	(65	)
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—		$	—		$	—		$	(848,916	)	$	(848,916	)
Options and swaptions written		—			—			—			538,363			538,363
Futures contracts		56,811			—			—			1,076,736			1,133,547
Swap agreements		(634,159	)		—			(153,020	)		(25,194	)		(812,373	)
Foreign forward currency contracts		—			(341,521	)		—			—			(341,521	)
Net change in appreciation (depreciation)	$	(577,348	)	$	(341,521	)	$	(153,020	)	$	740,989		$	(330,900	)

315

PACE Select Advisors Trust

Notes to financial statements (unaudited)

¹  The change in net unrealized appreciation (depreciation) is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on futures contracts, options and swaptions written, swap agreements and forward foreign currency contracts, unless otherwise noted. The change in net unrealized appreciation (depreciation) of options and swaptions purchased is shown in the Statement of operations in change in net unrealized appreciation (depreciation) on investments.

Offsetting of certain derivatives—The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements with its OTC derivative contract counterparties in order to, among other things, reduce their credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. The Statement of assets and liabilities is presented gross of any netting.

At January 31, 2022, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	2,373,816		$	(2,187,147	)
Derivatives not subject to a MNA or similar agreements		(1,381,778	)		1,226,465
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	992,038		$	(960,682	)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BOA	$	104,794		$	(104,794	)	$	—	$	—
CITI		45,966			(45,966	)		—		—
GS		24,728			(24,728	)		—		—
GSI		55,605			(55,605	)		—		—
JPMCB		111,471			(111,471	)		—		—
MSCI		649,474			(87,936	)		—		561,538
Total	$	992,038		$	(430,500	)	$	—	$	561,538
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BOA	$	(337,825	)	$	104,794		$	—	$	(233,031	)
CITI		(221,123	)		45,966			—		(175,157	)
GS		(27,462	)		24,728			2,734		—
GSI		(66,576	)		55,605			—		(10,971	)
JPMCB		(219,760	)		111,471			—		(108,289	)
MSCI		(87,936	)		87,936			—		—
Total	$	(960,682	)	$	430,500		$	2,734	$	(527,448	)

316

PACE Select Advisors Trust

Notes to financial statements (unaudited)

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

PACE Intermediate Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	3,656,237		$	(3,257,234	)
Derivatives not subject to a MNA or similar agreements		(2,451,304	)		1,496,944
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,204,933		$	(1,760,290	)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BNP	$	97,504		$	—		$	—	$	97,504
BOA		479,829			(479,829	)		—		—
GS		306,499			(306,499	)		—		—
GSI		35,497			(35,497	)		—		—
JPMCB		285,604			(285,604	)		—		—
Total	$	1,204,933		$	(1,107,429	)	$	—	$	97,504
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BOA	$	(571,098	)	$	479,829		$	—	$	(91,269	)
GS		(322,425	)		306,499			—		(15,926	)
GSI		(46,238	)		35,497			—		(10,741	)
JPMCB		(820,529	)		285,604			—		(534,925	)
Total	$	(1,760,290	)	$	1,107,429		$	—	$	(652,861	)

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

317

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	5,083,286		$	(4,872,695	)
Derivatives not subject to a MNA or similar agreements		(4,177,729	)		3,446,579
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	905,557		$	(1,426,116	)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BNP	$	96,415		$	(96,415	)	$	—	$	—
BOA		161,099			(80,959	)		—		80,140
CITI		86,232			(75,046	)		—		11,186
CSI		242,094			(29,264	)		—		212,830
GSI		144,675			(144,675	)		—		—
HSBC		52,387			(52,387	)		—		—
JPMCB		122,655			(122,655	)		—		—
Total	$	905,557		$	(601,401	)	$	—	$	304,156
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BNP	$	(306,611	)	$	96,415		$	—	$	(210,196	)
BOA		(80,959	)		80,959			—		—
CITI		(75,046	)		75,046			—		—
CSI		(29,264	)		29,264			—		—
GSI		(680,599	)		144,675			—		(535,924	)
HSBC		(84,819	)		52,387			—		(32,432	)
JPMCB		(153,987	)		122,655			—		(31,332	)
MSCI		(14,831	)		—			14,831		—
Total	$	(1,426,116	)	$	601,401		$	14,831	$	(809,884	)

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

318

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2022, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE Global Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	1,487,127		$	(1,834,722	)
Derivatives not subject to a MNA or similar agreements1		(340,265	)		236,277
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	1,146,862		$	(1,598,445	)

The following tables present the Portfolio's derivative liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BB	$	123,799		$	(123,799	)	$	—	$	—
BNP		173,530			(147,795	)		—		25,735
BOA		28,803			—			—		28,803
CITI		462,865			(73,261	)		—		389,604
GSI		194,142			(173,673	)		—		20,,469
HSBC		23,015			(23,015	)		—		—
RBC		2,350			(1,661	)		—		689
SCB		4,215			(4,215	)		—		—
SSC		112,045			(112,045	)		—		—
TD		22,098			(17,197	)		—		4,901
Total	$	1,146,862		$	(676,661	)	$	—	$	470,201
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
ANZ	$	(7,389	)	$	—		$	—	$	(7,389	)
BB		(206,630	)		123,799			—		(82,831	)
BNP		(147,795	)		147,795			—		—
CITI		(73,261	)		73,261			—		—
GSI		(173,673	)		173,673			—		—
HSBC		(790,721	)		23,015			—		(767,706	)
RBC		(1,661	)		1,661			—		—
SCB		(48,655	)		4,215			—		(44,440	)
SSC		(131,463	)		112,045			—		(19,418	)
TD		(17,197	)		17,197			—		—
Total	$	(1,598,445	)	$	676,661		$	—	$	(921,784	)

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

319

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2022, derivative assets and liabilities (by type) on a gross basis and derivatives subject to an enforceable master netting arrangement ("MNA") or similar were as follows:

PACE High Yield Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	373,802		$	(641	)
Derivatives not subject to a MNA or similar agreements1		(373,802	)		641
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

PACE International Emerging Markets Equity Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	8		$	(73	)
Derivatives not subject to a MNA or similar agreements		(8	)		73
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	—		$	—

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

PACE Alternative Strategies Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	12,546,574		$	(13,273,122	)
Derivatives not subject to a MNA or similar agreements1		(3,348,052	)		1,919,771
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	9,198,522		$	(11,353,351	)

320

PACE Select Advisors Trust

Notes to financial statements (unaudited)

The following tables present the Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Portfolio as of the period end.

Counterparty	Gross amount of assets			Financial instruments and derivatives available for offset			Collateral received2		Net amount of assets
BB	$	2,268,872		$	(2,268,872	)	$	—	$	—
BNP		78,636			(78,636	)		—		—
BOA		299,669			(250,988	)		—		48,681
CITI		11,654			(11,654	)		—		—
GS		5,038			(5,038	)		—		—
JPMCB		4,193,094			(4,193,094	)		—		—
MSCI		2,314,173			(2,314,173	)		—		—
SG		27,386			(27,386	)		—		—
Total	$	9,198,522		$	(9,149,841	)	$	—	$	48,681
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BB	$	(2,818,974	)	$	2,268,872		$	—	$	(550,102	)
BNP		(141,272	)		78,636			60,000		(2,636	)
BOA		(250,988	)		250,988			—		—
CITI		(18,416	)		11,654			—		(6,762	)
GS		(148,235	)		5,038			143,197		—
JPMCB		(4,926,724	)		4,193,094			733,630		—
MSCI		(2,616,065	)		2,314,173			301,892		—
SG		(432,677	)		27,386			—		(405,291	)
Total	$	(11,353,351	)	$	9,149,841		$	1,238,719	$	(964,791	)

¹  In the Statement of assets and liabilities, options purchased are shown within investments of unaffiliated issuers, as value, swap agreements (except centrally cleared swap agreements) are shown within outstanding swap agreements, at value, while forward foreign currency contracts are shown within unrealized appreciation of forward foreign currency contracts. Futures contracts are reported in the table above using cumulative appreciation on futures contracts and centrally cleared swap agreements, if any, are reported at value, as reported in the futures contracts and centrally cleared swap agreements tables at the end of the Portfolio of investments, respectively, but only the variation margin to be received, if any, is reported within the Statement of assets and liabilities.

²  In some instances, the actual collateral received and/or pledged may be more than the amount shown and may be comprised of cash collateral, non-cash collateral or combination of both.

321

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Investment management and administration fees and other transactions with affiliates

The Trust has entered into an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, each Portfolio paid UBS AM investment management and administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of January 31, 2022:

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
UBS Government Money Market Investments Fund	0.250%
PACE Mortgage-Backed Securities Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion
PACE Intermediate Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Strategic Fixed Income Investments	0.650% up to $250 million 0.600% above $250 million up to $500 million 0.575% above $500 million up to $750 million 0.550% above $750 million up to $1 billion 0.525% above $1 billion up to $1.25 billion 0.500% above $1.25 billion
PACE Municipal Fixed Income Investments	0.550% up to $250 million 0.500% above $250 million up to $500 million 0.475% above $500 million up to $750 million 0.450% above $750 million up to $1 billion 0.425% above $1 billion
PACE Global Fixed Income Investments	0.750% up to $500 million 0.725% above $500 million up to $1 billion 0.700% above $1 billion
PACE High Yield Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Large Co Value Equity Investments	0.800% up to $250 million 0.770% above $250 million up to $500 million 0.730% above $500 million up to $1 billion 0.700% above $1 billion
PACE Large Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million up to $1 billion 0.750% above $1 billion up to $1.5 billion 0.725% above $1.5 billion up to $2 billion 0.700% above $2 billion
PACE Small/Medium Co Value Equity Investments	0.800% up to $500 million 0.775% above $500 million
PACE Small/Medium Co Growth Equity Investments	0.800% up to $500 million 0.775% above $500 million

322

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Annual rate as a percentage of each Portfolio's average daily net assets
PACE International Equity Investments	0.900% up to $500 million 0.875% above $500 million up to $1 billion 0.850% above $1 billion up to $1.5 billion 0.825% above $1.5 billion up to $2 billion 0.800% above $2 billion
PACE International Emerging Markets Equity Investments	1.100% up to $500 million 1.075% above $500 million up to $1 billion 1.050% above $1 billion up to $1.5 billion 1.025% above $1.5 billion up to $2 billion 1.000% above $2 billion
PACE Global Real Estate Securities Investments	0.800% up to $500 million 0.750% above $500 million up to $1 billion 0.725% above $1 billion up to $1.5 billion 0.700% above $1.5 billion up to $2 billion 0.675% above $2 billion
PACE Alternative Strategies Investments	1.400% up to $500 million 1.350% above $500 million up to $1 billion 1.300% above $1 billion up to $1.5 billion 1.275% above $1.5 billion up to $2 billion 1.250% above $2 billion

Under separate Subdvisory Agreements, with the exception of UBS Government Money Market Investments Fund, UBS AM (not the Portfolios) pays the following investment subadvisors a fee from the investment management and administration fees which UBS AM receives, which is accrued daily and paid monthly:

