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)

787 Seventh Avenue, 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: 888-793-8637

Date of fiscal year end: July 31

Date of reporting period: January 31, 2023

Item 1. Reports to Stockholders.

(a) Copy of the report transmitted to shareholders:

(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.

PACE^® Select Advisors Trust

Semiannual Report | January 31, 2023

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		35
PACE® Strategic Fixed Income Investments		48
PACE® Municipal Fixed Income Investments		79
PACE® Global Fixed Income Investments		89
PACE® High Yield Investments		102
PACE® Large Co Value Equity Investments		133
PACE® Large Co Growth Equity Investments		140
PACE® Small/Medium Co Value Equity Investments		147
PACE® Small/Medium Co Growth Equity Investments		154
PACE® International Equity Investments		163
PACE® International Emerging Markets Equity Investments		176
PACE® Global Real Estate Securities Investments		185
PACE® Alternative Strategies Investments		192
Glossary of terms used in the Portfolio of investments		226
Understanding your Portfolio's expenses		227
Statement of assets and liabilities		231
Statement of operations		241
Statement of changes in net assets		246
Statement of cash flows		254
Financial highlights		257
Notes to financial statements		286
General information		332
Board approvals of sub-advisory agreements		333

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, 2023

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, 2023 (the "reporting period"). Please note that the opinions of the subadvisors do not necessarily represent those of UBS Asset Management (Americas) Inc.

Economic headwinds increase

The global economy faced several headwinds during the reporting period, leading to expectations for weaker growth and a possible recession. In its January 2023 World Economic Outlook Update, the International Monetary Fund (the "IMF") said, "Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023...The rise in central bank rates to fight inflation and Russia's war in Ukraine continue to weigh on economic activity." For 2023, the IMF projects that GDP will be 1.4% in the US (versus 2.0% in 2022), 0.7% in the eurozone (versus 3.5% in 2022), -0.6% in the U.K. (versus 4.1% in 2022), and 1.8% in Japan (versus 1.4% in 2022).

With US inflation hitting a 40-year high in May 2022, the Federal Reserve Board (the "Fed") continued to aggressively raise interest rates. After raising rates three times during the first half of 2022, the Fed hiked rates four additional times by the end of the year. In total for 2022, the Fed raised rates 4.25%, the most since 1980. The Fed then raised rates 0.25% at its meeting in February 2023—after the reporting period ended—bringing the federal funds rate to a range of 4.50% and 4.75%, the highest since 2007. Elsewhere, the Bank of England ("BoE") and the European Central Bank ("ECB") raised rates to 3.50% and 2.50%, respectively, in 2022. Both central banks also raised rates in February 2023, pushing them to their highest level since 2008. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy. However, in December 2022, the BoJ raised the target range for its 10-year bond from 0.25% to 0.50%, which could be its first step to ending its accommodative monetary stance. Elsewhere, with inflation remaining elevated in emerging market countries, their central banks generally pushed rates higher as well.

3

Global equities produce mixed results

Global equities were volatile and posted mixed results during the reporting period. The US market fell sharply over the first two months of the period against a backdrop of elevated inflation and aggressive monetary policy tightening. The repercussions from the war in Ukraine and several geopolitical issues also weighed on investor sentiment. The US market then rallied over three of the next four months. This was due to several factors, including signs of moderating inflation, hopes that the Fed would be less aggressive in terms of rate hikes in 2023, and that the central bank could orchestrate a "soft landing" for the economy. For the six-months ended January 31, 2023, the S&P 500 Index¹ returned -0.44%. Outside the US, international developed equities, as measured by the MSCI EAFE Index (net),² gained 9.52% and emerging markets equities, based on the MSCI Emerging Markets Index (net),³ returned 4.92% during the six-month reporting period.

The overall fixed income market declines

The overall global fixed income market declined, as most central banks aggressively raised interest rates in an attempt to bring down inflation. In the US, short- and long-term US. Treasury yields moved sharply higher. For the six months ended January 31, 2023, the yield on the US 10-year Treasury rose from 2.67% to 3.52%. 10-year government bond yields outside the US also moved higher. (Bond yields and prices generally move in the opposite direction.) For the six-month reporting period as a whole, the overall US bond market, as measured by the Bloomberg US Aggregate Index,⁴ returned -2.37%. In contrast, riskier fixed income securities generated positive returns. High yield bonds, as measured by the ICE BofAML US High Yield Index,⁵ gained 1.22%. Elsewhere, emerging markets debt, as measured by the J.P. Morgan Emerging Markets Bond Index Global (EMBI Global),⁶ rose 2.84% during the reporting period.

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 Index is an unmanaged index that tracks the performance of US dollar denominated, below investment-grade rated corporate debt publicly issued in the US domestic market.

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, 2023. 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, 2023. 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, 2023 was 4.15% (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 (the "Fed") aggressively raised interest rates, the yields on short-term fixed income securities moved higher during the reporting period.

We tactically adjusted the Fund's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the portfolio had a WAM of 21 days. This was 11 days at the end of the reporting period.

A number of adjustments were made to the Fund's sector and issuer positioning during the six-month period. We increased the portfolio's exposure to US government agency obligations. In contrast, we reduced its allocations to repurchase agreements and US Treasury 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 Web site 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

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, 2023 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	4.15	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	4.23
Seven-day current yield before fee waivers and/or expense reimbursements1	4.02
Seven-day effective yield before fee waivers and/or expense reimbursements1	4.10
Weighted average maturity2	11 days
Portfolio composition3
U.S. government agency obligations	90.2	%
Repurchase agreements	9.3
U.S. Treasury obligations	2.3
Liabilities in excess of other assets	(1.8	)
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.

7

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—90.2%
Federal Farm Credit Banks SOFR + 0.018%, 4.318%, due 07/13/231		$1,500,000		$1,499,780
SOFR + 0.025%, 4.325%, due 08/04/231		1,000,000		1,000,000
SOFR + 0.025%, 4.325%, due 08/10/231		500,000		500,000
SOFR + 0.025%, 4.325%, due 08/28/231		1,000,000		1,000,000
SOFR + 0.025%, 4.325%, due 09/08/231		1,000,000		1,000,000
SOFR + 0.025%, 4.325%, due 09/27/231		500,000		500,000
SOFR + 0.025%, 4.325%, due 10/27/231		1,000,000		1,000,000
SOFR + 0.025%, 4.325%, due 11/30/231		500,000		499,895
SOFR + 0.030%, 4.330%, due 10/13/231		1,000,000		1,000,000
SOFR + 0.030%, 4.330%, due 10/20/231		500,000		500,000
SOFR + 0.030%, 4.330%, due 10/27/231		1,500,000		1,500,000
SOFR + 0.035%, 4.335%, due 04/21/231		500,000		500,000
SOFR + 0.035%, 4.335%, due 04/27/231		500,000		500,000
SOFR + 0.040%, 4.340%, due 03/10/231		1,000,000		1,000,000
SOFR + 0.040%, 4.340%, due 11/02/231		1,000,000		1,000,000
SOFR + 0.045%, 4.345%, due 03/01/241		1,000,000		1,000,000
SOFR + 0.050%, 4.350%, due 08/22/231		500,000		500,000
SOFR + 0.050%, 4.350%, due 05/09/241		1,000,000		1,000,000
SOFR + 0.055%, 4.355%, due 02/09/231		500,000		500,000
SOFR + 0.060%, 4.360%, due 12/13/231		500,000		500,000
SOFR + 0.070%, 4.370%, due 12/14/231		1,000,000		1,000,000
SOFR + 0.090%, 4.390%, due 08/26/241		2,000,000		2,000,000
SOFR + 0.100%, 4.400%, due 08/08/241		500,000		500,000
SOFR + 0.100%, 4.400%, due 08/26/241		2,000,000		2,000,000
SOFR + 0.105%, 4.405%, due 10/04/241		1,500,000		1,500,000
SOFR + 0.140%, 4.435%, due 09/05/241		7,500,000		7,500,000
SOFR + 0.160%, 4.460%, due 01/30/251		2,000,000		2,000,000
SOFR + 0.170%, 4.465%, due 02/06/251		5,000,000		5,000,000

	Face amount		Value
U.S. government agency obligations—(continued)
SOFR + 0.170%, 4.470%, due 01/23/251	$	3,000,000	$	3,000,000
SOFR + 0.180%, 4.480%, due 01/17/251		3,500,000		3,500,000
SOFR + 0.200%, 4.500%, due 12/05/241		4,000,000		4,000,000
Federal Farm Credit Discount Notes 4.080%, due 02/01/232		95,000,000		95,000,000
4.100%, due 02/02/232		10,000,000		9,998,861
4.220%, due 02/08/232		20,000,000		19,983,589
4.270%, due 02/07/232		25,000,000		24,982,208
Federal Home Loan Bank Discount Notes 3.970%, due 03/31/232		6,000,000		5,961,623
4.050%, due 02/01/232		54,000,000		54,000,000
4.090%, due 02/01/232		73,750,000		73,750,000
4.100%, due 02/01/232		101,000,000		101,000,000
4.100%, due 02/02/232		100,000,000		99,988,611
4.100%, due 02/06/232		52,000,000		51,970,389
4.105%, due 02/03/232		33,000,000		32,992,474
4.125%, due 02/10/232		15,000,000		14,984,531
4.170%, due 02/08/232		4,000,000		3,996,757
4.174%, due 02/10/232		8,000,000		7,991,652
4.190%, due 02/08/232		30,000,000		29,975,558
4.200%, due 02/03/232		30,000,000		29,993,000
4.220%, due 02/03/232		25,000,000		24,994,139
4.236%, due 02/17/232		4,000,000		3,992,469
4.250%, due 02/06/232		85,000,000		84,949,827	��
4.260%, due 02/17/232		20,000,000		19,962,133
4.310%, due 02/22/232		4,000,000		3,989,943
4.320%, due 02/10/232		15,000,000		14,983,800
4.368%, due 03/01/232		8,000,000		7,972,821
4.370%, due 02/24/232		20,000,000		19,944,161
4.378%, due 03/03/232		10,000,000		9,963,517
4.400%, due 04/26/232		4,000,000		3,958,933
4.405%, due 03/15/232		10,000,000		9,948,608
4.411%, due 03/10/232		10,000,000		9,954,665
4.434%, due 03/22/232		8,000,000		7,951,719
4.450%, due 02/22/232		58,000,000		57,849,442
4.450%, due 03/01/232		8,000,000		7,972,311
4.460%, due 03/24/232		10,000,000		9,936,817
4.485%, due 03/29/232		10,000,000		9,930,234
4.520%, due 03/22/232		7,500,000		7,453,858
4.540%, due 04/05/232		12,000,000		11,904,660
4.580%, due 04/14/232		7,000,000		6,935,880
4.600%, due 04/19/232		7,000,000		6,931,128
4.605%, due 04/19/232		12,000,000		11,881,805
4.610%, due 05/04/232		7,000,000		6,917,532
4.650%, due 05/03/232		7,000,000		6,917,721
4.730%, due 08/02/232		7,000,000		6,832,611
Federal Home Loan Banks SOFR + 0.030%, 4.330%, due 03/02/231		3,000,000		3,000,000
SOFR + 0.030%, 4.330%, due 05/11/231		15,000,000		15,000,000
SOFR + 0.035%, 4.335%, due 04/21/231		2,500,000		2,500,000

8

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(concluded)
SOFR + 0.040%, 4.340%, due 02/13/231	$	3,000,000	$	3,000,000
SOFR + 0.040%, 4.340%, due 04/05/231		2,500,000		2,500,000
SOFR + 0.040%, 4.340%, due 05/26/231		7,000,000		7,000,000
SOFR + 0.040%, 4.340%, due 06/06/231		10,000,000		10,000,000
SOFR + 0.040%, 4.340%, due 06/13/231		14,000,000		14,000,000
SOFR + 0.045%, 4.345%, due 02/23/231		5,000,000		5,000,000
SOFR + 0.045%, 4.345%, due 03/03/231		3,000,000		3,000,000
SOFR + 0.050%, 4.350%, due 03/03/231		10,000,000		10,000,000
SOFR + 0.050%, 4.350%, due 03/28/231		7,000,000		7,000,000
SOFR + 0.050%, 4.350%, due 06/27/231		2,500,000		2,500,000
SOFR + 0.050%, 4.350%, due 06/30/231		7,500,000		7,500,000
SOFR + 0.050%, 4.350%, due 07/18/231		22,000,000		22,000,000
SOFR + 0.055%, 4.355%, due 03/09/231		7,000,000		7,000,000
SOFR + 0.055%, 4.355%, due 04/04/231		3,000,000		3,000,000
SOFR + 0.055%, 4.355%, due 05/24/231		4,000,000		4,000,000
SOFR + 0.060%, 4.360%, due 08/01/231		7,500,000		7,500,000
SOFR + 0.070%, 4.370%, due 04/03/231		4,000,000		4,000,000
SOFR + 0.070%, 4.370%, due 07/25/231		5,000,000		5,000,000
SOFR + 0.070%, 4.370%, due 11/27/231		7,500,000		7,500,000
SOFR + 0.080%, 4.380%, due 01/24/241		7,000,000		7,000,000
SOFR + 0.090%, 4.390%, due 05/23/231		4,000,000		4,000,000
Federal National Mortgage Association Discount Notes 4.200%, due 02/06/232		140,000,000		139,918,333
Total U.S. government agency obligations (cost—$1,382,017,995)				1,382,017,995

	Face amount		Value
U.S. Treasury obligations—2.3%
U.S. Treasury Bills 4.757%, due 05/30/233	$	15,000,000	$	14,772,849
U.S. Treasury Notes 3 mo. Treasury money market yield + 0.140%, 4.769%, due 10/31/241		8,000,000		7,989,016
3 mo. Treasury money market yield + 0.200%, 4.829%, due 01/31/251		13,000,000		13,000,000
Total U.S. Treasury obligations (cost—$35,761,865)				35,761,865
Repurchase agreements—9.3%
Repurchase agreement dated 01/31/23 Fixed Income Clearing Corp., 4.290% due 02/01/23, collateralized by $901,000 U.S. Treasury Note, 4.130% due 01/31/25; (value—$898,712); proceeds: $881,105		881,000		881,000
Repurchase agreement dated 01/31/23 with Goldman Sachs & Co., 4.240% due 02/01/23, collateralized by $149,270,000 U.S. Treasury Note, 2.000% due 05/31/24; (value—$144,636,001); proceeds: $141,816,701		141,800,000		141,800,000
Total repurchase agreements (cost—$142,681,000)				142,681,000
Total investments (cost—$1,560,460,860 which approximates cost for federal income tax purposes)—101.8%				1,560,460,860
Liabilities in excess of other assets—(1.8)%				(27,856,446	)
Net assets—100.0%			$	1,532,604,414

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.

9

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
U.S. government agency obligations	$	—	$	1,382,017,995	$	—	$	1,382,017,995
U.S. Treasury obligations		—		35,761,865		—		35,761,865
Repurchase agreements		—		142,681,000		—		142,681,000
Total	$	—	$	1,560,460,860	$	—	$	1,560,460,860

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

²  Rate shown is the discount rate at the date of purchase unless otherwise noted.

³  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
10

PACE Mortgage-Backed Securities Fixed Income Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -3.51% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Mortgage-Backed Securities Index (the "benchmark") returned -3.25%. (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

The Portfolio generated a negative return and underperformed its benchmark during the reporting period. Overall interest rate strategies were negative for results. An overweight to the 5-year and 7-year portions of the US yield curve detracted from returns as Treasury yields rose over the period. Overall mortgage strategies were also a headwind for returns. Exposure to 30-year Fannie Mae securities detracted from performance, while exposure to 30-year Ginnie Mae and Freddie Mac securities contributed to returns. Elsewhere, security selection within non-agency mortgage-backed securities (MBS), including residential mortgage credit, detracted from performance. However, tactical exposure to collateralized loan obligations (CLOs) contributed to returns.

Overall, derivative usage was positive for performance during the reporting period. The use of interest rate swaps to manage US interest rate exposure and yield curve positioning contributed to performance, while the use of interest rate options and futures detracted from returns. Mortgage pool options, used to manage interest rate and volatility risk within the sector, were negative for performance. Options on swaps were primarily used to manage interest rate exposure and currency volatility and were neutral for returns. Overall, the use of currency options, futures, and 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 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.72	)%		(9.39	)%		0.08	%		0.79	%
Class Y2		(3.59	)		(9.16	)		0.33			1.04
Class P3		(3.51	)		(9.15	)		0.35			1.05
After deducting maximum sales charge
Class A1		(7.35	)		(12.77	)		(0.68	)		0.40
Bloomberg US Mortgage Backed Securities Index4		(3.25	)		(7.53	)		0.35			1.12

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.61	)%		(13.70	)%		(0.86	)%		0.42	%
Class Y2		(3.48	)		(13.49	)		(0.61	)		0.68
Class P3		(3.48	)		(13.47	)		(0.60	)		0.68
After deducting maximum sales charge
Class A1		(7.20	)		(16.94	)		(1.62	)		0.04

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.09% and 0.97%; Class Y— 0.95% and 0.72%; and Class P— 0.90% and 0.72%. 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, 2023 (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, 2023

Characteristics
Weighted average duration	5.76 yrs.
Weighted average maturity	8.98 yrs.
Average coupon	3.14	%
Top ten holdings (long holdings)
UMBS TBA, 2.000%	18.5	%
UMBS TBA, 2.500%	15.0
UMBS TBA, 4.500%	10.6
GNMA II TBA, 3.000%	6.8
UMBS TBA, 6.000%	5.6
UMBS TBA, 4.000%	5.3
GNMA II TBA, 4.500%	4.4
FNMA, 3.500% due 08/01/43	2.8
GNMA II TBA, 3.500%	2.8
GNMA II TBA, 2.000%	2.6
Total	74.4	%
Asset allocation
U.S. government agency obligations	156.6	%
Mortgage-backed securities	18.5
Asset-backed securities	8.4
Options and swaptions purchased	0.3
Short-term U.S. Treasury obligations	0.1
Investments sold short	(29.4	)
Cash equivalents and liabilities in excess of other assets	(54.5	)
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, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—8.4%
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, Series 2005-R1, Class M4, 1 mo. USD LIBOR + 1.110%, 5.616%, due 03/25/351	$	200,000	$	194,890
AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, 3 mo. USD LIBOR + 0.980%, 5.772%, due 04/14/291,2		730,304		727,505
Amortizing Residential Collateral Trust, Series 2004-1, Class A5, 1 mo. USD LIBOR + 1.000%, 5.506%, due 10/25/341		88,889		86,605
Bear Stearns Asset-Backed Securities Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 1.200%, 5.706%, due 08/25/341		2,211,721		2,245,730
Chase Funding Trust, Series 2002-3, Class 2A1, 1 mo. USD LIBOR + 0.640%, 5.146%, due 08/25/321		125,924		118,982
Series 2002-4, Class 2A1, 1 mo. USD LIBOR + 0.740%, 5.246%, due 10/25/321		6,577		6,268
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1 mo. USD LIBOR + 1.350%, 5.856%, due 10/25/371,2		169,748		168,947
Countrywide Asset-Backed Certificates, Series 2004-2, Class 3A4, 1 mo. USD LIBOR + 0.500%, 5.006%, due 07/25/341		66,074		62,701
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1, 1 mo. USD LIBOR + 0.720%, 5.226%, due 07/25/341		39,015		38,307
Series 2004-6, Class M1, 1 mo. USD LIBOR + 0.900%, 5.406%, due 10/25/341		72,226		70,539
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 3 mo. USD LIBOR + 0.980%, 5.772%, due 04/15/281,2		1,616,076		1,605,990
EMC Mortgage Loan Trust, Series 2003-A, Class A2, 1 mo. USD LIBOR + 1.500%, 6.006%, due 08/25/401,2		45,190		43,539
EquiFirst Loan Securitization Trust, Series 2007-1, Class A1, 1 mo. USD LIBOR + 0.170%, 4.676%, due 04/25/371,2		1,303,752		1,116,624
Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 3 mo. USD LIBOR + 1.090%, 5.169%, due 07/15/311,2		1,400,000		1,379,153

	Face amount		Value
Asset-backed securities—(continued)
JP Morgan Mortgage Acquisition Trust, Series 2006-ACC1, Class M1, 1 mo. USD LIBOR + 0.405%, 4.911%, due 05/25/361	$	1,986	$	2,053
KGS-Alpha SBA COOF Trust, Series 2012-5, Class A, 0.995%, due 04/25/382,3,4,5		7,360,120		153,090
LCM XX LP, Series 20A, Class AR, 3 mo. USD LIBOR + 1.040%, 5.848%, due 10/20/271,2		57,797		57,611
Option One Mortgage Loan Trust, Series 2007-4, Class 2A2, 1 mo. USD LIBOR + 0.180%, 4.686%, due 04/25/371		48,218		28,394
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WHQ3, Class M4, 1 mo. USD LIBOR + 0.945%, 5.451%, due 06/25/351		35,134		34,765
PRET LLC, Series 2021-RN2, Class A1, 1.744%, due 07/25/512,6		4,376,158		4,025,739
Series 2022-RN1, Class A1, 3.721%, due 07/25/512,6		1,406,220		1,321,994
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 5.136%, due 12/25/351		85,864		85,042
Renaissance Home Equity Loan Trust, Series 2003-2, Class A, 1 mo. USD LIBOR + 0.880%, 4.288%, due 08/25/331		108,599		101,001
Saxon Asset Securities Trust, Series 2005-3, Class M3, 1 mo. USD LIBOR + 0.750%, 1.610%, due 11/25/351		1,083,929		1,025,685
Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 3 mo. USD LIBOR + 0.990%, 5.805%, due 01/23/291,2		300,423		298,566
Soundview Home Loan Trust, Series 2007-OPT1, Class 1A1, 1 mo. USD LIBOR + 0.200%, 4.706%, due 06/25/371		580,661		415,062
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-EQ1A, Class A1, 1 mo. USD LIBOR + 0.135%, 4.641%, due 07/25/361,2		46,688		46,052
Structured Asset Securities Corp. Trust, Series 2005-AR1, Class M2, 1 mo. USD LIBOR + 0.690%, 5.196%, due 09/25/351		996,967		945,839

15

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(concluded)
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 3 mo. USD LIBOR + 0.880%, 5.672%, due 04/15/281,2	$	165,385	$	164,610
Venture 33 CLO Ltd., Series 2018-33A, Class A1LR, 3 mo. USD LIBOR + 1.060%, 5.852%, due 07/15/311,2		500,000		491,858
Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 3 mo. USD LIBOR + 1.130%, 5.938%, due 04/20/321,2		800,000		783,847
Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 3 mo. USD LIBOR + 0.950%, 5.696%, due 06/20/291,2		969,850		961,614
Total asset-backed securities (cost—$19,118,920)				18,808,602
Mortgage-backed securities—18.5%
Adjustable Rate Mortgage Trust, Series 2005-8, Class 3A21, 3.622%, due 11/25/353		285,335		221,394
BCAP LLC Trust, Series 2010-RR1, Class 1A4, 3.224%, due 03/26/372,3		59,255		46,823
Series 2013-RR1, Class 3A4, 6.000%, due 10/26/372,3		139,642		107,638
Bear Stearns ARM Trust, Series 2002-11, Class 1A2, 3.250%, due 02/25/333		1,233		971
Series 2004-2, Class 12A2, 3.017%, due 05/25/343		20,980		19,013
Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A2, 5.500%, due 06/25/346		346,112		333,124
Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, 5.750%, due 10/25/336		187,106		189,518
Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-1A, Class A1, 1 mo. USD LIBOR + 0.280%, 4.786%, due 01/25/351,2		14,857		13,745
CHL Mortgage Pass-Through Trust, Series 2003-HYB1, Class 1A1, 3.235%, due 05/19/333		3,149		2,731
Series 2007-15, Class 2A2, 6.500%, due 09/25/37		24,167		10,449
Citigroup Commercial Mortgage Trust, Series 2019-SMRT, Class A, 4.149%, due 01/10/362		3,200,000		3,137,227
Citigroup Mortgage Loan Trust, Inc., Series 2021-INV3, Class A3A, 2.500%, due 05/25/512,3		3,310,192		2,763,365
Series 2022-INV1, Class A3B, 3.000%, due 11/27/512,3		3,174,472		2,730,703

	Face amount		Value
Mortgage-backed securities—(continued)
CSMC Trust, Series 2013-MH1, Class A, 4.698%, due 05/27/532,3	$	908,746	$	773,353
Series 2021-INV1, Class A3, 2.500%, due 07/25/562,3		254,875		212,771
FHLMC GNMA, Series 13, Class B, 7.000%, due 06/25/23		469		4
Series 23, Class KZ, 6.500%, due 11/25/23		573		572
FHLMC REMIC 2.000%, due 11/25/50		702,496		91,900
Series 1502, Class PX, 7.000%, due 04/15/23		1,065		1,063
Series 1534, Class Z, 5.000%, due 06/15/23		878		873
Series 1573, Class PZ, 7.000%, due 09/15/23		520		520
Series 1658, Class GZ, 7.000%, due 01/15/24		464		465
Series 1694, Class Z, 6.500%, due 03/15/24		5,445		5,463
Series 1775, Class Z, 8.500%, due 03/15/25		437		449
Series 2136, Class GD, 7.000%, due 03/15/29		787		88
Series 2178, Class PI, 7.500%, due 08/15/29		4,856		685
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 4.959%, due 01/15/321		28,225		28,225
Series 2411, Class FJ, 1 mo. USD LIBOR + 0.350%, 4.809%, due 12/15/291		6,348		6,317
Series 2513, Class AS, (1.000)* 1 mo. USD LIBOR + 8.000%, 3.541%, due 02/15/321		137,053		14,934
Series 2614, Class WO, 0.010%, due 05/15/337		390,410		326,400
Series 3096, Class FL, 1 mo. USD LIBOR + 0.400%, 4.859%, due 01/15/361		67,784		67,052
Series 3114, Class PF, 1 mo. USD LIBOR + 0.400%, 4.859%, due 02/15/361		369,026		365,089
Series 3153, Class UF, 1 mo. USD LIBOR + 0.430%, 4.889%, due 05/15/361		91,693		91,178
Series 3339, Class LI, (1.000)* 1 mo. USD LIBOR + 6.480% 2.021%, due 07/15/371		497,903		50,794
Series 3442, Class MT, 1 mo. USD LIBOR, 4.459%, due 07/15/341		33,451		31,687
Series 3598, Class JI, 0.188%, due 10/15/373		17,317		507

16

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 3621, Class WI, 0.573%, due 05/15/373	$	29,465	$	1,230
Series 3635, Class IB, 0.487%, due 10/15/373		51,027		1,948
Series 3667, Class FW, 1 mo. USD LIBOR + 0.550%, 5.009%, due 02/15/381		7,908		7,846
Series 3671, Class FQ, 1 mo. USD LIBOR + 0.850%, 5.309%, due 12/15/361		535,596		541,624
Series 3684, Class JI, 0.200%, due 11/15/363		149,933		8,926
Series 3864, Class NT, (9.167)* 1 mo. USD LIBOR + 60.500%, 5.500%, due 03/15/391		244,540		246,300
Series 3962, Class KS, 0.180%, due 06/15/383		114,429		6,278
Series 4037, Class PI, 3.000%, due 04/15/27		503,587		14,257
Series 4068, Class UF, 1 mo. USD LIBOR + 0.500%, 4.959%, due 06/15/421		449,504		441,281
Series 4076, Class SW, (1.000)* 1 mo. USD LIBOR + 6.050% 1.591%, due 07/15/421		1,065,685		132,667
Series 4100, Class HI, 3.000%, due 08/15/27		118,660		5,453
Series 4156, Class SA, (1.000)* 1 mo. USD LIBOR + 6.200%, 1.741%, due 01/15/331		787,983		52,376
Series 4165, Class TI, 3.000%, due 12/15/42		592,768		42,632
Series 4182, Class QI, 3.000%, due 02/15/33		69,591		4,346
Series 4182, Class YI, 2.500%, due 03/15/28		1,283,499		59,473
Series 4255, Class SN, (2.667)* 1 mo. USD LIBOR + 12.267%, 0.092%, due 05/15/351		311,934		284,752
Series 4263, Class SD, (2.667)* 1 mo. USD LIBOR + 12.267%, 0.376%, due 11/15/431		348,249		289,285
Series 4265, Class ES, (3.200)* 1 mo. USD LIBOR + 13.760%, 0.576%, due 11/15/431		828,981		724,704
Series 4324, Class IO, 0.439%, due 08/15/363		52,464		1,424
Series 4338, Class SB, 0.030%, due 10/15/413		66,731		2,794
Series 4367, Class GS, 0.575%, due 03/15/373		46,100		2,348
Series 4394, Class WI, 0.121%, due 08/15/413		39,704		1,654
Series 4438, Class WI, 0.073%, due 11/15/383		129,131		5,485
Series 4457, Class DI, 4.000%, due 08/15/24		88,721		1,703

	Face amount		Value
Mortgage-backed securities—(continued)
Series 4463, Class IO, 0.197%, due 02/15/383	$	86,842	$	3,463
Series 4544, Class IP, 4.000%, due 01/15/46		1,082,074		174,580
Series 4832, Class FW, 1 mo. USD LIBOR + 0.350%, 3.914%, due 04/15/381		940,596		943,919
Series 4836, Class PO, 0.010%, due 10/15/587		749,331		552,277
Series 4839, Class UO, 0.010%, due 08/15/567		459,762		377,220
Series 4940, Class FE, 1 mo. USD LIBOR + 0.550%, 5.056%, due 01/25/501		277,438		271,823
Series 4945, Class F, 1 mo. USD LIBOR + 0.500%, 3.722%, due 12/15/461		145,090		144,005
FHLMC STRIPs, Series 303, Class C19, 3.500%, due 01/15/43		441,959		67,500
Series 326, Class F2, 1 mo. USD LIBOR + 0.550%, 5.009%, due 03/15/441		271,046		265,834
Series 330, Class F4, 1 mo. USD LIBOR + 0.350%, 3.824%, due 10/15/371		207,155		202,320
Series 345, Class C13, 3.500%, due 08/15/45		583,510		95,748
FHLMC Whole Loan Securities Trust, Series 2015-SC02, Class 1A, 3.000%, due 09/25/45		223,363		209,103
Series 2017-SC01, Class 1A, 3.000%, due 12/25/46		370,705		342,123
Series 2017-SC01, Class 2A, 3.500%, due 12/25/46		424,900		401,373
FNMA Aces, Series 2016-M11, Class AL, 2.944%, due 07/25/39		524,360		477,124
Series 2020-M33, Class X2, 2.241%, due 01/25/313		589,368		59,708
FNMA REMIC, Series 1993-37, Class PX, 7.000%, due 03/25/23		113		112
Series 2002-60, Class F1, 1 mo. USD LIBOR + 0.400%, 4.906%, due 06/25/321		39,179		38,981
Series 2003-70, Class SH, (2.000)* 1 mo. USD LIBOR + 14.000%, 4.988%, due 07/25/231		6,249		6,047
Series 2007-67, Class FB, 1 mo. USD LIBOR + 0.320%, 4.826%, due 07/25/371		31,566		30,973
Series 2009-33, Class FB, 1 mo. USD LIBOR + 0.820%, 5.326%, due 03/25/371		306,000		308,509

17

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2010-141, Class FA, 1 mo. USD LIBOR + 0.500%, 5.006%, due 12/25/401	$	132,765	$	130,489
Series 2010-76, Class SA, (1.000)* 1 mo. USD LIBOR + 6.500%, 1.994%, due 07/25/401		443,338		40,767
Series 2012-111, Class HS, (0.833)* 1 mo. USD LIBOR + 3.667%, 0.009%, due 10/25/421		37,214		24,031
Series 2012-122, Class LI, 4.500%, due 07/25/41		338,023		28,592
Series 2012-128, Class FK, 1 mo. USD LIBOR + 0.350%, 4.856%, due 11/25/421		132,496		128,928
Series 2012-77, Class IO, 0.453%, due 07/25/523		133,858		4,816
Series 2012-90, Class FB, 1 mo. USD LIBOR + 0.440%, 4.946%, due 08/25/421		46,863		45,867
Series 2013-116, Class IY, 3.000%, due 09/25/43		186,081		13,200
Series 2013-28, Class YS, (1.000)* 1 mo. USD LIBOR + 6.150%, 1.644%, due 07/25/421		376,399		50,828
Series 2013-30, Class GI, 3.000%, due 01/25/43		695,007		63,800
Series 2013-30, Class JI, 3.000%, due 04/25/43		279,080		38,502
Series 2013-34, Class PS, (1.000)* 1 mo. USD LIBOR + 6.150%, 1.644%, due 08/25/421		366,787		23,380
Series 2013-45, Class IK, 3.000%, due 02/25/43		515,623		60,369
Series 2014-42, Class SA, 0.012%, due 07/25/443		140,376		4,587
Series 2014-43, Class BS, 0.340%, due 07/25/443		233,545		10,792
Series 2014-45, Class SA, 0.061%, due 08/25/443		107,252		3,826
Series 2014-47, Class BI, 0.396%, due 08/25/543		222,292		9,043
Series 2014-84, Class AI, (1.000)* 1 mo. USD LIBOR + 6.150%, 0.200%, due 02/25/431		276,181		1,931
Series 2014-92, Class SB, 0.118%, due 01/25/453		134,481		6,692
Series 2015-10, Class SA, 0.092%, due 03/25/453		258,676		11,737
Series 2015-19, Class AI, 0.310%, due 04/25/553		216,412		8,182
Series 2015-47, Class GI, 4.000%, due 06/25/44		46,971		4,917
Series 2015-50, Class SB, 0.126%, due 07/25/453		695,713		33,151
Series 2015-58, Class AI, 0.101%, due 08/25/553		128,179		4,050

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2015-64, Class KS, 0.036%, due 09/25/453	$	173,025	$	7,337
Series 2015-73, Class ES, (2.333)* 1 mo. USD LIBOR + 9.333% 0.542%, due 10/25/451		176,805		111,297
Series 2016-14, Class IO, 3.000%, due 03/25/46		380,832		50,155
Series 2016-17, Class CS, 0.078%, due 04/25/463		98,682		5,536
Series 2016-52, Class PI, 3.000%, due 04/25/46		420,094		52,659
Series 2016-63, Class YI, 3.500%, due 04/25/46		49,371		3,667
Series 2016-64, Class IA, 3.000%, due 05/25/46		307,501		39,635
Series 2016-76, Class CS, 0.023%, due 10/25/463		48,014		1,921
Series 2018-28, Class CA, 3.000%, due 05/25/48		256,373		236,938
Series 2018-85, Class FE, 1 mo. USD LIBOR + 0.300%, 4.806%, due 12/25/481		1,638,172		1,609,131
Series 2019-10, Class FA, 1 mo. USD LIBOR + 0.400%, 4.906%, due 03/25/491		2,674,076		2,623,045
Series 2019-62, Class SN, (1.000)* 1 mo. USD LIBOR + 6.000%, 1.494%, due 11/25/491		214,671		31,859
Series 2020-54, Class WF, 1 mo. USD LIBOR + 0.450%, 3.146%, due 08/25/501		555,331		522,313
Series 2020-70, Class IO, 0.030%, due 10/25/503		12,282,249		673,465
Series 2022-3, Class SD, (1.000)* 30 day USD SOFR Average + 2.550%, 0.269%, due 02/25/521		4,070,773		86,061
Series G94-6, Class PJ, 8.000%, due 05/17/24		186		187
FNMA STRIPs, Series 386, Class 14, 6.500%, due 04/25/38		35,188		10,359
Series 413, Class 111, 4.000%, due 07/25/423		477,255		69,851
Series 419, Class C3, 3.000%, due 11/25/43		94,698		13,789
Fremont Home Loan Trust, Series 2004-A, Class M1, 1 mo. USD LIBOR + 0.825%, 5.331%, due 01/25/341		338,671		316,217
GNMA, Series 2007-18, Class CO, 0.010%, due 03/20/357		16,347		14,855
Series 2010-H01, Class FA, 1 mo. USD LIBOR + 0.820%, 4.875%, due 01/20/601		879,514		879,789
Series 2013-23, Class IP, 3.500%, due 08/20/42		529,307		66,927

18

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2013-77, Class GI, 3.000%, due 02/20/43	$	805,595	$	83,950
Series 2013-H19, Class DF, 1 mo. USD LIBOR + 0.650%, 4.835%, due 05/20/631		350,114		348,411
Series 2013-H20, Class FB, 1 mo. USD LIBOR + 1.000%, 5.185%, due 08/20/631		393,976		394,731
Series 2013-H23, Class TA, 1 mo. USD LIBOR + 0.720%, 4.905%, due 09/20/631		303,275		302,967
Series 2014-158, Class IA, 3.500%, due 10/20/29		334,542		24,959
Series 2015-126, Class GS, 1 mo. USD LIBOR + 9.333%, 0.542%, due 09/20/451		323,052		212,766
Series 2015-127, Class AS, 0.059%, due 06/20/433		166,618		4,874
Series 2015-165, Class IB, 3.500%, due 11/20/42		183,446		19,019
Series 2015-166, Class SA, 0.011%, due 06/20/423		168,028		3,615
Series 2015-180, Class SA, 0.152%, due 06/20/423		181,851		5,241
Series 2015-H27, Class FA, 1 mo. USD LIBOR + 0.750%, 4.512%, due 09/20/651		1,673,627		1,650,831
Series 2015-H29, Class FA, 1 mo. USD LIBOR + 0.700%, 4.666%, due 10/20/651		2,524		2,503
Series 2015-H29, Class FJ, 1 mo. USD LIBOR + 0.680%, 4.474%, due 11/20/651		1,258,243		1,237,929
Series 2015-H30, Class FA, 1 mo. USD LIBOR + 0.680%, 4.810%, due 08/20/611		4,196		4,158
Series 2016-118, Class IE, 3.500%, due 09/20/46		33,177		5,729
Series 2016-138, Class WI, 0.463%, due 08/20/453		152,817		2,615
Series 2016-180, Class WI, 0.447%, due 09/20/453		278,772		4,918
Series 2016-H14, Class FA, 1 mo. USD LIBOR + 0.800%, 4.592%, due 06/20/661		337,078		333,936
Series 2017-15, Class WI, 0.196%, due 11/20/453		180,737		3,217
Series 2017-57, Class WI, 0.088%, due 12/20/453		76,713		2,106
Series 2017-H23, Class MA, 3.000%, due 11/20/67		679,855		650,265
GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.500%, due 02/25/522,3		523,944		436,736
Series 2021-INV1, Class A2, 2.500%, due 12/25/512,3		352,212		294,029

	Face amount		Value
Mortgage-backed securities—(continued)
Series 2022-MM1, Class A2, 2.500%, due 07/25/522,3	$	1,650,926	$	1,376,138
GSR Mortgage Loan Trust, Series 2004-14, Class 2A1, 1 mo. USD LIBOR + 0.330%, 4.836%, due 12/25/341		2,921		2,822
IndyMac INDX Mortgage Loan Trust, Series 2005-AR2, Class 2A1A, 1 mo. USD LIBOR + 0.640%, 5.146%, due 02/25/351		184,535		159,567
J.P. Morgan Alternative Loan Trust, Series 2008-R4, Class 2A1, 1 mo. USD LIBOR + 0.500%, 4.889%, due 06/27/371,2		471,283		342,006
JP Morgan Mortgage Trust, Series 2019-6, Class A11, 1 mo. USD LIBOR + 0.900%, 5.289%, due 12/25/491,2		483,642		458,842
Series 2019-INV2, Class A11, 1 mo. USD LIBOR + 0.900%, 5.289%, due 02/25/501,2		561,972		524,991
Series 2021-INV6, Class A2, 3.000%, due 04/25/522,3		1,277,890		1,108,221
Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 3.300%, due 12/25/343		74,713		70,634
Series 2004-A, Class A1, 1 mo. USD LIBOR + 0.460%, 4.966%, due 04/25/291		13,797		12,529
Morgan Stanley Mortgage Loan Trust, Series 2004-11AR, Class 1A1, 1 mo. USD LIBOR + 0.320%, 4.826%, due 01/25/351		16,884		14,957
Morgan Stanley Re-REMIC Trust, Series 2010-R4, Class 4B, 1 mo. USD LIBOR + 0.230%, 2.702%, due 02/26/371,2		106,280		96,185
Mortgage Equity Conversion Asset Trust, Series 2007-FF3, Class A, 1 yr. CMT + 0.500%, 5.200%, due 05/25/421,2		2,095,510		1,960,634
OBX Trust, Series 2022-INV2, Class A1, 3.000%, due 01/25/522,3		584,151		504,583
Pepper Residential Securities Trust No. 22, Series 22A, Class A1U, 1 mo. USD LIBOR + 1.000%, 5.486%, due 06/20/601,2		241,456		241,032
Residential Asset Securitization Trust, Series 2006-A7CB, Class 1A1, 1 mo. USD LIBOR + 0.500%, 5.006%, due 07/25/361		215,897		157,821
Sequoia Mortgage Trust, Series 11, Class A, 1 mo. USD LIBOR + 0.900%, 5.386%, due 12/20/321		101,026		90,596

19

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(concluded)
Series 5, Class A, 1 mo. USD LIBOR + 0.700%, 5.170%, due 10/19/261	$	28,804	$	27,423
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-4, Class 1A2, 1 mo. USD LIBOR + 0.440%, 4.946%, due 05/25/371		90,199		78,060
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD LIBOR + 0.420%, 4.926%, due 04/25/361		205,461		177,550
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 3.025%, due 04/25/453		22,993		21,494
WaMu Mortgage Pass-Through Certificates Trust, Series 2003-AR9, Class 2A, 4.166%, due 09/25/333		33,899		30,473
Total mortgage-backed securities (cost—$46,505,545)				41,166,151
U.S. government agency obligations—156.6%
FHLMC 7.000%, due 08/01/25		35		36
5.000%, due 10/01/25		9,668		9,599
5.000%, due 11/01/27		1,819		1,817
2.500%, due 01/01/31		100,934		95,855
2.500%, due 11/01/31		29,886		28,385
5.500%, due 02/01/32		611		633
2.500%, due 07/01/32		54,624		51,870
2.500%, due 08/01/32		240,588		228,460
2.500%, due 09/01/32		320,350		304,201
3.500%, due 09/01/32		222,271		218,058
2.500%, due 11/01/32		10,368		9,845
2.500%, due 12/01/32		292,734		277,978
5.500%, due 12/01/32		1,220		1,264
2.500%, due 01/01/33		72,560		68,902
3.000%, due 01/01/33		824,195		796,752
5.500%, due 02/01/33		28,094		29,183
5.500%, due 05/01/33		257		267
5.500%, due 06/01/33		98,889		102,728
5.000%, due 09/01/33		80,137		81,941
3.500%, due 12/01/33		135,766		133,670
5.500%, due 12/01/33		21,442		22,275
3.500%, due 06/01/34		79,122		77,544
5.000%, due 06/01/34		3,728		3,816
3.500%, due 07/01/34		32,887		32,231
4.500%, due 09/01/34		565,057		565,866
5.500%, due 12/01/34		17,431		18,168
3.500%, due 03/01/35		455,012		445,937
3.500%, due 04/01/35		241,998		236,506
5.000%, due 04/01/35		26,995		27,629
5.000%, due 05/01/35		36,968		37,901
5.500%, due 06/01/35		288,866		300,970
5.000%, due 07/01/35		67,599		69,305
5.500%, due 07/01/35		2,292		2,381
5.000%, due 08/01/35		10,064		10,318
5.000%, due 10/01/35		9,338		9,574

	Face amount		Value
U.S. government agency obligations—(continued)
5.500%, due 10/01/35	$	94,638	$	98,890
5.000%, due 12/01/35		278		285
5.500%, due 12/01/35		42,725		44,645
4.500%, due 01/01/36		10,775		10,821
2.000%, due 04/01/36		785,370		715,771
5.500%, due 06/01/36		162,380		169,247
5.500%, due 12/01/36		244,182		255,482
4.000%, due 01/01/37		155,573		154,531
5.500%, due 03/01/37		30,184		31,595
1.500%, due 04/01/37		980,269		869,286
4.500%, due 05/01/37		1,150		1,158
5.500%, due 07/01/37		47,292		49,220
5.500%, due 10/01/37		1,269		1,328
6.000%, due 11/01/37		445,818		474,745
5.500%, due 04/01/38		47,371		49,563
4.500%, due 05/01/38		28,850		28,988
5.500%, due 05/01/38		5,191		5,434
5.000%, due 07/01/38		132,518		136,998
5.000%, due 11/01/38		88,674		91,448
5.500%, due 12/01/38		916		959
5.500%, due 01/01/39		22,962		24,035
5.000%, due 06/01/39		20,584		21,291
5.500%, due 09/01/39		71,176		74,502
3.000%, due 02/01/40		1,173,306		1,115,278
5.500%, due 02/01/40		2,940		3,078
5.000%, due 03/01/40		2,177		2,252
5.500%, due 03/01/40		2,970		3,109
5.500%, due 05/01/40		41,995		43,963
5.000%, due 07/01/40		91,124		94,280
5.000%, due 09/01/40		84,687		87,587
5.000%, due 11/01/40		29,417		30,436
5.000%, due 02/01/41		113,944		117,884
5.000%, due 03/01/41		18,816		19,029
5.500%, due 03/01/41		42,711		44,712
5.000%, due 04/01/41		49,171		50,871
5.000%, due 05/01/41		29,386		30,402
5.000%, due 07/01/41		17,766		18,380
3.500%, due 03/01/42		908		881
3.000%, due 06/01/42		1,610,132		1,491,276
3.000%, due 07/01/42		184,795		171,154
3.000%, due 08/01/42		65,678		60,830
3.000%, due 04/01/43		132,432		124,134
3.000%, due 05/01/43		79,431		74,454
3.500%, due 07/01/43		754		732
4.000%, due 07/01/43		88,784		87,902
4.000%, due 08/01/44		1,307,311		1,308,705
5.000%, due 08/01/44		22,352		23,051
3.000%, due 12/01/44		135,750		126,373
3.000%, due 04/01/45		650,792		611,135
3.000%, due 08/01/46		138,341		127,024
3.000%, due 12/01/46		672,342		625,348
4.000%, due 11/01/47		140,238		137,745
4.000%, due 01/01/48		389,140		382,224
4.000%, due 02/01/48		17,577		17,265
4.000%, due 03/01/48		12,648		12,419
4.000%, due 04/01/48		28,836		28,314
3.500%, due 05/01/48		676,924		650,138

20

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 06/01/48	$	124,267	$	120,256
4.000%, due 10/01/48		1,724,171		1,691,322
4.000%, due 12/01/48		159,441		156,553
4.500%, due 02/01/49		59,937		60,091
5.000%, due 03/01/49		691,929		708,511
4.000%, due 04/01/49		609,778		596,470
3.500%, due 02/01/50		286,769		272,523
3.000%, due 06/01/50		574,877		531,794
4.500%, due 06/01/50		373,727		374,176
2.500%, due 12/01/50		1,140,972		1,007,183
3.000%, due 04/01/51		1,656,347		1,513,062
3.000%, due 06/01/51		843,898		770,634
3.000%, due 07/01/51		4,165,972		3,837,771
2.500%, due 08/01/51		5,278,522		4,683,124
2.500%, due 09/01/51		903,350		797,382
3.000%, due 10/01/51		176,653		162,289
3.500%, due 11/01/51		250,666		235,727
3.000%, due 12/01/51		1,424,006		1,297,917
3.500%, due 01/01/52		218,630		205,567
3.000%, due 02/01/52		465,185		422,746
2.500%, due 03/01/52		1,391,434		1,221,760
3.000%, due 03/01/52		1,151,462		1,047,771
2.500%, due 04/01/52		103,092		90,437
3.000%, due 04/01/52		2,961,939		2,696,030
FHLMC ARM 1 yr. CMT + 2.271%, 4.183%, due 10/01/231		272		269
1 yr. CMT + 2.224%, 3.006%, due 07/01/241		5,848		5,759
1 yr. CMT + 2.415%, 3.794%, due 11/01/251		21,085		20,748
1 yr. CMT + 2.443%, 4.070%, due 10/01/271		27,379		27,123
1 yr. CMT + 2.460%, 4.257%, due 10/01/271		25,393		25,050
1 yr. CMT + 2.150%, 3.595%, due 11/01/271		25,150		24,785
1 yr. CMT + 2.137%, 4.262%, due 01/01/281		4,405		4,340
1 yr. CMT + 2.282%, 3.458%, due 06/01/281		13,774		13,611
1 yr. CMT + 2.282%, 3.175%, due 07/01/281		34,088		33,678
1 yr. CMT + 2.415%, 3.853%, due 01/01/291		31,069		30,681
1 yr. CMT + 2.196%, 4.237%, due 04/01/291		2,971		2,932
1 yr. CMT + 2.243%, 3.644%, due 11/01/291		40,908		40,407
1 yr. CMT + 2.525%, 4.650%, due 12/01/291		4,148		4,120
1 yr. CMT + 2.625%, 4.750%, due 01/01/301		16,003		15,927
1 yr. CMT + 2.250%, 4.266%, due 09/01/341		308,083		311,554
1 yr. USD LIBOR + 1.760%, 4.009%, due 11/01/361		212,104		211,432

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. USD LIBOR + 1.771%, 3.317%, due 10/01/391	$	551,502	$	550,496
1 yr. USD LIBOR + 1.866%, 4.051%, due 11/01/411		560,669		564,331
FNMA 6.000%, due 03/01/23		2		2
5.000%, due 03/01/25		3,096		3,070
4.000%, due 07/01/25		1,036		1,018
4.000%, due 09/01/25		922		906
4.000%, due 10/01/25		1,547		1,520
3.500%, due 11/01/25		68,906		67,369
4.000%, due 11/01/25		2,639		2,592
4.000%, due 01/01/26		57,116		56,092
3.575%, due 02/01/26		500,000		489,872
4.000%, due 02/01/26		121,356		119,106
4.000%, due 03/01/26		11,511		11,295
4.000%, due 04/01/26		282,659		277,472
3.500%, due 08/01/26		245,293		239,416
3.000%, due 11/01/26		127,703		123,572
7.500%, due 11/01/26		1,345		1,343
2.000%, due 05/01/28		94,400		89,616
3.000%, due 05/01/28		73,684		70,913
2.500%, due 06/01/28		69,111		65,660
3.500%, due 06/01/28		119,738		117,893
2.500%, due 07/01/28		629,462		598,037
2.500%, due 08/01/28		179,035		170,096
4.500%, due 06/01/29		8,097		8,169
3.500%, due 08/01/29		18,999		18,751
3.000%, due 02/01/30		92,625		89,584
3.000%, due 04/01/30		30,289		29,276
3.000%, due 05/01/30		35,595		34,405
2.500%, due 09/01/30		14,527		13,796
3.000%, due 10/01/30		12,756		12,330
2.500%, due 11/01/30		23,088		21,925
3.000%, due 04/01/31		914,810		884,228
2.000%, due 09/01/31		76,229		71,199
2.000%, due 11/01/31		291,568		272,329
2.000%, due 01/01/32		56,869		53,116
4.000%, due 08/01/32		1,558		1,554
3.500%, due 09/01/32		628,173		612,548
5.500%, due 11/01/32		21,462		22,217
6.000%, due 12/01/32		4,688		4,928
2.500%, due 01/01/33		229,050		212,793
6.000%, due 02/01/33		8,866		9,320
5.000%, due 03/01/33		3,745		3,732
4.000%, due 06/01/33		43,542		43,389
4.000%, due 07/01/33		275,326		274,358
4.000%, due 08/01/33		929,374		930,145
3.500%, due 11/01/33		51,014		50,227
5.500%, due 12/01/33		493		512
3.500%, due 02/01/34		80,509		79,267
5.500%, due 04/01/34		12,005		12,498
4.000%, due 07/01/34		373,619		372,211
6.000%, due 09/01/34		46,386		49,310
3.500%, due 01/01/35		149,873		146,883
5.500%, due 01/01/35		64,869		67,535
3.500%, due 02/01/35		147,109		144,174

21

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
3.500%, due 04/01/35	$	142,830	$	139,596
3.500%, due 05/01/35		977,025		962,176
6.000%, due 05/01/35		10,584		11,253
4.500%, due 06/01/35		13,540		13,585
6.000%, due 06/01/35		5,929		6,304
4.000%, due 07/01/35		820,630		818,084
6.000%, due 07/01/35		19,024		20,229
6.000%, due 09/01/35		736		783
6.000%, due 01/01/36		11,504		12,232
6.000%, due 06/01/36		197		209
6.000%, due 09/01/36		17,847		18,982
6.500%, due 10/01/36		195,161		210,173
6.000%, due 12/01/36		60,136		63,963
6.500%, due 02/01/37		2,742		2,953
6.000%, due 03/01/37		4,954		5,270
4.000%, due 04/01/37		645,874		642,854
5.000%, due 05/01/37		3,559		3,604
5.500%, due 05/01/37		77,626		81,171
5.500%, due 07/01/37		39,085		40,870
6.500%, due 07/01/37		27,599		29,720
6.500%, due 08/01/37		22,416		24,138
5.000%, due 09/01/37		8,184		8,189
6.500%, due 09/01/37		22,042		23,736
6.000%, due 10/01/37		18,375		19,512
6.500%, due 12/01/37		40,603		43,723
3.000%, due 01/01/38		292,361		276,655
4.000%, due 03/01/38		472,510		471,344
3.000%, due 04/01/38		277,686		262,556
5.000%, due 06/01/38		34,084		34,188
5.500%, due 06/01/38		57,730		60,370
4.000%, due 07/01/38		575,479		568,361
4.000%, due 08/01/38		250,990		249,102
4.000%, due 09/01/38		306,964		303,167
6.000%, due 11/01/38		156,788		166,784
4.500%, due 12/01/38		159,163		160,983
4.500%, due 01/01/39		525		534
4.500%, due 02/01/39		65,254		65,722
4.500%, due 03/01/39		3,984		4,048
4.000%, due 05/01/39		58,194		57,897
6.000%, due 05/01/39		19,495		20,738
4.500%, due 06/01/39		24,245		24,630
4.500%, due 07/01/39		1,840		1,869
4.500%, due 08/01/39		66,794		67,967
4.000%, due 09/01/39		149,158		148,656
4.500%, due 10/01/39		1,966		1,997
5.500%, due 11/01/39		149,584		156,424
4.500%, due 12/01/39		158,475		160,992
4.500%, due 01/01/40		1,719		1,746
4.500%, due 02/01/40		1,700		1,727
4.500%, due 03/01/40		34,702		35,244
6.500%, due 05/01/40		425,932		458,346
5.500%, due 07/01/40		175,595		183,625
4.500%, due 08/01/40		27,895		28,331
4.000%, due 09/01/40		1,030,329		1,022,574
4.500%, due 11/01/40		278,042		283,025
6.000%, due 11/01/40		220,760		234,836
4.000%, due 12/01/40		820,502		820,604

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 07/01/41	$	181,770	$	184,572
4.500%, due 08/01/41		350,640		359,059
4.000%, due 11/01/41		318,122		318,161
4.000%, due 12/01/41		422,416		422,468
4.500%, due 01/01/42		904,722		918,841
5.500%, due 02/01/42		101,469		106,103
3.500%, due 03/01/42		197,937		191,966
3.500%, due 04/01/42		12,938		12,482
3.000%, due 05/01/42		192,008		177,832
3.000%, due 06/01/42		196,122		181,644
3.000%, due 07/01/42		384,924		356,506
3.500%, due 07/01/42		343		333
4.000%, due 07/01/42		1,699,733		1,698,038
4.500%, due 08/01/42		2,023		2,073
3.500%, due 09/01/42		67,258		65,229
4.000%, due 09/01/42		2,573,598		2,573,920
3.000%, due 10/01/42		272,274		255,438
4.000%, due 10/01/42		2,054,956		2,055,213
3.500%, due 12/01/42		800,941		778,345
3.000%, due 01/01/43		1,056,464		989,645
3.500%, due 03/01/43		482,081		467,833
3.000%, due 04/01/43		322,931		302,397
3.000%, due 05/01/43		343,965		322,094
3.500%, due 05/01/43		2,028		1,968
3.000%, due 06/01/43		44,435		41,609
3.500%, due 07/01/43		2,754,961		2,657,785
3.500%, due 08/01/43		6,492,134		6,263,251
3.000%, due 09/01/43		513,556		484,383
4.500%, due 09/01/43		145,218		149,444
4.500%, due 11/01/43		29,380		30,085
3.500%, due 01/01/44		91,915		89,143
4.500%, due 07/01/44		130,568		133,538
4.000%, due 08/01/44		111,626		111,380
4.000%, due 12/01/44		7,285		7,200
4.500%, due 12/01/44		999		1,017
3.500%, due 06/01/45		1,422,331		1,359,832
4.000%, due 06/01/45		11,094		10,949
3.500%, due 08/01/45		23,932		22,880
4.000%, due 08/01/45		853,579		842,416
3.500%, due 10/01/45		8,766		8,469
3.500%, due 09/01/46		629,247		608,324
3.000%, due 11/01/46		1,239,021		1,160,036
3.000%, due 12/01/46		2,928,541		2,739,459
3.000%, due 02/01/47		233,440		218,596
3.500%, due 02/01/47		1,728,412		1,674,089
4.000%, due 02/01/47		77,884		76,478
4.000%, due 03/01/47		32,895		32,301
4.000%, due 04/01/47		114,310		112,235
4.000%, due 05/01/47		248,524		243,872
4.000%, due 06/01/47		5,395		5,333
3.500%, due 08/01/47		154,774		148,837
3.500%, due 09/01/47		220,082		212,675
3.500%, due 11/01/47		286,959		275,581
4.000%, due 11/01/47		25,711		25,230
3.500%, due 12/01/47		288,852		277,772
4.000%, due 01/01/48		104,094		102,146
3.500%, due 02/01/48		248,124		236,906

22

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 02/01/48	$	208,724	$	202,225
3.500%, due 03/01/48		898,333		857,719
4.000%, due 03/01/48		111,988		108,896
5.000%, due 06/01/48		104,834		107,069
5.000%, due 07/01/48		36,273		37,103
4.500%, due 09/01/48		168,796		169,228
4.000%, due 12/01/48		268,613		259,688
4.500%, due 01/01/49		152,512		153,107
5.000%, due 03/01/49		31,617		32,252
6.000%, due 05/01/49		350,966		361,344
4.000%, due 06/01/49		831,370		819,152
3.000%, due 09/01/49		850,420		782,370
3.000%, due 11/01/49		251,470		233,831
3.000%, due 02/01/50		1,676,767		1,542,595
3.500%, due 02/01/50		99,044		94,123
3.000%, due 03/01/50		3,844,102		3,536,505
3.500%, due 03/01/50		4,431,599		4,217,526
3.500%, due 04/01/50		364,955		347,279
3.000%, due 07/01/50		623,909		573,066
2.500%, due 11/01/50		442,208		390,490
3.000%, due 12/01/50		504,211		462,074
2.500%, due 01/01/51		1,178,203		1,039,676
2.500%, due 02/01/51		550,611		485,703
2.500%, due 04/01/51		1,582,698		1,395,368
3.000%, due 04/01/51		3,526,236		3,222,237
3.000%, due 05/01/51		3,683,738		3,364,886
1.500%, due 08/01/51		500,000		400,788
3.000%, due 08/01/51		470,633		427,364
2.500%, due 09/01/51		1,799,786		1,588,374
3.000%, due 10/01/51		194,587		177,375
3.000%, due 11/01/51		252,679		230,132
3.000%, due 12/01/51		455,262		414,883
2.500%, due 01/01/52		1,759,236		1,551,898
3.000%, due 02/01/52		129,562		118,344
2.500%, due 03/01/52		787,357		691,358
3.000%, due 03/01/52		1,026,369		932,719
2.500%, due 04/01/52		1,455,333		1,277,574
3.000%, due 04/01/52		4,360,632		3,962,986
3.000%, due 07/01/52		494,840		450,232
3.500%, due 06/01/56		802,701		771,344
3.500%, due 01/01/57		721,031		688,010
3.000%, due 02/01/57		605,452		558,448
3.000%, due 05/01/58		661,172		609,352
3.500%, due 01/01/59		1,085,714		1,034,611
4.500%, due 04/01/59		765,303		763,699
FNMA ARM 1 yr. CMT + 2.325%, 3.325%, due 03/01/251		1,127		1,120
1 yr. CMT + 2.095%, 4.095%, due 09/01/261		6		6
1 yr. CMT + 2.505%, 4.630%, due 12/01/271		9,461		9,396
1 yr. CMT + 2.104%, 3.304%, due 05/01/301		17,632		17,137
1 yr. CMT + 2.283%, 4.371%, due 05/01/351		72,745		73,382

	Face amount		Value
U.S. government agency obligations—(continued)
1 yr. CMT + 2.239%, 3.780%, due 01/01/361	$	169,883	$	171,346
1 yr. CMT + 2.236%, 4.101%, due 10/01/371		831,346		844,341
1 yr. USD LIBOR + 1.731%, 3.770%, due 05/01/381		518,759		518,193
1 yr. CMT + 2.160%, 3.252%, due 09/01/411		151,604		153,800
1 yr. USD LIBOR + 1.790%, 4.272%, due 02/01/421		80,359		80,850
1 yr. MTA + 1.200%, 3.993%, due 03/01/441		77,520		76,552
GNMA 6.500%, due 02/15/29		194		199
5.000%, due 12/15/34		12,068		12,086
5.500%, due 08/15/35		10,488		11,053
6.500%, due 01/15/36		8,482		8,761
6.500%, due 09/15/36		74,940		79,641
6.500%, due 02/15/37		1,146		1,197
6.500%, due 04/15/37		4,617		4,988
6.500%, due 01/15/38		5,315		5,665
5.500%, due 02/15/38		974		1,032
5.000%, due 04/15/38		50,338		51,932
5.500%, due 04/15/38		88,572		93,714
5.500%, due 05/15/38		82,061		86,946
5.500%, due 06/15/38		53,769		57,065
6.500%, due 06/15/38		12,604		13,519
6.500%, due 07/15/38		1,292		1,329
5.500%, due 10/15/38		254,523		269,405
5.500%, due 11/15/38		13,965		14,800
6.500%, due 11/15/38		2,446		2,732
5.500%, due 12/15/38		2,952		3,128
5.500%, due 03/15/39		28,389		29,172
5.500%, due 05/15/39		22,339		23,660
4.500%, due 09/15/39		236,951		241,111
5.500%, due 09/15/39		116,430		123,387
5.000%, due 12/15/39		3,961		4,132
5.500%, due 01/15/40		3,729		3,923
5.500%, due 03/15/40		144,946		152,967
5.000%, due 05/15/40		93,705		97,815
4.500%, due 06/15/40		118,929		121,010
5.000%, due 05/15/41		32,335		33,242
4.000%, due 12/15/41		775,188		771,128
3.000%, due 11/15/42		32,701		30,531
3.500%, due 11/15/42		365,126		354,043
3.000%, due 02/15/43		403,235		376,476
3.000%, due 05/15/43		412,906		385,520
3.000%, due 06/15/43		141,517		132,131
3.000%, due 07/15/43		33,163		30,963
3.000%, due 01/15/45		271,355		253,229
3.000%, due 02/15/45		21,805		20,286
3.500%, due 03/15/45		162,846		157,571
3.500%, due 04/15/45		124,970		118,482
3.000%, due 07/15/45		399,623		371,773
3.000%, due 10/15/45		688,726		640,729
4.500%, due 12/15/45		9,956		10,032
4.500%, due 07/15/46		2,301		2,315

23

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.500%, due 08/15/46	$	8,062	$	8,112
4.500%, due 09/15/46		140,843		141,711
4.500%, due 10/15/46		178,426		179,525
4.000%, due 01/15/47		37,531		37,026
4.500%, due 01/15/47		275,558		277,256
4.000%, due 02/15/47		195,105		192,477
4.000%, due 04/15/47		362,276		357,230
4.000%, due 05/15/47		58,823		58,003
4.000%, due 06/15/47		44,517		43,896
4.000%, due 07/15/47		73,826		72,798
4.000%, due 08/15/47		104,982		103,519
4.000%, due 12/15/47		19,410		19,140
4.000%, due 07/15/49		32,089		31,438
GNMA II 9.000%, due 04/20/25		1,371		1,382
9.000%, due 12/20/26		1,096		1,114
9.000%, due 01/20/27		5,070		5,161
3.750%, due 05/20/30		360,391		346,553
9.000%, due 09/20/30		792		812
9.000%, due 10/20/30		2,461		2,593
9.000%, due 11/20/30		3,048		3,132
6.500%, due 09/20/32		643		663
5.000%, due 12/20/33		81,324		84,059
5.000%, due 01/20/34		42,470		43,899
5.000%, due 02/20/38		54,321		56,217
5.000%, due 04/20/38		62,734		64,910
6.000%, due 10/20/38		1,265		1,354
6.500%, due 12/20/38		4,709		5,062
4.000%, due 12/20/40		128,579		126,236
4.000%, due 07/20/41		44,496		44,576
5.000%, due 08/20/41		8,459		8,765
5.000%, due 12/20/42		10,919		11,304
3.000%, due 01/20/43		473,543		444,180
3.000%, due 02/20/43		478,612		448,935
5.000%, due 08/20/43		878,804		910,279
3.000%, due 11/20/43		97,930		91,760
4.500%, due 10/20/44		55,554		55,888
3.500%, due 04/20/45		3,879		3,755
4.500%, due 08/20/45		78,671		80,205
3.500%, due 11/20/45		558,545		540,715
3.500%, due 12/20/45		233,090		225,649
3.500%, due 04/20/46		370,067		357,203
3.500%, due 05/20/46		366,050		353,325
3.500%, due 04/20/47		320,304		308,126
3.500%, due 07/20/47		2,511,899		2,422,717
3.500%, due 08/20/47		250,191		240,678
3.000%, due 09/20/47		496,804		464,325
3.500%, due 09/20/47		98,973		95,210
3.500%, due 11/20/47		331,973		319,349
3.500%, due 12/20/47		85,430		82,182
4.000%, due 12/20/47		56,967		56,197
3.500%, due 01/20/48		1,663,893		1,600,625
4.000%, due 01/20/48		148,158		146,156
3.000%, due 02/20/48		305,953		285,951
3.500%, due 02/20/48		1,265,841		1,217,603
3.500%, due 03/20/48		1,928,308		1,854,988
4.000%, due 03/20/48		219,714		216,686

	Face amount		Value
U.S. government agency obligations—(continued)
4.000%, due 04/20/48	$	457,744	$	451,436
4.500%, due 04/20/48		22,443		22,572
4.000%, due 05/20/48		147,852		145,813
4.500%, due 05/20/48		63,753		64,119
4.000%, due 06/20/48		156,851		154,690
4.500%, due 06/20/48		155,892		156,781
4.000%, due 07/20/48		48,656		47,986
3.500%, due 09/20/48		543,777		523,101
5.000%, due 09/20/48		100,678		102,848
5.500%, due 09/20/48		33,769		34,505
4.500%, due 10/20/48		170,834		169,505
5.000%, due 10/20/48		167,060		170,662
5.000%, due 11/20/48		223,279		228,093
5.000%, due 12/20/48		200,805		205,135
4.500%, due 01/20/49		150,239		151,095
4.500%, due 02/20/49		263,061		264,561
3.000%, due 04/20/50		1,826,015		1,693,486
2.500%, due 09/20/51		6,000,014		5,371,223
3.000%, due 10/20/51		175,559		162,008
GNMA II ARM 1 yr. CMT + 1.500%, 2.625%, due 03/20/231		50		50
1 yr. CMT + 1.500%, 2.625%, due 01/20/241		2,969		2,933
1 yr. CMT + 1.500%, 2.875%, due 04/20/241		3,844		3,786
1 yr. CMT + 1.500%, 2.625%, due 01/20/251		562		552
1 yr. CMT + 1.500%, 2.625%, due 02/20/251		1,022		1,002
1 yr. CMT + 1.500%, 2.625%, due 03/20/251		2,695		2,641
1 yr. CMT + 1.500%, 3.000%, due 05/20/251		882		864
1 yr. CMT + 1.500%, 3.500%, due 05/20/251		4,904		4,816
1 yr. CMT + 1.500%, 3.500%, due 06/20/251		4,362		4,282
1 yr. CMT + 1.500%, 2.625%, due 08/20/251		2,999		2,917
1 yr. CMT + 1.500%, 2.625%, due 09/20/251		4,542		4,417
1 yr. CMT + 1.500%, 2.625%, due 03/20/261		2,336		2,281
1 yr. CMT + 1.500%, 2.875%, due 04/20/261		23,316		22,748
1 yr. CMT + 1.500%, 2.875%, due 06/20/261		9,432		9,199
1 yr. CMT + 1.500%, 2.625%, due 08/20/261		5,252		5,086
1 yr. CMT + 1.500%, 3.000%, due 09/20/261		658		640
1 yr. CMT + 1.500%, 2.625%, due 01/20/271		33,728		32,887
1 yr. CMT + 1.500%, 2.625%, due 02/20/271		2,262		2,206

24

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

		Face amount		Value
U.S. government agency obligations—(concluded)
1 yr. CMT + 1.500%, 2.875%, due 04/20/271		$	5,727	$	5,580
1 yr. CMT + 1.500%, 3.000%, due 04/20/271			1,050		1,025
1 yr. CMT + 1.500%, 2.625%, due 07/20/271			2,145		2,083
1 yr. CMT + 1.500%, 3.000%, due 08/20/271			7,210		7,010
1 yr. CMT + 1.500%, 2.625%, due 01/20/281			3,321		3,244
1 yr. CMT + 1.500%, 2.625%, due 02/20/281			1,974		1,925
1 yr. CMT + 1.500%, 2.875%, due 04/20/301			2,179		2,138
1 yr. CMT + 1.500%, 3.000%, due 04/20/301			2,019		1,977
1 yr. CMT + 1.500%, 2.875%, due 05/20/301			24,487		24,057
1 yr. CMT + 1.500%, 3.000%, due 05/20/301			107,191		105,560
1 yr. CMT + 1.500%, 2.625%, due 07/20/301			12,834		12,489
1 yr. CMT + 1.500%, 3.000%, due 07/20/301			4,797		4,703
1 yr. CMT + 1.500%, 3.500%, due 07/20/301			5,318		5,195
1 yr. CMT + 1.500%, 3.000%, due 08/20/301			23,259		22,779
1 yr. CMT + 1.500%, 3.500%, due 08/20/301			1,180		1,152
1 yr. CMT + 1.500%, 3.500%, due 10/20/301			3,449		3,376
GNMA II TBA 2.000%			6,700,000		5,794,294
2.500%8			2,100,000		1,875,168
3.000%			16,450,000		15,118,609
3.500%			6,500,000		6,153,739
4.500%			9,850,000		9,779,513
5.000%	��		5,000,000		5,029,500
GNMA TBA 4.000%			2,000,000		1,941,560
UMBS TBA 1.500%			3,000,000		2,398,230
2.000%			48,950,000		41,355,326
2.500%8			37,675,000		33,273,617
3.000%8			5,300,000		4,888,352
3.500%8			1,950,000		1,885,895
4.000%8			12,225,000		11,799,411
4.500%			23,900,000		23,643,455
5.000%8			3,900,000		3,913,160
6.000%8			12,300,000		12,613,882
6.500%			2,500,000		2,588,800
Total U.S. government agency obligations (cost—$361,276,409)					349,648,408

	Face amount		Value
Short-term U.S. Treasury obligations—0.1%9
U.S. Treasury Bills 4.159%, due 03/02/23 (cost—$121,599)	$	122,000	$	121,599

	Number of contracts		Notional amount
Options purchased—0.0%†
Call options—0.0%†
UMBS TBA, 4.000%, strike @ 95.59, expires 03/06/23 (Counterparty CITI)		1,500,000	USD	143,385,000	21,498
Put options—0.0%†
UMBS TBA, 4.000%, strike @ 93.59, expires 03/06/23 (Counterparty CITI)		1,500,000	USD	140,385,000	2,436
UMBS TBA, 5.000%, strike @ 98.25, expires 03/06/23 (Counterparty CITI)		2,500,000	USD	245,625,000	2,344
UMBS TBA, 5.500%, strike @ 99.29, expires 04/06/23 (Counterparty JPMCB)		4,000,000	USD	397,160,000	5,469
Total					10,249
Total options purchased (cost—$29,727)					31,747
Swaptions purchased—0.3%
Call swaptions—0.1%
10 Year SOFR Compound Interest Rate Swap, strike @ 3.120% expires 02/06/23 (Counterparty: DB; pay fixed rate); underlying swap terminates 02/08/30		100,000	USD	100,000	104
10 Year SOFR Compound Interest Rate Swap, strike @ 3.123% expires 02/06/23 (Counterparty: GS; pay fixed rate); underlying swap terminates 02/08/30		1,200,000	USD	1,200,000	1,280
10 Year SOFR Compound Interest Rate Swap, strike @ 3.203% expires 02/06/23 (Counterparty: MSCI; pay fixed rate); underlying swap terminates 02/08/30		1,300,000	USD	1,300,000	3,234

25

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
10 Year SOFR Compound Interest Rate Swap, strike @ 3.228% expires 02/06/23 (Counterparty: BOA; pay fixed rate); underlying swap terminates 02/08/30		1,100,000	USD	1,100,000	$	3,451
3 Month USD SOFR Interest Rate Swap, strike @ 1.500% expires 01/24/24 (Counterparty: BOA; pay floating rate); underlying swap terminates 01/26/34		200,000	USD	200,000		461
3 Month USD SOFR Interest Rate Swap, strike @ 2.040% expires 01/11/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/16/34		3,000,000	USD	3,000,000		19,173
3 Month USD SOFR Interest Rate Swap, strike @ 2.550% expires 04/06/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 04/10/30		1,300,000	USD	1,300,000		1,503
3 Month USD SOFR Interest Rate Swap, strike @ 2.565% expires 04/06/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/10/30		1,300,000	USD	1,300,000		1,599
3 Month USD SOFR Interest Rate Swap, strike @ 2.770% expires 12/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/26/30		7,300,000	USD	7,300,000		131,005
3 Month USD SOFR Interest Rate Swap, strike @ 2.800% expires 12/20/23 (Counterparty: BB; pay floating rate); underlying swap terminates 12/22/30		800,000	USD	800,000		14,896

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(continued)
3 Month USD SOFR Interest Rate Swap, strike @ 2.800% expires 12/20/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 12/22/30		700,000	USD	700,000	$	13,034
3 Month USD SOFR Interest Rate Swap, strike @ 2.875% expires 01/03/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/05/34		100,000	USD	100,000		2,620
3 Month USD SOFR Interest Rate Swap, strike @ 2.883% expires 04/06/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/10/28		2,300,000	USD	2,300,000		5,159
3 Month USD SOFR Interest Rate Swap, strike @ 2.925% expires 03/06/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/08/28		2,300,000	USD	2,300,000		2,062
3 Month USD SOFR Interest Rate Swap, strike @ 2.945% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/30		700,000	USD	700,000		3,178
3 Month USD SOFR Interest Rate Swap, strike @ 2.973% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/30		7,300,000	USD	7,300,000		41,421
3 Month USD SOFR Interest Rate Swap, strike @ 2.983% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/30		3,600,000	USD	3,600,000		21,208

26

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Call swaptions—(concluded)
3 Month USD SOFR Interest Rate Swap, strike @ 3.033% expires 03/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 03/08/30		1,300,000	USD	1,300,000	$	4,613
3 Month USD SOFR Interest Rate Swap, strike @ 3.043% expires 03/06/23 (Counterparty: GS; pay floating rate); underlying swap terminates 03/08/30		1,000,000	USD	1,000,000		3,722
3 Month USD SOFR Interest Rate Swap, strike @ 3.048% expires 03/06/23 (Counterparty: GS; pay floating rate); underlying swap terminates 03/08/30		1,300,000	USD	1,300,000		4,954
3 Month USD SOFR Interest Rate Swap, strike @ 3.090% expires 03/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 03/08/30		1,500,000	USD	1,500,000		6,958
3 Month USD SOFR Interest Rate Swap, strike @ 3.198% expires 03/06/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 03/08/30		1,400,000	USD	1,400,000		10,277
3 Month USD SOFR Interest Rate Swap, strike @ 3.205% expires 03/06/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 03/08/33		3,100,000	USD	3,100,000		37,895
3 Month USD SOFR Interest Rate Swap, strike @ 3.206% expires 03/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 03/08/30		1,200,000	USD	1,200,000		8,986
Total						342,793

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—0.2%
10 Year SOFR Compound Interest Rate Swap, strike @ 3.513% expires 03/06/23 (Counterparty: BNP; pay fixed rate); underlying swap terminates 03/08/30		1,400,000	USD	1,400,000	$	3,487
10 Year SOFR Compound Interest Rate Swap, strike @ 3.513% expires 03/06/23 (Counterparty: DB; pay fixed rate); underlying swap terminates 03/08/30		1,400,000	USD	1,400,000		3,495
10 Year SOFR Compound Interest Rate Swap, strike @ 3.515% expires 02/06/23 (Counterparty: MSCI; pay fixed rate); underlying swap terminates 02/08/30		1,400,000	USD	1,400,000		290
10 Year SOFR Compound Interest Rate Swap, strike @ 3.518% expires 02/06/23 (Counterparty: DB; pay fixed rate); underlying swap terminates 02/08/30		6,200,000	USD	6,200,000		1,234
10 Year SOFR Compound Interest Rate Swap, strike @ 3.530% expires 02/06/23 (Counterparty: BOA; pay fixed rate); underlying swap terminates 02/08/30		2,000,000	USD	2,000,000		341
10 Year SOFR Compound Interest Rate Swap, strike @ 3.533% expires 02/06/23 (Counterparty: DB; pay fixed rate); underlying swap terminates 02/08/30		1,500,000	USD	1,500,000		248
10 Year SOFR Compound Interest Rate Swap, strike @ 3.635% expires 03/06/23 (Counterparty: JPMCB; pay fixed rate); underlying swap terminates 03/08/30		500,000	USD	500,000		710

27

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD SOFR Interest Rate Swap, strike @ 3.274% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/33		3,600,000	USD	3,600,000	$	38,009
3 Month USD SOFR Interest Rate Swap, strike @ 3.332% expires 04/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 04/10/33		3,600,000	USD	3,600,000		31,837
3 Month USD SOFR Interest Rate Swap, strike @ 3.362% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/33		7,300,000	USD	7,300,000		58,707
3 Month USD SOFR Interest Rate Swap, strike @ 3.368% expires 04/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/10/33		3,600,000	USD	3,600,000		28,500
3 Month USD SOFR Interest Rate Swap, strike @ 3.453% expires 03/06/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 03/03/33		1,400,000	USD	1,400,000		5,180
3 Month USD SOFR Interest Rate Swap, strike @ 3.505% expires 03/06/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 03/08/33		3,100,000	USD	3,100,000		7,526
3 Month USD SOFR Interest Rate Swap, strike @ 3.520% expires 12/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 12/26/30		7,300,000	USD	7,300,000		87,878

	Number of contracts		Notional amount		Value
Swaptions purchased—(continued)
Put swaptions—(continued)
3 Month USD SOFR Interest Rate Swap, strike @ 3.550% expires 12/20/23 (Counterparty: BB; pay floating rate); underlying swap terminates 12/22/30		2,200,000	USD	2,200,000	$	25,484
3 Month USD SOFR Interest Rate Swap, strike @ 3.550% expires 12/20/23 (Counterparty: BNP; pay floating rate); underlying swap terminates 12/22/30		2,200,000	USD	2,200,000		25,484
3 Month USD SOFR Interest Rate Swap, strike @ 3.600% expires 01/31/24 (Counterparty: DB; pay floating rate); underlying swap terminates 02/02/25		16,000,000	USD	16,000,000		21,400
3 Month USD SOFR Interest Rate Swap, strike @ 3.600% expires 04/06/23 (Counterparty: BOA; pay floating rate); underlying swap terminates 04/10/33		2,100,000	USD	2,100,000		9,765
3 Month USD SOFR Interest Rate Swap, strike @ 3.625% expires 01/03/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/05/34		100,000	USD	100,000		1,426
3 Month USD SOFR Interest Rate Swap, strike @ 3.720% expires 03/06/23 (Counterparty: DB; pay floating rate); underlying swap terminates 03/08/33		2,100,000	USD	2,100,000		1,697
3 Month USD SOFR Interest Rate Swap, strike @ 4.040% expires 01/11/24 (Counterparty: DB; pay floating rate); underlying swap terminates 01/16/34		3,000,000	USD	3,000,000		25,564

28

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Swaptions purchased—(concluded)
Put swaptions—(concluded)
30 Year USD SOFR Interest Rate Swap, strike @ 3.200% expires 04/21/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/25/53		600,000	USD	600,000	$	7,571
30 Year USD SOFR Interest Rate Swap, strike @ 3.225% expires 04/20/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/24/53		600,000	USD	600,000		6,809
30 Year USD SOFR Interest Rate Swap, strike @ 3.273% expires 04/20/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/24/53		600,000	USD	600,000		5,740
30 Year USD SOFR Interest Rate Swap, strike @ 3.285% expires 04/14/23 (Counterparty: CITI; pay floating rate); underlying swap terminates 04/18/53		600,000	USD	600,000		5,031
30 Year USD SOFR Interest Rate Swap, strike @ 3.348% expires 04/13/23 (Counterparty: MSCI; pay floating rate); underlying swap terminates 04/17/53		600,000	USD	600,000		3,843
Total						407,256
Total swaptions purchased (cost—$1,187,127)						750,049
Total investments before investments sold short (cost—$428,239,327)—183.9%						410,526,556

	Face amount			Value
Investments sold short—(29.4)%
U.S. government agency obligations—(29.4)%
GNMA II TBA 2.500%	$	(6,000,000	)	$	(5,353,828	)
4.000%		(450,000	)		(437,273	)
GNMA TBA 4.500%		(4,990,000	)		(4,954,292	)
UMBS TBA 2.500%		(2,000,000	)		(1,751,376	)
3.000%		(44,350,000	)		(40,295,003	)
3.500%		(6,000,000	)		(5,632,037	)
4.000%		(2,500,000	)		(2,483,952	)
5.000%		(2,200,000	)		(2,207,992	)
5.500%		(500,000	)		(507,495	)
6.000%		(2,000,000	)		(2,054,219	)
Total investments sold short (proceeds—$65,589,269)					(65,677,467	)
Liabilities in excess of other assets—(54.5)%					(121,626,584	)
Net assets—100.0%				$	223,222,505

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

	Face amount			Value
Reverse repurchase agreements—(6.5)%
Reverse repurchase agreement dated 01/11/23 with First Union National Bank, 4.510%, to be repurchased 02/13/23 for $(14,630,171), collateralized by Government National Mortgage Association obligation, 3.000%—5.500% due 10/15/38—10/20/48; (value—$(14,851,127)); (proceeds—$(14,569,936))	$	(14,569,936	)	$	(14,569,936	)

29

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Options written

Notional amount		Number of contracts		Call options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	284,730,000		3,000,000	UMBS TBA, 4.000%, strike @ 94.91	BOA	02/06/23	$	15,469	$	(49,907	)	$	(34,438	)
USD	143,010,000		1,500,000	UMBS TBA, 4.000%, strike @ 95.34	MSCI	02/06/23		7,148		(18,836	)		(11,688	)
USD	287,160,000		3,000,000	UMBS TBA, 4.000%, strike @ 95.72	BOA	02/06/23		12,891		(27,894	)		(15,003	)
USD	96,860,000		1,000,000	UMBS TBA, 4.000%, strike @ 96.86	MSCI	02/06/23		2,188		(2,186	)		2
USD	97,140,000		1,000,000	UMBS TBA, 4.000%, strike @ 97.14	CITI	02/06/23		2,461		(1,297	)		1,164
USD	96,860,000		1,000,000	UMBS TBA, 4.000%, strike @ 96.86	CITI	02/06/23		1,875		(2,186	)		(311	)
USD	420,464,000		4,400,000	UMBS TBA, 4.000%, strike @ 95.56	MSCI	03/06/23		30,250		(64,067	)		(33,817	)
USD	78,072,000		800,000	UMBS TBA, 4.000%, strike @ 97.59	BOA	04/06/23		5,125		(4,151	)		974
USD	380,757,000		3,900,000	UMBS TBA, 4.000%, strike @ 97.63	CITI	04/06/23		24,984		(19,790	)		5,194
USD	297,480,000		3,000,000	UMBS TBA, 4.500%, strike @ 99.16	JPMCB	03/06/23		21,797		(13,639	)		8,158
USD	297,000,000		3,000,000	UMBS TBA, 4.500%, strike @ 99.00	JPMCB	03/06/23		22,032		(15,834	)		6,198
USD	287,999,000		2,900,000	UMBS TBA, 4.500%, strike @ 99.31	MSCI	04/06/23		14,726		(19,442	)		(4,716	)
USD	218,834,000		2,200,000	UMBS TBA, 4.500%, strike @ 99.47	BOA	04/06/23		11,000		(13,240	)		(2,240	)
USD	159,328,000		1,600,000	UMBS TBA, 5.000%, strike @ 99.58	CITI	03/06/23		11,500		(18,179	)		(6,679	)
USD	350,315,000		3,500,000	UMBS TBA, 5.000%, strike @ 100.09	CITI	03/06/23		19,687		(27,444	)		(7,757	)
USD	151,365,000		1,500,000	UMBS TBA, 5.000%, strike @ 100.91	MSCI	03/06/23		3,633		(5,478	)		(1,845	)
USD	50,385,000		500,000	UMBS TBA, 5.000%, strike @ 100.77	JPMCB	03/06/23		3,594		(2,122	)		1,472
USD	201,820,000		2,000,000	UMBS TBA, 5.000%, strike @ 100.91	CITI	03/06/23		4,844		(7,304	)		(2,460	)
USD	201,940,000		2,000,000	UMBS TBA, 5.000%, strike @ 100.97	CITI	03/06/23		5,000		(6,814	)		(1,814	)
USD	203,760,000		2,000,000	UMBS TBA, 5.000%, strike @ 101.88	CITI	04/06/23		5,313		(4,701	)		612
USD	203,760,000		2,000,000	UMBS TBA, 5.000%, strike @ 101.88	CITI	04/06/23		5,313		(4,701	)		612
USD	256,100,000		2,500,000	UMBS TBA, 5.500%, strike @ 102.44	BOA	02/06/23		14,062		(512	)		13,550
USD	204,000,000		2,000,000	UMBS TBA, 5.500%, strike @ 102.00	CITI	02/06/23		11,406		(1,734	)		9,672
USD	81,600,000		800,000	UMBS TBA, 5.500%, strike @ 102.00	BOA	02/06/23		4,875		(694	)		4,181
USD	255,000,000		2,500,000	UMBS TBA, 5.500%, strike @ 102.00	CITI	02/06/23		14,258		(2,168	)		12,090
USD	101,810,000		1,000,000	UMBS TBA, 5.500%, strike @ 101.81	BOA	02/06/23		6,093		(1,447	)		4,646
USD	345,950,000		3,400,000	UMBS TBA, 5.500%, strike @ 101.75	CITI	02/06/23		19,656		(5,754	)		13,902
USD	234,600,000		2,300,000	UMBS TBA, 5.500%, strike @ 102.00	CITI	02/06/23		13,656		(1,994	)		11,662
USD	358,155,000		3,500,000	UMBS TBA, 5.500%, strike @ 102.33	BOA	03/06/23		5,742		(5,443	)		299
USD	253,875,000		2,500,000	UMBS TBA, 5.500%, strike @ 101.55	BOA	03/06/23		8,789		(12,205	)		(3,416	)
USD	204,620,000		2,000,000	UMBS TBA, 5.500%, strike @ 102.31	CITI	04/06/23		3,125		(3,125	)		—
USD	357,770,000		3,500,000	UMBS TBA, 5.500%, strike @ 102.22	JPMCB	04/06/23		9,844		(8,095	)		1,749
Total							$	342,336	$	(372,383	)	$	(30,047	)
				Put options
USD	95,050,000		1,000,000	UMBS TBA, 4.000%, strike @ 95.05	MSCI	02/06/23	$	3,008	$	(310	)	$	2,698
USD	286,440,000		3,000,000	UMBS TBA, 4.000%, strike @ 95.48	BOA	02/06/23		9,375		(2,049	)		7,326
USD	189,120,000		2,000,000	UMBS TBA, 4.000%, strike @ 94.56	BOA	02/06/23		7,344		(245	)		7,099
USD	192,100,000		2,000,000	UMBS TBA, 4.000%, strike @ 96.05	CITI	02/06/23		7,656		(3,475	)		4,181
USD	96,140,000		1,000,000	UMBS TBA, 4.000%, strike @ 96.14	CITI	02/06/23		2,579		(2,008	)		571
USD	95,860,000		1,000,000	UMBS TBA, 4.000%, strike @ 95.86	MSCI	02/06/23		2,656		(1,288	)		1,368
USD	95,860,000		1,000,000	UMBS TBA, 4.000%, strike @ 95.86	CITI	02/06/23		2,500		(1,288	)		1,212
USD	286,890,000		3,000,000	UMBS TBA, 4.000%, strike @ 95.63	CITI	02/06/23		4,805		(2,613	)		2,192
USD	411,664,000		4,400,000	UMBS TBA, 4.000%, strike @ 93.56	MSCI	03/06/23		34,375		(7,025	)		27,350
USD	76,472,000		800,000	UMBS TBA, 4.000%, strike @ 95.59	BOA	04/06/23		6,375		(5,111	)		1,264
USD	372,957,000		3,900,000	UMBS TBA, 4.000%, strike @ 95.63	CITI	04/06/23		31,078		(25,283	)		5,795

30

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	401,478,000		4,200,000	UMBS TBA, 4.000%, strike @ 95.59	MSCI	04/06/23	$	33,469	$	(26,831	)	$	6,638
USD	291,000,000		3,000,000	UMBS TBA, 4.500%, strike @ 97.00	JPMCB	03/06/23		25,781		(5,606	)		20,175
USD	291,480,000		3,000,000	UMBS TBA, 4.500%, strike @ 97.16	JPMCB	03/06/23		25,781		(6,270	)		19,511
USD	282,199,000		2,900,000	UMBS TBA, 4.500%, strike @ 97.31	MSCI	04/06/23		19,032		(13,317	)		5,715
USD	214,434,000		2,200,000	UMBS TBA, 4.500%, strike @ 97.47	BOA	04/06/23		14,437		(10,907	)		3,530
USD	147,840,000		1,500,000	UMBS TBA, 5.000%, strike @ 98.56	CITI	02/06/23		11,133		(87	)		11,046
USD	156,128,000		1,600,000	UMBS TBA, 5.000%, strike @ 97.58	CITI	03/06/23		12,750		(1,453	)		11,297
USD	248,125,000		2,500,000	UMBS TBA, 5.000%, strike @ 99.25	CITI	03/06/23		4,883		(4,883	)		—
USD	49,385,000		500,000	UMBS TBA, 5.000%, strike @ 98.77	JPMCB	03/06/23		4,218		(1,016	)		3,202
USD	550,330,000		5,500,000	UMBS TBA, 5.500%, strike @ 100.06	CITI	02/06/23		36,093		(173	)		35,920
USD	200,000,000		2,000,000	UMBS TBA, 5.500%, strike @ 100.00	CITI	02/06/23		13,125		(51	)		13,074
USD	99,810,000		1,000,000	UMBS TBA, 5.500%, strike @ 99.81	BOA	02/06/23		6,719		(14	)		6,705
USD	199,880,000		2,000,000	UMBS TBA, 5.500%, strike @ 99.94	CITI	02/06/23		12,969		(42	)		12,927
USD	339,150,000		3,400,000	UMBS TBA, 5.500%, strike @ 99.75	CITI	02/06/23		23,906		(39	)		23,867
USD	230,000,000		2,300,000	UMBS TBA, 5.500%, strike @ 100.00	CITI	02/06/23		15,812		(59	)		15,753
USD	80,000,000		800,000	UMBS TBA, 5.500%, strike @ 100.00	BOA	02/06/23		5,375		(21	)		5,354
USD	249,950,000		2,500,000	UMBS TBA, 5.500%, strike @ 99.98	BOA	02/06/23		16,407		(60	)		16,347
USD	149,670,000		1,500,000	UMBS TBA, 5.500%, strike @ 99.78	JPMCB	03/06/23		10,312		(1,820	)		8,492
USD	149,655,000		1,500,000	UMBS TBA, 5.500%, strike @ 99.77	JPMCB	03/06/23		10,312		(1,799	)		8,513
USD	401,240,000		4,000,000	UMBS TBA, 5.500%, strike @ 100.31	CITI	04/06/23		9,844		(9,844	)		—
Total							$	424,109	$	(134,987	)	$	289,122
Total options written							$	766,445	$	(507,370	)	$	259,075

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	1,000		1,000,000	3 Month USD SOFR Interest Rate Swap, strike @ 3.210%, terminating 03/08/33	CITI	Pay	03/06/23	$	11,525	$	(12,461	)	$	(936	)
				Put swaptions
USD	3,400		3,400,000	2 Year USD LIBOR Interest Rate Swap strike @ 3.750%, terminating 04/18/25	CITI	Pay	04/14/23	$	14,552	$	(23,566	)	$	(9,014	)
USD	3,400		3,400,000	2 Year USD SOFR Interest Rate Swap strike @ 3.750%, terminating 04/17/25	MSCI	Pay	04/13/23		12,240		(23,583	)		(11,343	)
USD	3,300		3,300,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/24/25	MSCI	Pay	04/20/23		13,200		(12,882	)		318
USD	3,300		3,300,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/24/25	MSCI	Pay	04/20/23		14,520		(12,882	)		1,638
USD	3,600		3,600,000	2 Year USD SOFR Interest Rate Swap strike @ 4.000%, terminating 04/25/25	MSCI	Pay	04/21/23		19,152		(14,091	)		5,061
USD	1,000		1,000,000	3 Month USD SOFR Interest Rate Swap, strike @ 3.510%, terminating 03/08/33	CITI	Pay	03/06/23		11,525		(2,369	)		9,156

31

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (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	1,400		1,400,000	3 Month USD SOFR Interest Rate Swap, strike @ 3.703%, terminating 03/08/33	MSCI	Pay	03/06/23	$	1,344	$	(1,344	)	$	—
USD	1,900		1,900,000	3 Month USD SOFR Interest Rate Swap, strike @ 3.739%, terminating 04/10/33	JPMCB	Pay	04/06/23		5,178		(5,178	)		—
Total								$	91,711	$	(95,895	)	$	(4,184	)
Total swaptions written								$	103,236	$	(108,356	)	$	(5,120	)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
74	USD	3 Month SOFR Futures	June 2023	$	17,676,798		$	17,605,525		$	(71,273	)
U.S. Treasury futures buy contracts:
148	USD	U.S. Treasury Note 10 Year Futures	March 2023	$	16,709,172		$	16,948,313		$	239,141
1	USD	U.S. Treasury Note 5 Year Futures	March 2023		108,625			109,242			617
Total				$	34,494,595		$	34,663,080		$	168,485
Interest rate futures sell contracts:
74	USD	3 Month SOFR Futures	December 2023	$	(17,720,953	)	$	(17,623,100	)	$	97,853
Net unrealized appreciation (depreciation)										$	266,338

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio	Payments received by the Portfolio10			Value			Unrealized appreciation (depreciation)
USD	3,000	12/21/27	Annually	12 Month SOFR		2.000	%	$	198,902		$	(6,937	)
USD	1,300	12/21/29	Annually	12 Month SOFR		2.000			105,989			(6,270	)
USD	36,100	06/16/23	Quarterly	3 Month USD LIBOR		0.250			837,317			730,580
USD	10,800	04/29/23	At Maturity	12 Month US Federal Funds Effective Rate		0.200			313,374			295,783
USD	27,000	03/03/25	Quarterly	3 Month USD LIBOR		1.350			1,705,358			1,705,358
USD	17,500	06/15/29	Annually	12 Month SOFR		1.750			(1,686,593	)		(487,359	)
USD	500	06/15/32	Annually	12 Month SOFR		1.750			62,886			28,171
USD	8,900	05/04/25	Quarterly	3 Month USD LIBOR		1.335			609,308			609,308
USD	1,400	06/08/32	Annually	12 Month SOFR		1.520			90,660			90,660
USD	4,000	06/15/32	Annually	12 Month SOFR		1.520			225,635			225,635
USD	7,100	06/15/32	Annually	12 Month SOFR		1.750			897,997			(24,866	)
USD	17,400	07/08/32	Annually	12 Month SOFR		1.530			1,359,390			1,359,390
USD	2,300	09/16/32	Annually	12 Month SOFR		2.998			48,619			48,619
USD	7,700	11/09/32	Annually	12 Month SOFR		3.275			(17,745	)		(17,745	)
USD	5,500	10/06/32	Annually	12 Month SOFR		3.275			(12,983	)		(12,983	)

32

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Centrally cleared interest rate swap agreements—(concluded)

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio	Payments received by the Portfolio10			Value			Unrealized appreciation (depreciation)
USD	600	12/21/32	Annually	12 Month SOFR		2.000	%	$	63,662		$	(9,140	)
USD	2,300	11/09/29	Annually	12 Month SOFR		3.205			17,641			17,641
USD	2,300	11/09/29	Annually	12 Month SOFR		3.218			15,849			15,849
USD	2,400	11/09/29	Annually	12 Month SOFR		3.217			16,613			16,613
USD	8,000	11/28/32	Annually	12 Month SOFR		3.368			(84,296	)		(84,296	)
Total								$	4,767,583		$	4,494,011

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—		$	18,655,512		$	153,090	$	18,808,602
Mortgage-backed securities		—			41,166,151			—		41,166,151
U.S. government agency obligations		—			349,648,408			—		349,648,408
Short-term U.S. Treasury obligations		—			121,599			—		121,599
Options purchased		—			31,747			—		31,747
Swaptions purchased		—			750,049			—		750,049
Futures contracts		337,611			—			—		337,611
Swap agreements		—			6,569,200			—		6,569,200
Total	$	337,611		$	416,942,666		$	153,090	$	417,433,367
Liabilities
Investments sold short
U.S. government agency obligations	$	—		$	(65,677,467	)	$	—	$	(65,677,467	)
Reverse repurchase agreements		—			(14,569,936	)		—		(14,569,936	)
Options written		—			(507,370	)		—		(507,370	)
Swaptions written		—			(108,356	)		—		(108,356	)
Futures contracts		(71,273	)		—			—		(71,273	)
Swap agreements		—			(1,801,617	)		—		(1,801,617	)
Total	$	(71,273	)	$	(82,664,746	)	$	—	$	(82,736,019	)

At January 31, 2023, there were no transfers in or out of Level 3.

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

33

PACE Mortgage-Backed Securities Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Portfolio footnotes

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

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $30,475,761, represented 13.7% 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  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

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

⁷  Zero coupon bond.

⁸  Security, or portion thereof, pledged as collateral for investments sold short, written options, futures and/or swap agreements.

⁹  Rates shown reflect yield at January 31, 2023.

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

See accompanying notes to financial statements.
34

PACE Intermediate Fixed Income Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -1.40% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Aggregate Bond Index (the "benchmark") returned -2.37%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 37. 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.

Investment Manager's comments²

The Portfolio outperformed the benchmark during the reporting period. The Portfolio's sector and credit rating exposures had the largest positive impact on results, and security selection also contributed to returns. From a sector and rating standpoint, the Portfolio's overweights to investment-grade corporate bonds, asset-backed securities (ABS), and high-yield corporate bonds were additive to performance. From a selection standpoint, the Portfolio experienced strong results from its holdings in debt issued by banks, property and casualty (P&C) insurers, and midstream energy companies. The Portfolio's avoidance of agency mortgage-backed securities (MBS) detracted from relative results. In addition, an avoidance of media entertainment, wireless, and wirelines telecommunications companies hindered Portfolio results relative to the benchmark.

During the reporting period, the Portfolio was repositioned, adding corporate bonds across the credit quality and industry spectrums that met certain valuation and credit criteria. Bonds that were added included issues of banks, automobile manufacturers, real estate investment trusts (REITs), P&C insurers, electric utilities, and technology companies, to name a few. Positions were also initiated in senior floating rate loans to companies in the health care, midstream energy, REIT, pharmaceutical, and technology sectors. A variety of asset-backed security (ABS) debt issuances were also purchased, including deals secured by cell tower leases, data center leases, device payment plans, personal consumer loans, small ticket equipment, and subprime auto loans, in addition to certain attractively valued commercial mortgage-backed securities (CMBS).

Treasury futures are used to manage interest rate exposures when it is more efficient to use futures instead of cash bonds. Specifically, they are utilized to add or reduce exposures along the yield curve to minimize active differences that arise from the bottom-up investment process. The Portfolio utilized a variety of US Treasury futures contracts across the yield curve during the reporting period. These positions gained in value as longer-term interest rates declined, thereby contributing to the Portfolio's 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  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:

Brown Brothers Harriman & Co. (BBH) added effective August 12, 2022.

BlackRock terminated effective close of business August 12, 2022.

Portfolio Management Team:

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

BlackRock (until August 2022): Akiva Dickstein and Harrison Segall

BBH: Andrew Hofer, Neil Hohman and Paul Kunz

Objective:

Current income, consistent with reasonable stability of principal

Investment process:

The subadvisors utilize a strategy that involves buying specific bonds based on their credit analysis and review.

35

PACE Intermediate 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 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.

36

PACE Intermediate Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.61	)%		(8.44	)%		0.51	%		0.82	%
Class Y2		(1.49	)		(8.21	)		0.77			1.08
Class P3		(1.40	)		(8.12	)		0.78			1.08
After deducting maximum sales charge
Class A1		(5.27	)		(11.87	)		(0.25	)		0.44
Bloomberg US Aggregate Bond Index4		(2.37	)		(8.36	)		0.86			1.43

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.69	)%		(13.61	)%		(0.47	)%		0.42	%
Class Y2		(2.56	)		(13.38	)		(0.22	)		0.67
Class P3		(2.47	)		(13.38	)		(0.21	)		0.67
After deducting maximum sales charge
Class A1		(6.30	)		(16.84	)		(1.23	)		0.04

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.14% and 0.86%; Class Y—1.08% and 0.61%; and Class P—0.92% 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 of each class through November 30, 2023 (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%. Effective August 1, 2022, the expense caps were changed to: Class A—0.86%; Class Y—0.61%; and Class P—0.61%. 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.

37

PACE Intermediate Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Characteristics
Weighted average duration	5.12 yrs.
Weighted average maturity	10.09 yrs.
Average coupon	4.95	%
Top ten holdings
U.S. Treasury Bonds, 1.750% due 08/15/41	4.4	%
U.S. Treasury Bonds, 1.375% due 08/15/50	3.1
Swiss Re Finance Luxembourg SA, 5.000% due 04/02/49	1.1
Regional Management Issuance Trust, 8.510% due 11/17/32	1.0
SBA Tower Trust, 6.599% due 01/15/28	1.0
Toyota Motor Credit Corp., 5.450% due 11/10/27	1.0
NMEF Funding LLC, 6.070% due 06/15/29	1.0
Aligned Data Centers Issuer LLC, 6.350% due 10/15/47	1.0
Credit Acceptance Auto Loan Trust, 8.450% due 02/15/33	1.0
WMRK Commercial Mortgage Trust, 8.561% due 11/15/27	1.0
Total	15.6	%
Top five issuer breakdown by country or territory of origin
United States	86.0	%
United Kingdom	4.6
Canada	2.2
Norway	1.7
New Zealand	1.6
Total	96.1	%
Asset allocation
Corporate bonds	58.5	%
Asset-backed securities	18.0
Mortgage-backed securities	9.5
U.S. Treasury obligations	8.7
Loan assignments	3.2
Short-term investments	3.2
Investments of cash collateral from securities loaned	2.6
Municipal bonds	0.4
Short-term U.S. Treasury obligations	0.4
Cash equivalents and liabilities in excess of other assets	(4.5	)
Total	100.0	%

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

38

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—18.0%
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/15/471	$	2,300,000	$	2,373,376
American Homes 4 Rent Trust, Series 2014-SFR3, Class A, 3.678%, due 12/17/361		428,476		418,117
BHG Securitization Trust, Series 2022-C, Class B, 5.930%, due 10/17/351		1,750,000		1,740,878
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A, 3.490%, due 05/15/27		1,189,000		1,162,894
CarMax Auto Owner Trust, Series 2022-2, Class A2A, 2.810%, due 05/15/25		287,406		284,722
College Ave Student Loans LLC, Series 2021-A, Class A1, 1 mo. USD LIBOR + 1.100%, 5.606%, due 07/25/511,2		59,011		57,494
Series 2021-B, Class A2, 1.760%, due 06/25/521		74,984		64,626
Series 2021-C, Class A1, 1 mo. USD LIBOR + 0.900%, 5.406%, due 07/26/551,2		228,911		221,321
Series 2021-C, Class A2, 2.320%, due 07/26/551		115,310		101,931
Series 2021-C, Class B, 2.720%, due 07/26/551		100,000		85,823
Credit Acceptance Auto Loan Trust, Series 2020-2A, Class A, 1.370%, due 07/16/291		67,035		66,457
Series 2021-2A, Class A, 0.960%, due 02/15/301		540,000		521,456
Series 2021-3A, Class A, 1.000%, due 05/15/301		280,000		269,090
Series 2021-4, Class A, 1.260%, due 10/15/301		395,000		373,097
Series 2022-1A, Class A, 4.600%, due 06/15/321		495,000		485,895
Series 2022-3A, Class C, 8.450%, due 02/15/331		2,300,000		2,363,411
Credit Suisse Seasoned Loan Trust, Series 2006-1, Class A, 1 mo. USD LIBOR + 0.480%, 4.986%, due 10/25/341,2		9,101		9,081
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class A, 1.800%, due 11/25/451		67,881		59,145
Elara HGV Timeshare Issuer LLC, Series 2016-A, Class A, 2.730%, due 04/25/281		24,309		24,145
Ford Credit Auto Lease Trust, Series 2022-A, Class A2A, 2.780%, due 10/15/24		363,830		360,766
FREED ABS Trust, Series 2022-4FP, Class B, 7.580%, due 12/18/291		2,150,000		2,156,499

	Face amount		Value
Asset-backed securities—(continued)
Golub Capital Partners ABS Funding Ltd., Series 2022-1A, Class A2B, 6.580%, due 07/22/301	$	1,910,000	$	1,797,773
GoodLeap Sustainable Home Solutions Trust, Series 2021-4GS, Class A, 1.930%, due 07/20/481		190,026		145,386
Series 2021-5CS, Class A, 2.310%, due 10/20/481		106,484		86,773
Series 2022-3CS, Class A, 4.950%, due 07/20/491		219,664		209,263
Lendmark Funding Trust, Series 2021-1A, Class A, 1.900%, due 11/20/311		210,000		182,765
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.860%, due 03/20/361		180,000		156,963
Series 2022-AA, Class B, 7.200%, due 10/20/371		1,830,000		1,846,068
Monroe Capital ABS Funding II Ltd., Series 2023-1A, Class A1, 6.650%, due 04/22/331		1,700,000		1,699,704
Mosaic Solar Loan Trust, Series 2022-1A, Class A, 2.640%, due 01/20/531		180,771		156,842
Mosaic Solar Loans LLC, Series 2017-2A, Class C, 2.000%, due 06/22/431		50,554		48,488
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2B, 1 mo. USD LIBOR + 1.050%, 5.504%, due 12/15/591,2		155,423		153,582
Series 2020-IA, Class B, 2.950%, due 04/15/691		100,000		82,340
Series 2021-A, Class A, 0.840%, due 05/15/691		63,626		56,229
Series 2021-DA, Class A, U.S. (Fed) Prime Rate - 1.990%, 5.510%, due 04/15/601,2		329,526		306,497
Navient Student Loan Trust, Series 2018-EA, Class A2, 4.000%, due 12/15/591		27,209		26,564
Nelnet Student Loan Trust, Series 2021-A, Class APT2, 1.360%, due 04/20/621		473,433		423,073
Series 2021-BA, Class AFL, 1 mo. USD LIBOR + 0.780%, 5.266%, due 04/20/621,2		673,185		660,529
Series 2021-CA, Class AFL, 1 mo. USD LIBOR + 0.740%, 5.226%, due 04/20/621,2		427,223		417,899
NFAS2 LLC, Series 2022-1, Class B, 7.590%, due 09/15/281		1,090,000		1,090,450
NMEF Funding LLC, Series 2022-B, Class A2, 6.070%, due 06/15/291		2,380,000		2,389,585

39

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—(continued)
OneMain Financial Issuance Trust, Sereis 2022-3A, Class A, 5.940%, due 05/15/341	$	1,610,000	$	1,623,977
Oportun Issuance Trust, Series 2022-3, Class B, 8.530%, due 01/08/301		2,290,000		2,287,872
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/311		1,970,000		1,970,000
Prodigy Finance Ltd., Series 2021-1A, Class A, 1 mo. USD LIBOR + 1.250%, 5.756%, due 07/25/511,2		203,468		199,241
Regional Management Issuance Trust, Series 2021-2, Class A, 1.900%, due 08/15/331		245,000		208,057
Series 2022-2B, Class B, 8.510%, due 11/17/321		2,360,000		2,417,884
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		2,200,000		2,306,777
Sesac Finance LLC, Series 2019-1, Class A2, 5.216%, due 07/25/491		115,800		107,389
SLM Private Education Loan Trust, Series 2010-C, Class A5, 1 mo. USD LIBOR + 4.750%, 9.209%, due 10/15/411,2		399,879		429,719
SMB Private Education Loan Trust, Series 2017-B, Class A2B, 1 mo. USD LIBOR + 0.750%, 5.209%, due 10/15/351,2		80,745		79,728
Series 2018-A, Class A2B, 1 mo. USD LIBOR + 0.800%, 5.259%, due 02/15/361,2		285,805		280,956
Series 2018-C, Class A2B, 1 mo. USD LIBOR + 0.750%, 5.209%, due 11/15/351,2		363,765		357,121
Series 2021-A, Class A2A1, 1 mo. USD LIBOR + 0.730%, 5.184%, due 01/15/531,2		540,149		523,737
Series 2021-A, Class B, 2.310%, due 01/15/531		100,000		89,954
Series 2021-C, Class APT1, 1.390%, due 01/15/531		176,894		153,875
SoFi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.950%, due 02/25/421		64,224		61,894
Series 2020-C, Class AFX, 1.950%, due 02/15/461		100,450		90,948
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/511		1,011,925		862,358
T-Mobile U.S. Trust, Series 2022-1A, Class A, 4.910%, due 05/22/281		2,300,000		2,308,221

	Face amount		Value
Asset-backed securities—(concluded)
Westlake Automobile Receivables Trust, Series 2021-3A, Class A2, 0.570%, due 09/16/241	$	325,237	$	323,251
Total asset-backed securities (cost—$41,998,686)				41,819,956
Corporate bonds—58.5%
Aerospace & defense—1.4%
BAE Systems Holdings, Inc. 3.800%, due 10/07/241		1,681,000		1,648,371
Boeing Co. 3.250%, due 02/01/28		1,600,000		1,493,640
				3,142,011
Agriculture—0.9%
Archer-Daniels-Midland Co. 2.900%, due 03/01/32		1,480,000		1,330,366
Cargill, Inc. 5.125%, due 10/11/321		810,000		844,475
				2,174,841
Airlines—0.2%
Air Canada Pass-Through Trust, Series 2017-1AA, 3.300%, due 01/15/301		43,098		37,714
American Airlines Pass-Through Trust, Series AA, 3.000%, due 10/15/28		93,158		81,781
Series AA, 3.200%, due 06/15/28		39,573		35,253
Series AA, 3.575%, due 01/15/28		48,344		43,782
Series AA, 3.600%, due 09/22/27		38,757		35,445
Series AA, 3.650%, due 02/15/29		30,084		27,473
Delta Airlines Pass-Through Trust, Series 2020-1, Class AA, 2.000%, due 06/10/28		55,283		48,411
Series AA, 3.204%, due 04/25/24		101,000		99,927
United Airlines Pass-Through Trust, Series AA, 2.700%, due 05/01/32		44,226		36,868
Series AA, 3.450%, due 12/01/27		32,228		29,212
Series AA, 3.500%, due 03/01/30		16,182		14,380
Series AA, 4.150%, due 08/25/31		57,991		53,368
				543,614
Auto manufacturers—2.2%
Ford Motor Credit Co. LLC 7.350%, due 11/04/27		1,240,000		1,300,450
7.350%, due 03/06/30		1,310,000		1,374,976

40

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Toyota Motor Credit Corp. 5.450%, due 11/10/27	$	2,295,000	$	2,394,352
				5,069,778
Banks—18.7%
ASB Bank Ltd. 5.398%, due 11/29/271		1,260,000		1,287,959
(fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/321,2		1,500,000		1,446,726
Bank of America Corp. (fixed, converts to FRN on 01/20/27), 3.824%, due 01/20/282		840,000		808,665
(fixed, converts to FRN on 06/19/25), 1.319%, due 06/19/262		870,000		796,847
(fixed, converts to FRN on 07/23/29), 3.194%, due 07/23/302		836,000		749,752
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/282		1,400,000		1,340,777
Bank of New Zealand 4.846%, due 02/07/281		1,075,000		1,081,074
Canadian Imperial Bank of Commerce 3.450%, due 04/07/27		1,400,000		1,340,442
Citigroup, Inc. (fixed, converts to FRN on 03/31/30), 4.412%, due 03/31/312		1,310,000		1,256,547
(fixed, converts to FRN on 06/03/30), 2.572%, due 06/03/312		1,198,000		1,016,638
Series VAR, (fixed, converts to FRN on 02/24/27), 3.070%, due 02/24/282		742,000		689,728
Comerica Bank (fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/332		1,280,000		1,273,149
DNB Bank ASA (fixed, converts to FRN on 03/28/24), 2.968%, due 03/28/251,2		1,385,000		1,342,821
(fixed, converts to FRN on 10/09/25), 5.896%, due 10/09/261,2		1,175,000		1,188,725
Fifth Third Bancorp (fixed, converts to FRN on 10/27/27), 6.361%, due 10/27/282		925,000		978,753
Goldman Sachs Group, Inc. (fixed, converts to FRN on 02/24/27), 2.640%, due 02/24/282		1,217,000		1,115,883
(fixed, converts to FRN on 02/24/32), 3.102%, due 02/24/332		1,128,000		966,653
(fixed, converts to FRN on 03/15/27), 3.615%, due 03/15/282		578,000		550,421
(fixed, converts to FRN on 08/23/27), 4.482%, due 08/23/282		1,280,000		1,257,814
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/312		1,800,000		1,523,113
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/282		905,000		986,551

	Face amount		Value
Corporate bonds—(continued)
Banks—(concluded)
Huntington National Bank 5.650%, due 01/10/30	$	1,240,000	$	1,290,189
ING Groep NV (fixed, converts to FRN on 03/28/25), 3.869%, due 03/28/262		1,400,000		1,359,716
JPMorgan Chase & Co. (fixed, converts to FRN on 01/29/26), 3.960%, due 01/29/272		495,000		483,595
(fixed, converts to FRN on 02/01/27), 3.782%, due 02/01/282		793,000		762,237
(fixed, converts to FRN on 03/13/25), 2.005%, due 03/13/262		502,000		472,240
(fixed, converts to FRN on 04/23/23), 3.559%, due 04/23/242		820,000		816,969
KeyBank NA 5.850%, due 11/15/27		1,080,000		1,131,773
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/282		1,420,000		1,349,401
(fixed, converts to FRN on 11/15/32), 7.953%, due 11/15/332		610,000		696,874
Morgan Stanley (fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/282		1,420,000		1,343,292
(fixed, converts to FRN on 10/18/32), 6.342%, due 10/18/332		885,000		972,875
Natwest Group PLC (fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/262		1,030,000		1,089,561
Royal Bank of Canada 6.000%, due 11/01/27		1,295,000		1,367,981
Santander Holdings USA, Inc. (fixed, converts to FRN on 09/09/25), 5.807%, due 09/09/262		855,000		864,177
State Street Corp. (fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/282		555,000		582,946
Svenska Handelsbanken AB 3.950%, due 06/10/271		1,400,000		1,367,738
Truist Financial Corp. (fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/282		1,370,000		1,339,950
(fixed, converts to FRN on 10/28/32), 6.123%, due 10/28/332		580,000		632,043
Wells Fargo & Co. (fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/332		1,525,000		1,344,747
Westpac Banking Corp. 5.457%, due 11/18/27		1,150,000		1,198,377
				43,465,719
Beverages—1.5%
Constellation Brands, Inc. 4.750%, due 05/09/32		1,400,000		1,399,611
Diageo Capital PLC 5.500%, due 01/24/33		585,000		633,272

41

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Beverages—(concluded)
PepsiCo, Inc. 3.900%, due 07/18/32	$	1,385,000	$	1,353,186
				3,386,069
Commercial services—0.7%
Ashtead Capital, Inc. 5.500%, due 08/11/321		1,500,000		1,504,567
Computers—0.5%
Dell International LLC/EMC Corp. 5.750%, due 02/01/33		1,175,000		1,174,076
Diversified financial services—2.4%
American Express Co. 5.850%, due 11/05/27		1,050,000		1,110,576
Aviation Capital Group LLC 3.500%, due 11/01/271		1,500,000		1,343,140
Avolon Holdings Funding Ltd. 5.500%, due 01/15/261		1,500,000		1,474,460
Capital One Financial Corp. (fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/282		1,400,000		1,382,109
(fixed, converts to FRN on 05/10/32), 5.268%, due 05/10/332,3		164,000		160,809
				5,471,094
Electric—3.0%
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/281		1,110,000		987,900
Duke Energy Florida LLC 5.950%, due 11/15/52		880,000		997,033
MidAmerican Energy Co. 3.650%, due 04/15/29		204,000		196,214
Nevada Power Co., Series GG, 5.900%, due 05/01/53		935,000		1,067,715
Public Service Electric & Gas Co. 3.100%, due 03/15/32		1,465,000		1,326,480
Southern California Edison Co. 5.950%, due 11/01/32		585,000		636,779
Southern Co. 5.700%, due 10/15/32		480,000		511,708
Vistra Operations Co. LLC 5.500%, due 09/01/261		1,210,000		1,178,471
				6,902,300
Food—0.9%
Nestle Holdings, Inc. 4.700%, due 01/15/531		1,980,000		2,023,928
Healthcare-products—0.3%
Thermo Fisher Scientific, Inc. 4.800%, due 11/21/273		595,000		610,918
Healthcare-services—1.0%
CommonSpirit Health 6.073%, due 11/01/27		965,000		1,006,058

	Face amount		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
Roche Holdings, Inc. 2.314%, due 03/10/271	$	1,440,000	$	1,338,477
Sutter Health, Series 20A, 2.294%, due 08/15/30		20,000		16,823
				2,361,358
Housewares—0.4%
Newell Brands, Inc. 6.375%, due 09/15/273		995,000		1,000,164
Insurance—9.6%
Athene Global Funding 2.550%, due 06/29/251		1,600,000		1,482,383
Athene Holding Ltd. 6.650%, due 02/01/33		1,175,000		1,241,458
Corebridge Financial, Inc. (fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/521,2		1,280,000		1,273,267
Enstar Finance LLC (fixed, converts to FRN on 01/15/27), 5.500%, due 01/15/422		1,500,000		1,237,199
Enstar Group Ltd. 4.950%, due 06/01/29		1,400,000		1,311,887
F&G Annuities & Life, Inc. 7.400%, due 01/13/281		2,110,000		2,162,555
Fairfax Financial Holdings Ltd. 5.625%, due 08/16/321		1,400,000		1,362,683
First American Financial Corp. 2.400%, due 08/15/31		1,240,000		964,490
Intact Financial Corp. 5.459%, due 09/22/321		915,000		934,411
Metropolitan Life Global Funding I 4.300%, due 08/25/291		1,690,000		1,659,298
Northwestern Mutual Global Funding 4.350%, due 09/15/271		740,000		732,949
Protective Life Global Funding 3.218%, due 03/28/251		1,400,000		1,342,841
RenaissanceRe Holdings Ltd. 3.600%, due 04/15/29		1,440,000		1,336,489
Stewart Information Services Corp. 3.600%, due 11/15/31		1,700,000		1,341,453
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/491,2		2,600,000		2,512,406
Teachers Insurance & Annuity Association of America 4.900%, due 09/15/441		1,500,000		1,459,821
				22,355,590
Investment companies—1.4%
Blackstone Private Credit Fund 2.350%, due 11/22/24		1,450,000		1,357,401
3.250%, due 03/15/27		209,000		182,826
Morgan Stanley Direct Lending Fund 4.500%, due 02/11/27		1,013,000		969,874

42

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Investment companies—(concluded)
OWL Rock Core Income Corp. 7.750%, due 09/16/271	$	710,000	$	715,370
				3,225,471
Machinery-diversified—0.3%
CNH Industrial Capital LLC 5.450%, due 10/14/25		775,000		787,713
Media—0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. 7.375%, due 03/01/311		1,005,000		1,007,513
Oil & gas—0.6%
Equinor ASA 2.375%, due 05/22/30		1,555,000		1,369,546
Pharmaceuticals—1.1%
Bristol-Myers Squibb Co. 3.700%, due 03/15/52		1,575,000		1,331,695
Elanco Animal Health, Inc. 6.400%, due 08/28/283,4		1,255,000		1,225,131
				2,556,826
Pipelines—3.4%
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 7.375%, due 02/01/311		580,000		583,625
Energy Transfer LP 3.600%, due 02/01/23		74,000		74,000
Series A, (fixed, converts to FRN on 02/15/23), 6.250%, due 02/16/232,3,5		2,420,000		2,280,850
EnLink Midstream LLC 6.500%, due 09/01/301,3		1,115,000		1,135,906
Harvest Midstream I LP 7.500%, due 09/01/281		1,205,000		1,185,419
Hess Midstream Operations LP 5.500%, due 10/15/301		1,500,000		1,398,915
Western Midstream Operating LP 3.350%, due 02/01/254		1,410,000		1,346,550
				8,005,265
Real estate investment trusts—3.7%
Arbor Realty SR, Inc. 8.500%, due 10/15/271		1,790,000		1,795,876
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/271		1,345,000		1,186,371
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/261		1,515,000		1,344,562
Realty Income Corp. 4.850%, due 03/15/30		500,000		500,875
SBA Tower Trust 6.599%, due 01/15/281		2,300,000		2,396,232
Scentre Group Trust 1/Scentre Group Trust 2 4.375%, due 05/28/301		1,363,000		1,273,714
				8,497,630

	Face amount		Value
Corporate bonds—(concluded)
Retail—2.3%
AutoZone, Inc. 4.750%, due 08/01/32	$	1,350,000	$	1,350,008
Home Depot, Inc. 4.500%, due 09/15/323		1,260,000		1,275,326
Nordstrom, Inc. 4.375%, due 04/01/30		1,475,000		1,183,437
Target Corp. 4.500%, due 09/15/323		1,510,000		1,522,916
				5,331,687
Semiconductors—0.5%
ams-OSRAM AG 7.000%, due 07/31/251		1,265,000		1,217,604
Telecommunications—0.8%
Connect Finco SARL/Connect U.S. Finco LLC 6.750%, due 10/01/261		1,255,000		1,200,094
Verizon Communications, Inc. 3.150%, due 03/22/30		774,000		702,924
				1,903,018
Trucking & leasing—0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp. 5.700%, due 02/01/281		760,000		779,216
Total corporate bonds (cost—$134,805,505)				135,867,516
Loan assignments—3.2%
Broadcast—3.2%
CenturyLink, Inc., 2020 Term Loan A, 1 mo. USD LIBOR, 1.000%, due 01/31/252		1,074,933		1,052,983
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR, 1.000%, due 05/05/282		1,186,660		1,184,987
Medline Borrower, LP, USD Term Loan B, 1 mo. USD LIBOR, 1.000%, due 10/23/282		1,236,884		1,199,605
MPH Acquisition Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%, 8.985%, due 09/01/282		1,296,717		1,163,596
Starwood Property Trust, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.811%, due 11/18/272		765,000		759,584
UGI Energy Services, LLC, Term Loan B, 1 mo. USD LIBOR + 3.500%, 8.070%, due 08/13/262		1,181,938		1,181,016

43

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Loan assignments—(concluded)
Broadcast—(concluded)
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR, 1.000%, due 08/27/252	$	847,848	$	845,423
Total loan assignments (cost—$7,398,813)				7,387,194
Mortgage-backed securities—9.5%
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class A5, 2.756%, due 05/15/531		465,000		407,076
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class AL, 1 mo. USD LIBOR + 0.900%, 5.360%, due 11/15/321,2		1,150,000		1,108,227
BANK, Series 2022-BNK42, Class A5, 4.493%, due 06/15/556		220,000		217,914
Barclays Commercial Mortgage Trust, Series 2019-C3, Class B, 4.096%, due 05/15/52		90,000		79,102
Benchmark Mortgage Trust, Series 2019-B15, Class B, 3.564%, due 12/15/72		210,000		178,427
Series 2019-B15, Class C, 3.721%, due 12/15/726		111,000		87,993
Series 2022-B35, Class A5, 4.445%, due 05/15/556		270,000		267,004
BFLD Trust, Series 2019-DPLO, Class A, 1 mo. USD LIBOR + 1.090%, 5.549%, due 10/15/341,2		350,000		345,166
BX Commercial Mortgage Trust, Series 2019-XL, Class A, 1 mo. USD SOFR + 1.034%, 5.513%, due 10/15/361,2		318,375		316,985
Series 2021-CIP, Class A, 1 mo. USD LIBOR + 0.921%, 5.380%, due 12/15/381,2		215,000		210,493
Series 2021-XL2, Class A, 1 mo. USD LIBOR + 0.689%, 5.148%, due 10/15/381,2		291,915		283,786
BX Trust, Series 2021-ARIA, Class A, 1 mo. USD LIBOR + 0.899%, 5.358%, due 10/15/361,2		535,000		517,802
Series 2022-CLS, Class B, 6.300%, due 10/13/271		2,020,000		2,006,921
Series 2022-GPA, Class B, 1 mo. USD SOFR + 2.664%, 7.142%, due 10/15/391,2		1,000,000		998,748
Series 2022-GPA, Class C, 1 mo. USD SOFR + 3.213%, 7.691%, due 10/15/391,2		950,000		947,621

	Face amount		Value
Mortgage-backed securities—(continued)
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class B, 3.500%, due 01/15/536	$	101,000	$	83,200
CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631%, due 02/10/50		300,000		285,155
Cold Storage Trust, Series 2020-ICE5, Class A, 1 mo. USD LIBOR + 0.900%, 5.359%, due 11/15/371,2		530,815		522,835
COMM Mortgage Trust, Series 2014-CR16, Class A4, 4.051%, due 04/10/47		145,000		142,187
Series 2015-CR25, Class A3, 3.505%, due 08/10/48		249,876		241,815
CSMC Trust, Series 2017-CALI, Class A, 3.431%, due 11/10/321		260,000		240,886
Series 2021-980M, Class B, 2.795%, due 07/15/311		130,000		110,478
Extended Stay America Trust, Series 2021-ESH, Class A, 1 mo. USD LIBOR + 1.080%, 5.539%, due 07/15/381,2		400,239		394,507
FHLMC Multifamily Structured Pass-Through Certificates, Series K038, Class X1, 1.076%, due 03/25/246		2,287,434		20,163
Series K121, Class X1, 1.024%, due 10/25/306		1,187,623		70,845
Series K142, Class A2, 2.400%, due 03/25/32		385,000		337,146
Series K144, Class A2, 2.450%, due 04/25/32		270,000		237,955
Series K145, Class A2, 2.580%, due 05/25/32		605,000		537,385
Series KC02, Class A2, 3.370%, due 07/25/25		539,380		524,770
Series KL06, Class XFX, 1.364%, due 12/25/296		720,000		46,933
FHLMC Multifamily WI Certificates, Series K146, Class A2, 2.920%, due 07/25/32		170,000		155,242
FNMA Aces, Series 2022-M5, Class A3, 2.368%, due 01/01/346		325,000		275,039
FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500%, due 01/25/396		188,851		178,187
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 1 mo. USD SOFR + 0.731%, 5.209%, due 08/15/361,2		320,000		318,442

44

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(continued)
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 1 mo. USD LIBOR + 1.250%, 5.709%, due 09/15/291,2	$	111,882	$	108,357
Series 2021-MHC, Class A, 1 mo. USD LIBOR + 0.800%, 5.259%, due 04/15/381,2		85,041		83,873
Series 2022-ACB, Class A, 30 day USD SOFR Average + 1.400%, 5.679%, due 03/15/391,2		360,000		351,891
MF1 Trust, Series 2021-W10, Class A, 1 mo. USD SOFR + 1.070%, 5.548%, due 12/15/341,2		100,000		96,030
Series 2021-W10, Class B, 1 mo. USD SOFR + 1.370%, 5.848%, due 12/15/341,2		370,000		348,353
Morgan Stanley Capital I Trust, Series 2015-MS1, Class A4, 3.779%, due 05/15/486		520,000		502,131
Series 2018-SUN, Class A, 1 mo. USD LIBOR + 0.900%, 5.359%, due 07/15/351,2		290,000		286,360
Series 2019-NUGS, Class A, 1 mo. USD LIBOR + 0.950%, 5.409%, due 12/15/361,2		241,000		232,088
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD SOFR + 1.397%, 5.875%, due 03/15/391,2		2,000,000		1,961,842
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/541		2,300,000		1,948,931
One New York Plaza Trust, Series 2020-1NYP, Class A, 1 mo. USD LIBOR + 0.950%, 5.409%, due 01/15/361,2		240,000		228,091
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 1 mo. USD SOFR + 2.186%, 6.664%, due 05/15/371,2		260,000		254,321
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1 mo. USD LIBOR + 1.050%, 5.446%, due 11/11/341,2		81,008		79,172
Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A5, 4.212%, due 05/15/51		445,000		433,255
Series 2018-C46, Class A4, 4.152%, due 08/15/51		135,000		130,891

	Face amount		Value
Mortgage-backed securities—(concluded)
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD SOFR + 4.083%, 8.561%, due 11/15/271,2	$	2,330,000	$	2,328,531
Total mortgage-backed securities (cost—$22,561,920)				22,070,552
Municipal bonds—0.4%
California—0.1%
Los Angeles Department of Water & Power Power System Revenue, Revenue Bonds 6.574%, due 07/01/45		145,000		180,772
State of California, GO Bonds 7.550%, due 04/01/39		70,000		93,215
				273,987
Michigan—0.0%†
University of Michigan, Revenue Bonds, Series B, 3.504%, due 04/01/52		93,000		79,090
				79,090
Minnesota—0.0%†
University of Minnesota, Revenue Bonds 4.048%, due 04/01/52		78,000		73,263
				73,263
New Jersey—0.1%
New Jersey Transportation Trust Fund Authority, Build America Bonds, Revenue Bonds, Series B, 6.561%, due 12/15/40		105,000		121,332
New Jersey Turnpike Authority, Taxable Refunding, Revenue Bonds, Series B, 2.782%, due 01/01/40		25,000		19,413
				140,745
New York—0.1%
New York State Dormitory Authority, Personal Income Tax, Revenue Bonds 2.052%, due 03/15/30		120,000		103,726
2.152%, due 03/15/31		165,000		140,784
				244,510
Texas—0.1%
City of Houston TX, GO Bonds 3.961%, due 03/01/47		85,000		77,849
State of Texas, Public Finance Authority, Taxable Refunding, GO Bonds, Series B, 2.754%, due 10/01/41		50,000		37,898
				115,747
Total municipal bonds (cost—$1,046,407)				927,342

45

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
U.S. Treasury obligations—8.7%
U.S. Treasury Bonds 1.750%, due 08/15/41	$	13,900,000	$	10,126,367
2.250%, due 08/15/46		1,325,000		1,011,710
1.375%, due 08/15/50		11,845,000		7,181,494
U.S. Treasury Notes 2.750%, due 08/15/32		2,000,000		1,881,875
Total U.S. Treasury obligations (cost—$20,598,428)				20,201,446
	Number of shares
Short-term investments—3.2%
Investment companies—3.2%
State Street Institutional U.S. Government Money Market Fund, 4.180%7 (cost—$7,283,561)		7,283,561		7,283,561

	Face amount		Value
Short-term U.S. Treasury obligations—0.4%
U.S. Treasury Bills 3.274%, due 04/13/237 (cost—$917,061)	$	925,000	$	916,747
	Number of shares
Investment of cash collateral from securities loaned—2.6%
Money market funds—2.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%7 (cost—$6,075,808)		6,075,808		6,075,808
Total investments (cost—$242,686,189)—104.5%				242,550,122
Liabilities in excess of other assets—(4.5)%				(10,368,449	)
Net assets—100.0%			$	232,181,673

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

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount		Value		Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
54	USD	U.S. Long Bond Futures	March 2023	$	7,021,141	$	7,013,250	$	(7,891	)
45	USD	U.S. Treasury Note 10 Year Futures	March 2023		5,131,145		5,153,203		22,058
30	USD	U.S. Treasury Note 2 Year Futures	March 2023		6,180,703		6,169,453		(11,250	)
145	USD	U.S. Treasury Note 5 Year Futures	March 2023		15,667,922		15,840,118		172,196
18	USD	Ultra U.S. Treasury Bond Futures	March 2023		2,556,610		2,551,500		(5,110	)
65	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2023		7,821,807		7,878,203		56,396
Net unrealized appreciation (depreciation)								$	226,399

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—	$	41,819,956	$	—	$	41,819,956
Corporate bonds		—		135,867,516		—		135,867,516
Loan assignments		—		7,387,194		—		7,387,194

46

PACE Intermediate Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary—(concluded)

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
Mortgage-backed securities	$	—		$	22,070,552	$	—	$	22,070,552
Municipal bonds		—			927,342		—		927,342
U.S. Treasury obligations		—			20,201,446		—		20,201,446
Short-term investments		—			7,283,561		—		7,283,561
Short-term U.S. Treasury obligations		—			916,747		—		916,747
Investment of cash collateral from securities loaned		—			6,075,808		—		6,075,808
Futures contracts		250,650			—		—		250,650
Total	$	250,650		$	242,550,122	$	—	$	242,800,772
Liabilities
Futures contracts	$	(24,251	)	$	—	$	—	$	(24,251	)

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $106,982,187, represented 46.1% 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, or portion thereof, was on loan at the 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  Perpetual investment. Date shown reflects the next call date.

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

⁷  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
47

PACE Strategic Fixed Income Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -0.69% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg US Government/Credit Index (the "benchmark") returned -2.04%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 50. 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 over the reporting period. Credit and duration positioning were the primary drivers of relative returns for the period. Specifically, an overweight to investment-grade corporate bonds and asset-backed securities vs. the benchmark and off-benchmark allocations to high-yield corporate bonds contributed to returns as these sectors experienced spread tightening relative to US Treasuries. The tactical trading of duration relative to the Portfolio's benchmark also contributed to returns, as US Treasury yields initially rose and then were volatile over the latter part of the period. Exposures to debt issued by midstream energy companies, property and casualty (P&C) insurers, and banks contributed to returns, while underweight exposures to government-related credits, media entertainment, wireless, and wirelines telecommunications were headwinds.

Overall, derivative usage was positive for performance during the period, primarily driven by derivatives used to adjust interest rate exposure and credit exposure. The Portfolio used a combination of government bond futures and interest rate swaps to adjust interest rate and yield curve exposures, as well as to substitute for physical securities. Credit default swaps were used to manage credit exposure in lieu of the direct buying or selling of physical securities. The use of options to manage mortgage exposure of the portfolio was neutral for performance. The use of currency forwards to manage currency exposure detracted from 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 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")
Brown Brothers Harriman & Co. ("BBH") added effective August 12, 2022.

Portfolio Management Team:

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

PIMCO: Mohit Mittal and Marc Seidner (since October 2022);
Neuberger Berman: Thanos Bardas, David M. Brown, Adam Grotzinger, Bradley C. Tank and Ashok Bhatia

BBH (since August 2022): Andrew Hofer, Neil Hohmann, Paul Kunz

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

(continued on next page)

48

PACE Strategic Fixed Income Investments

Investment process
(concluded)

approach to portfolio management that leverages the subadvisor's proprietary fundamental research capabilities, decision making frameworks and quantitative risk management tools.

• A strategy that seeks to invest in a diversified portfolio of fixed income instruments that are performing, durable, and available at an attractive valuation, including floating or variable rate debt instruments.

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 Web site 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.

49

PACE Strategic Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.82	)%		(8.81	)%		1.11	%		1.50	%
Class Y2		(0.69	)		(8.52	)		1.36			1.74
Class P3		(0.69	)		(8.59	)		1.36			1.74
After deducting maximum sales charge
Class A1		(4.54	)		(12.24	)		0.34			1.11
Bloomberg US Government/Credit Index4		(2.04	)		(8.75	)		1.04			1.55

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.16	)%		(14.12	)%		0.14	%		1.03	%
Class Y2		(2.04	)		(13.86	)		0.40			1.27
Class P3		(1.95	)		(13.84	)		0.41			1.29
After deducting maximum sales charge
Class A1		(5.83	)		(17.33	)		(0.63	)		0.65

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—0.93% and 0.90%; Class Y—0.86% and 0.65%; and Class P—0.71% and 0.65%. 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 and/or reimburse expenses so that the Portfolio's ordinary total operating expenses of each class through November 30, 2023 (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.

50

PACE Strategic Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Characteristics
Weighted average duration	5.39 yrs.
Weighted average maturity	8.88 yrs.
Average coupon	4.38	%
Top ten fixed income holdings
U.S. Treasury Bonds, 2.250% due 08/15/46	3.5	%
U.S. Treasury Bonds, 3.250% due 05/15/42	2.1
U.S. Treasury Notes, 3.000% due 07/31/24	1.9
U.S. Treasury Notes, 2.625% due 07/31/29	1.8
U.S. Treasury Bonds, 1.750% due 08/15/41	1.7
U.S. Treasury Notes, 0.250% due 04/15/23	1.5
U.S. Treasury Notes, 2.750% due 07/31/27	1.4
U.S. Treasury Notes, 4.250% due 12/31/24	1.3
UMBS TBA, 5.000%	0.8
Swiss Re Finance Luxembourg SA, 5.000% due 04/02/49	0.7
Total	16.7	%
Top five issuer breakdown by country or territory of origin
United States	91.1	%
United Kingdom	4.1
Canada	1.6
Germany	1.2
Norway	1.0
Total	99.0	%
Asset allocation
Corporate bonds	57.1	%
U.S. Treasury obligations	19.8
Asset-backed securities	11.7
Mortgage-backed securities	9.0
Short-term investments	3.2
U.S. government agency obligations	2.7
Loan assignments	2.0
Non-U.S. government agency obligations	0.7
Exchange traded funds	0.3
Municipal bonds	0.2
Short-term U.S. Treasury obligations	0.2
Options and swaptions purchased	0.0	†
Cash equivalents and liabilities in excess of other assets	(6.9	)
Total	100.0	%

^†  Amount is less than 0.05% or (0.05)%

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

51

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Asset-backed securities—11.7%
Accredited Mortgage Loan Trust, Series 2004-2, Class A1, 1 mo. USD LIBOR + 0.290%, 5.086%, due 07/25/341,2		374,830	$	357,731
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/15/473		3,000,000		3,095,708
AM Capital Funding LLC, Series 2018-1, Class A, 4.980%, due 12/15/233		440,000		437,252
Avis Budget Rental Car Funding AESOP LLC, Series 2021-2A, Class B, 1.900%, due 02/20/283		122,000		105,681
Series 2022-4A, Class A, 4.770%, due 02/20/293		143,000		141,443
BHG Securitization Trust, Series 2022-C, Class B, 5.930%, due 10/17/353		2,340,000		2,327,803
BPCRE Ltd., Series 2022-FL2, Class A, 1 mo. USD SOFR + 2.400%, 6.882%, due 01/16/372,3		500,000		500,005
CHEC Loan Trust, Series 2004-2, Class M1, 1 mo. USD LIBOR + 0.960%, 5.466%, due 06/25/342		365,284		357,740
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class C, 8.450%, due 02/15/333		3,050,000		3,134,089
CSAB Mortgage-Backed Trust, Series 2006-1, Class A6A, 6.672%, due 06/25/364		237,467		69,631
Delta Funding Home Equity Loan Trust, Series 1999-3, Class A1A, 1 mo. USD LIBOR + 0.820%, 5.274%, due 09/15/292		30,040		28,790
First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 1 mo. USD LIBOR + 0.480%, 4.986%, due 10/25/362		1,050,302		717,160
FREED ABS Trust, Series 2022-4FP, Class B, 7.580%, due 12/18/293		2,850,000		2,858,615
FS Rialto Issuer LLC, Series 2022-FL4, Class A, 30 day USD SOFR Average + 1.900%, 6.210%, due 01/19/392,3		800,000		771,177
GLS Auto Receivables Issuer Trust, Series 2022-1A, Class A, 1.980%, due 08/15/253		578,556		571,209
Golub Capital Partners ABS Funding Ltd., Series 2022-1A, Class A2B, 6.580%, due 07/22/303		2,580,000		2,428,406
GSAMP Trust, Series 2006-HE4, Class A1, 1 mo. USD LIBOR + 0.280%, 4.786%, due 06/25/362		726,319		693,782

	Face amount1		Value
Asset-backed securities—(continued)
HGI CRE CLO Ltd., Series 2022-FL3, Class A, 30 day USD SOFR Average + 1.700%, 5.979%, due 04/20/372,3		800,000	$	783,048
Hilton Grand Vacations Trust, Series 2022-1D, Class D, 6.790%, due 06/20/343		93,530		90,118
Series 2022-2A, Class A, 4.300%, due 01/25/373		106,540		103,749
Home Equity Asset Trust, Series 2005-2, Class M5, 1 mo. USD LIBOR + 1.095%, 5.601%, due 07/25/352		36,286		36,182
KREF Ltd., Series 2022-FL3, Class A, 1 mo. USD SOFR + 1.450%, 5.938%, due 02/17/392,3		600,000		580,368
Lendmark Funding Trust, Series 2021-1A, Class A, 1.900%, due 11/20/313		1,500,000		1,305,467
LoanCore Issuer Ltd., Series 2021-CRE6, Class A, 1 mo. USD LIBOR + 1.300%, 5.759%, due 11/15/382,3		700,000		680,740
M360 Ltd., Series 2021-CRE3, Class A, 1 mo. USD LIBOR + 1.500%, 6.008%, due 11/22/382,3		700,000		677,920
Mariner Finance Issuance Trust, Series 2021-AA, Class A, 1.860%, due 03/20/363		1,300,000		1,133,618
Series 2022-AA, Class B, 7.200%, due 10/20/373		2,431,000		2,452,345
MetroNet Infrastructure Issuer LLC, Series 2022-1A, Class A2, 6.350%, due 10/20/523		205,000		199,436
MF1 Ltd., Series 2022-FL8, Class A, 30 day USD SOFR Average + 1.350%, 5.660%, due 02/19/372,3		600,000		582,485
Monroe Capital ABS Funding II Ltd., Series 2023-1A, Class A1, 6.650%, due 04/22/333,5		2,170,000		2,169,622
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class M2, 1 mo. USD LIBOR + 0.705%, 5.211%, due 12/25/342		143,248		126,807
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2003-NC1, Class M1, 1 mo. USD LIBOR + 1.575%, 6.081%, due 11/25/322		51,976		51,841
Mosaic Solar Loan Trust, Series 2022-1A, Class A, 2.640%, due 01/20/533		1,169,166		1,014,402
MVW LLC, Series 2022-1A, Class B, 4.400%, due 11/21/393		173,525		166,832

52

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Asset-backed securities—(continued)
Navient Private Education Refi Loan Trust, Series 2021-EA, Class A, 0.970%, due 12/16/693		99,095	$	85,874
Series 2021-FA, Class A, 1.110%, due 02/18/703		585,117		500,356
New Century Home Equity Loan Trust, Series 2005-D, Class A2D, 1 mo. USD LIBOR + 0.660%, 5.166%, due 02/25/362		2,621		2,615
NFAS2 LLC, Series 2022-1, Class B, 7.590%, due 09/15/283		1,460,000		1,460,602
NMEF Funding LLC, Series 2022-B, Class A2, 6.070%, due 06/15/293		3,180,000		3,192,806
OneMain Financial Issuance Trust, Sereis 2022-3A, Class A, 5.940%, due 05/15/343		2,120,000		2,138,404
Series 2022-2A, Class A, 4.890%, due 10/14/343		288,000		284,074
Oportun Issuance Trust, Series 2022-3, Class B, 8.533%, due 01/08/303		3,040,000		3,037,175
Oxford Finance Funding Trust, Series 2023-1A, Class B, 7.879%, due 02/15/313		2,560,000		2,560,000
Prestige Auto Receivables Trust, Series 2022-1A, Class B, 6.550%, due 07/17/283		157,000		158,179
RASC Trust, Series 2005-KS11, Class M2, 1 mo. USD LIBOR + 0.630%, 5.136%, due 12/25/352		236,125		233,866
Regional Management Issuance Trust, Series 2022-2B, Class B, 8.510%, due 11/17/323		3,140,000		3,217,015
Santander Drive Auto Receivables Trust, Series 2022-7, Class C, 6.690%, due 03/17/31		3,000,000		3,145,605
SASCO Mortgage Loan Trust, Series 2005-GEL1, Class M2, 1 mo. USD LIBOR + 1.350%, 4.656%, due 12/25/342		82,765		82,240
Saxon Asset Securities Trust, Series 2004-1, Class M1, 1 mo. USD LIBOR + 0.795%, 2.086%, due 03/25/352		92,742		89,655
Series 2006-1, Class M1, 1 mo. USD LIBOR + 0.465%, 4.971%, due 03/25/362		951,168		904,256
Sierra Timeshare Receivables Funding LLC, Series 2021-2A, Class C, 1.950%, due 09/20/383		105,877		97,862
Series 2022-2A, Class B, 5.040%, due 06/20/403		202,268		199,828

	Face amount1		Value
Asset-backed securities—(concluded)
Sofi Professional Loan Program LLC, Series 2019-C, Class BFX, 3.050%, due 11/16/483		158,000	$	133,082
Store Master Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120%, due 06/20/513		1,359,154		1,158,265
Structured Asset Securities Corp., Series 2005-WF1, Class M1, 1 mo. USD LIBOR + 0.660%, 5.166%, due 02/25/352		37,827		37,639
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2001-SB1, Class A2, 3.375%, due 08/25/31		53,573		52,931
Sunrun Demeter Issuer LLC, Series 2021-2A, Class A, 2.270%, due 01/30/573		1,314,499		1,055,428
T-Mobile U.S. Trust, Series 2022-1A, Class A, 4.910%, due 05/22/283		3,100,000		3,111,080
TAL Advantage VII LLC, Series 2020-1A, Class A, 2.050%, due 09/20/453		75,500		67,261
United States Small Business Administration, Series 2005-20H, Class 1, 5.110%, due 08/01/25		46,264		45,889
Series 2007-20D, Class 1, 5.320%, due 04/01/27		174,400		172,178
VMC Finance LLC, Series 2022-FL5, Class A, 30 day USD SOFR Average + 1.900%, 6.210%, due 02/18/392,3		800,000		784,672
Total asset-backed securities (cost—$59,079,383)				58,760,039
Corporate bonds—57.1%
Aerospace & defense—1.2%
BAE Systems Holdings, Inc. 3.800%, due 10/07/243		1,715,000		1,681,711
Boeing Co. 2.750%, due 02/01/26		1,700,000		1,602,780
3.250%, due 02/01/28		1,900,000		1,773,698
5.805%, due 05/01/50		490,000		500,240
Lockheed Martin Corp. 5.700%, due 11/15/54		155,000		176,038
TransDigm, Inc. 6.250%, due 03/15/263		110,000		109,961
6.375%, due 06/15/26		135,000		133,311
7.500%, due 03/15/27		180,000		181,401
				6,159,140
Agriculture—0.6%
Archer-Daniels-Midland Co. 2.900%, due 03/01/32		1,855,000		1,667,452
Cargill, Inc. 5.125%, due 10/11/323,6		1,085,000		1,131,180
				2,798,632

53

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Airlines—0.8%
Air Canada 3.875%, due 08/15/263		55,000	$	50,875
American Airlines Pass-Through Trust, Series 2016-3, Class B, 3.750%, due 10/15/25		111,616		100,814
Series AA, 3.200%, due 06/15/28		1,295,100		1,153,721
Series AA, 3.600%, due 09/22/27		1,314,979		1,202,615
American Airlines, Inc. 11.750%, due 07/15/253		55,000		61,218
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.500%, due 04/20/263		155,000		151,950
5.750%, due 04/20/293		100,000		96,722
Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.000%, due 10/29/24		110,403		105,967
Delta Air Lines, Inc. 3.750%, due 10/28/296		80,000		70,792
JetBlue Pass-Through Trust, Series 2019-1, Class A, 2.950%, due 05/15/28		259,764		225,694
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.500%, due 06/20/273		85,500		86,382
Spirit Airlines Pass-Through Trust, Series A, 4.100%, due 04/01/28		61,152		56,043
United Airlines Holdings, Inc. 4.875%, due 01/15/256		35,000		34,268
5.000%, due 02/01/246		35,000		34,808
United Airlines Pass-Through Trust, Series 2012-1, Class A, 4.150%, due 04/11/24		159,727		156,665
Series 2020-1, Class A, 5.875%, due 10/15/27		120,725		122,160
United Airlines, Inc. 4.625%, due 04/15/293		40,000		36,484
				3,747,178
Apparel—0.0%†
Crocs, Inc. 4.125%, due 08/15/313		55,000		45,740
Auto manufacturers—3.2%
Daimler Trucks Finance North America LLC 2.000%, due 12/14/263		1,300,000		1,170,530
Secured Overnight Financing Rate + 0.750%, 5.081%, due 12/13/242,3		1,400,000		1,391,723
Ford Motor Co. 3.250%, due 02/12/32		15,000		11,905
4.750%, due 01/15/43		110,000		85,867
5.291%, due 12/08/46		70,000		57,731
9.625%, due 04/22/30		70,000		82,397

	Face amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Ford Motor Credit Co. LLC 2.330%, due 11/25/25	EUR	700,000	$	713,237
3.375%, due 11/13/25		1,400,000		1,303,750
3.625%, due 06/17/31		25,000		20,794
4.000%, due 11/13/30		105,000		91,680
4.125%, due 08/17/27		5,000		4,611
4.389%, due 01/08/26		10,000		9,598
5.125%, due 06/16/25		300,000		294,861
6.950%, due 03/06/26		80,000		81,806
7.350%, due 11/04/27		1,690,000		1,772,388
7.350%, due 03/06/30		1,690,000		1,773,824
General Motors Co. 5.150%, due 04/01/38		280,000		254,006
General Motors Financial Co., Inc. 3.800%, due 04/07/25		260,000		252,542
Secured Overnight Financing Rate + 1.200%, 5.359%, due 11/17/232		1,200,000		1,199,246
Hyundai Capital America 0.875%, due 06/14/243		200,000		188,601
5.875%, due 04/07/253		200,000		202,040
Jaguar Land Rover Automotive PLC 5.500%, due 07/15/293		100,000		79,746
Nissan Motor Acceptance Co. LLC 2.000%, due 03/09/263		100,000		88,675
2.750%, due 03/09/283		200,000		168,883
Nissan Motor Co. Ltd. 3.522%, due 09/17/253		200,000		188,793
4.810%, due 09/17/303		200,000		180,790
Toyota Motor Credit Corp. 5.450%, due 11/10/27		3,055,000		3,187,252
Volkswagen Bank GmbH 2.500%, due 07/31/267	EUR	700,000		724,742
Volkswagen Group of America Finance LLC 2.850%, due 09/26/243		200,000		192,849
				15,774,867
Auto parts & equipment—0.0%†
Clarios Global LP 6.750%, due 05/15/253		40,000		40,243
Goodyear Tire & Rubber Co. 5.000%, due 05/31/26		15,000		14,512
5.000%, due 07/15/296		60,000		52,856
5.250%, due 04/30/316		70,000		59,887
IHO Verwaltungs GmbH 6.375% Cash or 7.125% PIK, 6.375%, due 05/15/293,8		20,000		17,499
				184,997
Banks—14.6%
ABN AMRO Bank NV (fixed, converts to FRN on 03/13/32), 3.324%, due 03/13/372,3		200,000		155,511
ASB Bank Ltd. (fixed, converts to FRN on 06/17/27), 5.284%, due 06/17/322,3		1,700,000		1,639,623
5.398%, due 11/29/273		1,680,000		1,717,279

54

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Banco Santander SA 5.147%, due 08/18/25		200,000	$	200,075
(fixed, converts to FRN on 02/08/24), 7.500%, due 02/08/242,7,9		200,000		198,500
Bank of America Corp. (fixed, converts to FRN on 02/04/24), 1.843%, due 02/04/252		415,000		400,552
(fixed, converts to FRN on 09/21/31), 2.482%, due 09/21/362		440,000		343,275
(fixed, converts to FRN on 02/13/30), 2.496%, due 02/13/312		290,000		246,681
(fixed, converts to FRN on 04/29/30), 2.592%, due 04/29/312		1,600,000		1,368,374
4.000%, due 01/22/25		1,500,000		1,474,158
(fixed, converts to FRN on 03/20/50), 4.083%, due 03/20/512		280,000		241,020
4.125%, due 01/22/24		300,000		297,951
(fixed, converts to FRN on 07/22/27), 4.948%, due 07/22/282		225,000		225,386
(fixed, converts to FRN on 07/22/32), 5.015%, due 07/22/332		315,000		314,810
Series FF, (fixed, converts to FRN on 03/15/28), 5.875%, due 03/15/282,9		85,000		81,388
Series MM, (fixed, converts to FRN on 01/28/25), 4.300%, due 01/28/252,9		45,000		41,906
Series RR, (fixed, converts to FRN on 01/27/27), 4.375%, due 01/27/272,9		145,000		131,602
Series TT, (fixed, converts to FRN on 04/27/27), 6.125%, due 04/27/272,9		115,000		115,115
Series X, (fixed, converts to FRN on 09/05/24), 6.250%, due 09/05/242,9		102,000		101,937
Bank of New York Mellon Corp. (fixed, converts to FRN on 02/07/27), 3.442%, due 02/07/282		1,760,000		1,685,548
Series H, (fixed, converts to FRN on 03/20/26), 3.700%, due 03/20/262,9		23,000		21,260
Series I, (fixed, converts to FRN on 12/20/26), 3.750%, due 12/20/262,9		75,000		65,160
Bank of New Zealand 4.846%, due 02/07/283		1,390,000		1,397,854
Barclays PLC 4.836%, due 05/09/28		535,000		516,827
(fixed, converts to FRN on 05/16/28), 4.972%, due 05/16/292		200,000		195,093
(fixed, converts to FRN on 08/09/27), 5.501%, due 08/09/282		230,000		231,555
(fixed, converts to FRN on 06/15/26), 6.125%, due 12/15/252,9		200,000		190,998

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 09/15/29), 8.000%, due 03/15/292,9		200,000	$	200,830
BNP Paribas SA (fixed, converts to FRN on 01/12/27), 4.625%, due 01/12/272,3,9		200,000		175,000
(fixed, converts to FRN on 03/25/24), 6.625%, due 03/25/242,3,9		200,000		197,250
Canadian Imperial Bank of Commerce 3.450%, due 04/07/276		1,760,000		1,685,127
Citigroup, Inc. (fixed, converts to FRN on 11/05/29), 2.976%, due 11/05/302		200,000		175,885
(fixed, converts to FRN on 03/17/25), 3.290%, due 03/17/262		1,440,000		1,386,164
(fixed, converts to FRN on 01/10/27), 3.887%, due 01/10/282		755,000		724,995
4.400%, due 06/10/25		980,000		972,340
(fixed, converts to FRN on 03/31/30), 4.412%, due 03/31/312		1,745,000		1,673,797
Series U, (fixed, converts to FRN on 09/12/24), 5.000%, due 09/12/242,9		89,000		84,995
Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/252,9		52,000		47,511
Citizens Financial Group, Inc., Series B, (fixed, converts to FRN on 07/06/23), 6.000%, due 07/06/232,9		60,000		57,562
Series C, (fixed, converts to FRN on 04/06/24), 6.375%, due 04/06/242,9		80,000		76,632
Comerica Bank (fixed, converts to FRN on 08/25/32), 5.332%, due 08/25/332		1,690,000		1,680,954
Credit Suisse Group AG (fixed, converts to FRN on 05/14/31), 3.091%, due 05/14/322,3		310,000		234,362
(fixed, converts to FRN on 03/03/31), 4.500%, due 09/03/302,3,9		300,000		201,000
(fixed, converts to FRN on 08/11/27), 5.250%, due 02/11/272,3,9		200,000		150,000
(fixed, converts to FRN on 11/15/32), 9.016%, due 11/15/332,3		250,000		280,793
Deutsche Bank AG 3.950%, due 02/27/23		200,000		199,784
(fixed, converts to FRN on 11/26/24), 3.961%, due 11/26/252		200,000		193,723
DNB Bank ASA (fixed, converts to FRN on 03/28/24), 2.968%, due 03/28/252,3		1,735,000		1,682,162
(fixed, converts to FRN on 10/09/25), 5.896%, due 10/09/262,3		1,570,000		1,588,338
Fifth Third Bancorp (fixed, converts to FRN on 10/27/27), 6.361%, due 10/27/282		1,230,000		1,301,477

55

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Series H, (fixed, converts to FRN on 06/30/23), 5.100%, due 06/30/232,9		115,000	$	112,372
Goldman Sachs Group, Inc. (fixed, converts to FRN on 01/24/24), 1.757%, due 01/24/252		415,000		399,541
(fixed, converts to FRN on 04/22/31), 2.615%, due 04/22/322		615,000		513,867
(fixed, converts to FRN on 10/31/37), 4.017%, due 10/31/382		290,000		257,232
(fixed, converts to FRN on 08/23/27), 4.482%, due 08/23/282		1,760,000		1,729,494
3 mo. USD LIBOR + 1.750%, 6.552%, due 10/28/272		1,100,000		1,132,288
Series O, (fixed, converts to FRN on 11/10/26), 5.300%, due 11/10/262,9		104,000		102,290
Series R, (fixed, converts to FRN on 02/10/25), 4.950%, due 02/10/252,9		39,000		37,423
Series T, (fixed, converts to FRN on 05/10/26), 3.800%, due 05/10/262,9		35,000		30,642
Series U, (fixed, converts to FRN on 08/10/26), 3.650%, due 08/10/262,9		75,000		65,220
Series V, (fixed, converts to FRN on 11/10/26), 4.125%, due 11/10/262,9		120,000		106,737
Grupo Aval Ltd. 4.375%, due 02/04/303		70,000		57,659
HSBC Holdings PLC (fixed, converts to FRN on 06/04/30), 2.848%, due 06/04/312		2,000,000		1,692,348
(fixed, converts to FRN on 09/09/31), 4.700%, due 03/09/312,6,9		200,000		169,550
(fixed, converts to FRN on 05/22/27), 6.000%, due 05/22/272,9		870,000		835,548
(fixed, converts to FRN on 11/03/27), 7.390%, due 11/03/282		1,205,000		1,313,584
Huntington Bancshares, Inc., Series E, (fixed, converts to FRN on 04/15/23), 5.700%, due 04/15/232,9		124,000		120,828
Huntington National Bank 5.650%, due 01/10/30		1,645,000		1,711,582
ING Groep NV (fixed, converts to FRN on 03/28/25), 3.869%, due 03/28/262		1,800,000		1,748,206
(fixed, converts to FRN on 11/16/27), 3.875%, due 05/16/272,9		227,000		184,188
(fixed, converts to FRN on 11/16/26), 5.750%, due 11/16/262,9		200,000		189,246
Intesa Sanpaolo SpA (fixed, converts to FRN on 11/21/32), 8.248%, due 11/21/332,3		200,000		218,785

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
Series XR, 4.000%, due 09/23/293		200,000	$	179,374
JPMorgan Chase & Co. (fixed, converts to FRN on 09/22/26), 1.470%, due 09/22/272		1,600,000		1,417,441
(fixed, converts to FRN on 12/10/24), 1.561%, due 12/10/252		320,000		299,740
(fixed, converts to FRN on 06/01/27), 2.182%, due 06/01/282		250,000		224,161
(fixed, converts to FRN on 02/24/27), 2.947%, due 02/24/282		200,000		185,581
(fixed, converts to FRN on 04/22/40), 3.109%, due 04/22/412		470,000		371,562
(fixed, converts to FRN on 04/23/28), 4.005%, due 04/23/292		650,000		623,197
Series CC, 3 mo. USD LIBOR + 2.580%, 7.394%, due 05/01/232,9		100,000		99,500
Series FF, (fixed, converts to FRN on 08/01/24), 5.000%, due 08/01/242,9		95,000		92,388
Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/252,9		41,000		38,540
KeyBank NA 5.850%, due 11/15/27		1,435,000		1,503,791
Lloyds Bank PLC 7.500%, due 04/02/324,7		2,200,000		1,378,309
Lloyds Banking Group PLC (fixed, converts to FRN on 03/18/27), 3.750%, due 03/18/282		1,785,000		1,696,254
(fixed, converts to FRN on 09/27/25), 7.500%, due 09/27/252,9		200,000		198,050
(fixed, converts to FRN on 11/15/32), 7.953%, due 11/15/332		810,000		925,358
M&T Bank Corp. (fixed, converts to FRN on 09/01/26), 3.500%, due 09/01/262,9		190,000		159,600
Series G, (fixed, converts to FRN on 08/01/24), 5.000%, due 08/01/242,9		56,000		53,504
Mizuho Financial Group, Inc. (fixed, converts to FRN on 05/22/29), 3.261%, due 05/22/302		200,000		180,873
Morgan Stanley (fixed, converts to FRN on 09/16/31), 2.484%, due 09/16/362		440,000		341,073
(fixed, converts to FRN on 01/22/30), 2.699%, due 01/22/312		210,000		182,233
(fixed, converts to FRN on 07/22/27), 3.591%, due 07/22/282		2,320,000		2,194,674
(fixed, converts to FRN on 02/01/28), 5.123%, due 02/01/292		100,000		101,114
(fixed, converts to FRN on 01/19/33), 5.948%, due 01/19/382		90,000		91,973

56

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(continued)
(fixed, converts to FRN on 10/18/32), 6.342%, due 10/18/332		1,180,000	$	1,297,166
Natwest Group PLC (fixed, converts to FRN on 11/28/30), 3.032%, due 11/28/352		550,000		437,349
(fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/262		1,370,000		1,449,222
PNC Financial Services Group, Inc., Series S, (fixed, converts to FRN on 11/01/26), 5.000%, due 11/01/262,9		67,000		62,994
Series T, (fixed, converts to FRN on 09/15/26), 3.400%, due 09/15/262,6,9		244,000		208,010
Royal Bank of Canada 3.375%, due 04/14/25		160,000		155,986
6.000%, due 11/01/276		1,730,000		1,827,496
Santander Holdings USA, Inc. (fixed, converts to FRN on 01/06/27), 2.490%, due 01/06/282		1,400,000		1,234,827
(fixed, converts to FRN on 09/09/25), 5.807%, due 09/09/262		1,140,000		1,152,236
Skandinaviska Enskilda Banken AB (fixed, converts to FRN on 05/13/25), 5.125%, due 05/13/252,7,9		200,000		189,500
Societe Generale SA 4.250%, due 09/14/233		200,000		199,015
Standard Chartered PLC (fixed, converts to FRN on 05/21/24), 3.785%, due 05/21/252,3		200,000		195,794
(fixed, converts to FRN on 02/19/29), 4.300%, due 08/19/282,3,9		210,000		179,844
State Street Corp. (fixed, converts to FRN on 11/04/27), 5.820%, due 11/04/282		740,000		777,261
SVB Financial Group, Series D, (fixed, converts to FRN on 11/15/26), 4.250%, due 11/15/262,9		245,000		195,608
Svenska Handelsbanken AB 3.950%, due 06/10/273		1,800,000		1,758,521
Truist Financial Corp. (fixed, converts to FRN on 06/06/27), 4.123%, due 06/06/282		1,720,000		1,682,274
(fixed, converts to FRN on 10/28/32), 6.123%, due 10/28/332		770,000		839,092
Series L, 3 mo. USD LIBOR + 3.102%, 7.871%, due 12/15/242,6,9		73,000		73,639
Series Q, (fixed, converts to FRN on 09/01/30), 5.100%, due 03/01/302,9		190,000		184,109
UniCredit SpA 7.830%, due 12/04/233		500,000		507,635

	Face amount1		Value
Corporate bonds—(continued)
Banks—(concluded)
US Bancorp (fixed, converts to FRN on 01/15/27), 3.700%, due 01/15/272,9		205,000	$	179,119
Wells Fargo & Co. (fixed, converts to FRN on 02/11/30), 2.572%, due 02/11/312		625,000		538,613
(fixed, converts to FRN on 03/02/32), 3.350%, due 03/02/332		1,915,000		1,688,650
Series BB, (fixed, converts to FRN on 03/15/26), 3.900%, due 03/15/262,9		135,000		124,453
Series S, (fixed, converts to FRN on 06/15/24), 5.900%, due 06/15/242,9		84,000		82,215
Series U, (fixed, converts to FRN on 06/15/25), 5.875%, due 06/15/252,9		69,000		68,669
Westpac Banking Corp. (fixed, converts to FRN on 11/18/31), 3.020%, due 11/18/362		240,000		187,483
5.457%, due 11/18/27		1,525,000		1,589,152
				72,902,971
Beverages—0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. 3.650%, due 02/01/26		260,000		254,075
Constellation Brands, Inc. 2.250%, due 08/01/31		270,000		222,772
4.750%, due 05/09/326		1,700,000		1,699,527
Diageo Capital PLC 5.500%, due 01/24/33		780,000		844,363
Molson Coors Beverage Co. 4.200%, due 07/15/46		300,000		251,231
Suntory Holdings Ltd. 2.250%, due 10/16/243		200,000		189,246
				3,461,214
Biotechnology—0.1%
Amgen, Inc. 2.770%, due 09/01/53		215,000		139,379
Regeneron Pharmaceuticals, Inc. 1.750%, due 09/15/30		300,000		242,105
				381,484
Building materials—0.2%
Builders FirstSource, Inc. 4.250%, due 02/01/323		25,000		21,506
6.375%, due 06/15/323		90,000		88,113
Fortune Brands Innovations, Inc. 3.250%, due 09/15/29		200,000		177,531
JELD-WEN, Inc. 4.875%, due 12/15/273		130,000		106,222
Masco Corp. 1.500%, due 02/15/28		200,000		170,418

57

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Building materials—(concluded)
Masonite International Corp. 3.500%, due 02/15/303		20,000	$	16,508
5.375%, due 02/01/283		55,000		51,481
Standard Industries, Inc. 3.375%, due 01/15/313		15,000		11,913
4.375%, due 07/15/303		45,000		38,469
4.750%, due 01/15/283		100,000		93,715
				775,876
Chemicals—0.2%
Avient Corp. 7.125%, due 08/01/303		75,000		75,559
INEOS Quattro Finance 2 PLC 3.375%, due 01/15/263		95,000		87,195
International Flavors & Fragrances, Inc. 2.300%, due 11/01/303		200,000		165,764
NOVA Chemicals Corp. 4.250%, due 05/15/293,6		50,000		42,873
5.250%, due 06/01/273		234,000		217,639
Olympus Water U.S. Holding Corp. 4.250%, due 10/01/283		90,000		75,493
SPCM SA 3.125%, due 03/15/273		30,000		26,411
Syngenta Finance NV 4.441%, due 04/24/233		200,000		199,408
Tronox, Inc. 4.625%, due 03/15/293		130,000		111,150
				1,001,492
Commercial services—0.8%
ADT Security Corp. 4.125%, due 08/01/293		80,000		71,220
4.875%, due 07/15/323		80,000		71,389
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, due 06/01/283		75,000		64,691
APi Group DE, Inc. 4.125%, due 07/15/293		25,000		21,641
4.750%, due 10/15/293		35,000		31,207
APX Group, Inc. 6.750%, due 02/15/273		125,000		122,501
ASGN, Inc. 4.625%, due 05/15/283		90,000		82,107
Ashtead Capital, Inc. 5.500%, due 08/11/323		1,700,000		1,705,176
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, due 03/01/293,6		65,000		58,110
5.750%, due 07/15/273		60,000		56,396
CoStar Group, Inc. 2.800%, due 07/15/303		200,000		168,995
Duke University, Series 2020, 2.682%, due 10/01/44		300,000		233,558

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Emory University, Series 2020, 2.143%, due 09/01/30		200,000	$	170,143
Garda World Security Corp. 4.625%, due 02/15/273		105,000		95,562
HealthEquity, Inc. 4.500%, due 10/01/293		70,000		62,671
Korn Ferry 4.625%, due 12/15/273		90,000		84,600
MPH Acquisition Holdings LLC 5.500%, due 09/01/283		230,000		190,900
5.750%, due 11/01/283,6		145,000		105,306
PayPal Holdings, Inc. 2.850%, due 10/01/29		300,000		269,994
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.750%, due 04/15/263		270,000		264,611
6.250%, due 01/15/283		60,000		56,904
United Rentals North America, Inc. 3.750%, due 01/15/32		65,000		56,204
5.250%, due 01/15/30		60,000		58,050
6.000%, due 12/15/293		95,000		96,425
ZipRecruiter, Inc. 5.000%, due 01/15/303		30,000		26,100
				4,224,461
Computers—1.0%
Apple, Inc. 2.450%, due 08/04/26		610,000		575,018
2.550%, due 08/20/60		210,000		137,853
Dell International LLC/EMC Corp. 4.900%, due 10/01/26		1,300,000		1,292,702
5.750%, due 02/01/33		1,515,000		1,513,809
5.850%, due 07/15/25		1,300,000		1,324,636
Presidio Holdings, Inc. 4.875%, due 02/01/273		95,000		88,311
Wipro IT Services LLC 1.500%, due 06/23/263		200,000		177,475
				5,109,804
Cosmetics & personal care—0.0%†
Coty, Inc. 5.000%, due 04/15/263		20,000		19,150
6.500%, due 04/15/263		10,000		9,858
Edgewell Personal Care Co. 5.500%, due 06/01/283		95,000		89,966
Natura Cosmeticos SA 4.125%, due 05/03/283		40,000		33,008
				151,982
Distribution & wholesale—0.0%†
IAA, Inc. 5.500%, due 06/15/273		70,000		70,262
Resideo Funding, Inc. 4.000%, due 09/01/293		70,000		58,053

58

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Distribution & wholesale—(concluded)
Univar Solutions USA, Inc. 5.125%, due 12/01/273		75,000	$	72,520
				200,835
Diversified financial services—2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.300%, due 01/30/32		290,000		243,487
4.450%, due 04/03/26		1,200,000		1,163,549
Ally Financial, Inc. 2.200%, due 11/02/28		200,000		167,121
5.750%, due 11/20/25		20,000		19,877
Series B, (fixed, converts to FRN on 05/15/26), 4.700%, due 05/15/262,9		105,000		86,363
Series C, (fixed, converts to FRN on 05/15/28), 4.700%, due 05/15/282,9		100,000		76,750
American Express Co. 2.550%, due 03/04/27		600,000		556,506
(fixed, converts to FRN on 09/15/26), 3.550%, due 09/15/262,9		305,000		269,864
5.850%, due 11/05/27		1,395,000		1,475,480
Aviation Capital Group LLC 3.500%, due 11/01/273		1,900,000		1,701,311
Avolon Holdings Funding Ltd. 5.500%, due 01/15/263		1,800,000		1,769,351
BGC Partners, Inc. 5.375%, due 07/24/23		200,000		200,190
Capital One Financial Corp. (fixed, converts to FRN on 05/10/27), 4.927%, due 05/10/282,6		1,700,000		1,678,276
Series M, (fixed, converts to FRN on 09/01/26), 3.950%, due 09/01/262,6,9		235,000		203,966
Charles Schwab Corp. 1.950%, due 12/01/31		100,000		81,876
Series G, (fixed, converts to FRN on 06/01/25), 5.375%, due 06/01/252,9		40,000		39,688
Series H, (fixed, converts to FRN on 12/01/30), 4.000%, due 12/01/302,9		256,000		220,224
Discover Financial Services, Series C, (fixed, converts to FRN on 10/30/27), 5.500%, due 10/30/272,9		235,000		206,800
Global Aircraft Leasing Co. Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 09/15/243,8		335,533		306,202
Lazard Group LLC 4.375%, due 03/11/29		100,000		96,171
LeasePlan Corp. NV 2.875%, due 10/24/243		200,000		189,798

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
Lehman Brothers Holdings, Inc. 1.000%, due 01/24/1310		4,500,000	$	15,750
1.000%, due 12/30/4910		900,000		3,150
3.000%, due 12/30/1610		1,900,000		6,650
LFS Topco LLC 5.875%, due 10/15/263		45,000		37,225
Navient Corp., Series A, 5.625%, due 01/25/25		100,000		97,890
OneMain Finance Corp. 3.500%, due 01/15/27		105,000		91,320
3.875%, due 09/15/28		50,000		42,000
4.000%, due 09/15/30		30,000		23,923
6.875%, due 03/15/25		65,000		64,796
7.125%, due 03/15/26		190,000		188,756
				11,324,310
Electric—5.3%
Adani Electricity Mumbai Ltd. 3.949%, due 02/12/303		300,000		223,500
AES Corp. 2.450%, due 01/15/31		200,000		165,351
American Electric Power Co., Inc. 5.950%, due 11/01/32		195,000		209,580
Appalachian Power Co., Series AA, 2.700%, due 04/01/31		200,000		170,568
Atlantica Sustainable Infrastructure PLC 4.125%, due 06/15/283,6		1,495,000		1,330,550
Avangrid, Inc. 3.800%, due 06/01/29		1,600,000		1,505,532
Black Hills Corp. 2.500%, due 06/15/30		200,000		167,162
Calpine Corp. 3.750%, due 03/01/313		60,000		50,019
4.500%, due 02/15/283		195,000		179,938
4.625%, due 02/01/293		108,000		93,861
5.000%, due 02/01/313		99,000		84,834
5.125%, due 03/15/283		50,000		45,271
Commonwealth Edison Co. 3.700%, due 03/01/45		745,000		621,563
Dominion Energy, Inc. 5.375%, due 11/15/32		270,000		277,786
Series C, 2.250%, due 08/15/31		200,000		165,997
Series C, (fixed, converts to FRN on 04/15/27), 4.350%, due 01/15/272,9		60,000		53,700
Duke Energy Florida LLC 5.950%, due 11/15/52		1,175,000		1,331,265
Duke Energy Progress LLC 2.000%, due 08/15/31		1,400,000		1,150,637
Edison International 2.950%, due 03/15/23		1,500,000		1,495,398

59

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electric—(continued)
Series B, (fixed, converts to FRN on 03/15/27), 5.000%, due 12/15/262,9		350,000	$	311,182
Enel Finance America LLC 7.100%, due 10/14/273		500,000		535,886
Entergy Louisiana LLC 5.590%, due 10/01/24		307,000		310,768
Exelon Corp. 2.750%, due 03/15/27		200,000		186,713
4.700%, due 04/15/50		160,000		150,992
IPALCO Enterprises, Inc. 4.250%, due 05/01/30		200,000		184,941
Leeward Renewable Energy Operations LLC 4.250%, due 07/01/293		50,000		43,935
MidAmerican Energy Co. 3.650%, due 04/15/296		1,400,000		1,346,569
Monongahela Power Co. 3.550%, due 05/15/273		1,800,000		1,721,333
Nevada Power Co., Series GG, 5.900%, due 05/01/53		1,245,000		1,421,717
New York State Electric & Gas Corp. 2.150%, due 10/01/313		1,400,000		1,135,885
NextEra Energy Capital Holdings, Inc. 3.550%, due 05/01/27		1,700,000		1,631,868
Niagara Mohawk Power Corp. 4.278%, due 12/15/283		300,000		283,297
NRG Energy, Inc. 3.375%, due 02/15/293		25,000		20,668
3.625%, due 02/15/313		90,000		71,289
3.875%, due 02/15/323		25,000		19,460
5.250%, due 06/15/293		110,000		99,275
5.750%, due 01/15/28		65,000		62,289
Pacific Gas and Electric Co. 3.150%, due 01/01/26		100,000		94,682
3.400%, due 08/15/246		200,000		194,310
3.750%, due 02/15/24		200,000		197,399
4.300%, due 03/15/45		425,000		323,845
Public Service Electric & Gas Co. 3.100%, due 03/15/32		1,835,000		1,661,496
Southern California Edison Co. 5.950%, due 11/01/32		775,000		843,596
Southern Co. 5.700%, due 10/15/32		640,000		682,278
Series A, 3.700%, due 04/30/30		1,200,000		1,122,583
Series B, (fixed, converts to FRN on 01/15/26), 4.000%, due 01/15/512		435,000		413,829
Southwestern Electric Power Co., Series M, 4.100%, due 09/15/28		200,000		193,806
Vistra Operations Co. LLC 4.375%, due 05/01/293		75,000		65,951
5.000%, due 07/31/273		150,000		141,162
5.500%, due 09/01/263		1,595,000		1,553,439

	Face amount1		Value
Corporate bonds—(continued)
Electric—(concluded)
WEC Energy Group, Inc. 1.800%, due 10/15/30		200,000	$	162,052
				26,511,007
Electrical components & equipment—0.0%†
Energizer Holdings, Inc. 4.375%, due 03/31/293		45,000		39,079
4.750%, due 06/15/283		65,000		58,175
6.500%, due 12/31/273		15,000		14,629
				111,883
Electronics—0.0%†
Imola Merger Corp. 4.750%, due 05/15/293		125,000		108,750
Sensata Technologies BV 4.000%, due 04/15/293		20,000		17,950
5.875%, due 09/01/303		50,000		49,062
				175,762
Energy-alternate sources—0.1%
Azure Power Solar Energy Pvt Ltd. 5.650%, due 12/24/243		200,000		167,000
FS Luxembourg SARL 10.000%, due 12/15/253		20,000		20,179
Greenko Solar Mauritius Ltd. 5.950%, due 07/29/263		200,000		186,000
				373,179
Engineering & construction—0.1%
Global Infrastructure Solutions, Inc. 5.625%, due 06/01/293		80,000		65,600
Sydney Airport Finance Co. Pty Ltd. 3.375%, due 04/30/253		300,000		287,224
				352,824
Entertainment—0.3%
Caesars Entertainment, Inc. 6.250%, due 07/01/253		100,000		99,615
7.000%, due 02/15/303,5		35,000		35,613
Cedar Fair LP 5.250%, due 07/15/296		25,000		22,916
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, due 04/15/27		35,000		33,863
5.500%, due 05/01/253		55,000		54,599
Churchill Downs, Inc. 5.500%, due 04/01/273		170,000		164,874
Live Nation Entertainment, Inc. 4.750%, due 10/15/273		35,000		32,375
4.875%, due 11/01/243		60,000		58,269
6.500%, due 05/15/273		105,000		105,582
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/293		75,000		65,628
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.875%, due 11/01/263		55,000		51,150

60

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Entertainment—(concluded)
Six Flags Entertainment Corp. 4.875%, due 07/31/243		55,000	$	53,831
5.500%, due 04/15/273,6		20,000		18,851
Six Flags Theme Parks, Inc. 7.000%, due 07/01/253,6		33,000		33,360
Warnermedia Holdings, Inc. 4.054%, due 03/15/293		300,000		275,343
5.141%, due 03/15/523		405,000		336,377
				1,442,246
Environmental control—0.0%†
GFL Environmental, Inc. 4.750%, due 06/15/293		100,000		90,254
Harsco Corp. 5.750%, due 07/31/273		105,000		88,856
				179,110
Food—0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, due 01/15/273		40,000		37,922
5.875%, due 02/15/283		20,000		19,550
Kroger Co. 5.400%, due 01/15/49		115,000		116,901
Nestle Holdings, Inc. 4.700%, due 01/15/533		2,650,000		2,708,793
Performance Food Group, Inc. 4.250%, due 08/01/293		55,000		49,074
5.500%, due 10/15/273		50,000		48,125
Pilgrim's Pride Corp. 3.500%, due 03/01/323		55,000		44,820
4.250%, due 04/15/313		75,000		65,062
Sysco Corp. 3.150%, due 12/14/51		135,000		97,122
6.600%, due 04/01/50		184,000		213,327
US Foods, Inc. 4.625%, due 06/01/303		40,000		35,808
6.250%, due 04/15/253		75,000		75,136
				3,511,640
Food Service—0.1%
Aramark Services, Inc. 5.000%, due 04/01/253		210,000		206,850
5.000%, due 02/01/283		175,000		164,937
				371,787
Gas—0.3%
National Fuel Gas Co. 2.950%, due 03/01/31		300,000		242,975
NiSource, Inc. 3.600%, due 05/01/30		200,000		184,969
Southern California Gas Co. 2.950%, due 04/15/27		800,000		757,120
Southwest Gas Corp. 4.050%, due 03/15/32		200,000		183,412
				1,368,476

	Face amount1		Value
Corporate bonds—(continued)
Hand & machine tools—0.0%†
Regal Rexnord Corp. 6.050%, due 02/15/263		50,000	$	50,811
6.050%, due 04/15/283		60,000		60,913
				111,724
Healthcare-products—0.4%
Medline Borrower LP 3.875%, due 04/01/293		65,000		55,576
Thermo Fisher Scientific, Inc. 1.750%, due 10/15/28		1,400,000		1,220,075
4.800%, due 11/21/276		790,000		811,135
				2,086,786
Healthcare-services—0.9%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/293		70,000		65,457
Centene Corp. 3.000%, due 10/15/30		80,000		68,400
3.375%, due 02/15/30		25,000		21,978
CHS/Community Health Systems, Inc. 5.250%, due 05/15/303		65,000		52,450
CommonSpirit Health 4.350%, due 11/01/42		20,000		17,716
6.073%, due 11/01/27		1,290,000		1,344,885
DaVita, Inc. 3.750%, due 02/15/313		75,000		58,313
4.625%, due 06/01/303		65,000		54,763
HCA, Inc. 3.125%, due 03/15/273		200,000		185,931
4.125%, due 06/15/29		49,000		46,576
5.625%, due 09/01/28		30,000		30,531
5.875%, due 02/01/29		30,000		30,857
Molina Healthcare, Inc. 3.875%, due 05/15/323		85,000		71,262
Roche Holdings, Inc. 2.314%, due 03/10/273		1,810,000		1,682,392
2.607%, due 12/13/513		200,000		140,777
Tenet Healthcare Corp. 4.625%, due 09/01/24		15,000		14,760
4.625%, due 06/15/28		125,000		115,925
5.125%, due 11/01/27		25,000		24,063
U.S. Acute Care Solutions LLC 6.375%, due 03/01/263		30,000		27,138
UnitedHealth Group, Inc. 5.875%, due 02/15/53		185,000		211,825
				4,265,999
Home builders—0.1%
KB Home 4.000%, due 06/15/31		20,000		16,677
7.250%, due 07/15/30		60,000		59,906
Mattamy Group Corp. 4.625%, due 03/01/303		35,000		29,430
Shea Homes LP / Shea Homes Funding Corp. 4.750%, due 02/15/28		165,000		147,038
4.750%, due 04/01/29		20,000		17,300

61

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Home builders—(concluded)
Taylor Morrison Communities, Inc. 5.875%, due 06/15/273		35,000	$	34,403
Toll Brothers Finance Corp. 4.350%, due 02/15/28		25,000		23,508
				328,262
Household products/wares—0.0%†
Spectrum Brands, Inc. 5.000%, due 10/01/293,6		15,000		13,217
5.500%, due 07/15/303		30,000		27,250
				40,467
Housewares—0.3%
Newell Brands, Inc. 6.375%, due 09/15/276		1,340,000		1,346,955
Insurance—6.4%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.250%, due 10/15/273		90,000		82,481
AmWINS Group, Inc. 4.875%, due 06/30/293		10,000		8,772
Athene Global Funding 2.550%, due 06/29/253		1,800,000		1,667,681
Athene Holding Ltd. 6.650%, due 02/01/33		1,555,000		1,642,950
Corebridge Financial, Inc. 4.350%, due 04/05/423		130,000		112,809
(fixed, converts to FRN on 12/15/27), 6.875%, due 12/15/522,3		1,690,000		1,681,110
Enstar Finance LLC (fixed, converts to FRN on 01/15/27), 5.500%, due 01/15/422		2,000,000		1,649,599
Enstar Group Ltd. 4.950%, due 06/01/29		1,850,000		1,733,566
Equitable Holdings, Inc. 4.350%, due 04/20/28		300,000		292,250
F&G Annuities & Life, Inc. 7.400%, due 01/13/283		2,715,000		2,782,624
Fairfax Financial Holdings Ltd. 5.625%, due 08/16/323		1,800,000		1,752,021
Fidelity National Financial, Inc. 3.400%, due 06/15/30		1,500,000		1,320,965
First American Financial Corp. 2.400%, due 08/15/31		1,645,000		1,279,505
GA Global Funding Trust 0.800%, due 09/13/243		1,400,000		1,293,992
Intact Financial Corp. 5.459%, due 09/22/323		1,220,000		1,245,881
Liberty Mutual Group, Inc. (fixed, converts to FRN on 12/15/26), 4.125%, due 12/15/512,3		110,000		94,050
Metropolitan Life Global Funding I 4.300%, due 08/25/293		2,240,000		2,199,307
Northwestern Mutual Global Funding 4.350%, due 09/15/273		985,000		975,614

	Face amount1		Value
Corporate bonds—(continued)
Insurance—(concluded)
Protective Life Global Funding 3.218%, due 03/28/253		1,755,000	$	1,683,347
Prudential Financial, Inc. (fixed, converts to FRN on 02/28/32), 5.125%, due 03/01/522		70,000		65,303
Reliance Standard Life Global Funding II 3.850%, due 09/19/233		200,000		198,464
RenaissanceRe Holdings Ltd. 3.600%, due 04/15/29		1,810,000		1,679,892
Ryan Specialty Group LLC 4.375%, due 02/01/303		30,000		27,038
Stewart Information Services Corp. 3.600%, due 11/15/31		2,000,000		1,578,180
Swiss Re Finance Luxembourg SA (fixed, converts to FRN on 04/02/29), 5.000%, due 04/02/492,3,6		3,400,000		3,285,454
Teachers Insurance & Annuity Association of America 4.900%, due 09/15/443		1,700,000		1,654,464
				31,987,319
Internet—0.2%
Cars.com, Inc. 6.375%, due 11/01/283		20,000		18,540
Expedia Group, Inc. 3.800%, due 02/15/28		200,000		189,045
6.250%, due 05/01/253		196,000		199,141
Gen Digital, Inc. 6.750%, due 09/30/273		30,000		30,422
7.125%, due 09/30/303		25,000		25,383
Match Group Holdings II LLC 3.625%, due 10/01/313		25,000		20,063
4.625%, due 06/01/283		65,000		59,785
5.625%, due 02/15/293		60,000		56,406
Netflix, Inc. 5.875%, due 11/15/28		20,000		20,749
6.375%, due 05/15/29		20,000		21,430
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.750%, due 04/30/273		40,000		36,303
Ziff Davis, Inc. 4.625%, due 10/15/303		138,000		122,276
				799,543
Investment companies—1.0%
Blackstone Private Credit Fund 2.350%, due 11/22/24		1,820,000		1,703,773
Morgan Stanley Direct Lending Fund 4.500%, due 02/11/27		1,205,000		1,153,700
Owl Rock Capital Corp. 2.875%, due 06/11/28		1,300,000		1,077,793
OWL Rock Core Income Corp. 7.750%, due 09/16/273		950,000		957,185
				4,892,451

62

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Iron & steel—0.1%
ATI, Inc. 4.875%, due 10/01/29		50,000	$	45,757
5.125%, due 10/01/31		20,000		18,175
Carpenter Technology Corp. 7.625%, due 03/15/30		55,000		56,452
CSN Inova Ventures 6.750%, due 01/28/283,6		145,000		144,855
Metinvest BV 7.650%, due 10/01/273		25,000		13,125
7.750%, due 10/17/293		110,000		54,161
				332,525
Leisure Time—0.1%
Carnival Corp. 4.000%, due 08/01/283		75,000		64,798
5.750%, due 03/01/273		45,000		37,350
7.625%, due 03/01/263,6		25,000		22,750
9.875%, due 08/01/273		25,000		25,688
Carnival Holdings Bermuda Ltd. 10.375%, due 05/01/283		50,000		54,000
Life Time, Inc. 5.750%, due 01/15/263		50,000		48,051
Lindblad Expeditions LLC 6.750%, due 02/15/273		25,000		24,523
NCL Corp. Ltd. 5.875%, due 02/15/273		35,000		32,541
Royal Caribbean Cruises Ltd. 5.500%, due 08/31/263		75,000		67,122
5.500%, due 04/01/283		60,000		51,600
7.500%, due 10/15/27		55,000		51,087
				479,510
Lodging—0.2%
Las Vegas Sands Corp. 3.200%, due 08/08/24		200,000		192,476
Melco Resorts Finance Ltd. 5.625%, due 07/17/273		105,000		95,242
Wyndham Hotels & Resorts, Inc. 4.375%, due 08/15/283		90,000		83,008
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/273		140,000		132,255
5.500%, due 03/01/253		504,000		489,768
Wynn Macau Ltd. 5.500%, due 01/15/263		75,000		70,125
				1,062,874
Machinery-construction & mining—0.0%†
Terex Corp. 5.000%, due 05/15/293		65,000		60,694
Vertiv Group Corp. 4.125%, due 11/15/283		70,000		60,700
				121,394