Portfolio	Investment subadvisor
PACE Mortgage-Backed Securities Fixed Income Investments	Pacific Investment Management Company LLC
PACE Intermediate Fixed Income Investments	BlackRock Financial Management, Inc.
PACE Strategic Fixed Income Investments	Neuberger Berman Investment Advisers LLC Pacific Investment Management Company LLC
PACE Municipal Fixed Income Investments	Insight North America LLC (formerly, Mellon Investments Corporation)
PACE Global Fixed Income Investments	J.P. Morgan Investment Management Inc.
PACE High Yield Investments	Nomura Corporate Research and Asset Management, Inc.
PACE Large Co Value Equity Investments	Artisan Partners, LP Pzena Investment Management, LLC Wellington Management Company LLP
PACE Large Co Growth Equity Investments	GQG Partners LLC J.P. Morgan Investment Management Inc. Polen Capital Management, LLC
PACE Small/Medium Co Value Equity Investments	Huber Capital Management LLC Kayne Anderson Rudnick, LLC Sapience Investments, LLC
PACE Small/Medium Co Growth Equity Investments	Calamos Advisors LLC Jacobs Levy Equity Management, Inc Riverbridge Partners, LLC
PACE International Equity Investments	Los Angeles Capital Management and Equity Research, Inc. Mondrian Investment Partners Ltd. Robert W. Baird & Co. Incorporated

323

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Investment subadvisor
PACE International Emerging Markets Equity Investments	ARGA Investment Management, LP Mondrian Investment Partners Ltd. RWC Asset Advisors (US) LLC William Blair & Company LLC
PACE Global Real Estate Securities Investments	MFS Investment Management
PACE Alternative Strategies Investments1	Aviva Investors Americas, LLC DLD Asset Management LP First Quadrant L.P. Kettle Hill Capital Management, LLC Magnetar Asset Management LLC PCJ Investment Counsel Ltd. Sirios Capital Management, L.P. Allspring Global Investments, LLC

¹  UBS Asset Management (Americas) Inc. has the authority to allocate a portion of the Portfolio's assets to unaffiliated actively- and passively-managed pooled investment vehicles and index futures.

At January 31, 2022, certain Portfolios owe, or are (owed by), UBS AM for investment management and administration fees, net of fee waivers/expense reimbursements and/or recoupments as follows:

Portfolio	Amounts due to (owed by) UBS AM
UBS Government Money Market Investments Fund	$	(77,321	)
PACE Mortgage-Backed Securities Fixed Income Investments		91,819
PACE Intermediate Fixed Income Investments		9,579
PACE Strategic Fixed Income Investments		259,422
PACE Municipal Fixed Income Investments		116,609
PACE Global Fixed Income Investments		116,616
PACE High Yield Investments		137,353
PACE Large Co Value Equity Investments		725,383
PACE Large Co Growth Equity Investments		781,028
PACE Small/Medium Co Value Equity Investments		325,508
PACE Small/Medium Co Growth Equity Investments		289,445
PACE International Equity Investments		715,096
PACE International Emerging Markets Equity Investments		226,012
PACE Global Real Estate Securities Investments		30,247
PACE Alternative Strategies Investments		422,300

PACE Alternative Strategies Investments and UBS AM have entered into a written fee waiver agreement pursuant to which UBS AM is voluntarily obligated to waive its management fees to the extent necessary to offset the cost savings to UBS AM for allocating a portion of the Portfolio's assets to other unaffiliated pooled investment vehicles and index futures. The fee waiver agreement may be terminated by the Portfolio's Board at any time and also will be terminated automatically upon the expiration or termination of the Portfolio's advisory contract with UBS AM. For the period ended January 31, 2022, UBS AM was contractually obligated to waive $84,276 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage

324

PACE Select Advisors Trust

Notes to financial statements (unaudited)

commissions and extraordinary expenses) through November 30, 2022 at a level not to exceed the amounts in the table below.

Each Portfolio will repay UBS AM for any such waived fees/reimbursed expenses during a three-year period following July 31, 2019, to the extent that ordinary operating expenses (with certain exclusions such as dividend expense, borrowing costs and interest expense) are otherwise below the applicable expense cap in effect at the time the fees or expenses were waived/reimbursed. For the period ended January 31, 2022, UBS AM had the following fee waivers/expense reimbursements, and recoupments. The fee waivers/expense reimbursements, portions of which are subject to repayment by the Portfolios through July 31, 2025, and recoupments for the period ended January 31, 2022, were as follows:

Portfolio	Class A expense cap			Class Y expense cap			Class P expense cap			Class P2 expense cap		Fee waivers/ expense reimbursements		Recoupments
UBS Government Money Market Investments Fund		N/A			N/A			0.60	%		N/A	$	75,778		—
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		0.72	%		0.72			N/A		406,447		—
PACE Intermediate Fixed Income Investments		0.91			0.66			0.66			N/A		390,814		—
PACE Strategic Fixed Income Investments		0.90			0.65			0.65			N/A		484,582		—
PACE Municipal Fixed Income Investments		0.82			0.57			0.57			N/A		165,339		—
PACE Global Fixed Income Investments		1.03			0.87			0.84			N/A		428,161		—
PACE High Yield Investments		1.06			0.88			0.91			N/A		286,954		—
PACE Large Co Value Equity Investments		1.14			0.89			0.89			N/A		—		—
PACE Large Co Growth Equity Investments		1.13			0.88			0.88			N/A		—		—
PACE Small/Medium Co Value Equity Investments		1.29			1.04			1.04			N/A		—		—
PACE Small/Medium Co Growth Equity Investments		1.33			1.08			1.08			N/A		—		—
PACE International Equity Investments		1.25			1.00			1.00			N/A		211,309		—
PACE International Emerging Markets Equity Investments		1.45			1.20			1.20			N/A		664,743		—
PACE Global Real Estate Securities Investments		1.45			1.20			1.20			N/A		226,283		—
PACE Alternative Strategies Investments		1.88			1.63			1.63			N/A		409,710		—

At January 31, 2022, the following Portfolios had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2022		Expires July 31, 2023		Expires July 31, 2024		Expires July 31, 2025
UBS Government Money Market Investments Fund	$	949,031	$	404,306	$	330,288	$	138,659	$	75,778
PACE Mortgage-Backed Fixed Income Investments—Class A		169,969		44,908		50,272		46,466		28,323
PACE Mortgage-Backed Fixed Income Investments—Class Y		173,482		72,601		52,046		29,838		18,997
PACE Mortgage-Backed Fixed Income Investments—Class P		2,387,649		712,932		676,441		639,149		359,127
PACE Intermediate Fixed Income Investments—Class A		68,365		19,588		17,655		18,878		12,244
PACE Intermediate Fixed Income Investments—Class Y		2,816		970		661		709		476
PACE Intermediate Fixed Income Investments—Class P		2,245,163		674,298		592,908		599,863		378,094
PACE Strategic Fixed Income Investments—Class A		44,211		10,171		13,052		11,751		9,237
PACE Strategic Fixed Income Investments—Class Y		7,606		2,492		3,517		290		1,307
PACE Strategic Fixed Income Investments—Class P		2,539,277		694,361		719,015		651,863		474,038
PACE Municipal Fixed Income Investments—Class A		146,267		42,654		41,790		42,217		19,606
PACE Municipal Fixed Income Investments—Class Y		263		106		105		36		16
PACE Municipal Fixed Income Investments—Class P		1,023,996		297,915		283,015		297,349		145,717
PACE Global Fixed Income Investments—Class A		244,752		71,630		68,194		69,743		35,185

325

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2022		Expires July 31, 2023		Expires July 31, 2024		Expires July 31, 2025
PACE Global Fixed Income Investments—Class Y	$	15,914	$	5,211	$	3,639	$	4,528	$	2,536
PACE Global Fixed Income Investments—Class P		2,743,119		849,337		753,700		749,642		390,440
PACE High Yield Investments—Class A		35,949		8,934		9,785		12,415		4,815
PACE High Yield Investments—Class Y		1,393		241		272		600		280
PACE High Yield Investments—Class P		1,918,287		571,395		537,886		538,333		270,673
PACE Large Co Value Equity Investments—Class Y		47,683		—		47,683		—		—
PACE Large Co Value Equity Investments—Class P		41,174		—		41,174		—		—
PACE Large Co Growth Equity Investments—Class A		23,328		5,232		15,410		2,686		—
PACE Large Co Growth Equity Investments—Class Y		278		278		—		—		—
PACE Large Co Growth Equity Investments—Class P		739,790		175,224		384,445		180,121		—
PACE Small/Medium Co Value Equity Investments—Class Y		4		—		4		—		—
PACE Small/Medium Co Value Equity Investments—Class P		338,364		139,279		199,085		—		—
PACE Small/Medium Co Growth Equity Investments—Class Y		435		—		54		381		—
PACE Small/Medium Co Growth Equity Investments—Class P		47,832		—		47,832		—		—
PACE International Equity Investments—Class A		25,647		—		—		15,783		9,864
PACE International Equity Investments—Class Y		6,977		—		—		3,624		3,353
PACE International Equity Investments—Class P		454,209		—		—		256,117		198,092
PACE International Emerging Markets Equity Investments—Class A		16,202		245		2,916		5,417		7,624
PACE International Emerging Markets Equity Investments—Class Y		17,107		1,082		250		6,562		9,213
PACE International Emerging Markets Equity Investments—Class P		1,747,776		170,634		382,997		546,239		647,906
PACE Global Real Estate Securities Investments—Class A		1,870		462		493		572		343
PACE Global Real Estate Securities Investments—Class P		1,564,675		474,990		419,648		444,097		225,940
PACE Alternative Strategies Investments—Class A		18,786		—		8,710		4,609		5,467
PACE Alternative Strategies Investments—Class Y		1,187		—		463		313		411
PACE Alternative Strategies Investments—Class P		1,353,603		—		618,213		331,558		403,832

For PACE High Yield Investments Class P2, PACE Small/Medium Co Value Equity Investments Class P2, and PACE Small/Medium Co Growth Equity Investments Class P2 UBS AM has entered into a written agreement pursuant to which UBS AM has agreed to waive a portion of its investment management and administration fees. For the period from September 15, 2021 (commencement of operations) through January 31, 2022, the fees waived were $11,186, $2 and $2, respectively. Such amounts are not subject to future recoupment.

UBS AM may voluntarily undertake to waive fees and/or reimburse expenses in the event that the yields on UBS Government Money Market Investments Fund drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. At January 31, 2022, UBS AM owed the Fund $123,397 and for the period ended January 31, 2022, UBS AM voluntarily reimbursed expenses of $735,839 which is not subject to future recoupment.

For the period ended January 31, 2022, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation/depreciation of investments and/or futures.

326

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Affiliated broker	PACE Small/ Medium Co Value Equity Investments		PACE Small/ Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
UBS AG	$	848	$	—	$	640	$	47	$	—
UBS Securities Asia Ltd.		—		—		1,693		—		—
UBS Securities India Private Ltd.		—		—		194		—		—
UBS Securities LLC		8,521		256		1		3		6,550
UBS Securities Pte Ltd., Seoul		—		—		4,611		—		—

During the period ended, January 31, 2022, some of the Portfolios engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated and each trade was approved by the board.

During the period ended, January 31, 2022, PACE Global Real Estate Securities Investments and PACE Strategic Fixed Income Investments engaged in purchase and sale transactions with funds that have a common investment advisor, UBS AM. These interfund purchase and sale transactions were effected in compliance with Rule 17a-7 under the 1940 Act. For the period ended January 31, 2022, the proceeds from such sales were $2,765,071 and the net realized gain recognized was $72,717.

Shareholder services plans

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Trust has adopted a shareholder services plan (the "Plan") with respect to each Portfolio (with the exception of UBS Government Money Market Investments Fund, which only offers Class P shares) pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plan governs the payments made for the expenses incurred in the service of Class A shares. Annual fees under the Plan as a percentage of the average daily net assets of Class A shares of each applicable Portfolio are 0.25%.

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A.

At January 31, 2022, certain Portfolios owed UBS AM (US) service fees. For the period ended January 31, 2022, there were no sales charges earned by UBS AM (US).

Fund	Service fees owed
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	5,528
PACE Intermediate Fixed Income Investments—Class A		2,304
PACE Strategic Fixed Income Investments—Class A		3,133
PACE Municipal Fixed Income Investments—Class A		7,452
PACE Global Fixed Income Investments—Class A		4,970
PACE High Yield Investments—Class A		994
PACE Large Co Value Equity Investments—Class A		22,000
PACE Large Co Growth Equity Investments—Class A		12,591
PACE Small/Medium Co Value Equity Investments—Class A		4,143
PACE Small/Medium Co Growth Equity Investments—Class A		5,623
PACE International Equity Investments—Class A		5,643
PACE International Emerging Markets Equity Investments—Class A		996
PACE Global Real Estate Securities Investments—Class A		84
PACE Alternative Strategies Investments—Class A		1,203

327

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolios pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolios ' transfer agent, and is compensated for these services by BNY Mellon, not the Portfolios.

For the period ended January 31, 2022, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Fund	Delegated services fees earned
UBS Government Money Market Investments Fund	$	186,314
PACE Mortgage-Backed Securities Fixed Income Investments		121,489
PACE Intermediate Fixed Income Investments		115,300
PACE Strategic Fixed Income Investments		146,896
PACE Municipal Fixed Income Investments		23,159
PACE Global Fixed Income Investments		131,635
PACE High Yield Investments		111,741
PACE Large Co Value Equity Investments		165,114
PACE Large Co Growth Equity Investments		161,405
PACE Small/Medium Co Value Equity Investments		156,872
PACE Small/Medium Co Growth Equity Investments		156,881
PACE International Equity Investments		156,717
PACE International Emerging Markets Equity Investments		143,816
PACE Global Real Estate Securities Investments		113,631
PACE Alternative Strategies Investments		73,768

Securities lending

Each Portfolio may lend securities up to 33¹/₃% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured at all times by cash, US government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, US government securities, and irrevocable letters of credit securing the loan falls below 100% for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, US government securities, and irrevocable letters of credit so that the total securing the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

Each Portfolio will regain ownership of loaned securities to exercise certain beneficial rights; however, each Portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Portfolio receives compensation for lending its securities from interest or dividends earned on the cash, US government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Portfolio, which is included in each Portfolio of investments. State Street Bank and Trust Company serves as the Portfolios' lending agent.

In addition, PACE International Equity Investments and PACE Alternative Strategies Investments participate in State Street's enhanced custody program. Through this program, State Street is capable of facilitating the Portfolios' short selling activity at a lower cost. A portion of the cash collateral received in connection with the Portfolios' securities lending activity is pledged back to State Street for the financing of short sales. This amount is shown as cash collateral on investments sold short in the Statement of assets and liabilities.

328

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2022, the following Portfolios had securities on loan at value, cash collateral and non-cash collateral as follows:

Portfolio	Value of securities on loan		Cash collateral		Non-cash collateral*		Total collateral		Security types held as non-cash collateral
PACE Intermediate Fixed Income Investments	$	1,824,673	$	1,492,348	$	375,161	$	1,867,509	U.S. Treasury Notes and U.S. Treasury Bills
PACE Strategic Fixed Income Investments		11,323,235		10,444,696		1,129,657		11,574,353	U.S. Treasury Notes and U.S. Treasury Bills
PACE High Yield Investments		6,661,856		6,799,125		85,286		6,884,411	U.S. Treasury Notes and U.S. Treasury Bills
PACE Large Co Value Equity Investments**		7,300,411		242,475		7,235,941		7,478,416	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Value Equity Investments		598		—		605		605	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Growth Equity Investments		10,800,940		1,620,148		9,469,306		11,089,454	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Equity Investments**		17,463,471		9,832,291		8,292,064		18,124,355	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Emerging Markets Investments		5,171,233		2,890,757		2,180,944		5,071,701	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Real Estate Securities Investments		7,375,982		1,651,793		5,963,770		7,615,563	U.S. Treasury Notes and U.S. Treasury Bills

*  These securities are held for the benefit of the Portfolio's custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of assets and liabilities.

**  This Portfolio participates in the enhanced custody program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions.

The table below represents the disaggregation at January 31, 2022 of the gross amount of recognized liabilities for securities lending transactions. As the securities loaned are subject to termination by the Portfolios or the borrower at any time, the remaining contractual maturities of the transactions presented below are considered to be overnight and continuous.

	Type of securities loaned				Total gross amount of recognized liabilities for
Portfolio	Equity securities		Corporate bonds		securities lending transactions
PACE Intermediate Fixed Income Investments	$	—	$	1,492,348	$	1,492,348
PACE Strategic Fixed Income Investments		—		10,444,696		10,444,696
PACE High Yield Investments		—		6,799,125		6,799,125
PACE Large Co Value Equity Investments		242,475		—		242,475
PACE Small/Medium Co Growth Equity Investments		1,620,148		—		1,620,148
PACE International Equity Investments		9,832,291		—		9,832,291
PACE International Emerging Markets Equity Investments		2,890,757		—		2,890,757
PACE Global Real Estate Securities Investments		1,651,793		—		1,651,793

Bank line of credit

With the exception of UBS Government Money Market Investments Fund, the Portfolios participate with other Portfolios managed, advised or subadvised by UBS AM in a $185 million committed credit facility (the " Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating Portfolio at the request of shareholders and other temporary or emergency purposes.

Interest on amounts borrowed is calculated based on the prevailing rates in effect at the time of borrowing. Each Portfolio covered by the Committed Credit Facility has agreed to pay commitment fees on the average daily balance of the Committed Credit Facility not utilized. Commitment fees have been allocated among the Portfolios in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of Portfolios and the

329

PACE Select Advisors Trust

Notes to financial statements (unaudited)

other 50% of the allocation is based on utilization. For the period ended January 31, 2022, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Large Co Growth Equity Investments	$	1,937,392		18	$	1,380		1.447	%
PACE Small/Medium Co Value Equity Investments		1,427,516		8		459		1.446
PACE Small/Medium Co Growth Equity Investments		1,587,269		12		588		1.440
PACE International Equity Investments		833,724		14		467		1.440
PACE International Emerging Markets Equity Investments		771,248		29		877		1.440
PACE Alternative Strategies Investments		1,481,793		54		3,201		1.440

At January 31, 2022, PACE International Equity Investments had outstanding borrowing of $714,117.

Commission recapture program

Certain Portfolios participate in a brokerage commission recapture program. These Portfolios have established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment subadvisor chooses to execute a transaction through a participating broker subject to best price and execution, the broker will rebate a portion of the commission back to the Portfolio. Any collateral benefit received through participation in the commission recapture program is directed exclusively to the Portfolios. For the period ended January 31, 2022, the following Portfolios recorded recaptured commissions which are reflected in the Statement of operations within the net realized gains (losses) from investments:

Fund	Amount
PACE Large Co Value Equity Investments	$	6,366
PACE Large Co Growth Equity Investments		7,966
PACE Small/Medium Co Value Equity Investments		27,007
PACE Small/Medium Co Growth Equity Investments		20,570
PACE International Equity Investments		8,560
PACE International Emerging Markets Equity Investments		3,562
PACE Global Real Estate Securities Investments		48
PACE Alternative Strategies Investments		14,308

Additional information regarding compensation to affiliate of a former board member

During his term of service on the Board through his retirement from the Board effective December 31, 2021, Professor Meyer Feldberg had also served as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolios may conduct transactions, which resulted in him being an interested trustee of the Trust. The Portfolios have been informed that Professor Feldberg's role at Morgan Stanley did not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions. For the period ended January 31, 2022, the following Portfolios paid brokerage commissions to Morgan Stanley in the amounts as follows:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	6,746
PACE Large Co Growth Equity Investments		7,815
PACE Small/Medium Co Value Equity Investments		10,250
PACE Small/Medium Co Growth Equity Investments		709
PACE International Equity Investments		21,179

330

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Amount
PACE International Emerging Markets Equity Investments	$	23,052
PACE Global Real Estate Securities Investments		1,061
PACE Alternative Strategies Investments		48,076

For the period ended January 31, 2022, the following Portfolios purchased and sold certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley having aggregate values as follows:

Portfolio	Amount
PACE Mortgage-Backed Securities Fixed Income Investments	$	1,073,683,831
PACE Intermediate Fixed Income Investments		1,088,537,801
PACE Strategic Fixed Income Investments		403,358,656
PACE Municipal Fixed Income Investments		3,157,362
PACE Global Fixed Income Investments		60,271,895
PACE High Yield Investments		8,327,307
PACE Large Co Value Equity Investments		39,557,260
PACE Large Co Growth Equity Investments		60,690,448
PACE Small/Medium Co Value Equity Investments		5,014,168
PACE Small/Medium Co Growth Equity Investments		3,173,957
PACE International Equity Investments		41,551,531
PACE International Emerging Markets Equity Investments		24,305,687
PACE Global Real Estate Securities Investments		2,088,074
PACE Alternative Strategies Investments		463,096,212

Morgan Stanley received compensation in connection with these trades, which may have been in the form of a "mark-up" or "mark-down" of the price of the securities, a fee from the issuer for maintaining a commercial paper program, or some other form of compensation. Although the precise amount of this compensation is not generally known by the investment manager, it is believed that under normal circumstances it represents a small portion of the total value of the transactions.