	Face amount1		Value
Corporate bonds—(continued)
Machinery-diversified—0.2%
CNH Industrial Capital LLC 5.450%, due 10/14/25		1,035,000	$	1,051,978
Media—1.4%
AMC Networks, Inc. 4.250%, due 02/15/29		85,000		52,381
CCO Holdings LLC/CCO Holdings Capital Corp. 4.250%, due 02/01/313		25,000		20,826
4.250%, due 01/15/343		30,000		23,386
4.500%, due 08/15/303		65,000		55,540
4.500%, due 05/01/32		25,000		20,687
4.500%, due 06/01/333		25,000		20,313
4.750%, due 03/01/303		105,000		91,748
4.750%, due 02/01/323		80,000		68,000
5.000%, due 02/01/283		100,000		93,375
6.375%, due 09/01/293		25,000		24,125
7.375%, due 03/01/313,5		1,300,000		1,303,250
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, due 01/15/29		1,400,000		1,173,517
3.500%, due 06/01/41		200,000		140,558
3.900%, due 06/01/52		85,000		58,000
4.800%, due 03/01/50		565,000		444,911
Comcast Corp. 2.937%, due 11/01/56		685,000		467,460
CSC Holdings LLC 5.750%, due 01/15/303		370,000		233,100
7.500%, due 04/01/283		140,000		102,376
Discovery Communications LLC 4.650%, due 05/15/50		280,000		218,662
DISH DBS Corp. 5.125%, due 06/01/29		75,000		47,692
5.875%, due 11/15/24		40,000		37,753
7.375%, due 07/01/28		205,000		147,218
Fox Corp. 5.576%, due 01/25/49		310,000		299,702
iHeartCommunications, Inc. 6.375%, due 05/01/26		75,000		71,655
Paramount Global 4.200%, due 05/19/32		285,000		244,654
4.950%, due 01/15/316		270,000		248,992
(fixed, converts to FRN on 03/30/27), 6.375%, due 03/30/622		110,000		95,972
Radiate Holdco LLC/Radiate Finance, Inc. 4.500%, due 09/15/263		55,000		42,117
Sirius XM Radio, Inc. 3.875%, due 09/01/313		25,000		20,610
4.125%, due 07/01/303		255,000		218,696
5.000%, due 08/01/273		25,000		23,656
5.500%, due 07/01/293		40,000		37,486
Time Warner Cable Enterprises LLC 8.375%, due 03/15/23		200,000		200,825
Virgin Media Secured Finance PLC 5.000%, due 04/15/273	GBP	700,000		791,798
5.500%, due 05/15/293		90,000		83,492
				7,224,533

63

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Mining—0.1%
Constellium SE 5.625%, due 06/15/283		25,000	$	23,700
Corp. Nacional del Cobre de Chile 3.150%, due 01/14/303		125,000		112,211
First Quantum Minerals Ltd. 6.875%, due 10/15/273		5,000		4,822
7.500%, due 04/01/253		50,000		49,253
FMG Resources August 2006 Pty Ltd. 4.375%, due 04/01/313		25,000		22,000
5.875%, due 04/15/303		25,000		24,415
6.125%, due 04/15/323		20,000		19,500
Hudbay Minerals, Inc. 4.500%, due 04/01/263		100,000		92,125
6.125%, due 04/01/293		70,000		64,638
Novelis Corp. 3.875%, due 08/15/313		70,000		59,080
Volcan Cia Minera SAA 4.375%, due 02/11/263		22,000		19,368
				491,112
Office & business equipment—0.0%†
CDW LLC/CDW Finance Corp. 3.569%, due 12/01/31		186,000		159,765
Oil & gas—0.8%
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.000%, due 11/01/263		45,000		42,891
BP Capital Markets America, Inc. 3.633%, due 04/06/30		225,000		214,293
BP Capital Markets PLC (fixed, converts to FRN on 06/22/30), 4.875%, due 03/22/302,9		540,000		504,225
Chesapeake Energy Corp. 6.750%, due 04/15/293		80,000		78,884
Comstock Resources, Inc. 5.875%, due 01/15/303		45,000		38,588
6.750%, due 03/01/293		85,000		78,412
Continental Resources, Inc. 5.750%, due 01/15/313		200,000		196,371
CrownRock LP/CrownRock Finance, Inc. 5.625%, due 10/15/253		35,000		34,125
Ecopetrol SA 5.875%, due 05/28/45		65,000		46,548
Equinor ASA 2.375%, due 05/22/30		1,975,000		1,739,456
Hess Corp. 5.600%, due 02/15/41		65,000		64,834
Hilcorp Energy I LP/Hilcorp Finance Co. 5.750%, due 02/01/293		34,000		31,620
6.000%, due 04/15/303		45,000		41,834
6.000%, due 02/01/313		36,000		33,289
6.250%, due 11/01/283		40,000		38,420
KazMunayGas National Co. JSC 5.750%, due 04/19/473		65,000		51,912

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
Medco Bell Pte Ltd. 6.375%, due 01/30/273		55,000	$	52,250
Odebrecht Offshore Drilling Finance Ltd. 7.720%, due 12/01/267,8		272,021		57,464
PDC Energy, Inc. 5.750%, due 05/15/26		145,000		140,234
Pertamina Persero PT 6.450%, due 05/30/443		40,000		41,800
Petrobras Global Finance BV 5.500%, due 06/10/516		15,000		11,672
Petroleos Mexicanos 6.350%, due 02/12/48		85,000		55,454
Range Resources Corp. 4.875%, due 05/15/25		35,000		33,767
8.250%, due 01/15/29		45,000		46,262
Rio Oil Finance Trust 9.250%, due 07/06/243		67,357		67,980
Southwestern Energy Co. 4.750%, due 02/01/32		95,000		83,744
				3,826,329
Oil & gas services—0.0%†
Odebrecht Oil & Gas Finance Ltd. 0.000%, due 03/03/233,9,11		74,037		185
Packaging & containers—0.2%
Ardagh Metal Packaging Finance USA LLC/ Ardagh Metal Packaging Finance PLC 6.000%, due 06/15/273		60,000		59,832
Ball Corp. 2.875%, due 08/15/30		25,000		20,495
3.125%, due 09/15/31		25,000		20,441
6.875%, due 03/15/28		30,000		30,941
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.000%, due 09/15/283		60,000		53,000
Mauser Packaging Solutions Holding Co. 7.875%, due 08/15/263,5		90,000		90,787
Pactiv Evergreen Group Issuer LLC/ Pactiv Evergreen Group Issuer, Inc. 4.375%, due 10/15/283		75,000		66,659
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC 4.000%, due 10/15/273		5,000		4,488
Sealed Air Corp. 6.125%, due 02/01/283		25,000		25,223
Trivium Packaging Finance BV 5.500%, due 08/15/263		85,000		81,595
WRKCo, Inc. 4.650%, due 03/15/26		200,000		199,292
4.900%, due 03/15/29		100,000		99,172
				751,925

64

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—2.1%
AbbVie, Inc. 3.800%, due 03/15/25		305,000	$	299,144
4.700%, due 05/14/45		120,000		114,796
Bayer U.S. Finance II LLC 3 mo. USD LIBOR + 1.010%, 5.779%, due 12/15/232,3		1,900,000		1,904,560
Bristol-Myers Squibb Co. 3.700%, due 03/15/52		1,975,000		1,669,903
Cigna Corp. 4.375%, due 10/15/28		1,400,000		1,388,384
CVS Health Corp. 2.125%, due 09/15/316		200,000		164,101
5.050%, due 03/25/48		575,000		546,663
CVS Pass-Through Trust 4.704%, due 01/10/363		2,547,962		2,393,660
Elanco Animal Health, Inc. 6.400%, due 08/28/284,6		1,670,000		1,630,254
Merck & Co., Inc. 2.900%, due 12/10/61		200,000		139,234
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, due 04/30/283		90,000		81,400
5.125%, due 04/30/313		60,000		54,167
Viatris, Inc. 4.000%, due 06/22/50		325,000		225,273
				10,611,539
Pipelines—3.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 7.875%, due 05/15/263		25,000		25,656
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, due 12/15/253		30,000		30,469
Buckeye Partners LP 4.500%, due 03/01/283		45,000		41,074
5.600%, due 10/15/44		120,000		91,511
5.850%, due 11/15/43		35,000		26,775
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/313		105,000		95,615
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 7.375%, due 02/01/313		835,000		840,219
DCP Midstream Operating LP 5.600%, due 04/01/44		5,000		4,996
(fixed, converts to FRN on 05/21/23), 5.850%, due 05/21/432,3		55,000		54,312
6.750%, due 09/15/373		15,000		16,432
DT Midstream, Inc. 4.125%, due 06/15/293		170,000		149,175
Enbridge, Inc. 2.500%, due 02/14/25		210,000		199,819
Energy Transfer LP 5.250%, due 04/15/29		200,000		201,871
Series A, (fixed, converts to FRN on 02/15/23), 6.250%, due 02/16/232,6,9		3,190,000		3,006,575

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
Series B, (fixed, converts to FRN on 02/15/28), 6.625%, due 02/15/282,9		750,000	$	626,385
EnLink Midstream LLC 6.500%, due 09/01/303,6		1,445,000		1,472,094
EnLink Midstream Partners LP 5.050%, due 04/01/45		25,000		19,654
5.450%, due 06/01/47		25,000		20,796
5.600%, due 04/01/44		5,000		4,188
Enterprise Products Operating LLC 4.200%, due 01/31/50		300,000		255,917
EQM Midstream Partners LP 4.500%, due 01/15/293		30,000		26,312
4.750%, due 01/15/313		40,000		33,833
5.500%, due 07/15/28		95,000		87,637
6.000%, due 07/01/253		15,000		14,768
6.500%, due 07/01/273		55,000		54,011
7.500%, due 06/01/273		20,000		20,000
7.500%, due 06/01/303		20,000		19,975
Genesis Energy LP/Genesis Energy Finance Corp. 6.250%, due 05/15/266		20,000		19,112
6.500%, due 10/01/25		20,000		19,650
7.750%, due 02/01/28		55,000		53,151
8.000%, due 01/15/27		20,000		19,744
8.875%, due 04/15/30		50,000		50,812
Harvest Midstream I LP 7.500%, due 09/01/283		1,665,000		1,637,944
Hess Midstream Operations LP 5.500%, due 10/15/303		1,800,000		1,678,698
Kinder Morgan, Inc. 5.550%, due 06/01/45		320,000		311,830
7.750%, due 01/15/32		1,400,000		1,626,785
Kinetik Holdings LP 5.875%, due 06/15/303		40,000		38,000
MPLX LP 4.700%, due 04/15/48		378,000		326,171
New Fortress Energy, Inc. 6.500%, due 09/30/263		90,000		82,814
6.750%, due 09/15/253		110,000		105,230
NuStar Logistics LP 5.625%, due 04/28/27		15,000		14,397
5.750%, due 10/01/25		30,000		29,685
6.000%, due 06/01/26		20,000		19,586
Plains All American Pipeline LP/PAA Finance Corp. 3.550%, due 12/15/29		185,000		166,388
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.500%, due 01/15/283		5,000		4,604
6.000%, due 03/01/273		40,000		37,924
6.000%, due 12/31/303		75,000		68,308
6.000%, due 09/01/313		30,000		27,000
7.500%, due 10/01/253		135,000		136,665

65

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(concluded)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.000%, due 01/15/28		10,000	$	9,753
6.500%, due 07/15/27		10,000		10,236
6.875%, due 01/15/29		10,000		10,270
Western Midstream Operating LP 3.350%, due 02/01/254		1,770,000		1,690,350
4.300%, due 02/01/304		35,000		32,052
5.500%, due 02/01/504		50,000		43,375
				15,710,603
Private Equity—0.0%†
Carlyle Finance Subsidiary LLC 3.500%, due 09/19/293,6		200,000		175,288
Real estate—0.0%†
Realogy Group LLC/Realogy Co-Issuer Corp. 5.250%, due 04/15/303		65,000		48,750
5.750%, due 01/15/293		135,000		104,968
				153,718
Real estate investment trusts—2.6%
American Tower Corp. 2.400%, due 03/15/25		165,000		156,458
Arbor Realty SR, Inc. 8.500%, due 10/15/273		2,395,000		2,402,863
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/273		1,785,000		1,574,477
EPR Properties 3.750%, due 08/15/29		160,000		132,963
4.500%, due 04/01/25		20,000		19,301
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/263		1,900,000		1,686,250
Iron Mountain Information Management Services, Inc. 5.000%, due 07/15/323		25,000		21,675
Iron Mountain, Inc. 4.875%, due 09/15/273		75,000		70,615
4.875%, due 09/15/293		50,000		45,157
5.000%, due 07/15/283		80,000		73,561
5.250%, due 03/15/283		210,000		199,689
5.250%, due 07/15/303		30,000		27,148
5.625%, due 07/15/323		145,000		130,491
MPT Operating Partnership LP/MPT Finance Corp. 3.500%, due 03/15/31		25,000		17,500
4.625%, due 08/01/29		65,000		50,538
5.250%, due 08/01/266		100,000		90,967
Necessity Retail REIT, Inc./American Finance Operating Partner LP 4.500%, due 09/30/283		65,000		49,374
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, due 05/15/293		75,000		64,838
5.875%, due 10/01/283		65,000		60,149
7.500%, due 06/01/253		50,000		50,688

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
Realty Income Corp. 4.850%, due 03/15/30		645,000	$	646,128
RHP Hotel Properties LP/RHP Finance Corp. 4.750%, due 10/15/27		250,000		234,156
RLJ Lodging Trust LP 3.750%, due 07/01/263		35,000		31,971
4.000%, due 09/15/293		70,000		58,709
SBA Tower Trust 6.599%, due 01/15/283,12		3,100,000		3,229,704
Scentre Group Trust 1/Scentre Group Trust 2 4.375%, due 05/28/303,6		1,715,000		1,602,655
Service Properties Trust 3.950%, due 01/15/28		65,000		49,501
Starwood Property Trust, Inc. 3.750%, due 12/31/243		60,000		56,980
4.750%, due 03/15/25		60,000		57,506
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.750%, due 04/15/283		230,000		188,074
VICI Properties LP/VICI Note Co., Inc. 4.500%, due 01/15/283		10,000		9,343
XHR LP 4.875%, due 06/01/293		70,000		62,125
				13,151,554
Retail—1.6%
1011778 BC ULC/New Red Finance, Inc. 4.000%, due 10/15/303		75,000		63,844
Asbury Automotive Group, Inc. 4.625%, due 11/15/293		20,000		17,649
5.000%, due 02/15/323		25,000		21,561
AutoZone, Inc. 4.750%, due 08/01/32		1,695,000		1,695,010
Bath & Body Works, Inc. 6.625%, due 10/01/303		90,000		87,946
GYP Holdings III Corp. 4.625%, due 05/01/293		40,000		33,727
Home Depot, Inc. 4.500%, due 09/15/326		1,685,000		1,705,495
Lowe's Cos., Inc. 4.450%, due 04/01/62		165,000		139,297
Macy's Retail Holdings LLC 5.875%, due 04/01/293,6		20,000		18,600
5.875%, due 03/15/303		30,000		27,383
McDonald's Corp. 3.625%, due 09/01/49		130,000		106,531
Nordstrom, Inc. 4.375%, due 04/01/30		1,960,000		1,572,567
Starbucks Corp. 2.550%, due 11/15/30		300,000		261,478
Target Corp. 4.500%, due 09/15/326		2,025,000		2,042,321
Walmart, Inc. 3.900%, due 09/09/25		260,000		258,619

66

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Yum! Brands, Inc. 3.625%, due 03/15/31		25,000	$	21,311
5.375%, due 04/01/32		60,000		56,927
				8,130,266
Semiconductors—1.0%
ams-OSRAM AG 7.000%, due 07/31/253,6		1,685,000		1,621,868
Analog Devices, Inc. 2.950%, due 10/01/51		75,000		55,188
Broadcom, Inc. 3.137%, due 11/15/353		862,000		669,219
3.419%, due 04/15/333		1,300,000		1,090,632
3.500%, due 02/15/413		285,000		217,837
4.926%, due 05/15/373		268,000		245,987
Micron Technology, Inc. 4.975%, due 02/06/26		200,000		200,605
NXP BV/NXP Funding LLC 4.875%, due 03/01/24		200,000		198,740
NXP BV/NXP Funding LLC/NXP USA, Inc. 5.000%, due 01/15/33		415,000		405,291
QUALCOMM, Inc. 6.000%, due 05/20/53		190,000		217,942
				4,923,309
Shipbuilding—0.0%†
Huntington Ingalls Industries, Inc. 2.043%, due 08/16/28		200,000		169,204
Software—0.2%
Central Parent, Inc./CDK Global, Inc. 7.250%, due 06/15/293,6		55,000		54,857
Consensus Cloud Solutions, Inc. 6.500%, due 10/15/283		45,000		42,129
MSCI, Inc. 3.250%, due 08/15/333		25,000		20,500
3.625%, due 09/01/303		25,000		21,760
3.625%, due 11/01/313		25,000		21,367
Open Text Corp. 3.875%, due 12/01/293		50,000		41,583
Open Text Holdings, Inc. 4.125%, due 12/01/313		30,000		24,373
Oracle Corp. 3.850%, due 04/01/60		200,000		144,544
3.950%, due 03/25/51		215,000		167,109
4.000%, due 11/15/47		345,000		273,632
Rackspace Technology Global, Inc. 3.500%, due 02/15/283		95,000		57,119
				868,973
Telecommunications—1.2%
Altice France SA 5.125%, due 07/15/293		275,000		215,853
5.875%, due 02/01/273	EUR	600,000		590,323

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
AT&T, Inc. 3.500%, due 09/15/53		405,000	$	298,868
3.650%, due 06/01/51		115,000		88,473
4.500%, due 03/09/48		441,000		387,070
C&W Senior Financing DAC 6.875%, due 09/15/273		45,000		42,808
Ciena Corp. 4.000%, due 01/31/303		35,000		30,625
CommScope, Inc. 4.750%, due 09/01/293		200,000		166,472
Connect Finco SARL/Connect U.S. Finco LLC 6.750%, due 10/01/263		1,665,000		1,592,156
Consolidated Communications, Inc. 5.000%, due 10/01/283		10,000		7,502
6.500%, due 10/01/283,6		35,000		28,513
Frontier Communications Holdings LLC 5.875%, due 10/15/273		120,000		114,590
8.750%, due 05/15/303		40,000		41,450
Level 3 Financing, Inc. 3.750%, due 07/15/293		50,000		36,552
3.875%, due 11/15/293		200,000		162,184
4.625%, due 09/15/273		100,000		84,711
Lumen Technologies, Inc. 4.500%, due 01/15/293		55,000		36,988
Motorola Solutions, Inc. 2.300%, due 11/15/30		200,000		161,835
Oztel Holdings SPC Ltd. 6.625%, due 04/24/283		110,000		114,008
Rogers Communications, Inc. 3.800%, due 03/15/323		114,000		102,614
4.550%, due 03/15/523		320,000		268,986
T-Mobile USA, Inc. 2.550%, due 02/15/31		200,000		169,789
3.400%, due 10/15/52		370,000		270,064
4.500%, due 04/15/50		205,000		181,040
Verizon Communications, Inc. 2.355%, due 03/15/32		510,000		420,140
2.550%, due 03/21/31		200,000		170,709
2.987%, due 10/30/56		210,000		139,772
Vmed O2 UK Financing I PLC 4.750%, due 07/15/313		170,000		144,504
				6,068,599
Transportation—0.1%
AP Moller—Maersk AS 4.500%, due 06/20/293		200,000		196,945
MV24 Capital BV 6.748%, due 06/01/343		34,260		32,513
				229,458
Trucking & leasing—0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. 5.700%, due 02/01/283		980,000		1,004,778
SMBC Aviation Capital Finance DAC 4.125%, due 07/15/233		200,000		198,667
				1,203,445

67

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(concluded)
Water—0.0%†
Solaris Midstream Holdings LLC 7.625%, due 04/01/263		60,000	$	60,000
Total corporate bonds (cost—$295,954,002)				285,460,489
Loan assignments—2.0%
Broadcast—2.0%
CenturyLink, Inc., 2020 Term Loan A, 1 mo. USD LIBOR, 0.000%, due 01/31/252		1,385,977		1,357,676
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR, 0.000%, due 05/05/282		1,555,622		1,553,428
Lightstone Holdco LLC, 2022 Extended Term Loan C, 1 mo. USD SOFR + 5.750%, 10.311%, due 01/29/272		94,750		83,854
Medline Borrower, LP, USD Term Loan B, 1 mo. USD LIBOR, 0.000%, due 10/23/282		1,625,915		1,576,910
MPH Acquisition Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%, 8.985%, due 09/01/282		1,695,707		1,521,626
Polaris Newco LLC, USD Term Loan B, 3 mo. USD LIBOR + 4.000%, 8.730%, due 06/02/282		9,975		9,467
Starwood Property Trust, Inc., 2022 Term Loan B, 1 mo. USD SOFR + 3.250%, 7.811%, due 11/18/272		1,020,000		1,012,778
UGI Energy Services, LLC, Term Loan B, 1 mo. USD LIBOR + 3.500%, 8.070%, due 08/13/262		1,550,982		1,549,772
Verscend Holding Corp., 2021 Term Loan B, 1 mo. USD LIBOR, 0.000%, due 08/27/252		1,102,203		1,099,050
				9,764,561
Oil & gas—0.0%†
Prairie ECI Acquiror LP, Term Loan B, 1 mo. USD LIBOR + 4.750%, 9.320%, due 03/11/262		70,000		68,960
Total loan assignments (cost—$9,846,131)				9,833,521

	Face amount1		Value
Mortgage-backed securities—9.0%
Adjustable Rate Mortgage Trust, Series 2005-5, Class 2A1, 3.360%, due 09/25/3513		31,078	$	26,242
Banc of America Funding Trust, Series 2005-D, Class A1, 3.695%, due 05/25/3513		181,177		170,799
Bank of America Mortgage Trust, Series 2002-G, Class 1A3, 5.750%, due 07/20/3213		77		72
BBCCRE Trust, Series 2015-GTP, Class A, 3.966%, due 08/10/333		1,600,000		1,494,240
BBCMS Mortgage Trust, Series 2022-C17, Class XA, 1.152%, due 09/15/5513		1,303,107		106,214
Bear Stearns ALT-A Trust, Series 2003-3, Class 1A, 3.044%, due 10/25/3313		2,501		2,349
Series 2004-9, Class 2A1, 3.821%, due 09/25/3413		78,963		72,823
Series 2005-7, Class 22A1, 3.845%, due 09/25/3513		273,544		169,006
Series 2006-1, Class 21A2, 3.744%, due 02/25/3613		285,326		198,167
Bear Stearns ARM Trust, Series 2003-1, Class 6A1, 4.309%, due 04/25/3313		3,823		3,808
Series 2003-5, Class 2A1, 3.451%, due 08/25/3313		41,704		38,900
Series 2004-3, Class 1A2, 3.843%, due 07/25/3413		44,937		39,897
Series 2004-6, Class 2A1, 3.574%, due 09/25/3413		209,510		193,077
Series 2004-7, Class 1A1, 2.625%, due 10/25/3413		92,852		74,128
Benchmark Mortgage Trust, Series 2020-B16, Class C, 3.535%, due 02/15/53		118,000		93,377
BPR Trust, Series 2022-OANA, Class D, 1 mo. USD SOFR + 3.695%, 8.173%, due 04/15/372,3		348,000		336,238
BX Commercial Mortgage Trust, Series 2021-VOLT, Class D, 1 mo. USD LIBOR + 1.650%, 6.109%, due 09/15/362,3		385,000		369,941
BX Trust, Series 2019-OC11, Class C, 3.856%, due 12/09/413		121,000		104,280
Series 2019-OC11, Class D, 3.944%, due 12/09/413,13		231,000		193,059
Series 2022-CLS, Class B, 6.300%, due 10/13/273		2,700,000		2,682,518

68

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Series 2022-GPA, Class B, 1 mo. USD SOFR + 2.664%, 7.142%, due 10/15/392,3		1,340,000	$	1,338,322
Series 2022-GPA, Class C, 1 mo. USD SOFR + 3.213%, 7.691%, due 10/15/392,3		1,280,000		1,276,795
Chase Mortgage Finance Trust, Series 2005-S3, Class A10, 5.500%, due 11/25/35		821,492		621,154
Series 2007-S6, Class 2A1, 5.500%, due 12/25/22		480,389		205,393
CHL Mortgage Pass-Through Trust, Series 2005-HYB9, Class 5A1, 1 yr. USD LIBOR + 1.750%, 6.537%, due 02/20/362		98,293		89,165
Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class XA, 1.312%, due 02/10/4813		2,723,706		52,974
Citigroup Mortgage Loan Trust, Series 2005-11, Class A1A, 1 yr. CMT + 2.400%, 3.950%, due 05/25/352		26,369		24,543
Citigroup Mortgage Loan Trust, Inc., Series 2005-4, Class A, 4.194%, due 08/25/3513		92,080		90,092
Series 2005-6, Class A2, 1 yr. CMT + 2.150%, 3.790%, due 09/25/352		6,765		6,583
Series 2005-6, Class A3, 1 yr. CMT + 1.800%, 3.440%, due 09/25/352		837		788
COMM Mortgage Trust, Series 2014-LC15, Class XA, 1.047%, due 04/10/4713		7,388,921		56,468
Series 2014-UBS3, Class XA, 1.055%, due 06/10/4713		2,680,827		24,533
Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, due 12/25/33		9,023		8,881
Series 2005-62, Class 2A1, 1 yr. MTA + 1.000%, 3.427%, due 12/25/352		85,478		70,107
Series 2006-14CB, Class A1, 6.000%, due 06/25/36		1,230,327		699,470
Series 2006-41CB, Class 1A9, 6.000%, due 01/25/37		312,399		181,705
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class C, 4.916%, due 11/15/5113		71,000		60,782
CSMC Trust, Series 2021-JR2, Class A1, 2.215%, due 11/25/613,13		708,410		671,554
DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1 mo. USD LIBOR + 0.520%, 4.990%, due 08/19/452		104,435		87,957

	Face amount1		Value
Mortgage-backed securities—(continued)
FHLMC Multiclass Certificates, Series 2020-RR04, Class X, 2.126%, due 02/27/2913		3,460,000	$	336,112
FHLMC REMIC, Series 1534, Class Z, 5.000%, due 06/15/23		702		698
Series 1548, Class Z, 7.000%, due 07/15/23		547		547
Series 2400, Class FQ, 1 mo. USD LIBOR + 0.500%, 4.959%, due 01/15/322		9,398		9,398
Series 2764, Class LZ, 4.500%, due 03/15/34		239,083		235,679
Series 2764, Class ZG, 5.500%, due 03/15/34		177,032		181,094
Series 2921, Class PG, 5.000%, due 01/15/35		635,430		643,851
Series 2983, Class TZ, 6.000%, due 05/15/35		621,040		642,643
Series 3149, Class CZ, 6.000%, due 05/15/36		642,266		671,540
FHLMC Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M2, 1 mo. USD LIBOR + 2.300%, 6.806%, due 09/25/302		566,687		570,932
Series 2021-DNA7, Class M2, 30 day USD SOFR Average + 1.800%, 6.110%, due 11/25/412,3		130,000		125,207
Series 2022-DNA2, Class M2, 30 day USD SOFR Average + 3.750%, 8.060%, due 02/25/422,3		326,000		316,632
Series 2022-DNA3, Class M1B, 30 day USD SOFR Average + 2.900%, 7.210%, due 04/25/422,3		210,000		210,686
Series 2022-DNA4, Class M1B, 30 day USD SOFR Average + 3.350%, 7.660%, due 05/25/422,3		436,000		443,830
Series 2022-DNA5, Class M1B, 30 day USD SOFR Average + 4.500%, 8.810%, due 06/25/422,3		192,000		203,821
Series 2022-DNA6, Class M1B, 30 day USD SOFR Average + 3.700%, 8.010%, due 09/25/422,3		362,000		373,057
Series 2022-HQA1, Class M2, 30 day USD SOFR Average + 5.250%, 9.560%, due 03/25/422,3		383,000		381,641
FHLMC Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, due 02/25/43		334,300		356,527
Series T-58, Class 2A, 6.500%, due 09/25/43		171,442		175,689
First Horizon Mortgage Pass-Through Trust, Series 2005-AR3, Class 2A1, 3.875%, due 08/25/3513		8,188		5,635

69

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
FNMA, Series 2004-W8, Class 2A, 6.500%, due 06/25/44		197,290	$	203,711
FNMA Connecticut Avenue Securities, Series 2017-C06, Class 1M2, 1 mo. USD LIBOR + 2.650%, 7.156%, due 02/25/302		175,711		177,733
Series 2017-C06, Class 2M2, 1 mo. USD LIBOR + 2.800%, 7.306%, due 02/25/302		189,717		192,328
Series 2022-R01, Class 1B1, 30 day USD SOFR Average + 3.150%, 7.460%, due 12/25/412,3		178,000		169,342
Series 2022-R01, Class 1M2, 30 day USD SOFR Average + 1.900%, 6.210%, due 12/25/412,3		343,000		334,290
Series 2022-R03, Class 1M2, 30 day USD SOFR Average + 3.500%, 7.810%, due 03/25/422,3		475,000		481,527
Series 2022-R04, Class 1M2, 30 day USD SOFR Average + 3.100%, 7.410%, due 03/25/422,3		191,000		191,711
Series 2022-R07, Class 1M1, 30 day USD SOFR Average + 2.950%, 7.260%, due 06/25/422,3		169,878		173,382
Series 2022-R08, Class 1B1, 30 day USD SOFR Average + 5.600%, 9.910%, due 07/25/422,3		336,000		343,534
FNMA REMIC, Series 1993-160, Class ZB, 6.500%, due 09/25/23		329		327
Series 1993-163, Class ZA, 7.000%, due 09/25/23		91		91
Series 1993-37, Class PX, 7.000%, due 03/25/23		8		8
Series 1993-60, Class Z, 7.000%, due 05/25/23		553		552
Series 1993-96, Class PZ, 7.000%, due 06/25/23		484		481
Series 1999-W4, Class A9, 6.250%, due 02/25/29		74,524		76,083
Series 2003-64, Class AH, 6.000%, due 07/25/33		711,789		741,421
Series 2006-65, Class GD, 6.000%, due 07/25/26		30,892		31,076
GNMA, Series 2015-H20, Class FB, 1 mo. USD LIBOR + 0.600%, 4.418%, due 08/20/652		845,744		832,842
Series 2017-182, Class FW, 1 mo. USD LIBOR + 0.350%, 2.470%, due 05/20/472		252,969		237,031
Series 2018-38, Class WF, 1 mo. USD LIBOR + 0.300%, 2.672%, due 10/20/432		759,736		730,742

	Face amount1		Value
Mortgage-backed securities—(continued)
GS Mortgage Securities Corp. Trust, Series 2022-ECI, Class A, 1 mo. USD SOFR + 2.195%, 6.673%, due 08/15/392,3		100,000	$	100,283
GSR Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 4.041%, due 09/25/3513		95,323		89,598
Harborview Mortgage Loan Trust, Series 2004-11, Class 3A1A, 1 mo. USD LIBOR + 0.700%, 5.170%, due 01/19/352		17,105		14,976
Series 2005-4, Class 3A1, 3.306%, due 07/19/3513		119,324		87,301
INTOWN Mortgage Trust, Series 2022-STAY, Class A, 1 mo. USD SOFR + 2.489%, 6.967%, due 08/15/392,3		272,000		273,362
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class A, 1 mo. USD LIBOR + 1.210%, 5.669%, due 06/15/352,3		1,550,537		1,426,080
Series 2022-OPO, Class D, 3.450%, due 01/05/393,13		284,000		210,664
JP Morgan Mortgage Trust, Series 2005-A8, Class 1A1, 3.761%, due 11/25/3513		288,090		236,622
Series 2006-A4, Class 2A2, 3.356%, due 06/25/3613		145,966		106,968
Legacy Mortgage Asset Trust, Series 2020-GS1, Class A1, 5.882%, due 10/25/593,4		1,003,137		1,001,314
Ludgate Funding PLC, Series 2007-1, Class A2A, 3 mo. GBP LIBOR + 0.160%, 4.054%, due 01/01/612,7	GBP	1,064,744		1,253,674
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class C, 4.558%, due 05/15/5013		103,000		90,661
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, 1 mo. USD SOFR + 1.397%, 5.875%, due 03/15/392,3		2,650,000		2,599,441
NAAC Reperforming Loan REMIC Trust Certificates, Series 2004-R3, Class A1, 6.500%, due 02/25/353		416,551		373,589
NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 1 mo. USD LIBOR + 1.095%, 5.555%, due 11/15/382,3		1,500,000		1,374,389
One Bryant Park Trust, Series 2019-OBP, Class A, 2.516%, due 09/15/543		3,100,000		2,626,820

70

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Mortgage-backed securities—(continued)
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.957%, due 10/25/613,13		323,658	$	270,911
Reperforming Loan REMIC Trust, Series 2003-R4, Class 2A, 4.291%, due 01/25/343,13		393,662		320,702
Series 2006-R1, Class AF1, 1 mo. USD LIBOR + 0.340%, 4.846%, due 01/25/362,3		353,818		336,159
Residential Funding Mortgage Security I, Series 2004-S9, Class 1A23, 5.500%, due 12/25/34		165,049		150,874
Sequoia Mortgage Trust, Series 2007-3, Class 1A1, 1 mo. USD LIBOR + 0.400%, 4.886%, due 07/20/362		56,343		48,138
SFO Commercial Mortgage Trust, Series 2021-555, Class A, 1 mo. USD LIBOR + 1.150%, 5.609%, due 05/15/382,3		1,400,000		1,282,704
SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.737%, due 12/25/613,13		517,949		429,796
Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.920%, due 09/25/663,13		1,062,679		905,487
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 4.961%, due 07/25/3413		153,308		145,726
Structured Asset Mortgage Investments II Trust, Series 2006-AR3, Class 11A1, 1 mo. USD LIBOR + 0.420%, 4.926%, due 04/25/362		452,013		390,611
Structured Asset Mortgage Investments Trust, Series 2002-AR3, Class A1, 1 mo. USD LIBOR + 0.660%, 5.130%, due 09/19/322		27,748		26,378
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class B, 1 mo. USD SOFR + 2.932%, 7.410%, due 05/15/372,3		179,000		172,715
Series 2022-DPM, Class C, 1 mo. USD SOFR + 3.777%, 8.255%, due 05/15/372,3		150,000		143,391
Thornburg Mortgage Securities Trust, Series 2007-4, Class 2A1, 3.117%, due 09/25/3713		188,117		181,411
Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.750%, due 09/25/623		266,266		253,128
Verus Securitization Trust, Series 2021-6, Class A1, 1.630%, due 10/25/663,13		1,036,615		876,860
Series 2021-6, Class A3, 1.887%, due 10/25/663,13		266,814		224,591
Series 2022-4, Class A3, 4.740%, due 04/25/673,13		130,062		124,835

	Face amount1		Value
Mortgage-backed securities—(concluded)
WaMu Mortgage Pass-Through Certificates, Series 2002-AR6, Class A, 1 yr. MTA + 1.400%, 3.827%, due 06/25/422		5,340	$	4,841
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + 0.580%, 5.086%, due 10/25/452		211,495		197,006
Series 2006-AR2, Class 2A1, 3.469%, due 03/25/3613		365,251		318,441
Series 2006-AR9, Class 1A, 1 yr. MTA + 1.000%, 3.427%, due 08/25/462		250,646		231,086
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class C, 4.686%, due 12/15/4813		54,000		49,341
WFRBS Commercial Mortgage Trust, Series 2014-C22, Class XA, 0.782%, due 09/15/5713		5,391,929		48,004
Series 2014-LC14, Class XA, 1.237%, due 03/15/4713		2,434,575		18,257
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class C, 1 mo. USD SOFR + 4.083%, 8.561%, due 11/15/272,3		3,100,000		3,098,046
Total mortgage-backed securities (cost—$47,354,439)				44,855,013
Municipal bonds—0.2%
California—0.0%†
State of California, Build America Bonds, GO Bonds 7.625%, due 03/01/40		35,000		46,370
Illinois—0.2%
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series B, 3.057%, due 01/01/34		1,400,000		1,173,282
Total municipal bonds (cost—$1,279,476)				1,219,652
Non-U.S. government agency obligations—0.7%
Colombia Government International Bonds 3.000%, due 01/30/30		50,000		38,875
5.000%, due 06/15/45		40,000		28,045
Dominican Republic International Bonds 6.850%, due 01/27/453		110,000		100,602
Egypt Government International Bonds 5.875%, due 02/16/313		30,000		21,287
8.500%, due 01/31/473		155,000		109,275
El Salvador Government International Bonds 9.500%, due 07/15/523		25,000		13,028
Indonesia Government International Bonds 4.625%, due 04/15/433		165,000		155,737
Japan Bank for International Cooperation 2.875%, due 07/21/27		300,000		283,892
Japan International Cooperation Agency 2.750%, due 04/27/27		300,000		281,007

71

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Non-U.S. government agency obligations—(concluded)
Mexico Government International Bonds 3.500%, due 02/12/34		175,000	$	147,175
4.400%, due 02/12/52		175,000		136,937
Mongolia Government International Bonds 5.125%, due 04/07/263		55,000		51,431
Oman Government International Bonds 6.250%, due 01/25/313		75,000		77,522
7.000%, due 01/25/513		140,000		141,575
Panama Government International Bonds 2.252%, due 09/29/32		80,000		61,115
3.298%, due 01/19/33		100,000		83,425
Paraguay Government International Bonds 4.950%, due 04/28/313		70,000		67,804
Peruvian Government International Bonds 3.000%, due 01/15/34		85,000		68,866
8.200%, due 08/12/267	PEN	2,000,000		536,285
Qatar Government International Bonds 4.400%, due 04/16/503		60,000		56,550
Republic of South Africa Government International Bonds 5.650%, due 09/27/47		90,000		68,850
5.750%, due 09/30/49		45,000		34,200
Romania Government International Bonds 3.000%, due 02/14/316,7		104,000		85,930
3.625%, due 03/27/323		50,000		42,250
4.000%, due 02/14/513		60,000		42,750
Saudi Government International Bonds 3.250%, due 11/17/513		65,000		47,523
3.750%, due 01/21/553		50,000		39,603
4.875%, due 07/18/333		200,000		203,537
5.000%, due 01/18/533		200,000		190,500
Uruguay Government International Bonds 5.100%, due 06/18/50		50,000		50,475
Total non-U.S. government agency obligations (cost—$3,767,922)				3,266,051
U.S. government agency obligations—2.7%
FHLMC 7.645%, due 05/01/25		335,733		339,286
FHLMC ARM 1 yr. USD LIBOR + 1.815%, 2.815%, due 03/01/362		765		758
FNMA 5.188%, due 11/01/3413		1,264,843		1,260,542
FNMA ARM 1 yr. USD LIBOR + 1.838%, 2.213%, due 03/01/362		15,164		15,008
1 yr. CMT + 2.405%, 2.655%, due 05/01/272		799		791
1 yr. CMT + 2.229%, 3.070%, due 04/01/272		4,240		4,205
1 yr. USD LIBOR + 1.815%, 3.260%, due 03/01/362		15,972		15,848
1 yr. CMT + 2.104%, 3.304%, due 05/01/302		17,632		17,137
6 mo. USD LIBOR + 1.538%, 3.663%, due 01/01/362		2,681		2,648

	Face amount1		Value
U.S. government agency obligations—(concluded)
1 yr. USD LIBOR + 1.420%, 3.795%, due 03/01/362		8,288	$	8,095
1 yr. USD LIBOR + 1.603%, 3.978%, due 12/01/352		13,409		13,151
1 yr. USD LIBOR + 1.780%, 4.030%, due 11/01/352		3,424		3,379
1 yr. USD LIBOR + 1.942%, 4.192%, due 09/01/352		100		100
1 yr. USD LIBOR + 1.912%, 4.287%, due 02/01/362		15,085		14,964
FNMA ARM COFI 3.250%, due 11/01/2612,14		5,105		4,663
GNMA II 5.000%, due 12/20/49		51,632		52,736
GNMA II ARM 1 yr. CMT + 1.500%, 2.625%, due 07/20/252		582		566
1 yr. CMT + 1.500%, 2.625%, due 01/20/262		949		929
1 yr. CMT + 1.500%, 2.750%, due 11/20/232		137		136
1 yr. CMT + 1.500%, 2.875%, due 05/20/262		2,288		2,232
UMBS TBA 3.500%		2,200,000		2,065,111
4.000%		2,835,000		2,736,319
4.500%		2,060,000		2,034,320
5.000%		3,820,000		3,833,905
5.500%		1,070,000		1,086,938
Total U.S. government agency obligations (cost—$15,995,685)				13,513,767
U.S. Treasury obligations—19.8%
U.S. Treasury Bonds 1.375%, due 08/15/50		900,000		545,660
1.625%, due 11/15/50		2,000,000		1,293,594
1.750%, due 08/15/41		11,950,000		8,705,762
1.875%, due 02/15/51		1,605,000		1,105,757
2.250%, due 08/15/46		22,750,000		17,370,869
2.250%, due 02/15/52		350,000		262,965
2.375%, due 02/15/42		900,000		728,086
2.375%, due 11/15/49		355,000		276,110
2.750%, due 08/15/42		1,860,000		1,593,642
2.875%, due 08/15/45		500,000		430,488
3.000%, due 11/15/44		500,000		440,879
3.000%, due 08/15/525		3,345,000		2,959,802
3.125%, due 08/15/44		230,000		207,243
3.125%, due 05/15/48		135,000		121,732
3.250%, due 05/15/425		11,370,000		10,549,228
4.250%, due 11/15/40		385,000		415,334
4.375%, due 02/15/38		230,000		252,299
4.500%, due 08/15/39		300,000		334,453
U.S. Treasury Inflation Indexed Bonds (TIPS) 0.125%, due 02/15/51		114,353		78,895
0.125%, due 02/15/52		545,445		376,037
1.000%, due 02/15/49		118,314		104,615

72

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
U.S. Treasury obligations—(concluded)
U.S. Treasury Inflation Indexed Notes (TIPS) 0.125%, due 07/15/31		666,486	$	606,333
0.125%, due 01/15/32		322,206		290,907
0.625%, due 01/15/24		765,576		750,584
0.625%, due 07/15/32		1,992,887		1,884,718
U.S. Treasury Notes 0.250%, due 04/15/23		7,405,000		7,339,086
0.875%, due 06/30/26		1,990,000		1,805,925
1.250%, due 03/31/28		1,975,000		1,756,516
1.625%, due 05/15/31		1,485,000		1,292,008
2.625%, due 07/31/29		9,300,000		8,788,137
2.750%, due 07/31/2715		7,500,000		7,219,629
2.750%, due 08/15/32		2,600,000		2,446,438
3.000%, due 07/31/24		10,000,000		9,785,156
4.250%, due 12/31/2415		6,700,000		6,700,000
Total U.S. Treasury obligations (cost—$101,567,397)				98,818,887
	Number of shares
Exchange traded funds—0.3%
Invesco Senior Loan ETF (cost—$1,676,021)		73,013		1,541,304
Short-term investments—3.2%
Investment companies—3.2%
State Street Institutional U.S. Government Money Market Fund, 4.180%16 (cost—$16,268,368)		16,268,368		16,268,368
	Face amount1
Short-term U.S. Treasury obligations—0.2%
U.S. Treasury Bills 4.514%, due 04/13/2316 (cost—$1,164,793)		1,175,000		1,164,517

	Number of shares		Value
Investment of cash collateral from securities loaned—2.5%
Money market funds—2.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%16 (cost—$12,325,748)		12,325,748	$	12,325,748

	Number of contracts		Notional amount
Swaptions purchased—0.0%†
Put interest rate swaptions—0.0%†
10 Year SOFR Compound Interest Rate Swap, strike @ 3.635% expires 09/11/23 (Counterparty: JPMCB; pay fixed rate); underlying swap terminates 09/13/24		5,900,000	USD	5,900,000		33,505
10 Year SOFR Compound Interest Rate Swap, strike @ 3.750% expires 09/12/23 (Counterparty: BOA; pay fixed rate); underlying swap terminates 09/14/24		3,100,000	USD	3,100,000		17,535
Total put interest rate swaptions						51,040
Total swaptions purchased (cost—$69,640)						51,040
Total investments (cost—$566,349,005)—109.4%						547,078,396
Liabilities in excess of other assets—(9.4)%						(46,791,571	)
Net assets—100.0%					$500,286,825

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)
EUR	300		300,000	6 Month EUR EURIBOR Interest Rate Swap, strike @ 2.067%, terminating 06/13/33	GS	Receive	06/09/23	$	3,527	$	(810	)	$	2,717
EUR	200		200,000	6 Month EUR EURIBOR Interest Rate Swap, strike @ 2.547%, terminating 03/09/33	GS	Receive	03/07/23		4,398		(580	)		3,818
Total Call interest rate swaptions								$	7,925	$	(1,390	)	$	6,535

73

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Swaptions written—(concluded)

Notional amount (000)		Number of contracts		Call swaptions	Counterparty	Pay/ receive floating rate	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
USD	5,900		5,900,000	10 Year SOFR Interest Rate Swap, strike @ 4.233%, terminating 09/13/24	MSCI	Pay	09/11/23	$	28,320	$	(16,784	)	$	11,536
USD	5,900		5,900,000	10 Year SOFR Interest Rate Swap, strike @ 4.715%, terminatings 09/13/24	MSCI	Pay	09/11/23		16,520		(6,944	)		9,576
USD	3,100		3,100,000	10 Year SOFR Interest Rate Swap, strike @ 4.750%, terminating 09/14/24	BOA	Pay	09/12/23		15,500		(8,528	)		6,972
USD	3,100		3,100,000	10 Year SOFR Interest Rate Swap, strike @ 4.750%, terminating 09/14/24	BOA	Pay	09/12/23		9,300		(3,390	)		5,910
EUR	200		200,000	6 Month EUR EURIBOR Interest Rate Swap, strike @ 2.547%, terminating 03/09/33	GS	Pay	03/07/23		4,399		(6,780	)		(2,381	)
EUR	300		300,000	6 Month EUR EURIBOR Interest Rate Swap, strike @ 3.140%, terminating 06/13/33	GS	Pay	06/09/23		4,137		(4,255	)		(118	)
Total Put interest rate swaptions								$	78,176	$	(46,681	)	$	31,495
Total swaptions written								$	86,101	$	(48,071	)	$	38,030

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
U.S. Treasury futures buy contracts:
82	USD	U.S. Long Bond Futures	March 2023	$	10,553,089		$	10,649,750		$	96,661
15	USD	U.S. Treasury Note 10 Year Futures	March 2023		1,691,288			1,717,734			26,446
42	USD	U.S. Treasury Note 2 Year Futures	March 2023		8,649,416			8,637,235			(12,181	)
36	USD	U.S. Treasury Note 5 Year Futures	March 2023		3,889,728			3,932,719			42,991
111	USD	Ultra U.S. Treasury Bond Futures	March 2023		15,722,795			15,734,250			11,455
25	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2023		3,038,731			3,030,078			(8,653	)
Total				$	43,545,047		$	43,701,766		$	156,719
U.S. Treasury futures sell contracts:
5	USD	U.S. Long Bond Futures	March 2023	$	(629,992	)	$	(649,375	)	$	(19,383	)
130	USD	U.S. Treasury Note 5 Year Futures	March 2023		(14,138,543	)		(14,201,485	)		(62,942	)
27	USD	Ultra U.S. Treasury Bond Futures	March 2023		(3,866,232	)		(3,827,250	)		38,982
9	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2023		(1,070,144	)		(1,090,828	)		(20,684	)
Total				$	(19,704,911	)	$	(19,768,938	)	$	(64,027	)
Net unrealized appreciation (depreciation)										$	92,692

74

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Centrally cleared credit default swap agreements on corporate issues—sell protection¹⁸

Referenced obligations	Notional amount (000)		Maturity date	Payment frequency	Payments received by the Portfolio17			Upfront payments received (made)			Value		Unrealized appreciation (depreciation)
Barclays Bank PLC, 1.500%, Due 12/10/23	EUR	100	12/20/23	Quarterly		1.000	%	$	(102	)	$	429	$	327
Verizon Communications, Inc., bond, 4.125%, due 06/20/27	USD	500	06/20/27	Quarterly		1.000			991			3,483		4,474
Total								$	889		$	3,912	$	4,801

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio17	Payments received by the Portfolio17			Value			Unrealized appreciation (depreciation)
USD	300	06/15/32	Annual	12 Month SOFR		1.750	%	$	37,261		$	(6,101	)
USD	1,300	09/13/24	Annual	12 Month SOFR		4.270			(430	)		(430	)
USD	300	12/14/52	Annual	12 Month SOFR		3.050			(2,617	)		(2,617	)
USD	800	09/14/24	Annual	12 Month SOFR		4.350			(941	)		(941	)
BRL	3,000	01/04/27	At Maturity	BRL-CDI		12.980			4,019			4,019
BRL	1,500	01/04/27	At Maturity	BRL-CDI		13.024			2,309			2,309
BRL	1,500	01/04/27	At Maturity	BRL-CDI		12.990			2,077			2,077
Total								$	41,678		$	(1,684	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	MYR	2,596,159	USD	594,631	03/15/23	$	(15,376	)
BB	TWD	2,283,800	USD	76,000	03/15/23		(381	)
BNP	BRL	726,431	USD	140,000	02/02/23		(3,102	)
BNP	CLP	13,969,038	USD	17,368	02/02/23		(177	)
BNP	GBP	2,071,000	USD	2,564,479	03/02/23		9,681
BNP	IDR	1,076,712,106	USD	71,892	03/14/23		118
BNP	MXN	432,000	USD	21,435	03/21/23		(1,313	)
BNP	TWD	9,103,029	USD	303,000	03/15/23		(1,447	)
BNP	USD	142,457	BRL	726,431	02/02/23		645
BNP	USD	14,506	CLP	13,969,038	02/02/23		3,040
BNP	USD	978,174	CNH	6,775,417	05/10/23		30,860
BNP	USD	2,562,932	GBP	2,071,000	02/02/23		(9,701	)
BNP	USD	758,666	GBP	640,000	02/02/23		30,357
BNP	USD	127,000	IDR	1,914,271,000	03/14/23		607
BNP	USD	71,892	IDR	1,077,718,594	06/21/23		(157	)
BNP	USD	494,490	PEN	1,922,579	03/15/23		3,776
BOA	BRL	339,593	USD	65,000	02/02/23		(1,898	)
BOA	CLP	13,979,563	USD	17,254	02/02/23		(304	)
BOA	CNH	45,000	USD	6,664	04/14/23		(26	)

75

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	EUR	1,861,000	USD	2,024,755	03/02/23	$	(2,104	)
BOA	GBP	4,631,000	USD	5,585,838	02/02/23		(123,488	)
BOA	USD	66,596	BRL	339,593	02/02/23		302
BOA	USD	17,381	CLP	13,979,563	02/02/23		177
BOA	USD	17,254	CLP	14,231,479	06/22/23		263
BOA	USD	2,021,046	EUR	1,861,000	02/02/23		2,141
BOA	USD	2,748,494	GBP	2,225,000	02/02/23		(5,404	)
BOA	USD	368,415	JPY	47,200,000	02/16/23		(5,110	)
CITI	AUD	159,681	USD	106,898	02/16/23		(5,878	)
CITI	BRL	731,057	USD	140,543	02/02/23		(3,471	)
CITI	BRL	731,057	USD	141,823	04/04/23		(557	)
CITI	CLP	215,000,000	USD	267,081	02/08/23		(2,749	)
CITI	IDR	556,918,823	USD	37,173	03/14/23		48
CITI	MXN	5,100,000	USD	269,913	02/08/23		(644	)
CITI	PEN	2,628,685	USD	653,658	02/21/23		(28,829	)
CITI	PEN	2,628,685	USD	678,913	02/22/23		(3,511	)
CITI	PEN	3,140,028	USD	781,082	03/02/23		(33,494	)
CITI	PEN	1,652,509	USD	427,657	03/14/23		(648	)
CITI	PEN	989,724	USD	249,426	05/15/23		(6,021	)
CITI	USD	143,429	BRL	731,057	02/02/23		585
CITI	USD	250,904	CLP	215,000,000	02/08/23		18,926
CITI	USD	249,872	IDR	3,900,000,000	02/08/23		10,261
CITI	USD	355,000	IDR	5,326,242,500	03/14/23		51
CITI	USD	24,000	IDR	360,000,000	03/14/23		(2	)
CITI	USD	37,173	IDR	557,439,245	06/21/23		(69	)
CITI	USD	678,983	PEN	2,628,685	02/21/23		3,503
CITI	USD	46,227	PEN	181,326	03/14/23		770
CITI	USD	1,018,098	PEN	4,072,393	04/10/23		35,334
DB	BRL	987,290	USD	193,613	02/02/23		(877	)
DB	BRL	987,290	USD	188,127	03/02/23		(5,391	)
DB	TWD	1,893,780	USD	63,000	03/15/23		(337	)
DB	USD	188,991	BRL	987,290	02/02/23		5,499
GS	BRL	391,464	USD	75,000	02/02/23		(2,116	)
GS	USD	76,768	BRL	391,464	02/02/23		348
GS	USD	563,123	BRL	3,054,631	04/04/23		31,796
GS	USD	266	EUR	252	04/20/23		9
GS	USD	261,163	MXN	5,100,000	02/08/23		9,393
GS	USD	505,000	THB	16,543,295	04/17/23		(88	)
HSBC	CNH	6,783,412	USD	1,010,790	05/10/23		565
HSBC	GBP	409,000	USD	500,000	02/02/23		(4,236	)
HSBC	TWD	1,922,560	USD	64,000	03/15/23		(299	)
HSBC	USD	1,016,911	AUD	1,458,000	02/16/23		12,811
HSBC	USD	126,365	GBP	104,000	02/02/23		1,851
JPMCB	EUR	1,861,000	USD	1,973,882	02/02/23		(49,304	)
Net unrealized appreciation (depreciation)						$	(104,792	)

76

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—		$	58,760,039		$	—	$	58,760,039
Corporate bonds		—			285,460,489			—		285,460,489
Loan assignments		—			9,833,521			—		9,833,521
Mortgage-backed securities		—			44,855,013			—		44,855,013
Municipal bonds		—			1,219,652			—		1,219,652
Non-U.S. government agency obligations		—			3,266,051			—		3,266,051
U.S. government agency obligations		—			13,509,104			4,663		13,513,767
U.S. Treasury obligations		—			98,818,887			—		98,818,887
Exchange traded funds		1,541,304			—			—		1,541,304
Short-term investments		—			16,268,368			—		16,268,368
Short-term U.S. Treasury obligations		—			1,164,517			—		1,164,517
Investment of cash collateral from securities loaned		—			12,325,748			—		12,325,748
Swaptions purchased		—			51,040			—		51,040
Futures contracts		216,535			—			—		216,535
Swap agreements		—			49,578			—		49,578
Forward foreign currency contracts		—			213,717			—		213,717
Total	$	1,757,839		$	545,795,724		$	4,663	$	547,558,226
Liabilities
Swaptions written	$	—		$	(48,071	)	$	—	$	(48,071	)
Futures contracts		(123,843	)		—			—		(123,843	)
Swap agreements		—			(3,988	)		—		(3,988	)
Forward foreign currency contracts		—			(318,509	)		—		(318,509	)
Total	$	(123,843	)	$	(370,568	)	$	—	$	(494,411	)

At January 31, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

^†  Amount represents less than 0.05%

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 $191,357,612, represented 38.2% 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.

77

PACE Strategic Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

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  Zero coupon bond.

¹²  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

¹³  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.

¹⁴  Significant unobservable inputs were used in the valuation of this security; i.e. Level 3.

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

¹⁶  Rates shown reflect yield at January 31, 2023.

¹⁷  Payments made or received are based on the notional amount.

¹⁸  If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

See accompanying notes to financial statements.
78

PACE Municipal Fixed Income Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 0.95% 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 1.00%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 81. 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. Sector allocation, duration and yield curve positioning were additive factors to returns, mitigated by security selection, which detracted from returns.

The first half of the reporting period saw the municipal bond market under pressure amidst a backdrop of rising interest rates fueled by strong employment and high inflation data, which rekindled the Federal Reserve's (Fed)'s hawkish stance. The latter half of the reporting period reflected a strong rally as market participants reacted to better-than-expected inflation declines and a growing consensus for a slowdown in the pace of Fed rate hikes. Municipal bond prices further benefited from a favorable supply-and-demand backdrop, highlighted by light primary issuance and steady reinvestment of proceeds from maturing bonds as investors were enticed by attractive yields and higher income levels compared to recent years. Municipal mutual fund selling remained elevated due to heavy outflows which added some pressure to the market.

Our sector allocation benefited from an overweight exposure toward strong-performing hospital and airport revenue bonds, coupled with an underweight to state general obligation and US Treasury-backed pre-refunded bonds, which lagged. Overweight exposure in tobacco-securitization and pre-paid gas revenue bonds detracted from performance as this market segment lagged the broader index. Security selection detracted overall, with weak performance among bonds backed by a Colorado health care facility and New York Transportation Development Corporation which did not keep pace with their peers. From a quality perspective, being modestly overweight BBB-rated bonds was a detractor as this segment lagged during the higher volatility backdrop.

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.

79

PACE Municipal Fixed Income Investments

Subadvisor's comments² – concluded

Interest rates finished the reporting period mostly higher from where they began, driven by aggressive rate hike actions from the Fed and persistently high inflation data. Interest rates did rally during the latter half of the reporting period as inflation showed signs of ebbing. The Portfolio maintained a modestly short duration posture versus the benchmark ahead of the rising rate environment at the start of the reporting period and then gradually extended duration as the rate backdrop reversed course with a rally, which was a contributor to returns. From a yield curve perspective, the Portfolio's overweight exposure to bonds with maturities greater than 7-12 years was additive for returns, as longer duration bonds outperformed their shorter duration counterparts.

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 Web site 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.

80

PACE Municipal Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.82	%		(2.71	)%		1.53	%		1.73	%
Class Y2		0.92			(2.49	)		1.79			1.97
Class P3		0.95			(2.45	)		1.80			1.99
After deducting maximum sales charge
Class A1		(1.43	)		(4.92	)		1.06			1.50
Bloomberg US Municipal 3-15 Year Blend Index4		1.00			(1.60	)		2.17			2.28

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		0.58	%		(7.47	)%		0.84	%		1.50	%
Class Y2		0.60			(7.33	)		1.08			1.74
Class P3		0.63			(7.30	)		1.07			1.75
After deducting maximum sales charge
Class A1		(1.71	)		(9.52	)		0.38			1.27

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—0.87% and 0.82%; Class Y—1.32% and 0.57%; and Class P—0.62% 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, 2023 (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.

81

PACE Municipal Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Characteristics
Weighted average duration	5.09 yrs.
Weighted average maturity	8.60 yrs.
Average coupon	4.67	%
Top five states
Illinois	10.2	%
Texas	9.3
Pennsylvania	8.0
New York	7.1
New Jersey	5.4
Total	40.0	%
Credit rating2
AA	22.8	%
NR	20.0
AA-	12.5
A+	11.8
A-	9.0
A	7.8
AA+	5.8
BBB+	3.4
AAA	1.9
BBB	1.3
BBB-	1.0
SP-2	0.3
Cash equivalents and other assets less liabilities	2.4
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.

82

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Municipal bonds—97.6%
Alabama—2.7%
Black Belt Energy Gas District, Revenue Bonds, Series A-1,1 4.000%, due 10/01/49	$	2,000,000	$	2,005,785
Lower Alabama Gas District Gas, Revenue Bonds, Series A, 5.000%, due 09/01/31		1,500,000		1,624,242
Lower Alabama Gas District, Gas Project, Revenue Bonds1 4.000%, due 12/01/50		2,500,000		2,511,316
				6,141,343
Alaska—0.7%
City of Anchorage AK Wastewater, Refunding, Revenue Bonds, Series B, 5.000%, due 05/01/31		1,395,000		1,537,522
Arizona—2.2%
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Obligated Group, Revenue Bonds 4.000%, due 11/01/35		2,000,000		2,005,721
Arizona Industrial Development Authority, Revenue Bonds, Series 2019-2, Class A, 3.625%, due 05/20/33		942,599		910,952
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		1,112,101
Salt Verde Financial Corp., Revenue Bonds 5.000%, due 12/01/32		1,000,000		1,090,835
				5,119,609
Arkansas—0.6%
City of Fort Smith AR Water & Sewer, Refunding, Revenue Bonds 5.000%, due 10/01/34		1,320,000		1,458,350
California—3.0%
California Housing Finance, Revenue Bonds, Series 2021-1, Class A, 3.500%, due 11/20/35		1,459,702		1,414,307
California State, GO Bonds 5.000%, due 10/01/30		1,000,000		1,156,249
California State, Refunding, GO Bonds 5.000%, due 04/01/33		2,710,000		3,149,207
State of California, GO Bonds 5.000%, due 04/01/35		1,000,000		1,138,661
				6,858,424
Colorado—2.8%
Colorado Health Facilities Authority, Refunding, Revenue Bonds 5.000%, due 11/15/491		1,500,000		1,615,178

	Face amount		Value
Municipal bonds—(continued)
Colorado—(concluded)
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	$	1,747,292
Denver City & County Airport, Revenue Bonds, AMT, Series A, 5.500%, due 11/15/26		1,000,000		1,020,109
University of Colorado, Refunding, Revenue Bonds, Series A-2, 5.000%, due 06/01/30		1,750,000		1,985,629
				6,368,208
Connecticut—2.6%
Connecticut State Special Tax, Revenue Bonds, Series B, 5.000%, due 10/01/30		2,000,000		2,289,476
State of Connecticut Special Tax Revenue, Revenue Bonds 4.000%, due 05/01/39		2,650,000		2,706,533
Series A, 4.000%, due 05/01/36		1,000,000		1,056,361
				6,052,370
District of Columbia—1.9%
District of Columbia, Income Tax Revenue, Revenue Bonds, Series A, 5.000%, due 07/01/41		1,500,000		1,719,572
Metropolitan Washington Airports Authority, Refunding, Revenue Bonds, AMT 5.000%, due 10/01/28		2,500,000		2,729,984
				4,449,556
Florida—4.3%
Central Florida Expressway Authority Senior Lien, Revenue Bonds, AGM, Series D, 5.000%, due 07/01/35		1,500,000		1,746,752
Citizens Property Insurance Corp., Revenue Bonds, Series A1, 5.000%, due 06/01/25		3,250,000		3,372,448
County of Polk FL Utility System, Refunding, Revenue Bonds 5.000%, due 10/01/35		625,000		729,270
JEA Electric System, Refunding, Revenue Bonds, Series 3-A, 5.000%, due 10/01/34		1,630,000		1,884,748
Orange County Convention Center/Orlando, Refunding, Revenue Bonds, Series B, 5.000%, due 10/01/30		1,885,000		2,055,004
				9,788,222

83

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Georgia—4.0%
Fulton County Development Authority of Georgia, Piedmont Healthcare, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 07/01/27	$	1,500,000	$	1,618,401
Fulton County Development Authority of Georgia, WellStar Health System, Revenue Bonds 5.000%, due 04/01/36		1,000,000		1,059,656
Georgia Ports Authority, Revenue Bonds 5.000%, due 07/01/41		1,500,000		1,727,476
Main Street Natural Gas, Inc., Revenue Bonds, Series A, 5.500%, due 09/15/28		1,500,000		1,640,020
Series B, 3.677%, due 04/01/481		1,000,000		999,890
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Revenue Bonds 5.000%, due 01/01/33		1,000,000		1,100,675
Savannah Economic Development Authority, International Paper Company, Refunding, Revenue Bonds 1.900%, due 08/01/24		1,000,000		973,620
				9,119,738
Hawaii—0.5%
Hawaii Airports System, Revenue Bonds, AMT, Series A, 5.000%, due 07/01/29		1,000,000		1,101,970
Illinois—10.2%
Chicago O'Hare International Airport Senior Lien, Refunding, Revenue Bonds, Series B, 5.000%, due 01/01/35		1,000,000		1,059,440
Chicago O'Hare International Airport, Refunding, Revenue Bonds, AMT 5.000%, due 01/01/29		2,500,000		2,588,060
Chicago Waterworks Second Lien, Refunding, Revenue Bonds, AGM, Series 2017-2, 5.000%, due 11/01/31		1,000,000		1,090,601
Chicago Waterworks Senior Lien, Revenue Bonds, Series A-1, 5.000%, due 11/01/29		1,920,000		2,027,510
Illinois County of Cook Sales Tax, Refunding, Revenue Bonds 5.000%, due 11/15/35		2,500,000		2,684,607
Illinois Municipal Electric Agency, Refunding, Revenue Bonds, Series A, 5.000%, due 02/01/32		2,500,000		2,624,105
Illinois Sports Facilities Authority, Refunding, Revenue Bond, BAM 5.000%, due 06/15/28		1,000,000		1,073,560

	Face amount		Value
Municipal bonds—(continued)
Illinois—(concluded)
Regional Transportation Authority, Refunding, Revenue Bonds, AGM 6.000%, due 06/01/25	$	2,000,000	$	2,105,597
Regional Transportation Authority, Revenue Bonds 6.500%, due 07/01/30		1,000,000		1,218,732
Sales Tax Securitization Corp. Second Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/36		1,770,000		1,928,419
University of Illinois, Auxiliary Facilities System, Refunding, Revenue Bonds, Series A, 5.000%, due 04/01/27		4,000,000		4,013,109
University of Illinois, Auxiliary Facilities System, Revenue Bonds, Series A, 5.000%, due 04/01/30		1,000,000		1,018,802
				23,432,542
Indiana—5.3%
Indiana Finance Authority First Lien, CWA Authority, Inc., Refunding, Revenue Bonds 4.000%, due 10/01/36		2,020,000		2,100,984
Indiana Finance Authority, Indiana University Health, Inc., Revenue Bonds1 2.250%, due 12/01/58		5,250,000		5,164,998
Indiana Finance Authority, Marion County Capital Improvement Board, Refunding, Revenue Bonds, Series A, 5.250%, due 02/01/35		1,000,000		1,050,935
Richmond Hospital Authority, Reid Hospital & Health Care Services, Inc., Refunding, Revenue Bonds 5.000%, due 01/01/30		2,055,000		2,121,623
Whiting City, BP Products North America, Inc., Revenue Bonds, AMT1 5.000%, due 11/01/47		1,840,000		1,876,254
				12,314,794
Iowa—0.2%
Iowa Tobacco Settlement Authority, Refunding, Revenue Bonds, Series A-2,Class 1, 5.000%, due 06/01/33		500,000		548,824
Kentucky—2.6%
Kentucky Public Energy Authority, Gas Supply, Revenue Bonds, Series B,1 4.000%, due 01/01/49		3,750,000		3,749,674
Kentucky Public Energy Authority, Revenue Bonds, Series A, 4.000%, due 04/01/481		1,250,000		1,252,656
Series A, 4.000%, due 12/01/501		1,000,000		1,001,869
				6,004,199

84

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Louisiana—2.0%
Jefferson Sales Tax District, Revenue Bonds, AGM, Series B, 4.000%, due 12/01/32	$	1,895,000	$	2,050,765
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		1,555,260
Parish of St John the Baptist LA, Marathon Oil Corp, Refunding, Revenue Bonds1 2.200%, due 06/01/37		1,000,000		942,159
				4,548,184
Maryland—0.8%
Maryland State Transportation Authority Passenger Facility Charge Revenue, Baltimore/Washington International, Revenue Bonds, AMT 5.000%, due 06/01/24		1,700,000		1,744,140
Massachusetts—0.9%
Commonwealth of Massachusetts, GO Bonds, Series D, 4.000%, due 05/01/34		2,000,000		2,146,289
Michigan—3.2%
Great Lakes Water Authority Water Supply System Second Lien, Refunding, Revenue Bonds, Series D, 5.000%, due 07/01/26		1,100,000		1,194,134
Michigan Finance Authority Prerefunded, Revenue Bonds 5.000%, due 08/01/33		50,000		51,850
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		1,548,253
Michigan State Strategic Fund Improvement Project, State of Michigan Department of Transportation, Revenue Bonds, AMT 5.000%, due 06/30/32		3,300,000		3,525,456
Saginaw Hospital Finance Authority, Covenant Healthcare System, Refunding, Revenue Bonds 5.000%, due 07/01/28		1,000,000		1,103,679
				7,423,372
Missouri—1.4%
Missouri State Health & Educational Facilities Authority, Coxhealth, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/34		2,000,000		2,076,092
Missouri State Health & Educational Facilities Authority, Saint Luke's Health System, Refunding, Revenue Bonds 5.000%, due 11/15/28		1,000,000		1,069,605
				3,145,697

	Face amount		Value
Municipal bonds—(continued)
Nebraska—0.6%
Nebraska Public Power District, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/31	$	1,300,000	$	1,453,625
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		549,026
New Jersey—5.4%
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		1,686,674
New Jersey Health Care Facilities Financing Authority, Valley Health System, Revenue Bonds 5.000%, due 07/01/33		1,000,000		1,101,754
New Jersey Transportation Trust Fund Authority, Transportation Program Notes, Revenue Bonds 5.000%, due 06/15/30		1,000,000		1,119,944
Tobacco Settlement Financing Corp., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		8,000,000		8,556,141
				12,464,513
New Mexico—1.0%
New Mexico Educational Assistance Foundation, Refunding, Revenue Bonds, Series 1A, 5.000%, due 09/01/28		2,000,000		2,216,376
New York—7.1%
City Of New York NY, GO Bonds, Series B, Subseries B-1, 5.250%, due 10/01/41		1,180,000		1,363,998
Metropolitan Transportation Authority, Revenue Bonds, Series A-1, 5.000%, due 02/01/23		605,000		605,000
New York City Refunding, GO Bonds, Series A-1, 5.000%, due 08/01/32		1,270,000		1,510,118
New York City, GO Bonds 5.000%, due 04/01/32		1,750,000		2,089,382
New York State Dormitory Authority, Personal Income Tax, Refunding, Revenue Bonds, Series E, 4.000%, due 03/15/42		2,860,000		2,861,163
New York State Urban Development Corp., Series A, 4.000%, due 03/15/39		2,600,000		2,632,632

85

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
New York—(concluded)
New York Transportation Development Corp., JFK International Air Terminal LLC, Revenue Bonds, AMT 5.000%, due 12/01/35	$	2,000,000	$	2,138,510
5.000%, due 12/01/36		1,000,000		1,059,845
New York Transportation Development Corp., Laguardia Gateway Partners LLC, Revenue Bonds, AMT 5.000%, due 07/01/34		1,000,000		1,018,256
TSASC, Inc., Refunding, Revenue Bonds, Series A, 5.000%, due 06/01/34		1,000,000		1,051,124
				16,330,028
North Carolina—1.3%
Charlotte NC Airport Revenue, Revenue Bonds 5.000%, due 07/01/36		1,540,000		1,710,698
North Carolina Turnpike Authority Senior Lien, Refunding, Revenue Bonds, AGM 5.000%, due 01/01/26		1,250,000		1,336,459
				3,047,157
Oklahoma—0.3%
Oklahoma Municipal Power Authority, Power Supply System, Revenue Bonds, AGM, Series A, 4.000%, due 01/01/33		650,000		704,029
Oregon—0.9%
Multnomah County School District No. 1 Portland, GO Bonds 5.000%, due 06/15/29		1,750,000		2,040,028
Pennsylvania—8.0%
Allegheny County Hospital Development Authority, Allegheny Health Network, Refunding, Revenue Bonds 5.000%, due 04/01/29		3,190,000		3,508,540
City of Philadelphia PA Water & Wastewater, Refunding, Revenue Bonds 5.000%, due 10/01/33		1,500,000		1,760,599
Commonwealth Financing Authority, Tobacco Master Settlement Payment, Revenue Bonds 5.000%, due 06/01/31		1,500,000		1,666,924
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, Revenue Bonds 5.000%, due 06/30/34		2,200,000		2,443,675
Pennsylvania Housing Finance Agency, Refunding, Revenue Bonds 5.000%, due 10/01/27		1,250,000		1,358,773
Pennsylvania Turnpike Commission, Motor License, Refunding, Revenue Bonds, Series SPL, 5.000%, due 12/01/33		1,500,000		1,662,044

	Face amount		Value
Municipal bonds—(continued)
Pennsylvania—(concluded)
Philadelphia Airport PA, Refunding, Revenue Bonds, AMT, Series B, 5.000%, due 07/01/32	$	1,250,000	$	1,340,173
Philadelphia School District Prerefunded, Refunding, GO Bonds, Series F, 5.000%, due 09/01/30		10,000		10,962
Philadelphia School District, GO Bonds, Series A, 4.000%, due 09/01/35		1,500,000		1,559,422
Series A, 5.000%, due 09/01/31		1,000,000		1,114,738
Southeastern Pennsylvania Transportation Authority,Revenue Bonds 5.250%, due 06/01/40		1,750,000		2,042,436
				18,468,286
Rhode Island—0.6%
Rhode Island Student Loan Authority, Student Loan, Revenue Bonds, AMT, Series A, 5.000%, due 12/01/30		1,125,000		1,274,807
South Carolina—0.7%
Piedmont Municipal Power Agency, Refunding, Revenue Bonds, Series B, 4.000%, due 01/01/34		1,500,000		1,574,756
Tennessee—3.5%
City of Memphis TN, Electric System, Revenue Bonds, Series A, 5.000%, due 12/01/31		1,400,000		1,674,732
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Lipscomb University, Refunding, Revenue Bonds 5.000%, due 10/01/35		1,350,000		1,384,830
Metropolitan Government of Nashville & Davidson County TN, GO Bonds, Series C, 4.000%, due 01/01/32		3,000,000		3,324,919
Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.250%, due 09/01/26		1,500,000		1,563,861
				7,948,342
Texas—9.3%
Brazos Higher Education Authority, Inc., Student Loan Program, Revenue Bonds, AMT 5.000%, due 04/01/30		1,000,000		1,093,600
Central Texas Turnpike System, Refunding, Revenue Bonds, Series C, 5.000%, due 08/15/31		2,000,000		2,059,723

86

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Municipal bonds—(continued)
Texas—(concluded)
El Paso Texas, GO Bonds 5.000%, due 08/15/34	$	2,000,000	$	2,164,125
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Refunding, Revenue Bonds 4.000%, due 10/01/35		1,750,000		1,829,528
Harris County-Houston Sports Authority Senior Lien, Refunding, Revenue Bonds, Series A, 5.000%, due 11/15/29		1,000,000		1,032,626
Houston Airport System, Refunding, Revenue Bonds, Series B, 5.000%, due 07/01/29		2,000,000		2,273,598
Katy Independent School District, CIB, Refunding, GO Bonds, Series A, 3.000%, due 02/15/32		2,375,000		2,419,695
North Texas Tollway Authority, North Texas Tollway System, Refunding, Revenue Bonds, Series A, 5.000%, due 01/01/34		2,775,000		2,890,592
Plano Independent School District, GO Bonds2 5.000%, due 02/15/43		1,000,000		1,134,712
State of Texas, Refunding, GO Bonds, Series B, 4.000%, due 08/01/31		250,000		259,117
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health, Refunding, Revenue Bonds 5.000%, due 11/15/32		1,000,000		1,071,251
University of Houston, Refunding, Revenue Bonds, Series C, 5.000%, due 02/15/29		2,000,000		2,152,501
West Travis County Public Utility Agency, Refunding, Revenue Bonds, BAM 5.000%, due 08/15/30		1,000,000		1,107,848
				21,488,916
Virginia—0.9%
Hampton Roads Transportation Accountability Commission Senior Lien, Revenue Bonds, Series A, 5.000%, due 07/01/26		1,000,000		1,091,763
Virginia Small Business Financing Authority, Capital Beltway Express LLC, Revenue Bonds 5.000%, due 12/31/42		1,000,000		1,052,337
				2,144,100

	Face amount		Value
Municipal bonds—(concluded)
Washington—4.2%
Energy Northwest, Series A, 5.000%, due 07/01/35	$	1,250,000	$	1,494,173
Grant County Public Utility District No. 2 Electric, Refunding, Revenue Bonds, Series R,1 2.000%, due 01/01/44		1,000,000		969,795
Port of Seattle, Intermediate Lien, Revenue Bonds, AMT 5.000%, due 04/01/28		2,500,000		2,745,771
Port of Seattle, Revenue Bonds, AMT, Series C, 5.000%, due 04/01/32		1,955,000		2,007,842
State of Washington, Series R-2022-C, 4.000%, due 07/01/36		1,500,000		1,599,248
Washington State Housing Finance Commission, Revenue Bonds, Series A-1, 3.500%, due 12/20/35		975,930		919,698
				9,736,527
Wisconsin—1.7%
Public Finance Authority KU, Campus Development Corp. project, University of Kansas, Revenue Bonds 5.000%, due 03/01/34		1,500,000		1,598,053
Public Finance Authority, Duke Energy Progress LLC, Refunding, Revenue Bonds1 3.700%, due 10/01/46		2,330,000		2,417,815
				4,015,868
Total municipal bonds (cost—$229,067,196)				224,759,737
	Number of shares
Short-term investments—1.8%
Investment companies—1.8%
State Street Institutional U.S. Government Money Market Fund, 4.180%3 (cost—$4,030,108)		4,030,108		4,030,108
Total investments (cost—$233,097,304)—99.4%				228,789,845
Other assets in excess of liabilities—0.6%				1,479,010
Net assets—100.0%			$	230,268,855

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.

87

PACE Municipal Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—	$	224,759,737	$	—	$	224,759,737
Short-term investments		—		4,030,108		—		4,030,108
Total	$	—	$	228,789,845	$	—	$	228,789,845

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

²  Security purchased on a when-issued basis. When-issued refers to a transaction made conditionally because a security, although authorized, has not yet been issued.

³  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
88

PACE Global Fixed Income Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -0.78% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Bloomberg Global Aggregate Index (the "benchmark") returned -1.63%, and the Bloomberg Global Aggregate ex-USD 50% Hedged Index returned -1.15%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 91. 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 positive contributions from duration, sector allocation/security selection and currency positioning. On the downside, eurozone duration positioning detracted from performance. The Portfolio was tactically positioned overweight Germany duration in November 2022, which was a headwind for returns in the midst of a global rally in duration during the month.

The positioning in duration was the largest contributor to results, as we were positioned underweight US duration at the start of the reporting period. This was switched to an overweight due to attractive valuations and slowing inflation. The overweight contributed in January 2023, as US Treasuries rallied due to declining inflation. The Portfolio was positioned underweight Japan duration due to our view that 10-year yields could move higher should the Bank of Japan (BoJ) tweak its Yield Curve Control (YCC) policy. This contributed to performance as the widening of the YCC band by the BoJ drove a selloff in 10-year yields.

In terms of sectors, the Portfolio was positioned overweight agency mortgages. This contributed to returns, as agency mortgage-backed securities staged a rebound as a moderation in interest rate volatility, a broader risk-on tone, and falling interest rates supported the sector.

Within currency overlay, the Portfolio was positioned with a bearish bias to the US dollar through most of the period, primarily against the euro given an increased hawkish stance from the European Central Bank and improvement in euro fundamentals driven by lower energy prices. This contributed to performance as overweight US dollar positions held by a broad spectrum of market participants were unwound in November and December 2022. An overweight Japanese yen versus the US dollar, initiated in December 2022, also contributed as a widening of the yield curve control band by the BoJ led to a rally in the yen.

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.

89

PACE Global Fixed Income Investments

Subadvisor's comments² – concluded

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 Web site 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.

90

PACE Global Fixed Income Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(0.79	)%		(11.18	)%		(1.25	)%		(0.45	)%
Class Y2		(0.80	)		(11.15	)		(1.10	)		(0.28	)%
Class P3		(0.78	)		(10.99	)		(1.07	)		(0.26	)%
After deducting maximum sales charge
Class A1		(4.46	)		(14.54	)		(2.01	)		(0.83	)%
Bloomberg Global Aggregate Index4		(1.63	)		(11.71	)		(1.25	)		(0.02	)%
Bloomberg Global Aggregate ex USD 50% Hedged Index5		(1.15	)		(14.18	)		(2.99	)		(1.20	)%

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(2.51	)%		(15.66	)%		(1.72	)%		(0.90	)%
Class Y2		(2.41	)		(15.56	)		(1.57	)		(0.73	)
Class P3		(2.39	)		(15.58	)		(1.54	)		(0.71	)
After deducting maximum sales charge
Class A1		(6.17	)		(18.80	)		(2.47	)		(1.28	)

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.18% and 1.03%; Class Y—1.03% and 0.87%; and Class P—0.98% 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, 2023 (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.

91

PACE Global Fixed Income Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Characteristics
Weighted average duration	5.77 yrs.
Weighted average maturity	8.18 yrs.
Average coupon	3.34	%
Top ten holdings
FNMA, 3.000% due 04/01/52	4.4	%
Spain Government Bonds, 0.800% due 07/30/29	3.9
Italy Buoni Poliennali Del Tesoro, 3.850% due 12/15/29	3.7
European Union, 1.000% due 07/06/32	3.6
Korea Treasury Bonds, 3.000% due 09/10/24	2.2
FNMA, 3.500% due 04/01/52	2.1
Mexican Bonos, 7.750% due 05/29/31	2.0
China Government Bonds, 2.750% due 02/17/32	2.0
European Stability Mechanism, 0.750% due 03/15/27	2.0
Italy Buoni Poliennali Del Tesoro, 2.500% due 12/01/32	1.9
Total	27.8	%
Top five issuer breakdown by country or territory of origin
United States	37.0	%
Supranationals	9.3
Spain	6.8
United Kingdom	6.7
Italy	6.2
Total	66.0	%
Investments by type of issuer
Government and other public issuers	60.4	%
Banks and other financial institutions	27.8
Industrial	11.5
Investment companies	0.7
Liabilities in excess of other assets	(0.4	)
Total	100.0	%

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

92

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Asset-backed securities—1.0%
Ireland—1.0%
Bluemountain Euro CLO DAC, Series 2021-2A, Class A, 3 mo. Euribor + 1.000%, 3.288%, due 10/15/351,2	EUR	430,000	$	452,758
Invesco Euro CLO, Series 6A, Class A, 3 mo. Euribor + 0.940%, 3.228%, due 07/15/341,2	EUR	621,000		653,208
Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2A, Class A, 3 mo. Euribor + 1.030%, 3.318%, due 04/15/341,2	EUR	480,000		505,956
Rockfield Park CLO DAC, Series 1A, Class A1, 3 mo. Euribor + 0.900%, 3.188%, due 07/16/341,2	EUR	670,000		705,871
Total asset-backed securities (cost—$2,598,195)				2,317,793
Corporate bonds—33.8%
Australia—1.3%
Westpac Banking Corp. 1.079%, due 04/05/273	EUR	2,950,000		2,926,768
Belgium—0.1%
KBC Group NV (fixed, converts to FRN on 01/19/28), 5.796%, due 01/19/291,2	USD	200,000		202,951
Brazil—0.2%
Braskem Netherlands Finance BV 4.500%, due 01/31/301	USD	429,000		376,319
Canada—3.6%
Bank of Montreal 0.125%, due 01/26/273	EUR	3,100,000		2,977,279
5.203%, due 02/01/28	USD	485,000		494,596
Emera U.S. Finance LP 2.639%, due 06/15/31	USD	360,000		293,329
Fortis, Inc. 3.055%, due 10/04/26	USD	926,000		869,424
Nutrien Ltd. 5.900%, due 11/07/24	USD	152,000		154,411
5.950%, due 11/07/25	USD	261,000		268,830
Toronto-Dominion Bank 0.864%, due 03/24/273	EUR	2,950,000		2,912,009
				7,969,878
China—0.2%
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.500%, due 05/11/31	USD	410,000		336,149
3.250%, due 05/11/41	USD	240,000		177,870
				514,019

	Face amount		Value
Corporate bonds—(continued)
Denmark—0.3%
Danske Bank A/S (fixed, converts to FRN on 09/11/25), 1.621%, due 09/11/261,2	USD	830,000	$	745,929
Finland—0.4%
Nordea Bank Abp 4.750%, due 09/22/251	USD	935,000		934,282
France—3.7%
BPCE SA 0.500%, due 02/24/273	EUR	100,000		95,378
4.625%, due 09/12/281	USD	352,000		336,934
5.700%, due 10/22/231	USD	1,910,000		1,908,918
(fixed, converts to FRN on 01/18/26), 5.975%, due 01/18/271,2	USD	520,000		526,595
Credit Agricole SA 0.375%, due 04/20/283	EUR	100,000		91,131
(fixed, converts to FRN on 04/22/25), 1.000%, due 04/22/262,3	EUR	200,000		204,025
5.301%, due 07/12/281	USD	790,000		806,544
Societe Generale SA (fixed, converts to FRN on 01/21/25), 2.226%, due 01/21/261,2	USD	1,275,000		1,191,107
2.625%, due 10/16/241	USD	1,006,000		959,415
(fixed, converts to FRN on 06/09/31), 2.889%, due 06/09/321,2	USD	409,000		331,885
4.000%, due 01/12/271	USD	355,000		339,012
(fixed, converts to FRN on 01/10/28), 6.446%, due 01/10/291,2	USD	540,000		560,153
(fixed, converts to FRN on 01/10/33), 6.691%, due 01/10/341,2	USD	300,000		320,644
TotalEnergies SE (fixed, converts to FRN on 04/04/24), 1.750%, due 04/04/242,3,4	EUR	525,000		546,782
				8,218,523
Germany—2.5%
Commerzbank AG (fixed, converts to FRN on 12/05/25), 4.000%, due 12/05/302,3	EUR	800,000		837,500
Deutsche Bank AG (fixed, converts to FRN on 09/18/23), 2.222%, due 09/18/242	USD	240,000		234,935
(fixed, converts to FRN on 01/18/28), 6.720%, due 01/18/292	USD	150,000		157,835
Kreditanstalt fuer Wiederaufbau 0.125%, due 01/09/323	EUR	4,600,000		3,947,704
Volkswagen International Finance NV (fixed, converts to FRN on 06/17/25), 3.500%, due 06/17/252,3,4	EUR	200,000		204,658
Volkswagen Leasing GmbH 0.625%, due 07/19/293	EUR	200,000		173,833
				5,556,465

93

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
Indonesia—0.1%
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 5.450%, due 05/21/283	USD	202,000	$	203,475
Ireland—1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 1.650%, due 10/29/24	USD	288,000		269,436
2.450%, due 10/29/26	USD	500,000		449,800
4.875%, due 01/16/24	USD	160,000		159,092
6.500%, due 07/15/25	USD	150,000		152,745
Avolon Holdings Funding Ltd. 2.875%, due 02/15/251	USD	385,000		361,067
4.250%, due 04/15/261	USD	1,105,000		1,049,351
Bank of Ireland Group PLC (fixed, converts to FRN on 09/16/25), 6.253%, due 09/16/261,2	USD	310,000		312,434
				2,753,925
Italy—0.7%
Enel Finance International NV 5.000%, due 06/15/321	USD	400,000		381,145
Intesa Sanpaolo SpA 7.000%, due 11/21/251	USD	200,000		206,535
(fixed, converts to FRN on 01/11/27), 7.750%, due 01/11/272,3,4	EUR	800,000		860,999
				1,448,679
Japan—0.7%
Mitsubishi UFJ Financial Group, Inc. (fixed, converts to FRN on 09/12/24), 5.063%, due 09/12/252	USD	615,000		614,248
Mizuho Financial Group, Inc. (fixed, converts to FRN on 09/13/27), 5.414%, due 09/13/282	USD	465,000		475,298
Sumitomo Mitsui Financial Group, Inc. 5.520%, due 01/13/28	USD	435,000		448,846
				1,538,392
Mexico—0.5%
Petroleos Mexicanos 6.500%, due 03/13/27	USD	1,200,000		1,130,730
Netherlands—0.0%†
Cooperatieve Rabobank UA (fixed, converts to FRN on 12/01/26), 0.375%, due 12/01/272,3	EUR	100,000		95,329
Spain—0.8%
Banco Santander SA (fixed, converts to FRN on 06/30/23), 0.701%, due 06/30/242	USD	1,200,000		1,175,016
5.294%, due 08/18/27	USD	600,000		602,401
				1,777,417

	Face amount		Value
Corporate bonds—(continued)
Switzerland—0.8%
Credit Suisse AG 4.750%, due 08/09/24	USD	1,185,000	$	1,161,369
Credit Suisse Group AG (fixed, converts to FRN on 04/01/30), 4.194%, due 04/01/311,2	USD	270,000		228,739
(fixed, converts to FRN on 11/15/32), 9.016%, due 11/15/331,2	USD	250,000		280,793
				1,670,901
United Kingdom—5.4%
BAT Capital Corp. 4.540%, due 08/15/47	USD	235,000		179,034
Eversholt Funding PLC 6.359%, due 12/02/253	GBP	301,000		384,701
Gatwick Funding Ltd. 6.125%, due 03/02/263	GBP	100,000		127,312
Heathrow Funding Ltd. 6.450%, due 12/10/313	GBP	350,000		462,393
6.750%, due 12/03/263	GBP	478,000		618,366
HSBC Holdings PLC (fixed, converts to FRN on 08/17/23), 0.732%, due 08/17/242	USD	570,000		554,727
(fixed, converts to FRN on 11/22/26), 2.251%, due 11/22/272	USD	810,000		727,047
(fixed, converts to FRN on 05/18/23), 3.950%, due 05/18/242	USD	970,000		965,650
(fixed, converts to FRN on 08/11/27), 5.120%, due 08/11/282	USD	295,000		296,426
(fixed, converts to FRN on 08/11/32), 5.402%, due 08/11/332	USD	332,000		331,564
(fixed, converts to FRN on 11/03/25), 7.336%, due 11/03/262	USD	800,000		844,400
NatWest Group PLC (fixed, converts to FRN on 03/22/24), 4.269%, due 03/22/252	USD	380,000		375,097
(fixed, converts to FRN on 11/10/25), 7.472%, due 11/10/262	USD	1,645,000		1,740,124
NGG Finance PLC (fixed, converts to FRN on 09/05/27), 2.125%, due 09/05/822,3	EUR	143,000		132,532
Santander UK Group Holdings PLC (fixed, converts to FRN on 01/10/28), 6.534%, due 01/10/292	USD	425,000		443,464
(fixed, converts to FRN on 11/21/25), 6.833%, due 11/21/262	USD	1,784,000		1,846,548
Standard Chartered PLC (fixed, converts to FRN on 09/23/26), 1.200%, due 09/23/312,3	EUR	200,000		188,158
(fixed, converts to FRN on 01/12/27), 2.608%, due 01/12/281,2	USD	343,000		307,585
(fixed, converts to FRN on 01/09/26), 6.170%, due 01/09/271,2	USD	818,000		835,305
(fixed, converts to FRN on 01/09/28), 6.301%, due 01/09/291,2	USD	626,000		651,453
				12,011,886

94

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(continued)
United States—11.2%
AbbVie, Inc. 4.050%, due 11/21/39	USD	310,000	$	279,308
4.250%, due 11/21/49	USD	201,000		179,928
AES Corp. 1.375%, due 01/15/26	USD	460,000		414,707
Air Lease Corp. 5.300%, due 02/01/28	USD	586,000		585,030
5.850%, due 12/15/27	USD	338,000		344,960
Alabama Power Co. 3.750%, due 09/01/27	USD	435,000		425,382
Alexander Funding Trust 1.841%, due 11/15/231	USD	655,000		631,519
Amazon.com, Inc. 4.700%, due 12/01/325	USD	225,000		230,333
Ameren Illinois Co. 5.900%, due 12/01/52	USD	40,000		46,498
AmerisourceBergen Corp. 2.800%, due 05/15/30	USD	76,000		66,774
Amgen, Inc. 3.150%, due 02/21/40	USD	198,000		154,815
4.200%, due 02/22/52	USD	115,000		98,285
AT&T, Inc. 4.350%, due 03/01/29	USD	280,000		275,211
Bank of America Corp. (fixed, converts to FRN on 02/04/27), 2.551%, due 02/04/282	USD	795,000		725,620
(fixed, converts to FRN on 10/20/31), 2.572%, due 10/20/322	USD	600,000		496,108
(fixed, converts to FRN on 01/20/26), 5.080%, due 01/20/272	USD	895,000		898,289
Boeing Co. 5.805%, due 05/01/50	USD	95,000		96,985
Charter Communications Operating LLC/Charter Communications Operating Capital 5.250%, due 04/01/53	USD	290,000		243,538
Cheniere Energy Partners LP 3.250%, due 01/31/32	USD	385,000		321,410
4.500%, due 10/01/29	USD	440,000		412,773
Citigroup, Inc. (fixed, converts to FRN on 03/17/32), 3.785%, due 03/17/332	USD	190,000		172,127
(fixed, converts to FRN on 04/23/28), 4.035%, due 04/23/292	USD	290,000		277,105
(fixed, converts to FRN on 09/29/25), 5.610%, due 09/29/262	USD	458,000		465,353
Columbia Pipeline Group, Inc. 4.500%, due 06/01/25	USD	730,000		723,600
Comcast Corp. 5.350%, due 11/15/27	USD	380,000		395,902
5.500%, due 11/15/32	USD	430,000		462,896
Commonwealth Edison Co. 5.300%, due 02/01/53	USD	147,000		156,637
ConocoPhillips Co. 4.025%, due 03/15/62	USD	320,000		276,114

	Face amount		Value
Corporate bonds—(continued)
United States—(continued)
Consolidated Edison Co. of New York, Inc. 6.150%, due 11/15/52	USD	150,000	$	174,121
Constellation Energy Generation LLC 6.250%, due 10/01/39	USD	175,000		188,649
Continental Resources, Inc. 2.268%, due 11/15/261	USD	260,000		231,096
Dell International LLC/EMC Corp. 5.750%, due 02/01/33	USD	386,000		385,697
Diamondback Energy, Inc. 6.250%, due 03/15/33	USD	205,000		218,173
Edison International 2.950%, due 03/15/23	USD	163,000		162,500
Energy Transfer LP 5.550%, due 02/15/28	USD	402,000		408,524
5.750%, due 02/15/33	USD	495,000		508,711
Entergy Arkansas LLC 5.150%, due 01/15/33	USD	140,000		145,488
Enterprise Products Operating LLC 5.350%, due 01/31/33	USD	310,000		322,208
EQT Corp. 7.000%, due 02/01/306	USD	230,000		244,630
Freeport-McMoRan, Inc. 4.375%, due 08/01/28	USD	185,000		176,264
5.400%, due 11/14/34	USD	430,000		427,889
Gilead Sciences, Inc. 4.600%, due 09/01/35	USD	35,000		34,773
Global Payments, Inc. 5.950%, due 08/15/52	USD	532,000		525,375
Goldman Sachs Group, Inc. (fixed, converts to FRN on 10/21/26), 1.948%, due 10/21/272	USD	280,000		250,636
HCA, Inc. 3.500%, due 09/01/30	USD	380,000		340,605
4.125%, due 06/15/29	USD	600,000		570,314
4.625%, due 03/15/521	USD	175,000		147,608
5.500%, due 06/15/47	USD	355,000		337,542
Healthpeak Properties, Inc. 5.250%, due 12/15/32	USD	271,000		276,378
Kinder Morgan, Inc. 5.200%, due 06/01/33	USD	240,000		239,156
Kraft Heinz Foods Co. 4.625%, due 10/01/39	USD	154,000		141,732
4.875%, due 10/01/49	USD	263,000		245,985
Medtronic Global Holdings SCA 1.500%, due 07/02/39	EUR	100,000		76,783
Morgan Stanley (fixed, converts to FRN on 10/21/24), 1.164%, due 10/21/252	USD	560,000		521,853
(fixed, converts to FRN on 01/28/26), 5.050%, due 01/28/272	USD	800,000		802,778
(fixed, converts to FRN on 02/01/28), 5.123%, due 02/01/292	USD	340,000		343,789
(fixed, converts to FRN on 01/19/33), 5.948%, due 01/19/382	USD	275,000		281,029
(fixed, converts to FRN on 10/16/25), 6.138%, due 10/16/262	USD	465,000		479,026

95

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—(concluded)
United States—(concluded)
National Rural Utilities Cooperative Finance Corp. 5.450%, due 10/30/25	USD	198,000	$	201,891
Oracle Corp. 6.250%, due 11/09/32	USD	590,000		641,304
Ovintiv, Inc. 6.500%, due 02/01/38	USD	97,000		101,092
Pacific Gas & Electric Co. 6.150%, due 01/15/33	USD	210,000		215,846
6.750%, due 01/15/53	USD	143,000		149,782
Public Service Co. of Oklahoma 5.250%, due 01/15/33	USD	190,000		196,709
QUALCOMM, Inc. 6.000%, due 05/20/53	USD	310,000		355,590
Raytheon Technologies Corp. 3.950%, due 08/16/25	USD	22,000		21,708
Sabine Pass Liquefaction LLC 4.500%, due 05/15/30	USD	590,000		572,710
5.000%, due 03/15/27	USD	280,000		280,517
San Diego Gas & Electric Co., Series UUU, 3.320%, due 04/15/50	USD	80,000		61,191
Southern Co. Gas Capital Corp., Series 20-A, 1.750%, due 01/15/31	USD	220,000		176,911
T-Mobile USA, Inc. 5.650%, due 01/15/53	USD	175,000		182,563
Target Corp. 4.800%, due 01/15/53	USD	187,000		188,938
Thermo Fisher Scientific, Inc. 4.950%, due 11/21/32	USD	290,000		304,236
Truist Financial Corp. (fixed, converts to FRN on 01/26/33), 5.122%, due 01/26/342	USD	140,000		141,876
Vistra Operations Co. LLC 3.700%, due 01/30/271	USD	209,000		194,568
Warnermedia Holdings, Inc. 4.054%, due 03/15/291	USD	460,000		422,193
4.279%, due 03/15/321	USD	195,000		173,541
WEC Energy Group, Inc. 5.000%, due 09/27/25	USD	123,000		123,643
Zoetis, Inc. 5.600%, due 11/16/32	USD	905,000		974,082
				24,747,410
Total corporate bonds (cost—$74,080,696)				74,823,278
Mortgage-backed securities—4.4%
Spain—0.5%
Bankinter 10 FTA, Series 10, Class A2, 3 mo. Euribor + 0.160%, 2.223%, due 06/21/432,3	EUR	665,761		716,498

	Face amount		Value
Mortgage-backed securities—(continued)
Spain—(concluded)
Fondo de Titulizacion de Activos Santander Hipotecario 2, Series 2, Class A, 3 mo. Euribor + 0.150%, 2.484%, due 01/18/492,3	EUR	444,502	$	473,194
				1,189,692
United Kingdom—1.1%
Finsbury Square PLC, Series 2020-1A, Class A, Sterling Overnight Index Average + 0.800%, 4.171%, due 03/16/701,2	GBP	186,840		230,358
Series 2020-2A, Class A, Sterling Overnight Index Average + 1.300%, 4.671%, due 06/16/701,2	GBP	146,009		180,114
Gemgarto PLC, Series 2021-1A, Class A, Sterling Overnight Index Average + 0.590%, 3.961%, due 12/16/671,2	GBP	404,024		492,191
Lanark Master Issuer PLC, Series 2020-1A, Class 2A, Sterling Overnight Index Average + 0.570%, 3.796%, due 12/22/691,2	GBP	369,000		455,360
Silverstone Master Issuer PLC, Series 2022-1A, Class 1A, Secured Overnight Financing Rate + 0.380%, 4.684%, due 01/21/701,2	USD	280,000		278,833
Series 2022-1A, Class 2A, Sterling Overnight Index Average + 0.290%, 3.719%, due 01/21/701,2	GBP	600,000		734,921
				2,371,777
United States—2.8%
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.466%, due 12/25/591,7	USD	98,901		93,800
BANK, Series 2019-BN19, Class A3, 3.183%, due 08/15/61	USD	870,000		793,920
Series 2019-BN24, Class A3, 2.960%, due 11/15/62	USD	440,000		396,060
BX Trust, Series 2021-LBA, Class AJV, 1 mo. USD LIBOR + 0.800%, 5.260%, due 02/15/361,2	USD	761,148		736,653
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class C, 4.432%, due 11/15/507	USD	360,000		309,797

96

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Mortgage-backed securities—(concluded)
United States—(concluded)
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class B, 4.573%, due 09/10/587	USD	470,000	$	441,268
COMM Mortgage Trust, Series 2014-UBS4, Class A5, 3.694%, due 08/10/47	USD	810,000		787,069
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class C, 4.921%, due 01/15/497	USD	320,000		286,297
GS Mortgage Securities Trust, Series 2015-GC30, Class A3, 3.119%, due 05/10/50	USD	979,640		936,886
Series 2017-GS6, Class C, 4.322%, due 05/10/507	USD	350,000		305,411
OBX Trust, Series 2020-EXP1, Class 2A1, 1 mo. USD LIBOR + 0.750%, 5.256%, due 02/25/601,2	USD	100,751		92,935
Series 2023-NQM1, Class A1, 6.120%, due 11/25/621,7	USD	249,570		251,271
Starwood Mortgage Residential Trust, Series 2020-1, Class A1, 2.275%, due 02/25/501,7	USD	18,540		17,844
UBS Commercial Mortgage Trust, Series 2018-C11, Class B, 4.713%, due 06/15/517	USD	440,000		392,588
Verus Securitization Trust, Series 2020-1, Class A1, 2.417%, due 01/25/601,6	USD	85,118		80,798
WFRBS Commercial Mortgage Trust, Series 2013-C13, Class C, 3.910%, due 05/15/457	USD	300,000		295,930
				6,218,527
Total mortgage-backed securities (cost—$10,711,382)				9,779,996
Non-U.S. government agency obligations—38.2%
Australia—0.8%
Australia Government Bonds 1.250%, due 05/21/32	AUD	1,400,000		809,922
3.000%, due 03/21/473	AUD	800,000		479,707
Queensland Treasury Corp. 1.750%, due 08/21/313	AUD	690,000		404,152
				1,693,781
Bermuda—0.4%
Bermuda Government International Bonds 4.750%, due 02/15/291	USD	910,000		911,024
Canada—1.9%
Hydro-Quebec 6.500%, due 02/15/35	CAD	750,000		706,208
Province of British Columbia Canada 2.800%, due 06/18/48	CAD	300,000		183,208
Province of Ontario Canada 2.700%, due 06/02/29	CAD	1,672,000		1,202,727

	Face amount		Value
Non-U.S. government agency obligations—(continued)
Canada—(concluded)
Province of Quebec Canada 2.300%, due 09/01/29	CAD	1,754,000	$	1,229,204
5.000%, due 12/01/41	CAD	1,100,000		935,705
				4,257,052
China—3.6%
China Government Bonds 2.750%, due 02/17/32	CNY	30,000,000		4,380,645
4.290%, due 05/22/293	CNY	17,000,000		2,696,249
4.500%, due 05/22/343	CNY	6,000,000		984,710
				8,061,604
Colombia—0.2%
Colombia Government International Bonds 7.500%, due 02/02/34	USD	410,000		405,695
France—2.2%
Caisse d'Amortissement de la Dette Sociale 0.450%, due 01/19/323	EUR	2,800,000		2,432,020
0.600%, due 11/25/293	EUR	2,700,000		2,516,033
				4,948,053
Hungary—0.3%
Hungary Government International Bonds 6.125%, due 05/22/281	USD	531,000		549,850
Italy—5.6%
Italy Buoni Poliennali Del Tesoro 2.500%, due 12/01/323	EUR	4,480,000		4,243,609
3.850%, due 12/15/293	EUR	7,450,000		8,087,121
				12,330,730
Japan—1.9%
Japan Government Thirty Year Bonds 1.400%, due 09/20/52	JPY	571,750,000		4,194,620
Mexico—2.2%
Mexican Bonos 7.750%, due 05/29/31	MXN	89,000,000		4,459,772
Mexico Government International Bonds 6.350%, due 02/09/35	USD	468,000		496,782
				4,956,554
Morocco—0.2%
Morocco Government International Bonds 2.375%, due 12/15/271	USD	340,000		298,350
3.000%, due 12/15/321	USD	267,000		213,266
				511,616
Romania—0.5%
Romania Government International Bonds 6.625%, due 02/17/281	USD	324,000		335,745
6.625%, due 09/27/293	EUR	208,000		232,459
6.625%, due 09/27/291	EUR	450,000		502,663
				1,070,867

97

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Non-U.S. government agency obligations—(concluded)
Saudi Arabia—0.3%
Saudi Government International Bonds 4.750%, due 01/18/281	USD	290,000	$	293,335
5.000%, due 01/18/531	USD	260,000		247,650
				540,985
South Africa—0.7%
Republic of South Africa Government Bonds 8.875%, due 02/28/35	ZAR	31,610,000		1,567,619
South Korea—2.2%
Korea Treasury Bonds 3.000%, due 09/10/24	KRW	5,964,350,000		4,806,421
Spain—5.4%
Spain Government Bonds 0.800%, due 07/30/29	EUR	9,100,000		8,601,350
2.550%, due 10/31/323	EUR	3,350,000		3,422,890
				12,024,240
Supranationals—9.4%
Banque Ouest Africaine de Developpement 2.750%, due 01/22/331	EUR	227,000		189,924
4.700%, due 10/22/313	USD	850,000		750,125
European Financial Stability Facility 0.050%, due 10/17/293	EUR	2,800,000		2,534,330
2.375%, due 06/21/323	EUR	2,400,000		2,488,623
European Stability Mechanism 0.750%, due 03/15/273	EUR	4,293,000		4,298,759
European Union 1.000%, due 07/06/323	EUR	8,650,000		7,943,188
1.625%, due 12/04/293	EUR	2,500,000		2,514,486
				20,719,435
Turkey—0.2%
Turkey Government International Bonds 9.875%, due 01/15/28	USD	426,000		437,182
United Kingdom—0.2%
United Kingdom Gilt 1.250%, due 07/31/513	GBP	700,000		492,428
Total non-U.S. government agency obligations (cost—$84,568,215)				84,479,756
U.S. government agency obligations—16.8%
United States—16.8%
FHLMC 2.500%, due 11/01/51	USD	1,085,762		964,520
FNMA 2.500%, due 12/01/51	USD	816,614		724,498

	Face amount		Value
U.S. government agency obligations—(concluded)
United States—(concluded)
3.000%, due 08/01/51	USD	2,074,159	$	1,904,235
3.000%, due 04/01/52	USD	10,664,978		9,684,402
3.500%, due 10/01/51	USD	2,284,286		2,181,011
3.500%, due 04/01/52	USD	5,032,953		4,751,235
3.500%, due 05/01/58	USD	1,442,060		1,384,293
4.000%, due 01/01/50	USD	3,576,114		3,529,374
4.500%, due 08/01/52	USD	3,136,876		3,097,481
5.000%, due 08/01/52	USD	1,204,104		1,208,464
GNMA II 4.000%, due 10/20/52	USD	2,789,565		2,709,841
4.500%, due 08/20/52	USD	2,569,862		2,551,129
5.000%, due 09/20/52	USD	1,237,706		1,245,941
GNMA II TBA 5.500%	USD	650,000		660,549
UMBS TBA 5.500%	USD	650,000		660,290
Total U.S. government agency obligations (cost—$38,079,813)				37,257,263
U.S. Treasury obligations—5.5%
United States—5.5%
U.S. Treasury Bonds 1.750%, due 08/15/41	USD	2,440,000		1,777,578
1.875%, due 11/15/51	USD	2,925,000		2,007,738
2.250%, due 02/15/52	USD	2,134,700		1,603,860
2.875%, due 05/15/52	USD	4,200,000		3,619,219
3.000%, due 08/15/52	USD	2,290,000		2,026,292
4.000%, due 11/15/42	USD	310,000		320,366
U.S. Treasury Notes 3.875%, due 11/30/29	USD	760,000		773,656
Total U.S. Treasury obligations (cost—$14,197,198)				12,128,709
	Number of shares
Short-term investments—0.7%
Investment companies—0.7%
State Street Institutional U.S. Government Money Market Fund, 4.180%8 (cost—$1,533,675)		1,533,675		1,533,675
Total investments (cost—$225,769,174)—100.4%				222,320,470
Liabilities in excess of other assets—(0.4)%				(866,815	)
Net assets—100.0%			$	221,453,655

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.

98

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures buy contracts:
41	EUR	German Euro Buxl 30 Year Futures	March 2023	$	7,127,294		$	6,418,535		$	(708,759	)
1	EUR	Mid-Term Euro-OAT Futures	March 2023		143,266			142,982			(284	)
24	GBP	United Kingdom Long Gilt Bond Futures	March 2023		3,086,102			3,092,283			6,181
U.S. Treasury futures buy contracts:
121	USD	U.S. Treasury Note 10 Year Futures	March 2023	$	13,856,923		$	13,856,391		$	(532	)
42	USD	U.S. Treasury Note 2 Year Futures	March 2023		8,641,244			8,637,234			(4,010	)
72	USD	U.S. Treasury Note 5 Year Futures	March 2023		7,871,065			7,865,437			(5,628	)
2	USD	Ultra U.S. Treasury Bond Futures	March 2023		282,535			283,500			965
Total				$	41,008,429		$	40,296,362		$	(712,067	)
Interest rate futures sell contracts:
107	EUR	German Euro Bobl Futures	March 2023	$	(13,765,551	)	$	(13,644,932	)	$	120,619
153	EUR	German Euro Bund Futures	March 2023		(22,792,011	)		(22,757,818	)		34,193
208	EUR	German Euro Schatz Index Futures	March 2023		(23,953,820	)		(23,911,828	)		41,992
5	JPY	Japan Government Bond 10 Year Futures	March 2023		(5,603,328	)		(5,629,777	)		(26,449	)
U.S. Treasury futures sell contracts:
1	USD	U.S. Long Bond Futures	March 2023	$	(131,467	)	$	(129,875	)	$	1,592
79	USD	Ultra U.S. Treasury Note 10 Year Futures	March 2023		(9,593,754	)		(9,575,047	)		18,707
Total				$	(75,839,931	)	$	(75,649,277	)	$	190,654
Net unrealized appreciation (depreciation)										$	(521,413	)

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	EUR	197,453	USD	215,198	02/22/23	$	254
BB	USD	267,378	EUR	245,446	02/22/23		(189	)
BNP	THB	14,505,513	USD	444,409	02/22/23		4,056
BNP	USD	1,145,823	CZK	25,473,015	02/22/23		17,436
BNP	USD	193,718	EUR	180,970	02/22/23		3,282
BNP	USD	285,317	HUF	105,640,433	02/22/23		6,257
BNP	USD	341,244	ILS	1,165,259	02/22/23		(3,469	)
BNP	USD	342,217	NZD	534,542	02/22/23		3,390
BNP	USD	817,367	PLN	3,549,457	02/22/23		850
BNP	USD	158,677	RON	726,166	02/22/23		1,661
BNP	USD	833,911	SEK	8,641,507	02/22/23		(6,632	)
BNP	USD	1,047,980	SGD	1,383,751	02/22/23		5,702
BNP	USD	416,042	ZAR	7,018,019	02/22/23		(13,420	)
BOA	EUR	8,660,456	USD	9,375,622	02/22/23		(51,989	)
CITI	CNY	1,483,683	USD	220,037	02/22/23		159
CITI	EUR	386,230	PLN	1,824,550	02/22/23		151
CITI	NZD	1,305,892	CAD	1,127,572	02/22/23		3,244
CITI	USD	1,168,726	AUD	1,670,301	02/22/23		11,211
CITI	USD	6,544,736	CNY	43,928,662	02/22/23		(34,621	)

99

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
CITI	USD	422,325	EUR	387,840	02/22/23	$	(129	)
CITI	USD	25,247,012	JPY	3,230,189,602	02/22/23		(363,533	)
CITI	USD	323,497	NOK	3,187,922	02/22/23		(3,824	)
GS	CHF	384,574	SEK	4,312,570	02/22/23		(8,119	)
GS	EUR	773,841	USD	838,960	02/22/23		(3,428	)
GS	JPY	79,592,214	USD	615,536	02/22/23		2,404
GS	MXN	42,826,826	USD	2,251,246	02/22/23		(15,064	)
GS	SEK	4,276,100	CHF	385,231	02/22/23		12,330
GS	SGD	552,648	CNY	2,838,122	02/22/23		(221	)
GS	USD	2,499,985	THB	82,116,998	02/22/23		(7,107	)
HSBC	JPY	1,500,000	USD	11,552	02/22/23		(4	)
HSBC	USD	1,935,779	CAD	2,592,378	02/22/23		12,840
MSCI	EUR	15,300,000	USD	16,712,559	02/22/23		57,267
MSCI	JPY	9,143,639	USD	70,518	02/22/23		81
MSCI	MXN	4,126,005	USD	213,849	02/22/23		(4,491	)
MSCI	USD	1,088,674	CHF	1,008,311	02/22/23		15,077
MSCI	USD	4,515,100	CNY	30,553,070	02/22/23		12,786
MSCI	USD	544,440	DKK	3,725,726	02/22/23		818
MSCI	USD	273,039	EUR	250,000	02/22/23		(894	)
RBC	USD	464,209	EUR	430,000	02/22/23		3,881
RBC	USD	3,774,416	GBP	3,042,387	02/22/23		(21,972	)
SCB	USD	36,923	EUR	33,928	02/22/23		10
SSC	EUR	200,000	USD	217,436	02/22/23		(280	)
SSC	USD	3,258,652	EUR	2,996,615	02/22/23		3,406
TD	USD	869,537	GBP	710,489	02/22/23		6,772
Net unrealized appreciation (depreciation)						$	(354,061	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—	$	2,317,793	$	—	$	2,317,793
Corporate bonds		—		74,823,278		—		74,823,278
Mortgage-backed securities		—		9,779,996		—		9,779,996
Non-U.S. government agency obligations		—		84,479,756		—		84,479,756
U.S. government agency obligations		—		37,257,263		—		37,257,263
U.S. Treasury obligations		—		12,128,709		—		12,128,709
Short-term investments		—		1,533,675		—		1,533,675

100

PACE Global Fixed Income Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary—(concluded)

Assets       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Futures contracts	$	224,249		$	—		$	—	$	224,249
Forward foreign currency contracts		—			185,325			—		185,325
Total	$	224,249		$	222,505,795		$	—	$	222,730,044
Liabilities
Futures contracts	$	(745,662	)	$	—		$	—	$	(745,662	)
Forward foreign currency contracts		—			(539,386	)		—		(539,386	)
Total	$	(745,662	)	$	(539,386	)	$	—	$	(1,285,048	)

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

¹  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $25,460,298, represented 11.5% 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  Security, or portion thereof, was on loan at the 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  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.

⁸  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
101

PACE High Yield Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 3.31% 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 3.14%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 104. 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. Positive security selection and overweights in the oil field equipment & services and lease financing sectors, along with an underweight in the real estate development & management sector, contributed the most to performance. The Portfolio's performance was hurt the most by security selection and underweights in the banking and telecommunications wireless sectors. From a ratings perspective, security selection and an overweight in B-rated issuers was the biggest contributor to performance. Additionally, an underweight in BB-rated issuers, as well as an overweight in CCC-rated issuers, contributed to performance.

The market ended January 2023 with a yield-to-worst of 8.21%, an option adjusted spread of 460 basis points (4.60%), and an average price of 88.39. Looking forward, we continue to expect a slower economy in the US given housing weakness and monetary tightening, but it should remain a mild recession thanks to accumulated consumer savings and the strength of certain sectors like energy and travel. European growth seems to be improving as price pressures ease and China's reopening is positive for large European export economies. China's reopening and a softer US dollar are positive for emerging markets. Given slower growth, wage growth, and inflation, we believe the Federal Reserve will pause their rate increases in early 2023 to acknowledge the slowdown, and also to take stock of the significant tightening that has already occurred. Though the European Central Bank is likely a bit behind the Fed in its tightening cycle, we are encouraged by the trends in Europe as well. As this pause comes into focus, we believe high-yield and other risk markets can perform well in 2023. Part of this view is driven by our expectations that, though high-yield default rates are expected to rise from historically low levels, they will remain manageable given generally high credit quality across the asset class, ample liquidity, and limited maturities in the next few years. We do acknowledge that a fair bit of spread tightening has already occurred earlier this year, but with yields over 8% and average prices

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 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.

102

PACE High Yield Investments

Subadvisor's comments² – concluded

in the high 80s, we believe that global high-yield offers ample carry (yield) and sufficient discount to provide attractive total returns.

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 slight negative impact on 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 Web site 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.

103

PACE High Yield Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.32	%		(5.65	)%		1.99	%		3.42	%
Class Y2		3.31			(5.60	)		2.18			3.64
Class P3		3.31			(5.55	)		2.13			3.59
Class P25		3.67			(4.94	)		—			(6.43	)
After deducting maximum sales charge
Class A1		(0.59	)		(9.21	)		1.21			3.03
ICE BofA Global High Yield Index (Hedged in USD)4		3.14			(5.59	)		2.47			4.26

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		4.23	%		(11.46	)%		1.30	%		3.15	%
Class Y2		4.34			(11.30	)		1.49			3.37
Class P3		4.35			(11.37	)		1.46			3.33
Class P25		4.68			(10.78	)		—			(9.67	)
After deducting maximum sales charge
Class A1		0.36			(14.80	)		0.53			2.76

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.16% and 1.06%; Class Y—0.86% and 0.86%; Class P—1.01% and 0.91%; and P2—0.85% and 0.47%. 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, 2023 (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, 2023 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 and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 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. Effective June 30, 2022, the ICE BofA Global High Yield Index changed its methodology to incorporate a transaction cost element which could affect the performance information for periods following the effective date of this change.

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.

104

PACE High Yield Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Characteristics
Weighted average duration	4.07	yrs
Weighted average maturity	5.58	yrs
Average coupon	5.68	%
Top ten fixed income holdings
Carnival Corp., 5.750% due 03/01/27	0.8	%
Carnival Corp., 7.625% due 03/01/26	0.5
Teva Pharmaceutical Finance Netherlands III BV, 6.000% due 04/15/24	0.5
Petroleos Mexicanos, 6.875% due 10/16/25	0.4
Petroleos Mexicanos, 6.500% due 06/02/41	0.4
Petroleos Mexicanos, 7.690% due 01/23/50	0.4
CCO Holdings LLC/CCO Holdings Capital Corp., 4.750% due 02/01/32	0.4
Aeropuertos Dominicanos Siglo XXI SA, 6.750% due 03/30/29	0.4
Ecopetrol SA, 5.375% due 06/26/26	0.3
Transportadora de Gas del Sur SA, 6.750% due 05/02/25	0.4
Total	4.5	%
Top five issuer breakdown by country or territory of origin
United States	56.4	%
Mexico	3.8
United Kingdom	3.8
Luxembourg	3.0
France	2.8
Total	69.8	%
Credit rating2
BB-	16.2
BB+	14.7
B	13.9
B+	12.8
Not rated	10.6
BB	9.9
B-	6.7
CCC+	4.8
CCC	3.1
BBB	2.7
BBB-	2.5
CCC-	0.4
CC	0.3
D	0.2
BBB+	0.1
A	0.0
C	0.0
Cash equivalents and other assets less liabilities	1.1
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.

105

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—97.0%
Advertising—0.7%
Clear Channel Outdoor Holdings, Inc. 5.125%, due 08/15/272		225,000	$	204,067
7.500%, due 06/01/292		125,000		101,875
7.750%, due 04/15/282		200,000		170,146
Lamar Media Corp. 3.750%, due 02/15/28		25,000		22,692
4.000%, due 02/15/30		150,000		133,500
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.250%, due 01/15/292		125,000		107,455
4.625%, due 03/15/302		200,000		171,782
5.000%, due 08/15/272		225,000		206,969
Summer BC Holdco A SARL 9.250%, due 10/31/273	EUR	157,684		139,053
Summer BC Holdco B SARL 5.750%, due 10/31/263	EUR	275,000		269,443
				1,526,982
Aerospace & defense—1.3%
Bombardier, Inc. 6.000%, due 02/15/282		150,000		142,258
7.125%, due 06/15/262		25,000		24,940
7.500%, due 02/01/292		75,000		74,927
7.875%, due 04/15/272		450,000		449,616
Egmv13793 10.000%, due 04/19/264,5	EUR	89,810		0
Howmet Aerospace, Inc. 5.950%, due 02/01/37		225,000		227,115
Rolls-Royce PLC 1.625%, due 05/09/283	EUR	250,000		219,292
5.750%, due 10/15/273	GBP	150,000		176,282
Spirit AeroSystems, Inc. 4.600%, due 06/15/28		75,000		63,038
7.500%, due 04/15/252		150,000		150,516
9.375%, due 11/30/292		100,000		108,677
TransDigm, Inc. 4.625%, due 01/15/29		225,000		202,986
4.875%, due 05/01/29		100,000		90,231
5.500%, due 11/15/27		675,000		644,609
7.500%, due 03/15/27		150,000		151,168
Triumph Group, Inc. 6.250%, due 09/15/242		50,000		48,261
7.750%, due 08/15/25		75,000		63,707
8.875%, due 06/01/242		58,000		58,870
				2,896,493
Agriculture—0.4%
Camposol SA 6.000%, due 02/03/272		300,000		174,525
Darling Ingredients, Inc. 5.250%, due 04/15/272		75,000		73,144
6.000%, due 06/15/302		125,000		124,375
MHP Lux SA 6.250%, due 09/19/293		500,000		235,312

	Face amount1		Value
Corporate bonds—(continued)
Agriculture—(concluded)
Tereos Finance Groupe I SA 7.250%, due 04/15/282	EUR	150,000	$	162,869
				770,225
Airlines—1.2%
Air Canada 3.875%, due 08/15/262		25,000		23,125
Air France-KLM 1.875%, due 01/16/253	EUR	100,000		100,290
3.875%, due 07/01/263	EUR	400,000		393,005
Allegiant Travel Co. 7.250%, due 08/15/272		50,000		48,881
American Airlines, Inc. 11.750%, due 07/15/252		275,000		306,090
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.500%, due 04/20/262		250,000		245,081
5.750%, due 04/20/292		200,000		193,444
Delta Air Lines, Inc. 7.375%, due 01/15/26		75,000		78,063
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.750%, due 10/20/282		50,000		48,716
Gol Finance SA 7.000%, due 01/31/253		430,000		221,531
8.000%, due 06/30/263		450,000		307,912
Hawaiian Brand Intellectual Property Ltd./ HawaiianMiles Loyalty Ltd. 5.750%, due 01/20/262		125,000		119,374
Transportes Aereos Portugueses SA 5.625%, due 12/02/242	EUR	100,000		104,357
5.625%, due 12/02/243	EUR	200,000		208,713
United Airlines Holdings, Inc. 5.000%, due 02/01/24		16,000		15,912
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, due 10/15/27		37,727		38,175
United Airlines, Inc. 4.375%, due 04/15/262		50,000		47,467
4.625%, due 04/15/292		150,000		136,816
				2,636,952
Apparel—0.3%
Crocs, Inc. 4.125%, due 08/15/312		175,000		145,535
CT Investment GmbH 5.500%, due 04/15/263	EUR	425,000		410,193
IM Group SAS 6.625%, due 03/01/253	EUR	100,000		106,215
Kontoor Brands, Inc. 4.125%, due 11/15/292		75,000		64,873
				726,816
Auto manufacturers—2.0%
Allison Transmission, Inc. 4.750%, due 10/01/272		75,000		71,117

106

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Auto manufacturers—(concluded)
Ford Motor Co. 3.250%, due 02/12/32		225,000	$	178,575
4.750%, due 01/15/43		300,000		234,184
5.291%, due 12/08/46		400,000		329,892
6.100%, due 08/19/32		100,000		98,125
9.625%, due 04/22/30		200,000		235,420
Ford Motor Credit Co. LLC 2.700%, due 08/10/26		200,000		178,500
2.748%, due 06/14/24	GBP	400,000		469,518
3.250%, due 09/15/25	EUR	100,000		104,629
3.625%, due 06/17/31		600,000		499,057
3.815%, due 11/02/27		200,000		180,500
4.000%, due 11/13/30		200,000		174,628
4.535%, due 03/06/25	GBP	150,000		178,455
5.113%, due 05/03/29		600,000		568,624
7.350%, due 11/04/27		200,000		209,750
Jaguar Land Rover Automotive PLC 4.500%, due 01/15/263	EUR	125,000		125,126
4.500%, due 07/15/283	EUR	100,000		87,999
5.875%, due 01/15/282		200,000		170,082
7.750%, due 10/15/252		200,000		197,000
Mclaren Finance PLC 7.500%, due 08/01/262		200,000		147,000
Wabash National Corp. 4.500%, due 10/15/282		25,000		21,936
				4,460,117
Auto parts & equipment—1.9%
Adient Global Holdings Ltd. 3.500%, due 08/15/243	EUR	175,000		185,050
Clarios Global LP 6.750%, due 05/15/252		42,000		42,255
Clarios Global LP/Clarios U.S. Finance Co. 6.250%, due 05/15/262		25,000		24,835
8.500%, due 05/15/272		25,000		24,900
Dana Financing Luxembourg Sarl 3.000%, due 07/15/293	EUR	275,000		241,983
Dana, Inc. 4.500%, due 02/15/32		25,000		21,088
Dealer Tire LLC/DT Issuer LLC 8.000%, due 02/01/282		75,000		69,062
Dornoch Debt Merger Sub, Inc. 6.625%, due 10/15/292		275,000		206,481
Faurecia SE 2.750%, due 02/15/273	EUR	100,000		96,235
3.750%, due 06/15/283	EUR	350,000		335,375
Goodyear Europe BV 2.750%, due 08/15/283	EUR	125,000		109,245
Goodyear Tire & Rubber Co. 5.000%, due 05/31/26		75,000		72,562
5.000%, due 07/15/29		150,000		132,140
5.250%, due 04/30/31		25,000		21,388
5.250%, due 07/15/31		350,000		295,673
9.500%, due 05/31/25		75,000		77,413

	Face amount1		Value
Corporate bonds—(continued)
Auto parts & equipment—(concluded)
IHO Verwaltungs GmbH 3.625% Cash or 4.375% PIK, 3.625%, due 05/15/253,6	EUR	675,000	$	690,134
3.750% Cash or 4.500% PIK, 3.750%, due 09/15/263,6	EUR	100,000		97,572
Metalsa S A P I de C.V 3.750%, due 05/04/313		200,000		160,662
Nemak SAB de C.V 2.250%, due 07/20/283	EUR	325,000		288,577
2.250%, due 07/20/282	EUR	125,000		110,991
Nemak SAB de CV 3.625%, due 06/28/313		200,000		160,650
Schaeffler AG 3.375%, due 10/12/283	EUR	100,000		97,894
Standard Profil Automotive GmbH 6.250%, due 04/30/263	EUR	225,000		150,239
TI Automotive Finance PLC 3.750%, due 04/15/293	EUR	275,000		230,204
Titan International, Inc. 7.000%, due 04/30/28		75,000		72,245
ZF Finance GmbH 2.750%, due 05/25/273	EUR	100,000		95,466
3.000%, due 09/21/253	EUR	100,000		103,038
				4,213,357
Banks—3.3%
Banco de Bogota SA 6.250%, due 05/12/263		500,000		494,156
Banco de Credito Social Cooperativo SA (fixed, converts to FRN on 03/09/27), 1.750%, due 03/09/283,7	EUR	200,000		175,600
Banco de Sabadell SA 1.125%, due 03/27/253	EUR	200,000		202,231
1.750%, due 05/10/243	EUR	100,000		105,528
Banco do Brasil SA 3.250%, due 09/30/263		500,000		460,562
Banco Industrial SA (fixed, converts to FRN on 01/29/26), 4.875%, due 01/29/312,7		150,000		140,138
Bank of America Corp., Series DD, (fixed, converts to FRN on 03/10/26), 6.300%, due 03/10/267,8		175,000		177,047
Series JJ, (fixed, converts to FRN on 06/20/24), 5.125%, due 06/20/247,8		75,000		72,938
Barclays PLC (fixed, converts to FRN on 06/15/25), 7.125%, due 06/15/257,8	GBP	200,000		239,789
(fixed, converts to FRN on 06/15/24), 8.000%, due 06/15/247,8		200,000		199,250
CaixaBank SA (fixed, converts to FRN on 06/13/24), 6.750%, due 06/13/243,7,8	EUR	400,000		429,858

107

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Banks—(concluded)
Citigroup, Inc., Series T, (fixed, converts to FRN on 08/15/26), 6.250%, due 08/15/267,8		125,000	$	125,818
Series V, (fixed, converts to FRN on 01/30/25), 4.700%, due 01/30/257,8		200,000		182,735
Commerzbank AG (fixed, converts to FRN on 12/05/25), 4.000%, due 12/05/303,7	EUR	100,000		104,688
(fixed, converts to FRN on 12/06/27), 6.500%, due 12/06/323,7	EUR	300,000		333,465
Deutsche Bank AG (fixed, converts to FRN on 06/24/27), 4.000%, due 06/24/323,7	EUR	400,000		401,423
Freedom Mortgage Corp. 6.625%, due 01/15/272		325,000		270,439
7.625%, due 05/01/262		75,000		65,939
Goldman Sachs Group, Inc., Series R, (fixed, converts to FRN on 02/10/25), 4.950%, due 02/10/257,8		75,000		71,967
HDFC Bank Ltd. (fixed, converts to FRN on 02/25/27), 3.700%, due 08/25/263,7,8		200,000		174,500
Intesa Sanpaolo SpA 2.925%, due 10/14/303	EUR	250,000		224,667
3.928%, due 09/15/263	EUR	500,000		539,013
Inversiones Atlantida SA 7.500%, due 05/19/262		200,000		181,100
Itau Unibanco Holding SA (fixed, converts to FRN on 11/21/24), 4.500%, due 11/21/293,7		200,000		191,000
JPMorgan Chase & Co., Series HH, (fixed, converts to FRN on 02/01/25), 4.600%, due 02/01/257,8		75,000		70,500
Series S, (fixed, converts to FRN on 02/01/24), 6.750%, due 02/01/247,8		200,000		202,016
Kasikornbank PCL (fixed, converts to FRN on 10/14/25), 5.275%, due 10/14/253,7,8		200,000		193,112
Turkiye Vakiflar Bankasi TAO 8.125%, due 03/28/242		250,000		250,047
UniCredit SpA (fixed, converts to FRN on 09/23/24), 2.000%, due 09/23/293,7	EUR	600,000		609,409
(fixed, converts to FRN on 01/15/27), 2.731%, due 01/15/323,7	EUR	325,000		308,229
				7,197,164
Beverages—0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.250%, due 04/27/292		650,000		620,126

	Face amount1		Value
Corporate bonds—(continued)
Beverages—(concluded)
Primo Water Holdings, Inc. 3.875%, due 10/31/283	EUR	356,000	$	338,531
4.375%, due 04/30/292		150,000		130,836
Triton Water Holdings, Inc. 6.250%, due 04/01/292		100,000		79,376
				1,168,869
Biotechnology—0.0%†
Grifols Escrow Issuer SA 3.875%, due 10/15/283	EUR	100,000		92,089
Building materials—1.8%
Builders FirstSource, Inc. 4.250%, due 02/01/322		250,000		215,062
5.000%, due 03/01/302		100,000		93,239
6.375%, due 06/15/322		325,000		318,185
Cemex SAB de CV 3.875%, due 07/11/312		200,000		168,250
(fixed, converts to FRN on 09/08/26), 5.125%, due 06/08/262,7,8		200,000		183,500
5.450%, due 11/19/292		200,000		192,215
5.450%, due 11/19/293		200,000		192,215
Compact Bidco BV 5.750%, due 05/01/263	EUR	225,000		169,164
5.750%, due 05/01/262	EUR	200,000		150,368
Griffon Corp. 5.750%, due 03/01/28		250,000		236,605
James Hardie International Finance DAC 3.625%, due 10/01/262	EUR	150,000		153,699
3.625%, due 10/01/263	EUR	325,000		333,015
JELD-WEN, Inc. 4.625%, due 12/15/252		50,000		44,250
6.250%, due 05/15/252		75,000		71,854
MIWD Holdco II LLC/MIWD Finance Corp. 5.500%, due 02/01/302		75,000		62,360
New Enterprise Stone & Lime Co., Inc. 5.250%, due 07/15/282		125,000		115,069
9.750%, due 07/15/282		150,000		142,243
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.500%, due 04/15/302		100,000		89,500
PGT Innovations, Inc. 4.375%, due 10/01/292		125,000		107,841
Smyrna Ready Mix Concrete LLC 6.000%, due 11/01/282		275,000		251,080
Standard Industries, Inc. 4.375%, due 07/15/302		175,000		149,602
4.750%, due 01/15/282		25,000		23,429
5.000%, due 02/15/272		125,000		118,455
Summit Materials LLC/Summit Materials Finance Corp. 5.250%, due 01/15/292		100,000		93,899
6.500%, due 03/15/272		50,000		49,845
Victoria PLC 3.625%, due 08/24/263	EUR	100,000		87,961

108

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Building materials—(concluded)
West China Cement Ltd. 4.950%, due 07/08/263		200,000	$	177,106
				3,990,011
Chemicals—2.8%
ASP Unifrax Holdings, Inc. 7.500%, due 09/30/292		25,000		18,003
Avient Corp. 5.750%, due 05/15/252		100,000		98,966
7.125%, due 08/01/302		125,000		125,931
Braskem Netherlands Finance BV (fixed, converts to FRN on 01/23/26), 8.500%, due 01/23/813,7		300,000		306,337
Chemours Co. 4.625%, due 11/15/292		75,000		62,664
5.375%, due 05/15/27		25,000		23,112
5.750%, due 11/15/282		75,000		68,344
Consolidated Energy Finance SA 5.000%, due 10/15/282	EUR	450,000		433,417
Cornerstone Chemical Co. 6.750%, due 08/15/242		50,000		39,750
Herens Midco Sarl 5.250%, due 05/15/293	EUR	200,000		147,581
Innophos Holdings, Inc. 9.375%, due 02/15/282		100,000		98,606
Iris Holdings, Inc. 8.750% Cash or 9.500% PIK, 8.750%, due 02/15/262,6		125,000		108,635
Italmatch Chemicals SpA 10.000%, due 02/06/282	EUR	125,000		138,047
Lune Holdings Sarl 5.625%, due 11/15/283	EUR	325,000		299,442
Methanex Corp. 5.125%, due 10/15/27		75,000		71,438
Minerals Technologies, Inc. 5.000%, due 07/01/282		100,000		91,450
Monitchem HoldCo 2 SA 9.500%, due 09/15/263	EUR	325,000		334,774
NOVA Chemicals Corp. 4.250%, due 05/15/292		50,000		42,874
5.000%, due 05/01/252		50,000		48,083
5.250%, due 06/01/272		75,000		69,756
OCP SA 3.750%, due 06/23/312		200,000		168,500
6.875%, due 04/25/443		500,000		481,250
Olin Corp. 5.000%, due 02/01/30		75,000		70,890
5.625%, due 08/01/29		150,000		145,971
Olympus Water U.S. Holding Corp. 3.875%, due 10/01/283	EUR	100,000		93,081
5.375%, due 10/01/293	EUR	175,000		148,401
6.250%, due 10/01/292		200,000		165,994
Polar US Borrower LLC/Schenectady International Group, Inc. 6.750%, due 05/15/262		125,000		56,250

	Face amount1		Value
Corporate bonds—(continued)
Chemicals—(concluded)
Sasol Financing USA LLC 5.500%, due 03/18/31		300,000	$	260,970
5.875%, due 03/27/24		300,000		295,785
SCIH Salt Holdings, Inc. 4.875%, due 05/01/282		150,000		132,000
6.625%, due 05/01/292		175,000		149,660
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, due 11/01/263	EUR	100,000		96,479
5.375%, due 11/01/262		200,000		183,312
SPCM SA 2.625%, due 02/01/293	EUR	225,000		209,752
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.125%, due 04/01/292		240,000		172,897
5.375%, due 09/01/252		250,000		218,750
Tronox, Inc. 4.625%, due 03/15/292		175,000		149,625
WR Grace Holdings LLC 4.875%, due 06/15/272		125,000		115,975
5.625%, due 08/15/292		125,000		104,187
				6,046,939
Coal—0.1%
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/244,5,9		550,000		5,500
Indika Energy Capital IV Pte Ltd. 8.250%, due 10/22/252		300,000		298,500
Murray Energy Corp. 0.000%, due 04/15/242,4,5,10		1,268,693		0
				304,000
Commercial services—4.3%
ADT Security Corp. 4.125%, due 08/01/292		100,000		89,025
4.875%, due 07/15/322		150,000		133,854
Adtalem Global Education, Inc. 5.500%, due 03/01/282		131,000		121,932
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.000%, due 06/01/292		200,000		160,920
6.625%, due 07/15/262		300,000		288,825
9.750%, due 07/15/272		275,000		262,625
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 3.625%, due 06/01/282	EUR	250,000		225,584
4.625%, due 06/01/282		200,000		171,766
4.875%, due 06/01/283	GBP	100,000		101,710
Alta Equipment Group, Inc. 5.625%, due 04/15/262		75,000		70,283
AMN Healthcare, Inc. 4.000%, due 04/15/292		475,000		412,029
4.625%, due 10/01/272		50,000		46,379
APi Group DE, Inc. 4.125%, due 07/15/292		175,000		151,489

109

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(continued)
APX Group, Inc. 5.750%, due 07/15/292		150,000	$	129,760
Arena Luxembourg Finance Sarl 1.875%, due 02/01/282	EUR	100,000		89,788
1.875%, due 02/01/283	EUR	125,000		112,235
ASGN, Inc. 4.625%, due 05/15/282		250,000		228,076
Atlantia SpA 1.875%, due 02/12/283	EUR	300,000		280,742
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.750%, due 04/01/282		50,000		43,942
5.375%, due 03/01/292		250,000		223,500
5.750%, due 07/15/272		25,000		23,490
Carriage Services, Inc. 4.250%, due 05/15/292		75,000		61,706
DP World Salaam (fixed, converts to FRN on 01/01/26), 6.000%, due 10/01/253,7,8		300,000		300,187
EC Finance PLC 3.000%, due 10/15/263	EUR	350,000		344,830
eHi Car Services Ltd. 7.000%, due 09/21/263		200,000		146,962
Graham Holdings Co. 5.750%, due 06/01/262		100,000		98,750
HealthEquity, Inc. 4.500%, due 10/01/292		75,000		67,147
Hertz Corp. 3.000%, due 01/15/282		50,000		3,750
4.625%, due 12/01/262		25,000		22,250
5.000%, due 12/01/292		250,000		204,375
Kapla Holding SAS 3.375%, due 12/15/263	EUR	150,000		146,220
La Financiere Atalian SASU 4.000%, due 05/15/243	EUR	225,000		214,644
5.125%, due 05/15/253	EUR	250,000		181,554
6.625%, due 05/15/253	GBP	100,000		80,752
Loxam SAS 4.500%, due 02/15/273	EUR	100,000		102,868
Metis Merger Sub LLC 6.500%, due 05/15/292		200,000		170,500
Neptune Bidco US, Inc. 9.290%, due 04/15/292		225,000		218,707
NESCO Holdings II, Inc. 5.500%, due 04/15/292		125,000		112,264
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.000%, due 06/15/292		100,000		79,500
PECF USS Intermediate Holding III Corp. 8.000%, due 11/15/292		125,000		95,312
Prime Security Services Borrower LLC/ Prime Finance, Inc. 3.375%, due 08/31/272		50,000		44,368
5.250%, due 04/15/242		75,000		74,227
6.250%, due 01/15/282		75,000		71,130
PROG Holdings, Inc. 6.000%, due 11/15/292		50,000		42,375

	Face amount1		Value
Corporate bonds—(continued)
Commercial services—(concluded)
Q-Park Holding I BV 2.000%, due 03/01/273	EUR	175,000	$	161,238
2.000%, due 03/01/272	EUR	100,000		92,136
RAC Bond Co. PLC 5.250%, due 11/04/272	GBP	225,000		226,390
5.250%, due 11/04/273	GBP	100,000		100,618
Rekeep SpA 7.250%, due 02/01/263	EUR	275,000		254,121
Sabre GLBL, Inc. 9.250%, due 04/15/252		75,000		76,947
11.250%, due 12/15/272		25,000		26,500
Service Corp. International 3.375%, due 08/15/30		75,000		63,026
4.000%, due 05/15/31		175,000		153,034
5.125%, due 06/01/29		125,000		119,701
Techem Verwaltungsgesellschaft 675 mbH 2.000%, due 07/15/253	EUR	450,000		453,138
United Rentals North America, Inc. 3.750%, due 01/15/32		50,000		43,234
3.875%, due 02/15/31		125,000		110,008
4.000%, due 07/15/30		300,000		270,042
4.875%, due 01/15/28		50,000		48,428
5.250%, due 01/15/30		75,000		72,562
5.500%, due 05/15/27		25,000		24,844
6.000%, due 12/15/292		50,000		50,750
Verisure Holding AB 3.250%, due 02/15/273	EUR	25,000		119,932
7.125%, due 02/01/282	EUR	125,000		136,069
Verisure Midholding AB 5.250%, due 02/15/293	EUR	275,000		246,814
Verscend Escrow Corp. 9.750%, due 08/15/262		125,000		125,435
WASH Multifamily Acquisition, Inc. 5.750%, due 04/15/262		100,000		92,272
Williams Scotsman International, Inc. 4.625%, due 08/15/282		125,000		115,819
6.125%, due 06/15/252		60,000		60,295
				9,495,685
Computers—1.0%
CA Magnum Holdings 5.375%, due 10/31/263		200,000		184,000
Diebold Nixdorf Dutch Holding BV 9.000%, due 07/15/252	EUR	257,000		180,212
Diebold Nixdorf, Inc. 8.500%, due 10/15/262		50,873		26,281
9.375%, due 07/15/252		103,000		67,716
Exela Intermediate LLC/Exela Finance, Inc. 11.500%, due 07/15/262		182,000		21,139
NCR Corp. 5.000%, due 10/01/282		125,000		110,108
5.125%, due 04/15/292		300,000		261,316
5.250%, due 10/01/302		25,000		21,622
5.750%, due 09/01/272		125,000		121,295
6.125%, due 09/01/292		200,000		198,000

110

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Computers—(concluded)
Presidio Holdings, Inc. 4.875%, due 02/01/272		150,000	$	139,438
8.250%, due 02/01/282		150,000		144,188
Science Applications International Corp. 4.875%, due 04/01/282		200,000		187,500
Seagate HDD Cayman 4.125%, due 01/15/31		80,000		67,196
9.625%, due 12/01/322		226,125		256,050
Vericast Corp. 11.000%, due 09/15/262		126,250		136,823
				2,122,884
Cosmetics & personal care—0.1%
Edgewell Personal Care Co. 4.125%, due 04/01/292		175,000		152,469
5.500%, due 06/01/282		125,000		118,376
				270,845
Distribution & wholesale—0.3%
American Builders & Contractors Supply Co., Inc. 4.000%, due 01/15/282		50,000		45,554
BCPE Empire Holdings, Inc. 7.625%, due 05/01/272		175,000		163,936
KAR Auction Services, Inc. 5.125%, due 06/01/252		28,000		27,523
Li & Fung Ltd. 5.250%, due 05/03/233,8		200,000		125,464
Resideo Funding, Inc. 4.000%, due 09/01/292		50,000		41,467
Univar Solutions USA, Inc. 5.125%, due 12/01/272		225,000		217,559
				621,503
Diversified financial services—3.6%
4finance SA 10.750%, due 10/26/26	EUR	200,000		190,523
AG Issuer LLC 6.250%, due 03/01/282		150,000		141,750
AG TTMT Escrow Issuer LLC 8.625%, due 09/30/272		25,000		25,794
Ally Financial, Inc., Series B, (fixed, converts to FRN on 05/15/26), 4.700%, due 05/15/267,8		125,000		102,812
B3 SA—Brasil Bolsa Balca 4.125%, due 09/20/313		200,000		173,500
Bracken MidCo1 PLC 6.750% Cash or 7.500% PIK, 6.750%, due 11/01/272,6	GBP	125,000		125,982
Coinbase Global, Inc. 3.375%, due 10/01/282		125,000		80,625
3.625%, due 10/01/312		75,000		43,688
Credito Real SAB de CV 0.000%, due 02/01/273,10	EUR	275,000		24,665

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(continued)
doValue SpA 3.375%, due 07/31/263	EUR	100,000	$	99,849
3.375%, due 07/31/262	EUR	150,000		149,774
5.000%, due 08/04/252	EUR	325,000		347,077
Enact Holdings, Inc. 6.500%, due 08/15/252		250,000		246,250
Garfunkelux Holdco 3 SA 7.750%, due 11/01/253	GBP	225,000		210,124
Global Aircraft Leasing Co. Ltd. 6.500% Cash or 7.250% PIK, 6.500%, due 09/15/242,6		339,557		309,874
International Personal Finance PLC 9.750%, due 11/12/25	EUR	325,000		289,584
Iqera Group SAS 6.500%, due 09/30/242	EUR	100,000		105,454
Jane Street Group/JSG Finance, Inc. 4.500%, due 11/15/292		125,000		111,591
Jefferson Capital Holdings LLC 6.000%, due 08/15/262		150,000		124,833
Jerrold Finco PLC 4.875%, due 01/15/263	GBP	100,000		107,775
5.250%, due 01/15/273	GBP	175,000		182,565
LFS Topco LLC 5.875%, due 10/15/262		50,000		41,362
Midcap Financial Issuer Trust 6.500%, due 05/01/282		200,000		176,000
Motion Finco Sarl 7.000%, due 05/15/253	EUR	150,000		165,135
Muthoot Finance Ltd. 4.400%, due 09/02/233		200,000		196,250
Nationstar Mortgage Holdings, Inc. 5.125%, due 12/15/302		75,000		60,750
5.500%, due 08/15/282		100,000		87,371
5.750%, due 11/15/312		50,000		40,250
6.000%, due 01/15/272		75,000		69,562
Navient Corp. 5.000%, due 03/15/27		231,000		210,807
5.500%, due 03/15/29		250,000		221,250
5.625%, due 08/01/33		150,000		116,266
6.125%, due 03/25/24		275,000		274,354
6.750%, due 06/25/25		125,000		124,711
6.750%, due 06/15/26		200,000		197,018
Newday Bondco PLC 13.250%, due 12/15/263	GBP	203,000		249,330
NFP Corp. 4.875%, due 08/15/282		300,000		261,819
OneMain Finance Corp. 4.000%, due 09/15/30		50,000		39,872
5.375%, due 11/15/29		25,000		21,890
6.625%, due 01/15/28		25,000		24,357
6.875%, due 03/15/25		100,000		99,686
7.125%, due 03/15/26		400,000		397,382
PennyMac Financial Services, Inc. 4.250%, due 02/15/292		175,000		143,822
5.750%, due 09/15/312		75,000		63,037

111

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Diversified financial services—(concluded)
PRA Group, Inc. 8.375%, due 02/01/282		100,000	$	100,507
Provident Funding Associates LP/PFG Finance Corp. 6.375%, due 06/15/252		75,000		70,304
Radian Group, Inc. 4.500%, due 10/01/24		200,000		193,365
4.875%, due 03/15/27		150,000		142,683
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. 3.625%, due 03/01/292		75,000		63,277
3.875%, due 03/01/312		50,000		40,724
4.000%, due 10/15/332		275,000		218,086
SLM Corp. 3.125%, due 11/02/26		250,000		220,800
Synchrony Financial 7.250%, due 02/02/33		75,000		75,096
VistaJet Malta Finance PLC/XO Management Holding, Inc. 6.375%, due 02/01/302		125,000		110,237
7.875%, due 05/01/272		125,000		121,250
World Acceptance Corp. 7.000%, due 11/01/262		125,000		96,562
				7,929,261
Electric—2.6%
Adani Green Energy Ltd. 4.375%, due 09/08/243		300,000		228,000
AES Andres BV 5.700%, due 05/04/282		400,000		353,750
Calpine Corp. 4.500%, due 02/15/282		50,000		46,138
5.000%, due 02/01/312		25,000		21,423
5.125%, due 03/15/282		300,000		271,623
Centrais Eletricas Brasileiras SA 3.625%, due 02/04/252		200,000		189,850
Clean Renewable Power Mauritius Pte Ltd. 4.250%, due 03/25/272		191,000		170,467
4.250%, due 03/25/273		191,000		170,468
Clearway Energy Operating LLC 3.750%, due 01/15/322		50,000		41,219
4.750%, due 03/15/282		50,000		47,160
ContourGlobal Power Holdings SA 3.125%, due 01/01/283	EUR	200,000		181,451
3.125%, due 01/01/282	EUR	100,000		90,726
Electricite de France SA (fixed, converts to FRN on 01/22/26), 5.000%, due 01/22/263,7,8	EUR	300,000		307,284
(fixed, converts to FRN on 01/29/25), 5.375%, due 01/29/253,7,8	EUR	100,000		105,454
Eskom Holdings SOC Ltd. 6.350%, due 08/10/283		400,000		382,500
6.750%, due 08/06/233		410,000		401,646
Instituto Costarricense de Electricidad 6.375%, due 05/15/433		200,000		160,313
6.750%, due 10/07/312		300,000		287,119

	Face amount1		Value
Corporate bonds—(continued)
Electric—(concluded)
Investment Energy Resources Ltd. 6.250%, due 04/26/292		200,000	$	190,537
Leeward Renewable Energy Operations LLC 4.250%, due 07/01/292		50,000		43,935
Mong Duong Finance Holdings BV 5.125%, due 05/07/292		375,000		333,469
NextEra Energy Operating Partners LP 3.875%, due 10/15/262		125,000		115,938
NRG Energy, Inc. 3.375%, due 02/15/292		125,000		103,341
3.625%, due 02/15/312		25,000		19,803
6.625%, due 01/15/27		46,000		45,790
PG&E Corp. 5.000%, due 07/01/28		175,000		163,984
RRI Energy, Inc. 3.000%, due 06/15/174,5,9		75,000		0
SMC Global Power Holdings Corp. (fixed, converts to FRN on 04/25/24), 6.500%, due 04/25/243,7,8		200,000		184,100
Star Energy Geothermal Wayang Windu Ltd. 6.750%, due 04/24/333		202,700		196,366
Talen Energy Supply LLC 0.000%, due 05/15/272,10		25,000		26,020
0.000%, due 01/15/282,10		100,000		102,250
TransAlta Corp. 7.750%, due 11/15/29		100,000		102,830
Vistra Corp. (fixed, converts to FRN on 12/15/26), 7.000%, due 12/15/262,7,8		150,000		140,250
Vistra Operations Co. LLC 4.375%, due 05/01/292		50,000		43,967
5.500%, due 09/01/262		350,000		340,880
				5,610,051
Electrical components & equipment—0.2%
Belden, Inc. 3.375%, due 07/15/273	EUR	350,000		347,281
Energizer Holdings, Inc. 6.500%, due 12/31/272		50,000		48,762
Senvion Holding GmbH 3.875%, due 10/25/223,10	EUR	400,000		1,087
WESCO Distribution, Inc. 7.250%, due 06/15/282		50,000		51,234
				448,364
Electronics—0.6%
Coherent Corp. 5.000%, due 12/15/292		100,000		90,815
Imola Merger Corp. 4.750%, due 05/15/292		600,000		522,000
Likewize Corp. 9.750%, due 10/15/252		75,000		70,500
Sensata Technologies BV 4.000%, due 04/15/292		400,000		359,000
Sensata Technologies, Inc. 3.750%, due 02/15/312		75,000		63,664

112

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Electronics—(concluded)
TTM Technologies, Inc. 4.000%, due 03/01/292		200,000	$	174,750
				1,280,729
Energy-alternate sources—0.5%
Azure Power Solar Energy Pvt Ltd. 5.650%, due 12/24/242		300,000		250,500
Continuum Energy Levanter Pte Ltd. 4.500%, due 02/09/272		193,500		173,183
Cullinan Holdco Scsp 4.625%, due 10/15/262	EUR	100,000		97,133
Greenko Power II Ltd. 4.300%, due 12/13/282		238,750		205,922
ReNew Power Pvt Ltd. 5.875%, due 03/05/272		300,000		285,900
TerraForm Power Operating LLC 4.750%, due 01/15/302		125,000		112,498
5.000%, due 01/31/282		50,000		46,966
				1,172,102
Engineering & construction—1.2%
Aeropuertos Argentina 2000 SA 8.500%, due 08/01/312		172,957		155,553
Aeropuertos Dominicanos Siglo XXI SA 6.750%, due 03/30/293		810,000		799,369
Arcosa, Inc. 4.375%, due 04/15/292		50,000		44,714
GMR Hyderabad International Airport Ltd. 4.750%, due 02/02/262		300,000		279,900
OHL Operaciones SA 5.100% Cash or 1.500% PIK, 6.600%, due 03/31/263,6	EUR	106,920		99,093
5.100% Cash or 1.500% PIK, 9.750%, due 03/31/262,6	EUR	198,565		184,029
Sarens Finance Co., NV 5.750%, due 02/21/273	EUR	238,000		211,543
Sitios Latinoamerica SAB de CV 5.375%, due 04/04/322		400,000		371,500
Summit Digitel Infrastructure Ltd. 2.875%, due 08/12/313		200,000		159,096
TopBuild Corp. 4.125%, due 02/15/322		75,000		63,631
Weekley Homes LLC/Weekley Finance Corp. 4.875%, due 09/15/282		200,000		174,050
				2,542,478
Entertainment—4.0%
888 Acquisitions Ltd. 7.558%, due 07/15/272	EUR	175,000		164,562
Affinity Gaming 6.875%, due 12/15/272		150,000		134,287
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.500%, due 02/15/282		175,000		70,728
Allwyn International AS 3.875%, due 02/15/273	EUR	100,000		101,377
4.125%, due 11/20/243	EUR	403,000		434,836

	Face amount1		Value
Corporate bonds—(continued)
Entertainment—(continued)
AMC Entertainment Holdings, Inc. 5.875%, due 11/15/26		25,000	$	9,500
10.000%, due 06/15/262		824,932		411,356
Boyne USA, Inc. 4.750%, due 05/15/292		150,000		135,913
Caesars Entertainment, Inc. 4.625%, due 10/15/292		600,000		513,000
6.250%, due 07/01/252		150,000		149,422
7.000%, due 02/15/302		150,000		152,625
8.125%, due 07/01/272		75,000		76,125
Caesars Resort Collection LLC/CRC Finco, Inc. 5.750%, due 07/01/252		100,000		100,017
CDI Escrow Issuer, Inc. 5.750%, due 04/01/302		225,000		213,187
Cedar Fair LP 5.250%, due 07/15/29		102,000		93,498
Cedar Fair LP/Canada's Wonderland Co./ Magnum Management Corp./Millennium Op 6.500%, due 10/01/28		200,000		193,823
Churchill Downs, Inc. 4.750%, due 01/15/282		75,000		70,175
5.500%, due 04/01/272		150,000		145,477
Cinemark USA, Inc. 5.250%, due 07/15/282		275,000		225,412
5.875%, due 03/15/262		225,000		202,044
Cirsa Finance International SARL 4.750%, due 05/22/253	EUR	300,000		309,675
Codere Finance 2 Luxembourg SA 8.000% Cash or 3.000% PIK, 8.000%, due 09/30/262,6	EUR	61,563		59,834
8.000% Cash or 3.000% PIK, 11.000%, due 09/30/263,6	EUR	100,556		97,732
2.000% Cash or 10.750% PIK, 12.750%, due 11/30/273,6	EUR	217,319		127,579
Everi Holdings, Inc. 5.000%, due 07/15/292		100,000		90,485
Gamma Bondco Sarl 8.125%, due 11/15/263,6	EUR	200,000		206,866
Golden Entertainment, Inc. 7.625%, due 04/15/262		325,000		327,031
Inter Media and Communication SpA 6.750%, due 02/09/272	EUR	100,000		103,252
6.750%, due 02/09/273	EUR	150,000		154,878
International Game Technology PLC 4.125%, due 04/15/262		200,000		189,505
Intralot Capital Luxembourg SA 5.250%, due 09/15/243	EUR	675,000		670,629
Jacobs Entertainment, Inc. 6.750%, due 02/15/292		225,000		209,259
LHMC Finco 2 SARL 7.250% Cash or 8.000% PIK, 7.250%, due 10/02/253,6	EUR	234,000		233,713
Live Nation Entertainment, Inc. 3.750%, due 01/15/282		75,000		66,727
4.750%, due 10/15/272		50,000		46,250
4.875%, due 11/01/242		75,000		72,836

113

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Entertainment—(concluded)
5.625%, due 03/15/262		225,000	$	218,304
Lottomatica SpA 6.250%, due 07/15/253	EUR	150,000		161,442
9.750%, due 09/30/272	EUR	150,000		172,451
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.875%, due 05/01/292		125,000		109,380
Mohegan Tribal Gaming Authority 8.000%, due 02/01/262		125,000		118,750
Motion Bondco DAC 6.625%, due 11/15/272		200,000		180,996
Penn Entertainment, Inc. 4.125%, due 07/01/292		225,000		185,566
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, due 09/01/292		175,000		125,781
5.875%, due 09/01/312		125,000		87,233
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.875%, due 11/01/262		75,000		69,750
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. 6.625%, due 03/01/302		50,000		44,539
Scientific Games International, Inc. 7.000%, due 05/15/282		250,000		247,498
7.250%, due 11/15/292		75,000		75,199
8.625%, due 07/01/252		25,000		25,469
SeaWorld Parks & Entertainment, Inc. 5.250%, due 08/15/292		250,000		225,953
Six Flags Entertainment Corp. 5.500%, due 04/15/272		25,000		23,564
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, due 10/01/292		125,000		111,563
				8,747,053
Environmental control—0.1%
Clean Harbors, Inc. 6.375%, due 02/01/312		25,000		25,467
Covanta Holding Corp. 5.000%, due 09/01/30		100,000		85,081
Madison IAQ LLC 5.875%, due 06/30/292		100,000		79,324
				189,872
Food—2.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.250%, due 03/15/262		75,000		69,372
3.500%, due 03/15/292		25,000		21,562
4.625%, due 01/15/272		175,000		165,909
4.875%, due 02/15/302		75,000		68,988
5.875%, due 02/15/282		125,000		122,187
Bellis Acquisition Co. PLC 3.250%, due 02/16/263	GBP	400,000		405,607
C&S Group Enterprises LLC 5.000%, due 12/15/282		100,000		77,125

	Face amount1		Value
Corporate bonds—(continued)
Food—(concluded)
Casino Guichard Perrachon SA 4.498%, due 03/07/243,11	EUR	100,000	$	92,897
5.250%, due 04/15/273	EUR	100,000		63,327
Grupo KUO SAB De CV 5.750%, due 07/07/273		400,000		377,100
Ingles Markets, Inc. 4.000%, due 06/15/312		175,000		150,785
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.500%, due 01/15/302		100,000		97,175
Lamb Weston Holdings, Inc. 4.125%, due 01/31/302		100,000		90,125
4.375%, due 01/31/322		100,000		89,557
MARB BondCo PLC 3.950%, due 01/29/313		400,000		313,902
Minerva Luxembourg SA 4.375%, due 03/18/313		250,000		210,675
4.375%, due 03/18/312		250,000		210,675
Nathan's Famous, Inc. 6.625%, due 11/01/252		110,000		108,900
NBM US Holdings, Inc. 7.000%, due 05/14/263		500,000		497,730
Performance Food Group, Inc. 4.250%, due 08/01/292		125,000		111,531
5.500%, due 10/15/272		100,000		96,250
Post Holdings, Inc. 4.500%, due 09/15/312		50,000		43,125
5.500%, due 12/15/292		75,000		69,553
5.625%, due 01/15/282		25,000		24,062
Premier Foods Finance PLC 3.500%, due 10/15/263	GBP	250,000		275,807
Quatrim SASU 5.875%, due 01/15/243	EUR	100,000		105,871
Rallye SA, Series COFP, 5.520%, due 02/28/323	EUR	800,000		13,046
SEG Holding LLC/SEG Finance Corp. 5.625%, due 10/15/282		250,000		236,337
Sigma Holdco BV 5.750%, due 05/15/263	EUR	625,000		519,794
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./ Simmons Feed 4.625%, due 03/01/292		175,000		148,371
United Natural Foods, Inc. 6.750%, due 10/15/282		50,000		48,250
US Foods, Inc. 4.750%, due 02/15/292		200,000		182,959
6.250%, due 04/15/252		100,000		100,181
				5,208,735
Food service—0.2%
Aramark Services, Inc. 5.000%, due 04/01/252		75,000		73,875
5.000%, due 02/01/282		100,000		94,250
6.375%, due 05/01/252		125,000		125,031

114

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Food service—(concluded)
TKC Holdings, Inc. 10.500%, due 05/15/292		100,000	$	60,948
				354,104
Forest products & paper—0.1%
Appcion Esc 9.000%, due 06/01/252,4,5,9		650,000		6,500
Domtar Corp. 6.750%, due 10/01/282		83,000		76,271
Glatfelter Corp. 4.750%, due 11/15/292		75,000		52,500
Mercer International, Inc. 5.125%, due 02/01/29		150,000		128,280
				263,551
Gas—0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.500%, due 05/20/25		50,000		48,500
5.750%, due 05/20/27		150,000		141,378
EP Infrastructure AS 1.816%, due 03/02/313	EUR	200,000		146,942
2.045%, due 10/09/283	EUR	150,000		121,672
				458,492
Hand & machine tools—0.2%
Regal Rexnord Corp. 6.050%, due 02/15/262		50,000		50,811
6.050%, due 04/15/282		50,000		50,761
6.300%, due 02/15/302		50,000		50,983
6.400%, due 04/15/332		50,000		51,267
Werner FinCo LP/Werner FinCo, Inc. 8.750%, due 07/15/252		200,000		133,249
				337,071
Healthcare-products—0.4%
Avantor Funding, Inc. 3.875%, due 11/01/292		150,000		131,859
4.625%, due 07/15/282		275,000		259,212
Medline Borrower LP 3.875%, due 04/01/292		407,000		347,991
5.250%, due 10/01/292		275,000		230,254
				969,316
Healthcare-services—2.8%
Acadia Healthcare Co., Inc. 5.000%, due 04/15/292		100,000		93,510
5.500%, due 07/01/282		125,000		120,423
AHP Health Partners, Inc. 5.750%, due 07/15/292		75,000		61,701
Air Methods Corp. 8.000%, due 05/15/252		175,000		7,875
Catalent Pharma Solutions, Inc. 2.375%, due 03/01/283	EUR	350,000		314,866
Centene Corp. 3.000%, due 10/15/30		200,000		171,000
4.250%, due 12/15/27		350,000		335,744

	Face amount1		Value
Corporate bonds—(continued)
Healthcare-services—(concluded)
4.625%, due 12/15/29		50,000	$	47,503
Charles River Laboratories International, Inc. 4.000%, due 03/15/312		82,000		72,344
CHS/Community Health Systems, Inc. 4.750%, due 02/15/312		250,000		191,248
5.250%, due 05/15/302		150,000		121,038
5.625%, due 03/15/272		175,000		154,910
6.000%, due 01/15/292		75,000		65,831
6.125%, due 04/01/302		150,000		90,171
6.875%, due 04/01/282		48,000		29,385
6.875%, due 04/15/292		225,000		142,313
8.000%, due 03/15/262		250,000		241,338
8.000%, due 12/15/272		250,000		235,623
DaVita, Inc. 3.750%, due 02/15/312		275,000		213,812
4.625%, due 06/01/302		325,000		273,812
Encompass Health Corp. 4.750%, due 02/01/30		125,000		114,583
Envision Healthcare Corp. 8.750%, due 10/15/262		200,000		53,885
HCA, Inc. 5.375%, due 09/01/26		75,000		75,442
IQVIA, Inc. 2.250%, due 01/15/283	EUR	200,000		188,914
Legacy LifePoint Health LLC 6.750%, due 04/15/252		100,000		97,500
LifePoint Health, Inc. 5.375%, due 01/15/292		100,000		66,800
ModivCare Escrow Issuer, Inc. 5.000%, due 10/01/292		75,000		65,001
Molina Healthcare, Inc. 3.875%, due 11/15/302		125,000		107,516
3.875%, due 05/15/322		275,000		230,554
4.375%, due 06/15/282		150,000		138,533
Pediatrix Medical Group, Inc. 5.375%, due 02/15/302		50,000		44,250
Prime Healthcare Services, Inc. 7.250%, due 11/01/252		150,000		132,103
Rede D'or Finance Sarl 4.500%, due 01/22/303		364,000		319,069
RP Escrow Issuer LLC 5.250%, due 12/15/252		100,000		81,600
Select Medical Corp. 6.250%, due 08/15/262		150,000		146,502
Tenet Healthcare Corp. 4.250%, due 06/01/29		50,000		44,520
4.375%, due 01/15/30		150,000		133,340
4.625%, due 09/01/24		150,000		147,603
4.875%, due 01/01/26		125,000		121,746
5.125%, due 11/01/27		175,000		168,438
6.125%, due 10/01/28		525,000		490,917
6.125%, due 06/15/302		150,000		145,607
				6,098,870

115

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Holding companies-divers—0.3%
KOC Holding AS 6.500%, due 03/11/252		200,000	$	196,350
6.500%, due 03/11/253		400,000		392,700
				589,050
Home builders—1.3%
Adams Homes, Inc. 7.500%, due 02/15/252		150,000		129,009
Ashton Woods USA LLC/Ashton Woods Finance Co. 4.625%, due 08/01/292		75,000		62,625
4.625%, due 04/01/302		150,000		124,562
6.625%, due 01/15/282		100,000		91,220
Beazer Homes USA, Inc. 5.875%, due 10/15/27		50,000		44,625
6.750%, due 03/15/25		175,000		171,486
7.250%, due 10/15/29		100,000		92,375
Brookfield Residential Properties, Inc./ Brookfield Residential U.S. LLC 4.875%, due 02/15/302		25,000		19,374
5.000%, due 06/15/292		125,000		99,269
Century Communities, Inc. 3.875%, due 08/15/292		75,000		63,049
Empire Communities Corp. 7.000%, due 12/15/252		125,000		113,125
Forestar Group, Inc. 3.850%, due 05/15/262		100,000		89,109
5.000%, due 03/01/282		125,000		109,063
Installed Building Products, Inc. 5.750%, due 02/01/282		150,000		137,977
KB Home 4.000%, due 06/15/31		125,000		104,230
6.875%, due 06/15/27		100,000		102,000
7.250%, due 07/15/30		75,000		74,883
LGI Homes, Inc. 4.000%, due 07/15/292		25,000		20,250
Maison Finco PLC 6.000%, due 10/31/273	GBP	245,000		228,952
Mattamy Group Corp. 4.625%, due 03/01/302		125,000		105,106
Meritage Homes Corp. 6.000%, due 06/01/25		290,000		291,569
Shea Homes LP / Shea Homes Funding Corp. 4.750%, due 02/15/28		100,000		89,114
4.750%, due 04/01/29		125,000		108,125
STL Holding Co. LLC 7.500%, due 02/15/262		125,000		109,668
Thor Industries, Inc. 4.000%, due 10/15/292		75,000		62,364
Toll Brothers Finance Corp. 4.875%, due 03/15/27		50,000		48,784
Tri Pointe Homes, Inc. 5.700%, due 06/15/28		75,000		70,364

	Face amount1		Value
Corporate bonds—(continued)
Home builders—(concluded)
Winnebago Industries, Inc. 6.250%, due 07/15/282		100,000	$	96,165
				2,858,442
Home furnishings—0.0%†
Tempur Sealy International, Inc. 4.000%, due 04/15/292		125,000		109,177
Household products/wares—0.3%
Central Garden & Pet Co. 4.125%, due 10/15/30		75,000		63,773
4.125%, due 04/30/312		100,000		83,885
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 5.000%, due 12/31/262		50,000		45,388
7.000%, due 12/31/272		75,000		65,362
Spectrum Brands, Inc. 4.000%, due 10/01/262	EUR	325,000		329,928
5.500%, due 07/15/302		50,000		45,417
5.750%, due 07/15/25		0		—
				633,753
Housewares—0.4%
Newell Brands, Inc. 4.450%, due 04/01/2611		250,000		237,510
5.625%, due 04/01/3611		225,000		200,453
5.750%, due 04/01/4611		50,000		41,560
6.375%, due 09/15/27		75,000		75,389
6.625%, due 09/15/29		75,000		75,817
Scotts Miracle-Gro Co. 4.000%, due 04/01/31		125,000		101,250
4.375%, due 02/01/32		50,000		40,756
				772,735
Insurance—0.6%
Acrisure LLC/Acrisure Finance, Inc. 7.000%, due 11/15/252		375,000		356,764
10.125%, due 08/01/262		25,000		25,000
AssuredPartners, Inc. 5.625%, due 01/15/292		75,000		64,153
7.000%, due 08/15/252		50,000		49,168
HUB International Ltd. 5.625%, due 12/01/292		25,000		22,372
MGIC Investment Corp. 5.250%, due 08/15/28		325,000		306,377
NMI Holdings, Inc. 7.375%, due 06/01/252		175,000		176,977
Sagicor Financial Co. Ltd. 5.300%, due 05/13/282		400,000		388,528
				1,389,339
Internet—1.2%
Arches Buyer, Inc. 4.250%, due 06/01/282		125,000		105,000
B2W Digital Lux Sarl 0.000%, due 12/20/302,10		200,000		32,000

116

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Internet—(concluded)
Cogent Communications Group, Inc. 7.000%, due 06/15/272		125,000	$	123,725
Gen Digital, Inc. 6.750%, due 09/30/272		125,000		126,756
7.125%, due 09/30/302		150,000		152,295
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.500%, due 03/01/292		75,000		64,860
5.250%, due 12/01/272		250,000		241,945
Iliad SA 1.875%, due 02/11/283	EUR	100,000		92,184
2.375%, due 06/17/263	EUR	200,000		198,949
Match Group Holdings II LLC 4.125%, due 08/01/302		100,000		86,000
4.625%, due 06/01/282		100,000		91,977
5.000%, due 12/15/272		75,000		71,915
MercadoLibre, Inc. 3.125%, due 01/14/31		300,000		237,112
Millennium Escrow Corp. 6.625%, due 08/01/262		100,000		69,570
Netflix, Inc. 5.375%, due 11/15/292		100,000		101,423
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.750%, due 04/30/272		50,000		45,379
Uber Technologies, Inc. 6.250%, due 01/15/282		125,000		122,308
7.500%, due 05/15/252		25,000		25,357
7.500%, due 09/15/272		250,000		253,842
8.000%, due 11/01/262		300,000		307,092
United Group BV 3 mo. Euribor + 3.250%, 5.012%, due 02/15/262,7	EUR	100,000		96,485
Ziff Davis, Inc. 4.625%, due 10/15/302		69,000		61,138
				2,707,312
Investment companies—0.6%
Compass Group Diversified Holdings LLC 5.000%, due 01/15/322		75,000		61,487
5.250%, due 04/15/292		125,000		112,472
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, due 02/01/29		125,000		108,852
4.750%, due 09/15/24		425,000		414,906
5.250%, due 05/15/27		400,000		372,438
6.250%, due 05/15/26		300,000		295,951
6.375%, due 12/15/25		25,000		24,782
				1,390,888
Iron & steel—1.0%
ATI, Inc. 4.875%, due 10/01/29		75,000		68,635
5.125%, due 10/01/31		100,000		90,875
5.875%, due 12/01/27		150,000		144,734

	Face amount1		Value
Corporate bonds—(continued)
Iron & steel—(concluded)
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.750%, due 07/15/262		175,000	$	169,945
Big River Steel LLC/BRS Finance Corp. 6.625%, due 01/31/292		140,000		137,311
Carpenter Technology Corp. 6.375%, due 07/15/28		200,000		197,000
Cleveland-Cliffs, Inc. 4.875%, due 03/01/312,12		50,000		46,706
5.875%, due 06/01/27		225,000		221,276
6.750%, due 03/15/262		50,000		50,813
Commercial Metals Co. 4.125%, due 01/15/30		50,000		44,750
4.375%, due 03/15/32		50,000		43,862
CSN Inova Ventures 6.750%, due 01/28/283		250,000		249,750
JSW Steel Ltd. 5.050%, due 04/05/322		200,000		167,912
Mineral Resources Ltd. 8.000%, due 11/01/272		300,000		307,140
8.125%, due 05/01/272		148,000		149,110
8.500%, due 05/01/302		75,000		77,484
TMS International Corp. 6.250%, due 04/15/292		75,000		56,335
United States Steel Corp. 6.875%, due 03/01/29		10,000		10,104
				2,233,742
IT services—0.1%
Carnelian Holdings LP 5.000%, due 06/30/284		14,852		148,515
Leisure time—3.7%
Carnival Corp. 5.750%, due 03/01/272		2,125,000		1,763,750
6.000%, due 05/01/292		675,000		533,250
6.650%, due 01/15/28		100,000		76,929
7.625%, due 03/01/262		575,000		523,250
7.625%, due 03/01/263	EUR	575,000		562,850
9.875%, due 08/01/272		25,000		25,688
10.500%, due 02/01/262		75,000		78,443
10.500%, due 06/01/302		375,000		360,937
Carnival Holdings Bermuda Ltd. 10.375%, due 05/01/282		25,000		27,000
Carnival PLC 1.000%, due 10/28/29	EUR	325,000		177,899
Codere New Holdco SA 3.000%, due 11/30/273,4	EUR	125,662		84,359
Deuce Finco PLC 5.500%, due 06/15/273	GBP	200,000		208,352
5.500%, due 06/15/272	GBP	125,000		130,220
Life Time, Inc. 5.750%, due 01/15/262		250,000		240,255
8.000%, due 04/15/262		625,000		607,022
Lindblad Expeditions LLC 6.750%, due 02/15/272		50,000		49,045

117

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Leisure time—(concluded)
MajorDrive Holdings IV LLC 6.375%, due 06/01/292		175,000	$	138,276
NCL Corp. Ltd. 3.625%, due 12/15/242		75,000		70,406
5.875%, due 03/15/262		475,000		410,865
5.875%, due 02/15/272		50,000		46,488
7.750%, due 02/15/292		75,000		64,495
NCL Finance Ltd. 6.125%, due 03/15/282		125,000		101,562
Royal Caribbean Cruises Ltd. 3.700%, due 03/15/28		150,000		118,123
4.250%, due 07/01/262		75,000		65,063
5.375%, due 07/15/272		625,000		543,676
5.500%, due 08/31/262		75,000		67,122
5.500%, due 04/01/282		225,000		193,500
7.500%, due 10/15/27		75,000		69,665
9.250%, due 01/15/292		25,000		26,372
11.625%, due 08/15/272		50,000		53,060
Viking Cruises Ltd. 5.875%, due 09/15/272		400,000		340,000
6.250%, due 05/15/252		75,000		68,276
7.000%, due 02/15/292		75,000		65,250
Viking Ocean Cruises Ship VII, Ltd. 5.625%, due 02/15/292		75,000		64,125
VOC Escrow Ltd. 5.000%, due 02/15/282		150,000		131,625
				8,087,198
Lodging—1.8%
Accor SA (fixed, converts to FRN on 04/30/25), 2.625%, due 01/30/253,7,8	EUR	400,000		387,243
Boyd Gaming Corp. 4.750%, due 12/01/27		25,000		23,767
Fortune Star BVI Ltd. 3.950%, due 10/02/263	EUR	325,000		263,889
6.850%, due 07/02/243		200,000		185,500
Full House Resorts, Inc. 8.250%, due 02/15/282		200,000		186,440
Hilton Domestic Operating Co., Inc. 3.625%, due 02/15/322		200,000		167,950
3.750%, due 05/01/292		75,000		66,608
4.000%, due 05/01/312		325,000		281,612
4.875%, due 01/15/30		100,000		94,272
5.375%, due 05/01/252		200,000		198,618
5.750%, due 05/01/282		125,000		124,016
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower ESC 4.875%, due 07/01/312		200,000		173,436
5.000%, due 06/01/292		275,000		245,946
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875%, due 04/01/27		25,000		24,204
MGM China Holdings Ltd. 5.250%, due 06/18/253		200,000		189,788

	Face amount1		Value
Corporate bonds—(continued)
Lodging—(concluded)
MGM Resorts International 4.750%, due 10/15/28		275,000	$	249,348
5.500%, due 04/15/27		75,000		72,324
6.750%, due 05/01/25		100,000		100,732
Sands China Ltd. 5.625%, due 08/08/2511		200,000		197,250
Station Casinos LLC 4.500%, due 02/15/282		25,000		22,506
4.625%, due 12/01/312		50,000		42,146
Travel + Leisure Co. 4.625%, due 03/01/302		75,000		63,775
6.625%, due 07/31/262		200,000		198,474
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.250%, due 05/15/272		250,000		236,170
Wynn Macau Ltd. 5.500%, due 10/01/273		200,000		179,000
				3,975,014
Machinery-construction & mining—0.1%
BWX Technologies, Inc. 4.125%, due 04/15/292		75,000		67,127
Manitowoc Co., Inc. 9.000%, due 04/01/262		75,000		73,781
Terex Corp. 5.000%, due 05/15/292		150,000		140,063
				280,971
Machinery-diversified—0.6%
Chart Industries, Inc. 7.500%, due 01/01/302		125,000		127,812
9.500%, due 01/01/312		75,000		78,262
Galapagos SA, 5.375% 06/15/2021, 0.000%, due 06/15/213,10	EUR	27,500		149
Husky III Holding Ltd. 13.000% Cash or 13.750% PIK, 13.000%, due 02/15/252,6		75,000		69,510
JPW Industries Holding Corp. 9.000%, due 10/01/242		25,000		22,313
Novafives SAS 5.000%, due 06/15/253	EUR	175,000		156,586
OT Merger Corp. 7.875%, due 10/15/292		50,000		32,105
Selecta Group BV 3.500% Cash or 4.500% PIK, 8.000%, due 04/01/262,6	EUR	207,887		194,477
3.500% Cash or 4.500% PIK, 8.000%, due 04/01/263,6	EUR	18,946		17,724
10.000%, due 07/01/262,6	EUR	80,675		48,800
9.250% Cash or 10.000% PIK, 10.000%, due 07/01/263,6	EUR	281,378		170,203
Titan Acquisition Ltd./Titan Co-Borrower LLC 7.750%, due 04/15/262		200,000		189,180

118

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Machinery-diversified—(concluded)
TK Elevator Midco GmbH 4.375%, due 07/15/273	EUR	200,000	$	196,361
				1,303,482
Media—6.1%
Altice Financing SA 2.250%, due 01/15/253	EUR	325,000		329,839
3.000%, due 01/15/283	EUR	200,000		174,292
5.000%, due 01/15/282		200,000		170,058
AMC Networks, Inc. 4.250%, due 02/15/29		200,000		123,250
Audacy Capital Corp. 6.750%, due 03/31/292		75,000		12,750
CCO Holdings LLC/CCO Holdings Capital Corp. 4.250%, due 02/01/312		325,000		270,741
4.250%, due 01/15/342		400,000		311,820
4.500%, due 05/01/32		550,000		455,125
4.500%, due 06/01/332		550,000		446,875
4.750%, due 03/01/302		300,000		262,137
4.750%, due 02/01/322		975,000		828,750
5.000%, due 02/01/282		200,000		186,750
5.375%, due 06/01/292		50,000		46,250
6.375%, due 09/01/292		250,000		241,250
CSC Holdings LLC 4.500%, due 11/15/312		400,000		294,592
4.625%, due 12/01/302		700,000		413,912
5.000%, due 11/15/312		200,000		119,982
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, due 08/15/262		250,000		18,438
6.625%, due 08/15/272		125,000		2,500
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.875%, due 08/15/272		550,000		498,193
DISH DBS Corp. 5.125%, due 06/01/29		200,000		127,178
5.250%, due 12/01/262		275,000		237,016
5.750%, due 12/01/282		175,000		143,182
5.875%, due 11/15/24		100,000		94,382
7.375%, due 07/01/28		200,000		143,627
DISH Network Corp. 11.750%, due 11/15/272		200,000		207,840
GCI LLC 4.750%, due 10/15/282		150,000		132,081
Gray Escrow II, Inc. 5.375%, due 11/15/312		250,000		192,256
Gray Television, Inc. 4.750%, due 10/15/302		350,000		258,125
iHeartCommunications, Inc. 4.750%, due 01/15/282		50,000		42,753
5.250%, due 08/15/272		125,000		111,954
6.375%, due 05/01/26		55,291		52,825
McGraw-Hill Education, Inc. 8.000%, due 08/01/292		125,000		107,187

	Face amount1		Value
Corporate bonds—(continued)
Media—(continued)
Midcontinent Communications/ Midcontinent Finance Corp. 5.375%, due 08/15/272		125,000	$	117,754
News Corp. 3.875%, due 05/15/292		200,000		178,956
5.125%, due 02/15/322		200,000		188,300
Nexstar Media, Inc. 4.750%, due 11/01/282		125,000		112,835
5.625%, due 07/15/272		125,000		119,071
RCS & RDS SA 3.250%, due 02/05/283	EUR	400,000		369,441
Scripps Escrow II, Inc. 5.375%, due 01/15/312		50,000		40,350
Scripps Escrow, Inc. 5.875%, due 07/15/272		75,000		66,937
Sinclair Television Group, Inc. 4.125%, due 12/01/302		125,000		99,375
5.125%, due 02/15/272		150,000		132,573
5.500%, due 03/01/302		50,000		39,875
Sirius XM Radio, Inc. 3.125%, due 09/01/262		275,000		247,507
3.875%, due 09/01/312		550,000		453,409
4.000%, due 07/15/282		275,000		244,777
5.000%, due 08/01/272		75,000		70,969
5.500%, due 07/01/292		200,000		187,430
Summer BidCo BV 9.000% Cash or 9.750% PIK, 9.000%, due 11/15/253,6	EUR	346,049		281,737
9.000% Cash or 9.750% PIK, 9.000%, due 11/15/252,6	EUR	282,342		229,017
TEGNA, Inc. 4.625%, due 03/15/28		175,000		164,246
5.000%, due 09/15/29		100,000		94,201
Telecomunicaciones Digitales SA 4.500%, due 01/30/302		300,000		264,187
Univision Communications, Inc. 4.500%, due 05/01/292		475,000		408,699
5.125%, due 02/15/252		50,000		48,713
6.625%, due 06/01/272		100,000		98,000
7.375%, due 06/30/302		150,000		147,098
UPC Broadband Finco BV 4.875%, due 07/15/312		400,000		351,908
UPC Holding BV 3.875%, due 06/15/293	EUR	100,000		94,990
UPCB Finance VII Ltd. 3.625%, due 06/15/293	EUR	250,000		245,214
Videotron Ltd. 3.625%, due 06/15/292		100,000		87,006
Virgin Media Finance PLC 5.000%, due 07/15/302		200,000		167,878
Virgin Media Secured Finance PLC 4.125%, due 08/15/303	GBP	200,000		196,639
Virgin Media Vendor Financing Notes III DAC 4.875%, due 07/15/283	GBP	200,000		206,194

119

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Media—(concluded)
VZ Vendor Financing II BV 2.875%, due 01/15/293	EUR	150,000	$	128,012
2.875%, due 01/15/292	EUR	300,000		256,024
Ziggo Bond Co. BV 6.000%, due 01/15/272		200,000		189,156
				13,386,388
Metal fabricate/hardware—0.1%
Advanced Drainage Systems, Inc. 5.000%, due 09/30/272		75,000		71,390
Park-Ohio Industries, Inc. 6.625%, due 04/15/27		175,000		128,582
Roller Bearing Co. of America, Inc. 4.375%, due 10/15/292		75,000		67,581
				267,553
Mining—1.5%
Alcoa Nederland Holding BV 4.125%, due 03/31/292		200,000		185,249
Arconic Corp. 6.000%, due 05/15/252		100,000		99,008
6.125%, due 02/15/282		25,000		24,020
China Hongqiao Group Ltd. 6.250%, due 06/08/243		200,000		196,150
Coeur Mining, Inc. 5.125%, due 02/15/292		100,000		80,520
Compass Minerals International, Inc. 6.750%, due 12/01/272		25,000		24,391
Constellium SE 3.125%, due 07/15/292	EUR	175,000		156,957
3.750%, due 04/15/292		250,000		212,612
First Quantum Minerals Ltd. 6.500%, due 03/01/242		200,000		198,125
6.875%, due 10/15/272		200,000		192,895
7.500%, due 04/01/253		400,000		394,020
FMG Resources August 2006 Pty Ltd. 4.375%, due 04/01/312		275,000		242,000
5.875%, due 04/15/302		150,000		146,490
6.125%, due 04/15/322		125,000		121,875
Freeport-McMoRan, Inc. 4.125%, due 03/01/28		50,000		47,416
4.375%, due 08/01/28		50,000		47,639
5.250%, due 09/01/29		100,000		99,128
IAMGOLD Corp. 5.750%, due 10/15/282		100,000		79,030
Kaiser Aluminum Corp. 4.625%, due 03/01/282		125,000		114,125
Novelis Corp. 3.250%, due 11/15/262		100,000		90,532
3.875%, due 08/15/312		50,000		42,200
4.750%, due 01/30/302		100,000		90,500
Novelis Sheet Ingot GmbH 3.375%, due 04/15/293	EUR	250,000		236,140
Taseko Mines Ltd. 7.000%, due 02/15/262		100,000		94,750

	Face amount1		Value
Corporate bonds—(continued)
Mining—(concluded)
Vedanta Resources Finance II PLC 13.875%, due 01/21/242		200,000	$	176,913
				3,392,685
Miscellaneous manufacturers—0.1%
FXI Holdings, Inc. 7.875%, due 11/01/242		100,000		90,126
12.250%, due 11/15/262		94,000		84,953
LSB Industries, Inc. 6.250%, due 10/15/282		25,000		22,525
				197,604
Office & business equipment—0.1%
CDW LLC/CDW Finance Corp. 3.250%, due 02/15/29		75,000		64,965
4.125%, due 05/01/25		75,000		72,580
Xerox Holdings Corp. 5.000%, due 08/15/252		175,000		162,785
5.500%, due 08/15/282		25,000		21,203
				321,533
Oil & gas—10.1%
Aethon United BR LP/Aethon United Finance Corp. 8.250%, due 02/15/262		100,000		99,500
Antero Resources Corp. 5.375%, due 03/01/302		25,000		23,313
7.625%, due 02/01/292		49,000		50,107
Apache Corp. 4.750%, due 04/15/43		75,000		59,372
5.100%, due 09/01/40		125,000		109,156
5.350%, due 07/01/49		125,000		103,412
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 8.250%, due 12/31/282		25,000		24,481
9.000%, due 11/01/272		150,000		184,875
Athabasca Oil Corp. 9.750%, due 11/01/262		211,000		221,550
Callon Petroleum Co. 7.500%, due 06/15/302		75,000		72,563
8.250%, due 07/15/25		25,000		24,979
Chesapeake Energy Corp. 5.875%, due 02/01/292		125,000		119,703
6.750%, due 04/15/292		250,000		246,512
Chord Energy Corp. 6.375%, due 06/01/262		75,000		73,875
Citgo Holding, Inc. 9.250%, due 08/01/242		200,000		201,000
CITGO Petroleum Corp. 7.000%, due 06/15/252		150,000		148,737
Civitas Resources, Inc. 5.000%, due 10/15/262		175,000		163,187
CNX Resources Corp. 6.000%, due 01/15/292		175,000		160,646
7.250%, due 03/14/272		125,000		124,375
7.375%, due 01/15/312		25,000		24,312