Purchases and sales of securities

For the period ended January 31, 2022, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments	$	1,949,380,432	$	1,904,820,613
PACE Intermediate Fixed Income Investments		815,766,651		820,597,014
PACE Strategic Fixed Income Investments		205,409,816		194,753,380
PACE Municipal Fixed Income Investments		20,091,391		15,253,644
PACE Global Fixed Income Investments		260,567,418		285,680,892
PACE High Yield Investments		87,433,965		76,466,452
PACE Large Co Value Equity Investments (long transactions)		151,575,426		215,089,255
PACE Large Co Growth Equity Investments		619,583,334		776,814,591
PACE Small/Medium Co Value Equity Investments		73,575,877		95,493,662
PACE Small/Medium Co Growth Equity Investments		171,195,810		216,462,571
PACE International Equity Investments (long transactions)		188,201,810		220,317,510
PACE International Equity Investments (short transactions)		71,230,873		77,108,116
PACE International Emerging Markets Equity Investments		103,718,064		111,213,914
PACE Global Real Estate Securities Investments		71,944,136		63,220,872
PACE Alternative Strategies Investments (long transactions)		584,204,390		553,571,836
PACE Alternative Strategies Investments (short transactions)		269,884,040		261,263,044

331

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Shares of beneficial interest

There are an unlimited number of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest for each of the Portfolios, except UBS Government Money Market Investments Fund, which transacts at $1.00 per share, were as follows:

PACE Mortgage-Backed Securities Fixed Income Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		1,857		$	23,528
Shares repurchased		(184,874	)		(2,348,017	)
Dividends reinvested		19,730			249,233
Net increase (decrease)		(163,287	)	$	(2,075,256	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		103,671		$	1,307,117			1,739,296		$	22,037,076
Shares repurchased		(233,132	)		(2,962,381	)		(2,151,251	)		(27,142,810	)
Dividends reinvested		12,726			160,812			258,162			3,262,541
Net increase (decrease)		(116,735	)	$	(1,494,452	)		(153,793	)	$	(1,843,193	)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		5,387		$	69,551
Shares repurchased		(212,907	)		(2,758,143	)
Dividends reinvested		48,361			625,885
Net increase (decrease)		(159,159	)	$	(2,062,707	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		360,635		$	4,676,562			3,304,993		$	42,838,744
Shares repurchased		(512,796	)		(6,661,285	)		(4,152,292	)		(53,786,869	)
Dividends reinvested		33,033			427,616			603,122			7,807,805
Net increase (decrease)		(119,128	)	$	(1,557,107	)		(244,177	)	$	(3,140,320	)

332

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Intermediate Fixed Income Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		1,182		$	14,861
Shares repurchased		(67,874	)		(855,277	)
Dividends reinvested		13,670			169,756
Net increase (decrease)		(53,022	)	$	(670,660	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,193		$	27,717			1,478,841		$	18,565,367
Shares repurchased		(547	)		(6,790	)		(1,968,616	)		(24,652,463	)
Dividends reinvested		335			4,164			484,991			6,026,695
Net increase (decrease)		1,981		$	25,091			(4,784	)	$	(60,401	)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		3,702		$	47,291
Shares repurchased		(97,173	)		(1,251,244	)
Dividends reinvested		27,083			350,384
Net increase (decrease)		(66,388	)	$	(853,569	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,900,066		$	37,370,387
Shares repurchased		(5,411	)		(68,905	)		(3,846,039	)		(49,642,741	)
Dividends reinvested		747			9,662			889,321			11,500,698
Net increase (decrease)		(4,664	)	$	(59,243	)		(56,652	)	$	(771,656	)

PACE Strategic Fixed Income Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		1,306		$	18,562
Shares repurchased		(53,913	)		(754,252	)
Dividends reinvested		17,992			251,185
Net increase (decrease)		(34,615	)	$	(484,505	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		179		$	2,483			2,557,483		$	35,985,862
Shares repurchased		(4,754	)		(67,327	)		(3,411,960	)		(47,847,536	)
Dividends reinvested		1,639			22,854			1,049,497			14,643,892
Net increase (decrease)		(2,936	)	$	(41,990	)		195,020		$	2,782,218

333

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		14,573		$	209,352
Shares repurchased		(223,203	)		(3,196,691	)
Dividends reinvested		50,490			729,054
Net increase (decrease)		(158,140	)	$	(2,258,285	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		786		$	11,229			5,062,062		$	72,721,921
Shares repurchased		(7,270	)		(104,400	)		(6,636,482	)		(95,977,337	)
Dividends reinvested		4,057			58,451			2,364,417			34,101,186
Net increase (decrease)		(2,427	)	$	(34,720	)		789,997		$	10,845,770

PACE Municipal Fixed Income Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		5,668		$	75,178
Shares repurchased		(98,889	)		(1,309,883	)
Dividends reinvested		21,342			282,451
Net increase (decrease)		(71,879	)	$	(952,254	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		1,392,666		$	18,528,157
Shares repurchased		—		—		(1,331,929	)		(17,652,582	)
Dividends reinvested		4		53		247,147			3,273,220
Net increase (decrease)		4	$	53		307,884		$	4,148,795

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		32,665		$	437,904
Shares repurchased		(331,914	)		(4,440,829	)
Dividends reinvested		44,153			591,380
Net increase (decrease)		(255,096	)	$	(3,411,545	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		2,652,506		$	35,557,236
Shares repurchased		—		—		(3,068,444	)		(41,132,148	)
Dividends reinvested		8		104		478,359			6,410,858
Net increase (decrease)		8	$	104		62,421		$	835,946

334

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Global Fixed Income Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		1,524		$	15,342
Shares repurchased		(177,346	)		(1,808,047	)
Dividends reinvested		79,959			787,582
Net increase (decrease)		(95,863	)	$	(1,005,123	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		354		$	3,578			1,407,164		$	14,287,011
Shares repurchased		(4,578	)		(46,267	)		(2,012,574	)		(20,418,387	)
Dividends reinvested		7,059			69,024			1,067,577			10,491,887
Net increase (decrease)		2,835		$	26,335			462,167		$	4,360,511

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		4,888		$	51,395
Shares repurchased		(281,274	)		(2,963,799	)
Dividends reinvested		62,330			662,288
Net increase (decrease)		(214,056	)	$	(2,250,116	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		892		$	9,316			2,326,235		$	24,424,004
Shares repurchased		(20,584	)		(214,651	)		(3,857,821	)		(40,556,545	)
Dividends reinvested		5,542			58,445			817,224			8,658,975
Net increase (decrease)		(14,150	)	$	(146,890	)		(714,362	)	$	(7,473,566	)

PACE High Yield Investments
For the six months ended January 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		33,383		$	322,622			—	$	—
Shares repurchased		(14,897	)		(146,122	)		—		(497	)
Dividends reinvested		9,264			90,422			2,070		20,307
Net increase (decrease)		27,750		$	266,922			2,070	$	19,810

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		1,206,251		$	11,821,223			1,478,539	$	14,401,000
Shares repurchased		(1,781,020	)		(17,444,900	)		—		—
Dividends reinvested		798,208			7,784,163			20,977		201,762
Net increase (decrease)		223,439		$	2,160,486			1,499,516	$	14,602,762

335

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		151,967		$	1,442,374
Shares repurchased		(511,810	)		(4,973,085	)
Dividends reinvested		16,207			157,922
Net increase (decrease)		(343,636	)	$	(3,372,789	)

	Class Y				Class P
	Shares		Amount		Shares			Amount
Shares sold		—	$	—		2,259,217		$	22,141,566
Shares repurchased		—		—		(4,166,835	)		(40,625,311	)
Dividends reinvested		3,325		32,610		1,338,434			13,050,234
Net increase (decrease)		3,325	$	32,610		(569,184	)	$	(5,433,511	)

*  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

PACE Large Co Value Equity Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		10,827		$	237,850
Shares repurchased		(159,139	)		(3,927,558	)
Dividends reinvested		707,354			15,179,815
Net increase (decrease)		559,042		$	11,490,107

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,199		$	29,388			961,773		$	23,354,063
Shares repurchased		(40,740	)		(1,051,904	)		(3,043,089	)		(74,235,088	)
Dividends reinvested		132,410			2,844,159			7,503,444			160,123,492
Net increase (decrease)		92,869		$	1,821,643			5,422,128		$	109,242,467

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		24,357		$	554,903
Shares repurchased		(516,897	)		(11,126,720	)
Dividends reinvested		45,515			951,271
Net increase (decrease)		(447,025	)	$	(9,620,546	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		9,778		$	210,212			3,957,368		$	81,627,005
Shares repurchased		(55,875	)		(1,177,235	)		(6,886,617	)		(146,525,746	)
Dividends reinvested		10,375			217,050			554,468			11,538,487
Net increase (decrease)		(35,722	)	$	(749,973	)		(2,374,781	)	$	(53,360,254	)

336

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Large Co Growth Equity Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		5,027		$	137,932
Shares repurchased		(100,839	)		(2,690,354	)
Dividends reinvested		509,753			12,014,888
Net increase (decrease)		413,941		$	9,462,466

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		671		$	18,872			728,238		$	21,048,014
Shares repurchased		(33,735	)		(1,055,397	)		(3,610,191	)		(107,058,073	)
Dividends reinvested		161,875			4,210,372			8,153,771			208,655,009
Net increase (decrease)		128,811		$	3,173,847			5,271,818		$	122,644,950

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		18,344		$	502,305
Shares repurchased		(272,156	)		(7,332,494	)
Dividends reinvested		369,471			9,340,237
Net increase (decrease)		115,659		$	2,510,048

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,627		$	46,487			1,565,787		$	44,743,063
Shares repurchased		(86,210	)		(2,474,315	)		(8,840,821	)		(254,158,694	)
Dividends reinvested		123,176			3,361,479			6,240,821			168,127,723
Net increase (decrease)		38,593		$	933,651			(1,034,213	)	$	(41,287,908	)

PACE Small/Medium Co Value Equity Investments
For the six months ended January 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		30,203		$	702,902			—		$	—
Shares repurchased		(32,209	)		(829,848	)		(10	)		(271	)
Dividends reinvested		104,088			2,320,115			890			20,935
Net increase (decrease)		102,082		$	2,193,169			880		$	20,664

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		390,482		$	10,179,905			37	$	1,000
Shares repurchased		(1,414,255	)		(37,233,054	)		—		—
Dividends reinvested		2,673,473			61,890,895			—		—
Net increase (decrease)		1,649,700		$	34,837,746			37	$	1,000

337

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		82,826		$	2,051,844
Shares repurchased		(117,267	)		(2,653,038	)
Dividends reinvested		3,109			67,193
Net increase (decrease)		(31,332	)	$	(534,001	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,330,478		$	28,701,481
Shares repurchased		(395	)		(8,671	)		(3,242,684	)		(75,119,751	)
Dividends reinvested		31			703			107,585			2,401,286
Net increase (decrease)		(364	)	$	(7,968	)		(1,804,621	)	$	(44,016,984	)

*  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

PACE Small/Medium Co Growth Equity Investments
For the six months ended January 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		8,205		$	112,487			—		$	—
Shares repurchased		(57,332	)		(1,103,334	)		(1,075	)		(27,448	)
Dividends reinvested		685,740			9,140,909			176			2,872
Net increase (decrease)		636,613		$	8,150,062			(899	)	$	(24,576	)

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		516,267		$	10,096,724			41	$	1,000
Shares repurchased		(2,001,048	)		(41,532,037	)		—		—
Dividends reinvested		8,501,666			132,540,979			—		—
Net increase (decrease)		7,016,885		$	101,105,666			41	$	1,000

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		5,704		$	113,827
Shares repurchased		(158,225	)		(3,127,899	)
Dividends reinvested		97,165			1,818,920
Net increase (decrease)		(55,356	)	$	(1,195,152	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			819,568		$	17,618,527
Shares repurchased		(227	)		(5,508	)		(4,404,978	)		(93,747,787	)
Dividends reinvested		102			2,172			1,291,037			26,763,194
Net increase (decrease)		(125	)	$	(3,336	)		(2,294,373	)	$	(49,366,066	)

*  For the period from September 15, 2021 (commencement of operations) through January 31, 2022.