120

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Comstock Resources, Inc. 5.875%, due 01/15/302		150,000	$	128,625
6.750%, due 03/01/292		100,000		92,250
Crescent Energy Finance LLC 9.250%, due 02/15/282		25,000		24,961
CrownRock LP/CrownRock Finance, Inc. 5.000%, due 05/01/292		25,000		22,899
5.625%, due 10/15/252		50,000		48,750
Ecopetrol SA 4.625%, due 11/02/31		300,000		236,265
5.375%, due 06/26/26		750,000		722,381
5.875%, due 05/28/45		300,000		214,837
8.875%, due 01/13/33		200,000		204,760
Energean Israel Finance Ltd. 4.875%, due 03/30/262		300,000		281,025
5.875%, due 03/30/312		75,000		67,256
EnQuest PLC 7.000%, due 10/15/233,6	GBP	124,000		151,968
Ensign Drilling, Inc. 9.250%, due 04/15/242		100,000		97,002
EQT Corp. 3.125%, due 05/15/262		50,000		46,756
3.900%, due 10/01/27		50,000		47,434
7.000%, due 02/01/3011		50,000		53,181
Geopark Ltd. 5.500%, due 01/17/272		500,000		443,531
Global Marine, Inc. 7.000%, due 06/01/28		100,000		79,500
Gulfport Energy Corp. 2.000%, due 10/15/24		50,000		32
3.000%, due 05/15/25		100,000		63
3.000%, due 01/15/26		175,000		110
8.000%, due 05/17/262		170,052		168,489
Hilcorp Energy I LP/Hilcorp Finance Co. 6.000%, due 04/15/302		100,000		92,965
6.000%, due 02/01/312		175,000		161,823
6.250%, due 11/01/282		75,000		72,038
Ithaca Energy North Sea PLC 9.000%, due 07/15/262		200,000		196,463
KazMunayGas National Co. JSC 3.500%, due 04/14/332		200,000		151,876
4.750%, due 04/19/273		250,000		232,031
Leviathan Bond Ltd. 6.125%, due 06/30/252		75,000		74,100
6.500%, due 06/30/272		300,000		295,125
Magnolia Oil & Gas Operating LLC/ Magnolia Oil & Gas Finance Corp. 6.000%, due 08/01/262		175,000		169,312
Matador Resources Co. 5.875%, due 09/15/26		100,000		98,362
MC Brazil Downstream Trading SARL 7.250%, due 06/30/313		193,250		168,553
Medco Laurel Tree Pte Ltd. 6.950%, due 11/12/282		400,000		379,450
MEG Energy Corp. 5.875%, due 02/01/292		175,000		167,125

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Moss Creek Resources Holdings, Inc. 7.500%, due 01/15/262		100,000	$	92,340
Murphy Oil Corp. 5.750%, due 08/15/25		53,000		52,785
6.375%, due 07/15/28		150,000		148,345
Nabors Industries Ltd. 7.250%, due 01/15/262		75,000		72,938
7.500%, due 01/15/282		150,000		142,982
Nabors Industries, Inc. 5.750%, due 02/01/25		175,000		169,672
Noble Finance Co. 11.000% Cash or 15.000% PIK, 11.000%, due 02/15/282,6		2,757		3,005
Northern Oil and Gas, Inc. 8.125%, due 03/01/282		250,000		249,020
Occidental Petroleum Corp. 5.550%, due 03/15/26		200,000		202,010
5.875%, due 09/01/25		75,000		75,915
6.450%, due 09/15/36		200,000		210,326
6.600%, due 03/15/46		200,000		212,974
7.125%, due 10/15/27		50,000		51,500
7.500%, due 05/01/31		350,000		389,375
7.875%, due 09/15/31		150,000		169,888
8.500%, due 07/15/27		175,000		193,594
8.875%, due 07/15/30		25,000		29,438
Parkland Corp. 4.500%, due 10/01/292		250,000		214,448
4.625%, due 05/01/302		100,000		85,960
5.875%, due 07/15/272		150,000		143,895
PBF Holding Co. LLC/PBF Finance Corp. 6.000%, due 02/15/28		225,000		212,139
7.250%, due 06/15/25		25,000		24,906
PDC Energy, Inc. 5.750%, due 05/15/26		75,000		72,535
Permian Resources Operating LLC 5.375%, due 01/15/262		150,000		141,773
5.875%, due 07/01/292		100,000		93,730
Petrobras Global Finance BV 5.093%, due 01/15/30		250,000		235,525
5.600%, due 01/03/31		170,000		164,016
5.750%, due 02/01/29		275,000		269,871
6.850%, due 06/05/15		200,000		172,500
6.900%, due 03/19/49		325,000		294,491
Petroleos Mexicanos 2.750%, due 04/21/273	EUR	575,000		520,718
3.750%, due 04/16/263	EUR	100,000		100,174
4.750%, due 02/26/293	EUR	275,000		252,122
5.950%, due 01/28/31		300,000		239,520
6.500%, due 03/13/27		510,000		480,560
6.500%, due 06/02/41		1,250,000		891,375
6.625%, due 06/15/35		477,000		372,346
6.700%, due 02/16/32		700,000		579,250
6.750%, due 09/21/47		479,000		331,109
6.875%, due 10/16/25		935,000		934,649
6.950%, due 01/28/60		250,000		171,087
7.690%, due 01/23/50		1,150,000		858,762
10.000%, due 02/07/332		100,000		98,400

121

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(continued)
Precision Drilling Corp. 6.875%, due 01/15/292		100,000	$	96,324
7.125%, due 01/15/262		200,000		197,936
Range Resources Corp. 8.250%, due 01/15/29		150,000		154,206
ROCC Holdings LLC 9.250%, due 08/15/262		175,000		177,406
Rockcliff Energy II LLC 5.500%, due 10/15/292		25,000		23,781
Sanchez Energy Corp. 6.125%, due 01/15/239		350,000		2,625
7.750%, due 06/15/219		475,000		3,563
Shelf Drilling Holdings Ltd. 8.250%, due 02/15/252		275,000		259,187
8.875%, due 11/15/242		100,000		99,738
Shelf Drilling North Sea Holdings Ltd. 10.250%, due 10/31/252		100,000		99,644
SM Energy Co. 5.625%, due 06/01/25		50,000		49,000
6.750%, due 09/15/26		100,000		98,436
Southwestern Energy Co. 4.750%, due 02/01/32		100,000		88,152
5.375%, due 02/01/29		50,000		46,982
5.375%, due 03/15/30		100,000		93,125
5.700%, due 01/23/2511		34,000		33,713
8.375%, due 09/15/28		50,000		52,517
State Oil Co. of the Azerbaijan Republic 4.750%, due 03/13/233		300,000		298,087
Sunoco LP/Sunoco Finance Corp. 4.500%, due 04/30/30		175,000		155,899
6.000%, due 04/15/27		150,000		149,915
Talos Production, Inc. 12.000%, due 01/15/26		75,000		79,500
Tap Rock Resources LLC 7.000%, due 10/01/262		75,000		70,988
Teine Energy Ltd. 6.875%, due 04/15/292		125,000		116,719
Transocean Guardian Ltd. 5.875%, due 01/15/242		11,980		12,148
Transocean Sentry Ltd. 5.375%, due 05/15/232		33,077		32,829
Transocean Titan Financing Ltd. 8.375%, due 02/01/282		50,000		51,886
Transocean, Inc. 6.800%, due 03/15/38		75,000		53,250
7.250%, due 11/01/252		175,000		166,687
7.500%, due 01/15/262		175,000		164,500
7.500%, due 04/15/31		75,000		58,125
8.000%, due 02/01/272		25,000		22,938
8.750%, due 02/15/302		75,000		77,325
9.350%, due 12/15/4111		225,000		176,625
11.500%, due 01/30/272		168,000		175,300
Vermilion Energy, Inc. 6.875%, due 05/01/302		125,000		115,313

	Face amount1		Value
Corporate bonds—(continued)
Oil & gas—(concluded)
YPF SA 6.950%, due 07/21/273		300,000	$	238,556
8.500%, due 03/23/253		125,000		117,836
9.000%, due 02/12/263		150,000		147,311
				22,106,993
Oil & gas services—0.7%
Archrock Partners LP/Archrock Partners Finance Corp. 6.250%, due 04/01/282		175,000		166,250
6.875%, due 04/01/272		75,000		73,500
Bristow Group, Inc. 6.875%, due 03/01/282		150,000		142,908
CGG SA 7.750%, due 04/01/273	EUR	150,000		145,135
Enerflex Ltd. 9.000%, due 10/15/272		100,000		101,852
Nine Energy Service, Inc. 8.750%, due 11/01/232		125,000		125,000
13.000%, due 02/01/28		150,000		154,500
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, due 04/01/26		100,000		98,145
6.875%, due 09/01/27		75,000		72,750
Weatherford International Ltd. 8.625%, due 04/30/302		350,000		353,293
11.000%, due 12/01/242		9,000		9,248
				1,442,581
Packaging & containers—2.2%
ARD Finance SA 5.000% Cash or 5.750% PIK, 5.000%, due 06/30/273,6	EUR	375,000		307,857
6.500% Cash or 7.250% PIK, 6.500%, due 06/30/272,6		400,000		313,776
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.000%, due 09/01/293	EUR	300,000		253,242
6.000%, due 06/15/272		200,000		199,440
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, due 08/15/263	EUR	375,000		351,969
5.250%, due 08/15/272		200,000		163,777
Ball Corp. 3.125%, due 09/15/31		125,000		102,207
6.875%, due 03/15/28		125,000		128,919
Clydesdale Acquisition Holdings, Inc. 6.625%, due 04/15/292		25,000		24,578
Crown Americas LLC 5.250%, due 04/01/30		50,000		48,125
Crown Americas LLC/Crown Americas Capital Corp. VI 4.750%, due 02/01/26		50,000		48,847
Graphic Packaging International LLC 2.625%, due 02/01/292	EUR	100,000		94,502
2.625%, due 02/01/293	EUR	100,000		94,502

122

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Packaging & containers—(concluded)
Guala Closures SpA 3.250%, due 06/15/283	EUR	150,000	$	140,405
Intelligent Packaging Holdco Issuer LP 9.000% Cash or 9.7500% PIK, 9.000%, due 01/15/262,6		75,000		52,875
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.000%, due 09/15/282		200,000		176,666
Kleopatra Finco SARL 4.250%, due 03/01/263	EUR	100,000		90,943
Kleopatra Holdings 2 SCA 6.500%, due 09/01/263	EUR	250,000		153,968
Matthews International Corp. 5.250%, due 12/01/252		75,000		71,531
Mauser Packaging Solutions Holding Co. 4.750%, due 04/15/243	EUR	550,000		594,927
7.250%, due 04/15/252		75,000		73,219
OI European Group BV 2.875%, due 02/15/253	EUR	125,000		130,754
3.125%, due 11/15/243	EUR	175,000		184,782
4.750%, due 02/15/302		200,000		179,550
Owens-Brockway Glass Container, Inc. 5.375%, due 01/15/252		100,000		97,016
6.375%, due 08/15/252		25,000		24,506
6.625%, due 05/13/272		138,000		135,296
Sealed Air Corp. 4.000%, due 12/01/272		181,000		167,434
5.000%, due 04/15/292		75,000		71,976
6.125%, due 02/01/282		25,000		25,223
Trident TPI Holdings, Inc. 6.625%, due 11/01/252		25,000		22,345
9.250%, due 08/01/242		125,000		122,008
TriMas Corp. 4.125%, due 04/15/292		150,000		133,537
				4,780,702
Pharmaceuticals—2.6%
Bausch Health Americas, Inc. 8.500%, due 01/31/272		375,000		197,711
9.250%, due 04/01/262		25,000		18,589
Bausch Health Cos., Inc. 5.000%, due 01/30/282		75,000		33,644
5.250%, due 01/30/302		125,000		54,816
5.250%, due 02/15/312		125,000		56,563
6.125%, due 02/01/272		75,000		51,188
7.000%, due 01/15/282		75,000		34,177
7.250%, due 05/30/292		125,000		55,897
9.000%, due 12/15/252		275,000		216,648
BellRing Brands, Inc. 7.000%, due 03/15/302		225,000		223,335
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 0.000%, due 07/31/272,10		215,000		32,788
0.000%, due 06/30/282,10		179,000		10,748
Endo Luxembourg Finance Co. I Sarl/Endo U.S., Inc. 0.000%, due 04/01/292,10		125,000		98,125

	Face amount1		Value
Corporate bonds—(continued)
Pharmaceuticals—(concluded)
Grifols SA 1.625%, due 02/15/253	EUR	150,000	$	153,280
3.200%, due 05/01/253	EUR	200,000		204,313
Health & Happiness H&H International Holdings Ltd. 5.625%, due 10/24/243		200,000		184,290
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, due 09/01/252		200,000		187,566
HLF Financing SARL LLC/Herbalife International, Inc. 4.875%, due 06/01/292		25,000		18,281
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.000%, due 04/15/252		100,000		87,262
10.000%, due 06/15/292		60,000		34,350
Nidda Healthcare Holding GmbH 7.500%, due 08/21/263	EUR	150,000		158,816
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, due 04/30/282	EUR	205,000		194,183
4.125%, due 04/30/282		200,000		180,890
5.125%, due 04/30/312		200,000		180,558
Owens & Minor, Inc. 4.500%, due 03/31/292		125,000		101,824
6.625%, due 04/01/302		100,000		88,430
P&L Development LLC/PLD Finance Corp. 7.750%, due 11/15/252		125,000		101,776
Par Pharmaceutical, Inc. 0.000%, due 04/01/272,10		273,000		213,625
Prestige Brands, Inc. 3.750%, due 04/01/312		25,000		21,228
5.125%, due 01/15/282		100,000		95,525
Teva Pharmaceutical Finance Netherlands II BV 1.625%, due 10/15/283	EUR	400,000		334,788
1.875%, due 03/31/273	EUR	225,000		204,294
4.375%, due 05/09/30	EUR	600,000		560,480
Teva Pharmaceutical Finance Netherlands III BV 4.100%, due 10/01/46		200,000		137,225
4.750%, due 05/09/27		200,000		184,625
6.000%, due 04/15/24		1,000,000		990,625
				5,702,463
Pipelines—3.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, due 06/15/292		25,000		23,219
5.750%, due 03/01/272		150,000		145,500
7.875%, due 05/15/262		125,000		128,281
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, due 12/15/252		125,000		126,953
Cheniere Energy Partners LP 3.250%, due 01/31/32		300,000		250,449
4.000%, due 03/01/31		175,000		157,003
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.500%, due 06/15/312		250,000		227,654

123

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(continued)
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 6.000%, due 02/01/292		300,000	$	284,600
7.375%, due 02/01/312		75,000		75,469
DCP Midstream Operating LP 5.125%, due 05/15/29		175,000		174,415
5.625%, due 07/15/27		75,000		76,119
Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.750%, due 05/15/25		75,000		73,125
7.125%, due 06/01/282		100,000		91,724
EnLink Midstream LLC 5.375%, due 06/01/29		150,000		144,571
5.625%, due 01/15/282		25,000		24,438
6.500%, due 09/01/302		150,000		152,812
EnLink Midstream Partners LP 4.850%, due 07/15/26		150,000		145,436
5.050%, due 04/01/45		75,000		58,961
5.450%, due 06/01/47		125,000		103,980
5.600%, due 04/01/44		150,000		125,639
EQM Midstream Partners LP 4.500%, due 01/15/292		200,000		175,412
4.750%, due 01/15/312		300,000		253,747
5.500%, due 07/15/28		100,000		92,250
6.000%, due 07/01/252		75,000		73,838
6.500%, due 07/01/272		25,000		24,550
6.500%, due 07/15/48		25,000		19,250
7.500%, due 06/01/272		75,000		74,998
7.500%, due 06/01/302		75,000		74,906
Genesis Energy LP/Genesis Energy Finance Corp. 6.500%, due 10/01/25		25,000		24,563
7.750%, due 02/01/28		25,000		24,160
8.000%, due 01/15/27		50,000		49,360
8.875%, due 04/15/30		50,000		50,813
Harvest Midstream I LP 7.500%, due 09/01/282		200,000		196,750
Hess Midstream Operations LP 5.125%, due 06/15/282		275,000		258,976
5.500%, due 10/15/302		125,000		116,576
Holly Energy Partners LP/Holly Energy Finance Corp. 5.000%, due 02/01/282		150,000		139,687
6.375%, due 04/15/272		125,000		123,594
Howard Midstream Energy Partners LLC 6.750%, due 01/15/272		100,000		97,500
ITT Holdings LLC 6.500%, due 08/01/292		150,000		130,313
Kinetik Holdings LP 5.875%, due 06/15/302		125,000		118,750
Martin Midstream Partners LP/Martin Midstream Finance Corp. 11.500%, due 02/15/282		150,000		150,925
New Fortress Energy, Inc. 6.500%, due 09/30/262		25,000		23,004

	Face amount1		Value
Corporate bonds—(continued)
Pipelines—(concluded)
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.500%, due 02/01/262		300,000	$	284,898
NuStar Logistics LP 6.000%, due 06/01/26		75,000		73,449
6.375%, due 10/01/30		25,000		24,081
Plains All American Pipeline LP, Series B, 3 mo. USD LIBOR + 4.110%, 8.716%, due 03/03/237,8		250,000		226,250
Rockies Express Pipeline LLC 4.800%, due 05/15/302		50,000		44,500
4.950%, due 07/15/292		25,000		22,597
6.875%, due 04/15/402		100,000		84,744
7.500%, due 07/15/382		25,000		23,125
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.000%, due 12/31/302		125,000		113,848
6.000%, due 09/01/312		100,000		90,000
7.500%, due 10/01/252		25,000		25,308
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.000%, due 01/15/32		25,000		21,830
4.875%, due 02/01/31		25,000		23,371
Transportadora de Gas del Sur SA 6.750%, due 05/02/252		600,000		561,300
6.750%, due 05/02/253		150,000		140,325
Venture Global Calcasieu Pass LLC 3.875%, due 11/01/332		225,000		191,126
Western Midstream Operating LP 4.500%, due 03/01/28		125,000		118,125
4.750%, due 08/15/28		100,000		94,250
5.300%, due 03/01/48		125,000		109,375
5.450%, due 04/01/44		150,000		132,031
5.500%, due 08/15/48		75,000		65,163
				7,353,966
Real estate—2.6%
Agile Group Holdings Ltd. (fixed, converts to FRN on 12/04/23), 8.375%, due 12/04/233,7,8		400,000		123,248
Central Plaza Development Ltd. (fixed, converts to FRN on 11/14/24), 5.750%, due 11/14/243,7,8		200,000		166,868
China SCE Group Holdings Ltd. 7.375%, due 04/09/243		300,000		187,500
Country Garden Holdings Co. Ltd. 5.125%, due 01/14/273		400,000		270,752
Easy Tactic Ltd. 6.500% Cash or 7.500% PIK, 7.500%, due 07/11/286		321,242		96,373
Emeria SASU 7.750%, due 03/31/282	EUR	300,000		323,255
Greystar Real Estate Partners LLC 5.750%, due 12/01/252		100,000		98,343

124

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate—(concluded)
Howard Hughes Corp. 4.125%, due 02/01/292		125,000	$	107,940
4.375%, due 02/01/312		25,000		20,773
5.375%, due 08/01/282		250,000		231,597
Kennedy-Wilson, Inc. 4.750%, due 02/01/30		75,000		61,518
KWG Group Holdings Ltd. 7.400%, due 03/05/243		200,000		97,000
Longfor Group Holdings Ltd. 4.500%, due 01/16/283		200,000		175,350
New Metro Global Ltd. 4.800%, due 12/15/243		200,000		170,000
Pakuwon Jati Tbk PT 4.875%, due 04/29/283		200,000		183,750
Peach Property Finance GmbH 4.375%, due 11/15/253	EUR	550,000		445,771
PHM Group Holding Oy 4.750%, due 06/18/262,3	EUR	450,000		431,735
Realogy Group LLC/Realogy Co-Issuer Corp. 5.250%, due 04/15/302		50,000		37,500
5.750%, due 01/15/292		150,000		116,631
RKPF Overseas 2019 A Ltd. 6.000%, due 09/04/253		250,000		217,937
6.700%, due 09/30/243		300,000		272,494
Ronshine China Holdings Ltd. 0.000%, due 06/09/233,10		50,000		6,125
Samhallsbyggnadsbolaget i Norden AB 1.000%, due 08/12/273	EUR	125,000		98,353
Signa Development Finance SCS 5.500%, due 07/23/263	EUR	300,000		229,932
5.500%, due 07/23/262	EUR	200,000		153,288
Theta Capital Pte Ltd. 8.125%, due 01/22/253		200,000		172,913
Times China Holdings Ltd. 6.200%, due 03/22/263		200,000		38,350
6.750%, due 07/16/233		200,000		41,850
Vivion Investments Sarl 3.000%, due 08/08/243	EUR	300,000		273,962
3.500%, due 11/01/253	EUR	300,000		262,547
Wanda Properties Global Co. Ltd. 11.000%, due 01/20/253		200,000		197,594
Yanlord Land HK Co. Ltd. 5.125%, due 05/20/263		200,000		182,000
6.800%, due 02/27/243		200,000		194,500
				5,687,749
Real estate investment trusts—2.0%
Blackstone Mortgage Trust, Inc. 3.750%, due 01/15/272		225,000		198,463
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.500%, due 04/01/272		50,000		43,897
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, due 06/15/262		150,000		133,125

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(continued)
3.750%, due 09/15/302		50,000	$	38,214
6.000%, due 04/15/252		50,000		48,875
Iron Mountain Information Management Services, Inc. 5.000%, due 07/15/322		375,000		325,126
Iron Mountain, Inc. 4.500%, due 02/15/312		225,000		192,800
4.875%, due 09/15/292		75,000		67,735
5.000%, due 07/15/282		50,000		45,976
5.250%, due 07/15/302		325,000		294,105
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.250%, due 02/01/272		100,000		88,125
4.750%, due 06/15/292		50,000		41,542
MPT Operating Partnership LP/MPT Finance Corp. 2.500%, due 03/24/26	GBP	150,000		146,093
3.375%, due 04/24/30	GBP	150,000		121,675
3.500%, due 03/15/31		250,000		175,002
4.625%, due 08/01/29		50,000		38,875
5.000%, due 10/15/27		150,000		126,800
5.250%, due 08/01/26		25,000		22,742
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, due 05/15/292		125,000		108,063
5.875%, due 10/01/282		50,000		46,269
7.500%, due 06/01/252		175,000		177,406
RHP Hotel Properties LP/RHP Finance Corp. 4.500%, due 02/15/292		100,000		88,880
RLJ Lodging Trust LP 3.750%, due 07/01/262		200,000		182,694
4.000%, due 09/15/292		200,000		167,740
Service Properties Trust 4.350%, due 10/01/24		175,000		165,025
4.375%, due 02/15/30		50,000		36,336
4.750%, due 10/01/26		125,000		103,216
4.950%, due 02/15/27		75,000		61,357
4.950%, due 10/01/29		75,000		56,250
5.250%, due 02/15/26		150,000		129,878
7.500%, due 09/15/25		25,000		24,582
Starwood Property Trust, Inc. 3.750%, due 12/31/242		50,000		47,484
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 7.875%, due 02/15/252		125,000		123,365
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.750%, due 04/15/282		125,000		102,214
6.500%, due 02/15/292		75,000		52,125
VICI Properties LP/VICI Note Co., Inc. 3.750%, due 02/15/272		50,000		46,197
4.125%, due 08/15/302		125,000		111,811
4.625%, due 06/15/252		125,000		120,975
4.625%, due 12/01/292		200,000		186,248

125

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Real estate investment trusts—(concluded)
XHR LP 4.875%, due 06/01/292		75,000	$	66,562
6.375%, due 08/15/252		125,000		123,134
				4,476,981
Retail—4.6%
1011778 BC ULC/New Red Finance, Inc. 3.875%, due 01/15/282		25,000		22,850
4.000%, due 10/15/302		500,000		425,625
4.375%, due 01/15/282		50,000		46,010
Abercrombie & Fitch Management Co. 8.750%, due 07/15/252		125,000		126,250
Alsea SAB de CV 7.750%, due 12/14/262		300,000		302,587
Arcos Dorados Holdings, Inc. 5.875%, due 04/04/272		100,000		98,831
5.875%, due 04/04/273		200,000		197,663
Arko Corp. 5.125%, due 11/15/292		50,000		39,635
Asbury Automotive Group, Inc. 4.500%, due 03/01/28		15,000		13,561
4.625%, due 11/15/292		50,000		44,122
4.750%, due 03/01/30		25,000		21,869
5.000%, due 02/15/322		50,000		43,123
Bath & Body Works, Inc. 6.625%, due 10/01/302		200,000		195,436
6.750%, due 07/01/36		375,000		339,161
BCPE Ulysses Intermediate, Inc. 7.750% Cash or 8.500% PIK, 7.750%, due 04/01/272,6		100,000		75,000
Beacon Roofing Supply, Inc. 4.125%, due 05/15/292		125,000		107,760
4.500%, due 11/15/262		75,000		71,495
Carrols Restaurant Group, Inc. 5.875%, due 07/01/292		75,000		57,625
CEC Entertainment LLC 6.750%, due 05/01/262		50,000		46,250
Douglas GmbH 6.000%, due 04/08/263	EUR	350,000		328,279
Dufry One BV 2.000%, due 02/15/273	EUR	175,000		162,665
2.500%, due 10/15/243	EUR	300,000		318,807
3.375%, due 04/15/283	EUR	150,000		141,058
eG Global Finance PLC 6.750%, due 02/07/252		200,000		185,750
Evergreen Acqco 1 LP/TVI, Inc. 9.750%, due 04/26/282		50,000		49,188
Ferrellgas LP/Ferrellgas Finance Corp. 5.375%, due 04/01/262		200,000		184,000
5.875%, due 04/01/292		275,000		228,937
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.625%, due 01/15/292		100,000		88,257
6.750%, due 01/15/302		225,000		186,750
FirstCash, Inc. 4.625%, due 09/01/282		125,000		112,344

	Face amount1		Value
Corporate bonds—(continued)
Retail—(continued)
5.625%, due 01/01/302		75,000	$	68,620
Foodco Bondco SA 6.250%, due 05/15/263	EUR	300,000		133,719
Foundation Building Materials, Inc. 6.000%, due 03/01/292		100,000		80,436
Gap, Inc. 3.625%, due 10/01/292		100,000		76,750
3.875%, due 10/01/312		100,000		74,438
Grupo Unicomer Co. Ltd. 7.875%, due 04/01/243		600,000		584,362
IRB Holding Corp. 7.000%, due 06/15/252		50,000		50,179
Ken Garff Automotive LLC 4.875%, due 09/15/282		75,000		64,594
Kirk Beauty SUN GmbH 8.250%, due 10/01/263,6	EUR	204,500		153,402
Kohl's Corp. 3.625%, due 05/01/3111		25,000		18,523
5.550%, due 07/17/45		25,000		16,437
LBM Acquisition LLC 6.250%, due 01/15/292		150,000		114,000
LCM Investments Holdings II LLC 4.875%, due 05/01/292		250,000		206,312
Lithia Motors, Inc. 3.875%, due 06/01/292		250,000		212,420
4.625%, due 12/15/272		150,000		139,500
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.750%, due 02/15/262		25,000		22,813
Macy's Retail Holdings LLC 4.500%, due 12/15/34		125,000		91,788
5.125%, due 01/15/42		150,000		101,250
5.875%, due 04/01/292		150,000		139,502
5.875%, due 03/15/302		25,000		22,819
6.125%, due 03/15/322		25,000		22,375
6.375%, due 03/15/37		75,000		61,873
Marks & Spencer PLC 4.500%, due 07/10/273,11	GBP	125,000		140,966
6.000%, due 06/12/253,11	GBP	100,000		122,664
Maxeda DIY Holding BV 5.875%, due 10/01/263	EUR	200,000		167,010
Michaels Cos., Inc. 7.875%, due 05/01/292		75,000		57,000
Murphy Oil USA, Inc. 4.750%, due 09/15/29		150,000		137,438
5.625%, due 05/01/27		25,000		24,528
Nordstrom, Inc. 4.375%, due 04/01/30		50,000		40,117
Patrick Industries, Inc. 4.750%, due 05/01/292		200,000		170,970
7.500%, due 10/15/272		125,000		123,681
PetSmart, Inc./PetSmart Finance Corp. 4.750%, due 02/15/282		250,000		231,246
Punch Finance PLC 6.125%, due 06/30/263	GBP	100,000		107,529
6.125%, due 06/30/262	GBP	125,000		134,411

126

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Retail—(concluded)
Rite Aid Corp. 8.000%, due 11/15/262		78,000	$	43,485
Sizzling Platter LLC/Sizzling Platter Finance Corp. 8.500%, due 11/28/252		200,000		184,961
Sonic Automotive, Inc. 4.625%, due 11/15/292		75,000		62,332
4.875%, due 11/15/312		125,000		99,811
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, due 09/30/262		75,000		67,469
Staples, Inc. 7.500%, due 04/15/262		275,000		244,351
10.750%, due 04/15/272		250,000		189,375
Stonegate Pub Co. Financing 2019 PLC 8.000%, due 07/13/253	GBP	325,000		367,620
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.000%, due 06/01/312		75,000		65,248
Superior Plus LP/Superior General Partner, Inc. 4.500%, due 03/15/292		125,000		110,469
Victoria's Secret & Co. 4.625%, due 07/15/292		75,000		62,306
Yum! Brands, Inc. 4.750%, due 01/15/302		25,000		23,381
5.375%, due 04/01/32		325,000		308,353
				10,003,721
Savings & loans—0.0%†
Washington Mutual, Inc. 0.000%, due 09/21/174,9		500,000		5,500
Semiconductors—0.1%
Amkor Technology, Inc. 6.625%, due 09/15/272		100,000		100,412
Synaptics, Inc. 4.000%, due 06/15/292		125,000		108,239
				208,651
Software—1.3%
AthenaHealth Group, Inc. 6.500%, due 02/15/302		250,000		207,128
Boxer Parent Co., Inc. 6.500%, due 10/02/252	EUR	150,000		160,969
6.500%, due 10/02/253	EUR	100,000		107,313
7.125%, due 10/02/252		75,000		74,252
9.125%, due 03/01/262		75,000		71,259
Camelot Finance SA 4.500%, due 11/01/262		150,000		142,669
Castle U.S. Holding Corp. 9.500%, due 02/15/282		225,000		85,554
Cloud Software Group Holdings, Inc. 6.500%, due 03/31/292		250,000		219,397
Dun & Bradstreet Corp. 5.000%, due 12/15/292		50,000		44,275
Elastic NV 4.125%, due 07/15/292		75,000		64,183

	Face amount1		Value
Corporate bonds—(continued)
Software—(concluded)
Fair Isaac Corp. 4.000%, due 06/15/282		75,000	$	69,638
MSCI, Inc. 3.250%, due 08/15/332		50,000		41,000
3.625%, due 09/01/302		50,000		43,521
3.625%, due 11/01/312		150,000		128,205
4.000%, due 11/15/292		325,000		295,750
Open Text Corp. 3.875%, due 02/15/282		100,000		86,896
3.875%, due 12/01/292		150,000		124,748
6.900%, due 12/01/272		50,000		51,187
Open Text Holdings, Inc. 4.125%, due 02/15/302		125,000		105,260
4.125%, due 12/01/312		275,000		223,421
Playtika Holding Corp. 4.250%, due 03/15/292		125,000		103,719
Rocket Software, Inc. 6.500%, due 02/15/292		25,000		20,842
SS&C Technologies, Inc. 5.500%, due 09/30/272		250,000		240,436
Twilio, Inc. 3.875%, due 03/15/31		100,000		82,548
				2,794,170
Telecommunications—5.5%
Altice France Holding SA 6.000%, due 02/15/282		400,000		269,885
8.000%, due 05/15/273	EUR	475,000		420,189
10.500%, due 05/15/272		400,000		343,500
Altice France SA 3.375%, due 01/15/283	EUR	500,000		425,317
4.125%, due 01/15/293	EUR	250,000		213,006
5.125%, due 07/15/292		375,000		294,345
5.500%, due 10/15/292		200,000		158,139
Ciena Corp. 4.000%, due 01/31/302		100,000		87,500
CommScope Technologies LLC 6.000%, due 06/15/252		236,000		223,499
CommScope, Inc. 4.750%, due 09/01/292		50,000		41,618
6.000%, due 03/01/262		100,000		95,735
7.125%, due 07/01/282		100,000		78,335
8.250%, due 03/01/272		25,000		21,264
Digicel Group Holdings Ltd. 7.000%, due 02/16/232,6,8		46,667		4,200
5.000% Cash or 3.000% PIK, 8.000%, due 04/01/252,6		111,072		27,199
Digicel International Finance Ltd./Digicel International Holdings Ltd. 8.750%, due 05/25/242		60,541		52,039
8.750%, due 05/25/243		200,000		171,787
Embarq Corp. 7.995%, due 06/01/36		250,000		120,638
Frontier Communications Holdings LLC 5.000%, due 05/01/282		100,000		90,915
5.875%, due 10/15/272		25,000		23,873

127

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(continued)
5.875%, due 11/01/29		17,911	$	14,602
6.000%, due 01/15/302		25,000		20,536
6.750%, due 05/01/292		100,000		85,750
GoTo Group, Inc. 5.500%, due 09/01/272		225,000		113,239
Hughes Satellite Systems Corp. 6.625%, due 08/01/26		150,000		145,068
Iliad Holding SASU 5.625%, due 10/15/283	EUR	100,000		101,105
6.500%, due 10/15/262		200,000		189,391
Intelsat Jackson Holdings SA 0.000%, due 10/15/242,4,5,9		525,000		0
Level 3 Financing, Inc. 3.625%, due 01/15/292		75,000		55,800
3.750%, due 07/15/292		200,000		146,208
4.250%, due 07/01/282		300,000		237,747
Liberty Costa Rica Senior Secured Finance 10.875%, due 01/15/312		200,000		194,800
Lorca Telecom Bondco SA 4.000%, due 09/18/272	EUR	225,000		224,102
Lumen Technologies, Inc. 4.500%, due 01/15/292		175,000		117,688
MTN Mauritius Investments Ltd. 6.500%, due 10/13/263		200,000		202,537
Network i2i Ltd. (fixed, converts to FRN on 04/15/25), 5.650%, due 01/15/253,7,8		300,000		288,619
Nokia of America Corp. 6.450%, due 03/15/29		300,000		285,750
PPF Telecom Group BV 3.250%, due 09/29/273	EUR	225,000		223,805
SoftBank Group Corp. 2.125%, due 07/06/243	EUR	325,000		335,216
3.125%, due 09/19/253	EUR	475,000		481,436
4.500%, due 04/20/253	EUR	100,000		105,448
5.000%, due 04/15/283	EUR	300,000		297,542
Sprint Capital Corp. 6.875%, due 11/15/28		150,000		160,476
8.750%, due 03/15/32		245,000		302,575
Sprint LLC 7.625%, due 03/01/26		175,000		185,092
T-Mobile USA, Inc. 2.625%, due 04/15/26		25,000		23,213
2.875%, due 02/15/31		25,000		21,373
3.375%, due 04/15/29		250,000		227,858
4.750%, due 02/01/28		150,000		148,578
TalkTalk Telecom Group Ltd. 3.875%, due 02/20/253	GBP	125,000		127,138
Telecom Argentina SA 8.500%, due 08/06/252		363,000		355,059
Telecom Italia Capital SA 6.000%, due 09/30/34		200,000		160,477
6.375%, due 11/15/33		75,000		63,767
7.200%, due 07/18/36		50,000		42,477
Telecom Italia Finance SA 7.750%, due 01/24/33	EUR	575,000		650,046

		Face amount1		Value
Corporate bonds—(continued)
Telecommunications—(concluded)
Telecom Italia SpA 1.625%, due 01/18/293		EUR	275,000	$	226,240
2.375%, due 10/12/273		EUR	225,000		204,561
5.303%, due 05/30/242			25,000		24,255
Telecommunications Services of Trinidad & Tobago Ltd. 8.875%, due 10/18/293			400,000		352,625
Telesat Canada/Telesat LLC 4.875%, due 06/01/272			50,000		24,490
5.625%, due 12/06/262			125,000		57,734
6.500%, due 10/15/272			75,000		20,955
TMNL Holding BV 3.750%, due 01/15/293		EUR	275,000		266,038
Total Play Telecomunicaciones SA de CV 6.375%, due 09/20/283			200,000		168,153
7.500%, due 11/12/252			200,000		186,540
Vmed O2 UK Financing I PLC 4.250%, due 01/31/312	��		200,000		167,000
4.750%, due 07/15/312			200,000		170,005
Vodafone Group PLC (fixed, converts to FRN on 08/27/26), 2.625%, due 08/27/803,7		EUR	225,000		221,170
(fixed, converts to FRN on 10/03/28), 4.200%, due 10/03/783,7		EUR	125,000		125,729
(fixed, converts to FRN on 04/04/29), 7.000%, due 04/04/797			175,000		180,234
Zayo Group Holdings, Inc. 4.000%, due 03/01/272			100,000		79,510
					11,972,740
Textiles—0.1%
Eagle Intermediate Global Holding BV/Eagle U.S. Finance LLC 5.375%, due 05/01/232		EUR	200,000		140,242
5.375%, due 05/01/233		EUR	153,000		107,286
					247,528
Toys/games/hobbies—0.1%
Mattel, Inc. 3.375%, due 04/01/262			25,000		23,313
5.450%, due 11/01/41			25,000		21,396
5.875%, due 12/15/272			100,000		99,750
6.200%, due 10/01/40			25,000		23,212
					167,671
Transportation—0.5%
Cargo Aircraft Management, Inc. 4.750%, due 02/01/282			125,000		112,916
First Student Bidco, Inc./First Transit Parent, Inc. 4.000%, due 07/31/292			50,000		41,630
Hidrovias International Finance SARL 4.950%, due 02/08/312			200,000		151,750
Rumo Luxembourg Sarl 5.250%, due 01/10/283			200,000		192,040
Seaspan Corp. 5.500%, due 08/01/292			225,000		169,099

128

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Corporate bonds—(concluded)
Transportation—(concluded)
Western Global Airlines LLC 10.375%, due 08/15/252		125,000	$	87,500
Zenith Finco PLC 6.500%, due 06/30/272	GBP	275,000		255,523
				1,010,458
Trucking & leasing—0.2%
Fly Leasing Ltd. 7.000%, due 10/15/242		125,000		107,305
Fortress Transportation and Infrastructure Investors LLC 5.500%, due 05/01/282		100,000		88,004
6.500%, due 10/01/252		153,000		148,104
9.750%, due 08/01/272		125,000		128,504
				471,917
Water—0.1%
Solaris Midstream Holdings LLC 7.625%, due 04/01/262		175,000		175,000
Total corporate bonds (cost—$241,345,334)				212,805,152
Loan assignments—1.0%
Broadcast—0.8%
Allen Media LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 5.500%, 10.230%, due 02/10/277		72,045		57,741
Ascent Resources—Utica, 2020 Fixed 2nd Lien Term Loan, 3 mo. USD LIBOR + 9.000%, 13.815%, due 11/01/257		253,000		268,180
Athenahealth, Inc., 2022 Delayed Draw Term Loan, 1 mo. USD SOFR + 3.500%, 3.500%, due 02/15/297,13		10,870		10,281
2022 Term Loan B, 1 mo. USD SOFR + 3.500%, 8.012%, due 02/15/297		88,703		83,898
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%, 6.820%, due 11/08/277		70,417		70,338
Avient Corp., Term Loan B, 3 mo. USD SOFR + 3.250%, 7.926%, due 08/29/297		17,595		17,621
ChampionX Corporation, 2022 Term Loan B1, 1 mo. USD SOFR + 3.250%, 7.747%, due 06/07/297		111,599		111,320
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%, 7.820%, due 04/30/267		19,802		19,706

	Face amount1		Value
Loan assignments—(continued)
Broadcast—(concluded)
Consolidated Communications, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.500%, 8.063%, due 10/02/277		150,000	$	134,785
Diamond Sports Group, LLC, 2022 2nd Lien Term Loan, 3 mo. USD SOFR + 3.250%, 8.026%, due 08/24/267		96,773		7,299
DirecTV Financing LLC, Term Loan, 1 mo. USD LIBOR + 5.000%, 9.570%, due 08/02/277		44,375		43,575
Endure Digital, Inc., Term Loan, 1 mo. USD LIBOR + 3.500%, 7.884%, due 02/10/287		73,875		69,566
Formula One Holdings Limited., Term Loan B, 1 mo. USD SOFR + 3.250%, 7.811%, due 01/15/307		75,000		75,172
Great Canadian Gaming Corporation, 2021 Term Loan, 3 mo. USD LIBOR + 4.000%, 8.753%, due 11/01/267		99,500		98,816
Mulhacen Pte Ltd, EUR 1st Lien Term Loan, 6 mo. EUR EURIBOR + 10.000%, 11.538%, due 08/01/267	EUR	106,698		114,257
EUR 2nd Lien Term Loan, 6 mo. EUR EURIBOR + 8.000%, 9.538%, due 12/01/267	EUR	230,143		156,062
Scientific Games Holdings LP, 2022 USD Term Loan B, 3 mo. USD SOFR + 3.500%, 8.103%, due 04/04/297		149,625		146,990
UFC Holdings LLC, 2021 Term Loan B, 3 mo. USD LIBOR + 2.750%, 7.570%, due 04/29/267		63,184		62,809
United Airlines, Inc., 2021 Term Loan B, 3 mo.USD LIBOR + 3.750%, 8.568%, due 04/21/287		98,250		98,030
				1,646,446
Chemicals—0.1%
Consolidated Energy Finance SA, Term Loan B, 1 mo. USD LIBOR + 2.500%, 7.070%, due 05/07/257		190,575		187,657
Insurance—0.0%†
Hub International Ltd., 2018 Term Loan B, 3 mo. USD LIBOR + 3.000%, 7.689% - 8%, due 04/25/257		71,873		71,748

129

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount1		Value
Loan assignments—(concluded)
Media—0.1%
Altice France SA, 2018 Term Loan B13, 3 mo. USD LIBOR + 4.000%, 8.650%, due 08/14/267		162,889	$	156,781
Oil & gas—0.0%†
Parker Drilling Co., 2nd Lien PIK Term Loan, 2.000% - 11%, due 03/26/24		27,783		27,042
Retail-restaurants—0.0%†
1011778 B.C. Unlimited Liability Co., Term Loan B4, 1 mo. USD LIBOR + 1.750%, 6.320%, due 11/19/267		105,917		104,631
Total loan assignments (cost—$2,363,991)				2,194,305
Non-U.S. government agency obligations—0.1%
Turkiye Ihracat Kredi Bankasi AS 5.375%, due 10/24/232		200,000		197,500
Ukreximbank Via Biz Finance PLC 9.750%, due 01/22/253		103,000		33,494
Total non-U.S. government agency obligations (cost—$303,913)				230,994
	Number of shares
Common stocks—0.5%
Aerospace & defense—0.0%†
Egmv13794*,4,5		2,750		0
Diversified financial services—0.1%
Spn New*,2,4		2,777		177,728
Energy equipment & services—0.0%†
Diamond Offshore Drilling, Inc.*		1,543		17,683
Noble Corp. PLC*		207		8,423
Parker Drilling Co.*		1,153		8,186
				34,292
Gas utilities—0.0%†
Ferrellgas Partners LP, Class B		364		54,600
IT services—0.1%
Carnelian Point Holdings LP4		140		169,565
Leisure products—0.0%†
Codere New Topco SA*,4,5		4,367		0
Teide 10 S.L.*,4,5		5,444,137		44,389
				44,389
Media—0.0%†
iHeartMedia, Inc., Class A*		1,347		10,439

	Number of shares		Value
Common stocks—(concluded)
Metals & mining—0.0%†
Aleris International, Inc.*,4,5,9		795	$	15,900
Cloud Peak Energy, Inc.*,4,5		66		0
Petra Diamonds Ltd.*		54,100		52,691
				68,591
Oil & gas—0.1%
Chaparral Energy, Inc.4		2,856		131,376
Oil, gas & consumable fuels—0.1%
Athabasca Oil Corp*		35,451		78,701
Summit Midstream Partners LP*		11,021		194,190
				272,891
Paper & forest products—0.0%†
Hardwood Holdings LLC*,4		936		76,752
Pharmaceuticals—0.0%†
Mallinckrodt PLC*		3,903		29,273
Wireless telecommunication services—0.1%
Intelsat SA4		5,072		116,656
Total common stocks (cost—$1,644,828)				1,186,552
Preferred stocks—0.1%
Machinery—0.0%†
Selecta Group BV*,4		21,852		9,384
Selecta Group BV, Class A*,4		43,703		18,767
Total Machinery				28,151
Oil, gas & consumable fuels—0.1%
Global Partners LP8		3,886		98,006
Gulfport Energy Corp.4,6,8		9		50,850
Total oil, gas & consumable fuels				148,856
Total preferred stocks (cost—$123,209)				177,007
	Number of rights
Rights—0.0%†
Intelsat Jackson Holdings SA expires 12/05/25*,4 (cost—$0)		1061		5,775
	Number of warrants
Warrants—0.0%†
California Resources Corp. expires 10/27/24*		201		2,201
Carlson Travel, Inc. expires 11/19/26*,4		1,052		11
Carlson Travel, Inc. expires 11/19/28*,4		1,108		66
Chalice Mining Ltd. expires 10/01/24*,4		9		6
Chalice Mining Ltd.expires 10/01/25*,4		9		11
Denbury, Inc. expires 09/18/25*		1,376		80,042
Intelsat SA expires 02/17/27*,4		1		1
Total warrants (cost—$382,313)				82,338

130

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Short-term investments—0.2%
Investment companies—0.2%
State Street Institutional U.S. Government Money Market Fund, 4.180%14 (cost—$373,889)		373,889	$	373,889
Investment of cash collateral from securities loaned—0.0%†
Money market funds—0.0%†
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%14 (cost—$47,653)		47,653		47,653
Total investments (cost—$246,585,130)—98.9%				217,103,665
Other assets in excess of liabilities—1.1%				2,371,406
Net assets—100.0%			$	219,475,071

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	39,324,284	USD	41,765,142	02/09/23	$	(1,007,933	)
SSC	GBP	4,865,186	USD	5,859,508	02/09/23		(139,434	)
SSC	USD	420,000	EUR	388,180	02/09/23		2,224
SSC	USD	83,000	EUR	76,722	02/09/23		450
SSC	USD	40,000	EUR	36,660	02/09/23		(125	)
Net unrealized appreciation (depreciation)						$	(1,144,818	)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	—	$	212,644,637	$	160,515	$	212,805,152
Loan assignments		—		2,194,305		—		2,194,305
Non-U.S. government agency obligations		—		230,994		—		230,994
Common stocks		454,186		546,901		185,465		1,186,552
Preferred stocks		98,006		79,001		—		177,007
Rights		—		5,775		—		5,775
Warrants		82,243		95		—		82,338

131

PACE High Yield Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary—(concluded)

Assets—(concluded)       Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)		Total
Short-term investments	$	—	$	373,889		$	—	$	373,889
Investment of cash collateral from securities loaned		—		47,653			—		47,653
Forward foreign currency contracts		—		2,674			—		2,674
Total	$	634,435	$	216,125,924		$	345,980	$	217,106,339
Liabilities
Forward foreign currency contracts	$	—	$	(1,147,492	)	$	—	$	(1,147,492	)

At January 31, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

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

*  Non-income producing security.

¹  In U.S. dollars unless otherwise indicated.

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $113,415,139, represented 50.9% of the Portfolio's net assets at period end.

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

⁴  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

⁶  Payment-in-kind security for which interest may be paid in cash or additional principal, at the discretion of the issuer.

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

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

⁹  This security is considered restricted. At period end, the value of restricted security was $23,688, represented 0.0% of the Fund's net assets. The table below provides further information.

Restricted security	Acquisition date	Acquisition cost		Acquisition cost as a percentage of net assets†			Value at 01/31/23		Value as a percentage of net assets†
Aleris International, Inc.	1/10/17	$	13,981		0.0	%	$	15,900		0.0	%
Appcion Esc	6/1/20		650,000		0.0			6,500		0.0
Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. 3.000%, due 03/15/24	9/2/20		482,067		0.0			5,500		0.0
RRI Energy, Inc., 3.000%, due 06/15/17	12/14/18		—		—			—		—
Intelsat Jackson Holdings SA, 0.000%, due 10/15/24	9/5/18-2/11/20		—		—			—		—
Sanchez Energy Corp. 6.125%, due 01/15/23	10/30/17-12/1/17		329,036		0.0			2,625		0.0
Sanchez Energy Corp. 7.750%, due 06/15/21	11/3/17-12/1/17		475,000		0.0			3,563		0.0
Washington Mutual, Inc., 0.000%, due 09/21/17	9/21/17		—		0.0			5,500		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  Security, or portion thereof, was on loan at the period end.

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

¹⁴  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
132

PACE Large Co Value Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 8.61% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Value Index (the "benchmark") returned 4.66%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 135. 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. The six-month period was turbulent. Style was an important driver of returns as markets continued to be very sensitive to the US economy's perceived resilience in the face of ongoing interest rate increases. The Portfolio has been well positioned to benefit from this environment. Specifically, the combination of select high beta value exposures, firmly anchored in a base of high-quality value exposures enabled the Portfolio to benefit from rallies while also providing protection during down markets.

Both stock selection and sector allocation contributed to active returns, with the former comprising a majority of gains. Stock selection in the consumer discretionary sector had the most positive impact on active return, followed by stock selection in the information technology and financials sectors.

Risk factors were supportive of performance over the period. Specifically, the Portfolio benefitted from exposure to global companies that benefit from a less severe economic downturn in Europe and the reopening of the Chinese economy.

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")

Wellington Management Company LLP ("Wellington")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

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

Wellington; 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)

133

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 Web site 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.

134

PACE Large Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		8.44	%		1.86	%		5.48	%		9.43	%
Class Y2		8.59			2.10			5.49			9.57
Class P3		8.61			2.12			5.74			9.70
After deducting maximum sales charge
Class A1		2.46			(3.73	)		4.30			8.81
Russell 1000 Value Index4		4.66			(0.43	)		6.94			10.15

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		6.93	%		(5.23	)%		4.89	%		9.29	%
Class Y2		7.05			(5.00	)		4.90			9.42
Class P3		7.06			(4.97	)		5.15			9.55
After deducting maximum sales charge
Class A1		1.04			(10.45	)		3.71			8.67

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.10% and 1.10%; Class Y—0.85% and 0.85%; and Class P—0.86% and 0.86%. 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, 2023 (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.

135

PACE Large Co Value Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Ares Management Corp., Class A	2.5	%
Unilever PLC, ADR	2.5
Merck & Co., Inc.	2.5
Pfizer, Inc.	2.3
Axalta Coating Systems Ltd.	2.3
Johnson Controls International PLC	2.2
MetLife, Inc.	2.2
Citigroup, Inc.	2.2
HeidelbergCement AG	2.1
Philip Morris International, Inc.	2.1
Total	22.9	%
Top five issuer breakdown by country or territory of origin
United States	87.0	%
China	3.7
United Kingdom	2.5
Germany	2.4
South Korea	1.9
Total	97.5	%
Sectors
Financials	25.8	%
Health Care	12.7
Consumer Discretionary	12.2
Information Technology	11.3
Materials	6.8
Consumer Staples	6.3
Industrials	6.0
Communication Services	5.0
Energy	4.4
Utilities	4.2
Real Estate	1.9
Total	96.6	%

136

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—96.6%
Aerospace & defense—1.7%
General Dynamics Corp.		66,090	$	15,402,935
Air freight & logistics—0.6%
FedEx Corp.		26,379		5,113,833
Airlines—0.8%
Southwest Airlines Co.		205,506		7,350,950
Auto components—0.6%
Lear Corp.		23,038		3,358,480
Magna International, Inc.1		27,845		1,808,254
				5,166,734
Automobiles—1.7%
Harley-Davidson, Inc.		322,921		14,864,054
Banks—6.6%
Bank of America Corp.		55,933		1,984,503
Citigroup, Inc.		369,621		19,301,609
JPMorgan Chase & Co.		114,003		15,955,860
M&T Bank Corp.		112,655		17,574,180
Wells Fargo & Co.		77,303		3,623,191
				58,439,343
Building products—2.2%
Johnson Controls International PLC		285,269		19,846,164
Capital markets—6.6%
Ares Management Corp., Class A		272,674		22,629,215
Bank of New York Mellon Corp.		358,861		18,147,601
Goldman Sachs Group, Inc.		3,430		1,254,728
Morgan Stanley		172,320		16,771,906
				58,803,450
Chemicals—4.7%
Axalta Coating Systems Ltd.*		670,844		20,192,405
Dow, Inc.		68,501		4,065,534
PPG Industries, Inc.		134,377		17,514,698
				41,772,637
Communications equipment—2.0%
Cisco Systems, Inc.		366,803		17,852,302
Construction materials—2.1%
HeidelbergCement AG		274,923		18,769,829
Consumer finance—2.3%
American Express Co.		97,352		17,029,785
Capital One Financial Corp.		27,782		3,306,058
				20,335,843
Diversified financial services—3.9%
Berkshire Hathaway, Inc., Class B*		56,581		17,626,113
Equitable Holdings, Inc.		492,176		15,784,084
Voya Financial, Inc.		24,105		1,681,806
				35,092,003

	Number of shares		Value
Common stocks—(continued)
Electric utilities—2.3%
Edison International		36,454	$	2,511,680
Exelon Corp.		420,351		17,734,609
				20,246,289
Electronic equipment, instruments & components—1.9%
Corning, Inc.		495,315		17,142,852
Energy equipment & services—0.4%
Halliburton Co.		37,058		1,527,531
NOV, Inc.		82,009		2,004,300
				3,531,831
Equity real estate investment trusts—1.9%
Gaming and Leisure Properties, Inc.		320,038		17,141,235
Food products—1.7%
Danone SA		276,535		15,124,953
Health care equipment & supplies—2.1%
DENTSPLY SIRONA, Inc.		476,778		17,559,734
GE HealthCare Technologies, Inc.*		14,195		986,836
				18,546,570
Health care providers & services—3.9%
Cardinal Health, Inc.		9,984		771,264
Elevance Health, Inc.		28,001		14,000,220
Fresenius Medical Care AG & Co. KGaA, ADR		156,376		2,928,923
McKesson Corp.		1,857		703,209
UnitedHealth Group, Inc.		31,923		15,935,642
				34,339,258
Hotels, restaurants & leisure—2.8%
Aramark		231,616		10,313,860
Booking Holdings, Inc.*		937		2,280,752
Expedia Group, Inc.*		107,280		12,262,104
				24,856,716
Household durables—0.5%
Mohawk Industries, Inc.*		16,000		1,920,960
Newell Brands, Inc.		160,182		2,556,505
				4,477,465
Industrial conglomerates—0.4%
General Electric Co.		42,586		3,427,321
Insurance—6.5%
American International Group, Inc.		30,634		1,936,682
Axis Capital Holdings Ltd.		27,433		1,716,483
Chubb Ltd.		52,749		11,999,870
Marsh & McLennan Cos., Inc.		52,270		9,142,546
MetLife, Inc.		264,500		19,313,790
Progressive Corp.		98,767		13,466,880
				57,576,251
Interactive media & services—3.8%
Alphabet, Inc., Class A*		161,548		15,967,405
Meta Platforms, Inc., Class A*		120,691		17,979,338
				33,946,743

137

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Internet & direct marketing retail—1.7%
Alibaba Group Holding Ltd., ADR*		139,512	$	15,374,222
IT services—0.7%
Amdocs Ltd.		16,782		1,542,769
Cognizant Technology Solutions Corp., Class A		38,950		2,599,913
SS&C Technologies Holdings, Inc.		41,184		2,485,454
				6,628,136
Machinery—0.2%
Westinghouse Air Brake Technologies Corp.		21,333		2,214,579
Media—1.2%
Charter Communications, Inc., Class A*		2,984		1,146,781
Comcast Corp., Class A		242,478		9,541,509
				10,688,290
Multi-utilities—2.0%
Sempra Energy		109,673		17,583,872
Oil, gas & consumable fuels—4.0%
ConocoPhillips		141,147		17,201,585
EOG Resources, Inc.		132,917		17,578,273
Shell PLC, ADR1		13,577		798,464
				35,578,322
Personal products—2.5%
Unilever PLC, ADR1		433,891		22,171,830
Pharmaceuticals—6.7%
Bristol-Myers Squibb Co.		25,762		1,871,609
Eli Lilly & Co.		43,703		15,040,387
Merck & Co., Inc.		205,619		22,085,537
Pfizer, Inc.		473,230		20,897,837
				59,895,370
Semiconductors & semiconductor equipment—4.6%
Lam Research Corp.		18,096		9,049,809
NXP Semiconductors NV		95,141		17,535,438
QUALCOMM, Inc.		106,391		14,172,345
				40,757,592

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—4.2%
Advance Auto Parts, Inc.		39,564	$	6,024,806
Home Depot, Inc.		52,630		17,061,067
TJX Cos., Inc.		173,710		14,219,901
				37,305,774
Technology hardware, storage & peripherals—2.0%
Hewlett Packard Enterprise Co.		93,493		1,508,042
Samsung Electronics Co. Ltd.		338,556		16,765,641
				18,273,683
Textiles, apparel & luxury goods—0.7%
Gildan Activewear, Inc.1		69,580		2,179,941
PVH Corp.		25,104		2,256,850
Skechers USA, Inc., Class A*		46,112		2,220,293
				6,657,084
Tobacco—2.1%
Philip Morris International, Inc.		176,568		18,405,448
Total common stocks (cost—$816,715,544)				860,701,763
Short-term investments—3.1%
Investment companies—3.1%
State Street Institutional U.S. Government Money Market Fund, 4.180%2 (cost—$28,134,583)		28,134,583		28,134,583
Investment of cash collateral from securities loaned—0.1%
Money market funds—0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%2 (cost—$582,775)		582,775		582,775
Total investments (cost—$845,432,902)—99.8%				889,419,121
Other assets in excess of liabilities—0.2%				1,468,093
Net assets—100.0%			$	890,887,214

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.

138

PACE Large Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	860,701,763	$	—	$	—	$	860,701,763
Short-term investments		—		28,134,583		—		28,134,583
Investment of cash collateral from securities loaned		—		582,775		—		582,775
Total	$	860,701,763	$	28,717,358	$	—	$	889,419,121

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
139

PACE Large Co Growth Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -3.67% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 1000 Growth Index (the "benchmark") returned -4.71%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 142. 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. Both stock selection and sector allocation were positive. Stock selection contributed due to holdings within consumer discretionary and communication services. In terms of sector allocation, the overweight to health care and financials as well as the underweight to the consumer discretionary sector contributed, which was partially offset by negative contribution from the Portfolio's underweight to industrials.

Risk factors were modestly negative during the period. In a rising rate environment, the Portfolio benefitted from its exposure to value characteristics, such as long-term reversal, but that was more than offset by headwinds associated with the Portfolio's momentum exposure. Broadly, the Portfolio was positioned to benefit from higher interest rates, which was helpful 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 Large Co Growth Equity Investments

Investment Manager:

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

Investment Subadvisors:

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, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

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

Polen: Dan Davidowitz and Brandon Ladoff

GQG: Rajiv Jain, Brian Kersmanc and Sudarshan Murthy

Objective:

Capital appreciation

Investment process:

The main strategies of the subadvisors include:

• A strategy in which the subadvisor seeks to identify companies with secular business models and opportunities to generate consistent,

(continued on next page)

140

PACE Large Co Growth Equity Investments

Investment process
(concluded)

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 Web site 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.

141

PACE Large Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(3.77	)%		(15.17	)%		12.14	%		14.04	%
Class Y2		(3.70	)		(14.98	)		9.05			12.60
Class P3		(3.67	)		(14.98	)		9.05			12.60
After deducting maximum sales charge
Class A1		(9.04	)		(19.84	)		10.88			13.39
Russell 1000 Growth Index4		(4.71	)		(16.02	)		11.22			14.53

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.20	)%		(28.00	)%		12.22	%		13.82	%
Class Y2		(1.04	)		(27.77	)		9.15			12.40
Class P3		(1.07	)		(27.78	)		9.14			12.39
After deducting maximum sales charge
Class A1		(6.64	)		(31.95	)		10.96			13.17

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.13% and 1.13%; Class Y—0.87% and 0.87%; and Class P—0.89% 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, 2023 (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—1.13%; Class Y—0.88%; and Class P—0.88%. 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.

142

PACE Large Co Growth Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Amazon.com, Inc.	6.1	%
Alphabet, Inc., Class C	5.8
Microsoft Corp.	5.7
Apple, Inc.	4.4
Netflix, Inc.	3.1
UnitedHealth Group, Inc.	2.7
Adobe, Inc.	2.6
Salesforce, Inc.	2.5
Mastercard, Inc., Class A	2.4
Visa, Inc., Class A	2.1
Total	37.4	%
Top five issuer breakdown by country or territory of origin
United States	98.5	%
Canada	0.4
Brazil	0.4
Netherlands	0.4
United Kingdom	0.3
Total	100	%
Sectors
Information Technology	34.2	%
Health Care	19.4
Consumer Discretionary	16.1
Communication Services	9.8
Financials	5.0
Industrials	4.6
Energy	4.0
Consumer Staples	2.8
Materials	1.6
Utilities	1.0
Total	98.3	%

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

143

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—98.4%
Aerospace & defense—0.2%
Lockheed Martin Corp.		2,932	$	1,358,278
Air freight & logistics—0.6%
United Parcel Service, Inc., Class B		21,570		3,995,411
Automobiles—1.4%
Tesla, Inc.*		60,179		10,424,206
Banks—0.5%
SVB Financial Group*		11,687		3,534,616
Beverages—1.4%
Coca-Cola Co.		83,446		5,116,908
Monster Beverage Corp.*		47,184		4,910,911
				10,027,819
Biotechnology—4.7%
AbbVie, Inc.		74,284		10,975,461
Alnylam Pharmaceuticals, Inc.*		7,354		1,664,946
Amgen, Inc.		24,164		6,098,994
Exact Sciences Corp.*		41,617		2,809,980
Moderna, Inc.*		3,681		648,077
Regeneron Pharmaceuticals, Inc.*		13,280		10,072,481
Seagen, Inc.*		14,713		2,052,169
				34,322,108
Building products—0.6%
Trane Technologies PLC		23,950		4,289,924
Capital markets—3.6%
Blackstone, Inc.		40,462		3,882,733
Charles Schwab Corp.		172,793		13,377,634
LPL Financial Holdings, Inc.		4,688		1,111,619
Morgan Stanley		54,680		5,322,004
MSCI, Inc.		3,989		2,120,393
				25,814,383
Chemicals—0.3%
Sherwin-Williams Co.		10,146		2,400,442
Consumer finance—0.3%
Capital One Financial Corp.		18,292		2,176,748
Diversified financial services—0.6%
Apollo Global Management, Inc.		22,506		1,592,975
Berkshire Hathaway, Inc., Class B*		8,816		2,746,360
				4,339,335
Electric utilities—0.8%
American Electric Power Co., Inc.		25,328		2,379,819
Exelon Corp.		85,936		3,625,640
				6,005,459
Electrical equipment—0.5%
Rockwell Automation, Inc.		13,074		3,687,260
Electronic equipment, instruments & components—0.7%
Amphenol Corp., Class A		65,595		5,232,513

	Number of shares		Value
Common stocks—(continued)
Energy equipment & services—0.5%
Schlumberger Ltd.		65,908	$	3,755,438
Entertainment—3.1%
Netflix, Inc.*		63,680		22,533,805
Food & staples retailing—0.4%
Walmart, Inc.		21,027		3,025,155
Gas utilities—0.1%
Atmos Energy Corp.		9,017		1,059,858
Health care equipment & supplies—2.8%
Abbott Laboratories		91,635		10,130,250
Align Technology, Inc.*		14,422		3,890,046
Dexcom, Inc.*		13,246		1,418,514
Intuitive Surgical, Inc.*		11,061		2,717,577
Stryker Corp.		6,931		1,759,157
				19,915,544
Health care providers & services—6.7%
Cigna Corp.		8,273		2,619,811
CVS Health Corp.		58,510		5,161,752
Elevance Health, Inc.		4,598		2,298,954
HCA Healthcare, Inc.		24,837		6,335,174
Humana, Inc.		5,386		2,756,016
McKesson Corp.		26,527		10,045,244
UnitedHealth Group, Inc.		38,678		19,307,671
				48,524,622
Hotels, restaurants & leisure—2.8%
Airbnb, Inc., Class A*		100,268		11,140,777
Chipotle Mexican Grill, Inc.*		2,247		3,699,416
Marriott International, Inc., Class A		30,899		5,381,988
				20,222,181
Interactive media & services—6.7%
Alphabet, Inc., Class C*		418,804		41,825,956
Match Group, Inc.*		17,179		929,727
Meta Platforms, Inc., Class A*		27,234		4,057,049
Snap, Inc., Class A*		128,770		1,488,581
				48,301,313
Internet & direct marketing retail—6.9%
Amazon.com, Inc.*		426,403		43,974,942
Etsy, Inc.*		21,723		2,988,650
MercadoLibre, Inc.*		2,581		3,049,942
				50,013,534
IT services—8.5%
Accenture PLC, Class A		33,725		9,410,961
Automatic Data Processing, Inc.		7,788		1,758,608
Block, Inc.*		37,563		3,069,648
Cognizant Technology Solutions Corp., Class A		46,101		3,077,242
Mastercard, Inc., Class A		47,644		17,656,867
MongoDB, Inc.*		7,323		1,568,660
PayPal Holdings, Inc.*		86,722		7,066,976
Shopify, Inc., Class A*		64,652		3,185,404

144

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
IT services—(concluded)
Visa, Inc., Class A		64,925	$	14,946,384
				61,740,750
Life sciences tools & services—2.4%
Illumina, Inc.*		36,395		7,795,809
Thermo Fisher Scientific, Inc.		16,970		9,678,500
				17,474,309
Machinery—2.0%
Caterpillar, Inc.		5,748		1,450,163
Deere & Co.		31,324		13,245,040
				14,695,203
Media—0.4%
Trade Desk, Inc., Class A*		53,775		2,726,393
Metals & mining—1.3%
Freeport-McMoRan, Inc.		187,327		8,358,531
United States Steel Corp.		29,479		839,856
				9,198,387
Multiline retail—0.6%
Target Corp.		24,598		4,234,300
Oil, gas & consumable fuels—3.5%
Arch Resources, Inc.		11,730		1,736,274
Cheniere Energy, Inc.		19,806		3,026,159
ConocoPhillips		89,826		10,947,095
Exxon Mobil Corp.		55,379		6,424,518
Occidental Petroleum Corp.		47,681		3,089,252
				25,223,298
Personal products—0.2%
Estee Lauder Cos., Inc., Class A		4,304		1,192,552
Pharmaceuticals—2.8%
AstraZeneca PLC, ADR		30,032		1,963,192
Eli Lilly & Co.		33,448		11,511,129
Zoetis, Inc.		39,448		6,528,250
				20,002,571
Professional services—0.7%
Equifax, Inc.		5,234		1,162,995
Verisk Analytics, Inc.		20,355		3,700,335
				4,863,330
Semiconductors & semiconductor equipment—3.0%
Advanced Micro Devices, Inc.*		73,263		5,505,715
ASML Holding NV N.Y. Registered Shares		4,437		2,932,147
Enphase Energy, Inc.*		5,309		1,175,306
Lam Research Corp.		3,423		1,711,842
NVIDIA Corp.		35,080		6,853,580
Texas Instruments, Inc.		18,846		3,339,700
				21,518,290

	Number of shares		Value
Common stocks—(concluded)
Software—17.2%
Adobe, Inc.*		50,881	$	18,843,270
Autodesk, Inc.*		51,249		11,026,735
HubSpot, Inc.*		4,734		1,642,745
Intuit, Inc.		11,705		4,947,352
Microsoft Corp.		167,308		41,460,595
Oracle Corp.		105,243		9,309,796
Salesforce, Inc.*		105,962		17,798,437
ServiceNow, Inc.*		29,726		13,529,194
Synopsys, Inc.*		14,562		5,151,308
Workday, Inc., Class A*		5,516		1,000,768
				124,710,200
Specialty retail—3.1%
AutoZone, Inc.*		4,464		10,887,026
Home Depot, Inc.		2,905		941,714
Lowe's Cos., Inc.		49,543		10,317,330
				22,146,070
Technology hardware, storage & peripherals—4.4%
Apple, Inc.		221,064		31,897,325
Textiles, apparel & luxury goods—1.3%
Nike, Inc., Class B		46,726		5,949,622
Tapestry, Inc.		71,714		3,268,007
				9,217,629
Tobacco—0.8%
Altria Group, Inc.		62,476		2,813,919
Philip Morris International, Inc.		30,237		3,151,905
				5,965,824
Trading companies & distributors—0.0%†
United Rentals, Inc.*		577		254,428
Total common stocks (cost—$719,211,860)				712,020,811
Short-term investments—1.7%
Investment companies—1.7%
State Street Institutional U.S. Government Money Market Fund, 4.180%1 (cost—$12,551,727)		12,551,727		12,551,727
Total investments (cost—$731,763,587)—100.1%				724,572,538
Liabilities in excess of other assets—(0.1)%				(534,453	)
Net assets—100.0%			$	724,038,085

145

PACE Large Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	712,020,811	$	—	$	—	$	712,020,811
Short-term investments		—		12,551,727		—		12,551,727
Total	$	712,020,811	$	12,551,727	$	—	$	724,572,538

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

^†  Amount represents less than 0.05%

*  Non-income producing security.

¹  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
146

PACE Small/Medium Co Value Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 4.07% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Value Index (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 149. 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 the health care sector was most challenging while stock selection within financials and consumer discretionary had a positive impact. Sector allocation was additive relative to the benchmark, particularly the underweights to real estate and utilities, as these sectors lagged the benchmark during this time period.

Styles factors were supportive during the period as momentum and profitability exposures were rewarded but partially offset by value characteristics such as book to price.

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, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

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.

(continued on next page)

147

PACE Small/Medium Co Value Equity Investments

Investment process (concluded)

• 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.

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 Web site 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.

148

PACE Small/Medium Co Value Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.96	%		(0.83	)%		6.29	%		9.17	%
Class Y2		4.08			(0.64	)		6.54			9.38
Class P3		4.07			(0.68	)		6.47			9.34
Class P25		3.28			(2.07	)		—			(2.02	)
After deducting maximum sales charge
Class A1		(1.77	)		(6.30	)		5.09			8.56
Russell 2500 Value Index4		4.59			0.72			6.50			9.25

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.46	%		(13.43	)%		4.90	%		8.93	%
Class Y2		3.56			(13.26	)		5.15			9.13
Class P3		3.55			(13.30	)		5.08			9.09
Class P25		2.79			(14.45	)		—			(8.50	)
After deducting maximum sales charge
Class A1		(2.23	)		(18.19	)		3.72			8.32

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.20% and 1.20%; Class Y—0.98% and 0.98%; Class P—1.01% and 1.01%; and P2—2.59% and 2.07%. 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 through November 30, 2023 (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, 2023 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 and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 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.

149

PACE Small/Medium Co Value Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Cheesecake Factory, Inc.	1.8	%
TreeHouse Foods, Inc.	1.7
First Horizon Corp.	1.6
W. R. Berkley Corp.	1.5
U.S. Foods Holding Corp.	1.5
Webster Financial Corp.	1.4
TransUnion	1.4
Jack Henry & Associates, Inc.	1.4
Samsonite International SA, ADR	1.3
VICI Properties, Inc.	1.3
Total	14.9	%
Top five issuer breakdown by country or territory of origin
United States	97.7	%
Puerto Rico	1.7
Bermuda	1.1
Argentina	0.9
Canada	0.7
Total	102.1	%
Sectors
Financials	22.0	%
Industrials	18.3
Information Technology	11.6
Consumer Discretionary	11.2
Health Care	6.8
Consumer Staples	6.2
Energy	5.9
Real Estate	5.6
Materials	3.8
Utilities	2.5
Communication Services	1.3
Total	95.2	%

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

150

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—95.1%
Aerospace & defense—0.1%
Northrop Grumman Corp.		700	$	313,628
Air freight & logistics—0.2%
FedEx Corp.		4,500		872,370
Auto components—1.2%
Gentex Corp.		132,858		3,920,640
Goodyear Tire & Rubber Co.*		41,800		470,250
				4,390,890
Automobiles—1.2%
Thor Industries, Inc.1		44,001		4,194,615
Banks—14.3%
Ameris Bancorp		65,870		3,106,429
Bank of Hawaii Corp.		46,087		3,525,195
Bank of NT Butterfield & Son Ltd.		121,890		3,895,604
Bank OZK		62,150		2,838,391
Banner Corp.		55,640		3,607,141
Carter Bankshares, Inc.*		136,672		2,271,489
Cathay General Bancorp		62,190		2,733,872
First Bancorp/Southern Pines NC		5,000		199,250
First Busey Corp.		73,230		1,748,000
First Citizens BancShares, Inc., Class A		3,500		2,721,880
First Hawaiian, Inc.		110,050		3,019,772
First Horizon Corp.		224,802		5,559,353
Glacier Bancorp, Inc.		73,920		3,370,013
Hancock Whitney Corp.		55,230		2,843,240
Popular, Inc.		47,050		3,229,512
Regions Financial Corp.		33,600		790,944
Truist Financial Corp.		3,940		194,597
Webster Financial Corp.		96,550		5,083,358
				50,738,040
Beverages—0.9%
National Beverage Corp.*		70,134		3,099,923
Building products—2.5%
Armstrong World Industries, Inc.		30,700		2,376,487
Lennox International, Inc.		11,975		3,120,925
Resideo Technologies, Inc.*		84,280		1,620,704
Zurn Elkay Water Solutions Corp.		86,730		1,895,918
				9,014,034
Capital markets—2.3%
Artisan Partners Asset Management, Inc., Class A		63,365		2,333,099
LPL Financial Holdings, Inc.		18,076		4,286,181
Virtus Investment Partners, Inc.		6,402		1,375,662
				7,994,942
Chemicals—2.6%
HB Fuller Co.		42,829		2,959,484
Innospec, Inc.		12,966		1,465,417
Scotts Miracle-Gro Co.1		38,716		2,794,908
Valvoline, Inc.		53,530		1,962,410
				9,182,219

	Number of shares		Value
Common stocks—(continued)
Commercial services & supplies—2.0%
KAR Auction Services, Inc.*		171,420	$	2,495,875
Stericycle, Inc.*		84,280		4,535,107
				7,030,982
Communications equipment—0.5%
Comtech Telecommunications Corp.		108,753		1,724,823
Consumer finance—1.1%
Enova International, Inc.*		39,980		1,825,087
SLM Corp.		112,100		1,969,597
				3,794,684
Diversified telecommunication services—0.8%
Liberty Latin America Ltd., Class A*		285,000		2,804,400
Electric utilities—2.1%
IDACORP, Inc.		40,910		4,328,687
Portland General Electric Co.1		69,168		3,291,013
				7,619,700
Electrical equipment—0.8%
EnerSys		36,000		2,988,720
Electronic equipment, instruments & components—2.0%
CDW Corp.		12,346		2,420,186
Zebra Technologies Corp., Class A*		14,262		4,509,359
				6,929,545
Energy equipment & services—2.1%
ChampionX Corp.		93,280		3,080,106
Liberty Energy, Inc.		200,410		3,172,490
TETRA Technologies, Inc.*		261,925		1,037,223
				7,289,819
Entertainment—0.4%
Lions Gate Entertainment Corp., Class B*		175,845		1,339,939
Equity real estate investment trusts—6.7%
Corporate Office Properties Trust		130,920		3,674,924
Granite Real Estate Investment Trust		19,690		1,191,245
Healthcare Realty Trust, Inc.		210,690		4,536,156
Lamar Advertising Co., Class A		21,306		2,269,941
Office Properties Income Trust		11,300		193,908
Physicians Realty Trust		262,650		4,165,629
PotlatchDeltic Corp.		4,600		225,170
Retail Opportunity Investments Corp.		176,740		2,797,794
VICI Properties, Inc.		132,776		4,538,284
				23,593,051
Food & staples retailing—1.5%
U.S. Foods Holding Corp.*		137,870		5,256,983
Food products—2.5%
Conagra Brands, Inc.		8,300		308,677
Lamb Weston Holdings, Inc.		3,400		339,626
Post Holdings, Inc.*		20,460		1,942,677
TreeHouse Foods, Inc.*		125,590		6,082,324

151

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Food products—(concluded)
Tyson Foods, Inc., Class A		4,800	$	315,600
				8,988,904
Gas utilities—0.4%
National Fuel Gas Co.		21,800		1,265,708
Health care equipment & supplies—2.3%
Envista Holdings Corp.*		103,920		4,051,841
Integra LifeSciences Holdings Corp.*		69,960		4,008,708
				8,060,549
Health care providers & services—3.8%
Acadia Healthcare Co., Inc.*		25,770		2,165,195
AdaptHealth Corp.*		145,650		3,121,280
Amedisys, Inc.*		41,700		4,030,722
CorVel Corp.*		12,470		2,221,655
Select Medical Holdings Corp.		45,700		1,328,499
Tenet Healthcare Corp.*		9,000		493,650
				13,361,001
Hotels, restaurants & leisure—4.1%
Boston Pizza Royalties Income Fund		57,000		712,654
Cheesecake Factory, Inc.1		163,169		6,404,383
Despegar.com Corp.*		446,180		3,029,562
Six Flags Entertainment Corp.*		165,280		4,437,768
				14,584,367
Household durables—0.1%
Taylor Morrison Home Corp.*		7,100		254,180
Household products—0.8%
WD-40 Co.		15,919		2,778,502
Insurance—2.6%
Assured Guaranty Ltd.		41,320		2,586,632
CNO Financial Group, Inc.		50,637		1,304,409
W. R. Berkley Corp.		76,536		5,368,235
				9,259,276
Interactive media & services—0.1%
System1, Inc.*		95,632		453,296
IT services—3.6%
BigCommerce Holdings, Inc.*		279,430		3,425,812
Broadridge Financial Solutions, Inc.		25,100		3,774,036
Jack Henry & Associates, Inc.		26,637		4,797,057
VeriSign, Inc.*		3,900		850,395
				12,847,300
Leisure products—0.2%
JAKKS Pacific, Inc.*,1		33,303		694,368
Life sciences tools & services—0.7%
Syneos Health, Inc.*		69,140		2,483,509
Machinery—7.5%
Commercial Vehicle Group, Inc.*		27,958		234,288
EnPro Industries, Inc.		17,900		2,167,153
Graco, Inc.		52,100		3,559,472

	Number of shares		Value
Common stocks—(continued)
Machinery—(concluded)
John Bean Technologies Corp.		21,088	$	2,356,162
Lincoln Electric Holdings, Inc.		14,315		2,388,744
Miller Industries, Inc.		65,159		1,890,263
Oshkosh Corp.		28,983		2,920,907
RBC Bearings, Inc.*		18,184		4,436,350
Terex Corp.		46,230		2,356,343
Toro Co.		37,050		4,131,816
				26,441,498
Marine—1.1%
Kirby Corp.*		55,730		3,944,569
Metals & mining—0.6%
ATI, Inc.*		58,880		2,142,643
Oil, gas & consumable fuels—3.9%
Chesapeake Energy Corp.1		8,100		702,432
Comstock Resources, Inc.		139,100		1,690,065
Devon Energy Corp.		4,600		290,904
Golar LNG Ltd.*		85,547		2,005,222
Gulfport Energy Corp.*		5,229		356,356
New Fortress Energy, Inc.		25,900		1,004,661
PDC Energy, Inc.		38,870		2,632,665
Viper Energy Partners LP		112,100		3,559,175
W&T Offshore, Inc.*		231,843		1,442,064
				13,683,544
Paper & forest products—0.6%
Mercer International, Inc.		168,302		2,142,484
Personal products—0.5%
BellRing Brands, Inc.*		66,690		1,891,328
Professional services—2.9%
KBR, Inc.		41,800		2,141,414
Resources Connection, Inc.		139,100		2,402,257
Science Applications International Corp.		6,950		721,271
TransUnion		67,424		4,837,672
				10,102,614
Road & rail—1.1%
Landstar System, Inc.		23,350		4,035,580
Semiconductors & semiconductor equipment—0.9%
Teradyne, Inc.		32,096		3,264,163
Software—3.7%
Adeia, Inc.		6,236		68,284
American Software, Inc., Class A		117,614		1,788,909
Dolby Laboratories, Inc., Class A		48,664		3,871,708
New Relic, Inc.*		45,250		2,762,513
Varonis Systems, Inc.*		130,630		3,375,479
Xperi, Inc.*		118,017		1,221,476
				13,088,369
Specialty retail—1.8%
Leslie's, Inc.*		231,004		3,578,252
Rent-A-Center, Inc.		94,686		2,546,107

152

PACE Small/Medium Co Value Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Specialty retail—(concluded)
Tilly's, Inc., Class A*		22,647	$	200,652
				6,325,011
Technology hardware, storage & peripherals—0.9%
Diebold Nixdorf, Inc.*,1		1,338,925		3,200,031
Textiles, apparel & luxury goods—2.6%
Capri Holdings Ltd.*		67,090		4,460,814
Samsonite International SA, ADR*		314,615		4,669,673
				9,130,487
Thrifts & mortgage finance—0.5%
Essent Group Ltd.		41,320		1,819,320
Total common stocks (cost—$284,405,378)				336,415,908
Investment companies—0.2%
Sprott Physical Uranium Trust* (cost—$420,109)		47,350		607,111

	Number of shares		Value
Short-term investments—4.7%
Investment companies—4.7%
State Street Institutional U.S. Government Money Market Fund, 4.180%2 (cost—$16,521,375)		16,521,375	$	16,521,375
Investment of cash collateral from securities loaned—3.2%
Money market funds—3.2%
State Street Navigator Securities Lending Government Money Market Portfolio2 (cost—$11,365,796)		11,365,796		11,365,796
Total investments (cost—$312,712,658)—103.2%				364,910,190
Liabilities in excess of other assets—(3.2)%				(11,406,495	)
Net assets—100.0%			$	353,503,695

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, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	336,415,908	$	—	$	—	$	336,415,908
Investment companies		607,111		—		—		607,111
Short-term investments		—		16,521,375		—		16,521,375
Investment of cash collateral from securities loaned		—		11,365,796		—		11,365,796
Total	$	337,023,019	$	27,887,171	$	—	$	364,910,190

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

²  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
153

PACE Small/Medium Co Growth Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 3.17% before the deduction of the maximum PACE Select program fee.¹ In comparison, the Russell 2500 Growth Index (the "benchmark") returned 3.28%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 156. 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 modestly underperformed its benchmark during the reporting period. Stock selection was positive while sector allocation held back returns. Stock selection within the information technology and consumer discretionary sectors was meaningfully rewarded. Sector allocation decisions detracted, especially overweights to the information technology and health care sectors. Cash allocation was a modest headwind for performance given the positive equity market return.

Risk factors were not additive to performance for the period. The Portfolio's tilt away from companies with higher value characteristics such as book-to-price, dividend yield, and earnings yield detracted from performance. Exposure to companies with higher profitability was marginally beneficial.

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, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

Riverbridge: 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.

(continued on next page)

154

PACE Small/Medium Co Growth Equity Investments

Investment process (concluded)

• 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.

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 Web site 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.

155

PACE Small/Medium Co Growth Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.06	%		(8.87	)%		8.13	%		9.87	%
Class Y2		3.11			(8.72	)		8.41			10.07
Class P3		3.17			(8.70	)		8.31			10.02
Class P25		2.10			(10.74	)		—			(18.08	)
After deducting maximum sales charge
Class A1		(2.63	)		(13.89	)		6.91			9.25
Russell 2500 Growth Index4		3.28			(6.49	)		6.97			10.94

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.65	%		(26.65	)%		7.51	%		9.59	%
Class Y2		3.65			(26.60	)		7.79			9.78
Class P3		3.64			(26.58	)		7.67			9.73
Class P25		2.46			(28.19	)		—			(24.14	)
After deducting maximum sales charge
Class A1		(2.02	)		(30.69	)		6.30			8.97

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.20% and 1.20%; Class Y—0.96% and 0.96%; Class P—1.04% and 1.04% and P2—3.06% and 2.72%. 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, 2023 (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, 2023 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 and Class P2 shares do not bear initial or contingent deferred sales charges or ongoing 12b-1 service and distribution fees, but Class P and Class P2 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.

156

PACE Small/Medium Co Growth Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Five Below, Inc.	2.0	%
Grand Canyon Education, Inc.	1.8
Ritchie Bros Auctioneers, Inc.	1.6
SPS Commerce, Inc.	1.5
Globant SA	1.4
Workiva, Inc.	1.3
Medpace Holdings, Inc.	1.2
Floor & Decor Holdings, Inc., Class A	1.2
WillScot Mobile Mini Holdings Corp.	1.2
Privia Health Group, Inc.	1.2
Total	14.4	%
Top five issuer breakdown by country or territory of origin
United States	95.0	%
Canada	2.6
Israel	0.9
Bermuda	0.6
Switzerland	0.3
Total	99.4	%
Sectors
Information Technology	30.9	%
Health Care	23.1
Industrials	14.6
Consumer Discretionary	13.5
Financials	6.4
Consumer Staples	4.0
Energy	2.5
Materials	1.7
Communication Services	1.3
Utilities	0.5
Telecommunication Services	0.1
Real Estate	0.1
Total	98.7	%

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

157

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—98.7%
Aerospace & defense—0.6%
Axon Enterprise, Inc.*		5,974	$	1,167,559
Curtiss-Wright Corp.		964		159,831
Leonardo DRS, Inc.*		39,489		527,178
				1,854,568
Auto components—0.6%
American Axle & Manufacturing Holdings, Inc.*		5,400		47,898
Fox Factory Holding Corp.*		1,782		210,436
Visteon Corp.*		9,199		1,438,172
				1,696,506
Banks—0.8%
Pathward Financial, Inc.		14,403		714,677
Western Alliance Bancorp		19,518		1,471,072
				2,185,749
Beverages—0.8%
Celsius Holdings, Inc.*		22,215		2,228,609
MGP Ingredients, Inc.1		2,181		212,735
				2,441,344
Biotechnology—5.4%
ACADIA Pharmaceuticals, Inc.*		57,469		1,093,635
Aduro Biotech, Inc.*,2,3		9,389		0
Alector, Inc.*		27,198		239,886
Apellis Pharmaceuticals, Inc.*		6,118		322,602
Atara Biotherapeutics, Inc.*		15,400		78,078
BioCryst Pharmaceuticals, Inc.*		36,698		387,164
Catalyst Pharmaceuticals, Inc.*		5,800		89,842
Chimerix, Inc.*		78,996		139,823
Coherus Biosciences, Inc.*		26,864		227,807
CytomX Therapeutics, Inc.*,1		40,600		109,620
Deciphera Pharmaceuticals, Inc.*		16,805		285,853
Enanta Pharmaceuticals, Inc.*		7,657		408,731
Exelixis, Inc.*		83,203		1,466,037
FibroGen, Inc.*		49,076		1,158,194
Halozyme Therapeutics, Inc.*		7,070		366,014
Intercept Pharmaceuticals, Inc.*		36,713		670,379
Ionis Pharmaceuticals, Inc.*		35,571		1,418,216
Karuna Therapeutics, Inc.*		1,135		226,308
Karyopharm Therapeutics, Inc.*		95,065		313,714
Kiniksa Pharmaceuticals Ltd., Class A*		24,769		358,160
Krystal Biotech, Inc.*		4,884		405,958
Praxis Precision Medicines, Inc.*		8,500		42,330
PTC Therapeutics, Inc.*		23,135		1,061,665
Rigel Pharmaceuticals, Inc.*		239,199		392,286
Sarepta Therapeutics, Inc.*		11,076		1,384,168
Syndax Pharmaceuticals, Inc.*		19,134		549,146
TG Therapeutics, Inc.*		19,361		294,868
Travere Therapeutics, Inc.*		50,836		1,138,726
Ultragenyx Pharmaceutical, Inc.*		23,465		1,063,668
				15,692,878

	Number of shares		Value
Common stocks—(continued)
Building products—1.1%
Apogee Enterprises, Inc.		16,065	$	752,484
Masonite International Corp.*		8,517		776,921
Tecnoglass, Inc.		51,167		1,751,958
				3,281,363
Capital markets—2.2%
Avantax, Inc.*		13,444		391,758
FactSet Research Systems, Inc.		3,792		1,603,789
GCM Grosvenor, Inc., Class A		2,600		23,296
LPL Financial Holdings, Inc.		9,811		2,326,384
MarketAxess Holdings, Inc.		3,675		1,337,149
Perella Weinberg Partners		8,188		83,927
StoneX Group, Inc.*		7,860		690,737
				6,457,040
Chemicals—0.9%
AdvanSix, Inc.		10,193		440,745
American Vanguard Corp.		13,711		309,732
Chemours Co.		46,064		1,676,269
Orion Engineered Carbons SA		11,551		242,802
				2,669,548
Commercial services & supplies—2.4%
Aris Water Solution, Inc., Class A		16,630		257,599
CECO Environmental Corp.*		28,928		416,274
Healthcare Services Group, Inc.		101,834		1,371,704
Montrose Environmental Group, Inc.*		4,904		265,600
Ritchie Bros Auctioneers, Inc.		78,368		4,738,913
				7,050,090
Communications equipment—2.1%
Calix, Inc.*		4,828		254,146
Cambium Networks Corp.*		5,884		126,094
CommScope Holding Co., Inc.*		116,548		979,003
Digi International, Inc.*		16,658		566,206
DZS, Inc.*		3,976		50,495
Extreme Networks, Inc.*		119,171		2,148,653
Harmonic, Inc.*		80,599		1,061,489
Infinera Corp.*,1		120,778		884,095
Inseego Corp.*		12,989		15,067
Viavi Solutions, Inc.*		12,882		145,567
				6,230,815
Construction & engineering—2.2%
AECOM		11,449		999,154
Great Lakes Dredge & Dock Co.*		18,086		124,432
MYR Group, Inc.*		17,107		1,694,619
Sterling Infrastructure, Inc.*		3,220		117,176
WillScot Mobile Mini Holdings Corp.*		71,228		3,451,709
				6,387,090
Consumer finance—1.3%
Green Dot Corp., Class A*		26,526		479,590
LendingClub Corp.*		32,204		312,057
LendingTree, Inc.*		19,808		785,586
PRA Group, Inc.*		37,496		1,508,839

158

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Consumer finance—(concluded)
PROG Holdings, Inc.*		22,690	$	505,760
World Acceptance Corp.*		1,599		153,056
				3,744,888
Diversified consumer services—2.2%
Carriage Services, Inc.		6,117		198,313
Chegg, Inc.*		43,878		910,908
Grand Canyon Education, Inc.*		44,450		5,181,092
Universal Technical Institute, Inc.*		10,509		79,658
				6,369,971
Diversified telecommunication services—0.4%
Bandwidth, Inc., Class A*		24,224		602,693
Ooma, Inc.*		35,613		511,759
				1,114,452
Electrical equipment—0.4%
Array Technologies, Inc.*		12,649		281,187
Vertiv Holdings Co.		63,599		904,378
Vicor Corp.*		680		47,212
				1,232,777
Electronic equipment, instruments & components—3.4%
Advanced Energy Industries, Inc.		2,187		202,822
Arlo Technologies, Inc.*		47,797		179,239
Bel Fuse, Inc., Class B		28,469		1,122,817
Cognex Corp.		53,560		2,931,874
FARO Technologies, Inc.*		11,503		316,103
Itron, Inc.*		15,122		869,061
Napco Security Technologies, Inc.*		37,010		1,072,180
National Instruments Corp.		55,392		2,991,168
Richardson Electronics Ltd.		17,511		391,371
				10,076,635
Energy equipment & services—0.4%
Liberty Energy, Inc.		18,278		289,341
NexTier Oilfield Solutions, Inc.*		17,807		167,742
ProFrac Holding Corp., Class A*		2,100		47,250
Weatherford International PLC*		13,779		783,749
				1,288,082
Entertainment—0.1%
World Wrestling Entertainment, Inc., Class A		4,773		403,891
Food & staples retailing—0.5%
Chefs' Warehouse, Inc.*		12,547		479,672
Sprouts Farmers Market, Inc.*		29,445		940,768
				1,420,440
Food products—1.8%
Calavo Growers, Inc.		11,367		364,312
Freshpet, Inc.*,1		31,818		2,015,034
Lamb Weston Holdings, Inc.		22,067		2,204,273
SunOpta, Inc.*		65,643		536,303
				5,119,922

	Number of shares		Value
Common stocks—(continued)
Health care equipment & supplies—5.8%
Alphatec Holdings, Inc.*		87,612	$	1,140,708
Axonics, Inc.*		14,137		868,012
Glaukos Corp.*		30,436		1,492,886
Heska Corp.*		16,154		1,444,814
Inmode Ltd.*		4,021		140,936
Inspire Medical Systems, Inc.*		10,330		2,614,110
iRadimed Corp.		12,491		467,163
Neogen Corp.*		59,164		1,266,701
Nevro Corp.*		6,860		251,899
OrthoPediatrics Corp.*		28,325		1,334,957
Paragon 28, Inc.*		45,798		771,696
Penumbra, Inc.*		3,467		868,171
PROCEPT BioRobotics Corp.*		1,099		42,740
Pulmonx Corp.*		12,839		114,139
Semler Scientific, Inc.*		4,069		159,546
Shockwave Medical, Inc.*		5,459		1,025,910
Silk Road Medical, Inc.*		8,290		450,644
Tactile Systems Technology, Inc.*		4,287		55,602
Tela Bio, Inc.*		10,193		118,035
TransMedics Group, Inc.*		11,830		745,527
Treace Medical Concepts, Inc.*		60,767		1,403,110
UFP Technologies, Inc.*		2,694		306,389
				17,083,695
Health care providers & services—7.6%
Alignment Healthcare, Inc.*		57,974		715,979
Amedisys, Inc.*		32,737		3,164,358
AMN Healthcare Services, Inc.*		22,272		2,134,549
Chemed Corp.		5,391		2,723,210
Ensign Group, Inc.		34,420		3,209,665
Oak Street Health, Inc.*,1		57,374		1,667,288
Pennant Group, Inc.*		70,375		910,653
Privia Health Group, Inc.*		125,950		3,405,688
Progyny, Inc.*		64,834		2,229,641
US Physical Therapy, Inc.		20,715		2,053,892
				22,214,923
Health care technology—1.8%
Certara, Inc.*		82,865		1,607,581
Definitive Healthcare Corp.*,1		100,363		1,242,494
Phreesia, Inc.*		59,897		2,245,538
Tabula Rasa HealthCare, Inc.*,1		29,823		181,026
				5,276,639
Hotels, restaurants & leisure—2.7%
Dave & Buster's Entertainment, Inc.*		25,364		1,099,529
First Watch Restaurant Group, Inc.*		28,689		464,762
Genius Sports Ltd.*		25,811		141,702
Light & Wonder, Inc., Class A*		9,131		595,798
PlayAGS, Inc.*		11,720		77,469
Portillo's, Inc., Class A*		6,901		155,687
SeaWorld Entertainment, Inc.*		16,956		1,057,885
Sportradar Holding AG, Class A*		18,476		231,874
Travel + Leisure Co.		34,416		1,458,206
Wingstop, Inc.		3,998		633,563

159

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hotels, restaurants & leisure—(concluded)
Wyndham Hotels & Resorts, Inc.		13,547	$	1,050,028
Xponential Fitness, Inc., Class A*,1		35,034		962,734
				7,929,237
Household durables—1.2%
Cavco Industries, Inc.*		3,700		984,570
Skyline Champion Corp.*		19,680		1,160,136
Sonos, Inc.*		73,807		1,361,001
				3,505,707
Independent power and renewable electricity producers—0.5%
Vistra Corp.		62,255		1,435,600
Insurance—2.2%
Goosehead Insurance, Inc., Class A*		21,036		821,456
HCI Group, Inc.1		1,383		69,441
Kinsale Capital Group, Inc.		8,730		2,430,781
RenaissanceRe Holdings Ltd.		8,983		1,757,883
Ryan Specialty Holdings, Inc.*		28,352		1,208,362
Skyward Specialty Insurance Group, Inc.*		5,974		110,579
				6,398,502
Interactive media & services—0.6%
DHI Group, Inc.*		1,000		5,940
QuinStreet, Inc.*		20,181		309,375
Vimeo, Inc.*		11,300		51,302
Yelp, Inc.*		45,917		1,446,844
				1,813,461
IT services—4.3%
Brightcove, Inc.*		32,160		203,894
CSG Systems International, Inc.		18,414		1,098,763
ExlService Holdings, Inc.*		3,800		648,280
Globant SA*		24,745		4,013,144
GoDaddy, Inc., Class A*		6,109		501,732
Grid Dynamics Holdings, Inc.*		104,072		1,302,982
IBEX Holdings Ltd.*		15,450		412,361
International Money Express, Inc.*		46,130		1,049,919
Squarespace, Inc., Class A*		74,000		1,755,280
WEX, Inc.*		9,238		1,708,753
				12,695,108
Leisure products—0.1%
MasterCraft Boat Holdings, Inc.*		14,544		418,285
Life sciences tools & services—1.6%
Codexis, Inc.*		93,432		574,607
Medpace Holdings, Inc.*		16,048		3,547,731
NanoString Technologies, Inc.*		39,349		416,313
				4,538,651
Machinery—2.3%
AGCO Corp.		7,738		1,068,850
Energy Recovery, Inc.*		19,987		442,312
Kadant, Inc.		12,426		2,532,046
Kornit Digital Ltd.*		67,264		1,695,725
Shyft Group, Inc.		5,590		186,091

	Number of shares		Value
Common stocks—(continued)
Machinery—(concluded)
Symbotic, Inc.*		13,661	$	213,795
Terex Corp.		751		38,279
Wabash National Corp.		26,957		694,412
				6,871,510
Media—0.3%
Perion Network Ltd.*		28,582		957,497
Metals & mining—0.6%
Alpha Metallurgical Resources, Inc.		1,626		261,672
Compass Minerals International, Inc.		25,336		1,182,178
MP Materials Corp.*		13,189		428,774
				1,872,624
Multiline retail—0.9%
Dillard's, Inc., Class A1		2,438		958,890
Ollie's Bargain Outlet Holdings, Inc.*		29,817		1,632,779
				2,591,669
Oil, gas & consumable fuels—2.0%
Arch Resources, Inc.		6,414		949,400
Chord Energy Corp.		5,838		836,761
CONSOL Energy, Inc.		3,121		180,487
CVR Energy, Inc.		17,993		597,368
Evolution Petroleum Corp.		7,854		49,009
Matador Resources Co.		22,339		1,477,948
Par Pacific Holdings, Inc.*		45,187		1,207,849
PBF Energy, Inc., Class A		11,555		485,194
W&T Offshore, Inc.*		33,485		208,277
				5,992,293
Paper & forest products—0.2%
Sylvamo Corp.		9,831		467,267
Personal products—1.0%
elf Beauty, Inc.*		26,399		1,519,263
Medifast, Inc.		5,933		661,233
USANA Health Sciences, Inc.*		10,194		595,737
				2,776,233
Pharmaceuticals—1.0%
Amneal Pharmaceuticals, Inc.*		124,141		273,110
Amphastar Pharmaceuticals, Inc.*		21,101		638,516
Collegium Pharmaceutical, Inc.*		5,946		166,964
Harmony Biosciences Holdings, Inc.*		16,109		775,971
Ligand Pharmaceuticals, Inc.*		6,233		434,440
NGM Biopharmaceuticals, Inc.*		48,976		256,634
Progenics Pharmaceuticals, Inc.*,2,3		76,855		0
Revance Therapeutics, Inc.*		8,030		278,481
Theravance Biopharma, Inc.*,1		3,389		36,635
				2,860,751
Professional services—2.9%
CBIZ, Inc.*		15,535		739,311
CRA International, Inc.		1,561		185,509
Exponent, Inc.		30,733		3,151,362
Forrester Research, Inc.*		11,533		427,413

160

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Professional services—(concluded)
HireRight Holdings Corp.*		1,000	$	11,440
Insperity, Inc.		14,221		1,572,131
Kforce, Inc.		13,646		765,950
NV5 Global, Inc.*		5,974		796,274
TriNet Group, Inc.*		12,504		943,427
				8,592,817
Real estate management & development—0.1%
Redfin Corp.*,1		14,307		107,016
RMR Group, Inc., Class A		3,472		107,701
Zillow Group, Inc., Class A*		85		3,652
				218,369
Road & rail—1.3%
ArcBest Corp.		5,233		436,694
Daseke, Inc.*		9,308		64,970
Landstar System, Inc.		10,321		1,783,778
Lyft, Inc., Class A*		75,230		1,222,488
PAM Transportation Services, Inc.*		5,433		157,285
				3,665,215
Semiconductors & semiconductor equipment—3.4%
Aehr Test Systems*		11,237		392,845
Allegro MicroSystems, Inc.*		11,059		422,122
Ambarella, Inc.*		13,515		1,214,188
Axcelis Technologies, Inc.*		2,400		263,880
Diodes, Inc.*		6,624		590,795
Impinj, Inc.*		9,497		1,232,521
indie Semiconductor, Inc., Class A*		40,301		321,199
Lattice Semiconductor Corp.*		2,123		160,902
Power Integrations, Inc.		35,806		3,082,538
Semtech Corp.*		48,137		1,589,965
SiTime Corp.*		1,536		176,993
SMART Global Holdings, Inc.*		36,558		628,432
				10,076,380
Software—16.7%
8x8, Inc.*		122,957		579,127
Agilysys, Inc.*		16,790		1,402,972
Alarm.com Holdings, Inc.*		48,704		2,610,534
Arteris, Inc.*		4,126		25,911
Blackline, Inc.*		40,535		2,910,413
Box, Inc., Class A*		70,692		2,261,437
CCC Intelligent Solutions Holdings, Inc.*,1		163,942		1,516,464
Consensus Cloud Solutions, Inc.*		4,832		283,977
Couchbase, Inc.*		3,387		50,094
CS Disco, Inc.*		25,816		214,531
Descartes Systems Group, Inc.*		31,356		2,289,615
DocuSign, Inc.*		8,631		523,384
Domo, Inc., Class B*		6,581		102,071
DoubleVerify Holdings, Inc.*		59,548		1,619,110
Dropbox, Inc., Class A*		70,627		1,640,665
Everbridge, Inc.*		26,425		844,543
Five9, Inc.*		21,741		1,712,756
Guidewire Software, Inc.*		15,072		1,103,873
Informatica, Inc., Class A*		9,312		165,754

	Number of shares		Value
Common stocks—(concluded)
Software—(concluded)
Intapp, Inc.*		10,698	$	310,028
Kaltura, Inc.*,1		24,788		54,038
Model N, Inc.*		57,359		2,274,858
Momentive Global, Inc.*		162,279		1,251,171
New Relic, Inc.*		20,379		1,244,138
Nutanix, Inc., Class A*		37,188		1,036,430
OneSpan, Inc.*		35,016		483,571
Paycor HCM, Inc.*		55,490		1,393,354
Paylocity Holding Corp.*		15,123		3,149,970
Pegasystems, Inc.		14,735		572,897
PowerSchool Holdings, Inc., Class A*		36,858		830,042
Qualys, Inc.*		12,441		1,435,194
ShotSpotter, Inc.*		23,683		912,980
Smartsheet, Inc., Class A*		13,615		588,304
Sprout Social, Inc., Class A*		4,280		273,792
SPS Commerce, Inc.*		32,504		4,423,144
Telos Corp.*		25,457		123,466
Tenable Holdings, Inc.*		26,464		1,064,647
Varonis Systems, Inc.*		47,567		1,229,131
Workiva, Inc.*		44,603		3,859,498
Zeta Global Holdings Corp., Class A*		57,530		522,372
				48,890,256
Specialty retail—4.9%
Arhaus, Inc.*,1		30,117		426,156
Boot Barn Holdings, Inc.*		6,929		578,502
Citi Trends, Inc.*		1,792		56,412
Five Below, Inc.*		29,113		5,739,046
Floor & Decor Holdings, Inc., Class A*		38,087		3,457,157
Fresh Market, Inc.*,1,2,3		56,390		0
Murphy USA, Inc.		6,068		1,650,678
National Vision Holdings, Inc.*		55,009		2,260,870
Sleep Number Corp.*		3,222		110,772
				14,279,593
Technology hardware, storage & peripherals—1.2%
Avid Technology, Inc.*		44,796		1,357,767
Dell Technologies, Class C		17,689		718,527
Pure Storage, Inc., Class A*		47,670		1,379,570
				3,455,864
Textiles, apparel & luxury goods—0.6%
Crocs, Inc.*		8,566		1,043,082
On Holding AG, Class A*		28,854		669,413
				1,712,495
Trading companies & distributors—1.3%
Applied Industrial Technologies, Inc.		6,997		1,002,040
Boise Cascade Co.		18,109		1,357,632
Global Industrial Co.		600		15,774
GMS, Inc.*		2,905		172,325
Herc Holdings, Inc.		8,257		1,282,477
				3,830,248
Total common stocks (cost—$277,181,780)				289,138,938

161

PACE Small/Medium Co Growth Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Short-term investments—1.1%
Investment companies—1.1%
State Street Institutional U.S. Government Money Market Fund, 4.180%4 (cost—$3,278,261)		3,278,261	$	3,278,261
Investment of cash collateral from securities loaned—0.5%
Money market funds—0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%4 (cost—$1,588,574)		1,588,574		1,588,574
Total investments (cost—$282,048,615)—100.3%				294,005,773
Liabilities in excess of other assets—(0.3)%				(1,018,986	)
Net assets—100.0%			$	292,986,787

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, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	289,138,938	$	—	$	0	$	289,138,938
Short-term investments		—		3,278,261		—		3,278,261
Investment of cash collateral from securities loaned		—		1,588,574		—		1,588,574
Total	$	289,138,938	$	4,866,835	$	0	$	294,005,773

At January 31, 2023, there were no transfers in or out of Level 3.

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

Portfolio footnotes

*  Non-income producing security.

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

²  Security fair valued by the Valuation Committee under the direction of the Board of Trustees.

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

⁴  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
162

PACE International Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 7.40% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI EAFE Index (net) (the "benchmark") returned 9.52%. (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. Stock selection was the primary detractor, particularly within industrials and information technology. Sector allocation was mixed. The Portfolio's underweight to real estate was additive relative to the benchmark during the period but offset by the Portfolio's underweight to materials.

Stock selection from a country/region perspective was also negative given results in Japan, Netherlands, and Hong Kong. Country allocation was a headwind due to an underweight to Canada and Germany.

Style was additive to benchmark relative results in the period. The Portfolio's value exposure, particularly earnings yield, and long-term reversal were additive.

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, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

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

Baird: 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

(continued on next page)

163

PACE International Equity Investments

Investment process
(concluded)

estimate of the true worth of these operations.

• 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 Web site 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.

164

PACE International Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		7.24	%		(5.82	)%		2.25	%		5.20	%
Class Y2		7.45			(5.48	)		2.53			5.50
Class P3		7.40			(5.56	)		2.52			5.48
After deducting maximum sales charge
Class A1		1.36			(11.01	)		1.10			4.60
MSCI EAFE Index (net)4		9.52			(2.83	)		2.13			4.95

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		3.54	%		(14.35	)%		1.74	%		4.79	%
Class Y2		3.64			(14.15	)		2.02			5.07
Class P3		3.66			(14.14	)		2.02			5.07
After deducting maximum sales charge
Class A1		(2.13	)		(19.04	)		0.60			4.19

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.77% and 1.69%; Class Y—1.52% and 1.44%; and Class P—1.49% and 1.44%. 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, 2023 (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.

165

PACE International Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings (long holdings)
Novartis AG	2.0	%
Shell PLC	1.9
Kering SA	1.8
Allianz SE	1.7
Honda Motor Co. Ltd.	1.7
United Overseas Bank Ltd.	1.6
Lloyds Banking Group PLC	1.6
DBS Group Holdings Ltd.	1.6
Sanofi	1.5
ASML Holding NV	1.4
Total	16.8	%
Top ten holdings (short holdings)
Boliden AB	(0.6	)%
Kubota Corp.	(0.6	)
Unibail-Rodamco-Westfield	(0.5	)
SKF AB, Class B	(0.4	)
Nitori Holdings Co. Ltd.	(0.4	)
Hitachi Ltd.	(0.4	)
Shiseido Co. Ltd.	(0.4	)
Electricite de France SA	(0.3	)
Alcon, Inc.	(0.4	)
Kurita Water Industries Ltd.	(0.3	)
Total	(4.3	)%
Top five issuer breakdown by country or territory of origin (long holdings)
Japan	26.9	%
United Kingdom	14.2
France	11.0
Germany	6.9
United States	6.4
Total	65.4	%
Top five issuer breakdown by country or territory of origin (short holdings)
Japan	(5.4	)%
Sweden	(1.8	)
France	(1.4	)
Germany	(0.8	)
Switzerland	(0.7	)
Total	(10.1	)%

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

166

PACE International Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Common stocks
Aerospace & defense	1.8	%
Air freight & logistics	0.7
Airlines	0.2
Auto components	1.0
Automobiles	4.3
Banks	14.2
Beverages	0.8
Biotechnology	1.6
Building products	1.1
Capital markets	1.0
Chemicals	2.9
Commercial services & supplies	1.3
Communications equipment	0.3
Construction & engineering	1.6
Construction materials	0.8
Diversified financial services	0.0	†
Diversified telecommunication services	2.1
Electric utilities	2.8
Electrical equipment	1.3
Electronic equipment, instruments & components	2.0
Energy equipment & services	0.1
Entertainment	0.5
Equity real estate investment trusts	0.1
Food & staples retailing	2.5
Food products	3.0
Gas utilities	1.2
Health care equipment & supplies	1.6
Health care providers & services	0.0	†
Hotels, restaurants & leisure	0.6
Household durables	2.2
Household products	0.1
Independent power and renewable electricity producers	0.3
Industrial conglomerates	2.7
Insurance	5.9
Interactive media & services	0.3
Internet & direct marketing retail	0.8
IT services	2.5
Leisure products	0.4
Life sciences tools & services	0.2
Machinery	2.2
Marine	0.1
Media	1.7

Common stocks—(concluded)
Metals & mining	2.4	%
Multi-utilities	0.1
Multiline retail	0.0	†
Oil, gas & consumable fuels	6.4
Personal products	1.2
Pharmaceuticals	10.5
Professional services	1.4
Real estate management & development	0.3
Road & rail	1.1
Semiconductors & semiconductor equipment	5.4
Software	2.4
Specialty retail	2.1
Technology hardware, storage & peripherals	0.8
Textiles, apparel & luxury goods	4.0
Tobacco	1.6
Trading companies & distributors	1.2
Transportation infrastructure	0.1
Wireless telecommunication services	0.5
Total common stocks	112.3
Preferred stocks
Automobiles	0.2
Rights
Spain	0.0	†
Short-term investments	0.4
Investment of cash collateral from securities loaned	0.9
Total investments before investments sold short	113.8
Investments sold short
Aerospace & defense	(0.2	)
Auto components	(0.2	)
Banks	(0.2	)
Beverages	(0.0	)†
Biotechnology	(0.0	)†
Capital markets	(0.3	)
Chemicals	(0.9	)
Commercial services & supplies	(0.1	)
Construction & engineering	(0.0	)†
Distributors	(0.1	)
Diversified financial services	(0.9	)
Diversified telecommunication services	(0.2	)
Electric utilities	(0.8	)

167

PACE International Equity Investments

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

As a percentage of net assets as of January 31, 2023

Investments sold short—(continued)
Electronic equipment, instruments & components	(0.1	)%
Entertainment	(0.1	)
Equity real estate investment trusts	(1.0	)
Food & staples retailing	(0.4	)
Food products	(0.1	)
Gas utilities	(0.3	)
Health care equipment & supplies	(0.8	)
Health care providers & services	(0.3	)
Hotels, restaurants & leisure	(0.0	)†
Household durables	(0.0	)†
Industrial conglomerates	(0.5	)
Insurance	(0.0	)†
Internet & direct marketing retail	(0.1	)
IT services	(0.0	)†
Life sciences tools & services	(0.0	)†
Machinery	(1.7	)
Metals & mining	(0.9	)
Multi-utilities	(0.0	)†

Investments sold short—(concluded)
Multiline retail	(0.1	)%
Oil, gas & consumable fuels	(0.0	)†
Paper & forest products	(0.3	)
Personal products	(0.9	)
Pharmaceuticals	(0.0	)†
Professional services	(0.0	)†
Real estate management & development	(0.4	)
Real estate management & development	(0.1	)
Road & rail	(0.6	)
Semiconductors & semiconductor equipment	(0.1	)
Software	(0.1	)
Specialty retail	(0.4	)
Technology hardware, storage & peripherals	(0.0	)†
Trading companies & distributors	(0.0	)†
Total investments sold short	(13.2	)
Liabilities in excess of other assets	(0.6	)
Net assets	100.0	%

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

168

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—112.3%
Australia—4.1%
Aurizon Holdings Ltd.1		2,696,096	$	7,046,945
BHP Group Ltd.1		89,006		3,117,180
BlueScope Steel Ltd.		190,579		2,598,827
Cochlear Ltd.1		450		67,984
Coles Group Ltd.1		85,224		1,071,915
Glencore PLC1		147,674		988,955
Lendlease Corp. Ltd.1		26,545		162,092
Newcrest Mining Ltd.1		32,396		514,743
Northern Star Resources Ltd.1		520,334		4,636,447
QBE Insurance Group Ltd.		201,175		1,962,847
Rio Tinto PLC1		873		68,357
South32 Ltd.1		267,400		858,068
Telstra Group Ltd.1		364,875		1,054,555
Wesfarmers Ltd.1		875		30,850
WiseTech Global Ltd.1		73,643		3,193,127
Woodside Energy Group Ltd.		22,059		571,193
Woolworths Group Ltd.1		127,383		3,255,584
				31,199,669
Austria—0.3%
OMV AG		35,948		1,800,644
voestalpine AG		18,115		601,899
				2,402,543
Brazil—0.1%
Yara International ASA		24,793		1,101,585
Canada—1.6%
Constellation Software, Inc.2		3,580		6,325,021
Fairfax Financial Holdings Ltd.2		8,985		5,948,380
				12,273,401
Chile—0.0%†
Antofagasta PLC		6,568		141,124
China—1.5%
Alibaba Group Holding Ltd., ADR*		19,939		2,197,278
BeiGene Ltd., ADR*		7,046		1,803,776
BOC Hong Kong Holdings Ltd.		509,500		1,780,645
Prosus NV*		50,230		4,055,833
Sinopharm Group Co. Ltd., Class H		105,450		258,457
Wuxi Biologics Cayman, Inc.*,3		206,804		1,726,896
				11,822,885
Denmark—4.1%
A.P. Moller—Maersk AS, Class B1		449		976,706
Carlsberg A/S, Class B		12,540		1,780,199
Coloplast AS, Class B		24,055		2,904,267
Danske Bank A/S		36,846		767,633
Genmab A/S*		19,224		7,533,817
Novo Nordisk AS, ADR		44,070		6,116,035
Novo Nordisk AS, Class B		72,536		10,038,240
Novozymes AS, Class B1		2,317		120,569
Pandora AS		14,324		1,192,772
				31,430,238

	Number of shares		Value
Common stocks—(continued)
Finland—1.1%
Kesko Oyj, Class B		73,361	$	1,708,833
Nokia Oyj1		100,918		478,504
Nordea Bank Abp		512,287		5,988,832
				8,176,169
France—11.0%
Air Liquide SA1		4,611		734,192
Airbus SE1		37,544		4,706,735
AXA SA		53,493		1,668,929
Bouygues SA2		163,388		5,382,644
Bureau Veritas SA		5,897		168,604
Capgemini SE1		3,454		655,519
Cie de Saint-Gobain1		93,809		5,387,560
Dassault Aviation SA		17,914		3,059,053
Dassault Systemes SE1		74,508		2,771,019
Engie SA1		58,390		829,130
Hermes International1		2,336		4,371,845
Ipsen SA		2,997		314,790
Kering SA		22,564		14,078,959
L'Oreal SA1		10,535		4,350,024
Legrand SA1		790		70,440
LVMH Moet Hennessy Louis Vuitton SE1		9,208		8,038,360
Publicis Groupe SA1		42,536		3,000,474
Safran SA		30,345		4,363,475
Sanofi1		118,077		11,562,622
Teleperformance		1,586		440,887
Thales SA1		3,664		484,598
TotalEnergies SE1		104,761		6,476,404
Vinci SA1		16,623		1,878,225
				84,794,488
Germany—6.7%
adidas AG		1,933		311,244
Allianz SE1		55,697		13,317,922
BASF SE1		86,254		4,945,409
Continental AG		68,833		4,833,123
Deutsche Post AG1		74,315		3,199,758
E.ON SE1		23,783		259,304
Evonik Industries AG		236,625		5,259,828
GEA Group AG		10,108		456,072
Hannover Rueck SE		4,012		814,711
HeidelbergCement AG		86,446		5,931,701
HelloFresh SE*		8,336		202,659
Infineon Technologies AG1		53,900		1,940,964
Mercedes-Benz Group AG1		67,116		4,994,238
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen, Registered Shares		7,157		2,585,161
Puma SE		739		50,465
Rational AG		489		321,656
Siemens Energy AG1		105,740		2,210,897
				51,635,112
Hong Kong—2.4%
Futu Holdings Ltd., ADR*,2		12,204		619,475
Hang Lung Properties Ltd.1		259,000		488,356
Hong Kong & China Gas Co. Ltd.1		192,000		192,772

169

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hong Kong—(concluded)
Hong Kong Exchanges & Clearing Ltd.1		96,801	$	4,353,874
Jardine Matheson Holdings Ltd.1		113,600		6,038,473
New World Development Co. Ltd.1		39,000		116,567
Swire Pacific Ltd., Class A1		170,500		1,562,443
Swire Properties Ltd.1		40,400		113,547
WH Group Ltd.3		7,852,689		4,836,192
				18,321,699
India—1.2%
HDFC Bank Ltd., ADR		79,393		5,347,913
Tata Consultancy Services Ltd.		86,738		3,579,994
				8,927,907
Indonesia—0.6%
Bank Rakyat Indonesia Persero Tbk. PT		14,680,819		4,502,135
Israel—1.2%
Bank Hapoalim BM		269,740		2,427,810
Bank Leumi Le-Israel BM		438,364		3,873,990
Check Point Software Technologies Ltd.*		2,072		263,558
Israel Discount Bank Ltd., Class A		155,459		795,128
Mizrahi Tefahot Bank Ltd.		35,916		1,186,330
Teva Pharmaceutical Industries Ltd., ADR*		32,536		342,929
				8,889,745
Italy—5.4%
Assicurazioni Generali SpA		178,401		3,482,621
Coca-Cola HBC AG*		69,297		1,684,012
Enel SpA		1,718,827		10,120,660
Eni SpA		694,251		10,683,292
Ferrari NV		10,488		2,620,785
FinecoBank Banca Fineco SpA		11,255		202,048
Intesa Sanpaolo SpA		406,966		1,070,023
Moncler SpA		40,735		2,549,508
Prysmian SpA1		841		34,344
Snam SpA		1,555,233		7,921,626
UniCredit SpA		76,865		1,501,261
				41,870,180
Japan—26.9%
Advantest Corp.		45,800		3,282,989
AGC, Inc.		1,000		36,846
Ajinomoto Co., Inc.		18,200		600,028
ANA Holdings, Inc.*,1		75,100		1,662,169
Astellas Pharma, Inc.		67,700		996,553
Chugai Pharmaceutical Co. Ltd.		10,000		259,251
Coca-Cola Bottlers Japan Holdings, Inc.		33,900		356,929
Dai-ichi Life Holdings, Inc.		51,700		1,213,025
Daifuku Co. Ltd.		7,700		423,990
Daiichi Sankyo Co. Ltd.		25,000		785,173
Daiwa Securities Group, Inc.1		325,300		1,535,122
Eisai Co. Ltd.		4,800		296,976
FANUC Corp.		18,271		3,228,295
Fast Retailing Co. Ltd.1		3,600		2,186,494
Fuji Electric Co. Ltd.		56,500		2,287,006
FUJIFILM Holdings Corp.		96,700		5,117,474
Fujitsu Ltd.		57,700		8,215,287

	Number of shares		Value
Common stocks—(continued)
Japan—(continued)
GMO Payment Gateway, Inc.		16,900	$	1,563,790
Hakuhodo DY Holdings, Inc.		110,900		1,198,534
Hamamatsu Photonics KK		15,200		812,140
Hirose Electric Co. Ltd.		3,400		442,627
Hitachi Ltd.		84,400		4,426,143
Honda Motor Co. Ltd.		535,500		13,246,402
Hoya Corp.1		11,900		1,308,666
Ibiden Co. Ltd.		24,300		948,402
Inpex Corp.		30,300		332,956
Isuzu Motors Ltd.		239,600		3,029,823
Japan Post Bank Co. Ltd.2		193,700		1,721,000
Japan Post Holdings Co. Ltd.		267,700		2,350,261
Japan Tobacco, Inc.		173,500		3,537,996
JFE Holdings, Inc.1		12,600		166,139
Kajima Corp.		36,000		442,126
Kakaku.com, Inc.		68,200		1,137,036
Kao Corp.		44,800		1,810,898
KDDI Corp.1		36,000		1,124,764
Keyence Corp.1		9,311		4,286,494
Koei Tecmo Holdings Co. Ltd.2		14,400		261,881
Kyocera Corp.		103,400		5,365,571
Marubeni Corp.1		182,600		2,240,242
Mazda Motor Corp.		276,700		2,202,528
MINEBEA MITSUMI, Inc.		39,300		685,105
Mitsubishi Electric Corp.		477,700		5,264,613
Mitsubishi UFJ Financial Group, Inc.1		287,200		2,103,706
Mitsui & Co. Ltd.1		18,800		554,651
Mitsui Chemicals, Inc.		35,900		845,033
Mizuho Financial Group, Inc.		85,400		1,333,986
MS&AD Insurance Group Holdings, Inc.		15,200		487,520
Nihon M&A Center Holdings, Inc.		147,100		1,503,863
Nintendo Co. Ltd.1		25,900		1,122,966
NIPPON EXPRESS HOLDINGS, Inc.		34,000		1,973,112
Nippon Steel Corp.1		134,900		2,807,906
Nippon Telegraph & Telephone Corp.1		245,700		7,367,442
Nisshin Seifun Group, Inc.		25,200		315,642
Nitto Denko Corp.		27,000		1,745,210
Nomura Real Estate Master Fund, Inc.1		303		354,348
Nomura Research Institute Ltd.1		30,700		737,032
Obayashi Corp.		120,500		934,685
Ono Pharmaceutical Co. Ltd.		29,900		648,791
Otsuka Holdings Co. Ltd.		45,200		1,450,034
Recruit Holdings Co. Ltd.1		171,143		5,504,003
Ricoh Co. Ltd.		156,800		1,217,178
Secom Co. Ltd.		90,300		5,379,691
Sekisui Chemical Co. Ltd.		461,500		6,464,824
SG Holdings Co. Ltd.1		31,700		489,173
Shimadzu Corp.		91,800		2,821,111
Shimano, Inc.		16,700		2,978,201
Shin-Etsu Chemical Co. Ltd.1		15,400		2,270,314
Shionogi & Co. Ltd.		50,200		2,392,255
SoftBank Corp.		137,200		1,569,855
SoftBank Group Corp.1		23,700		1,122,007
Sony Group Corp.		110,900		9,909,085
Square Enix Holdings Co. Ltd.		23,300		1,101,886
Subaru Corp.		16,300		267,836

170

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Japan—(concluded)
SUMCO Corp.		164,500	$	2,437,358
Sumitomo Corp.1		278,500		4,999,055
Sumitomo Metal Mining Co. Ltd.		28,300		1,149,071
Sumitomo Mitsui Financial Group, Inc.		80,600		3,502,962
Suzuki Motor Corp.		106,031		3,975,334
Taisei Corp.		70,400		2,430,347
Takeda Pharmaceutical Co. Ltd.		327,500		10,295,738
TDK Corp.1		26,100		932,455
Tobu Railway Co. Ltd.1		5,200		122,008
Tokio Marine Holdings, Inc.		301,400		6,312,734
Tokyo Gas Co. Ltd.1		61,900		1,296,167
Tosoh Corp.		106,700		1,396,000
Toyota Industries Corp.		83,500		5,082,864
Yakult Honsha Co. Ltd.		600		42,833
Yamaha Motor Co. Ltd.		2,200		54,188
Z Holdings Corp.1		347,700		1,011,709
				207,203,913
Macau—0.0%†
Sands China Ltd.*		94,800		355,508
Netherlands—6.1%
Adyen NV*,2,3		2,456		3,713,243
ASM International NV		2,077		702,454
ASML Holding NV1		16,890		11,175,229
ASML Holding NV N.Y. Registered Shares		8,344		5,514,049
ING Groep NV		31,659		458,430
Koninklijke Ahold Delhaize NV1		74,043		2,209,959
Koninklijke Philips NV1		446,836		7,714,825
Shell PLC		506,333		14,864,802
Wolters Kluwer NV1		7,272		792,815
				47,145,806
New Zealand—0.1%
Auckland International Airport Ltd.*,1		71,384		392,864
Norway—0.7%
DNB Bank ASA		182,224		3,407,510
Equinor ASA		45,583		1,389,217
Gjensidige Forsikring ASA		32,686		587,480
				5,384,207
Portugal—1.1%
EDP—Energias de Portugal SA		828,594		4,116,668
Galp Energia SGPS SA2		180,365		2,468,844
Jeronimo Martins, SGPS SA		101,295		2,199,188
				8,784,700
Singapore—5.7%
CapitaLand Ascendas REIT		98,800		217,423
DBS Group Holdings Ltd.		438,405		12,001,894
Genting Singapore Ltd.		2,700,400		2,045,172
Grab Holdings Ltd., Class A*		280,023		1,061,287
Mapletree Pan Asia Commercial Trust		100,600		139,977
Oversea-Chinese Banking Corp. Ltd.		512,300		5,061,702
Sea Ltd., ADR*		17,749		1,143,923
Singapore Telecommunications Ltd.		1,924,000		3,684,771

	Number of shares		Value
Common stocks—(continued)
Singapore—(concluded)
STMicroelectronics NV		119,480	$	5,626,111
United Overseas Bank Ltd.		556,898		12,658,641
				43,640,901
South Africa—0.2%
Anglo American PLC		27,384		1,181,082
Spain—2.7%
ACS Actividades de Construccion y Servicios SA2		28,607		846,587
Amadeus IT Group SA*,1		5,928		373,488
Banco Bilbao Vizcaya Argentaria SA		199,101		1,406,404
Banco Santander SA		2,960,883		10,348,106
Grifols SA*		95,809		1,268,324
Iberdrola SA1		27,459		322,143
Industria de Diseno Textil SA1		195,785		6,112,566
				20,677,618
Sweden—3.1%
Alfa Laval AB		39,824		1,251,494
Assa Abloy AB, Class B1		115,464		2,719,899
Atlas Copco AB, Class A1		476,776		5,657,453
Epiroc AB, Class A1		2,118		41,210
Essity AB, Class B1		19,596		511,929
Skandinaviska Enskilda Banken AB, Class A		212,668		2,574,518
Skanska AB, Class B		17,234		304,182
Svenska Handelsbanken AB, Class A		58,984		615,086
Swedbank AB, Class A		192,794		3,708,665
Swedish Orphan Biovitrum AB*		33,745		752,533
Telefonaktiebolaget LM Ericsson, Class B1		303,136		1,758,328
Telia Co. AB		1,448,961		3,742,145
				23,637,442
Switzerland—3.3%
Novartis AG		170,786		15,440,598
Partners Group Holding AG1		1,037		973,013
Sika AG1		14,588		4,145,134
Temenos AG2		37,546		2,680,057
Zurich Insurance Group AG1		4,288		2,120,538
				25,359,340
Taiwan—0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		156,000		2,752,898
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		45,524		4,221,440
				6,974,338
United Kingdom—14.2%
Abrdn PLC1		76,363		201,127
Ashtead Group PLC1		25,659		1,690,127
Associated British Foods PLC		276,632		6,350,144
AstraZeneca PLC		40,994		5,370,725
BAE Systems PLC1		98,923		1,047,203
Barclays PLC		219,299		504,123
BP PLC1		1,823,972		11,017,242
British American Tobacco PLC1		3,072		117,761
CK Hutchison Holdings Ltd.		1,453,500		9,250,003
CNH Industrial NV1		4,010		70,942
Compass Group PLC1		33,805		807,534

171

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

		Number of shares		Value
Common stocks—(concluded)
United Kingdom—(concluded)
DCC PLC			20,063	$	1,142,746
Diageo PLC1			55,877		2,443,282
Experian PLC			21,786		796,703
HSBC Holdings PLC1			793,494		5,846,738
Imperial Brands PLC			332,729		8,346,913
InterContinental Hotels Group PLC1			18,266		1,268,091
J Sainsbury PLC			13,619		44,167
JD Sports Fashion PLC1			515,011		1,038,066
Kingfisher PLC			1,949,124		6,724,317
Legal & General Group PLC			898,391		2,827,181
Lloyds Banking Group PLC			18,567,763		12,083,814
M&G PLC1			90,916		227,046
NatWest Group PLC			157,434		600,620
RELX PLC1			46,979		1,395,695
Spirax-Sarco Engineering PLC1			347		49,566
SSE PLC			336,886		7,190,721
Taylor Wimpey PLC			342,437		496,849
Tesco PLC			2,884,235		8,766,285
Unilever PLC1			60,800		3,094,663
WPP PLC			749,625		8,758,420
					109,568,814
United States—6.0%
Aptiv PLC*			27,728		3,135,759
Atlassian Corp., Class A*			18,080		2,922,090
Brookfield Renewable Corp., Class A			75,085		2,366,679
Computershare Ltd.1			27,324		460,187
CSL Ltd.1			3,030		639,786
GSK PLC			511,563		8,985,612
Nestle SA, Registered Shares1	��		89,132		10,874,910
Roche Holding AG1			16,548		5,165,795
SolarEdge Technologies, Inc.*			12,328		3,934,235
Stellantis NV1			168,201		2,644,286
Tenaris SA			27,371		485,034
Waste Connections, Inc.			32,540		4,324,566
					45,938,939
Total common stocks (cost—$773,603,860)					863,734,352
Preferred stocks—0.2%
Germany—0.2%
Volkswagen AG1 (cost—$2,609,386)			9,645		1,337,672
		Number of rights
Rights—0.0%†
Spain—0.0%†
ACS Actividades de Construccion y Servicios SA expires 02/08/23*,2 (cost—$14,699)			28,607		14,514

	Number of shares			Value
Short-term investments—0.4%
Investment companies—0.4%
State Street Institutional U.S. Government Money Market Fund, 4.180%4 (cost—$2,995,036)		2,995,036		$	2,995,036
Investment of cash collateral from securities loaned—0.9%
Money market funds—0.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%4 (cost—$7,447,878)		7,447,878			7,447,878
Total investments before investments sold short (cost—$786,670,859)—113.8%					875,529,452
Investments sold short—(13.2)%
Common stocks—(13.1)%
Australia—(0.4)%
ASX Ltd.		(21,954	)		(1,074,322	)
Mineral Resources Ltd.		(9,028	)		(571,563	)
Ramsay Health Care Ltd.		(19,653	)		(928,677	)
Reece Ltd.		(23,334	)		(268,198	)
Santos Ltd.		(21,718	)		(110,868	)
					(2,953,628	)
Austria—(0.0)%†
Verbund AG		(705	)		(60,026	)
Belgium—(0.4)%
D'ieteren Group		(3,441	)		(657,628	)
Elia Group SA/NV		(2,516	)		(353,292	)
Groupe Bruxelles Lambert NV		(17,680	)		(1,512,439	)
Sofina SA		(1,796	)		(426,680	)
					(2,950,039	)
Denmark—(0.0)%†
Demant A/S		(10,634	)		(301,014	)
France—(1.4)%
BioMerieux		(19,776	)		(2,016,082	)
Covivio		(12,103	)		(830,803	)
Credit Agricole SA		(27,602	)		(332,362	)
Dassault Aviation SA		(7,331	)		(1,251,865	)
Electricite de France SA		(201,185	)		(2,642,576	)
Orange SA		(3,269	)		(34,595	)
Remy Cointreau SA		(26	)		(4,896	)
SEB SA		(279	)		(29,177	)
Unibail-Rodamco-Westfield		(59,146	)		(3,804,666	)
Veolia Environnement SA		(2,538	)		(75,334	)
					(11,022,356	)
Germany—(0.7)%
Aroundtown SA		(95,718	)		(266,498	)
Beiersdorf AG		(16,067	)		(1,953,388	)
Commerzbank AG		(125,798	)		(1,438,051	)
Fresenius Medical Care AG & Co. KGaA		(34,432	)		(1,293,082	)
LEG Immobilien SE		(2,029	)		(158,615	)
					(5,109,634	)

172

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Hong Kong—(0.4)%
CK Infrastructure Holdings Ltd.		(55,500	)	$	(308,777	)
CLP Holdings Ltd.		(23,000	)		(170,888	)
Henderson Land Development Co. Ltd.		(24,000	)		(88,656	)
HK Electric Investments & HK Electric Investments Ltd.		(62,500	)		(43,202	)
HKT Trust & HKT Ltd.		(28,000	)		(36,685	)
Hongkong Land Holdings Ltd.		(21,600	)		(105,598	)
MTR Corp. Ltd.		(104,500	)		(559,233	)
Power Assets Holdings Ltd.		(220,000	)		(1,244,797	)
Prudential PLC		(3,052	)		(50,709	)
Sino Land Co. Ltd.		(372,570	)		(484,146	)
Techtronic Industries Co. Ltd.		(26,000	)		(335,186	)
					(3,427,877	)
Ireland—(0.1)%
Kerry Group PLC, Class A		(9,511	)		(891,182	)
Italy—(0.2)%
Telecom Italia SpA		(4,359,101	)		(1,255,019	)
Japan—(5.4)%
Asahi Kasei Corp.		(12,100	)		(91,689	)
Azbil Corp.		(4,100	)		(115,614	)
Dai Nippon Printing Co. Ltd.		(31,600	)		(746,065	)
Daiwa House REIT Investment Corp.		(116	)		(252,385	)
Denso Corp.		(33,600	)		(1,814,591	)
FANUC Corp.		(4,400	)		(777,434	)
GLP J-Reit		(472	)		(534,097	)
Hitachi Ltd.		(62,900	)		(3,298,630	)
Hulic Co. Ltd.		(10,600	)		(87,130	)
Japan Exchange Group, Inc.		(72,700	)		(1,112,642	)
JSR Corp.		(60,800	)		(1,368,010	)
Kansai Electric Power Co., Inc.		(26,700	)		(256,776	)
Keisei Electric Railway Co. Ltd.		(44,200	)		(1,289,269	)
Kintetsu Group Holdings Co. Ltd.		(32,200	)		(1,048,592	)
Kobe Bussan Co. Ltd.		(71,500	)		(2,064,330	)
Kose Corp.		(17,000	)		(1,875,659	)
Kubota Corp.		(287,800	)		(4,325,141	)
Kurita Water Industries Ltd.		(49,300	)		(2,229,259	)
Kyowa Kirin Co. Ltd.		(3,300	)		(73,593	)
Makita Corp.		(40,300	)		(1,073,464	)
Mitsubishi Chemical Group Corp.		(71,400	)		(400,657	)
Mitsubishi Estate Co. Ltd.		(27,600	)		(354,746	)
Mitsubishi HC Capital, Inc.		(61,800	)		(315,436	)
Mitsui Fudosan Co. Ltd.		(34,200	)		(641,033	)
Nippon Building Fund, Inc.		(100	)		(437,036	)
Nippon Paint Holdings Co. Ltd.		(89,700	)		(818,914	)
Nippon Prologis REIT, Inc.		(334	)		(757,893	)
Nippon Sanso Holdings Corp.		(39,300	)		(641,017	)
Nitori Holdings Co. Ltd.		(25,000	)		(3,308,892	)
NTT Data Corp.		(14,500	)		(224,915	)
Odakyu Electric Railway Co. Ltd.		(117,600	)		(1,546,130	)
Osaka Gas Co. Ltd.		(31,200	)		(503,471	)
Pan Pacific International Holdings Corp.		(26,200	)		(484,520	)
Rakuten Group, Inc.		(144,900	)		(738,765	)
Renesas Electronics Corp.		(33,600	)		(345,613	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Japan—(concluded)
SBI Holdings, Inc.		(3,900	)	$	(82,677	)
Shiseido Co. Ltd.		(55,200	)		(2,869,075	)
Sumitomo Chemical Co. Ltd.		(99,100	)		(380,408	)
Sumitomo Metal Mining Co. Ltd.		(34,900	)		(1,417,053	)
Sumitomo Realty & Development Co. Ltd.		(11,300	)		(275,462	)
Yaskawa Electric Corp.		(7,400	)		(289,259	)
					(41,267,342	)
Netherlands—(0.6)%
Aegon NV		(11,292	)		(62,284	)
Argenx SE		(876	)		(330,463	)
EXOR NV		(19,873	)		(1,579,678	)
Koninklijke DSM NV		(9,786	)		(1,258,499	)
OCI NV		(46,825	)		(1,593,944	)
					(4,824,868	)
New Zealand—(0.1)%
Mercury NZ Ltd.		(237,221	)		(921,591	)
Norway—(0.1)%
Norsk Hydro ASA		(57,710	)		(467,904	)
Orkla ASA		(25,293	)		(188,830	)
					(656,734	)
Singapore—(0.1)%
Keppel Corp. Ltd.		(87,100	)		(502,886	)
Singapore Technologies Engineering Ltd.		(178,800	)		(502,703	)
					(1,005,589	)
Spain—(0.3)%
Enagas SA		(22,178	)		(397,680	)
Naturgy Energy Group SA		(52,920	)		(1,500,928	)
					(1,898,608	)
Sweden—(1.8)%
Boliden AB		(96,534	)		(4,332,154	)
Embracer Group AB		(93,715	)		(436,818	)
Getinge AB		(18,476	)		(416,220	)
Hexagon AB, Class B		(25,386	)		(291,012	)
Husqvarna AB, Class B		(28,274	)		(240,552	)
Industrivarden AB, Class C		(29,119	)		(767,130	)
Investor AB		(101,974	)		(1,981,556	)
Kinnevik AB, Class B		(11,420	)		(176,521	)
SKF AB, Class B		(192,237	)		(3,402,267	)
Svenska Cellulosa AB SCA, Class B		(150,113	)		(2,084,519	)
					(14,128,749	)
Switzerland—(0.7)%
Adecco Group AG, Registered Shares		(3,481	)		(129,287	)
Alcon, Inc.		(34,051	)		(2,569,438	)
Bachem Holding AG		(1,132	)		(100,107	)
Clariant AG		(7,789	)		(133,569	)
Logitech International SA, Registered Shares		(2,830	)		(165,602	)
Swiss Prime Site AG		(17,432	)		(1,553,335	)
Temenos AG		(5,899	)		(421,074	)
					(5,072,412	)

173

PACE International Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(concluded)
United Kingdom—(0.4)%
BT Group PLC		(333,472	)	$	(513,778	)
Croda International PLC		(3,827	)		(326,201	)
Entain PLC		(14,424	)		(265,988	)
Land Securities Group PLC		(111,825	)		(979,677	)
Ocado Group PLC		(79,603	)		(637,014	)
Phoenix Group Holdings PLC		(7,760	)		(61,505	)
Rolls-Royce Holdings PLC		(37,433	)		(48,975	)
Smith & Nephew PLC		(20,344	)		(280,958	)
					(3,114,096	)
Total common stocks (cost—$(97,389,420))					(100,860,764	)

	Number of shares			Value
Investments sold short—(concluded)
Preferred stocks—(0.1)%
Germany—(0.1)%
Sartorius AG (cost—$(532,349))		(1,548	)	$	(694,142	)
Total investments sold short (proceeds—$97,921,769)					(101,554,906	)
Liabilities in excess of other assets—(0.6)%					(4,883,254	)
Net assets—100.0%				$	769,091,292

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, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	57,588,393	$	806,145,959		$	—	$	863,734,352
Preferred stocks		—		1,337,672			—		1,337,672
Rights		14,514		—			—		14,514
Short-term investments		—		2,995,036			—		2,995,036
Investment of cash collateral from securities loaned		—		7,447,878			—		7,447,878
Total	$	57,602,907	$	817,926,545		$	—	$	875,529,452
Liabilities
Investments sold short
Common stocks	$	—	$	(100,860,764	)	$	—	$	(100,860,764	)
Preferred stocks		—		(694,142	)		—		(694,142	)
Total	$	—	$	(101,554,906	)	$	—	$	(101,554,906	)

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

¹  Security, or portion thereof, pledged as collateral for investments sold short.

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

174

PACE International Equity Investments

Portfolio of Investments—January 31, 2023 (unaudited)

³  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $10,276,331, represented 1.3% of the Portfolio's net assets at period end.

⁴  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
175

PACE International Emerging Markets Equity Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 8.54% before the deduction of the maximum PACE Select program fee.¹ In comparison, the MSCI Emerging Markets Index (net) (the "benchmark") returned 4.92%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 178. 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 significantly outperformed its benchmark during the reporting period. Stock selection was the primary driver of relative returns with further value added from sector allocation. Selection within the consumer discretionary, financials, and materials sectors were meaningfully positive. Underweights to the underperforming information technology and utilities sectors relative to the benchmark were also beneficial.

From a country perspective, country allocation was a positive contributor due to an overweight to China and underweight to Saudi Arabia. Stock selection was also strong due to positive results in India, Indonesia, and South Korea. Negative results in Brazil and China held back further outperformance. Cash allocation was a modest headwind for performance given the positive equity market return.

Style impact during the period was mixed. The portfolio's higher beta profile was rewarded while the portfolio's exposure to investment quality detracted.

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 ("Redwheel");

ARGA Investment Management LP ("ARGA")

Portfolio Management Team:

UBS AM: Mabel Lung, CFA, Fred Lee, CFA, Gina Toth, CFA, Mayoor Joshi, Edward Eccles, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

Mondrian: Ginny Chong, Gregory Halton and Andrew Miller;

William Blair: Todd M. McClone, Ken McAtamney and Hugo Scott-Gall

Redwheel: 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.

(continued on next page)

176

PACE International Emerging Markets Equity Investments

Investment process:
(concluded)

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

• 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 Web site 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.

177

PACE International Emerging Markets Equity Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		8.42	%		(10.14	)%		(0.65	)%		1.28	%
Class Y2		8.49			(9.97	)		(0.42	)		1.52
Class P3		8.54			(9.96	)		(0.40	)		1.50
After deducting maximum sales charge
Class A1		2.45			(15.06	)		(1.76	)		0.71
MSCI Emerging Markets Index net4		4.92			(12.12	)		(1.48	)		2.07

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(1.96	)%		(19.22	)%		(1.25	)%		0.47	%
Class Y2		(1.72	)		(18.93	)		(0.99	)		0.72
Class P3		(1.73	)		(18.97	)		(0.99	)		0.70
After deducting maximum sales charge
Class A1		(7.35	)		(23.66	)		(2.35	)		(0.10	)

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.65% and 1.45%; Class Y—1.44% 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, 2023 (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.

178

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Alibaba Group Holding Ltd.	4.3	%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	3.0
Tencent Holdings Ltd.	2.9
Samsung Electronics Co. Ltd.	2.7
Taiwan Semiconductor Manufacturing Co. Ltd.	2.5
MediaTek, Inc.	1.9
SK Hynix, Inc.	1.8
MercadoLibre, Inc.	1.7
Sands China Ltd.	1.7
Baidu, Inc., ADR	1.6
Total	24.1	%
Top five issuer breakdown by country or territory of origin
China	36.2	%
Brazil	10.5
Taiwan	10.2
India	9.6
South Korea	9.4
Total	75.9	%

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

179

PACE International Emerging Markets Equity Investments

Portfolio statistics and industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2023

Common stocks
Airlines	1.1	%
Auto components	0.6
Automobiles	2.2
Banks	15.5
Beverages	1.4
Biotechnology	0.2
Capital markets	1.2
Chemicals	1.9
Construction materials	0.6
Consumer finance	0.5
Diversified financial services	1.1
Electric utilities	0.5
Electrical equipment	2.4
Electronic equipment, instruments & components	1.9
Entertainment	0.3
Food & staples retailing	2.6
Food products	2.3
Gas utilities	0.4
Health care providers & services	1.1
Hotels, restaurants & leisure	3.2
Household durables	2.3
Independent power and renewable electricity producers	0.4
Insurance	2.9
Interactive media & services	7.0
Internet & direct marketing retail	10.3
IT services	1.8
Life sciences tools & services	0.2

Common stocks—(concluded)
Machinery	1.9	%
Metals & mining	5.9
Oil, gas & consumable fuels	3.2
Paper & forest products	0.5
Personal products	0.3
Pharmaceuticals	1.0
Real estate management & development	1.7
Road & rail	1.0
Semiconductors & semiconductor equipment	11.0
Software	0.6
Specialty retail	0.9
Technology hardware, storage & peripherals	3.0
Transportation infrastructure	1.3
Wireless telecommunication services	0.4
Total common stocks	98.6
Preferred stocks
Banks	0.4
Chemicals	0.5
Technology hardware, storage & peripherals	0.3
Total preferred stocks	1.2
Short-term investments	0.4
Investment of cash collateral from securities loaned	2.4
Total investments	102.6
Liabilities in excess of other assets	(2.6	)
Net assets	100.0	%

180

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—98.6%
Austria—0.2%
Mondi PLC		33,296	$	627,891
Brazil—10.1%
B3 SA—Brasil Bolsa Balcao		960,000		2,450,919
Banco Bradesco SA		705,620		1,754,216
Banco BTG Pactual SA		244,700		1,042,179
Banco do Brasil SA		293,200		2,350,775
Centrais Eletricas Brasileiras SA		101,560		813,272
Hapvida Participacoes e Investimentos SA*,1		1,293,115		1,311,889
Hypera SA		26,200		239,482
Itau Unibanco Holding SA, ADR		59,697		297,291
Locaweb Servicos de Internet SA*,1		669,800		845,777
MercadoLibre, Inc.*		4,192		4,953,644
Petroleo Brasileiro SA, ADR		282,481		3,276,780
Raia Drogasil SA		186,000		909,793
Rumo SA		472,972		1,712,512
Sendas Distribuidora SA		64,602		250,070
Suzano SA		84,700		773,534
TOTVS SA		272,900		1,616,552
Vale SA, ADR		88,310		1,649,631
WEG SA		326,500		2,459,539
				28,707,855
Canada—1.2%
Barrick Gold Corp.		52,765		1,031,556
Ivanhoe Mines Ltd., Class A*,2		256,221		2,407,096
				3,438,652
Chile—0.1%
Sociedad Quimica y Minera de Chile SA, ADR		3,652		356,216
China—36.2%
Airtac International Group		43,000		1,470,564
Akeso, Inc., Class A*,1		102,929		626,134
Alibaba Group Holding Ltd.*		881,767		12,123,114
Alibaba Group Holding Ltd., ADR*		13,774		1,517,895
Autohome, Inc., ADR		25,318		882,586
Baidu, Inc., ADR*		33,429		4,502,218
Baidu, Inc., Class A*		78,260		1,315,554
Bank of China Ltd., Class A		1,576,500		751,957
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		79,504		438,083
China Medical System Holdings Ltd.		316,000		545,484
China Merchants Bank Co. Ltd., Class A		212,400		1,301,931
China Merchants Bank Co. Ltd., Class H		310,000		2,010,699
China Merchants Port Holdings Co. Ltd.		1,182,413		1,657,535
China Overseas Land & Investment Ltd.		484,500		1,308,281
China Resources Power Holdings Co. Ltd.		486,000		1,012,314
China Tourism Group Duty Free Corp. Ltd., Class A		83,719		2,650,853
Contemporary Amperex Technology Co. Ltd., Class A		17,100		1,186,151
Country Garden Services Holdings Co. Ltd.		762,152		2,060,448
CSPC Pharmaceutical Group Ltd.		492,400		561,436
Dongfeng Motor Group Co. Ltd., Class H		1,876,000		1,118,502
Foshan Haitian Flavouring & Food Co. Ltd., Class A		135,355		1,594,727
Fujian Sunner Development Co. Ltd., Class A		128,448		467,938
Full Truck Alliance Co. Ltd., ADR*		154,040		1,240,022

	Number of shares		Value
Common stocks—(continued)
China—(concluded)
Geely Automobile Holdings Ltd.		1,307,727	$	2,121,525
Gree Electric Appliances, Inc. of Zhuhai, Class A		739,500		3,800,516
Hello Group, Inc., ADR		107,448		1,101,342
Industrial & Commercial Bank of China Ltd., Class A		2,086,700		1,335,452
JD.com, Inc., Class A		62,916		1,868,187
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		22,900		597,396
Kuaishou Technology*,1		297,407		2,616,827
Kunlun Energy Co. Ltd.		1,526,000		1,203,487
Kweichow Moutai Co. Ltd., Class A		9,300		2,549,780
Lenovo Group Ltd.		1,128,000		904,734
Li Auto, Inc., ADR*		15,761		392,449
Li Auto, Inc., Class A*		82,151		1,005,218
Lizhong Sitong Light Alloys Group Co. Ltd., Class A		144,399		600,539
LONGi Green Energy Technology Co. Ltd., Class A		102,476		734,592
Meituan, Class B*,1		108,607		2,428,007
Midea Group Co. Ltd., Class A		319,600		2,622,828
NetEase, Inc.		41,575		737,628
Ningbo Huaxiang Electronic Co. Ltd., Class A		184,900		420,393
PICC Property & Casualty Co. Ltd., Class H		1,294,000		1,216,556
Pinduoduo, Inc., ADR*		42,084		4,123,390
Ping An Insurance Group Co. of China Ltd., Class H		249,000		1,934,158
QuakeSafe Technologies Co. Ltd., Class A		90,498		693,660
Shanghai Mechanical & Electrical Industry Co. Ltd., Class A		804,700		1,437,496
Shenzhen Inovance Technology Co. Ltd., Class A		124,200		1,314,203
Shenzhen Kangtai Biological Products Co. Ltd., Class A		12,700		69,055
Shenzhen Senior Technology Material Co. Ltd., Class A		257,290		890,962
Silergy Corp.		45,000		915,725
Skshu Paint Co. Ltd., Class A*		39,026		717,626
Suzhou Maxwell Technologies Co. Ltd., Class A		29,799		1,962,965
Tencent Holdings Ltd.		166,611		8,118,772
Tingyi Cayman Islands Holding Corp.		286,000		475,793
TravelSky Technology Ltd., Class H		155,000		322,176
Trip.com Group Ltd., ADR*		58,039		2,133,514
Weibo Corp., ADR*		60,656		1,379,924
Wuliangye Yibin Co. Ltd., Class A		26,300		818,369
Wuxi Lead Intelligent Equipment Co. Ltd.		186,523		1,282,333
Xinyi Solar Holdings Ltd.		564,000		733,743
Yum China Holdings, Inc.		3,441		212,000
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		35,500		1,637,865
Zijin Mining Group Co. Ltd., Class H		304,000		502,831
				102,278,442
Czech Republic—0.4%
Komercni Banka A.S.		33,484		1,130,132
Ghana—0.3%
Kosmos Energy Ltd.*		98,372		778,123
Greece—0.2%
Eurobank Ergasias Services and Holdings SA, Class A*		333,889		453,044

181

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
Hong Kong—1.0%
AIA Group Ltd.		85,400	$	965,673
WH Group Ltd.1		3,051,686		1,879,425
				2,845,098
Hungary—0.5%
OTP Bank Nyrt		45,309		1,365,227
India—9.6%
Asian Paints Ltd.		19,988		667,488
Axis Bank Ltd.		75,935		811,572
Bajaj Finance Ltd.		19,407		1,402,902
Britannia Industries Ltd.		22,141		1,170,161
Havells India Ltd.		50,247		727,599
HCL Technologies Ltd.		31,962		440,743
HDFC Bank Ltd.		122,932		2,419,133
Housing Development Finance Corp. Ltd.		98,271		3,163,580
ICICI Bank Ltd.		107,312		1,097,927
Infosys Ltd.		78,237		1,473,617
Infosys Ltd., ADR		14,905		280,214
InterGlobe Aviation Ltd.*,1		120,738		3,139,929
Maruti Suzuki India Ltd.		13,552		1,477,327
Motherson Sumi Wiring India Ltd.		188,602		119,113
Power Grid Corp. of India Ltd.		187,233		496,869
Reliance Industries Ltd.		148,390		4,280,663
State Bank of India		181,322		1,231,364
State Bank of India, GDR		19,565		1,335,899
UPL Ltd.		164,785		1,528,379
				27,264,479
Indonesia—3.1%
Bank Central Asia Tbk. PT		6,840,200		3,881,875
Bank Mandiri Persero Tbk. PT		1,254,696		836,049
Bank Rakyat Indonesia Persero Tbk. PT		12,962,802		3,975,274
				8,693,198
Macau—2.4%
Galaxy Entertainment Group Ltd.		297,000		2,067,505
Sands China Ltd.*		1,244,185		4,665,800
				6,733,305
Mexico—2.4%
Cemex SAB de CV, ADR*		97,401		520,121
Grupo Aeroportuario del Pacifico SAB de CV, Class B		112,583		1,943,635
Grupo Financiero Banorte SAB de CV, Class O		110,158		913,708
Wal-Mart de Mexico SAB de CV		887,900		3,477,948
				6,855,412
Peru—0.9%
Credicorp Ltd.		18,138		2,435,933
Philippines—0.1%
Ayala Land, Inc.		653,800		352,635
Poland—1.3%
Powszechna Kasa Oszczednosci Bank Polski SA		191,154		1,425,723
Powszechny Zaklad Ubezpieczen SA		275,616		2,342,730
				3,768,453

	Number of shares		Value
Common stocks—(continued)
Russia—0.0%†
Alrosa PJSC*,3,4		215,380	$	0
LUKOIL PJSC, ADR*,3,4,5		13,640		0
Rosneft Oil Co. PJSC3,4		126,429		0
				—
Saudi Arabia—0.5%
Saudi Arabian Oil Co.1		71,447		630,340
Saudi Basic Industries Corp.		14,468		359,032
Saudi National Bank		35,419		448,390
				1,437,762
South Africa—3.2%
Capitec Bank Holdings Ltd.		20,217		2,088,138
Clicks Group Ltd.2		86,307		1,317,382
Gold Fields Ltd., ADR		234,960		2,687,943
MTN Group Ltd.		120,965		1,023,922
Naspers Ltd., N Shares		10,472		2,024,645
				9,142,030
South Korea—8.9%
DB Insurance Co. Ltd.*		20,429		1,088,688
Doosan Fuel Cell Co. Ltd.*		19,666		535,662
Hana Financial Group, Inc.		30,251		1,201,788
Hyundai Mobis Co. Ltd.		6,411		1,071,965
KB Financial Group, Inc.		24,717		1,126,413
LG Chem Ltd.		1,369		772,668
POSCO Holdings, Inc.		10,137		2,490,931
Samsung Biologics Co. Ltd.*,1		1,015		655,365
Samsung Electronics Co. Ltd.		151,297		7,536,138
Samsung Fire & Marine Insurance Co. Ltd.		4,064		670,099
Samsung SDI Co. Ltd.		2,551		1,429,586
Shinhan Financial Group Co. Ltd.		27,814		940,513
SK Hynix, Inc.		68,893		4,983,983
WONIK IPS Co. Ltd.*		22,892		578,580
				25,082,379
Taiwan—10.2%
ASPEED Technology, Inc.		8,000		566,547
CTBC Financial Holding Co. Ltd.		699,934		535,187
Delta Electronics, Inc.		61,000		591,545
E. Sun Financial Holding Co. Ltd.		1,266,867		1,037,612
eMemory Technology, Inc.		14,000		767,598
FLEXium Interconnect, Inc.*		218,000		730,371
Globalwafers Co. Ltd.		40,000		701,802
Hon Hai Precision Industry Co. Ltd.		316,000		1,053,775
MediaTek, Inc.		223,469		5,399,225
Taiwan Semiconductor Manufacturing Co. Ltd.		408,231		7,203,963
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		92,686		8,594,773
Unimicron Technology Corp.		170,000		782,679
Zhen Ding Technology Holding Ltd.		229,000		845,613
				28,810,690
Thailand—2.4%
Bangkok Bank PCL		129,300		620,844
Bangkok Bank PCL, NVDR		592,100		2,854,444

182

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(concluded)
Thailand—(concluded)
Bangkok Dusit Medical Services PCL, Class F		2,019,700	$	1,820,238
CP ALL PCL		691,400		1,392,854
				6,688,380
United Arab Emirates—0.1%
Aldar Properties PJSC		370,703		441,484
United Kingdom—0.3%
Unilever PLC		17,702		898,676
United States—0.9%
Globant SA*		10,198		1,653,912
JBS SA		217,700		861,142
				2,515,054
Vietnam—0.5%
Hoa Phat Group JSC		981,535		928,489
Vincom Retail JSC*		413,520		525,700
				1,454,189
Zambia—1.6%
First Quantum Minerals Ltd.2		191,509		4,443,187
Total common stocks (cost—$271,783,989)				278,997,926
Preferred stocks—1.2%
Brazil—0.4%
Banco Bradesco SA		207,358		572,692
Itausa SA		240,814		404,654
				977,346

	Number of shares		Value
Preferred stocks—(concluded)
Chile—0.3%
Sociedad Quimica y Minera de Chile SA, Class B		9,473	$	922,670
South Korea—0.5%
LG Chem Ltd.		2,299		572,483
Samsung Electronics Co. Ltd.		20,005		897,706
				1,470,189
Total preferred stocks (cost—$3,390,716)				3,370,205
Short-term investments—0.4%
Investment companies—0.4%
State Street Institutional U.S. Government Money Market Fund, 4.180%6 (cost—$1,026,835)		1,026,835		1,026,835
Investment of cash collateral from securities loaned—2.4%
Money market funds—2.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%6 (cost—$6,783,375)		6,783,375		6,783,375
Total investments (cost—$282,984,915)—102.6%				290,178,341
Liabilities in excess of other assets—(2.6)%				(7,304,879	)
Net assets—100.0%			$	282,873,462

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, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	82,481,693	$	196,516,233	$	0	$	278,997,926
Preferred stocks		977,346		2,392,859		—		3,370,205
Short-term investments		—		1,026,835		—		1,026,835
Investment of cash collateral from securities loaned		—		6,783,375		—		6,783,375
Total	$	83,459,039	$	206,719,302	$	0	$	290,178,341

At January 31, 2023, there were no transfers in or out of Level 3.

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

183

PACE International Emerging Markets Equity Investments

Portfolio of investments—January 31, 2023 (unaudited)

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 $14,133,693, represented 5.0% of the Portfolio's net assets at period end.

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

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

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

⁵  Security is traded on the Turquoise Exchange.

⁶  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
184

PACE Global Real Estate Securities Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned -5.10% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE EPRA Nareit Developed Index (the "benchmark") returned -4.19%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 187. 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 performed largely in line with its benchmark during the reporting period. Stock selection in the real estate operating companies industry contributed to performance. In particular, the Portfolio's holdings of real estate developer Corp Inmobiliaria (Mexico) and diversified real estate group CapitaLand India Trust (Singapore), along with overweight positions in property developer Swire Properties (Hong Kong) and real estate investment manager CapitaLand Investment (Singapore), benefited results. Stock selection in both the health care facilities and residential REITs industries also buoyed returns. Within the health care facilities industry, holding shares of post-acute health care services provider Encompass Health was beneficial. Within the residential REITs sub-industry, not holding shares of apartment owner Equity Residential and real estate investment trust Invitation Homes aided returns relative to the benchmark. Securities in other industries that were among the Portfolio's top contributors included overweight positions in retail real estate property manager Simon Property Group and real estate investment trust Brixmor Property Group, as well as not holding shares of real estate investment trust Digital Realty Trust.

Holding stocks in the integrated telecommunication services industry detracted from performance. In particular, holding shares of telecommunications tower operator Helios Towers (UK) and telecommunications services provider Cellnex Telecom (Spain) were headwinds for returns. Stock selection in both the diversified real estate activities and specialized REITs industries also held back the Portfolio's performance. Within the diversified real estate activities industry, holding shares of real estate development and operational services

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 Subadvisor:

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, Christopher Andersen, CFA, Sofia Westerlund (since November 2022) and Shu-Han Hsu (since November 2022)

MFS: Rick Gable and Mark Syn (since March 2022)

Objective:

Total Return

Investment process:

The main strategies of the subadvisor include:

• 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.

185

PACE Global Real Estate Securities Investments

Subadvisor's comments² – concluded

provider ESR Group (Hong Kong) and not holding shares of real estate development company Sun Hung Kai Properties (Hong Kong) detracted from returns. Within the specialized REITs sub-industry, an overweight position in real estate investment trust Extra Space Storage and holding shares of broadcast and communication tower management firm American Tower hindered the Portfolio's results. Elsewhere, the Portfolio's overweight positions in real estate investment trust company Essex Property Trust, property investment services provider Shaftesbury (UK), residential real estate management company Vonovia (Germany) and real estate investment trust company Douglas Emmett detracted from performance.

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 Web site 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.

186

PACE Global Real Estate Securities Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(5.30	)%		(14.17	)%		0.56	%		3.14	%
Class P2		(5.10	)		(13.89	)		0.85			3.42
After deducting maximum sales charge
Class A1		(10.48	)		(18.93	)		(0.56	)		2.56
FTSE EPRA Nareit Developed Index3		(4.19	)		(12.59	)		2.44			4.47

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years
Before deducting maximum sales charge
Class A1		(6.68	)%		(27.84	)%		(1.30	)%		2.48	%
Class P2		(6.39	)		(27.54	)		(1.01	)		2.75
After deducting maximum sales charge
Class A1		(11.80	)		(31.84	)		(2.40	)		1.91

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—1.58% and 1.45% and Class P—1.56% 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, 2023 (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.

187

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten holdings
Prologis, Inc.	8.7	%
Equinix, Inc.	5.5
Simon Property Group, Inc.	4.9
Extra Space Storage, Inc.	3.2
Goodman Group	3.2
Equity LifeStyle Properties, Inc.	3.0
Sun Communities, Inc.	2.9
Capitaland Investment Ltd.	2.8
Weyerhaeuser Co.	2.6
Alexandria Real Estate Equities, Inc.	2.6
Total	39.4	%
Top five issuer breakdown by country or territory of origin
United States	57.5	%
United Kingdom	9.2
Australia	6.1
Japan	5.0
Canada	4.6
Total	82.4	%

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

188

PACE Global Real Estate Securities Investments

Portfolio statistics and industry diversification—(unaudited)

As a percentage of net assets as of January 31, 2023

Common stocks
Apartments	8.1	%
Building & Construct-Misc	2.5
Building-Heavy Construction	3.3
Diversified	18.6
Health care	0.6
Manufactured homes	5.9
Office property	3.7
Physical Therapy/Rehabilitation Centers	2.0
Real estate management/service	5.2
Real estate operations/development	13.2
Regional malls	4.9
Shopping centers	7.0
Single Tenant	2.4
Storage	7.0
Warehouse/industrial	15.5
Total common stocks	99.9
Short-term investments	0.3
Investment of cash collateral from securities loaned	2.9
Total investments	103.1
Liabilities in excess of other assets	(3.1	)
Net assets	100.0	%

189

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—99.9%
Australia—6.1%
Goodman Group1		172,556	$	2,461,265
National Storage REIT		896,277		1,475,036
Region RE Ltd.		266,823		512,005
Rural Funds Group		97,271		172,507
				4,620,813
Belgium—1.6%
Shurgard Self Storage SA		25,676		1,238,973
Canada—4.6%
Brookfield Asset Management Ltd., Class A*		7,141		233,140
Brookfield Corp.1		28,567		1,062,768
Canadian Apartment Properties REIT		14,223		525,927
Granite REIT		26,826		1,641,758
				3,463,593
China—1.6%
ESR Group Ltd.2		622,000		1,245,298
Germany—2.7%
LEG Immobilien SE		7,538		589,276
Vonovia SE		50,736		1,433,186
				2,022,462
Hong Kong—2.9%
Sino Land Co. Ltd.		870,000		1,130,545
Swire Properties Ltd.		372,400		1,046,651
				2,177,196
Japan—5.0%
Heiwa Real Estate Co. Ltd.		13,700		391,959
Japan Logistics Fund, Inc.1		436		994,185
Katitas Co. Ltd.		76,800		1,883,170
Star Asia Investment Corp.1		1,291		523,732
				3,793,046
Mexico—1.3%
Corp Inmobiliaria Vesta SAB de CV		372,550		1,017,709
Singapore—4.4%
Capitaland India Trust		767,200		709,351
Capitaland Investment Ltd.		700,100		2,121,030
Parkway Life REIT		158,600		490,879
				3,321,260
Spain—2.0%
Cellnex Telecom SA*,2		38,633		1,513,949
United Kingdom—9.2%
Big Yellow Group PLC		93,901		1,400,552
Grainger PLC		552,785		1,770,336
Segro PLC		131,020		1,348,666
Shaftesbury PLC1		300,313		1,462,636
UNITE Group PLC		81,849		1,008,308
				6,990,498

	Number of shares		Value
Common stocks—(concluded)
United Republic of Tanzania,—1.3%
Helios Towers PLC*,1		744,411	$	984,014
United States—57.2%
Alexandria Real Estate Equities, Inc.		12,359		1,986,586
American Homes 4 Rent, Class A		38,802		1,330,521
American Tower Corp.		5,576		1,245,623
AvalonBay Communities, Inc.		10,346		1,835,794
Brixmor Property Group, Inc.		76,692		1,804,563
Douglas Emmett, Inc.		47,722		799,343
Encompass Health Corp.		23,998		1,498,675
Equinix, Inc.		5,662		4,179,292
Equity LifeStyle Properties, Inc.		32,212		2,312,177
Essex Property Trust, Inc.		6,253		1,413,616
Extra Space Storage, Inc.		15,620		2,465,305
Farmland Partners, Inc.		14,975		192,878
National Retail Properties, Inc.		37,919		1,795,465
Phillips Edison & Co., Inc.		52,081		1,745,755
Prologis, Inc.		51,373		6,641,501
Rayonier, Inc.		52,564		1,912,804
SBA Communications Corp.		3,709		1,103,539
Simon Property Group, Inc.		29,079		3,735,488
Sun Communities, Inc.		13,885		2,178,001
Urban Edge Properties		80,947		1,274,915
Weyerhaeuser Co.		58,058		1,998,937
				43,450,778
Total common stocks (cost—$81,535,876)				75,839,589
Short-term investments—0.3%
Investment companies—0.3%
State Street Institutional U.S. Government Money Market Fund, 4.180%3 (cost—$260,088)		260,088		260,088
Investment of cash collateral from securities loaned—2.9%
Money market funds—2.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 4.300%3 (cost—$2,209,100)		2,209,100		2,209,100
Total investments (cost—$84,005,064)—103.1%				78,308,777
Liabilities in excess of other assets—(3.1)%				(2,391,365	)
Net assets—100.0%			$	75,917,412

190

PACE Global Real Estate Securities Investments

Portfolio of investments—January 31, 2023 (unaudited)

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

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

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	$	47,932,080	$	27,907,509	$	—	$	75,839,589
Short-term investments		—		260,088		—		260,088
Investment of cash collateral from securities loaned		—		2,209,100		—		2,209,100
Total	$	47,932,080	$	30,376,697	$	—	$	78,308,777

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

*  Non-income producing security.

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

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

²  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. Securities exempt from registration pursuant to Rule 144A, in the amount of $2,759,247, represented 3.6% of the Portfolio's net assets at period end.

³  Rates shown reflect yield at January 31, 2023.

See accompanying notes to financial statements.
191

PACE Alternative Strategies Investments

Performance

For the six-months ended January 31, 2023, the Portfolio's Class P shares returned 3.21% before the deduction of the maximum PACE Select program fee.¹ In comparison, the FTSE Three-Month US Treasury Bill Index (the "benchmark") returned 1.60%, the Bloomberg Global Aggregate Index returned -1.63%, the MSCI World Index (net) returned 2.15%, and the HFRI Fund of Funds Composite Index returned 2.36%. (Returns for all share classes over various time periods are shown in the "Performance at a glance" table on page 195. 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

The Portfolio outperformed the benchmark over the reporting period. The allocations with the strongest returns included an allocation to the AVIVA Target Return global macro strategy ("AVIVA"), the Kettle Hill Long/Short equity strategy ("Kettle Hill"), and the Allspring Global Long/Short Low Volatility strategy ("Allspring"). The AVIVA strategy benefited primarily from interest rate strategies as the strategy had short exposure to US rates and long exposure to UK rates. Positive exposure to global convertibles, European high-yield credit, and to UK and emerging market equities also contributed to performance. Positive exposure to US equities was the largest detractor from returns for this strategy. The Kettle Hill strategy benefited the most from gains in long exposure to information technology and communication services stocks, along with short exposures to Tesla and market hedging positions. Long exposures to certain industrial and health care stocks provided an offset to those gains. For Allspring, the strategy benefited from tilts toward certain valuation metrics, such as forward earnings yield and book-to-price, as did quality characteristics such as return on assets. An emphasis on low beta stocks relative to high beta stocks negatively impacted performance, as low beta securities underperformed high beta securities. (Beta is a measure of volatility or risk relative to the market as a whole.) Country/region positioning had a modest positive impact on results, while stock selection within countries/regions was negative, driven by holdings within Hong Kong and Canada. Some of the top performing equities included long positions in Nutrien and Mitsubishi Heavy Industries, and a short position in Rivian

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 ("Allspring");
First Quadrant L.P. ("First Quadrant"); (terminated effective close of business September 21, 2022)
Sirios Capital Management, L.P. ("Sirios"); (terminated effective close of business February 24, 2023)

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: David Krider and Harindra de Silva;

First Quadrant (until September 2022): Dori Levanoni and Jeppe Ladekarl;

Magnetar: Devin Dallaire

DLD: Sudeep Duttaroy and Mark Friedman

(continued on next page)

192

PACE Alternative Strategies Investments

Investment Manager's comments^2,3 – concluded

Automotive. Among the worst performing positions were short positions in Rolls-Royce Holdings and De Grey Mining, along with a long position in Medical Properties Trust.

The allocations with the weakest returns included an allocation to the Magnetar PRA merger-arbitrage strategy ("Magnetar") and the Sirios Long/Short Equity ("Sirios") strategy. Magnetar's returns were hampered by terminated merger and acquisition (M&A) transactions and technology deals with multiple antitrust/regulatory approvals required to complete their respective mergers. Deals that were terminated included: Rogers Corporation/Dow Dupont and Yamana Gold/Gold Fields. Technology M&A with high antitrust/regulatory burdens included: iRobot/Amazon and OneMedical/Amazon. Although outside of the scope of "high antitrust/regulatory burden," Euronav NV/Frontline Plc was also a detractor from returns. Change Health Care/UnitedHealth Group, Shaw Communications/Rogers Communications and Swedish Match AB/Philip Morris were the largest contributors to returns for the strategy. The Sirios strategy benefited from long positions in the energy/industrials, financials/real estate, consumer, and health care sectors. Exposures in the technology/communications sector detracted from results. The most significant positive individual long contributors to performance were Schlumberger, BAE Systems (UK), Airbus (France), American Express, and LPL Financial, each of which remained positions in the strategy as of period-end. The most significant long detractors were Cellnex Telecom (Spain), Ericsson (Sweden), London Stock Exchange (UK), Portillo's, and Qualcomm. The long position in Cellnex Telecom was eliminated during the third quarter of 2022 because the stock had become overly correlated with interest rates and was no longer trading on fundamentals. The long position in Ericsson was eliminated in the first quarter of 2023 as the growth in the Radio Access Network (RAN) market started to slow and the company has yet to resolve the regulatory issues with the Department of Justice. The long position in Qualcomm was eliminated as the core tenets of Sirios' investment thesis played out.

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)

Aviva: Peter Fitzgerald and Ian Pizer

PCJ: Adam Posman, Heiki Altosaar, and Kevin Kingsley

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

193

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 Web site 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.

194

PACE Alternative Strategies Investments

Performance at a glance (unaudited)

Average annual total returns for periods ended 01/31/23	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.21	%		2.52	%		2.22	%		2.76	%
Class Y2		3.19			2.71			2.48			3.03
Class P3		3.21			2.72			2.45			3.02
Class P24		—			—			—			2.04
After deducting maximum sales charge
Class A1		(2.47	)		(3.08	)		1.07			2.18
FTSE 3-Month Treasury Bill Index5		1.60			1.87			1.30			0.78
Bloomberg Global Aggregate Index6		(1.63	)		(11.71	)		(1.25	)		(0.02	)
MSCI World Index (net)7		2.15			(7.45	)		6.50			9.06
HFRI Fund of Funds Composite Index8		2.36			(1.13	)		2.89			3.47

Most recent calendar quarter-end returns (unaudited)

Average annual total returns for periods ended 12/31/22	6 months			1 year			5 years			10 years or inception
Before deducting maximum sales charge
Class A1		3.31	%		0.22	%		2.47	%		2.84	%
Class Y2		3.60			0.50			2.76			3.13
Class P3		3.51			0.51			2.73			3.10
Class P24		—			—			—			10.38
After deducting maximum sales charge
Class A1		(2.33	)		(5.27	)		1.33			2.26

The annualized gross and net expense ratios, respectively, for each class of shares as in the prospectuses dated November 28, 2022 were as follows: Class A—3.02% and 2.70%; Class Y—2.78% and 2.44%; Class P—2.77% and 2.45%; and Class P2—2.77% and 2.13%. 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, 2023 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, 2023 (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%. Effective August 1, 2022, the expense caps were changed to: Class A—1.83%; Class Y—1.58%; and Class P—1.58%. 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 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. 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, 2023 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.

195

PACE Alternative Strategies Investments

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  Inception date of Class P2 of PACE Alternative Strategies Investments is November 14, 2022.

⁵  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.

⁶  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.

⁷  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.

⁸  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.

196

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Top ten equity holdings (long holdings)
United Rentals, Inc.	1.5	%
Wells Fargo & Co.	0.6
Everbridge, Inc.	0.6
GFL Environmental, Inc.	0.5
Sumitomo Corp.	0.4
Apple, Inc.	0.5
Stantec, Inc.	0.4
Bombardier, Inc., Class B	0.4
PACCAR, Inc.	0.5
Verizon Communications, Inc.	0.5
Total	5.9	%
Top ten equity holdings (short holdings)
United States Steel Corp.	(1.9	)%
Royal Caribbean Cruises Ltd.	(1.5	)
Liberty Media Corp.-Liberty SiriusXM, Class A	(1.5	)
Transocean Ltd.	(1.0	)
World Wrestling Entertainment, Inc., Class A	(0.9	)
Bloomin' Brands, Inc.	(0.9	)
Liberty Media Corp.-Liberty Formula One, Class A	(0.6	)
Carnival Corp.	(0.5	)
Cinemark Holdings, Inc.	(0.5	)
Descartes Systems Group, Inc.	(0.5	)
Total	(9.8	)%
Top ten fixed income holdings (long holdings)
Liberty Media Corp., 1.375% due 10/15/23	2.4	%
United States Steel Corp., 5.000% due 11/01/26	2.2
Royal Caribbean Cruises Ltd., 6.000% due 08/15/25	2.1
Transocean, Inc., 4.625% due 09/30/29	1.2
World Wrestling Entertainment, Inc., 3.375% due 12/15/23	0.9
Cinemark Holdings, Inc., 4.500% due 08/15/25	0.9
Bloomin' Brands, Inc., 5.000% due 05/01/25	0.9
Carnival Corp., 5.750% due 10/01/24	0.7
NextEra Energy Partners LP, % due 11/15/25	0.6
Herbalife Nutrition Ltd., 4.250% due 06/15/28	0.5
Total	12.4	%

Top five issuer breakdown by country or territory of origin (long holdings)
United States	77.7	%
Canada	10.5
Japan	1.8
United Kingdom	1.5
Cayman Islands	1.2
Total	92.7	%

Top five issuer breakdown by country or territory of origin (short holdings)
United States	(24.3	)%
Canada	(5.7	)
Australia	(0.6	)
Japan	(0.5	)
United Kingdom	(0.4	)
Total	(31.5	)%

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

197

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Common stocks
Aerospace & defense	1.7	%
Air freight & logistics	0.2
Airlines	0.6
Auto components	0.1
Automobiles	0.4
Banks	1.5
Beverages	0.3
Biotechnology	1.4
Building products	0.4
Capital markets	1.7
Chemicals	1.6
Commercial services & supplies	1.0
Communications equipment	0.0	†
Construction & engineering	1.0
Construction materials	0.0	†
Consumer finance	0.4
Containers & packaging	0.1
Distributors	0.3
Diversified consumer services	0.0	†
Diversified financial services	0.3
Diversified telecommunication services	1.2
Electric utilities	0.3
Electrical equipment	0.2
Electronic equipment, instruments & components	0.5
Energy equipment & services	1.1
Entertainment	0.3
Equity real estate investment trusts	1.8
Food & staples retailing	0.5
Food products	1.4
Health care equipment & supplies	1.5
Health care providers & services	0.2
Health care technology	0.0	†
Hotels, restaurants & leisure	0.8
Household durables	0.4
Household products	0.2
Independent power and renewable electricity producers	0.7
Industrial conglomerates	0.6
Insurance	1.3
Interactive media & services	0.0	†
Internet & direct marketing retail	0.0	†
IT services	1.6
Leisure products	0.0	†
Life sciences tools & services	0.4
Machinery	1.1
Marine	0.1

Common stocks—(concluded)
Media	0.5	%
Metals & mining	2.7
Mortgage real estate investment	0.0	†
Multi-utilities	0.7
Multiline retail	0.1
Oil, gas & consumable fuels	3.2
Paper & forest products	0.1
Personal products	0.0	†
Pharmaceuticals	1.3
Professional services	0.2
Real estate management & development	0.6
Road & rail	0.4
Semiconductors & semiconductor equipment	0.8
Software	3.3
Specialty retail	1.1
Technology hardware, storage & peripherals	0.4
Textiles, apparel & luxury goods	0.1
Thrifts & mortgage finance	0.0	†
Trading companies & distributors	2.3
Wireless telecommunication services	0.6
Total common stocks	47.6
Preferred stocks
Automobiles	0.0	†
Investment companies	7.7
Warrant
Pharmaceuticals	0.0	†
Corporate bonds
Airlines	0.5
Auto manufacturers	0.0	†
Biotechnology	0.1
Chemicals	0.1
Commercial services	0.0	†
Computers	0.5
Diversified financial services	0.1
Electronics	0.1
Energy-Alternate Sources	0.7
Entertainment	1.0
Food	0.0	†
Healthcare-products	0.1
Healthcare-services	0.1
Internet	0.6
Iron & steel	2.2
Leisure Time	2.8

198

PACE Alternative Strategies Investments

Portfolio statistics and industry diversification—(unaudited)¹

As a percentage of net assets as of January 31, 2023

Corporate bonds—(concluded)
Media	3.8	%
Oil & gas	1.2
Pharmaceuticals	0.5
Retail	1.3
Software	0.4
Total corporate bonds	16.1
Short-term investments	27.1
Equity and foreign exchange options purchased
Call options	0.5
Put options	0.1
Total equity and foreign exchange options purchased	0.6
Investments sold short Common stocks
Aerospace & defense	(0.8	)
Air freight & logistics	(0.6	)
Airlines	(0.4	)
Auto components	(0.1	)
Automobiles	(0.7	)
Banks	(0.8	)
Beverages	(0.2	)
Biotechnology	(0.1	)
Building products	(0.3	)
Capital markets	(1.1	)
Chemicals	(0.1	)
Commercial services & supplies	(0.1	)
Communications equipment	(0.1	)
Construction & engineering	(0.1	)
Construction materials	(0.0	)†
Consumer finance	(0.6	)
Containers & packaging	(0.0	)†
Distributors	(0.1	)
Diversified telecommunication services	(0.1	)
Electric utilities	(0.3	)
Electrical equipment	(0.3	)
Electronic equipment, instruments & components	(0.1	)
Energy equipment & services	(1.3	)
Entertainment	(2.4	)

Investments sold short—(concluded) Common stocks—(concluded)
Equity real estate investment trusts	(0.7	)%
Food & staples retailing	(0.3	)
Food products	(0.2	)
Health care equipment & supplies	(0.0	)†
Hotels, restaurants & leisure	(3.2	)
Household durables	(0.4	)
Independent power and renewable electricity producers	(0.5	)
Industrial conglomerates	(0.1	)
Insurance	(0.1	)
Interactive media & services	(0.2	)
Internet & direct marketing retail	(0.3	)
IT services	(0.4	)
Leisure products	(0.1	)
Life sciences tools & services	(0.2	)
Machinery	(1.5	)
Media	(2.0	)
Metals & mining	(2.4	)
Multiline retail	(0.5	)
Oil, gas & consumable fuels	(2.2	)
Paper & forest products	(0.3	)
Personal products	(0.4	)
Pharmaceuticals	(0.0	)†
Professional services	(0.1	)
Real estate management & development	(0.2	)
Road & rail	(0.2	)
Semiconductors & semiconductor equipment	(0.4	)
Software	(1.0	)
Specialty retail	(1.2	)
Technology hardware, storage & peripherals	(0.2	)
Total common stock	(30.0	)
Corporate bonds
Retail	(0.0	)†
Investment companies	(2.9	)
Total investments sold short	(32.9	)
Other assets in excess of liabilities	33.8
Net assets	100.0	%

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

199

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—47.6%
Australia—1.0%
Aurizon Holdings Ltd.		8,975	$	23,458
BHP Group Ltd.		18,511		648,295
Dexus		111,102		644,176
Downer EDI Ltd.		46,481		124,386
Glencore PLC		143,527		961,183
Pilbara Minerals Ltd.*		32,977		112,185
Rio Tinto Ltd.		5,913		530,616
Rio Tinto PLC		2,878		225,351
South32 Ltd.		55,976		179,623
				3,449,273
Austria—0.1%
Andritz AG		922		55,137
OMV AG		4,405		220,648
voestalpine AG		5,289		175,735
				451,520
Belgium—0.5%
Ageas SA/NV		12,715		620,771
Solvay SA		10,026		1,168,345
				1,789,116
Bermuda—0.1%
Seadrill Ltd.*		9,007		382,797
Brazil—0.2%
Wheaton Precious Metals Corp.		6,590		301,426
Yara International ASA		9,970		442,980
				744,406
Canada—10.0%
Advantage Energy Ltd.*,1		81,890		510,832
Ag Growth International, Inc.1		5,390		201,778
Agnico Eagle Mines Ltd.1		6,520		368,250
Air Canada*,1		29,720		504,361
ARC Resources Ltd.		60,900		707,613
Aritzia, Inc.*,1		9,110		328,578
Arizona Metals Corp.*		58,920		185,543
ATS Corp.*,1		7,290		295,205
Bank of Montreal1		3,400		342,176
Bombardier, Inc., Class B*,1		32,570		1,573,240
Brookfield Corp.1		8,800		327,383
CAE, Inc.*,1		29,895		675,627
Cameco Corp.1		20,650		578,406
Canadian Apartment Properties REIT1		30,960		1,144,814
Canadian Natural Resources Ltd.1		960		58,982
Canadian Natural Resources Ltd.		7,510		460,969
Canadian Pacific Railway Ltd.1		5,350		422,115
Capstone Copper Corp.*,1		133,350		654,448
Cenovus Energy, Inc.		8,110		161,550
CES Energy Solutions Corp.1		140,840		306,968
Colliers International Group, Inc.1		12,405		1,330,560
Constellation Software, Inc.1		560		989,389
Converge Technology Solutions Corp.*,1		75,300		325,976
Docebo, Inc.*,1		9,680		370,161
DREAM Unlimited Corp., Class A1		14,410		302,918
Element Fleet Management Corp.1		39,290		555,148

	Number of shares		Value
Common stocks—(continued)
Canada—(concluded)
Empire Co. Ltd., Class A		18,600	$	535,263
Exchange Income Corp.1		9,110		379,586
Fairfax Financial Holdings Ltd.1		2,120		1,403,513
Franco-Nevada Corp.1		2,550		374,085
George Weston Ltd.		1,200		154,375
GFL Environmental, Inc.1		60,410		1,864,253
H&R REIT1		98,340		961,560
Heroux-Devtek, Inc.*		24,290		272,191
InterRent REIT1		43,490		471,001
K-Bro Linen, Inc.		17,840		388,698
Kinaxis, Inc.*,1		5,120		595,098
Lightspeed Commerce, Inc.*,1		13,880		251,228
Linamar Corp.1		4,700		240,025
NexGen Energy Ltd.*,1		34,380		166,399
Nutrien Ltd.		12,200		1,009,889
Osisko Gold Royalties Ltd.1		16,370		219,031
Parkit Enterprise, Inc.*		547,010		439,894
Payfare, Inc.*		58,150		250,859
Peyto Exploration & Development Corp.1		22,870		208,495
Quebecor, Inc., Class B1		13,030		309,065
Ritchie Bros Auctioneers, Inc.1		8,970		542,416
Rogers Communications, Inc., Class B1		23,827		1,159,184
Rubellite Energy, Inc.*		113,830		200,190
Saputo, Inc.1		50,180		1,383,340
SNC-Lavalin Group, Inc.1		5,330		114,367
Stantec, Inc.1		30,180		1,574,189
Stella-Jones, Inc.1		10,270		373,735
StorageVault Canada, Inc.1		80,950		391,198
Surge Energy, Inc.1		32,930		241,552
Tamarack Valley Energy Ltd.1		157,100		569,104
TC Energy Corp.1		20,200		871,428
TECSYS, Inc.		2,960		63,135
Tourmaline Oil Corp.		14,800		689,751
TransAlta Corp.1		121,472		1,181,923
Trican Well Service Ltd.*,1		167,170		432,201
Uni-Select, Inc.*,1		36,343		1,083,830
WSP Global, Inc.1		2,720		346,871
				35,395,912
Chile—0.2%
Antofagasta PLC		28,030		602,268
China—0.1%
SITC International Holdings Co. Ltd.		113,000		246,860
Wilmar International Ltd.		64,500		200,532
				447,392
Denmark—0.0%†
D/S Norden A/S		458		24,689
France—0.8%
Engie SA		75,964		1,078,678
Ipsen SA		995		104,510
Korian SA		15,329		160,509
Renault SA*		5,487		223,098
Rexel SA*		2,506		55,439
Sartorius Stedim Biotech		2,142		747,190

200

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
France—(concluded)
Thales SA		2,502	$	330,913
TotalEnergies SE		3,443		212,849
				2,913,186
Germany—0.4%
Aurubis AG		1,141		120,668
Bayer AG, Registered Shares		9,695		603,465
Bayerische Motoren Werke AG		2,229		227,056
HeidelbergCement AG		842		57,776
Mercedes-Benz Group AG		2,997		223,013
thyssenkrupp AG*		14,224		111,742
				1,343,720
Hong Kong—0.4%
Jardine Matheson Holdings Ltd.		21,800		1,158,792
WH Group Ltd.2		662,000		407,702
				1,566,494
Indonesia—0.0%†
Golden Agri-Resources Ltd.		870,100		165,753
Israel—0.0%†
Sapiens International Corp. NV		1,093		24,767
Italy—0.2%
Assicurazioni Generali SpA		5,778		112,794
Eni SpA		47,005		723,324
				836,118
Japan—1.8%
Allegro MicroSystems, Inc.*		685		26,146
Hachijuni Bank Ltd.		53,600		232,804
Japan Post Insurance Co. Ltd.		1,500		26,760
Kansai Electric Power Co., Inc.		8,100		77,898
Komatsu Ltd.		15,500		380,904
Macnica Holdings, Inc.		4,900		130,226
Mazda Motor Corp.		81,800		651,127
Mitsubishi Corp.		31,000		1,038,065
Mitsubishi Heavy Industries Ltd.		14,200		556,781
MS&AD Insurance Group Holdings, Inc.		5,800		186,028
Nippon Steel Corp.		13,600		283,080
ORIX Corp.		16,900		297,152
Sekisui Chemical Co. Ltd.		8,400		117,670
SUMCO Corp.		39,100		579,336
Sumitomo Corp.		89,700		1,610,109
				6,194,086
Luxembourg—0.1%
ArcelorMittal SA		7,230		224,296
Netherlands—0.3%
NN Group NV		3,873		168,274
OCI NV		23,749		808,427
				976,701

	Number of shares		Value
Common stocks—(continued)
Norway—0.3%
Equinor ASA		28,290	$	862,184
Norsk Hydro ASA		28,150		228,236
				1,090,420
Panama—0.0%†
Copa Holdings SA, Class A*		780		71,822
Portugal—0.1%
Galp Energia SGPS SA		16,050		219,693
Singapore—0.0%†
Kulicke & Soffa Industries, Inc.		461		23,557
STMicroelectronics NV		1,270		59,784
				83,341
South Africa—0.1%
Anglo American PLC		5,076		218,930
Spain—0.3%
Grifols SA*		53,741		711,426
Repsol SA		13,504		221,828
				933,254
Sweden—0.3%
Avanza Bank Holding AB		4,981		114,930
Boliden AB		5,076		227,795
SSAB AB, Class B		36,259		247,093
Volvo AB, Class A		11,314		235,034
Volvo AB, Class B		8,417		167,023
				991,875
Switzerland—0.3%
Alcon, Inc.		16,184		1,217,199
Thailand—0.0%†
Fabrinet*		170		22,382
United Kingdom—1.5%
BAE Systems PLC		30,878		326,876
Berkeley Group Holdings PLC		1,077		55,151
British Land Co. PLC		2,567		14,049
Centrica PLC		188,708		235,093
CK Hutchison Holdings Ltd.		159,000		1,011,868
Coca-Cola Europacific Partners PLC1		12,350		694,317
Direct Line Insurance Group PLC		25,962		56,925
DS Smith PLC		51,010		223,317
HSBC Holdings PLC		120,462		887,606
IG Group Holdings PLC		11,069		108,833
Legal & General Group PLC		17,764		55,902
Liberty Global PLC, Class A*,1		9,076		196,859
Phoenix Group Holdings PLC		14,364		113,847
Reckitt Benckiser Group PLC		238		16,960
Smiths Group PLC		5,213		111,282
TechnipFMC PLC*		13,360		185,570
Tesco PLC		66,839		203,149
Vodafone Group PLC		731,174		843,638
				5,341,242