338

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE International Equity Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		2,641		$	48,115
Shares repurchased		(134,310	)		(2,532,607	)
Dividends reinvested		101,853			1,775,296
Net increase (decrease)		(29,816	)	$	(709,196	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		3,350		$	63,846			1,428,874		$	26,730,850
Shares repurchased		(28,339	)		(527,103	)		(3,413,602	)		(63,842,688	)
Dividends reinvested		53,791			931,118			4,005,765			69,179,563
Net increase (decrease)		28,802		$	467,861			2,021,037		$	32,067,725

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		18,139		$	339,509
Shares repurchased		(121,564	)		(2,082,236	)
Dividends reinvested		15,361			264,214
Net increase (decrease)		(88,064	)	$	(1,478,513	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		5,411		$	95,692			3,732,771		$	63,668,880
Shares repurchased		(108,855	)		(1,928,416	)		(7,865,101	)		(133,246,555	)
Dividends reinvested		10,072			172,239			680,792			11,614,309
Net increase (decrease)		(93,372	)	$	(1,660,485	)		(3,451,538	)	$	(57,963,366	)

PACE International Emerging Markets Equity Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		101,828		$	1,609,069
Shares repurchased		(110,986	)		(1,753,294	)
Dividends reinvested		30,999			442,980
Net increase (decrease)		21,841		$	298,755

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,163		$	35,027			871,970		$	14,018,709
Shares repurchased		(11,478	)		(189,794	)		(1,435,128	)		(23,146,130	)
Dividends reinvested		38,215			551,067			2,533,169			36,325,649
Net increase (decrease)		28,900		$	396,300			1,970,011		$	27,198,228

339

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		41,220		$	700,397
Shares repurchased		(79,512	)		(1,334,431	)
Dividends reinvested		2,705			44,315
Net increase (decrease)		(35,587	)	$	(589,719	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		7,335		$	125,465			1,526,456		$	25,382,831
Shares repurchased		(117,053	)		(1,945,573	)		(3,914,782	)		(63,873,756	)
Dividends reinvested		4,319			71,343			248,707			4,086,258
Net increase (decrease)		(105,399	)	$	(1,748,765	)		(2,139,619	)	$	(34,404,667	)

PACE Global Real Estate Securities Investments
For the six months ended January 31, 2022:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		895		$	7,298			511,775		$	4,093,873
Shares repurchased		(2,810	)		(23,204	)		(993,770	)		(7,978,108	)
Dividends reinvested		1,119			9,321			419,761			3,345,491
Net increase (decrease)		(796	)	$	(6,585	)		(62,234	)	$	(538,744	)

For the year ended July 31, 2021:

	Class A						Class P
	Shares			Amount			Shares			Amount
Shares sold		2,303		$	17,099			1,677,431		$	11,032,941
Shares repurchased		(4,863	)		(33,413	)		(2,801,007	)		(18,512,133	)
Dividends reinvested		1,011			6,865			378,327			2,459,129
Net increase (decrease)		(1,549	)	$	(9,449	)		(745,249	)	$	(5,020,063	)

PACE Alternative Strategies Investments
For the six months ended January 31, 2022:

	Class A
	Shares			Amount
Shares sold		466		$	4,935
Shares repurchased		(28,476	)		(317,819	)
Dividends reinvested		28,355			298,292
Net increase (decrease)		345		$	(14,592	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		265		$	2,959			1,696,475		$	18,863,208
Shares repurchased		(1,147	)		(12,134	)		(2,866,077	)		(31,714,704	)
Dividends reinvested		2,539			26,763			2,447,827			25,677,704
Net increase (decrease)		1,657		$	17,588			1,278,225		$	12,826,208

340

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2021:

	Class A
	Shares			Amount
Shares sold		3,039		$	34,098
Shares repurchased		(81,116	)		(909,876	)
Dividends reinvested		23,895			264,761
Net increase (decrease)		(54,182	)	$	(611,017	)

	Class Y						Class P
	Shares			Amount			Shares			Amount
Shares sold		1,633		$	18,409			3,179,207		$	35,664,976
Shares repurchased		(1,351	)		(15,264	)		(6,235,644	)		(69,786,890	)
Dividends reinvested		1,878			20,773			1,899,549			20,933,034
Net increase (decrease)		2,160		$	23,918			(1,156,888	)	$	(13,188,880	)

Federal tax status

Each of the Portfolios intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, each Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid during the fiscal year ended July 31, 2021 was as follows:

Portfolio	Tax-exempt income		Ordinary income		Long term realized capital gains		Return of capital
UBS Government Money Market Investments Fund	$	—	$	29,838	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		9,882,874		—		—
PACE Intermediate Fixed Income Investments		—		8,916,813		4,017,877		—
PACE Strategic Fixed Income Investments		—		37,645,327		8		—
PACE Municipal Fixed Income Investments		6,430,117		1,063,219		809,209		—
PACE Global Fixed Income Investments		—		10,154,707		—		—
PACE High Yield Investments		—		14,608,937		—		—
PACE Large Co Value Equity Investments		—		13,743,859		—		—
PACE Large Co Growth Equity Investments		—		19,575,064		172,284,178		—
PACE Small/Medium Co Value Equity Investments		—		2,668,608		—		—
PACE Small/Medium Co Growth Equity Investment		—		2,802,015		27,385,767		—
PACE International Equity Investments		—		12,972,872		—		—
PACE International Emerging Markets Equity Investments		—		4,500,472		—		—
PACE Global Real Estate Securities Investments		—		2,646,376		—		—
PACE Alternative Strategies Investments		—		22,397,157		—		—

The tax character of distributions paid and the components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Trust's fiscal year ending July 31, 2022.

341

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at January 31, 2022 were as follows:

Portfolio	Cost of investments		Gross unrealized appreciation		Gross unrealized depreciation			Net unrealized appreciation (depreciation) on investments
UBS Government Money Market Investments Fund	$	276,559,169	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		456,270,382		7,728,524		(8,398,688	)		(670,164	)
PACE Intermediate Fixed Income Investments		406,232,157		7,524,546		(10,002,730	)		(2,478,184	)
PACE Strategic Fixed Income Investments		77,37,11,604		17,263,177		(19,554,292	)		(2,291,115	)
PACE Municipal Fixed Income Investments		294,437,824		12,541,349		(2,322,105	)		10,219,244
PACE Global Fixed Income Investments		262,915,098		5,141,180		(12,783,337	)		(7,642,157	)
PACE High Yield Investments		291,953,351		6,111,680		(19,193,711	)		(13,082,031	)
PACE Large Co Value Equity Investments		964,773,612		186,085,551		(30,845,572	)		155,239,979
PACE Large Co Growth Equity Investments		966,329,586		204,707,144		(36,069,476	)		168,637,668
PACE Small/Medium Co Value Equity Investments		357,281,442		114,275,717		(9,461,608	)		104,814,109
PACE Small/Medium Co Growth Equity Investments		388,308,615		63,797,834		(43,583,651	)		20,214,183
PACE International Equity Investments		834,485,641		210,337,159		(47,566,507	)		162,770,652
PACE International Emerging Markets Equity Investments		341,445,922		64,382,393		(33,149,545	)		31,232,848
PACE Global Real Estate Securities Investments		100,907,579		12,151,571		(2,850,458	)		9,301,113
PACE Alternative Strategies Investments		214,737,018		40,668,822		(30,441,774	)		10,227,048

Net capital losses recognized by the Portfolios may be carried forward indefinitely, and retain their character as short-term and/or long-term losses.

At July 31, 2021, the following Portfolios had net capital losses that will be carried forward indefinitely as follows:

Portfolio	Short-term		Long-term		Total
UBS Government Money Market Investments Fund	$	560	$	—	$	560
PACE Mortgage-Backed Securities Fixed Income Investments		—		21,786,330		21,786,330
PACE High Yield Investments		—		11,449,053		11,449,053
PACE Global Real Estate Securities Investments		2,719,500		8,345,305		11,064,805

Qualified late year losses are deemed to arise on the first business day of a Portfolio's next taxable year. For the year ended July 31, 2021, there were no qualified late year losses deferred.

At July 31, 2021, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Portfolios' net assets as follows:

Portfolio	Distributable earnings (accumulated losses)		Beneficial interest
PACE International Equity Investments	$	545,332	$	(545,332	)
PACE Global Real Estate Securities Investments		8		(8	)

These differences are primarily due to net operating losses and distributions in excess of net investment income.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Portfolios have conducted an analysis and concluded as of

342

PACE Select Advisors Trust

Notes to financial statements (unaudited)

January 31, 2022, there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Portfolio's policy to record any significant foreign tax exposures in the financial statements. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2021, remains subject to examination by the Internal Revenue Service and state taxing authorities.

343

PACE Select Advisors Trust

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Portfolios, except UBS Government Money Market Investments Fund, filed their complete schedules of portfolio holdings with the US Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Form N-PORT reports are available on the SEC's website at http://www.sec.gov. (Please note that on the SEC's website, the "filing type" designation for this information may be "NPORTEX.") Additionally, you may obtain copies of Form N-PORT for the first and third quarters of each fiscal year from the Funds upon request by calling 1-800-647 1568. UBS Government Money Market Investments Fund, filed its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year through August 1, 2019 on Form N-Q. Effective August 1, 2019, Form N-Q is no longer required to be filed. The Portfolio's historical filings on Form N-Q are available on the SEC's website at http://www.sec.gov. Additionally, you may obtain copies of Forms N-Q from the Portfolio upon request by calling 1-800-647 1568.

In addition, UBS Government Money Market Investments Fund discloses, on a monthly basis: (a) a complete schedule of its portfolio holdings; and (b) information regarding its weighted average maturity and weighted average life on UBS website at the following internet address: www.ubs.com/usmoneymarketfunds. In addition, at this location, you will find a link to more detailed Portfolio information appearing in filings with the SEC on Form N-MFP. Investors also may find additional information about this Portfolio at the above referenced UBS Website internet address.

Proxy voting policies, procedures and record

You may obtain a description of each Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how a Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting a Portfolio directly at 1-800-647 1568, online on a Portfolio's website: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's website (http://www.sec.gov).

344

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

November 2021 Board Meeting

GQG Partners LLC ("GQG")

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 16-17, 2021, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered and approved the proposed sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and GQG (the "Sub-Advisory Agreement") with respect to PACE Large Co Growth Equity Investments (the "Portfolio"). Management discussed with the board its proposal to terminate Mar Vista Capital Management, LLC as sub-advisor and to reallocate a portion of the resulting difference in proposed target allocations to GQG (with the remaining difference in proposed target allocations to be reallocated to a different sub-advisor). In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending GQG as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by GQG to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of GQG as a sub-advisor to the Portfolio, including its "due diligence" concerning GQG and its belief that GQG's US equity strategy would benefit the Portfolio by, among other reasons, improving the Portfolio's risk-adjusted returns over full business cycles. The board also received materials from GQG detailing its investment philosophy and spoke with representatives of GQG, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to GQG in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by GQG. The board noted that the proposed contractual sub-advisory fee, along with the other sub-advisory changes proposed by UBS AM, would result in an increase in the annualized sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by GQG. The board also noted that, as GQG would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of GQG or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

345

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to GQG—The board was informed by management that GQG's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that GQG would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that GQG could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

346

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

November 2021 Board Meeting

Polen Capital Management, LLC ("Polen")

Background—At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 16-17, 2021, the members of the board, including the trustees who are not "interested persons" of the Trust (the "Independent Trustees") as defined in the Investment Company Act of 1940, as amended, considered and approved the proposed sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and Polen (the "Sub-Advisory Agreement") with respect to PACE Large Co Growth Equity Investments (the "Portfolio"). Management discussed with the board its proposal to terminate Mar Vista Capital Management, LLC as sub-advisor and to reallocate a portion of the resulting difference in proposed target allocations to Polen (with the remaining difference in proposed target allocations to be reallocated to a different sub-advisor). In considering the approval of the Sub-Advisory Agreement, the board was able to draw on its knowledge of the Trust, its portfolios and UBS AM. The board recognized its familiarity with UBS AM and the investment management and sub-advisory agreements for this and the other portfolios of the Trust, including the extensive materials the board had previously reviewed in connection with the annual reconsideration of the contracts for the portfolios. The board also received a memorandum from UBS AM discussing UBS AM's reasons for recommending Polen as a sub-advisor to the Portfolio.

In its consideration of the approval of the Sub-Advisory Agreement, the board considered the following factors:

Nature, extent and quality of the services under the Sub-Advisory Agreement—The board's evaluation of the services to be provided by Polen to the Portfolio took into account the board's knowledge and familiarity gained as board members of funds in the UBS New York fund complex, including the Trust and its portfolios. It reviewed the purposes and investment objective of the Portfolio and UBS AM's overall plan to meet the Portfolio's stated purposes and objective. The board considered management's reasons for recommending the appointment of Polen as a sub-advisor to the Portfolio, including its "due diligence" concerning Polen and its belief that Polen's focus growth strategy would benefit the Portfolio by, among other reasons, improving the Portfolio's risk-adjusted returns over full business cycles. The board also received materials from Polen detailing its investment philosophy and spoke with representatives of Polen, who discussed with the board that investment philosophy and process and the backgrounds and qualifications of the portfolio management team. The board concluded that, overall, it was satisfied with the nature, extent and quality of services expected to be provided to the Portfolio under the proposed Sub-Advisory Agreement.

Sub-advisory fee—The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Polen in light of the nature, extent and quality of the sub-advisory services anticipated to be provided by Polen. The board noted that the proposed contractual sub-advisory fee, along with the other sub-advisory changes proposed by UBS AM, would result in an increase in the annualized sub-advisory fees paid by UBS AM with respect to the Portfolio. The board determined that the proposed sub-advisory fee was reasonable in light of the nature, extent and quality of the services proposed to be provided to the Portfolio under the Sub-Advisory Agreement.

Fund performance—The board received and considered performance information for the strategy provided by Polen. The board also noted that, as Polen would be a new sub-advisor to the Portfolio, the current performance of the Portfolio was not a significant factor in the consideration of the approval of the Sub-Advisory Agreement.

Advisor profitability—Profitability of Polen or its affiliates or UBS AM or its affiliates in providing services to the Portfolio was not a significant factor considered by the board, as the sub-advisory fee would be paid by UBS AM out of the management fee paid to it by the Portfolio, and not by the Portfolio.

347

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

Economies of scale—The board noted that, as the sub-advisory fee for the Portfolio would be paid by UBS AM, not by the Portfolio, consideration of economies of scale with respect specifically to the sub-advisory fee was not relevant.

Other benefits to Polen—The board was informed by management that Polen's relationship with the Portfolio would be limited to its provision of sub-advisory services to the Portfolio and that therefore management believed that Polen would not receive tangible ancillary benefits as a result of its relationship with the Portfolio, with the exception of possible benefits from soft dollars (e.g., research credits related to transaction commissions) for the Portfolio (which would also potentially benefit the Portfolio). The board recognized that Polen could receive intangible benefits from its association with the Portfolio, such as increased name recognition or publicity from being selected as a sub-advisor to the Portfolio after an extensive review process. Similarly, the Portfolio could benefit from having a sub-advisor with an established or well-regarded reputation.

In light of all of the foregoing, the board, including a majority of the Independent Trustees, approved the proposed Sub-Advisory Agreement for the Portfolio. No single factor reviewed by the board was identified by the board as the principal factor in determining whether to approve the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

348

Trustees

Alan S. Bernikow
Chairman

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
787 Seventh Avenue
New York, New York 10019

Principal Underwriter

UBS Asset Management (US) Inc.
787 Seventh Avenue
New York, New York 10019

The financial information included herein is taken from the records of the Portfolio without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Portfolios unless accompanied or preceded by an effective prospectus.

©UBS 2022. All rights reserved.
UBS Asset Management (Americas) Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, NY 10019

S276

UBS Government Money Market Investments Fund

Semiannual Report | January 31, 2022

UBS Government Money Market Investments Fund

March 16, 2022

Dear Shareholder,

We present you with the semiannual report for UBS Government Money Market Investments Fund (the "Fund" or "Portfolio") for the 6 months ended January 31, 2022 (the "reporting period").

Performance

The seven-day current yield for the Fund as of January 31, 2022 was 0.01% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 5. Please remember that the PACE program fee is assessed outside the Portfolio at the PACE program account level. The program fee does not impact the determination of the Portfolio's net asset value per share. (This also applies with respect to certain other advisory programs where the Portfolio's shares are available.)

¹  Class P shares held through the PACE Select Advisors Program are subject to a maximum Program fee of 2.50%, which, if included, would have reduced performance. Class P shares held through other advisory programs also may be subject to a program fee, which, if included, would have reduced performance.

PACE Select Advisors Trust—UBS Government Money Market Investments Fund

Investment Advisor:

UBS Asset Management (Americas) Inc.

Portfolio Manager:

Robert Sabatino

Objective:

Current income consistent with preservation of capital and liquidity

Investment process:

The Portfolio is a money market mutual fund and seeks to maintain a stable price of $1.00 per share, although it may be possible to lose money by investing in this Portfolio. The Portfolio invests in a diversified portfolio of high quality money market instruments of governmental issuers and related repurchase agreements. Security selection is based on the assessment of relative values and changes in market and economic conditions.

1

UBS Government Money Market Investments Fund

Advisor's Comments

While the US Federal Reserve (the "Fed") maintained its highly accommodative monetary policy, in late 2021 the central bank indicated that it would soon raise the federal funds target rate in an attempt to curb inflation. The Fed also indicated that it would likely begin reducing its sizable balance sheet in 2022.

We tactically adjusted the Portfolio's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the Portfolio had a WAM of 41 days. This was 44 days at the end of the reporting period.

A number of adjustments were made to the Portfolio's sector and issuer positioning during the six-month period. We reduced the Portfolio's exposure to US Treasury obligations and repurchase agreements. Meanwhile, we increased its position in US government and agency obligations. (Repurchase agreements are transactions in which the seller of a security agrees to buy it back at a predetermined time and price or upon demand.) We thank you for your continued support and welcome any comments or questions you may have. For any additional information on the UBS family of funds*, please contact your financial advisor, or visit us at www.ubs.com/am-us.

Sincerely,

Igor Lasun President PACE Select Advisors Trust Managing Director UBS Asset Management (Americas) Inc.	Robert Sabatino Portfolio Manager, UBS Government Money Market Investments Fund Managing Director, UBS Asset Management (Americas) Inc.

2

UBS Government Money Market Investments Fund

This letter is intended to assist shareholders in understanding how the Fund performed during the six-month period ended January 31, 2022. The views and opinions in the letter were current as of March 16, 2022. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.

*  Mutual funds are sold by prospectus only. You should read it carefully and consider a fund's investment objectives, risks, charges, expenses and other important information contained in the prospectus before investing. Prospectuses for most of our funds can be obtained from your financial advisor, by calling UBS Funds at 800-647 1568 or by visiting our Website at www.ubs.com/am-us.

3

UBS Government Money Market Investments Fund

Understanding your Portfolio's expenses (unaudited)

As a shareholder of the Portfolio, you incur two types of costs: (1) on-going program fees; and (2) ongoing Portfolio costs, including management fees and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example below is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, August 1, 2021 to January 31, 2022.

Actual expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over a period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses paid during period" to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

4

UBS Government Money Market Investments Fund

Understanding your Portfolio's expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing Portfolio costs only and do not reflect any program fees. Therefore, the second line in the table is useful in comparing ongoing Portfolio costs only, and will not help you determine the relative total costs of owning different funds. In addition, if program fees were included, your costs would have been higher.

	Beginning account value August 1, 2021		Ending account value January 31, 2022		Expenses paid during period1 08/01/21 to 01/31/22		Expense ratio during the period
Actual	$	1,000.00	$	1,000.10	$	0.25		0.05	%
Hypothetical (5% annual return before expenses)		1,000.00		1,024.95		0.26		0.05

¹  Expenses are equal to the Portfolio's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half year period).

5

UBS Government Money Market Investments Fund

Yields and characteristics at a glance—January 31, 2022 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	0.01	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	0.01
Seven-day current yield before fee waivers and/or expense reimbursements1	(0.56	)
Seven-day effective yield before fee waivers and/or expense reimbursements1	(0.56	)
Weighted average maturity2	44 days
Portfolio composition3
U.S. Treasury obligations	40.5	%
U.S. government agency obligations	35.4
Repurchase agreements	24.9
Liabilities in excess of other assets	(0.8	)
Total	100.0	%

You could lose money by investing in UBS Government Money Market Investments Fund. Although the portfolio seeks to preserve the value of your investment at $1.00 per share, the portfolio cannot guarantee it will do so. An investment in UBS Government Money Market Investments Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. UBS Government Money Market Investments Fund's sponsor has no legal obligation to provide financial support to UBS Government Money Market Investments Fund at any time.

Not FDIC insured. May lose value. No bank guarantee.

¹  Yields will fluctuate and reflect fee waivers and/or expense reimbursements, if any, unless otherwise noted. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the performance data quoted.

²  The portfolio is actively managed and its weighted average maturity will differ over time.

³  Weightings represent percentages of the Portfolio's net assets as of the date indicated. The portfolio is actively managed and its composition will vary over time.

6

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

	Face amount		Value
U.S. government agency obligations—35.4%
Federal Farm Credit Bank
0.060%, due 06/07/221	$	2,000,000	$	1,999,580
SOFR + 0.013%,
0.063%, due 01/30/232		2,000,000		2,000,000
0.070%, due 08/10/22		1,500,000		1,499,993
0.070%, due 08/19/22		1,500,000		1,499,930
SOFR + 0.025%,
0.075%, due 08/04/232		1,000,000		1,000,000
SOFR + 0.025%,
0.075%, due 08/10/232		500,000		500,000
SOFR + 0.025%,
0.075%, due 08/28/232		1,000,000		1,000,000
SOFR + 0.025%,
0.075%, due 09/08/232		1,000,000		1,000,000
SOFR + 0.025%,
0.075%, due 09/27/232		500,000		500,000
SOFR + 0.025%,
0.075%, due 10/27/232		1,000,000		1,000,000
SOFR + 0.030%,
0.080%, due 10/13/232		1,000,000		1,000,000
SOFR + 0.030%,
0.080%, due 10/20/232		500,000		500,000
SOFR + 0.030%,
0.080%, due 10/27/232		1,500,000		1,500,000
SOFR + 0.035%,
0.085%, due 04/21/232		500,000		500,000
SOFR + 0.035%,
0.085%, due 04/27/232		500,000		500,000
SOFR + 0.035%,
0.085%, due 06/16/232		1,000,000		1,000,000
SOFR + 0.040%,
0.090%, due 11/02/232		1,000,000		1,000,000
SOFR + 0.050%,
0.100%, due 11/21/222		750,000		750,000
SOFR + 0.055%,
0.105%, due 02/09/232		500,000		500,000