201

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—28.5%
2seventy bio, Inc.*		1,500	$	20,400
A-Mark Precious Metals, Inc.1		6,692		257,642
A.O. Smith Corp.		375		25,388
Abbott Laboratories		6,414		709,068
AbbVie, Inc.1		2,985		441,034
Activision Blizzard, Inc.		4,397		336,678
Acuity Brands, Inc.		128		24,131
Adaptimmune Therapeutics PLC, ADR*		16,913		31,627
Addus HomeCare Corp.*		216		23,224
Adobe, Inc.*,1		2,720		1,007,325
Advance Auto Parts, Inc.1		1,075		163,701
AECOM1		6,020		525,365
Affiliated Managers Group, Inc.		210		36,275
Akamai Technologies, Inc.*		12,756		1,134,646
Albemarle Corp.1		851		239,514
Allison Transmission Holdings, Inc.		1,643		74,066
Alphabet, Inc., Class A*,1		233		23,030
AMC Networks, Inc., Class A*,1		15,848		293,346
Amdocs Ltd.		247		22,707
American Eagle Outfitters, Inc.		55,905		902,307
American Express Co.		4,439		776,514
American International Group, Inc.1		2,106		133,141
American Software, Inc., Class A		1,011		15,377
Ameriprise Financial, Inc.		212		74,225
AMERISAFE, Inc.		421		23,189
AMETEK, Inc.		156		22,608
Amgen, Inc.1		1,244		313,986
AMN Healthcare Services, Inc.*		222		21,276
Amneal Pharmaceuticals, Inc.*,1		83,590		183,898
Amphenol Corp., Class A		285		22,734
Analog Devices, Inc.		3,073		526,927
ANSYS, Inc.*		89		23,706
APA Corp.		1,596		70,751
Apple, Inc.1		10,993		1,586,180
ArcBest Corp.		294		24,534
Archer-Daniels-Midland Co.1		9,841		815,327
Arista Networks, Inc.*		186		23,440
Arrow Electronics, Inc.*,1		2,129		250,136
Arthur J. Gallagher & Co.		75		14,679
AssetMark Financial Holdings, Inc.*		603		16,004
AT&T, Inc.1		58,970		1,201,219
ATI, Inc.*,1		3,260		118,631
Atrion Corp.		36		24,743
Autodesk, Inc.*,1		3,328		716,052
AutoNation, Inc.*		613		77,679
AutoZone, Inc.*,1		22		53,655
Avis Budget Group, Inc.*		91		18,204
Axcelis Technologies, Inc.*		95		10,445
Axos Financial, Inc.*		154		7,410
Badger Meter, Inc.		199		23,064
Balchem Corp.		176		22,991
Banc of California, Inc.		2,090		36,408
BancFirst Corp.		257		22,135
Bank of New York Mellon Corp.1		7,333		370,830
Becton Dickinson and Co.1		4,423		1,115,569
Bio-Techne Corp.		276		21,986

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Biogen, Inc.*,1		1,748	$	508,493
Boise Cascade Co.		316		23,691
BOK Financial Corp.		220		22,110
Booz Allen Hamilton Holding Corp.		3,476		328,969
Boston Scientific Corp.*		14,840		686,350
Brady Corp., Class A		445		23,794
Bread Financial Holdings, Inc.		8,850		363,116
Bristol-Myers Squibb Co.1		6,588		478,618
Broadcom, Inc.1		234		136,892
Broadmark Realty Capital, Inc.		5,606		24,554
BRP, Inc.		1,850		154,586
Buckle, Inc.		500		22,000
Builders FirstSource, Inc.*		985		78,505
Bunge Ltd.1		701		69,469
C.H. Robinson Worldwide, Inc.		238		23,840
CACI International, Inc., Class A*		51		15,713
Cactus, Inc., Class A		424		22,943
Cal-Maine Foods, Inc.1		7,519		430,237
Catalyst Pharmaceuticals, Inc.*,1		13,174		204,065
Cathay General Bancorp		530		23,299
Cavco Industries, Inc.*		90		23,949
CBIZ, Inc.*		473		22,510
CBRE Group, Inc., Class A*		272		23,259
CF Industries Holdings, Inc.1		7,577		641,772
Charles River Laboratories International, Inc.*		1,480		360,010
Charter Communications, Inc., Class A*,1		600		230,586
Chase Corp.		168		15,856
Chemed Corp.		45		22,731
Chesapeake Energy Corp.1		2,145		186,014
Chipotle Mexican Grill, Inc.*		15		24,696
Cintas Corp.		51		22,631
Cirrus Logic, Inc.*		10,390		939,152
Civitas Resources, Inc.		237		15,772
Clearway Energy, Inc., Class A1		8,137		260,791
Clearway Energy, Inc., Class C1		6,566		221,865
Cleveland-Cliffs, Inc.*		3,502		74,768
Cogent Communications Holdings, Inc.		6,485		444,676
Cognex Corp.		441		24,140
Cognizant Technology Solutions Corp., Class A1		6,485		432,874
Columbia Banking System, Inc.		750		23,183
Comfort Systems USA, Inc.		187		22,634
Commercial Metals Co.		269		14,599
Comstock Resources, Inc.1		20,451		248,480
Conagra Brands, Inc.1		11,320		420,991
Consolidated Edison, Inc.		11,794		1,124,086
Constellation Brands, Inc., Class A		2,095		485,034
Contra Abiomed, Inc.*		42		43
Copart, Inc.*		352		23,447
CorVel Corp.*		142		25,299
CoStar Group, Inc.*		284		22,124
Coterra Energy, Inc.1		27,635		691,704
CRA International, Inc.		185		21,985
Crowdstrike Holdings, Inc., Class A*		6,859		726,368
D.R. Horton, Inc.		241		23,784
Danaher Corp.		860		227,367
Darling Ingredients, Inc.*,1		3,882		257,338

202

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Dave & Buster's Entertainment, Inc.*		20,713	$	897,909
Deckers Outdoor Corp.*		54		23,084
Delta Air Lines, Inc.*,1		17,850		697,935
Devon Energy Corp.		1,115		70,513
Diamond Hill Investment Group, Inc.		80		15,074
Diamondback Energy, Inc.		487		71,160
Dick's Sporting Goods, Inc.		554		72,441
Dillard's, Inc., Class A		39		15,339
Diodes, Inc.*		268		23,903
Discover Financial Services		649		75,758
DISH Network Corp., Class A*,1		51,263		737,675
DocGo, Inc.*		2,707		27,070
Dolby Laboratories, Inc., Class A		299		23,788
Donaldson Co., Inc.		250		15,588
DoubleVerify Holdings, Inc.*		931		25,314
Dow, Inc.		924		54,839
Dycom Industries, Inc.*		7,890		752,469
Eagle Pharmaceuticals, Inc.*,1		9,930		337,024
Eaton Corp. PLC		2,416		391,899
elf Beauty, Inc.*		279		16,056
Eli Lilly & Co.		1,139		391,987
EMCOR Group, Inc.		150		22,238
Ennis, Inc.		693		14,719
Enovix Corp.*		26,230		208,266
EOG Resources, Inc.		542		71,680
EPAM Systems, Inc.*		67		22,288
EQT Corp.1		297		9,703
Erie Indemnity Co., Class A		90		21,992
Essent Group Ltd.		551		24,261
Ethan Allen Interiors, Inc.		806		23,164
Everbridge, Inc.*		61,833		1,976,183
Evercore, Inc., Class A		7,539		978,638
ExlService Holdings, Inc.*		131		22,349
Expedia Group, Inc.*,1		2,261		258,432
Expeditors International of Washington, Inc.		865		93,550
Exponent, Inc.		223		22,866
F5, Inc.*		154		22,740
Fastenal Co.		461		23,304
Federated Hermes, Inc.		588		23,108
FedEx Corp.1		2,440		473,018
Fidelity National Financial, Inc.		859		37,822
Fidelity National Information Services, Inc.1		9,805		735,767
First Bancorp/Southern Pines NC		187		7,452
First Hawaiian, Inc.		270		7,409
FirstCash Holdings, Inc.		84		7,743
FirstEnergy Corp.		22,717		930,261
Five Below, Inc.*,1		3,380		666,299
FormFactor, Inc.*		638		17,953
Forward Air Corp.		216		23,296
Freeport-McMoRan, Inc.1		19,939		889,678
FTI Consulting, Inc.*		140		22,333
Full House Resorts, Inc.*		28,761		253,672
G-III Apparel Group Ltd.*		26,327		445,453
Garmin Ltd.		233		23,039
Genco Shipping & Trading Ltd.		957		17,360
Genpact Ltd.		475		22,458

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Gentex Corp.		794	$	23,431
Gibraltar Industries, Inc.*		452		24,214
Gilead Sciences, Inc.1		15,425		1,294,774
Globe Life, Inc.1		5,100		616,335
Globus Medical, Inc., Class A*		301		22,726
Goldman Sachs Group, Inc.		1,641		600,294
Graco, Inc.		327		22,341
Grand Canyon Education, Inc.*		203		23,662
Green Brick Partners, Inc.*		828		25,834
Griffon Corp.1		28,590		1,168,759
GSK PLC		54,285		953,517
Hackett Group, Inc.		1,053		23,271
Halliburton Co.		2,391		98,557
Haverty Furniture Cos., Inc.		688		24,025
HCA Healthcare, Inc.		217		55,350
HEICO Corp.		137		23,420
HEICO Corp., Class A		1,505		201,188
Heritage-Crystal Clean, Inc.*		644		23,957
Hess Corp.		599		89,946
HF Sinclair Corp.1		14,365		817,368
Holley, Inc.*,1		30,344		100,439
Hormel Foods Corp.		491		22,247
Houlihan Lokey, Inc.		238		23,579
Howmet Aerospace, Inc.1		3,270		133,056
Hubbell, Inc.1		278		63,637
Huntsman Corp.		1,688		53,493
IDEX Corp.		95		22,770
Ingles Markets, Inc., Class A		233		22,135
Installed Building Products, Inc.		230		25,321
Insteel Industries, Inc.		249		7,468
Intrepid Potash, Inc.*		726		23,762
Iovance Biotherapeutics, Inc.*		8,761		69,738
IPG Photonics Corp.*		217		24,326
Jabil, Inc.		922		72,497
Jack Henry & Associates, Inc.		125		22,511
Janus Henderson Group PLC		889		23,043
Jefferies Financial Group, Inc.		1,810		71,097
John B Sanfilippo & Son, Inc.		269		22,733
Johnson Controls International PLC		1,657		115,277
JPMorgan Chase & Co.		6,394		894,904
Kadant, Inc.		116		23,637
Keysight Technologies, Inc.*		1,457		261,313
Kimberly-Clark Corp.1		5,021		652,780
Kimco Realty Corp.		64,640		1,451,814
Kinetik Holdings, Inc.		3,136		98,125
Kinsale Capital Group, Inc.		82		22,832
Knight-Swift Transportation Holdings, Inc.		955		56,441
Korn Ferry		425		22,946
Kroger Co.1		638		28,474
L3harris Technologies, Inc.1		1,268		272,392
Lakeland Financial Corp.		307		21,708
Lancaster Colony Corp.		114		21,878
Landstar System, Inc.		133		22,986
Lantheus Holdings, Inc.*,1		6,443		370,473
Las Vegas Sands Corp.*,1		9,850		581,150
Lattice Semiconductor Corp.*		318		24,101

203

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Lazard Ltd., Class A		1,819	$	72,906
LeMaitre Vascular, Inc.		485		22,882
Lennar Corp., Class A		590		60,416
Lennar Corp., Class B		707		61,057
Ligand Pharmaceuticals, Inc.*,1		4,220		294,134
Lincoln Electric Holdings, Inc.		144		24,029
Lincoln National Corp.1		21,579		764,544
Littelfuse, Inc.		93		23,872
LKQ Corp.		395		23,289
Lockheed Martin Corp.1		1,670		773,644
Louisiana-Pacific Corp.		1,110		75,580
LPL Financial Holdings, Inc.		1,675		397,176
Lumen Technologies, Inc.1		84,001		441,005
LyondellBasell Industries NV, Class A		760		73,484
Macy's, Inc.		3,138		74,151
Manhattan Associates, Inc.*		180		23,465
Marathon Oil Corp.		2,593		71,230
Marathon Petroleum Corp.		575		73,899
Marcus & Millichap, Inc.		620		22,469
MarineMax, Inc.*		460		14,375
MarketAxess Holdings, Inc.		70		25,470
Marten Transport Ltd.		1,088		24,034
MDC Holdings, Inc.		645		24,355
Medical Properties Trust, Inc.1		31,939		413,610
Medifast, Inc.		192		21,398
Medpace Holdings, Inc.*		103		22,770
Medtronic PLC1		14,424		1,207,145
Meridian Bioscience, Inc.*		492		16,713
MGIC Investment Corp.		2,916		41,174
MGP Ingredients, Inc.		143		13,948
Microsoft Corp.1		3,206		794,479
Moderna, Inc.*		374		65,846
Molina Healthcare, Inc.*,1		1,219		380,121
Monarch Casino & Resort, Inc.*		288		22,067
Monolithic Power Systems, Inc.		58		24,740
Morgan Stanley		3,750		364,988
Mosaic Co.1		13,152		651,550
MSC Industrial Direct Co., Inc., Class A		276		22,825
Mueller Industries, Inc.		355		23,270
MYR Group, Inc.*		231		22,883
Nabors Industries Ltd.*		3,046		540,787
Napco Security Technologies, Inc.*		530		15,354
National Beverage Corp.*		496		21,923
Neogen Corp.*		496		10,619
Netflix, Inc.*,1		862		305,027
New Relic, Inc.*		18,763		1,145,481
New York Times Co., Class A		664		23,134
Newell Brands, Inc.1		46,820		747,247
NextGen Healthcare, Inc.*		802		15,254
NMI Holdings, Inc., Class A*		1,029		23,904
Nordson Corp.		94		22,870
Norwegian Cruise Line Holdings Ltd.*		28,032		426,367
NRG Energy, Inc.1		206		7,049
Nucor Corp.		605		102,257
NV5 Global, Inc.*		167		22,259
NVR, Inc.*		12		63,240

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Occidental Petroleum Corp.		2,635	$	170,722
Olaplex Holdings, Inc.*		3,829		24,161
Old Dominion Freight Line, Inc.		74		24,660
Old Republic International Corp.		744		19,634
Ollie's Bargain Outlet Holdings, Inc.*,1		1,790		98,020
Onto Innovation, Inc.*		302		23,752
Ovintiv, Inc.		1,414		69,611
Owens Corning		781		75,484
PACCAR, Inc.1		14,358		1,569,473
Packaging Corp. of America		114		16,268
Paramount Global, Class B1		3,738		86,572
Park Hotels & Resorts, Inc.		52,423		771,142
Patterson-UTI Energy, Inc.		5,234		87,931
Paychex, Inc.		190		22,013
PC Connection, Inc.		312		15,297
PDC Energy, Inc.		1,076		72,877
Penske Automotive Group, Inc.		139		17,767
Perdoceo Education Corp.*		1,543		23,099
Perficient, Inc.*		307		22,761
Petco Health & Wellness Co., Inc.*		34,611		404,603
PetMed Express, Inc.		1,159		24,895
Pfizer, Inc.1		8,777		387,592
Photronics, Inc.*		1,272		23,049
Pinterest, Inc., Class A*		3,456		90,858
Pioneer Natural Resources Co.		301		69,335
Portillo's, Inc., Class A*		2,590		58,430
Power Integrations, Inc.		281		24,191
Preferred Bank		206		14,653
PriceSmart, Inc.		207		15,382
Principal Financial Group, Inc.		401		37,113
Proto Labs, Inc.*		815		24,939
Public Storage1		1,121		341,165
PubMatic, Inc., Class A*		1,601		24,543
Qorvo, Inc.*		225		24,449
Qualys, Inc.*		203		23,418
Quanex Building Products Corp.		301		7,793
Radius Global Infrastructure, Inc., Class A*,1		20,110		270,882
Raytheon Technologies Corp.1		13,223		1,320,317
Reinsurance Group of America, Inc.1		1,020		154,805
Reliance Steel & Aluminum Co.		434		98,713
Rent-A-Center, Inc.		16,960		456,054
ResMed, Inc.		70		15,986
Resources Connection, Inc.		1,272		21,967
Revolve Group, Inc.*		916		26,143
REX American Resources Corp.*		699		22,871
Rimini Street, Inc.*		3,519		15,836
Robert Half International, Inc.		287		24,097
Robinhood Markets, Inc., Class A*		89,530		932,007
Roche Holding AG		811		296,859
Rollins, Inc.		609		22,168
Roper Technologies, Inc.		2,339		998,168
Ryder System, Inc.		784		74,017
S&P Global, Inc.		3,710		1,391,027
Saia, Inc.*		94		25,641
Salesforce, Inc.*,1		1,446		242,885
Schlumberger Ltd.		5,833		332,364

204

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares		Value
Common stocks—(continued)
United States—(continued)
Schneider National, Inc., Class B		3,716	$	98,474
SEI Investments Co.		369		23,037
Semtech Corp.*		726		23,980
Shutterstock, Inc.		366		27,549
Simpson Manufacturing Co., Inc.		230		24,635
Simulations Plus, Inc.		577		23,738
Sitio Royalties Corp., Class A		525		13,949
Skyworks Solutions, Inc.		224		24,566
Smartsheet, Inc., Class A*		17,551		758,379
Snap-on, Inc.		93		23,132
Southwest Airlines Co.1		12,719		454,959
Splunk, Inc.*		1,922		184,070
SPS Commerce, Inc.*		170		23,134
STAAR Surgical Co.*		365		25,751
Steel Dynamics, Inc.1		7,036		848,823
Stellantis NV		7,120		111,933
Steven Madden Ltd.		670		24,020
Stewart Information Services Corp.		494		23,598
Stride, Inc.*		174		7,470
Sumo Logic, Inc.*		17,800		210,574
Swiss Re AG		538		56,334
Synchrony Financial		481		17,667
Syneos Health, Inc.*,1		3,378		121,338
Synopsys, Inc.*		68		24,055
Sysco Corp.1		4,950		383,427
T. Rowe Price Group, Inc.		196		22,828
Take-Two Interactive Software, Inc.*		3,503		396,645
Taylor Morrison Home Corp.*		692		24,774
Tenet Healthcare Corp.*		1,079		59,183
Teradyne, Inc.		236		24,001
Tetra Tech, Inc.		151		23,484
Texas Instruments, Inc.		1,307		231,613
Thor Industries, Inc.		1,037		98,857
TimkenSteel Corp.*		1,179		23,191
TJX Cos., Inc.1		8,140		666,340
Toll Brothers, Inc.		1,349		80,252
TopBuild Corp.*		126		25,208
Tradeweb Markets, Inc., Class A		319		23,778
Transocean Ltd.*		109,863		740,477
Trex Co., Inc.*		473		24,937
Tyson Foods, Inc., Class A1		8,635		567,751
U-Haul Holding Co.		1,094		73,331
Uber Technologies, Inc.*,1		12,840		397,141
UFP Industries, Inc.		262		24,510
United Natural Foods, Inc.*,1		7,738		322,056
United Rentals, Inc.*,1		11,750		5,181,162
United States Steel Corp.		2,532		72,137
United Therapeutics Corp.*		135		35,528
Universal Display Corp.		184		24,386
Unum Group		424		17,821
US Bancorp		10,937		544,663
US Physical Therapy, Inc.		253		25,085
USANA Health Sciences, Inc.*		400		23,376
Vail Resorts, Inc.		1,455		381,705
Valaris Ltd.*		10,055		730,395
Valero Energy Corp.1		3,857		540,096

	Number of shares		Value
Common stocks—(concluded)
United States—(concluded)
Valvoline, Inc.		8,370	$	306,844
Vanda Pharmaceuticals, Inc.*,1		24,528		188,375
Veeva Systems, Inc., Class A*		136		23,195
VeriSign, Inc.*,1		4,374		953,751
Verizon Communications, Inc.1		37,592		1,562,699
Vertex Pharmaceuticals, Inc.*,1		2,397		774,471
Viatris, Inc.1		60,830		739,693
Victory Capital Holdings, Inc., Class A		785		23,267
Visa, Inc., Class A1		4,060		934,653
Vistra Corp.1		36,576		843,443
Vitesse Energy, Inc.*		115		1,835
Vontier Corp.		34,772		800,799
W. R. Berkley Corp.		310		21,743
Walgreens Boots Alliance, Inc.1		6,710		247,331
Walt Disney Co.*,1		1,507		163,494
Waste Connections, Inc.		827		109,908
Watsco, Inc.		83		23,852
Watts Water Technologies, Inc., Class A		145		23,710
Weis Markets, Inc.		262		22,621
Wells Fargo & Co.1		43,887		2,056,984
West Pharmaceutical Services, Inc.		90		23,904
Westamerica Bancorp		132		7,334
Western Union Co.1		54,076		766,257
Westlake Corp.		617		75,737
Weyerhaeuser Co.		480		16,526
Williams-Sonoma, Inc.		180		24,289
Winnebago Industries, Inc.		382		24,326
Workday, Inc., Class A*		2,207		400,416
XPO, Inc.*		934		37,229
				100,894,473
Total common stocks (cost—$156,301,192)				168,617,125
Preferred stocks—0.0%†
Germany—0.0%†
Bayerische Motoren Werke AG (cost—$97,380)		1,322		125,245
Investment companies—7.7%
AlphaSimplex Managed Futures Strategy Fund, Class Y		1,235,505		12,577,440
AQR Style Premia Alternative Fund, Class I		1,673,055		12,698,485
Carillon Reams Unconstrained Bond Fund, Class I		161,045		1,955,081
Total investment companies (cost—$29,659,049)				27,231,006
	Number of warrants
Warrant—0.0%†
Canada—0.0%†
Medexus Pharmaceuticals, Inc. expires 02/23/23* (cost—$0)		12,500		47

205

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount		Value
Corporate bonds—16.1%
Canada—0.5%
Chorus Aviation, Inc. 6.000%, due 06/30/261,2	CAD	2,430,000	$	1,736,275
Cayman Islands—1.2%
Transocean, Inc. 4.625%, due 09/30/292	$	2,000,000		4,300,560
United States—14.4%
Airbnb, Inc. 0.000%, due 03/15/264		200,000		173,704
Amyris, Inc. 1.500%, due 11/15/26		685,000		216,674
Beyond Meat, Inc. 0.000%, due 03/15/274		340,000		84,995
Blackline, Inc. 0.000%, due 03/15/264		200,000		174,445
Block, Inc. 0.010%, due 05/01/264		185,000		156,495
Bloomin' Brands, Inc. 5.000%, due 05/01/25		1,500,000		3,220,845
Carnival Corp. 5.750%, due 10/01/24		2,000,000		2,617,920
Ceridian HCM Holding, Inc. 0.250%, due 03/15/26		215,000		194,194
Cinemark Holdings, Inc. 4.500%, due 08/15/25		3,000,000		3,333,000
Coupa Software, Inc. 0.375%, due 06/15/26		270,000		262,206
DigitalOcean Holdings, Inc. 0.000%, due 12/01/264		290,000		224,990
DraftKings Holdings, Inc. 0.000%, due 03/15/284		300,000		204,449
Exact Sciences Corp. 0.375%, due 03/01/28		250,000		223,272
Expedia Group, Inc. 0.000%, due 02/15/264		150,000		135,518
Fastly, Inc. 0.000%, due 03/15/264		260,000		203,169
Fisker, Inc. 2.500%, due 09/15/262		175,000		81,684
Guess?, Inc. 2.000%, due 04/15/24		1,000,000		1,115,820
Halozyme Therapeutics, Inc. 0.250%, due 03/01/27		200,000		188,874
Herbalife Nutrition Ltd. 4.250%, due 06/15/282		1,500,000		1,860,525
Itron, Inc. 0.000%, due 03/15/264		215,000		182,627
JetBlue Airways Corp. 0.500%, due 04/01/26		250,000		199,442
Liberty Media Corp. 1.375%, due 10/15/23		6,500,000		8,467,290
0.500%, due 12/01/502		1,500,000		1,556,385
NextEra Energy Partners LP 0.000%, due 11/15/252,4		2,000,000		2,036,160
Nutanix, Inc. 0.250%, due 10/01/27		190,000		164,919

	Face amount		Value
Corporate bonds—(concluded)
United States—(concluded)
NuVasive, Inc. 0.375%, due 03/15/25	$	175,000	$	157,158
Parsons Corp. 0.250%, due 08/15/25		1,500,000		1,630,875
Patrick Industries, Inc. 1.750%, due 12/01/28		450,000		410,318
Royal Caribbean Cruises Ltd. 6.000%, due 08/15/252		4,750,000		7,271,965
SoFi Technologies, Inc. 0.000%, due 10/15/262,4		300,000		226,647
Splunk, Inc. 1.125%, due 06/15/27		220,000		189,223
Sunnova Energy International, Inc. 0.250%, due 12/01/26		200,000		159,230
Sunrun, Inc. 0.010%, due 02/01/264		250,000		177,452
Teladoc Health, Inc. 1.250%, due 06/01/27		275,000		220,752
Uber Technologies, Inc. 0.010%, due 12/15/254		200,000		175,061
United States Steel Corp. 5.000%, due 11/01/26		3,500,000		7,781,655
Wayfair, Inc. 1.000%, due 08/15/26		2,450,000		1,855,059
World Wrestling Entertainment, Inc. 3.375%, due 12/15/23		978,000		3,369,709
				50,904,706
Total corporate bonds (cost—$55,317,378)				56,941,541
	Number of shares
Short-term investments—27.1%
Investment companies—27.1%
State Street Institutional U.S. Government Money Market Fund, 4.180%3 (cost—$95,871,602)		95,871,602		95,871,602

	Number of contracts		Notional amount
Equity and foreign exchange options purchased—0.6%
Call options—0.5%
Call Amyris, Inc., strike @ $3 expires 03/17/23 (Counterparty: MSCI)		9	$	2,550	850
Call Amyris, Inc., strike @ $5.5 expires 03/17/23 (Counterparty: MSCI)		1		550	50
Call EURO STOXX 50 Index, strike @ 4,025 expires 02/17/23 (Counterparty: JPMCB)		2		845,250	366,424
Call EURO STOXX 50 Index, strike @ 4,050 expires 03/17/23 (Counterparty: JPMCB)		2		773,550	340,124

206

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(continued)
Call options—(concluded)
Call FTSE 100 Index, strike @ $7,700 expires 02/17/23 (Counterparty: JPMCB)		0	$	369,600	$	76,930
Call FTSE 100 Index, strike @ $7,850 expires 03/17/23 (Counterparty: JPMCB)		3		2,009,600		235,129
Call S&P 500 Index, strike @ $3,680 expires 03/17/23 (Counterparty: JPMCB)		1		501,800		338,000
Call S&P 500 Index, strike @ $4,100 expires 02/17/23 (Counterparty: JPMCB)		5		1,886,000		257,554
Call STOXX Europe 600 Basic Resources Index, strike @ 650 expires 03/17/23 (Counterparty: JPMCB)		2		110,500		58,217
Call STOXX Europe 600 Basic Resources Index, strike @ 660 expires 03/17/23 (Counterparty: JPMCB)		1		36,300		15,426
Call STOXX Europe 600 Basic Resources Index, strike @ 680 expires 03/17/23 (Counterparty: JPMCB)		1		78,200		20,754
Call Swiss Market Index, strike @ $11,150 expires 03/17/23 (Counterparty: JPMCB)		1		1,288,000		87,104
Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 125 expires 12/20/24 (Counterparty: Eurex Deutschland)		26		320,000		279,980
Total						2,076,542
Put options—0.1%
Put Amyris, Inc., strike @ $1.5, expires 06/16/23 (Counterparty: MSCI)		5		750		2,850
Put Carnival Corp., strike @ $5, expires 03/17/23 (Counterparty: MSCI)		145		72,500		4,350
Put Cinemark Holdings, Inc., strike @ $5, expires 01/19/24 (Counterparty: MSCI)		43		21,250		21,250
Put EURO STOXX 50 Index, strike @ 3,100 expires 06/21/24 (Counterparty: JPMCB)		0		68,200		20,425
Put EURO STOXX 50 Index, strike @ 3,175 expires 03/17/23 (Counterparty: JPMCB)		2		676,275		7,642
Put Guess?, Inc., strike @ $12 expires 06/16/23 (Counterparty: MSCI)		30		36,000		4,500
Put Herbalife Nutrition Ltd., strike @ $7.5 expires 01/19/24 (Counterparty: MSCI)		93		69,375		37,000

	Number of contracts		Notional amount		Value
Equity and foreign exchange options purchased—(concluded)
Put options—(concluded)
Put Royal Caribbean Cruises Ltd., strike @ $22.5 expires 03/17/23 (Counterparty: MSCI)		67	$	149,625	$	665
Put Swiss Market Index, strike @ $11,150 expires 03/17/23 (Counterparty: JPMCB)		0		446,000		78,733
Put Transocean Ltd., strike @ $1.5 expires 01/19/24 (Counterparty: MSCI)		65		9,765		5,208
Put Wayfair, Inc., strike @ $17.5 expires 03/17/23 (Counterparty: MSCI)		70		122,500		5,600
Total						188,223
Total equity and foreign exchange options purchased (cost—$2,237,817)						2,264,765
Total investments before investments sold short (cost—$339,484,418) —99.1%						351,051,331

	Number of shares
Investments sold short—(32.9)%
Common stocks—(30.0)%
Australia—(0.6)%
BrainChip Holdings Ltd.		(218,136	)	(98,640	)
De Grey Mining Ltd.		(395,212	)	(418,804	)
ioneer Ltd.		(571,316	)	(175,811	)
Paladin Energy Ltd.		(677,634	)	(413,239	)
Washington H Soul Pattinson & Co. Ltd.		(39,544	)	(805,389	)
				(1,911,883	)
Canada—(4.5)%
Aecon Group, Inc.		(43,230	)	(364,217	)
Allied Properties Real Estate Investment Trust		(3,500	)	(78,073	)
Automotive Properties Real Estate Investment Trust		(3,350	)	(31,346	)
Ballard Power Systems, Inc.		(25,200	)	(164,963	)
Bank of Nova Scotia		(17,080	)	(924,635	)
Barrick Gold Corp.		(8,480	)	(165,833	)
Birchcliff Energy Ltd.		(97,640	)	(625,959	)
Boston Pizza Royalties Income Fund		(8,340	)	(104,301	)
Calian Group Ltd.		(3,750	)	(173,753	)
Cameco Corp.		(9,400	)	(263,021	)
Canadian Imperial Bank of Commerce		(13,550	)	(618,562	)
Canadian Tire Corp. Ltd., Class A		(5,480	)	(651,562	)
Capital Power Corp.		(10,070	)	(338,379	)
Cargojet, Inc.		(3,580	)	(331,968	)
Cascades, Inc.		(19,710	)	(136,432	)
CI Financial Corp.		(48,590	)	(579,552	)
Descartes Systems Group, Inc.		(22,920	)	(1,672,641	)
Dye & Durham Ltd.		(34,870	)	(557,689	)
Enbridge, Inc.		(13,170	)	(539,252	)
Fiera Capital Corp.		(48,980	)	(345,663	)

207

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Canada—(concluded)
Hydro One Ltd.2		(33,420	)	$	(913,772	)
IGM Financial, Inc.		(17,000	)		(530,615	)
Imperial Oil Ltd.		(19,170	)		(1,047,719	)
Interfor Corp.		(34,240	)		(684,774	)
Leon's Furniture Ltd.		(3,480	)		(49,171	)
Magna International, Inc.		(4,700	)		(305,126	)
Metro, Inc.		(13,110	)		(711,589	)
MTY Food Group, Inc.		(6,040	)		(312,452	)
Mullen Group Ltd.		(14,160	)		(149,842	)
National Bank of Canada		(3,380	)		(253,903	)
NexGen Energy Ltd.		(73,800	)		(356,090	)
NFI Group, Inc.		(17,910	)		(145,509	)
Parkland Corp.		(6,710	)		(157,645	)
PrairieSky Royalty Ltd.		(12,030	)		(206,686	)
Secure Energy Services, Inc.		(40,720	)		(247,892	)
Shopify, Inc., Class A		(2,800	)		(137,985	)
Sleep Country Canada Holdings, Inc.2		(7,830	)		(152,357	)
SmartCentres Real Estate Investment Trust		(15,990	)		(338,896	)
Whitecap Resources, Inc.		(67,780	)		(564,939	)
					(15,934,763	)
Chile—(0.1)%
Lundin Mining Corp.		(18,820	)		(142,435	)
Finland—(0.1)%
Neste Oyj		(7,099	)		(339,348	)
France—(0.0)%†
McPhy Energy SA		(2,146	)		(32,663	)
Germany—(0.1)%
Mercer International, Inc.		(31,112	)		(396,056	)
Hong Kong—(0.0)%†
Prudential PLC		(4,182	)		(69,484	)
Israel—(0.1)%
Check Point Software Technologies Ltd.		(1,395	)		(177,444	)
Italy—(0.3)%
Ferrari NV		(3,312	)		(827,617	)
FinecoBank Banca Fineco SpA		(20,369	)		(365,661	)
					(1,193,278	)
Japan—(0.5)%
CyberAgent, Inc.		(75,900	)		(709,813	)
Makita Corp.		(27,600	)		(735,177	)
Nabtesco Corp.		(10,400	)		(304,496	)
					(1,749,486	)
Netherlands—(0.1)%
Argenx SE		(806	)		(306,995	)
Norway—(0.0)%†
Gjensidige Forsikring ASA		(7,723	)		(138,809	)
Singapore—(0.2)%
STMicroelectronics NV		(14,503	)		(682,922	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
Spain—(0.1)%
Cellnex Telecom SA2		(11,360	)	$	(445,176	)
Sweden—(0.1)%
Bure Equity AB		(5,261	)		(132,515	)
Lifco AB, Class B		(6,089	)		(111,857	)
PowerCell Sweden AB		(18,368	)		(246,281	)
					(490,653	)
Switzerland—(0.2)%
Bachem Holding AG		(7,816	)		(691,199	)
IWG PLC		(52,809	)		(121,153	)
					(812,352	)
United Kingdom—(0.4)%
Ceres Power Holdings PLC		(9,982	)		(58,760	)
ITM Power PLC		(70,560	)		(88,435	)
Johnson Matthey PLC		(1,010	)		(28,212	)
Ocado Group PLC		(44,456	)		(355,754	)
Pantheon Resources PLC		(30,698	)		(18,984	)
Rolls-Royce Holdings PLC		(593,015	)		(775,861	)
					(1,326,006	)
United States—(22.6)%
Energy Fuels, Inc.		(37,900	)		(279,433	)
3M Co.		(1,610	)		(185,279	)
Acuity Brands, Inc.		(1,037	)		(195,495	)
Affirm Holdings, Inc.		(34,433	)		(557,470	)
Alcoa Corp.		(11,270	)		(588,745	)
Ally Financial, Inc.		(29,470	)		(957,480	)
American Airlines Group, Inc.		(63,540	)		(1,025,536	)
American Express Co.		(1,384	)		(242,103	)
Amyris, Inc.		(25,405	)		(40,394	)
Apple, Inc.		(2,400	)		(346,296	)
Arista Networks, Inc.		(1,134	)		(142,907	)
AutoZone, Inc.		(130	)		(317,050	)
Avis Budget Group, Inc.		(658	)		(131,626	)
BlackRock, Inc.		(262	)		(198,913	)
Bloomin' Brands, Inc.		(129,404	)		(3,138,047	)
Boeing Co.		(855	)		(182,115	)
Bristol-Myers Squibb Co.		(1,415	)		(102,800	)
C3.ai, Inc., Class A		(517	)		(10,262	)
Capital One Financial Corp.		(327	)		(38,913	)
Carnival Corp.		(164,149	)		(1,776,092	)
Carvana Co.		(2,239	)		(22,771	)
CBRE Group, Inc., Class A		(4,560	)		(389,926	)
Charter Communications, Inc., Class A		(457	)		(175,630	)
Chevron Corp.		(1,996	)		(347,344	)
Cinemark Holdings, Inc.		(146,320	)		(1,747,061	)
Cisco Systems, Inc.		(7,304	)		(355,486	)
Clean Energy Fuels Corp.		(31,142	)		(176,264	)
Coinbase Global, Inc., Class A		(4,010	)		(234,505	)
Comcast Corp., Class A		(3,142	)		(123,638	)
Credit Acceptance Corp.		(320	)		(148,045	)
Deluxe Corp.		(10,760	)		(215,092	)
Dick's Sporting Goods, Inc.		(1,490	)		(194,832	)

208

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(continued)
United States—(continued)
Discover Financial Services		(4,920	)	$	(574,312	)
DoorDash, Inc., Class A		(11,126	)		(644,418	)
Enphase Energy, Inc.		(815	)		(180,425	)
Expeditors International of Washington, Inc.		(6,720	)		(726,768	)
FedEx Corp.		(1,479	)		(286,719	)
Franklin Resources, Inc.		(15,000	)		(468,000	)
Gevo, Inc.		(74,725	)		(158,417	)
GLOBALFOUNDRIES, Inc.		(3,181	)		(188,570	)
Graco, Inc.		(4,470	)		(305,390	)
Green Plains, Inc.		(10,063	)		(349,891	)
Guess?, Inc.		(17,944	)		(415,762	)
Halliburton Co.		(6,660	)		(274,525	)
Hawaiian Holdings, Inc.		(20,660	)		(254,531	)
Healthcare Realty Trust, Inc.		(33,355	)		(718,133	)
HEICO Corp.		(1,042	)		(178,130	)
Helen of Troy Ltd.		(2,740	)		(309,921	)
Herbalife Nutrition Ltd.		(73,330	)		(1,288,408	)
Hershey Co.		(3,260	)		(732,196	)
Hess Corp.		(278	)		(41,744	)
Home Depot, Inc.		(2,085	)		(675,894	)
Hyatt Hotels Corp., Class A		(1,910	)		(208,419	)
Hyliion Holdings Corp.		(5,840	)		(20,907	)
Integer Holdings Corp.		(395	)		(25,995	)
Invesco Ltd.		(9,530	)		(176,400	)
Invitation Homes, Inc.		(16,980	)		(551,850	)
IonQ, Inc.		(29,135	)		(129,359	)
Iron Mountain, Inc.		(10,680	)		(582,914	)
Jabil, Inc.		(4,564	)		(358,867	)
JELD-WEN Holding, Inc.		(49,710	)		(628,831	)
Jones Lang LaSalle, Inc.		(1,950	)		(360,496	)
Kennametal, Inc.		(33,840	)		(964,440	)
Lamar Advertising Co., Class A		(856	)		(91,198	)
Liberty Media Corp.-Liberty Braves, Class A		(13,552	)		(476,082	)
Liberty Media Corp.-Liberty Formula One, Class A		(31,657	)		(2,015,918	)
Liberty Media Corp.-Liberty SiriusXM, Class A		(128,659	)		(5,226,129	)
Live Nation Entertainment, Inc.		(7,490	)		(602,870	)
Lockheed Martin Corp.		(752	)		(348,372	)
Lowe's Cos., Inc.		(887	)		(184,718	)
Lucid Group, Inc.		(28,215	)		(329,833	)
ManpowerGroup, Inc.		(2,088	)		(181,990	)
Masonite International Corp.		(6,560	)		(598,403	)
Meta Platforms, Inc., Class A		(4,223	)		(629,100	)
Microsoft Corp.		(726	)		(179,910	)
MicroVision, Inc.		(8,164	)		(20,492	)
Middleby Corp.		(4,420	)		(687,089	)
Netflix, Inc.		(498	)		(176,222	)
NextDecade Corp.		(18,746	)		(112,289	)
NextEra Energy Partners LP		(17,856	)		(1,308,845	)
Nikola Corp.		(6,947	)		(18,826	)
Nordstrom, Inc.		(26,320	)		(514,293	)
Norwegian Cruise Line Holdings Ltd.		(12,196	)		(185,501	)
Nutanix, Inc., Class A		(7,119	)		(198,407	)

	Number of shares			Value
Investments sold short—(continued)
Common stocks—(concluded)
United States—(concluded)
NVR, Inc.		(130	)	$	(685,100	)
O'Reilly Automotive, Inc.		(400	)		(316,940	)
Old Dominion Freight Line, Inc.		(1,230	)		(409,885	)
OneMain Holdings, Inc.		(4,070	)		(175,580	)
Oshkosh Corp.		(9,890	)		(996,714	)
Otis Worldwide Corp.		(2,990	)		(245,868	)
Palantir Technologies, Inc.		(41,218	)		(320,676	)
Parsons Corp.		(23,950	)		(1,042,304	)
Patrick Industries, Inc.		(2,560	)		(181,683	)
PepsiCo, Inc.		(3,920	)		(670,398	)
Plexus Corp.		(928	)		(89,079	)
Plug Power, Inc.		(17,886	)		(304,420	)
Polaris, Inc.		(4,210	)		(483,476	)
Pool Corp.		(840	)		(323,912	)
Pure Storage, Inc., Class A		(6,786	)		(196,387	)
Rayonier Advanced Materials, Inc.		(35,380	)		(245,183	)
RH		(1,235	)		(385,308	)
Rivian Automotive, Inc., Class A		(34,275	)		(664,935	)
Royal Caribbean Cruises Ltd.		(83,708	)		(5,435,998	)
Schlumberger N.V.		(4,714	)		(268,604	)
SEI Investments Co.		(6,570	)		(410,165	)
ServiceNow, Inc.		(392	)		(178,411	)
Signet Jewelers Ltd.		(5,070	)		(389,427	)
Snap, Inc., Class A		(22,946	)		(265,256	)
SolarEdge Technologies, Inc.		(630	)		(201,052	)
Summit Materials, Inc., Class A		(5,287	)		(173,731	)
T. Rowe Price Group, Inc.		(6,510	)		(758,220	)
Targa Resources Corp.		(7,050	)		(528,891	)
Target Corp.		(3,220	)		(554,291	)
Terex Corp.		(16,490	)		(840,495	)
Tesla, Inc.		(2,070	)		(358,565	)
Tetra Tech, Inc.		(389	)		(60,497	)
Toast, Inc., Class A		(29,202	)		(651,497	)
Toro Co.		(1,072	)		(119,549	)
Trade Desk, Inc., Class A		(18,214	)		(923,450	)
Transocean Ltd.		(546,447	)		(3,683,053	)
United Parcel Service, Inc., Class B		(3,730	)		(690,908	)
United States Steel Corp.		(240,979	)		(6,865,492	)
Uranium Energy Corp.		(75,445	)		(304,043	)
Urban Outfitters, Inc.		(7,950	)		(217,750	)
US Bancorp		(13,120	)		(653,376	)
Virgin Galactic Holdings, Inc.		(46,613	)		(257,304	)
Warby Parker, Inc., Class A		(17,036	)		(275,131	)
Warner Bros Discovery, Inc.		(12,146	)		(180,004	)
Wayfair, Inc., Class A		(9,900	)		(598,950	)
Weyerhaeuser Co.		(4,980	)		(171,461	)
Whirlpool Corp.		(1,990	)		(309,624	)
Williams-Sonoma, Inc.		(4,251	)		(573,630	)
Winnebago Industries, Inc.		(2,917	)		(185,755	)
Wolfspeed, Inc.		(320	)		(24,643	)
World Wrestling Entertainment, Inc., Class A		(38,243	)		(3,236,123	)
Wynn Resorts Ltd.		(3,568	)		(369,788	)
					(79,907,651	)
Total common stocks (proceeds—$95,533,703)					(106,057,404	)

209

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

	Face amount			Value
Investments sold short—(continued)
Corporate bonds—(0.0)%†
United States—(0.0)%†
Patrick Industries, Inc. 4.750%, due 05/01/292 (proceeds—$98,261)	$	(100,000	)	$	(85,485	)
	Number of shares
Investment companies—(2.9)%
BMO S&P 500 Index ETF		(11,960	)		(533,663	)
Invesco QQQ Trust, Series 1		(3,400	)		(1,001,708	)
iShares Core S&P/TSX Capped Composite Index ETF		(170,990	)		(4,251,136	)
iShares Russell 2000 ETF		(1,851	)		(354,429	)

	Number of shares			Value
Investments sold short—(concluded)
Investment companies—(concluded)
SPDR Bloomberg High Yield Bond ETF		(18,600	)	$	(1,741,518	)
SPDR Dow Jones Industrial Average ETF Trust		(3,460	)		(1,179,272	)
SPDR S&P 500 ETF Trust		(1,724	)		(700,772	)
SPDR S&P Oil & Gas Exploration & Production ETF		(3,460	)		(487,756	)
Total investment companies (proceeds—$10,379,490)					(10,250,254	)
Total investments sold short (proceeds—$106,011,454)					(116,393,143	)
Other assets in excess of liabilities—33.8%					119,622,793
Net assets—100.0%				$	354,280,981

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)
USD	25,500		850	Call Guess?, Inc., strike @ 30.00	MSCI	01/19/24	$	13,909	$	(10,200	)	$	3,709
GBP	890,400		112	Call FTSE 100 Index, strike @ 7,950.00	JPMCB	03/17/23		49,869		(42,805	)		7,064
GBP	379,200		48	Call FTSE 100 Index, strike @ 7,900.00	JPMCB	02/17/23		25,226		(11,244	)		13,982
EUR	866,250		210	Call EURO STOXX 50 Index, strike @ 4,125.00	JPMCB	02/17/23		124,333		(143,373	)		(19,040	)
EUR	332,800		2,560	Call Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 130.00	Eurex Deutschland	12/20/24		65,121		(189,808	)		(124,686	)
CHF	446,000		40	Call Swiss Market Index, strike @ 11,150.00	JPMCB	03/17/23		116,537		(100,972	)		15,565
USD	1,920,500		460	Call S&P 500 Index, strike @ 4,175.00	JPMCB	02/17/23		387,931		(117,760	)		270,171
EUR	792,650		191	Call EURO STOXX 50 Index, strike @ 4,150.00	JPMCB	03/17/23		96,521		(213,667	)		(117,147	)
	Total						$	879,447	$	(829,829	)	$	49,618

210

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Equity options written—(concluded)

Notional amount		Number of contracts		Put options	Counterparty	Expiration date	Premiums received		Current value			Unrealized appreciation (depreciation)
GBP	120,000		16	Put FTSE 100 Index, strike @ 7,500.00	JPMCB	03/17/23	$	24,752	$	(10,849	)	$	13,903
GBP	116,000		16	Put FTSE 100 Index, strike @ 7,250.00	JPMCB	02/17/23		21,865		(1,282	)		20,583
EUR	267,750		70	Put EURO STOXX 50 Index, strike @ 3,825.00	JPMCB	02/17/23		72,262		(3,729	)		68,533
EUR	110,500		170	Put STOXX Europe 600 Basic Resources Index, strike @ 650.00	JPMCB	03/17/23		80,604		(33,821	)		46,783
EUR	131,100		1,380	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 95.00	Eurex Deutschland	12/20/24		60,982		(53,410	)		7,572
EUR	65,450		770	Put Eurex Dow Jones EURO STOXX 50 Dividend Futures, strike @ 85.00	Eurex Deutschland	12/20/24		31,704		(21,681	)		10,023
EUR	78,200		115	Put STOXX Europe 600 Basic Resources Index, strike @ 680.00	CSA	03/17/23		37,120		(41,632	)		(4,512	)
EUR	36,300		55	Put STOXX Europe 600 Basic Resources Index, strike @ 660.00	JPMCB	03/17/23		19,342		(13,513	)		5,829
USD	501,800		130	Put S&P 500 Index, strike @ 3,860.00	JPMCB	03/17/23		222,928		(57,317	)		165,611
USD	510,250		130	Put S&P 500 Index, strike @ 3,925.00	JPMCB	02/17/23		161,178		(28,899	)		132,279
EUR	248,000		64	Put EURO STOXX 50 Index, strike @ 3,875.00	JPMCB	03/17/23		63,358		(17,186	)		46,172
	Total						$	796,095	$	(283,319	)	$	512,776
	Total equity options written						$	1,675,542	$	(1,113,148	)	$	562,394

Futures contracts

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Index futures buy contracts:
59	EUR	EURO STOXX 50 Index Futures	December 2024	$	725,397		$	813,983		$	88,586
Index futures sell contracts:
277	EUR	EURO STOXX 50 Index Futures	March 2023	$	(12,399,669	)	$	(12,560,576	)	$	(160,907	)
80	GBP	FTSE 100 Index Futures	March 2023		(7,586,505	)		(7,643,174	)		(56,669	)
15	USD	CME E-Mini NASDAQ 100 Index Futures	March 2023		(3,267,046	)		(3,645,600	)		(378,554	)
46	USD	CME E-mini Russell Index Futures	March 2023		(4,213,717	)		(4,460,620	)		(246,903	)
16	USD	MSCI World Index Futures	March 2023		(1,307,641	)		(1,368,640	)		(60,999	)
25	USD	S&P 500 E-Mini Index Futures	March 2023		(4,885,756	)		(5,112,500	)		(226,744	)

211

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Futures contracts—(concluded)

Number of contracts	Currency		Expiration date	Current notional amount			Value			Unrealized appreciation (depreciation)
Interest rate futures sell contracts:
616	EUR	German Euro Schatz Index Futures	March 2023	$	(71,334,792	)	$	(70,815,798	)	$	518,994
22	JPY	Japan Government Bond 10 Year Futures	March 2023		(24,484,091	)		(24,771,021	)		(286,930	)
Total				$	(129,479,217	)	$	(130,377,929	)	$	(898,712	)
Net unrealized appreciation (depreciation)										$	(810,126	)

Centrally cleared interest rate swap agreements

Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio5	Payments received by the Portfolio5	Value		Unrealized appreciation (depreciation)
EUR	62,343	03/15/25	Annually	2.970%	12 Month EUR ESTR	$	138,765	$	163,480
GBP	55,120	03/15/25	Annually	4.080	12 Month GBP SONIA		85,470		25,930
JPY	1,222,820	09/21/32	Annually	0.421	12 Month JPY TONA		347,944		347,944
JPY	1,222,820	09/21/32	Annually	12 Month JPY TONA	0.000%		124		124
Total						$	572,303	$	537,478

OTC Total return swap agreements

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio5	Payments received by the Portfolio5	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
MSCI	USD	904	12/02/24	At Maturity	Moody's Corp. Rate minus 30 bps	1 Day Federal Fund	$	—	$	(40,002	)	$	(40,002	)
GSI	USD	3	10/26/23	At Maturity	GS FX Intraday	1 Month USD LIBOR		—		(1,856	)		(1,856	)
JPMCB	CAD	72	07/11/24	Monthly	5.270%	Shaw Communications, Inc.		—		49,528			49,528
JPMCB	USD	64	07/11/24	Monthly	4.620	First Horizon Corp.		—		11,442			11,442
JPMCB	USD	22	07/11/24	Monthly	4.620	Umpqua Holdings Corp.		—		18,806			18,806
JPMCB	USD	13	07/11/24	Monthly	Columbia Banking System, Inc.	4.020%		—		(18,184	)		(18,184	)
JPMCB	USD	16	07/11/24	Monthly	4.620	Activision Blizzard, Inc.		—		(16,624	)		(16,624	)
JPMCB	USD	44	07/11/24	Monthly	4.620	PNM Resources, Inc.		—		20,380			20,380
JPMCB	USD	8	07/11/24	Monthly	4.620	LHC Group, Inc.		—		(11,514	)		(11,514	)
JPMCB	USD	83	07/11/24	Monthly	4.620	Spirit Airlines, Inc.		—		44,819			44,819
JPMCB	USD	10	07/11/24	Monthly	4.620	Contra Zogenix, Inc.		—		6,612			6,612
JPMCB	USD	1	07/11/24	Monthly	Broadcom, Inc.	3.980		—		4,528			4,528
JPMCB	USD	2	07/11/24	Monthly	Intercontinental Exchange, Inc.	4.020		—		(5,939	)		(5,939	)
JPMCB	GBP	70	07/11/24	Monthly	3.728	EMIS Group PLC		—		10,289			10,289
JPMCB	USD	47	07/11/24	Monthly	4.620	Meridian Bioscience, Inc.		—		19,382			19,382
JPMCB	USD	14	07/11/24	Monthly	4.620	VMware, Inc., Class A		—		(45,647	)		(45,647	)
JPMCB	USD	21	07/11/24	Monthly	4.620	Black Knight, Inc.		—		(24,289	)		(24,289	)

212

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

OTC Total return swap agreements—(continued)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio5	Payments received by the Portfolio5	Upfront payments received (made)		Value			Unrealized appreciation (depreciation)
JPMCB	USD	93	07/15/24	Monthly	Frontline PLC	0.741%	$	—	$	(170,253	)	$	(170,253	)
JPMCB	USD	63	07/15/24	Monthly	4.620%	Euronav NV		—		5,652			5,652
JPMCB	USD	67	07/25/24	Monthly	4.620	1Life Healthcare, Inc.		—		(28,919	)		(28,919	)
JPMCB	USD	19	08/05/24	Monthly	4.620	Evo Payments, Inc., Class A		—		—			—
JPMCB	USD	38	08/05/24	Monthly	4.620	Cowen, Inc., Class A		—		6,926			6,926
JPMCB	USD	22	08/09/24	Monthly	4.620	iRobot Corp		—		(57,383	)		(57,383	)
JPMCB	USD	37	09/09/24	Monthly	4.620	Signify Health, Inc., Class A		—		(5,141	)		(5,141	)
JPMCB	USD	4	09/30/24	Monthly	4.620	Lakeland Bancorp, Inc.		—		4,635			4,635
JPMCB	USD	3	09/30/24	Monthly	Provident Financial Services, Inc.	4.020		—		(4,927	)		(4,927	)
JPMCB	EUR	96	10/14/24	Monthly	2.204	Electricite de France SA		—		6,775			6,775
JPMCB	DKK	—	10/15/24	Monthly	0.0001	Noble Corp PLC		—		415			415
JPMCB	USD	80	10/18/24	Monthly	4.620	Albertsons		—		31,110 Cos, Inc., Class A			31,110
JPMCB	USD	9	10/28/24	Monthly	4.620	Myovant Sciences Ltd.		—		(179	)		(179	)
JPMCB	USD	29	10/31/24	Monthly	4.620	Altra Industrial		—		35,912 Motion Corp			35,912
JPMCB	USD	56	11/12/24	Monthly	4.620	IAA, Inc.		—		131,330			131,330
JPMCB	USD	29	11/12/24	Monthly	Ritchie Bros Auctioneers, Inc.	4.020		—		(51,675	)		(51,675	)
JPMCB	USD	16	12/16/24	Monthly	4.620	Horizon Therapeutics PLC		—		(51,024	)		(51,024	)
JPMCB	DKK	27	12/16/24	Monthly	Novozymes A/S	1.400		—		(35,184	)		(35,184	)
JPMCB	DKK	19	12/16/24	Monthly	2.807	Chr Hansen Holding A/S		—		40,200			40,200
JPMCB	USD	41	12/23/24	Monthly	4.620	Aerojet Rocketdyne Holdings, Inc.		—		815			815
JPMCB	AUD	72	12/30/24	Monthly	3.37	OZ Minerals Ltd.		—		(254	)		(254	)
JPMCB	AUD	29	01/23/25	Monthly	0.0001	Perpetual Ltd.		—		(14,993	)		(14,993	)
JPMCB	USD	39	01/27/25	Monthly	4.620	Evoqua Water Technologies Corp.		—		74,145			74,145
JPMCB	USD	18	01/27/25	Monthly	Xylem, Inc./NY	4.020		—		(67,206	)		(67,206	)
MSCI	USD	2	11/21/23	At Maturity	MSESLRLS Index	1 Month USD LIBOR		—		(423	)		(423	)
MSCI	USD	605	12/05/23	At Maturity	S&P Pharmaceuticals Select Industry Index	1 Day Federal Fund Rate minus 35 bps		—		51,388			51,388
MSCI	USD	704	01/22/25	At Maturity	Health Care Select Sector Index	1 Day Federal Fund Rate minus 25 bps		—		18,323			18,323
MSCI	USD	397	07/22/24	At Maturity	S&P Retail Select Industry Index	1 Day Federal Fund Rate minus 127 bps		—		86,726			86,726
MSCI	USD	1,014	07/29/24	At Maturity	S&P Equal Weights Index Financials	1 Day Federal Fund Rate minus 35 bps		—		(24,080	)		(24,080	)
MSCI	USD	1,180	11/29/24	At Maturity	Industrial Select Sector Index	1 Day Federal Fund Rate minus 35 bps		—		(37,477	)		(37,477	)

213

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

OTC Total return swap agreements—(concluded)

Counterparty	Notional amount (000)		Maturity date	Payment frequency	Payments made by the Portfolio5	Payments received by the Portfolio5	Upfront payments received (made)			Value			Unrealized appreciation (depreciation)
MSCI	USD	679	12/03/24	At Maturity	S&P 500 Index Rate minus 25 bps	1 Day Federal Fund	$	—		$	78,887		$	78,887
MSCI	USD	594	01/08/25	At Maturity	S&P Technology Select Sector	1 Day Federal Fund Rate minus 10 bps		—			137,021			137,021
MSCI	USD	207	11/28/25	At Maturity	S&P Equal Weights Index Consumer Discretionary	1 Day Federal Fund Rate minus 35 bps		—			1,597			1,597
MSCI	USD	89	11/28/25	At Maturity	Dow Jones U.S. Real Estate Index	Day Federal Fund 1 Rate minus 20 bps		—			2,511			2,511
MSCI	USD	219	12/05/23	At maturity	S&P Transportation Select Industry Index	1 Day Federal Fund Rate minus 28 bps		—			(9,582	)		(9,582	)
MSCI	USD	478	04/09/24	At Maturity	S&P Semiconductor Select Industry Index	1 Day Federal Fund Rate minus 7 bps		—			8,521			8,521
MSCI	USD	1,614	01/17/25	At Maturity	1 Day Federal Fund Rate plus 55 bps	London Stock Exchange Group PLC		—			(54,772	)		(54,772	)
MSCI	USD	367	01/17/25	At Maturity	1 Day Federal Fund Rate plus 55 bps	Airbus SE		—			98,757			98,757
MSCI	USD	590	01/17/25	At Maturity	1 Day Federal Fund Rate plus 55 bps	BAE Systems PLC		(65	)		108,080			108,015
MSCI	USD	322	01/17/25	At Maturity	1 Day Federal Fund Rate plus 55 bps	Pernod Ricard SA		—			68,022			68,022
MSCI	USD	335	01/17/25	At Maturity	1 Day Federal Fund Rate plus 55 bps	Diageo PLC		—			7,236			7,236
MSCI	USD	251	06/26/25	At Maturity	1 Day Federal Fund Rate minus 55 bps	Canadian Pacific Railway Ltd.		—			31,113			31,113
MSCI	USD	563	09/25/25	At Maturity	S&P Equal Weights Index Energy	1 Day Federal Fund Rate minus 134 bps		—			(8,815	)		(8,815	)
MSCI	USD	3	10/24/23	Monthly	1 Month USD LIBOR	Morgan Stanley SPX3		—			77,145			77,145
							$	(65	)	$	512,686		$	512,621

Forward foreign currency contracts

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	BRL	474,000	USD	88,383	02/17/23	$	(4,724	)
BB	CNY	281,000	USD	40,975	04/06/23		(777	)
BB	CNY	548,000	USD	81,172	04/19/23		(324	)
BB	HUF	17,498,000	USD	44,022	02/17/23		(4,356	)
BB	HUF	17,417,000	USD	44,980	02/27/23		(3,010	)
BB	HUF	16,651,000	USD	44,172	03/08/23		(1,574	)
BB	HUF	15,638,000	USD	42,056	03/22/23		(721	)
BB	IDR	655,903,000	USD	41,778	03/15/23		(1,944	)
BB	IDR	639,909,000	USD	40,958	03/24/23		(1,691	)
BB	IDR	579,140,000	USD	38,829	04/27/23		250
BB	INR	3,515,000	USD	42,737	03/01/23		(106	)

214

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BB	INR	3,460,000	USD	41,557	03/15/23	$	(576	)
BB	INR	3,367,000	USD	40,888	04/05/23		(53	)
BB	MYR	166,000	USD	38,967	04/26/23		(137	)
BB	MYR	167,000	USD	39,331	05/03/23		(25	)
BB	PEN	155,000	USD	40,057	04/05/23		(51	)
BB	PHP	2,377,000	USD	43,311	03/07/23		(186	)
BB	PHP	2,268,000	USD	41,351	04/04/23		(140	)
BB	TWD	1,225,000	USD	40,848	04/19/23		(269	)
BB	USD	82,835	BRL	446,000	03/15/23		4,364
BB	USD	44,931	CNY	309,000	03/01/23		885
BB	USD	43,154	CNY	292,000	03/15/23		176
BB	USD	44,185	HUF	18,172,000	02/10/23		6,178
BB	USD	40,717	HUF	16,310,000	03/16/23		3,981
BB	USD	40,129	HUF	15,638,000	03/22/23		2,649
BB	USD	39,470	HUF	15,012,000	04/12/23		1,343
BB	USD	37,703	HUF	14,142,000	04/26/23		602
BB	USD	44,125	IDR	692,218,000	02/17/23		2,039
BB	USD	43,906	IDR	685,523,000	02/27/23		1,803
BB	USD	42,918	IDR	639,909,000	03/24/23		(269	)
BB	USD	44,944	INR	3,689,000	02/03/23		81
BB	USD	43,538	INR	3,618,000	02/17/23		588
BB	USD	42,181	INR	3,460,000	03/15/23		(48	)
BB	USD	38,526	INR	3,167,000	04/27/23		(100	)
BB	USD	38,867	INR	3,207,000	05/02/23		25
BB	USD	40,598	PHP	2,231,000	04/11/23		211
BB	USD	38,954	PHP	2,138,000	05/02/23		141
BB	USD	42,589	TWD	1,283,000	03/15/23		320
BNP	BRL	231,000	USD	42,893	02/06/23		(2,572	)
BNP	BRL	466,000	USD	87,862	02/10/23		(3,780	)
BNP	BRL	231,000	USD	42,703	03/01/23		(2,583	)
BNP	BRL	436,000	USD	84,109	04/05/23		(794	)
BNP	CHF	74,000	USD	80,982	04/19/23		(508	)
BNP	CHF	18,000	USD	19,719	04/20/23		(105	)
BNP	CLP	42,105,000	USD	46,066	02/03/23		(6,812	)
BNP	CLP	41,138,000	USD	45,654	02/27/23		(5,821	)
BNP	CLP	39,288,000	USD	45,538	03/01/23		(3,608	)
BNP	EUR	1,040,000	USD	1,138,768	04/20/23		2,715
BNP	GBP	35,000	USD	42,679	03/08/23		(503	)
BNP	HUF	18,348,000	USD	45,933	02/03/23		(5,045	)
BNP	INR	3,618,000	USD	44,254	02/17/23		128
BNP	KRW	55,729,000	USD	42,248	03/08/23		(3,051	)
BNP	KRW	52,827,000	USD	41,288	03/22/23		(1,676	)
BNP	KRW	50,476,000	USD	40,672	04/12/23		(413	)
BNP	KRW	48,334,000	USD	39,198	05/02/23		(177	)
BNP	PHP	2,636,000	USD	47,079	02/09/23		(1,170	)

215

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BNP	PHP	2,550,000	USD	45,556	02/16/23	$	(1,115	)
BNP	PHP	2,504,000	USD	45,239	02/23/23		(587	)
BNP	PHP	2,442,000	USD	43,596	03/01/23		(1,093	)
BNP	SEK	431,000	USD	41,990	03/15/23		683
BNP	SEK	421,000	USD	40,697	04/12/23		287
BNP	SGD	126,000	USD	89,346	02/03/23		(6,562	)
BNP	SGD	60,000	USD	43,510	02/27/23		(2,183	)
BNP	SGD	59,000	USD	43,044	03/01/23		(1,889	)
BNP	THB	1,688,000	USD	45,017	02/03/23		(6,125	)
BNP	THB	1,690,000	USD	45,730	02/10/23		(5,511	)
BNP	THB	1,584,000	USD	44,964	02/17/23		(3,097	)
BNP	THB	1,455,000	USD	42,295	03/15/23		(1,968	)
BNP	THB	1,428,000	USD	41,451	03/22/23		(2,021	)
BNP	TWD	1,380,000	USD	45,444	02/17/23		(587	)
BNP	TWD	1,283,000	USD	42,533	03/15/23		(376	)
BNP	USD	43,851	BRL	233,000	02/10/23		1,970
BNP	USD	43,437	BRL	237,000	02/17/23		3,116
BNP	USD	86,022	BRL	464,000	02/27/23		4,972
BNP	USD	85,466	BRL	462,000	03/01/23		5,104
BNP	USD	83,774	BRL	446,000	03/08/23		3,544
BNP	USD	80,014	BRL	436,000	04/05/23		4,888
BNP	USD	38,437	BRL	200,000	05/02/23		339
BNP	USD	42,647	CAD	58,000	02/28/23		952
BNP	USD	85,036	CHF	78,000	03/15/23		542
BNP	USD	44,094	CLP	42,105,000	02/03/23		8,784
BNP	USD	42,822	CLP	39,288,000	03/01/23		6,323
BNP	USD	42,100	CLP	37,856,000	03/09/23		5,195
BNP	USD	40,335	CLP	36,491,000	03/22/23		5,163
BNP	USD	39,944	COP	196,954,000	04/12/23		1,666
BNP	USD	1,595,726	EUR	1,460,000	04/20/23		(882	)
BNP	USD	40,274	GBP	33,000	04/12/23		472
BNP	USD	42,010	HUF	16,879,000	03/01/23		4,466
BNP	USD	45,206	JPY	6,592,000	02/06/23		5,464
BNP	USD	46,254	KRW	59,222,000	02/27/23		1,867
BNP	USD	44,848	KRW	55,729,000	03/08/23		450
BNP	USD	42,000	KRW	51,845,000	04/05/23		188
BNP	USD	44,493	PHP	2,550,000	02/16/23		2,178
BNP	USD	43,025	PHP	2,442,000	03/01/23		1,664
BNP	USD	42,393	PHP	2,377,000	03/07/23		1,104
BNP	USD	41,667	PHP	2,336,000	03/14/23		1,077
BNP	USD	40,883	PHP	2,266,000	03/21/23		577
BNP	USD	40,401	PHP	2,268,000	04/04/23		1,089
BNP	USD	91,879	SGD	126,000	02/03/23		4,028
BNP	USD	45,928	THB	1,584,000	02/17/23		2,134
BNP	USD	47,781	TWD	1,448,000	02/10/23		484

216

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase			Settlement date	Unrealized appreciation (depreciation)
BNP	USD	45,563	TWD	1,380,000	��	02/17/23	$	468
BOA	AUD	66,000	USD	44,697		02/17/23		(1,918	)
BOA	AUD	58,000	USD	40,436		04/19/23		(623	)
BOA	AUD	55,000	USD	38,704		04/27/23		(243	)
BOA	BRL	464,000	USD	86,165		02/27/23		(4,828	)
BOA	BRL	446,000	USD	84,072		03/08/23		(3,246	)
BOA	CAD	60,000	USD	44,309		02/02/23		(785	)
BOA	CAD	61,000	USD	45,186		02/09/23		(662	)
BOA	CAD	59,000	USD	44,544		02/16/23		197
BOA	CAD	59,000	USD	44,041		02/23/23		(308	)
BOA	CAD	57,000	USD	41,911		03/07/23		(938	)
BOA	CAD	56,000	USD	41,856		03/21/23		(247	)
BOA	CHF	84,000	USD	88,798		02/27/23		(3,202	)
BOA	CHF	72,000	USD	78,413		05/02/23		(978	)
BOA	CLP	39,707,000	USD	45,231		02/17/23		(4,532	)
BOA	CNY	264,000	USD	39,257		05/04/23		(45	)
BOA	EUR	45,000	USD	45,000		02/03/23		(3,925	)
BOA	GBP	37,000	USD	45,002		02/27/23		(639	)
BOA	GBP	34,000	USD	41,561		03/15/23		(394	)
BOA	GBP	36,400	USD	45,174		04/20/23		224
BOA	IDR	709,903,000	USD	45,307		02/10/23		(2,042	)
BOA	IDR	660,368,000	USD	42,121		03/08/23		(1,904	)
BOA	JPY	6,592,000	USD	48,137		02/06/23		(2,534	)
BOA	KRW	47,868,000	USD	38,908		04/26/23		(77	)
BOA	NOK	190,700	USD	19,284		04/20/23		109
BOA	PEN	157,000	USD	40,229		03/22/23		(439	)
BOA	PHP	2,336,000	USD	42,494		03/14/23		(249	)
BOA	PHP	2,266,000	USD	41,409		03/21/23		(51	)
BOA	SEK	428,000	USD	41,443		03/22/23		408
BOA	THB	2,798,000	USD	82,278		04/05/23		(3,018	)
BOA	THB	2,720,000	USD	82,004		04/12/23		(970	)
BOA	TWD	1,437,000	USD	45,735		02/03/23		(2,130	)
BOA	TWD	1,361,000	USD	44,243		02/24/23		(1,187	)
BOA	TWD	2,356,000	USD	78,573		04/28/23		(582	)
BOA	USD	43,164	AUD	62,000		03/15/23		670
BOA	USD	43,564	AUD	62,000		03/22/23		281
BOA	USD	40,091	BRL	217,000		03/22/23		2,278
BOA	USD	39,883	BRL	213,000		04/12/23		1,547
BOA	USD	44,832	CAD	61,000		02/09/23		1,016
BOA	USD	77,764	CAD	104,000		04/25/23		454
BOA	USD	82,543	CHF	76,000		04/05/23		1,032
BOA	USD	43,404	CLP	41,138,000		02/27/23		8,071
BOA	USD	44,817	CNY	325,000		02/03/23		3,285
BOA	USD	41,713	CNY	281,000		04/06/23		38
BOA	USD	38,200	COP	176,522,000		04/26/23		(1,011	)

217

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
BOA	USD	885,405	EUR	808,700	04/20/23	$	(2,013	)
BOA	USD	41,376	GBP	34,000	03/22/23		586
BOA	USD	40,370	GBP	33,000	04/19/23		381
BOA	USD	321,061	GBP	258,700	04/20/23		(1,591	)
BOA	USD	39,488	GBP	32,000	05/02/23		39
BOA	USD	42,879	KRW	52,827,000	03/22/23		84
BOA	USD	48,152	NOK	475,600	04/20/23		(332	)
BOA	USD	40,360	PEN	155,000	04/05/23		(252	)
BOA	USD	40,329	PHP	2,219,000	04/18/23		256
BOA	USD	38,698	PHP	2,119,000	04/25/23		53
BOA	USD	44,961	SEK	488,000	02/03/23		1,706
BOA	USD	45,164	SEK	467,000	02/27/23		(445	)
BOA	USD	44,676	THB	1,524,000	03/01/23		1,623
BOA	USD	44,441	THB	1,479,000	03/08/23		522
BOA	USD	41,799	TWD	1,259,000	03/22/23		337
CITI	AUD	59,000	USD	40,853	04/12/23		(903	)
CITI	CAD	58,000	USD	43,190	02/28/23		(409	)
CITI	GBP	36,000	USD	43,031	03/01/23		(1,378	)
CITI	NOK	3,794,960	USD	383,866	04/20/23		2,287
CITI	USD	43,563	AUD	63,000	03/08/23		966
CITI	USD	44,658	CAD	60,000	02/02/23		436
CITI	USD	45,115	GBP	38,000	02/17/23		1,748
CITI	USD	43,924	GBP	37,000	02/27/23		1,716
CITI	USD	42,722	GBP	35,000	03/08/23		460
CITI	USD	44,337	NZD	72,000	02/17/23		2,212
GSI	MXN	791,000	USD	41,554	04/05/23		16
GSI	THB	2,581,000	USD	78,812	05/02/23		(78	)
GSI	USD	85,230	THB	2,798,000	04/05/23		66
HSBC	AUD	70,000	USD	45,359	02/10/23		(4,068	)
HSBC	AUD	66,000	USD	43,909	02/27/23		(2,724	)
HSBC	BRL	446,000	USD	85,868	03/15/23		(1,330	)
HSBC	BRL	217,000	USD	41,341	03/22/23		(1,027	)
HSBC	CHF	72,000	USD	78,733	04/26/23		(610	)
HSBC	CZK	1,035,000	USD	43,477	02/27/23		(3,773	)
HSBC	EUR	43,000	USD	45,102	02/17/23		(1,692	)
HSBC	EUR	43,000	USD	44,512	02/27/23		(2,311	)
HSBC	GBP	7,477,000	JPY	1,165,296,731	04/20/23		(184,562	)
HSBC	GBP	34,000	USD	41,902	03/22/23		(60	)
HSBC	GBP	109,300	USD	135,302	04/20/23		326
HSBC	HUF	16,879,000	USD	43,458	03/01/23		(3,018	)
HSBC	HUF	16,310,000	USD	43,418	03/16/23		(1,280	)
HSBC	KRW	59,222,000	USD	43,905	02/27/23		(4,217	)
HSBC	KRW	50,042,000	USD	40,509	04/19/23		(235	)
HSBC	MXN	882,000	USD	45,688	02/07/23		(1,111	)
HSBC	MXN	861,000	USD	42,914	02/17/23		(2,690	)

218

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	MXN	825,000	USD	41,873	03/01/23	$	(1,730	)
HSBC	MXN	831,000	USD	43,744	03/15/23		(63	)
HSBC	NOK	1,620,000	USD	164,372	04/20/23		1,483
HSBC	PLN	200,000	USD	45,094	02/27/23		(992	)
HSBC	PLN	194,000	USD	43,594	03/01/23		(1,102	)
HSBC	PLN	189,000	USD	43,055	03/08/23		(465	)
HSBC	SEK	2,984,300	USD	290,280	04/20/23		3,709
HSBC	SGD	61,000	USD	44,673	02/17/23		(1,772	)
HSBC	SGD	57,000	USD	42,115	03/15/23		(1,308	)
HSBC	SGD	55,000	USD	40,757	03/22/23		(1,148	)
HSBC	SGD	55,000	USD	40,990	04/05/23		(927	)
HSBC	SGD	54,000	USD	40,656	04/12/23		(506	)
HSBC	SGD	53,000	USD	40,101	04/19/23		(306	)
HSBC	SGD	51,000	USD	38,695	04/26/23		(195	)
HSBC	SGD	51,000	USD	38,783	05/02/23		(112	)
HSBC	TWD	1,448,000	USD	45,704	02/10/23		(2,561	)
HSBC	TWD	1,330,000	USD	43,671	03/01/23		(747	)
HSBC	TWD	1,259,000	USD	41,691	03/22/23		(445	)
HSBC	TWD	1,247,000	USD	40,996	04/06/23		(803	)
HSBC	TWD	1,235,000	USD	41,098	04/12/23		(325	)
HSBC	TWD	2,350,000	USD	79,119	05/02/23		132
HSBC	USD	43,963	BRL	231,000	02/06/23		1,502
HSBC	USD	76,500	BRL	404,000	04/26/23		1,904
HSBC	USD	82,801	CHF	76,000	03/22/23		646
HSBC	USD	45,551	EUR	43,000	02/17/23		1,243
HSBC	USD	38,233	GBP	31,000	04/26/23		54
HSBC	USD	42,911	HUF	17,417,000	02/27/23		5,079
HSBC	USD	39,606	HUF	15,524,000	04/05/23		2,680
HSBC	USD	39,344	HUF	14,915,000	04/19/23		1,130
HSBC	USD	42,553	IDR	660,368,000	03/08/23		1,472
HSBC	USD	44,692	INR	3,702,000	02/10/23		476
HSBC	USD	42,281	INR	3,515,000	03/01/23		562
HSBC	USD	40,363	INR	3,367,000	04/05/23		579
HSBC	USD	40,363	INR	3,321,000	04/12/23		(9	)
HSBC	USD	40,192	INR	3,308,000	04/19/23		(23	)
HSBC	USD	45,808	JPY	6,640,000	02/10/23		5,260
HSBC	USD	45,076	JPY	6,216,000	02/17/23		2,776
HSBC	USD	44,686	KRW	63,189,000	02/03/23		6,614
HSBC	USD	43,803	MXN	861,000	02/17/23		1,800
HSBC	USD	42,566	MXN	825,000	03/01/23		1,037
HSBC	USD	41,223	MXN	831,000	03/15/23		2,584
HSBC	USD	39,886	MXN	791,000	04/05/23		1,651
HSBC	USD	39,737	MXN	760,000	04/19/23		68
HSBC	USD	44,642	PEN	172,000	02/17/23		31
HSBC	USD	44,968	PHP	2,636,000	02/09/23		3,281

219

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
HSBC	USD	43,510	PHP	2,504,000	02/23/23	$	2,316
HSBC	USD	42,478	PLN	194,000	03/01/23		2,218
HSBC	USD	40,730	PLN	181,000	03/22/23		902
HSBC	USD	40,333	PLN	180,000	04/05/23		1,024
HSBC	USD	40,205	PLN	177,000	04/12/23		442
HSBC	USD	45,039	SGD	61,000	02/17/23		1,405
HSBC	USD	44,440	SGD	60,000	02/27/23		1,253
HSBC	USD	43,941	SGD	59,000	03/01/23		993
HSBC	USD	42,882	SGD	57,000	03/08/23		535
HSBC	USD	43,091	SGD	57,000	03/15/23		332
HSBC	USD	41,694	SGD	55,000	03/22/23		211
HSBC	USD	41,795	SGD	55,000	04/05/23		122
HSBC	USD	46,992	TWD	1,437,000	02/03/23		873
HSBC	USD	44,898	TWD	1,361,000	02/24/23		532
HSBC	USD	43,550	TWD	1,330,000	03/01/23		868
HSBC	USD	41,832	TWD	1,247,000	04/06/23		(32	)
HSBC	USD	41,872	ZAR	732,000	03/08/23		72
HSBC	USD	82,657	ZAR	1,475,000	03/15/23		1,810
HSBC	ZAR	804,000	USD	46,092	02/10/23		(82	)
HSBC	ZAR	766,000	USD	43,022	02/17/23		(942	)
JPMCB	CAD	477,118	USD	351,648	03/31/23		(7,092	)
JPMCB	CNY	325,000	USD	45,524	02/03/23		(2,577	)
JPMCB	CNY	309,000	USD	43,378	03/01/23		(2,438	)
JPMCB	CNY	292,000	USD	42,100	03/15/23		(1,231	)
JPMCB	CNY	550,000	USD	81,554	04/12/23		(200	)
JPMCB	EUR	40,000	USD	42,313	03/08/23		(1,269	)
JPMCB	EUR	32,700	USD	35,487	04/20/23		(233	)
JPMCB	GBP	39,000	USD	45,088	02/03/23		(2,994	)
JPMCB	GBP	38,000	USD	46,715	02/17/23		(148	)
JPMCB	JPY	6,640,000	USD	49,030	02/10/23		(2,037	)
JPMCB	PLN	180,000	USD	41,194	04/05/23		(163	)
JPMCB	SEK	150,500	USD	14,595	04/20/23		143
JPMCB	SGD	57,000	USD	42,045	03/08/23		(1,372	)
JPMCB	THB	2,674,000	USD	81,436	04/19/23		(192	)
JPMCB	THB	2,546,000	USD	78,248	04/26/23		474
JPMCB	USD	43,361	CAD	59,000	02/16/23		986
JPMCB	USD	41,908	CAD	57,000	03/14/23		944
JPMCB	USD	43,635	CNY	295,000	03/08/23		123
JPMCB	USD	42,261	CNY	286,000	03/22/23		196
JPMCB	USD	46,917	EUR	45,000	02/03/23		2,008
JPMCB	USD	47,515	EUR	45,000	02/10/23		1,435
JPMCB	USD	45,928	EUR	43,000	02/27/23		896
JPMCB	USD	43,139	EUR	40,000	03/08/23		442
JPMCB	USD	125,994	EUR	116,100	04/20/23		828
JPMCB	USD	46,887	GBP	39,000	02/03/23		1,195

220

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
JPMCB	USD	43,307	GBP	36,000	03/01/23	$	1,102
JPMCB	USD	41,823	GBP	34,000	03/15/23		132
JPMCB	USD	77,654	PLN	340,000	05/02/23		312
JPMCB	USD	45,841	SEK	472,700	04/20/23		(450	)
JPMCB	USD	47,184	SGD	64,000	02/10/23		1,537
JPMCB	USD	44,150	THB	1,455,000	03/15/23		113
JPMCB	USD	43,722	THB	1,428,000	03/22/23		(250	)
MSCI	AUD	69,000	USD	44,525	02/03/23		(4,181	)
MSCI	AUD	128,000	USD	86,367	03/01/23		(4,080	)
MSCI	AUD	63,000	USD	42,483	03/08/23		(2,046	)
MSCI	AUD	62,000	USD	42,077	03/15/23		(1,756	)
MSCI	AUD	62,000	USD	41,596	03/22/23		(2,249	)
MSCI	AUD	646,000	USD	450,467	04/20/23		(6,858	)
MSCI	AUD	56,000	USD	39,365	05/02/23		(297	)
MSCI	CAD	57,000	USD	42,465	03/14/23		(386	)
MSCI	CAD	389,000	USD	285,687	03/15/23		(6,761	)
MSCI	CHF	88,000	USD	89,453	02/03/23		(6,680	)
MSCI	CHF	90,000	USD	91,868	02/10/23		(6,524	)
MSCI	CHF	84,000	USD	90,384	02/17/23		(1,518	)
MSCI	CHF	82,000	USD	87,142	03/01/23		(2,688	)
MSCI	CHF	80,000	USD	85,816	03/08/23		(1,890	)
MSCI	CHF	78,000	USD	84,113	03/15/23		(1,464	)
MSCI	CHF	76,000	USD	82,942	03/22/23		(506	)
MSCI	CHF	76,000	USD	81,998	04/05/23		(1,576	)
MSCI	CHF	33,400	USD	36,668	04/20/23		(117	)
MSCI	CLP	36,491,000	USD	44,696	03/22/23		(802	)
MSCI	CNY	295,000	USD	42,480	03/08/23		(1,278	)
MSCI	CNY	286,000	USD	41,348	03/22/23		(1,109	)
MSCI	CZK	1,099,000	USD	44,284	02/03/23		(5,962	)
MSCI	CZK	1,041,000	USD	44,333	02/21/23		(3,209	)
MSCI	CZK	928,000	USD	40,381	04/05/23		(1,897	)
MSCI	CZK	906,000	USD	40,347	04/12/23		(913	)
MSCI	CZK	896,000	USD	40,179	04/19/23		(610	)
MSCI	CZK	1,704,000	USD	77,064	04/26/23		(480	)
MSCI	EUR	45,000	USD	45,284	02/10/23		(3,665	)
MSCI	EUR	831,000	USD	888,115	03/15/23		(17,683	)
MSCI	EUR	4,804,689	USD	5,234,600	04/20/23		(13,847	)
MSCI	GBP	1,978,000	USD	2,415,247	03/15/23		(25,544	)
MSCI	GBP	289,000	USD	358,061	03/15/23		1,444
MSCI	GBP	1,776,508	USD	2,177,288	04/20/23		(16,537	)
MSCI	HUF	18,172,000	USD	45,226	02/10/23		(5,137	)
MSCI	HUF	15,524,000	USD	42,274	04/05/23		(11	)
MSCI	IDR	692,218,000	USD	44,450	02/17/23		(1,713	)
MSCI	IDR	685,523,000	USD	43,547	02/27/23		(2,162	)
MSCI	IDR	676,868,000	USD	42,936	03/01/23		(2,194	)

221

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	INR	3,702,000	USD	44,860	02/10/23	$	(308	)
MSCI	INR	3,394,000	USD	40,755	03/23/23		(553	)
MSCI	JPY	6,216,000	USD	45,538	02/17/23		(2,314	)
MSCI	JPY	5,311,000	USD	41,217	04/05/23		63
MSCI	KRW	63,189,000	USD	47,747	02/03/23		(3,553	)
MSCI	KRW	51,845,000	USD	40,739	04/05/23		(1,449	)
MSCI	MXN	881,000	USD	44,278	02/10/23		(2,443	)
MSCI	MXN	853,000	USD	42,620	02/27/23		(2,479	)
MSCI	MXN	831,000	USD	43,040	03/08/23		(823	)
MSCI	MXN	812,000	USD	42,647	03/22/23		(103	)
MSCI	MYR	422,000	USD	93,633	02/03/23		(5,294	)
MSCI	MYR	211,000	USD	49,669	02/03/23		206
MSCI	MYR	428,000	USD	97,605	02/10/23		(2,766	)
MSCI	MYR	406,000	USD	91,918	02/17/23		(3,334	)
MSCI	MYR	200,000	USD	45,228	02/27/23		(1,721	)
MSCI	MYR	388,000	USD	88,363	03/01/23		(2,730	)
MSCI	MYR	185,000	USD	42,373	03/08/23		(1,078	)
MSCI	NOK	464,000	USD	45,255	02/10/23		(1,248	)
MSCI	NOK	443,000	USD	44,650	02/17/23		238
MSCI	NZD	76,000	USD	47,404	02/03/23		(1,723	)
MSCI	NZD	77,000	USD	48,750	02/10/23		(1,027	)
MSCI	NZD	72,000	USD	46,083	02/17/23		(466	)
MSCI	NZD	71,000	USD	45,179	02/27/23		(729	)
MSCI	NZD	65,000	USD	41,784	04/05/23		(249	)
MSCI	PEN	172,000	USD	44,565	02/17/23		(108	)
MSCI	PLN	202,000	USD	45,114	02/17/23		(1,469	)
MSCI	PLN	186,000	USD	42,608	03/15/23		(198	)
MSCI	PLN	181,000	USD	41,575	03/22/23		(57	)
MSCI	SEK	488,000	USD	46,694	02/03/23		26
MSCI	SEK	467,000	USD	44,023	02/27/23		(696	)
MSCI	SEK	3,758,000	USD	363,504	03/15/23		3,335
MSCI	SEK	5,372,715	USD	518,215	04/20/23		2,294
MSCI	THB	1,524,000	USD	43,546	03/01/23		(2,752	)
MSCI	THB	1,479,000	USD	42,673	03/08/23		(2,290	)
MSCI	USD	46,503	AUD	69,000	02/03/23		2,203
MSCI	USD	47,147	AUD	70,000	02/10/23		2,280
MSCI	USD	44,742	AUD	66,000	02/17/23		1,873
MSCI	USD	44,240	AUD	66,000	02/27/23		2,393
MSCI	USD	42,135	AUD	60,000	04/05/23		318
MSCI	USD	43,288	CAD	59,000	02/23/23		1,061
MSCI	USD	42,608	CAD	57,000	03/07/23		241
MSCI	USD	13,484	CAD	18,000	03/15/23		48
MSCI	USD	41,100	CAD	56,000	03/21/23		1,003
MSCI	USD	40,379	CAD	54,000	04/11/23		228
MSCI	USD	40,247	CAD	54,000	04/18/23		363

222

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(continued)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	39,427	CAD	53,000	05/01/23	$	436
MSCI	USD	93,232	CHF	88,000	02/03/23		2,900
MSCI	USD	96,253	CHF	90,000	02/10/23		2,140
MSCI	USD	90,316	CHF	84,000	02/17/23		1,586
MSCI	USD	91,435	CHF	84,000	02/27/23		566
MSCI	USD	88,131	CHF	82,000	03/01/23		1,698
MSCI	USD	44,221	CLP	39,707,000	02/17/23		5,542
MSCI	USD	46,697	CZK	1,099,000	02/03/23		3,549
MSCI	USD	47,292	CZK	1,099,000	02/10/23		2,932
MSCI	USD	45,037	CZK	1,041,000	02/21/23		2,504
MSCI	USD	45,245	CZK	1,035,000	02/27/23		2,005
MSCI	USD	42,001	CZK	928,000	04/05/23		277
MSCI	USD	14,166	EUR	13,000	03/15/23		5
MSCI	USD	23,980	EUR	22,000	03/15/23		—
MSCI	USD	84,441	GBP	70,000	03/15/23		1,937
MSCI	USD	70,707	GBP	57,000	03/15/23		(371	)
MSCI	USD	43,704	HUF	17,498,000	02/17/23		4,674
MSCI	USD	41,151	HUF	16,651,000	03/08/23		4,596
MSCI	USD	38,001	HUF	14,057,000	05/02/23		12
MSCI	USD	45,040	IDR	709,903,000	02/10/23		2,309
MSCI	USD	43,349	IDR	676,868,000	03/01/23		1,782
MSCI	USD	43,177	IDR	655,903,000	03/15/23		545
MSCI	USD	41,429	INR	3,394,000	03/23/23		(121	)
MSCI	USD	41,087	JPY	5,311,000	04/05/23		67
MSCI	USD	44,539	MXN	881,000	02/10/23		2,182
MSCI	USD	41,570	MXN	831,000	03/08/23		2,293
MSCI	USD	40,394	MXN	812,000	03/22/23		2,356
MSCI	USD	39,871	MXN	775,000	04/12/23		773
MSCI	USD	89,180	MYR	422,000	02/03/23		9,748
MSCI	USD	90,525	MYR	428,000	02/10/23		9,848
MSCI	USD	89,388	MYR	406,000	02/17/23		5,864
MSCI	USD	43,764	MYR	200,000	02/27/23		3,185
MSCI	USD	86,204	MYR	388,000	03/01/23		4,888
MSCI	USD	42,257	MYR	185,000	03/08/23		1,194
MSCI	USD	46,752	NOK	464,000	02/10/23		(249	)
MSCI	USD	44,620	NOK	443,000	02/17/23		(207	)
MSCI	USD	44,679	NZD	76,000	02/03/23		4,448
MSCI	USD	45,597	NZD	77,000	02/10/23		4,181
MSCI	USD	43,652	NZD	71,000	02/27/23		2,255
MSCI	USD	40,649	NZD	65,000	04/05/23		1,384
MSCI	USD	40,870	NZD	64,000	04/12/23		515
MSCI	USD	40,269	NZD	63,000	04/19/23		468
MSCI	USD	38,888	NZD	60,000	04/26/23		(91	)
MSCI	USD	39,209	NZD	61,000	05/02/23		234
MSCI	USD	40,659	PEN	157,000	03/22/23		9

223

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Forward foreign currency contracts—(concluded)

Counterparty	Sell		Purchase		Settlement date	Unrealized appreciation (depreciation)
MSCI	USD	43,989	PLN	202,000	02/17/23	$	2,594
MSCI	USD	42,983	PLN	200,000	02/27/23		3,103
MSCI	USD	41,703	PLN	189,000	03/08/23		1,818
MSCI	USD	41,456	PLN	186,000	03/15/23		1,350
MSCI	USD	39,977	PLN	175,000	04/19/23		191
MSCI	USD	38,488	PLN	168,000	04/26/23		53
MSCI	USD	364,119	SEK	3,758,000	03/15/23		(3,949	)
MSCI	USD	41,943	SEK	428,000	03/22/23		(908	)
MSCI	USD	48,084	THB	1,688,000	02/03/23		3,057
MSCI	USD	48,638	THB	1,690,000	02/10/23		2,603
MSCI	USD	44,292	ZAR	810,000	02/03/23		2,255
MSCI	USD	44,926	ZAR	804,000	02/10/23		1,248
MSCI	USD	44,205	ZAR	766,000	02/17/23		(241	)
MSCI	USD	43,364	ZAR	755,000	02/27/23		(69	)
MSCI	USD	81,255	ZAR	1,417,000	03/22/23		(157	)
MSCI	USD	80,468	ZAR	1,384,000	04/05/23		(1,352	)
MSCI	USD	80,533	ZAR	1,381,000	04/12/23		(1,631	)
MSCI	USD	79,610	ZAR	1,376,000	04/19/23		(1,036	)
MSCI	USD	76,904	ZAR	1,341,000	04/26/23		(370	)
MSCI	USD	77,474	ZAR	1,364,000	05/02/23		338
MSCI	ZAR	755,000	USD	43,385	02/27/23		90
MSCI	ZAR	731,000	USD	42,626	03/01/23		715
MSCI	ZAR	732,000	USD	42,801	03/08/23		857
MSCI	ZAR	1,475,000	USD	85,579	03/15/23		1,111
MSCI	ZAR	1,417,000	USD	81,508	03/22/23		410
MSCI	ZAR	1,384,000	USD	78,776	04/05/23		(340	)
SG	AUD	60,000	USD	40,496	04/05/23		(1,957	)
SG	AUD	249,700	USD	178,050	04/20/23		1,279
SG	CHF	74,000	USD	81,258	04/12/23		(174	)
SG	CLP	37,856,000	USD	44,790	03/09/23		(2,505	)
SG	CZK	1,099,000	USD	44,925	02/10/23		(5,299	)
SG	GBP	456,000	USD	565,752	04/20/23		2,634
SG	INR	3,689,000	USD	44,162	02/03/23		(863	)
SG	SGD	64,000	USD	45,616	02/10/23		(3,105	)
SG	USD	86,265	AUD	128,000	03/01/23		4,182
SG	USD	87,504	CHF	80,000	03/08/23		202
SG	USD	43,597	HUF	18,348,000	02/03/23		7,381
SG	USD	43,810	MXN	882,000	02/07/23		2,988
SG	USD	42,928	MXN	853,000	02/27/23		2,171
SG	USD	41,380	SEK	431,000	03/15/23		(73	)
SG	USD	42,741	ZAR	731,000	03/01/23		(829	)
SG	ZAR	810,000	USD	47,451	02/03/23		903
Net unrealized appreciation (depreciation)						$	(242,228	)

224

PACE Alternative Strategies Investments

Portfolio of investments—January 31, 2023 (unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Portfolio's investments. In the event a Portfolio holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio's 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	$	138,018,541		$	30,598,584		$	—	$	168,617,125
Preferred stocks		—			125,245			—		125,245
Investment companies		27,231,006			—			—		27,231,006
Warrant		47			—			—		47
Short-term investments		—			95,871,602			—		95,871,602
Corporate bonds		—			56,941,541			—		56,941,541
Equity and foreign exchange options purchased		2,264,765			—			—		2,264,765
Futures contracts		607,580			—			—		607,580
Swap agreements		—			1,871,331			—		1,871,331
Forward foreign currency contracts		—			382,711			—		382,711
Total	$	168,121,939		$	185,791,014		$	—	$	353,912,953
Liabilities
Investments sold short
Common stocks	$	(96,558,350	)	$	(9,499,054	)	$	—	$	(106,057,404	)
Corporate bonds		—			(85,485	)		—		(85,485	)
Investment companies		(10,250,254	)		—			—		(10,250,254	)
Equity options written		(1,113,148	)		—			—		(1,113,148	)
Futures contracts		(1,200,130	)		(217,576	)		—		(1,417,706	)
Swap agreements		—			(786,342	)		—		(786,342	)
Forward foreign currency contracts		—			(624,939	)		—		(624,939	)
Total	$	(109,121,881	)	$	(11,213,397	)	$	—	$	(120,335,278	)

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 $17,881,113, represented 5.0% of the Portfolio's net assets at period end.