7

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
SOFR + 0.060%,
0.110%, due 01/20/232	$	500,000	$	500,000
Federal Farm Credit Banks Funding Corp.
SOFR + 0.018%,
0.068%, due 07/13/232		1,500,000		1,499,285
SOFR + 0.025%,
0.075%, due 12/16/222		2,500,000		2,499,978
SOFR + 0.025%,
0.075%, due 11/30/232		500,000		499,767
SOFR + 0.040%,
0.090%, due 03/10/232		1,000,000		1,000,000
SOFR + 0.050%,
0.100%, due 08/22/232		500,000		500,000
SOFR + 0.060%,
0.110%, due 12/13/232		500,000		500,000
SOFR + 0.070%,
0.120%, due 12/14/232		1,000,000		1,000,000
Federal Home Loan Bank
0.050%, due 03/17/22		1,500,000		1,499,979
0.056%, due 04/22/221		2,000,000		1,999,751
SOFR + 0.010%,
0.060%, due 03/16/222		1,500,000		1,500,000
SOFR + 0.010%,
0.060%, due 03/30/222		1,000,000		1,000,000
SOFR + 0.010%,
0.060%, due 06/23/222		2,000,000		2,000,000
SOFR + 0.010%,
0.060%, due 07/25/222		2,000,000		2,000,000
SOFR + 0.010%,
0.060%, due 08/19/222		3,000,000		3,000,000
SOFR + 0.010%,
0.060%, due 09/06/222		3,000,000		3,000,000
SOFR + 0.060%,
0.110%, due 12/15/222		1,000,000		1,000,000
SOFR + 0.090%,
0.140%, due 08/19/222		1,000,000		1,000,000

8

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

	Face amount		Value
U.S. government agency obligations—(concluded)
Federal Home Loan Bank
0.170%, due 04/18/221	$	2,000,000	$	1,999,282
0.210%, due 05/03/221		3,000,000		2,998,407
0.210%, due 12/12/22		1,000,000		1,000,000
0.280%, due 05/23/221		3,000,000		2,997,410
Federal Home Loan Bank Discount Notes
0.045%, due 02/02/221		9,000,000		8,999,989
0.045%, due 02/04/221		9,000,000		8,999,966
0.075%, due 07/15/221		1,500,000		1,499,488
0.092%, due 04/08/221		1,500,000		1,499,747
0.128%, due 06/10/221		1,500,000		1,499,312
0.170%, due 06/24/221		1,500,000		1,498,987
0.190%, due 04/27/221		3,000,000		2,998,654
0.194%, due 04/29/221		3,000,000		2,998,593
0.282%, due 07/15/221		1,500,000		1,498,073
Federal Home Loan Mortgage Corp.
SOFR + 0.095%,
0.145%, due 08/19/222		2,000,000		2,000,000
SOFR + 0.100%,
0.150%, due 07/29/222		3,000,000		3,000,000
SOFR + 0.190%,
0.240%, due 05/11/222		2,000,000		2,000,000
Federal National Mortgage Association
SOFR + 0.180%,
0.230%, due 05/13/222		2,000,000		2,000,000
SOFR + 0.200%,
0.250%, due 06/15/222		2,500,000		2,500,000
Total U.S. government agency obligations (cost—$97,236,171)				97,236,171
U.S. Treasury obligations—40.5%
U.S. Cash Management Bill
0.051%, due 02/01/221		3,000,000		3,000,000
0.056%, due 03/01/221		3,000,000		2,999,872
0.076%, due 04/05/221		3,000,000		2,999,606
0.091%, due 04/12/221		3,000,000		2,999,475

9

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

	Face amount		Value
U.S. Treasury obligations—(continued)
0.145%, due 04/19/221	$	4,000,000	$	3,998,779
0.152%, due 05/10/221		3,000,000		2,998,775
0.203%, due 05/17/221		3,000,000		2,998,250
0.279%, due 05/24/221		3,000,000		2,997,433
U.S. Treasury Bills
0.039%, due 02/10/221		6,000,000		5,999,945
0.046%, due 03/24/221		3,000,000		2,999,809
0.051%, due 02/17/221		2,000,000		1,999,956
0.051%, due 02/24/221		3,000,000		2,999,904
0.051%, due 03/31/221		3,000,000		2,999,758
0.052%, due 03/08/221		7,000,000		6,999,674
0.056%, due 02/03/221		3,000,000		2,999,991
0.056%, due 03/03/221		3,000,000		2,999,862
0.056%, due 03/15/221		3,000,000		2,999,808
0.056%, due 03/17/221		3,000,000		2,999,798
0.061%, due 04/28/221		3,000,000		2,999,570
0.063%, due 03/22/221		4,000,000		3,999,664
0.066%, due 05/05/221		3,000,000		2,999,496
0.066%, due 05/12/221		3,000,000		2,999,458
0.066%, due 05/19/221		3,000,000		2,999,420
0.071%, due 03/29/221		3,000,000		2,999,673
0.072%, due 05/26/221		3,000,000		2,999,326
0.080%, due 08/11/221		1,000,000		999,584
0.091%, due 04/07/221		3,000,000		2,999,513	��
0.091%, due 06/02/221		3,000,000		2,999,093
0.107%, due 06/09/221		3,000,000		2,998,880
0.122%, due 04/14/221		3,000,000		2,999,280
0.170%, due 04/21/221		4,000,000		3,998,541
0.223%, due 07/07/221		3,000,000		2,997,140
0.279%, due 07/14/221		3,000,000		2,996,265
0.371%, due 07/21/221		1,000,000		998,276

10

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

	Face amount		Value
U.S. Treasury obligations—(concluded)
U.S. Treasury Notes
0.125%, due 08/31/22	$	1,000,000	$	1,000,254
1.500%, due 09/15/22		2,000,000		2,017,519
1.875%, due 02/28/22		1,000,000		1,001,351
Total U.S. Treasury obligations (cost—$110,992,998)				110,992,998
Repurchase agreements—24.9%
Repurchase agreement dated 01/31/22 with Fixed Income Clearing Corp., 0.020% due 02/01/22, collateralized by $766,600 U.S. Treasury Notes, 1.250% due 06/30/28; (value—$744,662); proceeds: $730,000.		730,000		730,000
Repurchase agreement dated 01/31/22 with Goldman Sachs, 0.050% due 02/01/22, collateralized by $60,401,500 U.S. Treasury Notes, 2.750% due 02/28/25; (value—$63,545,575) and $7,034,761 U.S. Treasury Bond Strips, 0.000% due 11/15/34; (value—$5,406,425); proceeds: $67,600,094		67,600,000		67,600,000
Total repurchase agreements (cost—$68,330,000)				68,330,000
Total investments (cost—$276,559,169 which approximates cost for federal income tax purposes)—100.8%				276,559,169
Liabilities in excess of other assets—(0.8)%				(2,067,809	)
Net assets—100.0%			$	274,491,360

11

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2022

(unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2022 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
U.S. government agency obligations	$	—	$	97,236,171	$	—	$	97,236,171
U.S. Treasury obligations		—		110,992,998		—		110,992,998
Repurchase agreements		—		68,330,000		—		68,330,000
Total	$	—	$	276,559,169	$	—	$	276,559,169

At January 31, 2022, there were no transfers in or out of Level 3.

Portfolio footnotes

¹  Rate shown is the discount rate at the date of purchase unless otherwise noted.

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

Portfolio acronyms

SOFR  Secured Overnight Financing Rate

See accompanying notes to financial statements
12

UBS Government Money Market Investments Fund

Statement of assets and liabilities—January 31, 2022 (unaudited)

Assets:
Investments at value (cost—$208,229,169)	$	208,229,169
Repurchase agreements at value (cost—$68,330,000)		68,330,000
Total investments in securities, at value (cost—$276,559,169)		276,559,169
Cash		758
Receivable for fund shares sold		2,480,009
Receivable for interest		28,720
Receivable from affiliate		77,321
Other assets		17,273
Total assets		279,163,250
Liabilities:
Payable for investments purchased		2,998,408
Payable for fund shares redeemed		989,204
Dividends payable to shareholders		1,345
Payable to custodian		6,210
Accrued expenses and other liabilities		676,723
Total liabilities		4,671,890
Net assets	$	274,491,360
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	274,492,742
Distributable earnings (accumulated losses)		(1,382	)
Net assets	$	274,491,360
Shares outstanding		274,491,552
Net asset value	$	1.00

See accompanying notes to financial statements
13

UBS Government Money Market Investments Fund

Statement of operations

	For the six months ended January 31, 2022 (unaudited)
Investment income:
Interest	$	85,218
Expenses:
Investment management and administration fees		336,496
Transfer agency and related services fees		405,014
Custody and fund accounting fees		10,216
Trustees fees		9,762
Professional services fees		42,343
Printing and shareholder report fees		31,118
Federal and state registration fees		18,948
Insurance expense		1,246
Other expenses		28,224
		883,367
Fee waivers and/or expense reimbursements by investment manager and administrator		(811,617	)
Net expenses		71,750
Net investment income (loss)		13,468
Net realized and unrealized gain (loss)		(230	)
Net increase (decrease) in net assets resulting from operations	$	13,238

See accompanying notes to financial statements
14

UBS Government Money Market Investments Fund

Statement of changes in net assets

	For the six months ended January 31, 2022 (unaudited)			For the year ended July 31, 2021
From operations:
Net investment income (loss)	$	13,468		$	29,838
Net realized gain (loss)		(230	)		411
Net increase (decrease) in net assets resulting from operations		13,238			30,249
Total distributions		(13,468	)		(29,838	)
Net increase (decrease) in net assets from beneficial interest transactions		12,138,368			(53,750,555	)
Net increase (decrease) in net assets		12,138,138			(53,750,144	)
Net assets:
Beginning of period		262,353,222			316,103,366
End of period	$	274,491,360		$	262,353,222

See accompanying notes to financial statements
15

UBS Government Money Market Investments Fund

Financial highlights

Selected data for a share of beneficial interest outstanding throughout each period is presented below:

Class P

	Six months ended January 31, 2022
	(unaudited)
Net asset value, beginning of period	$	1.00
Net investment income (loss)		0.0001
Net realized gain (loss)		(0.000	)1
Net increase (decrease) from operations		0.0001
Dividends from net investment income		(0.000	)1
Net asset value, end of period	$	1.00
Total investment return2		0.01	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.66	%3
Expenses after fee waivers and/or expense reimbursements		0.05	%3
Net investment income (loss)		0.01	%3
Supplemental data:
Net assets, end of period (000's)	$	274,491

¹  Amount represents less than $0.0005 or $(0.0005) per share.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each period reported, reinvestment of all dividends and other distributions, if any, at net asset value on the payable dates, and a sale at net asset value on the last day of each period reported. The figures do not include program fees; results would be lower if these fees were included. The investment return for period of less than one year has not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions.

³  Annualized.

See accompanying notes to financial statements
16

	Years ended July 31,
	2021			2020			2019			2018			2017
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.0001			0.008			0.017			0.008			0.001
Net realized gain (loss)		0.0001			—			0.0001			0.0001			(0.000	)1
Net increase (decrease) from operations		0.0001			0.008			0.017			0.008			0.001
Dividends from net investment income		(0.000	)1		(0.008	)		(0.017	)		(0.008	)		(0.001	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.01	%		0.76	%		1.72	%		0.83	%		0.11	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.65	%		0.75	%		0.90	%		0.89	%		0.95	%
Expenses after fee waivers and/or expense reimbursements		0.10	%		0.49	%		0.60	%		0.60	%		0.52	%
Net investment income (loss)		0.01	%		0.60	%		1.71	%		0.82	%		0.12	%
Supplemental data:
Net assets, end of period (000's)	$	262,353		$	316,103		$	184,602		$	188,794		$	199,585

17

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

Organization and significant accounting policies

UBS Government Money Market Investments Fund (the "Portfolio") is registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified series of PACE Select Advisors Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust under the laws of the State of Delaware by Certificate of Trust dated September 9, 1994, as amended June 9, 1995 and thereafter. The trustees of the Trust have authority to issue an unlimited number of shares of beneficial interest, par value $0.001 per share.

The Trust has fifteen series available for investment, each having its own investment objectives and policies. The financial statements for the other series of the Trust are not included herein. Shares of the Portfolio currently are available only to participants in the PACE^SM Select Advisors Program and the PACE^SM Multi Advisor Program.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager, investment advisor and administrator for the Portfolio. UBS AM is an indirect wholly owned subsidiary of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

The Trust accounts separately for the assets, liabilities and operations of each Portfolio. Expenses directly attributable to each Portfolio are charged to that Portfolio's operations; expenses which are applicable to all Portfolios are allocated among them on a pro rata basis.

In the normal course of business, the Portfolio may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

18

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Portfolios' financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

In January 2021, the FASB issued Accounting Standards ("FASB") Update No. 2021-01 ("ASU 2021-01"), "Reference Rate Reform (Topic 848)". ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU 2021-01 update clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update become effective no later than December 31, 2022, for all entities. Management is currently evaluating the implications, if any, of the additional requirements and its impact on the Funds' financial statements.

The following is a summary of significant accounting policies:

Valuation of investments—Under Rule 2a-7 under the 1940 Act, as amended ("Rule 2a-7"), the Portfolio has adopted a policy to operate

19

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

as a "government money market fund". Under Rule 2a-7, a "government money market fund" invests 99.5% or more of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash and/or government securities). As a "government money market fund", the Portfolio values its investments at amortized cost unless the Portfolio's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Portfolio is performed in an effort to ensure that amortized cost approximates market value.

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.

Constant net asset value per share—The Portfolio attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Portfolio will be able to maintain a stable net asset value of $1.00 per share. The Portfolio has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Portfolio has adopted a policy to operate as a "government money market fund" and as such the Portfolio is permitted to seek to maintain a stable price per share.

Liquidity fee and/or redemption gates—By operating as a "government money market fund," the Portfolio is exempt from

20

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject the Portfolio to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

Repurchase agreements—The Portfolio may purchase securities or other obligations from a bank or securities dealer (or its affiliate), subject to the seller's agreement to repurchase them at an agreed upon date (or upon demand) and price. The Portfolio maintains custody of the underlying obligations prior to their repurchase, either through their regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Portfolio and its counterparty. The underlying collateral is valued daily in an effort to ensure that the value, including accrued interest, is at least equal to the repurchase price.

Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. The difference between the total amount to be received upon repurchase of the obligations and the price that was paid by the Portfolio upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Portfolio generally has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Repurchase agreements involving obligations other than US government securities (such as commercial paper, corporate bonds, equities and mortgage loans) may be subject to special risks and may not have the benefit of certain protections in the event of counterparty insolvency. Moreover, repurchase agreements secured by obligations that are not eligible for direct investment under Rule 2a-7 or the Portfolio's investment strategies and limitations, may require the Portfolio to promptly dispose of such collateral if the seller or guarantor becomes insolvent. If the seller (or seller's guarantor, if any)

21

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

becomes insolvent, the Portfolio may suffer delays, costs and possible losses in connection with the disposition or retention of the collateral. Under certain circumstances, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. The Portfolio intends to enter into repurchase agreements only in transactions with counterparties believed by UBS AM and the applicable subadvisor to present minimal credit risks.

The Portfolio may participate in joint repurchase agreement transactions with other Portfolios managed, advised or subadvised by UBS AM. Under certain circumstances, the Portfolio may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in the Portfolio at the end of the day in order to avoid having the Portfolio potentially exposed to a fee for uninvested cash held in a business account at a bank.

Investment transactions and investment income—Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the identified cost method. Interest income is recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

Dividends and distributions—Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from investment income and distributions from realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Concentration of risk—The ability of the issuers of debt securities held by the Portfolio to meet their obligations may be affected by

22

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

economic and political developments particular to a specific industry, country, state or region.

Many financial instruments, financings or other transactions to which a Portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). LIBOR is widely used in financial markets. In July 2017, the United Kingdom's financial regulatory body announced that after 2021 it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published or utilized after that time. Various financial industry groups have begun planning for that transition, but the effect of the transition process and its ultimate success cannot yet be determined. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021. The willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments also remains uncertain. Any of these factors may adversely affect the Portfolio's performance or NAV. On November 30, 2020, the administrator of LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end at the end of 2021.

Certain impacts to public health conditions particular to the coronavirus "COVID-19" outbreak that occurred may have a significant negative impact on the operations and profitability of the issuers of the Portfolios' investments. The extent of the impact to the financial performance of the Funds will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted.

23

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

Investment management and administration fees and other transactions with affiliates

The Portfolio's Board has approved an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, the Portfolio pays UBS AM an investment management and administration fee, which is accrued daily and paid monthly, at an annual rate of 0.25% of the Portfolio's average daily net assets. At January 31, 2022, UBS AM is owed $58,121 to the Portfolio, representing investment management and administration fees.

UBS AM has contractually undertaken to waive a portion of the Portfolio's investment management and administration fees and/or reimburse a portion of the Portfolio's other expenses, when necessary, to maintain the total ordinary annual operating expenses (excluding borrowing costs and interest expense, if any) through November 30, 2022 at a level not to exceed 0.60%. For the period ended January 31, 2022, UBS AM waived $75,778 in investment management and administration fees. The Portfolio will make a payment to UBS AM for any previously waived fees/reimbursed expenses during the following three fiscal years to the extent that operating expenses are otherwise below the expense cap. At January 31, 2022, UBS AM owed the Fund $12,045 in fee waivers.

At January 31, 2022, the Portfolio had remaining fee waivers/expense reimbursements subject to repayment to UBS AM and respective dates of expiration as follows:

Fee waivers/expense reimbursements subject to repayment		Expires July 31, 2022		Expires July 31, 2023		Expires July 31, 2024		Expires July 31, 2025
$	949,031	$	404,306	$	330,288	$	138,659	$	75,778

No amount was repaid back to UBS AM in the past year.

UBS AM may voluntarily undertake to waive fees and/or reimburse expenses in the event that the yields on Fund drop below a certain level. This undertaking is voluntary and not contractual and may be

24

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

terminated at any time. At January 31, 2022, UBS AM owed the Fund $123,397 and for the period ended January 31, 2022, UBS AM voluntarily reimbursed expenses of $735,839 which is not subject to future recoupment.

Additional information regarding compensation to affiliate of a former board member

During his term of service on the Board through his retirement from the Board effective December 31, 2021, Professor Meyer Feldberg had also served as a senior advisor to Morgan Stanley, a financial services firm with which the Portfolio may conduct transactions, which resulted in him being an interested trustee of the Trust . The Portfolio has been informed that Professor Feldberg's role at Morgan Stanley did not involve matters directly affecting any UBS funds. Portfolio transactions are executed through Morgan Stanley based on that firm's ability to provide best execution of the transactions.

During the period ended January 31, 2022, the Portfolio did not purchase or sell certain securities (e.g., fixed income securities) in principal trades with Morgan Stanley.

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Portfolio pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Portfolio's transfer agent, and is compensated for these services by BNY Mellon, not the Portfolio.

For the period ended January 31, 2022, UBS Financial Services Inc. received from BNY Mellon, not the Portfolio, $186,314 of the total transfer agency and related services fees paid by the Portfolio to BNY Mellon.

25

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

Shares of beneficial interest

There is an unlimited amount of $0.001 par value shares of beneficial interest authorized. Transactions in shares of beneficial interest, at $1.00 per share, were as follows:

	For the six months ended January 31, 2022			For the year ended July 31, 2021
Shares sold		129,088,083			277,990,757
Shares repurchased		(116,958,989	)		(331,762,633	)
Dividends reinvested		9,274			21,321
Net increase (decrease) in shares outstanding		12,138,368			(53,750,555	)

Federal tax status

The Portfolio intends to distribute substantially all of its income and to comply with the other requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, no provision for federal income taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Portfolio intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Portfolio during the fiscal year ended July 31, 2021 was ordinary income in the amount of $29,838.

The components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Portfolio's fiscal year ending July 31, 2022.

Net capital losses recognized by the portfolio may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. At July 31, 2021, the Portfolio had a short-term capital loss carryforward of $560.

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position

26

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

taken or expected to be taken. The Portfolio has analyzed and concluded as of January 31, 2022, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Portfolio recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended January 31, 2022, the Portfolio did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2021, remains subject to examination by the Internal Revenue Service and state taxing authorities.

27

UBS Government Money Market Investments Fund

General information (unaudited)

Monthly portfolio holdings disclosure

The Portfolio files its complete schedule of portfolio holdings with the US Securities and Exchange Commission ("SEC") each month on Form N-MFP. These reports on Form N-MFP are available on the SEC's website at http://www.sec.gov. The Portfolio makes portfolio holdings information available to shareholders on UBS's website at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Portfolio at the above referenced UBS website internet address.

Proxy voting policies, procedures and record

You may obtain a description of the Portfolio's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Portfolio voted any proxies related to portfolio securities during the most recent 12-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Portfolio directly at 1-800-647 1568, online on the Portfolio's website: www.ubs.com/ubsam-proxy, or on the EDGAR Database on SEC's website (http://www.sec.gov).

28

Trustees

Alan S. Bernikow
Chairman

Richard R. Burt

Bernard H. Garil

Heather R. Higgins

Investment Manager and
Administrator

UBS Asset Management (Americas) Inc.
787 Seventh Avenue
New York, New York 10019

Principal Underwriter

UBS Asset Management (US) Inc.
787 Seventh Avenue
New York, New York 10019

The financial information included herein is taken from the records of the Portfolio without examination by independent registered public accountants who do not express an opinion thereon.

This report is not to be used in connection with the offering of shares of the Portfolio unless accompanied or preceded by an effective prospectus.

© UBS 2022. All rights reserved.
UBS Asset Management (Americas) Inc.

PRESORTED
STANDARD
U.S. POSTAGE
PAID
COMPUTERSHARE

UBS Asset Management (Americas) Inc.

787 Seventh Avenue

New York, NY 10019

S097

(b) Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

Item 2. Code of Ethics.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 3. Audit Committee Financial Expert.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 4. Principal Accountant Fees and Services.

Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the registrant.

Item 6. Investments.

(a) Included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant’s Board has established a Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee will consider nominees recommended by shareholders if a vacancy occurs among those board members who are not “interested persons” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. In order to recommend a nominee, a shareholder should send a letter to the chairperson of the Nominating and Corporate Governance Committee, Richard R. Burt, care of the Secretary of the registrant at UBS Asset Management, UBS Building, One North Wacker Drive, Chicago, IL 60606, Attn: Keith Weller, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.” The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Code of Ethics – Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

(a) (2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.

(a) (3) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons – not applicable to the registrant.

(b) Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.

(c) Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended—Form N-CSR disclosure requirement not applicable to this filing of a semi-annual report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PACE Select Advisors Trust

By:	/s/ Igor Lasun
	Igor Lasun
	President

Date:     April 11, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Igor Lasun
	Igor Lasun
	President

Date:     April 11, 2022

By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer

Date:     April 11, 2021