³  Rates shown reflect yield at January 31, 2023.

⁴  Zero coupon bond.

⁵  Payments made/received are based on the notional amount.

See accompanying notes to financial statements.
225

PACE Select Advisors Trust

Glossary of terms used in the Portfolio of investments
January 31, 2023 (unaudited)

Portfolio acronyms:

ABS  Asset-backed Security

ADR  American Depositary Receipt

AGM  Assured Guaranty Municipal

AID  Anticipation Certificates of Indebtedness

AMBAC  American Municipal Bond Assurance Corporation

AMT  Alternative Minimum Tax

ARM  Adjustable Rate Mortgage

BAM  Build Americal Mutual

BBSW  Bank Bill Swap Rate

BOBL  Bundesobligationen

CDO  Collateralized Debt Obligation

CJSC  Closed Joint Stock Company

CLO  Collateralized Loan Obligation

CMT  Constant Maturity Treasury Index

COFI  Cost of Funds Index

COP  Certificate of Participation

CPI  Consumer Price Index

DAC  Designated Activity Company

DIP  Debtor-in-possession

ETF  Exchange Traded Fund

EURIBOR  Euro Interbank Offered Rate

FHA  Federal Housing Administration

FHLB  Federal Home Loan Bank

FHLMC  Federal Home Loan Mortgage Corporation

FNMA  Federal National Mortgage Association

FRN  Floating Rate Note

GDR  Global Depositary Receipt

GMAC  General Motors Acceptance Corporation

GNMA  Government National Mortgage Association

GO  General Obligation

GSAMP  Goldman Sachs Asset Mortgage Passthrough

GTD  Guaranteed

IO  Interest Only

JSC  Joint Stock Company

LIBOR  London Interbank Offered Rate

MGIC  Mortgage Guaranty Insurance Corporation

MTA  Monthly Treasury Average Index

NVDR  Non-Voting Depository Receipt

OAT  Obligation Assimilables du Trésor (French Government Bonds)

OBFR  Overnight Bank Funding Rate

OTC  Over The Counter

PJSC  Private Joint Stock Company

PO  Principal Only

PSF  Permanent School Fund

RASC  Retirement Administration Service Center

RBA IOCR  RBA Interbank Overnight Cash Rate

REIT  Real Estate Investment Trust

REMIC  Real Estate Mortgage Investment Conduit

RPI  Retail Price Index

SARL

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

TIPS  Treasury inflation protected securities

UMBS  Uniform Mortgage-Backed Securities

VRD  Variable rate demand notes are payable on demand. The interest rates shown are the current rates as of period end and reset periodically.

Currency type abbreviations:

ARS  Argentine Peso

AUD  Australian Dollar

BRL   Brazilian Real

CAD  Canadian Dollar

CHF   Swiss Franc

CLP  Chilean Peso

CNH  Chinese Yuan Renminbi Offshore

CNY   Chinese Yuan Renminbi

COP  Colombian Peso

CZK  Czech Koruna

DKK  Danish Krone

EUR  Euro

GBP  Great Britain Pound

HKD  Hong Kong Dollar

HUF  Hungarian Forint

IDR  Indonesian Rupiah

ILS  Israeli Shekel

INR  Indian Rupee

JPY  Japanese Yen

KRW  South Korean Won

MXN  Mexican Peso

MYR  Malaysian Ringgit

NOK  Norwegian Krone

NZD  New Zealand Dollar

PEN  Peruvian Sol

PHP  Philippine Peso

PLN  Polish Zloty

RON  Romanian Leu

RUB  Russian Ruble

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thai Baht

TRY  Turkish Lira

TWD   Taiwan Dollar

USD   United States Dollar

ZAR   South African Rand

Counterparty acronyms:

ANZ  Australia and New Zealand Banking Group

BB  Barclays Bank PLC

BNP  BNP Paribas

BOA  Bank of America

CIBC  Canadian Imperial Bank of Commerce

CITI  Citibank NA

CSI  Credit Suisse International

DB  Deutsche Bank AG

GS  Goldman Sachs

GSI  Goldman Sachs International

HSBC  HSBC Bank PLC

JPMCB  JPMorgan Chase Bank

MSCI  Morgan Stanley & Co. International PLC

NAT  National Westminster

RBC  Royal Bank of Canada

RBS  Royal Bank of Scotland PLC

SCB  Standard Chartered Bank

SG  Societe Generale

SSC  State Street Bank and Trust Co.

TD  Toronto-Dominion Bank

WBC  Westpac Banking Corp.

See accompanying notes to financial statements.
226

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. This example is 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 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, 2022 to January 31, 2023.

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.

227

PACE Select Advisors Trust

		Beginning account value August 1, 2022		Ending account value January 31, 2023		Expenses paid during period1		Expense ratio during the period
UBS Government Money Market Investments Fund
Class P	Actual	$	1,000.00	$	1,014.10	$	1.83		0.36	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,023.39		1.84		0.36
PACE Mortgage-Backed Securities Fixed Income Investments
Class A	Actual		1,000.00		962.80		4.80		0.97
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.32		4.94		0.97
Class Y	Actual		1,000.00		964.10		3.56		0.72
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.58		3.67		0.72
Class P	Actual		1,000.00		964.90		3.57		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		983.90		4.30		0.86
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.87		4.38		0.86
Class Y	Actual		1,000.00		985.10		3.05		0.61
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.13		3.11		0.61
Class P	Actual		1,000.00		986.00		3.05		0.61
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.13		3.11		0.61
PACE Strategic Fixed Income Investments
Class A	Actual		1,000.00		991.80		5.37		1.07
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.81		5.45		1.07
Class Y	Actual		1,000.00		993.10		4.12		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.07		4.18		0.82
Class P	Actual		1,000.00		993.10		4.12		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.07		4.18		0.82
PACE Municipal Fixed Income Investments
Class A	Actual		1,000.00		1,008.20		4.15		0.82
	Hypothetical (5% annual return before expenses)		1,000.00		1,021.07		4.18		0.82
Class Y	Actual		1,000.00		1,009.20		2.89		0.57
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.233		2.91		0.57
Class P	Actual		1,000.00		1,009.50		2.89		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		992.10		5.17		1.03
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.01		5.24		1.03
Class Y	Actual		1,000.00		992.00		4.37		0.87
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.82		4.43		0.87
Class P	Actual		1,000.00		992.20		4.22		0.84
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.97		4.28		0.84

228

PACE Select Advisors Trust

		Beginning account value August 1, 2022		Ending account value January 31, 2023		Expenses paid during period1		Expense ratio during the period
PACE High Yield Investments
Class A	Actual	$	1,000.00	$	1,033.20	$	5.43		1.06	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.86		5.40		1.06
Class Y	Actual		1,000.00		1,033.10		4.51		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
Class P	Actual		1,000.00		1,033.10		4.66		0.91
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.62		4.63		0.91
Class P2	Actual		1,000.00		1,036.70		2.52		0.49
	Hypothetical (5% annual return before expenses)		1,000.00		1,022.73		2.50		0.49
PACE Large Co Value Equity Investments
Class A	Actual		1,000.00		1,084.40		5.88		1.12
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.56		5.70		1.12
Class Y	Actual		1,000.00		1,085.90		4.63		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
Class P	Actual		1,000.00		1,086.10		4.68		0.89
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.72		4.53		0.89
PACE Large Co Growth Equity Investments
Class A	Actual		1,000.00		962.30		5.59		1.13
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.51		5.75		1.13
Class Y	Actual		1,000.00		963.00		4.35		0.88
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.77		4.48		0.88
Class P	Actual		1,000.00		963.30		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		1,039.60		6.32		1.23
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.00		6.26		1.23
Class Y	Actual		1,000.00		1,040.80		5.35		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.96		5.30		1.04
Class P	Actual		1,000.00		1,040.70		5.35		1.04
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.96		5.30		1.04
Class P2	Actual		1,000.00		1,032.80		12.14		2.37
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.26		12.03		2.37
PACE Small/Medium Co Growth Equity Investments
Class A	Actual		1,000.00		1,030.60		6.35		1.24
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.95		6.31		1.24
Class Y	Actual		1,000.00		1,031.10		4.91		0.96
	Hypothetical (5% annual return before expenses)		1,000.00		1,020.37		4.89		0.96
Class P	Actual		1,000.00		1,031.70		5.53		1.08
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.76		5.50		1.08
Class P2	Actual		1,000.00		1,021.00		16.61		3.26
	Hypothetical (5% annual return before expenses)		1,000.00		1,008.77		16.51		3.26

229

PACE Select Advisors Trust

		Beginning account value August 1, 2022		Ending account value January 31, 2023		Expenses paid during period1		Expense ratio during the period
PACE International Equity Investments
Class A	Actual	$	1,000.00	$	1,072.40	$	8.78		1.68	%
	Hypothetical (5% annual return before expenses)		1,000.00		1,016.74		8.54		1.68
Class Y	Actual		1,000.00		1,074.50		7.48		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
Class P	Actual		1,000.00		1,074.00		7.48		1.43
	Hypothetical (5% annual return before expenses)		1,000.00		1,018.00		7.27		1.43
PACE International Emerging Markets Equity Investments
Class A	Actual		1,000.00		1,084.20		7.62		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.37		1.45
Class Y	Actual		1,000.00		1,084.90		6.31		1.20
	Hypothetical (5% annual return before expenses)		1,000.00		1,019.16		6.11		1.20
Class P	Actual		1,000.00		1,085.40		6.31		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		947.00		7.12		1.45
	Hypothetical (5% annual return before expenses)		1,000.00		1,017.90		7.38		1.45
Class P	Actual		1,000.00		949.00		5.90		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		1,032.10		13.21		2.58
	Hypothetical (5% annual return before expenses)		1,000.00		1,012.20		13.09		2.58
Class Y	Actual		1,000.00		1,031.90		11.88		2.32
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.51		11.77		2.32
Class P	Actual		1,000.00		1,032.10		11.93		2.33
	Hypothetical (5% annual return before expenses)		1,000.00		1,013.46		11.82		2.33
Class P22	Actual		1,000.00		1,020.40		8.11		3.71
	Hypothetical (5% annual return before expenses)		1,000.00		1,006.50		18.76		3.71

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 Fund commenced operations on November 14, 2022. Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 79 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.

230

PACE Select Advisors Trust

Statement of assets and liabilities
January 31, 2023 (unaudited)

	UBS Government Money Market Investments Fund		PACE Mortgage-Backed Securities Fixed Income Investments		PACE Intermediate Fixed Income Investments
Assets:
Investments, at cost
Investments	$	1,417,779,860	$	428,239,327	$	242,686,189
Repurchase agreements		142,681,000		—		—
Investments, at value
Investments1	$	1,417,779,860	$	410,526,556	$	242,550,122
Repurchase agreements		142,681,000		—		—
Foreign currency		—		—		—
Cash		572		—		—
Cash collateral on futures		—		323,200		828,800
Cash collateral on swap agreements		—		495,041		—
Receivable for investments sold		—		139,332,652		7,024,432
Receivable for when issued TBA securities		—		139,549,695		—
Receivable for fund shares sold		15,695,088		165,865		111,650
Receivable for interest and dividends		728,380		722,996		2,195,902
Receivable from affiliate		—		—		4,943
Receivable for variation margin on futures contracts		—		266,746		226,587
Receivable for variation margin on centrally cleared swap agreements		—		2,747,112		—
Other assets		90,202		22,684		22,463
Total assets		1,576,975,102		694,152,547		252,964,899
Liabilities:
Reverse repurchase agreements, at value (cost—$0; $14,569,936 and $0, respectively)		—		14,569,936		—
Investments sold short, at value (proceeds—$0; $65,589,269 and $0, respectively)		—		65,677,467		—
Options and swaptions written, at value (premiums received $0; $869,681 and $0, respectively)		—		615,726		—
Due to broker		—		2,827,746		992,301
Payable for cash collateral from securities loaned		—		—		6,075,808
Payable for investments purchased		26,250,331		7,302,696		12,886,578
Payable for when issued TBA securities		—		379,127,648		—
Payable for fund shares redeemed		14,652,435		444,920		481,217
Payable for dividend and interest expense on investments sold short		—		36,506		—
Dividends payable to shareholders		2,354,631		—		—
Payable to affiliate		150,281		67,588		—
Payable to custodian		1,609		85,117		186,556
Accrued expenses and other liabilities		961,401		174,692		160,766
Total liabilities		44,370,688		470,930,042		20,783,226
Net assets	$	1,532,604,414	$	223,222,505	$	232,181,673

¹  Includes $0; $0 and $5,966,845, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.
231

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	UBS Government Money Market Investments Fund			PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,532,605,796		$	287,341,603		$	267,895,106
Distributable earnings (accumulated losses)		(1,382	)		(64,119,098	)		(35,713,433	)
Net assets	$	1,532,604,414		$	223,222,505		$	232,181,673
Class A
Net assets	$	—		$	21,003,083		$	8,584,588
Shares outstanding		—			1,940,442			796,225
Net asset value per share	$	—		$	10.82		$	10.78
Maximum offering price per share	$	—		$	11.24		$	11.20
Class Y
Net assets	$	—		$	7,753,615		$	194,424
Shares outstanding		—			716,378			18,035
Net asset value, offering price and redemption value per share3	$	—		$	10.82		$	10.78
Class P
Net assets	$	1,532,604,414		$	194,465,807		$	223,402,661
Shares outstanding		1,532,604,587			17,958,108			20,715,466
Net asset value, offering price and redemption value per share3	$	1.00		$	10.83		$	10.78

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements.
232

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE Strategic Fixed Income Investments		PACE Municipal Fixed Income Investments		PACE Global Fixed Income Investments
Assets:
Investments, at cost
Investments	$	566,349,005	$	233,097,304	$	225,769,174
Foreign currency		309,315		—		166,678
Investments, at value
Investments1	$	547,078,396	$	228,789,845	$	222,320,470
Foreign currency		262,459		—		166,751
Cash		9,499		—		186,854
Cash collateral on futures		1,489,171		—		1,402,936
Cash collateral on swap agreements		568,000		—		—
Due from broker		31,722		—		—
Receivable for investments sold		13,246,419		—		—
Receivable for when issued TBA securities		5,074,982		—		—
Receivable for fund shares sold		465,362		716,631		169,339
Receivable for interest and dividends		4,700,096		2,236,694		1,666,221
Receivable for foreign tax reclaims		—		—		21,620
Receivable for variation margin on futures contracts		93,987		—		204,430
Receivable for variation margin on centrally cleared swap agreements		77,956		—		—
Unrealized appreciation on forward foreign currency contracts		213,717		—		185,325
Other assets		27,594		22,169		22,193
Total assets		573,339,360		231,765,339		226,346,139
Liabilities:
Options and swaptions written, at value (premiums received $86,101; $0 and $0, respectively)		48,071		—		—
Due to broker		1,210,153		—		—
Payable for cash collateral from securities loaned		12,325,748		—		—
Payable for investments purchased		21,979,053		1,125,470		2,247,279
Payable for when issued TBA securities		16,705,272		—		1,304,799
Payable for fund shares redeemed		1,599,380		181,121		454,846
Payable to affiliate		179,394		86,768		78,913
Payable to custodian		38,196		20,141		64,557
Payable for foreign withholding taxes and foreign capital gains taxes		—		—		8,540
Payable for dollar roll transactions		18,480,903		—		—
Unrealized depreciation on forward foreign currency contracts		318,509		—		539,386
Accrued expenses and other liabilities		167,856		82,984		194,164
Total liabilities		73,052,535		1,496,484		4,892,484
Net assets	$	500,286,825	$	230,268,855	$	221,453,655

¹  Includes $17,709,643; $0 and $229,058, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.
233

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE Strategic Fixed Income Investments			PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	596,420,363		$	234,567,677		$	269,032,815
Distributable earnings (accumulated losses)		(96,133,538	)		(4,298,822	)		(47,579,160	)
Net assets	$	500,286,825		$	230,268,855		$	221,453,655
Class A
Net assets	$	11,034,886		$	28,605,174		$	18,517,065
Shares outstanding		921,329			2,334,565			2,196,879
Net asset value per share	$	11.98		$	12.25		$	8.43
Maximum offering price per share	$	12.45		$	12.53		$	8.76
Class Y
Net assets	$	943,974		$	3,790		$	1,448,039
Shares outstanding		78,960			309			173,357
Net asset value, offering price and redemption value per share2	$	11.96		$	12.263		$	8.35
Class P
Net assets	$	488,307,965		$	201,659,891		$	201,488,551
Shares outstanding		40,800,016			16,448,326			23,991,306
Net asset value, offering price and redemption value per share2	$	11.97		$	12.26		$	8.40

²  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

³  Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

See accompanying notes to financial statements.
234

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE High Yield Investments		PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Assets:
Investments, at cost
Investments	$	246,585,130	$	845,432,902	$	731,763,587
Foreign currency		322,565		—		—
Investments, at value
Investments1	$	217,103,665	$	889,419,121	$	724,572,538
Foreign currency		323,668		—		—
Cash		495,219		613		—
Receivable for investments sold		2,168,503		4,010,054		6,535,198
Receivable for fund shares sold		92,689		1,476,312		2,753,232
Receivable for interest and dividends		3,635,413		852,939		554,230
Receivable for foreign tax reclaims		999		116,707		37,390
Unrealized appreciation on forward foreign currency contracts		2,674		—		—
Other assets		37,072		29,057		28,721
Total assets		223,859,902		895,904,803		734,481,309
Liabilities:
Payable for cash collateral from securities loaned		47,653		582,775		—
Payable for investments purchased		2,361,853		660,619		8,010,285
Payable for fund shares redeemed		506,244		2,962,719		1,665,493
Payable to affiliate		135,168		581,228		465,457
Payable to custodian		9,937		12,085		65,670
Payable for foreign withholding taxes and foreign capital gains taxes		165		22,174		—
Unrealized depreciation on forward foreign currency contracts		1,147,492		—		—
Accrued expenses and other liabilities		176,319		195,989		236,319
Total liabilities		4,384,831		5,017,589		10,443,224
Net assets	$	219,475,071	$	890,887,214	$	724,038,085

¹  Includes $46,761; $25,498,816 and $0, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.
235

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE High Yield Investments			PACE Large Co Value Equity Investments		PACE Large Co Growth Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	274,099,079		$	846,101,969	$	743,196,957
Distributable earnings (accumulated losses)		(54,624,008	)		44,785,245		(19,158,872	)
Net assets	$	219,475,071		$	890,887,214	$	724,038,085
Class A
Net assets	$	3,329,170		$	93,094,193	$	39,169,960
Shares outstanding		395,483			4,850,537		3,512,535
Net asset value per share	$	8.42		$	19.19	$	11.15
Maximum offering price per share	$	8.75		$	20.31	$	11.80
Class Y
Net assets	$	593,147		$	17,142,973	$	16,883,043
Shares outstanding		70,164			891,952		1,287,293
Net asset value, offering price and redemption value per share2	$	8.45		$	19.22	$	13.12
Class P
Net assets	$	196,349,599		$	780,650,048	$	667,985,082
Shares outstanding		23,372,992			40,919,657		52,253,439
Net asset value, offering price and redemption value per share2	$	8.40		$	19.08	$	12.78
Class P2
Net assets	$	19,203,155		$	—	$	—
Shares outstanding		2,267,135			—		—
Net asset value and offering price per share	$	8.47		$	—	$	—

²  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

See accompanying notes to financial statements.
236

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments		PACE International Equity Investments
Assets:
Investments, at cost
Investments	$	312,712,658	$	282,048,615	$	786,670,859
Foreign currency		1,625		—		2,651,336
Investments, at value
Investments1	$	364,910,190	$	294,005,773	$	875,529,452
Foreign currency		1,636		—		2,654,959
Cash		1,748		—		—
Receivable for investments sold		754,959		1,315,117		804,640
Receivable for fund shares sold		215,948		712,259		146,535
Receivable for interest and dividends		110,795		45,418		599,989
Receivable for foreign tax reclaims		13,990		—		4,601,433
Other assets		28,453		28,097		34,958
Total assets		366,037,719		296,106,664		884,371,966
Liabilities:
Investments sold short, at value (proceeds—$0; $0 and $97,921,769, respectively)		—		—		101,554,906
Payable for bank loan		—		—		712,254
Payable for cash collateral from securities loaned		11,365,796		1,588,574		7,447,878
Payable for investments purchased		3,706		637,861		2,603,319
Payable for fund shares redeemed		763,189		572,100		1,748,827
Payable for dividend and interest expense on investments sold short		—		—		158,027
Payable to affiliate		254,595		182,093		528,189
Payable to custodian		3,561		—		78,540
Payable for foreign withholding taxes and foreign capital gains taxes		647		—		182,041
Accrued expenses and other liabilities		142,530		139,249		266,693
Total liabilities		12,534,024		3,119,877		115,280,674
Net assets	$	353,503,695	$	292,986,787	$	769,091,292

¹  Includes $14,902,033; $5,750,330 and $16,326,676, respectively of investments in securities on loan, at value, plus accrued interest and dividends, if any.

See accompanying notes to financial statements.
237

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE Small/Medium Co Value Equity Investments		PACE Small/Medium Co Growth Equity Investments			PACE International Equity Investments
Net assets consist of:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	302,779,350	$	296,460,519		$	698,965,588
Distributable earnings (accumulated losses)		50,724,345		(3,473,732	)		70,125,704
Net assets	$	353,503,695	$	292,986,787		$	769,091,292
Class A
Net assets	$	16,425,407	$	19,479,205		$	22,308,574
Shares outstanding		924,535		1,754,296			1,381,807
Net asset value per share	$	17.77	$	11.10		$	16.14
Maximum offering price per share	$	18.80	$	11.75		$	17.08
Class Y
Net assets	$	127,929	$	7,617		$	10,392,539
Shares outstanding		6,738		560			648,067
Net asset value, offering price and redemption value per share2	$	18.99	$	13.60		$	16.04
Class P
Net assets	$	336,949,675	$	273,499,453		$	736,390,179
Shares outstanding		18,098,597		21,020,109			46,051,833
Net asset value, offering price and redemption value per share2	$	18.62	$	13.01		$	15.99
Class P2
Net assets	$	684	$	512		$	—
Shares outstanding		37		41			—
Net asset value and offering price per share	$	18.433	$	12.643		$	—

²  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

³  Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

See accompanying notes to financial statements.
238

PACE Select Advisors Trust

Statement of assets and liabilities (continued)
January 31, 2023 (unaudited)

	PACE International Emerging Markets Equity Investments		PACE Global Real Estate Securities Investments		PACE Alternative Strategies Investments
Assets:
Investments, at cost
Investments	$	282,984,915	$	84,005,064	$	339,484,418
Foreign currency		1,032,559		1,819		3,279,588
Investments, at value
Investments1	$	290,178,341	$	78,308,777	$	351,051,331
Foreign currency		1,032,474		1,819		3,300,700
Cash collateral on options		—		—		2,820,299
Cash collateral on futures		—		—		4,113,675
Cash collateral on swap agreements		—		—		20,573,036
Cash collateral on investments sold short		—		—		78,847,081
Cash collateral for forward foreign currency contracts		—		—		270,000
Due from broker		—		—		18,572,187
Receivable for investments sold		3,515,157		128,186		7,694,752
Receivable for fund shares sold		59,939		21,792		61,368
Receivable for interest and dividends		799,239		168,384		1,511,435
Receivable for foreign tax reclaims		29,176		34,498		185,493
OTC swap agreements, at value2		—		—		1,299,082
Unrealized appreciation on forward foreign currency contracts		—		—		382,711
Other assets		39,394		17,852		43,580
Total assets		295,653,720		78,681,308		490,726,730
Liabilities:
Investments sold short, at value (proceeds—$0; $0 and $106,011,454, respectively)		—		—		116,393,143
Options and swaptions written, at value (premiums received $0; $0 and $1,675,542, respectively)		—		—		1,113,148
Due to broker		—		—		1,180,131
Payable for bank loan		1,154,926		—		—
Payable for cash collateral from securities loaned		6,783,375		2,209,100		—
Payable for investments purchased		3,008,765		125,941		14,222,256
Payable for fund shares redeemed		646,471		169,725		555,522
Payable for dividend and interest expense on investments sold short		—		—		154,512
Payable to affiliate		174,826		47,893		322,973
Payable to custodian		313,493		13,101		263,558
Payable for foreign withholding taxes and foreign capital gains taxes		576,923		32,301		8,228
Payable for variation margin on futures contracts		—		—		699,046
Payable for variation margin on centrally cleared swap agreements		—		—		28,483
OTC swap agreements, at value		—		—		786,342
Unrealized depreciation on forward foreign currency contracts		—		—		624,939
Accrued expenses and other liabilities		121,479		165,835		93,468
Total liabilities		12,780,258		2,763,896		136,445,749
Net assets	$	282,873,462	$	75,917,412	$	354,280,981

¹  Includes $7,765,481; $6,316,911 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 $65.

See accompanying notes to financial statements.
239

PACE Select Advisors Trust

Statement of assets and liabilities (concluded)
January 31, 2023 (unaudited)

	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)	$	299,105,641		$	90,830,807		$	357,637,323
Distributable earnings (accumulated losses)		(16,232,179	)		(14,913,395	)		(3,356,342	)
Net assets	$	282,873,462		$	75,917,412		$	354,280,981
Class A
Net assets	$	3,489,934		$	220,423		$	4,208,532
Shares outstanding		273,997			32,250			398,224
Net asset value per share	$	12.74		$	6.83		$	10.57
Maximum offering price per share	$	13.48		$	7.23		$	11.19
Class Y
Net assets	$	4,551,250		$	—		$	408,566
Shares outstanding		354,095			—			38,495
Net asset value, offering price and redemption value per share3	$	12.85		$	—		$	10.61
Class P
Net assets	$	274,832,278		$	75,696,989		$	349,662,886
Shares outstanding		21,510,991			11,590,145			33,099,411
Net asset value, offering price and redemption value per share3	$	12.78		$	6.53		$	10.56
Class P2
Net assets	$	—		$	—		$	997
Shares outstanding		—			—			95
Net asset value and offering price per share	$	—		$	—		$	10.534

³  Assumes shares were held a sufficient period or are otherwise not subject to a redemption fee.

⁴  Actual net asset value per share presented differs from calculated net asset value per share due to rounding.

See accompanying notes to financial statements.
240

PACE Select Advisors Trust

Statement of operations
For the six months ended January 31, 2023 (unaudited)

	UBS Government Money Market Investments Fund				PACE Mortgage-Backed Securities Fixed Income Investments			PACE Intermediate Fixed Income Investments
Investment income:
Interest	$	15,068,068			$	4,219,015		$	5,325,147
Securities lending		—				—			10,431
Foreign tax withheld		—				(335,050	)		—
Total income		15,068,068				3,883,965			5,335,578
Expenses:
Investment management and administration fees		1,075,739				654,817			668,211
Service fees—Class A		—				26,863			11,116
Transfer agency and related services fees		387,212				213,423			190,120
Custody and fund accounting fees		17,002				78,119			115,054
Trustees fees		9,734				9,253			9,265
Professional services fees		41,733				93,217			94,537
Printing and shareholder report fees		36,028				21,650			21,188
Federal and state registration fees		43,936				23,351			23,368
Insurance expense		1,525				3,513			2,001
Other expenses		26,491		��		26,052			26,647
Total expenses		1,639,400				1,150,258			1,161,507
Fee waivers and/or expense reimbursements by investment manager and administrator		(95,786	)			(265,706	)		(408,755	)
Net expenses		1,543,614				884,552			752,752
Net investment income (loss)		13,524,454				2,999,413			4,582,826
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		—				(10,538,310	)		(28,365,733	)
Securities sold short		—				911,868			—
Options and swaptions written		—				289,913			(1,586	)
Futures contracts		—				278,701			(328,121	)
Swap agreements		—				4,153,958			(253,247	)
Forward foreign currency contracts		—				—			233,603
Foreign currency transactions		—				—			(670	)
Net realized gain (loss)		—				(4,903,870	)		(28,715,754	)
Change in net unrealized appreciation (depreciation) on:
Investments		—				(9,393,254	)		18,827,595
Investments sold short		—				318,092			217,390
Options and swaptions written		—				1,018,985			(3,609	)
Futures contracts		—				266,746			271,838
Swap agreements		—				(365,347	)		240,152
Forward foreign currency contracts		—				—			(208,369	)
Translation of other assets and liabilities denominated in foreign currency		—				—			9,254
Net change in unrealized appreciation (depreciation)		—				(8,154,778	)		19,354,251
Net realized and unrealized gain (loss)		—				(13,058,648	)		(9,361,503	)
Net increase (decrease) in net assets resulting from operations	$	13,524,454			$	(10,059,235	)	$	(4,778,677	)

See accompanying notes to financial statements.
241

PACE Select Advisors Trust

Statement of operations (continued)
For the six months ended January 31, 2023 (unaudited)

	PACE Strategic Fixed Income Investments			PACE Municipal Fixed Income Investments			PACE Global Fixed Income Investments
Investment income:
Dividends	$	60,660		$	—		$	—
Interest		12,518,835			3,644,114			3,344,079
Securities lending		36,323			—			404
Foreign tax withheld		(3,142	)		—			(10,796	)
Total income		12,612,676			3,644,114			3,333,687
Expenses:
Investment management and administration fees		1,383,320			617,228			690,672
Service fees—Class A		14,129			35,810			23,578
Transfer agency and related services fees		246,060			40,716			220,450
Custody and fund accounting fees		118,170			12,399			107,776
Trustees fees		11,253			9,296			9,212
Professional services fees		105,688			75,199			97,543
Printing and shareholder report fees		26,404			8,578			23,792
Federal and state registration fees		23,577			23,843			22,902
Insurance expense		3,341			1,495			1,463
Interest expense		438,070			—			—
Other expenses		30,228			18,450			19,878
Total expenses		2,400,240			843,014			1,217,266
Fee waivers and/or expense reimbursements by investment manager and administrator		(227,464	)		(102,283	)		(232,194	)
Net expenses		2,172,776			740,731			985,072
Net investment income (loss)		10,439,900			2,903,383			2,348,615
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(47,703,302	)		57,621			(22,288,895	)
Securities sold short		2,927,934			—			—
Options and swaptions written		458,321			—			—
Futures contracts		1,237,116			—			541,207
Swap agreements		(1,008,510	)		—			—
Forward foreign currency contracts		(378,151	)		—			2,200,026
Foreign currency transactions		94,742			—			194,764
Net realized gain (loss)		(44,371,850	)		57,621			(19,352,898	)
Change in net unrealized appreciation (depreciation) on:
Investments		27,996,281			(1,997,358	)		14,867,111
Options and swaptions written		(339,325	)		—			—
Futures contracts		(1,218,073	)		—			(719,678	)
Swap agreements		1,105,962			—			—
Forward foreign currency contracts		1,670			—			(110,939	)
Translation of other assets and liabilities denominated in foreign currency		(29,062	)		—			62,898
Net change in unrealized appreciation (depreciation)		27,517,453			(1,997,358	)		14,099,392
Net realized and unrealized gain (loss)		(16,854,397	)		(1,939,737	)		(5,253,506	)
Net increase (decrease) in net assets resulting from operations	$	(6,414,497	)	$	963,646		$	(2,904,891	)

See accompanying notes to financial statements.
242

PACE Select Advisors Trust

Statement of operations (continued)
For the six months ended January 31, 2023 (unaudited)

	PACE High Yield Investments			PACE Large Co Value Equity Investments			PACE Large Co Growth Equity Investments
Investment income:
Dividends	$	12,409		$	10,326,789		$	4,353,722
Interest		7,661,306			454,368			410,095
Securities lending		2,533			12,673			153
Foreign tax withheld		—			(71,518	)		(3,491	)
Total income		7,676,248			10,722,312			4,760,479
Expenses:
Investment management and administration fees		801,930			3,437,494			3,199,805
Service fees—Class A		4,309			114,038			53,692
Transfer agency and related services fees		182,615			285,972			278,522
Custody and fund accounting fees		24,343			75,487			43,594
Trustees fees		9,132			13,676			13,611
Professional services fees		80,566			91,461			113,936
Printing and shareholder report fees		16,872			30,483			26,933
Federal and state registration fees		32,343			23,903			23,973
Insurance expense		1,315			5,476			6,141
Interest expense		2,387			2,087			11,549
Other expenses		27,665			38,914			28,439
Total expenses		1,183,477			4,118,991			3,800,195
Fee waivers and/or expense reimbursements by investment manager and administrator		(176,188	)		(3,033	)		(173,224	)
Net expenses		1,007,289			4,115,958			3,626,971
Net investment income (loss)		6,668,959			6,606,354			1,133,508
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments		(8,830,881	)		24,940,957			(5,671,518	)
Forward foreign currency contracts		(2,055,790	)		—			—
Foreign currency transactions		1,377,899			(3,878	)		—
Net realized gain (loss)		(9,508,772	)		24,937,079			(5,671,518	)
Change in net unrealized appreciation (depreciation) on:
Investments		10,795,584			40,119,257			(36,394,379	)
Forward foreign currency contracts		(1,216,441	)		—			—
Translation of other assets and liabilities denominated in foreign currency		49,199			7,272			—
Net change in unrealized appreciation (depreciation)		9,628,342			40,126,529			(36,394,379	)
Net realized and unrealized gain (loss)		119,570			65,063,608			(42,065,897	)
Net increase (decrease) in net assets resulting from operations	$	6,788,529		$	71,669,962		$	(40,932,389	)

See accompanying notes to financial statements.
243

PACE Select Advisors Trust

Statement of operations (continued)
For the six months ended January 31, 2023 (unaudited)

	PACE Small/Medium Co Value Equity Investments			PACE Small/Medium Co Growth Equity Investments			PACE International Equity Investments
Investment income:
Dividends	$	3,246,188		$	949,035		$	10,118,853
Interest		293,758			58,845			87,005
Securities lending		41,697			19,047			31,716
Foreign tax withheld		(13,989	)		(7,279	)		(782,709	)
Total income		3,567,654			1,019,648			9,454,865
Expenses:
Investment management and administration fees		1,464,224			1,237,272			3,343,112
Service fees—Class A		20,792			24,955			26,439
Transfer agency and related services fees		263,054			259,768			270,586
Custody and fund accounting fees		24,617			30,479			166,267
Trustees fees		10,134			9,917			12,864
Professional services fees		75,100			74,737			145,333
Printing and shareholder report fees		23,087			23,205			25,881
Federal and state registration fees		32,210			32,286			32,635
Insurance expense		2,321			2,423			5,466
Interest expense		3,299			6,939			22,075
Dividend expense		—			—			1,606,569
Other expenses		28,084			24,323			52,897
Total expenses		1,946,922			1,726,304			5,710,124
Fee waivers and/or expense reimbursements by investment manager and administrator		(24,134	)		(33,557	)		(306,357	)
Net expenses		1,922,788			1,692,747			5,403,767
Net investment income (loss)		1,644,866			(673,099	)		4,051,098
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (including foreign capital gain tax expense of $0; $0; $3,486, respectively)		11,579,384			2,410,892			(10,325,656	)
Securities sold short		—			—			4,807,120
Forward foreign currency contracts		—			—			(12,608	)
Foreign currency transactions		(1,886	)		—			64,068
Net realized gain (loss)		11,577,498			2,410,892			(5,467,076	)
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $0; $0; $1,316 respectively)		(866,675	)		5,377,555			72,757,904
Investments sold short		—			—			(20,964,765	)
Translation of other assets and liabilities denominated in foreign currency		8			—			229,686
Net change in unrealized appreciation (depreciation)		(866,667	)		5,377,555			52,022,825
Net realized and unrealized gain (loss)		10,710,831			7,788,447			46,555,749
Net increase (decrease) in net assets resulting from operations	$	12,355,697		$	7,115,348		$	50,606,847

See accompanying notes to financial statements.
244

PACE Select Advisors Trust

Statement of operations (concluded)
For the six months ended January 31, 2023 (unaudited)

	PACE International Emerging Markets Equity Investments			PACE Global Real Estate Securities Investments			PACE Alternative Strategies Investments
Investment income:
Dividends	$	3,868,628		$	1,117,268		$	5,377,935
Interest		28,198			10,794			3,562,251
Securities lending		10,776			5,032			—
Foreign tax withheld		(317,402	)		(32,510	)		(121,546	)
Total income		3,590,200			1,100,584			8,818,640
Expenses:
Investment management and administration fees		1,381,501			307,790			2,649,277
Service fees—Class A		4,402			364			5,745
Transfer agency and related services fees		239,754			185,416			124,009
Custody and fund accounting fees		217,171			35,067			348,437
Trustees fees		9,565			8,155			10,089
Professional services fees		92,529			76,067			133,617
Printing and shareholder report fees		22,278			23,203			21,694
Federal and state registration fees		26,628			16,516			33,374
Insurance expense		1,867			532			2,830
Interest expense		11,016			244			673
Dividend expense		—			—			1,425,206
Other expenses		38,571			22,331			44,474
Total expenses		2,045,282			675,685			4,799,425
Fee waivers and/or expense reimbursements by investment manager and administrator		(372,063	)		(213,393	)		(392,959	)
Net expenses		1,673,219			462,292			4,406,466
Net investment income (loss)		1,916,981			638,292			4,412,174
Net realized and unrealized gains (loss) from investment activities:
Net realized gain (loss) on:
Investments (including foreign capital gain tax expense of $670,079; $0; $0, respectively)		(2,170,875	)		(1,669,951	)		(4,077,435	)
Realized gain received as distribution from affiliated issuers		—			—			2,080,279
Securities sold short		—			—			2,178,553
Options and swaptions written		—			—			1,983,792
Futures contracts		—			—			(1,116,577	)
Swap agreements		—			—			2,811,358
Forward foreign currency contracts		(13,391	)		—			(1,604,035	)
Foreign currency transactions		(63,415	)		564			(78,854	)
Net realized gain (loss)		(2,247,681	)		(1,669,387	)		2,177,081
Change in net unrealized appreciation (depreciation) on:
Investments (net of change in deferred foreign capital gain taxes of $472,039; $0; $0, respectively)		22,019,487			(4,210,819	)		12,663,556
Investments sold short		—			—			(10,816,609	)
Options and swaptions written		—			—			431,614
Futures contracts		—			—			821,387
Swap agreements		—			—			898,714
Forward foreign currency contracts		—			—			1,680,362
Translation of other assets and liabilities denominated in foreign currency		5,947			2,568			(91,259	)
Net change in unrealized appreciation (depreciation)		22,025,434			(4,208,251	)		5,587,765
Net realized and unrealized gain (loss)		19,777,753			(5,877,638	)		7,764,846
Net increase (decrease) in net assets resulting from operations	$	21,694,734		$	(5,239,346	)	$	12,177,020

See accompanying notes to financial statements.
245

PACE Select Advisors Trust

Statement of changes in net assets

	UBS Government Money Market Investments Fund						PACE Mortgage-Backed Securities Fixed Income Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	13,524,454		$	488,906		$	2,999,413		$	4,076,098
Net realized gain (loss)		—			(230	)		(4,903,870	)		(17,521,604	)
Net change in unrealized appreciation (depreciation)		—			—			(8,154,778	)		(11,855,293	)
Net increase (decrease) in net assets resulting from operations		13,524,454			488,676			(10,059,235	)		(25,300,799	)
Total distributions—Class A		—			—			(449,900	)		(635,776	)
Total distributions—Class Y		—			—			(177,376	)		(315,350	)
Total distributions—Class P		(13,524,454	)		(488,906	)		(4,614,815	)		(7,033,256	)
Total distributions		(13,524,454	)		(488,906	)		(5,242,091	)		(7,984,382	)
From beneficial interest transactions:
Proceeds from shares sold		1,833,190,593			472,630,160			14,859,045			39,175,018
Cost of shares redeemed		(731,987,155	)		(314,333,368	)		(43,809,625	)		(66,778,809	)
Shares issued on reinvestment of dividends and distributions		10,480,896			270,296			4,714,377			7,197,642
Net increase (decrease) in net assets from beneficial interest transactions		1,111,684,334			158,567,088			(24,236,203	)		(20,406,149	)
Net increase (decrease) in net assets		1,111,684,334			158,566,858			(39,537,529	)		(53,691,330	)
Net assets:
Beginning of period		420,920,080			262,353,222			262,760,034			316,451,364
End of period	$	1,532,604,414		$	420,920,080		$	223,222,505		$	262,760,034

See accompanying notes to financial statements.
246

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Intermediate Fixed Income Investments						PACE Strategic Fixed Income Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	4,582,826		$	3,971,535		$	10,439,900		$	14,911,924
Net realized gain (loss)		(28,715,754	)		(6,679,382	)		(44,371,850	)		(9,444,458	)
Net change in unrealized appreciation (depreciation)		19,354,251			(28,545,407	)		27,517,453			(78,745,808	)
Net increase (decrease) in net assets resulting from operations		(4,778,677	)		(31,253,254	)		(6,414,497	)		(73,278,342	)
Total distributions—Class A		(160,257	)		(313,309	)		(210,693	)		(515,248	)
Total distributions—Class Y		(3,696	)		(6,718	)		(16,840	)		(35,619	)
Total distributions—Class P		(4,497,154	)		(9,176,493	)		(10,252,401	)		(24,300,943	)
Total distributions		(4,661,107	)		(9,496,520	)		(10,479,934	)		(24,851,810	)
From beneficial interest transactions:
Proceeds from shares sold		19,905,686			32,160,908			28,985,632			63,949,060
Cost of shares redeemed		(47,224,524	)		(56,736,949	)		(97,182,299	)		(107,996,066	)
Shares issued on reinvestment of dividends and distributions		4,185,235			8,707,785			9,607,595			22,907,290
Net increase (decrease) in net assets from beneficial interest transactions		(23,133,603	)		(15,868,256	)		(58,589,072	)		(21,139,716	)
Net increase (decrease) in net assets		(32,573,387	)		(56,618,030	)		(75,483,503	)		(119,269,868	)
Net assets:
Beginning of period		264,755,060			321,373,090			575,770,328			695,040,196
End of period	$	232,181,673		$	264,755,060		$	500,286,825		$	575,770,328

See accompanying notes to financial statements.
247

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Municipal Fixed Income Investments						PACE Global Fixed Income Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	2,903,383		$	6,394,025		$	2,348,615		$	2,440,795
Net realized gain (loss)		57,621			(917,668	)		(19,352,898	)		(20,559,036	)
Net change in unrealized appreciation (depreciation)		(1,997,358	)		(26,242,471	)		14,099,392			(25,306,521	)
Net increase (decrease) in net assets resulting from operations		963,646			(20,766,114	)		(2,904,891	)		(43,424,762	)
Total distributions—Class A		(301,370	)		(747,862	)		(202,334	)		(714,181	)
Total distributions—Class Y		(43	)		(94	)		(17,061	)		(53,759	)
Total distributions—Class P		(2,550,671	)		(6,526,117	)		(2,501,327	)		(8,723,204	)
Return of capital—Class A		—			—			—			(346,325	)
Return of capital—Class Y		—			—			—			(26,069	)
Return of capital—Class P		—			—			—			(4,230,110	)
Total distributions		(2,852,084	)		(7,274,073	)		(2,720,722	)		(14,093,648	)
From beneficial interest transactions:
Proceeds from shares sold		35,142,281			36,339,679			13,301,666			25,598,013
Cost of shares redeemed		(77,477,145	)		(60,444,963	)		(40,050,141	)		(48,192,744	)
Shares issued on reinvestment of dividends and distributions		2,396,329			6,156,661			2,479,577			13,030,590
Net increase (decrease) in net assets from beneficial interest transactions		(39,938,535	)		(17,948,623	)		(24,268,898	)		(9,564,141	)
Net increase (decrease) in net assets		(41,826,973	)		(45,988,810	)		(29,894,511	)		(67,082,551	)
Net assets:
Beginning of period		272,095,828			318,084,638			251,348,166			318,430,717
End of period	$	230,268,855		$	272,095,828		$	221,453,655		$	251,348,166

See accompanying notes to financial statements.
248

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE High Yield Investments						PACE Large Co Value Equity Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	6,668,959		$	13,673,263		$	6,606,354		$	13,580,812
Net realized gain (loss)		(9,508,772	)		(2,654,162	)		24,937,079			121,761,852
Net change in unrealized appreciation (depreciation)		9,628,342			(43,691,159	)		40,126,529			(150,332,335	)
Net increase (decrease) in net assets resulting from operations		6,788,529			(32,672,058	)		71,669,962			(14,989,671	)
Total distributions—Class A		(100,731	)		(244,399	)		(13,028,151	)		(17,090,824	)
Total distributions—Class Y		(17,118	)		(35,542	)		(2,345,835	)		(2,844,981	)
Total distributions—Class P		(6,141,185	)		(14,630,808	)		(111,987,956	)		(169,502,941	)
Total distributions—Class P21		(568,834	)		(715,972	)		—			—
Total distributions		(6,827,868	)		(15,626,721	)		(127,361,942	)		(189,438,746	)
From beneficial interest transactions:
Proceeds from shares sold		9,353,466			42,531,772			31,007,032			40,990,049
Cost of shares redeemed		(40,438,022	)		(42,457,298	)		(163,027,159	)		(194,879,853	)
Shares issued on reinvestment of dividends and distributions		6,274,160			14,302,440			118,397,484			178,147,466
Net increase (decrease) in net assets from beneficial interest transactions		(24,810,396	)		14,376,914			(13,622,643	)		24,257,662
Net increase (decrease) in net assets		(24,849,735	)		(33,921,865	)		(69,314,623	)		(180,170,755	)
Net assets:
Beginning of period		244,324,806			278,246,671			960,201,837			1,140,372,592
End of period	$	219,475,071		$	244,324,806		$	890,887,214		$	960,201,837

¹  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements.
249

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Large Co Growth Equity Investments						PACE Small/Medium Co Value Equity Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	1,133,508		$	(1,276,209	)	$	1,644,866		$	1,825,286
Net realized gain (loss)		(5,671,518	)		302,471,951			11,577,498			64,163,305
Net change in unrealized appreciation (depreciation)		(36,394,379	)		(479,651,619	)		(866,667	)		(93,063,919	)
Net increase (decrease) in net assets resulting from operations		(40,932,389	)		(178,455,877	)		12,355,697			(27,075,328	)
Total distributions—Class A		(16,280,967	)		(12,834,665	)		(2,970,541	)		(2,851,089	)
Total distributions—Class Y		(5,870,524	)		(4,210,372	)		(22,213	)		(21,749	)
Total distributions—Class P		(246,028,041	)		(221,390,540	)		(58,896,484	)		(65,914,739	)
Total distributions—Class P21		—			—			(137	)		(143	)
Total distributions		(268,179,532	)		(238,435,577	)		(61,889,375	)		(68,787,720	)
From beneficial interest transactions:
Proceeds from shares sold		48,862,301			43,847,885			13,553,724			18,738,535
Cost of shares redeemed		(200,818,101	)		(206,798,587	)		(66,574,723	)		(87,061,604	)
Shares issued on reinvestment of dividends and distributions		251,742,784			224,880,269			57,136,597			64,231,945
Net increase (decrease) in net assets from beneficial interest transactions		99,786,984			61,929,567			4,115,598			(4,091,124	)
Net increase (decrease) in net assets		(209,324,937	)		(354,961,887	)		(45,418,080	)		(99,954,172	)
Net assets:
Beginning of period		933,363,022			1,288,324,909			398,921,775			498,875,947
End of period	$	724,038,085		$	933,363,022		$	353,503,695		$	398,921,775

¹  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements.
250

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE Small/Medium Co Growth Equity Investments						PACE International Equity Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	(673,099	)	$	(1,958,396	)	$	4,051,098		$	19,691,466
Net realized gain (loss)		2,410,892			217,056			(5,467,076	)		29,552,691
Net change in unrealized appreciation (depreciation)		5,377,555			(102,975,731	)		52,022,825			(165,173,146	)
Net increase (decrease) in net assets resulting from operations		7,115,348			(104,717,071	)		50,606,847			(115,928,989	)
Total distributions—Class A		—			(10,532,041	)		(606,009	)		(1,941,620	)
Total distributions—Class Y		—			(2,872	)		(307,773	)		(932,253	)
Total distributions—Class P		—			(140,689,915	)		(22,468,461	)		(73,791,579	)
Total distributions—Class P21		—			(303	)		—			—
Total distributions		—			(151,225,131	)		(23,382,243	)		(76,665,452	)
From beneficial interest transactions:
Proceeds from shares sold		17,570,864			22,114,308			21,619,592			45,662,466
Cost of shares redeemed		(68,077,375	)		(78,545,293	)		(115,792,913	)		(147,323,022	)
Shares issued on reinvestment of dividends and distributions		—			141,684,760			21,747,118			71,885,977
Net increase (decrease) in net assets from beneficial interest transactions		(50,506,511	)		85,253,775			(72,426,203	)		(29,774,579	)
Net increase (decrease) in net assets		(43,391,163	)		(170,688,427	)		(45,201,599	)		(222,369,020	)
Net assets:
Beginning of period		336,377,950			507,066,377			814,292,891			1,036,661,911
End of period	$	292,986,787		$	336,377,950		$	769,091,292		$	814,292,891

¹  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements.
251

PACE Select Advisors Trust

Statement of changes in net assets (continued)

	PACE International Emerging Markets Equity Investments						PACE Global Real Estate Securities Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022			For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	1,916,981		$	6,439,014		$	638,292		$	1,023,074
Net realized gain (loss)		(2,247,681	)		(6,285,084	)		(1,669,387	)		5,778,748
Net change in unrealized appreciation (depreciation)		22,025,434			(77,859,220	)		(4,208,251	)		(18,984,863	)
Net increase (decrease) in net assets resulting from operations		21,694,734			(77,705,290	)		(5,239,346	)		(12,183,041	)
Total distributions—Class A		(69,521	)		(485,849	)		(1,332	)		(10,496	)
Total distributions—Class Y		(100,744	)		(551,067	)		—			—
Total distributions—Class P		(6,326,503	)		(38,408,749	)		(809,555	)		(3,364,848	)
Return of capital—Class A		—			—			—			(721	)
Return of capital—Class P		—			—			—			(231,205	)
Total distributions		(6,496,768	)		(39,445,665	)		(810,887	)		(3,607,270	)
From beneficial interest transactions:
Proceeds from shares sold		15,905,066			36,282,756			3,275,061			6,504,501
Cost of shares redeemed		(50,077,290	)		(57,863,259	)		(12,675,090	)		(18,348,320	)
Shares issued on reinvestment of dividends and distributions		6,089,760			37,319,696			744,330			3,354,812
Net increase (decrease) in net assets from beneficial interest transactions		(28,082,464	)		15,739,193			(8,655,699	)		(8,489,007	)
Net increase (decrease) in net assets		(12,884,498	)		(101,411,762	)		(14,705,932	)		(24,279,318	)
Net assets:
Beginning of period		295,757,960			397,169,722			90,623,344			114,902,662
End of period	$	282,873,462		$	295,757,960		$	75,917,412		$	90,623,344

See accompanying notes to financial statements.
252

PACE Select Advisors Trust

Statement of changes in net assets (concluded)

	PACE Alternative Strategies Investments
	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	4,412,174		$	(4,393,861	)
Net realized gain (loss)		2,177,081			12,194,333
Net change in unrealized appreciation (depreciation)		5,587,765			(11,927,543	)
Net increase (decrease) in net assets resulting from operations		12,177,020			(4,127,071	)
Total distributions—Class A		(102,502	)		(350,092	)
Total distributions—Class Y		(9,562	)		(26,763	)
Total distributions—Class P		(8,444,577	)		(26,945,358	)
Total distributions—Class P21		(24	)		—
Total distributions		(8,556,665	)		(27,322,213	)
From beneficial interest transactions:
Proceeds from shares sold		13,929,814			31,133,623
Cost of shares redeemed		(67,823,624	)		(83,137,829	)
Shares issued on reinvestment of dividends and distributions		8,066,358			26,002,759
Net increase (decrease) in net assets from beneficial interest transactions		(45,827,452	)		(26,001,447	)
Net increase (decrease) in net assets		(42,207,097	)		(57,450,731	)
Net assets:
Beginning of period		396,488,078			453,938,809
End of period	$	354,280,981		$	396,488,078

¹  For the period from November 14, 2022 (commencement of operations) through January 31, 2023.

See accompanying notes to financial statements.
253

PACE Select Advisors Trust

Statement of cash flows
For the period ended January 31, 2023

	PACE International Equity Investments
Cash flows from operating activites
Net increase (decrease) in net assets resulting from operations	$	50,606,847
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		(148,955,882	)
Purchases to cover investments sold short		(84,889,275	)
Proceeds from disposition of long-term investments		259,800,869
Sales of investments sold short		62,212,062
Net purchases from short-term investments		4,888,367
Net realized gain (loss) from investments in securities		10,325,656
Net realized gain (loss) from investments sold short		(4,807,120	)
Net change in unrealized appreciation (depreciation) of investments in securities		(72,757,904	)
Net change in unrealized appreciation (depreciation) of investments sold short		20,964,765
Changes in assets and liabilities:
Increase (decrease) in assets:
Receivable for interest and dividends		193,659
Receivable for foreign tax reclaims		(205,976	)
Other assets		2,414
Increase (decrease) in liabilities:
Payable for bank loan		712,254
Payable for cash collateral from securities loaned		(1,404,932	)
Payable for dividends and interest on investments sold short		(31,901	)
Payable to affiliate		(55,241	)
Payable to custodian		10,090
Payable for foreign withholding taxes and foreign capital gains taxes		(19,284	)
Accrued expenses and other liabilities		(76,424	)
Net cash provided from operating activities		96,513,044
Cash flows from financing activities
Proceeds from borrowings		17,190,272
Payments from borrowings		(17,190,272	)
Proceeds from shares sold		21,600,823
Cost of shares repurchased		(114,929,206	)
Dividends paid to shareholders		(1,635,125	)
Net cash used in financing activities		(94,963,508	)
Net increase (decrease) in cash and foreign currency		1,549,536
Cash and foreign currency, beginning of year		1,105,423
Cash and foreign currency, end of year	$	2,654,959
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(21,747,118	)
Cash paid during the year for interest	$	22,075

See accompanying notes to financial statements.
254

PACE Select Advisors Trust

Statement of cash flows (concluded)
For the period ended January 31, 2023

	PACE Alternative Strategies Investments
Cash flows from operating activities
Net decrease in net assets resulting from operations	$	12,177,020
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		(510,489,950	)
Purchases to cover investments sold short		(263,707,677	)
Proceeds from disposition of long-term investments securities		503,737,441
Sales of investments sold short		291,327,076
Net proceeds from short-term investments		33,618,247
Net realized (gain) loss from investments in securities		4,077,435
Net realized (gain) loss from investments sold short		(2,178,553	)
Net change in unrealized appreciation (depreciation) of investments in securities		(12,663,556	)
Net change in unrealized appreciation (depreciation) of investments sold short		10,816,609
Net change in unrealized appreciation (depreciation) of forward foreign currency contracts		(1,680,362	)
Changes in assets and liabilities:
(Increase) decrease in assets:
Cash collateral on options		16,800,854
Cash collateral on futures		(1,460,695	)
Cash Collateral on swaps agreements		(637,928	)
Cash collateral on investments sold short		(3,753,055	)
Cash collateral for forward foreign currency contracts		12,700,000
Due from broker		(15,806,623	)
Receivable for interest		(968,324	)
OTC swap agreements, at value		555,622
Receivable for foreign tax reclaims		(4,796	)
Other assets		(3,518	)
Increase (decrease) in liabilities:
Due to broker		(11,336,799	)
Options and swaptions written, at value		(2,960,384	)
OTC swap agreements, at value		(455,131	)
Payable for variation margin on futures		(928,921	)
Payable for variation margin on swaps		(41,951	)
Payable for dividends and interest expense on securities sold short		79,351
Payable to affiliate		10,543
Payable to custodian		(64,895	)
Payable for dividend and interest expense on investments sold short		2,445
Accrued expenses and other liabilities		(139,675	)
Net cash provided by operating activities		56,619,850
Cash flows from financing activities
Proceeds from shares sold		13,931,495
Cost of shares repurchased		(67,647,563	)
Dividends paid to shareholders		(490,307	)
Net cash used in financing activities		(54,206,375	)
Net increase (decrease) in cash and foreign currency		2,413,475
Cash and foreign currency, beginning of period		887,225
Cash and foreign currency, end of period	$	3,300,700
Supplemental disclosure of cash flow information:
Reinvestment of dividends	$	(8,066,358	)
Cash paid during the period for interest	$	673

See accompanying notes to financial statements
255

This page intentionally left blank.

256

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.020			0.0001			0.0001			0.008			0.017			0.008
Net realized gain (loss)		—			(0.000	)1		0.0001			—			0.0001			0.0001
Net increase (decrease) from operations		0.020			0.0001			0.0001			0.008			0.017			0.008
Dividends from net investment income		(0.020	)		(0.000	)1		(0.000	)1		(0.008	)		(0.017	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		1.41	%		0.12	%		0.01	%		0.76	%		1.72	%		0.83	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.38	%3		0.64	%		0.65	%		0.75	%		0.90	%		0.89	%
Expenses after fee waivers and/or expense reimbursements		0.36	%3		0.26	%		0.10	%		0.49	%		0.60	%		0.60	%
Net investment income (loss)		3.14	%3		0.16	%		0.01	%		0.60	%		1.71	%		0.82	%
Supplemental data:
Net assets, end of period (000's)	$	1,532,604		$	420,920		$	262,353		$	316,103		$	184,602		$	188,794

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 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 Fund distributions.

³  Annualized.

See accompanying notes to financial statements.

257

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.47		$	12.83		$	13.03		$	12.69		$	12.34		$	12.85
Net investment income (loss)1		0.12			0.14			0.13			0.26			0.30			0.24
Net realized and unrealized gain (loss)		(0.54	)		(1.20	)		0.04			0.48			0.46			(0.38	)
Net increase (decrease) from operations		(0.42	)		(1.06	)		0.17			0.74			0.76			(0.14	)
Dividends from net investment income		(0.23	)		(0.30	)		(0.37	)		(0.40	)		(0.41	)		(0.37	)
Net asset value, end of period	$	10.82		$	11.47		$	12.83		$	13.03		$	12.69		$	12.34
Total investment return2		(3.72	)%		(8.25	)%		1.20	%		6.02	%		6.27	%		(1.12	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.13	%3		1.19	%4		1.14	%		1.36	%		1.38	%		1.09	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.97	%3		0.97	%4		0.98	%		1.20	%		1.25	%		0.97	%4
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.97	%3		0.97	%		0.97	%		0.97	%		0.97	%		0.97	%
Net investment income (loss)		2.29	%3		1.15	%		0.98	%		2.02	%		2.42	%		1.88	%
Supplemental data:
Net assets, end of period (000's)	$	21,003		$	23,265		$	28,960		$	31,498		$	34,380		$	30,489
Portfolio turnover		450	%		817	%		796	%		765	%		905	%		887	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.47		$	12.83		$	13.04		$	12.69		$	12.35		$	12.86
Net investment income (loss)1		0.14			0.17			0.16			0.30			0.33			0.27
Net realized and unrealized gain (loss)		(0.55	)		(1.20	)		0.03			0.48			0.45			(0.38	)
Net increase (decrease) from operations		(0.41	)		(1.03	)		0.19			0.78			0.78			(0.11	)
Dividends from net investment income		(0.24	)		(0.33	)		(0.40	)		(0.43	)		(0.44	)		(0.40	)
Net asset value, end of period	$	10.82		$	11.47		$	12.83		$	13.04		$	12.69		$	12.35
Total investment return2		(3.59	)%		(8.01	)%		1.46	%		6.28	%		6.44	%		(0.87	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.04	%3		1.05	%4		0.95	%		1.23	%		1.25	%		1.01	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.72	%3		0.72	%4		0.73	%		0.97	%		0.98	%		0.72	%4
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)		2.54	%3		1.40	%		1.24	%		2.35	%		2.66	%		2.12	%
Supplemental data:
Net assets, end of period (000's)	$	7,754		$	9,000		$	13,535		$	15,308		$	25,481		$	30,542
Portfolio turnover		450	%		817	%		796	%		765	%		905	%		887	%

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 would pay on Portfolio distributions or the redemption of Portfolio shares.

258

PACE Mortgage-Backed Securities Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.48		$	12.84		$	13.04		$	12.70		$	12.35		$	12.86
Net investment income (loss)1		0.14			0.17			0.16			0.29			0.33			0.27
Net realized and unrealized gain (loss)		(0.55	)		(1.20	)		0.04			0.48			0.46	��		(0.38	)
Net increase (decrease) from operations		(0.41	)		(1.03	)		0.20			0.77			0.79			(0.11	)
Dividends from net investment income		(0.24	)		(0.33	)		(0.40	)		(0.43	)		(0.44	)		(0.40	)
Net asset value, end of period	$	10.83		$	11.48		$	12.84		$	13.04		$	12.70		$	12.35
Total investment return2		(3.51	)%		(8.09	)%		1.53	%		6.20	%		6.53	%		(0.87	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.95	%3		1.00	%4		0.96	%		1.18	%		1.22	%		0.93	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.72	%3		0.72	%4		0.73	%		0.95	%		1.00	%		0.72	%4
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)		2.54	%3		1.41	%		1.23	%		2.26	%		2.66	%		2.14	%
Supplemental data:
Net assets, end of period (000's)	$	194,466		$	230,495		$	273,956		$	281,524		$	302,107		$	321,912
Portfolio turnover		450	%		817	%		796	%		765	%		905	%		887	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

259

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.16		$	12.78		$	13.36		$	12.44		$	11.90		$	12.34
Net investment income (loss)1		0.19			0.13			0.12			0.23			0.30			0.24
Net realized and unrealized gain (loss)		(0.38	)		(1.40	)		(0.22	)		0.95			0.56			(0.42	)
Net increase (decrease) from operations		(0.19	)		(1.27	)		(0.10	)		1.18			0.86			(0.18	)
Dividends from net investment income		(0.19	)		(0.16	)		(0.17	)		(0.26	)		(0.32	)		(0.26	)
Distributions from net realized gains		—			(0.19	)		(0.31	)		—			—			—
Total dividends and distributions		(0.19	)		(0.35	)		(0.48	)		(0.26	)		(0.32	)		(0.26	)
Net asset value, end of period	$	10.78		$	11.16		$	12.78		$	13.36		$	12.44		$	11.90
Total investment return2		(1.61	)%		(10.08	)%		(0.72	)%		9.61	%		7.33	%		(1.43	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.16	%3		1.14	%		1.06	%		1.04	%4		1.05	%4		1.00	%4
Expenses after fee waivers and/or expense reimbursements		0.86	%3		0.91	%		0.91	%		0.91	%4		0.91	%4		0.93	%4
Net investment income (loss)		3.54	%3		1.09	%		0.95	%		1.82	%		2.52	%		1.97	%
Supplemental data:
Net assets, end of period (000's)	$	8,585		$	9,475		$	12,045		$	13,475		$	13,652		$	14,254
Portfolio turnover		179	%		124	%		416	%		403	%		511	%		537	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.16		$	12.78		$	13.36		$	12.44		$	11.90		$	12.34
Net investment income (loss)1		0.20			0.16			0.16			0.26			0.33			0.27
Net realized and unrealized gain (loss)		(0.37	)		(1.40	)		(0.22	)		0.95			0.56			(0.42	)
Net increase (decrease) from operations		(0.17	)		(1.24	)		(0.06	)		1.21			0.89			(0.15	)
Dividends from net investment income		(0.21	)		(0.19	)		(0.21	)		(0.29	)		(0.35	)		(0.29	)
Distributions from net realized gains		—			(0.19	)		(0.31	)		—			—			—
Total dividends and distributions		(0.21	)		(0.38	)		(0.52	)		(0.29	)		(0.35	)		(0.29	)
Net asset value, end of period	$	10.78		$	11.16		$	12.78		$	13.36		$	12.44		$	11.90
Total investment return2		(1.49	)%		(9.85	)%		(0.47	)%		9.89	%		7.60	%		(1.20	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.17	%3		1.08	%		0.96	%		0.87	%4		0.98	%4		0.95	%4
Expenses after fee waivers and/or expense reimbursements		0.61	%3		0.66	%		0.66	%		0.66	%4		0.66	%4		0.68	%4
Net investment income (loss)		3.80	%3		1.37	%		1.22	%		2.08	%		2.77	%		2.23	%
Supplemental data:
Net assets, end of period (000's)	$	194		$	198		$	199		$	271		$	325		$	293
Portfolio turnover		179	%		124	%		416	%		403	%		511	%		537	%

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.

260

PACE Intermediate Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.16		$	12.79		$	13.36		$	12.44		$	11.90		$	12.34
Net investment income (loss)1		0.20			0.16			0.15			0.26			0.33			0.27
Net realized and unrealized gain (loss)		(0.37	)		(1.41	)		(0.20	)		0.95			0.56			(0.42	)
Net increase (decrease) from operations		(0.17	)		(1.25	)		(0.05	)		1.21			0.89			(0.15	)
Dividends from net investment income		(0.21	)		(0.19	)		(0.21	)		(0.29	)		(0.35	)		(0.29	)
Distributions from net realized gains		—			(0.19	)		(0.31	)		—			—			—
Total dividends and distributions		(0.21	)		(0.38	)		(0.52	)		(0.29	)		(0.35	)		(0.29	)
Net asset value, end of period	$	10.78		$	11.16		$	12.79		$	13.36		$	12.44		$	11.90
Total investment return2		(1.40	)%		(9.92	)%		(0.39	)%		9.89	%		7.60	%		(1.20	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.95	%3		0.92	%		0.85	%		0.84	%4		0.86	%4		0.81	%4
Expenses after fee waivers and/or expense reimbursements		0.61	%3		0.66	%		0.66	%		0.66	%4		0.66	%4		0.68	%4
Net investment income (loss)		3.78	%3		1.35	%		1.20	%		2.08	%		2.77	%		2.23	%
Supplemental data:
Net assets, end of period (000's)	$	223,403		$	255,082		$	309,129		$	323,819		$	334,203		$	352,865
Portfolio turnover		179	%		124	%		416	%		403	%		511	%		537	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

261

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.31		$	14.33		$	14.91		$	13.91		$	13.32		$	13.81
Net investment income (loss)1		0.22			0.28			0.32			0.37			0.40			0.35
Net realized and unrealized gain (loss)		(0.33	)		(1.81	)		(0.14	)		1.06			0.61			(0.47	)
Net increase (decrease) from operations		(0.11	)		(1.53	)		0.18			1.43			1.01			(0.12	)
Dividends from net investment income		(0.22	)		(0.32	)		(0.33	)		(0.43	)		(0.42	)		(0.37	)
Distributions from net realized gains		—			(0.17	)		(0.43	)		—			—			—
Total dividends and distributions		(0.22	)		(0.49	)		(0.76	)		(0.43	)		(0.42	)		(0.37	)
Net asset value, end of period	$	11.98		$	12.31		$	14.33		$	14.91		$	13.91		$	13.32
Total investment return2		(0.82	)%		(10.95	)%		1.25	%		10.56	%		7.69	%		(0.89	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.13	%3,4		1.03	%4		1.00	%		1.35	%		1.56	%		1.05	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		1.07	%3,4		0.90	%4		0.94	%		1.28	%		1.51	%		1.01	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.90	%3		0.90	%		0.93	%		0.93	%		0.96	%		0.96	%
Net investment income (loss)		3.70	%3		2.06	%		2.19	%		2.57	%		2.98	%		2.57	%
Supplemental data:
Net assets, end of period (000's)	$	11,035		$	12,073		$	15,976		$	18,980		$	18,074		$	13,652
Portfolio turnover		108	%		65	%		147	%		248	%		308	%		243	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.29		$	14.31		$	14.88		$	13.88		$	13.29		$	13.79
Net investment income (loss)1		0.23			0.31			0.35			0.40			0.43			0.38
Net realized and unrealized gain (loss)		(0.32	)		(1.81	)		(0.13	)		1.06			0.62			(0.48	)
Net increase (decrease) from operations		(0.09	)		(1.50	)		0.22			1.46			1.05			(0.10	)
Dividends from net investment income		(0.24	)		(0.35	)		(0.36	)		(0.46	)		(0.46	)		(0.40	)
Distributions from net realized gains		—			(0.17	)		(0.43	)		—			—			—
Total dividends and distributions		(0.24	)		(0.52	)		(0.79	)		(0.46	)		(0.46	)		(0.40	)
Net asset value, end of period	$	11.96		$	12.29		$	14.31		$	14.88		$	13.88		$	13.29
Total investment return2		(0.69	)%		(10.75	)%		1.54	%		10.78	%		8.05	%		(0.71	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		1.08	%3,4		0.96	%4		0.71	%		1.30	%		1.42	%		0.93	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.82	%3,4		0.65	%4		0.69	%		1.03	%		1.24	%		0.76	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%3		0.65	%		0.68	%		0.68	%		0.71	%		0.71	%
Net investment income (loss)		3.97	%3		2.32	%		2.43	%		2.83	%		3.24	%		2.81	%
Supplemental data:
Net assets, end of period (000's)	$	944		$	863		$	1,033		$	1,110		$	1,364		$	1,370
Portfolio turnover		108	%		65	%		147	%		248	%		308	%		243	%

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.

262

PACE Strategic Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.30		$	14.32		$	14.90		$	13.90		$	13.31		$	13.81
Net investment income (loss)1		0.23			0.31			0.35			0.40			0.44			0.38
Net realized and unrealized gain (loss)		(0.32	)		(1.81	)		(0.14	)		1.06			0.61			(0.48	)
Net increase (decrease) from operations		(0.09	)		(1.50	)		0.21			1.46			1.05			(0.10	)
Dividends from net investment income		(0.24	)		(0.35	)		(0.36	)		(0.46	)		(0.46	)		(0.40	)
Distributions from net realized gains		—			(0.17	)		(0.43	)		—			—			—
Total dividends and distributions		(0.24	)		(0.52	)		(0.79	)		(0.46	)		(0.46	)		(0.40	)
Net asset value, end of period	$	11.97		$	12.30		$	14.32		$	14.90		$	13.90		$	13.31
Total investment return2		(0.69	)%		(10.74	)%		1.51	%		10.76	%		8.04	%		(0.71	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements, including interest expense		0.90	%3,4		0.81	%4		0.78	%		1.13	%		1.32	%		0.84	%
Expenses after fee waivers and/or expense reimbursements, including interest expense		0.82	%3,4		0.65	%4		0.69	%		1.03	%		1.23	%		0.76	%
Expenses after fee waivers and/or expense reimbursements, excluding interest expense		0.65	%3		0.65	%		0.68	%		0.68	%		0.71	%		0.71	%
Net investment income (loss)		3.95	%3		2.32	%		2.44	%		2.83	%		3.25	%		2.82	%
Supplemental data:
Net assets, end of period (000's)	$	488,308		$	562,834		$	678,031		$	693,664		$	725,052		$	758,303
Portfolio turnover		108	%		65	%		147	%		248	%		308	%		243	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

263

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.28		$	13.45		$	13.40		$	13.23		$	12.73		$	13.08
Net investment income (loss)1		0.13			0.24			0.26			0.27			0.34			0.33
Net realized and unrealized gain (loss)		(0.03	)		(1.12	)		0.11			0.20			0.53			(0.32	)
Net increase (decrease) from operations		0.10			(0.88	)		0.37			0.47			0.87			0.01
Dividends from net investment income	��	(0.13	)		(0.24	)		(0.24	)		(0.25	)		(0.34	)		(0.34	)
Distributions from net realized gains		—			(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)
Total dividends and distributions		(0.13	)		(0.29	)		(0.32	)		(0.30	)		(0.37	)		(0.36	)
Net asset value, end of period	$	12.25		$	12.28		$	13.45		$	13.40		$	13.23		$	12.73
Total investment return2		0.82	%		(6.68	)%		2.81	%		3.66	%		6.92	%		0.03	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.91	%3		0.92	%		0.93	%		0.92	%		0.92	%		0.91	%
Expenses after fee waivers and/or expense reimbursements		0.82	%3		0.82	%		0.82	%		0.82	%		0.82	%		0.82	%
Net investment income (loss)		2.13	%3		1.90	%		1.95	%		2.07	%		2.62	%		2.58	%
Supplemental data:
Net assets, end of period (000's)	$	28,605		$	30,590		$	37,068		$	40,355		$	45,403		$	38,714
Portfolio turnover		5	%		14	%		9	%		10	%		21	%		19	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.29		$	13.45		$	13.41		$	13.23		$	12.74		$	13.08
Net investment income (loss)1		0.14			0.28			0.30			0.30			0.37			0.37
Net realized and unrealized gain (loss)		(0.03	)		(1.12	)		0.10			0.22			0.52			(0.32	)
Net increase (decrease) from operations		0.11			(0.84	)		0.40			0.52			0.89			0.05
Dividends from net investment income		(0.14	)		(0.27	)		(0.28	)		(0.29	)		(0.37	)		(0.37	)
Distributions from net realized gains		—			(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)
Total dividends and distributions		(0.14	)		(0.32	)		(0.36	)		(0.34	)		(0.40	)		(0.39	)
Net asset value, end of period	$	12.26		$	12.29		$	13.45		$	13.41		$	13.23		$	12.74
Total investment return2		0.92	%		(6.37	)%		2.99	%		4.00	%		7.10	%		0.34	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.40	%3		1.37	%		1.44	%		0.73	%		0.73	%		0.71	%
Expenses after fee waivers and/or expense reimbursements		0.57	%3		0.54	%		0.57	%		0.57	%		0.57	%		0.57	%
Net investment income (loss)		2.32	%3		2.18	%		2.20	%		2.31	%		2.87	%		2.83	%
Supplemental data:
Net assets, end of period (000's)	$	4		$	4		$	4		$	4		$	68		$	65
Portfolio turnover		5	%		14	%		9	%		10	%		21	%		19	%

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.

264

PACE Municipal Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.29		$	13.46		$	13.41		$	13.24		$	12.74		$	13.08
Net investment income (loss)1		0.14			0.28			0.29			0.30			0.37			0.37
Net realized and unrealized gain (loss)		(0.03	)		(1.13	)		0.12			0.21			0.53			(0.32	)
Net increase (decrease) from operations		0.11			(0.85	)		0.41			0.51			0.90			0.05
Dividends from net investment income		(0.14	)		(0.27	)		(0.28	)		(0.29	)		(0.37	)		(0.37	)
Distributions from net realized gains		—			(0.05	)		(0.08	)		(0.05	)		(0.03	)		(0.02	)
Total dividends and distributions		(0.14	)		(0.32	)		(0.36	)		(0.34	)		(0.40	)		(0.39	)
Net asset value, end of period	$	12.26		$	12.29		$	13.46		$	13.41		$	13.24		$	12.74
Total investment return2		0.95	%		(6.43	)%		3.06	%		3.92	%		7.18	%		0.34	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.65	%3		0.67	%		0.68	%		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	%		0.57	%
Net investment income (loss)		2.38	%3		2.15	%		2.20	%		2.30	%		2.87	%		2.84	%
Supplemental data:
Net assets, end of period (000's)	$	201,660		$	241,502		$	281,012		$	279,178		$	298,844		$	309,878
Portfolio turnover		5	%		14	%		9	%		10	%		21	%		19	%

³  Annualized.

See accompanying notes to financial statements.

265

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.59		$	10.48		$	10.58		$	10.01		$	9.73		$	10.04
Net investment income (loss)1		0.08			0.06			0.07			0.09			0.11			0.09
Net realized and unrealized gain (loss)		(0.15	)		(1.50	)		0.14			0.64			0.32			(0.26	)
Net increase (decrease) from operations		(0.07	)		(1.44	)		0.21			0.73			0.43			(0.17	)
Dividends from net investment income		(0.09	)		(0.18	)		(0.11	)		(0.16	)		(0.15	)		—
Distributions from net realized gains		—			(0.12	)		(0.20	)		—			—			—
Return of capital		—			(0.15	)		—			—			—			(0.14	)
Total dividends and return of capital		(0.09	)		(0.45	)		(0.31	)		(0.16	)		(0.15	)		(0.14	)
Net asset value, end of period	$	8.43		$	8.59		$	10.48		$	10.58		$	10.01		$	9.73
Total investment return2		(0.79	)%		(14.31	)%		2.04	%		7.36	%		4.48	%		(1.72	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.23	%3		1.33	%		1.28	%		1.27	%		1.26	%4		1.27	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.03	%3		1.03	%		1.03	%		1.03	%		1.03	%4		1.09	%4
Net investment income (loss)		1.88	%3		0.67	%		0.67	%		0.88	%		1.12	%		0.93	%
Supplemental data:
Net assets, end of period (000's)	$	18,517		$	20,077		$	26,309		$	28,811		$	30,448		$	31,480
Portfolio turnover		98	%		188	%		132	%		136	%		54	%		221	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.52	��	$	10.41		$	10.51		$	9.96		$	9.69		$	10.00
Net investment income (loss)1		0.08			0.08			0.09			0.10			0.12			0.11
Net realized and unrealized gain (loss)		(0.15	)		(1.50	)		0.15			0.63			0.32			(0.26	)
Net increase (decrease) from operations		(0.07	)		(1.42	)		0.24			0.73			0.44			(0.15	)
Dividends from net investment income		(0.10	)		(0.20	)		(0.14	)		(0.18	)		(0.17	)		—
Distributions from net realized gains		—			(0.11	)		(0.20	)		—			—			—
Return of capital		—			(0.16	)		—			—			—			(0.16	)
Total dividends and return of capital		(0.10	)		(0.47	)		(0.34	)		(0.18	)		(0.17	)		(0.16	)
Net asset value, end of period	$	8.35		$	8.52		$	10.41		$	10.51		$	9.96		$	9.69
Total investment return2		(0.80	)%		(14.11	)%		2.20	%		7.47	%		4.66	%		(1.51	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.13	%3		1.18	%		1.12	%		1.05	%		1.10	%4		1.15	%4
Expenses after fee waivers and/or expense reimbursements		0.87	%3		0.87	%		0.87	%		0.87	%		0.87	%4		0.94	%4
Net investment income (loss)		2.05	%3		0.83	%		0.83	%		1.04	%		1.28	%		1.08	%
Supplemental data:
Net assets, end of period (000's)	$	1,448		$	1,488		$	1,777		$	1,943		$	2,182		$	2,324
Portfolio turnover		98	%		188	%		132	%		136	%		54	%		221	%

¹  Calculated using the average shares method.

²  Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and other distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable sales charges, redemption fees or program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

266

PACE Global Fixed Income Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.57		$	10.46		$	10.56		$	10.00		$	9.72		$	10.03
Net investment income (loss)1		0.08			0.08			0.09			0.11			0.13			0.11
Net realized and unrealized gain (loss)		(0.15	)		(1.50	)		0.15			0.63			0.32			(0.26	)
Net increase (decrease) from operations		(0.07	)		(1.42	)		0.24			0.74			0.45			(0.15	)
Dividends from net investment income		(0.10	)		(0.20	)		(0.14	)		(0.18	)		(0.17	)		—
Distributions from net realized gains		—			(0.11	)		(0.20	)		—			—			—
Return of capital		—			(0.16	)		—			—			—			(0.16	)
Total dividends and return of capital		(0.10	)		(0.47	)		(0.34	)		(0.18	)		(0.17	)		(0.16	)
Net asset value, end of period	$	8.40		$	8.57		$	10.46		$	10.56		$	10.00		$	9.72
Total investment return2		(0.78	)%		(14.04	)%		2.20	%		7.54	%		4.75	%		(1.50	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.04	%3		1.13	%		1.09	%		1.08	%		1.09	%4		1.09	%4
Expenses after fee waivers and/or expense reimbursements		0.84	%3		0.84	%		0.84	%		0.84	%		0.84	%4		0.90	%4
Net investment income (loss)		2.05	%3		0.86	%		0.85	%		1.07	%		1.31	%		1.12	%
Supplemental data:
Net assets, end of period (000's)	$	201,489		$	229,783		$	290,345		$	300,695		$	328,278		$	369,353
Portfolio turnover		98	%		188	%		132	%		136	%		54	%		221	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

267

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.39		$	10.01		$	9.28		$	9.72		$	9.81		$	10.07
Net investment income (loss)1		0.23			0.46			0.50			0.50			0.53			0.53
Net realized and unrealized gain (loss)		0.04			(1.56	)		0.73			(0.40	)		(0.09	)		(0.26	)
Net increase (decrease) from operations		0.27			(1.10	)		1.23			0.10			0.44			0.27
Dividends from net investment income		(0.24	)		(0.52	)		(0.50	)		(0.54	)		(0.53	)		(0.53	)
Net asset value, end of period	$	8.42		$	8.39		$	10.01		$	9.28		$	9.72		$	9.81
Total investment return2		3.32	%		(11.39	)%		13.48	%		1.25	%		4.66	%		2.76	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.18	%3,4		1.26	%		1.25	%		1.24	%		1.23	%3		1.22	%
Expenses after fee waivers and/or expense reimbursements		1.06	%3,4		1.06	%		1.06	%		1.06	%		1.06	%3		1.06	%
Net investment income (loss)		5.63	%4		4.90	%		5.12	%		5.39	%		5.52	%		5.29	%
Supplemental data:
Net assets, end of period (000's)	$	3,329		$	3,347		$	4,662		$	7,507		$	5,813		$	3,748
Portfolio turnover		15	%		51	%		75	%		82	%		62	%		63	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.43		$	10.06		$	9.32		$	9.76		$	9.86		$	10.10
Net investment income (loss)1		0.24			0.47			0.52			0.52			0.55			0.56
Net realized and unrealized gain (loss)		0.03			(1.55	)		0.74			(0.40	)		(0.10	)		(0.25	)
Net increase (decrease) from operations		0.27			(1.08	)		1.26			0.12			0.45			0.31
Dividends from net investment income		(0.25	)		(0.55	)		(0.52	)		(0.56	)		(0.55	)		(0.55	)
Net asset value, end of period	$	8.45		$	8.43		$	10.06		$	9.32		$	9.76		$	9.86
Total investment return2		3.31	%		(11.21	)%		13.71	%		1.49	%		4.79	%		3.06	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3,4		0.96	%		0.98	%		0.93	%		0.92	%3		0.85	%
Expenses after fee waivers and/or expense reimbursements		0.88	%3,4		0.88	%		0.88	%		0.88	%		0.88	%3		0.79	%
Net investment income (loss)		5.82	%4		5.09	%		5.24	%		5.58	%		5.69	%		5.57	%
Supplemental data:
Net assets, end of period (000's)	$	593		$	574		$	647		$	568		$	560		$	534
Portfolio turnover		15	%		51	%		75	%		82	%		62	%		63	%

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.

268

PACE High Yield Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.38		$	10.01		$	9.28		$	9.73		$	9.83		$	10.09
Net investment income (loss)1		0.24			0.47			0.51			0.52			0.55			0.54
Net realized and unrealized gain (loss)		0.03			(1.55	)		0.74			(0.40	)		(0.10	)		(0.25	)
Net increase (decrease) from operations		0.27			(1.08	)		1.25			0.12			0.45			0.29
Dividends from net investment income		(0.25	)		(0.55	)		(0.52	)		(0.57	)		(0.55	)		(0.55	)
Net asset value, end of period	$	8.40		$	8.38		$	10.01		$	9.28		$	9.73		$	9.83
Total investment return2		3.31	%		(11.27	)%		13.78	%		1.40	%		4.80	%		2.96	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.05	%3,4		1.11	%		1.11	%		1.10	%		1.09	%3		1.07	%
Expenses after fee waivers and/or expense reimbursements		0.91	%3,4		0.91	%		0.91	%		0.91	%		0.91	%3		0.91	%
Net investment income (loss)		5.79	%4		5.06	%		5.21	%		5.53	%		5.66	%		5.44	%
Supplemental data:
Net assets, end of period (000's)	$	196,350		$	220,172		$	272,938		$	258,345		$	302,015		$	347,364
Portfolio turnover		15	%		51	%		75	%		82	%		62	%		63	%

Class P2

	Six months ended January 31, 2023 (unaudited)			Year ended July 31, 20225
Net asset value, beginning of period	$	8.43		$	10.06
Net investment income (loss)1		0.26			0.42
Net realized and unrealized gain (loss)		0.03			(1.60	)
Net increase (decrease) from operations		0.29			(1.18	)
Dividends from net investment income		(0.25	)		(0.45	)
Net asset value, end of period	$	8.47		$	8.43
Total investment return2		3.67	%		(11.96	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3,4		0.95	%4
Expenses after fee waivers and/or expense reimbursements		0.49	%3,4		0.44	%4
Net investment income (loss)		6.21	%4		5.45	%4
Supplemental data:
Net assets, end of period (000's)	$	19,203	��	$	20,233
Portfolio turnover		15	%		51	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

⁵  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

See accompanying notes to financial statements.

269

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.72		$	25.34		$	17.87		$	21.57		$	23.76		$	23.70
Net investment income (loss)1		0.13			0.24			0.21			0.38			0.38			0.35
Net realized and unrealized gain (loss)		1.18			(0.57	)		7.51			(2.83	)		(0.40	)		1.73
Net increase (decrease) from operations		1.31			(0.33	)		7.72			(2.45	)		(0.02	)		2.08
Dividends from net investment income		(0.27	)		(0.17	)		(0.25	)		(0.39	)		(0.35	)		(0.32	)
Distributions from net realized gains		(2.57	)		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)
Total dividends and distributions		(2.84	)		(4.29	)		(0.25	)		(1.25	)		(2.17	)		(2.02	)
Net asset value, end of period	$	19.19		$	20.72		$	25.34		$	17.87		$	21.57		$	23.76
Total investment return2		8.44	%		(1.88	)%		43.50	%		(12.41	)%		1.06	%		8.83	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.12	%3,4		1.10	%4		1.32	%		1.47	%		1.44	%		1.46	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.12	%3,4		1.10	%4		1.32	%		1.47	%		1.44	%		1.46	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.12	%3		1.10	%		1.12	%		1.13	%		1.11	%		1.10	%
Net investment income (loss)		1.25	%3		1.03	%		0.95	%		1.91	%		1.77	%		1.46	%
Supplemental data:
Net assets, end of period (000's)	$	93,094		$	93,283		$	103,828		$	81,190		$	107,796		$	111,759
Portfolio turnover		18	%		42	%		117	%		72	%		81	%		68	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.77		$	25.40		$	17.91		$	21.64		$	23.83		$	23.77
Net investment income (loss)1		0.15			0.29			0.26			0.42			0.44			0.41
Net realized and unrealized gain (loss)		1.19			(0.57	)		7.54			(2.84	)		(0.40	)		1.73
Net increase (decrease) from operations		1.34			(0.28	)		7.80			(2.42	)		0.04			2.14
Dividends from net investment income		(0.32	)		(0.23	)		(0.31	)		(0.45	)		(0.41	)		(0.38	)
Distributions from net realized gains		(2.57	)		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)
Total dividends and distributions		(2.89	)		(4.35	)		(0.31	)		(1.31	)		(2.23	)		(2.08	)
Net asset value, end of period	$	19.22		$	20.77		$	25.40		$	17.91		$	21.64		$	23.83
Total investment return2		8.59	%		(2.80	)%		43.81	%		(12.22	)%		1.35	%		9.08	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.88	%3,4		0.85	%4		1.08	%		1.55	%		1.19	%		1.21	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		0.88	%3,4		0.89	%4,5		1.08	%		1.23	%		1.19	%		1.21	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.88	%3		0.89	%		0.88	%		0.89	%		0.86	%		0.85	%
Net investment income (loss)		1.49	%3		1.25	%		1.18	%		2.15	%		2.01	%		1.71	%
Supplemental data:
Net assets, end of period (000's)	$	17,143		$	16,210		$	17,611		$	13,059		$	16,463		$	17,206
Portfolio turnover		18	%		42	%		117	%		72	%		81	%		68	%

¹  Calculated using the average shares method.

270

PACE Large Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	20.64		$	25.27		$	17.81		$	21.51		$	23.71		$	23.66
Net investment income (loss)1		0.15			0.29			0.26			0.42			0.44			0.40
Net realized and unrealized gain (loss)		1.18			(0.57	)		7.50			(2.82	)		(0.42	)		1.72
Net increase (decrease) from operations		1.33			(0.28	)		7.76			(2.40	)		0.02			2.12
Dividends from net investment income		(0.32	)		(0.23	)		(0.30	)		(0.44	)		(0.40	)		(0.37	)
Distributions from net realized gains		(2.57	)		(4.12	)		—			(0.86	)		(1.82	)		(1.70	)
Total dividends and distributions		(2.89	)		(4.35	)		(0.30	)		(1.30	)		(2.22	)		(2.07	)
Net asset value, end of period	$	19.08		$	20.64		$	25.27		$	17.81		$	21.51		$	23.71
Total investment return2		8.61	%		(1.66	)%		43.92	%		(12.24	)%		1.28	%		9.06	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.89	%3,4		0.86	%4		1.07	%		1.24	%		1.21	%		1.23	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%3,4		0.87	%4,5		1.07	%		1.23	%		1.21	%		1.22	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		0.89	%3		0.87	%		0.88	%		0.89	%		0.88	%		0.87	%
Net investment income (loss)		1.49	%3		1.27	%		1.19	%		2.16	%		2.01	%		1.69	%
Supplemental data:
Net assets, end of period (000's)	$	780,650		$	850,709		$	1,018,933		$	760,606		$	1,008,741		$	1,184,977
Portfolio turnover		18	%		42	%		117	%		72	%		81	%		68	%

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 would pay on Portfolio distributions or the redemption of Portfolio shares.

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

⁵  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.

271

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	19.50		$	28.94		$	26.11		$	24.27		$	27.06		$	25.18
Net investment income (loss)1		0.002			(0.08	)		(0.19	)		(0.02	)		(0.06	)		(0.06	)
Net realized and unrealized gain (loss)		(1.22	)		(3.35	)		7.99			5.61			1.74			4.55
Net increase (decrease) from operations		(1.22	)		(3.43	)		7.80			5.59			1.68			4.49
Distributions from net realized gains		(7.13	)		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)
Net asset value, end of period	$	11.15		$	19.50		$	28.94		$	26.11		$	24.27		$	27.06
Total investment return3		(3.77	)%		(15.45	)%		32.62	%		26.36	%		10.08	%		18.72	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments		1.16	%4,5		1.13	%5		1.13	%5		1.16	%5		1.14	%5		1.14	%5
Expenses after fee waivers and/or expense reimbursements/ recoupments		1.13	%4,5		1.13	%5		1.13	%5		1.13	%5		1.13	%5		1.14	%5
Net investment income (loss)		0.04	%4		(0.35	)%		(0.69	)%		(0.10	)%		(0.27	)%		(0.22	)%
Supplemental data:
Net assets, end of period (000's)	$	39,170		$	47,702		$	63,320		$	54,124		$	48,197		$	47,549
Portfolio turnover		31	%		78	%		39	%		42	%		34	%		41	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.56		$	31.29		$	27.83		$	25.61		$	28.23		$	26.12
Net investment income (loss)1		0.03			(0.02	)		(0.12	)		0.04			(0.01	)		0.01
Net realized and unrealized gain (loss)		(1.31	)		(3.70	)		8.55			5.97			1.87			4.74
Net increase (decrease) from operations		(1.28	)		(3.72	)		8.43			6.01			1.86			4.75
Dividends from net investment income		(0.03	)		—			—			(0.04	)		(0.01	)		(0.03	)
Distributions from net realized gains		(7.13	)		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)
Total dividends and distributions		(7.16	)		(6.01	)		(4.97	)		(3.79	)		(4.48	)		(2.64	)
Net asset value, end of period	$	13.12		$	21.56		$	31.29		$	27.83		$	25.61		$	28.23
Total investment return3		(3.70	)%		(15.18	)%		32.89	%		26.71	%		10.38	%		19.03	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.90	%4,5		0.87	%5		0.87	%5		0.88	%5		0.88	%5		0.88	%5
Expenses after fee waivers and/or expense reimbursements		0.88	%4,5		0.87	%5		0.87	%5		0.88	%5		0.88	%5		0.88	%5
Net investment income (loss)		0.28	%4		(0.08	)%		(0.42	)%		0.15	%		(0.02	)%		0.05	%
Supplemental data:
Net assets, end of period (000's)	$	16,883		$	18,056		$	22,743		$	19,149		$	16,329		$	15,715
Portfolio turnover		31	%		78	%		39	%		42	%		34	%		41	%

¹  Calculated using the average shares method.

²  Amount represents less than $0.005 per share

272

PACE Large Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.21		$	30.89		$	27.52		$	25.37		$	28.01		$	25.94
Net investment income (loss)1		0.03			(0.03	)		(0.12	)		0.04			(0.00	)2		0.01
Net realized and unrealized gain (loss)		(1.30	)		(3.64	)		8.46			5.90			1.84			4.70
Net increase (decrease) from operations		(1.27	)		(3.67	)		8.34			5.94			1.84			4.71
Dividends from net investment income		(0.03	)		—			—			(0.04	)		(0.01	)		(0.03	)
Distributions from net realized gains		(7.13	)		(6.01	)		(4.97	)		(3.75	)		(4.47	)		(2.61	)
Total dividends and distributions		(7.16	)		(6.01	)		(4.97	)		(3.79	)		(4.48	)		(2.64	)
Net asset value, end of period	$	12.78		$	21.21		$	30.89		$	27.52		$	25.37		$	28.01
Total investment return3		(3.67	)%		(15.22	)%		32.89	%		26.72	%		10.34	%		19.03	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.93	%4,5		0.89	%5		0.90	%5		0.92	%5		0.90	%5		0.90	%5
Expenses after fee waivers and/or expense reimbursements		0.88	%4,5		0.88	%5		0.88	%5		0.88	%5		0.88	%5		0.89	%5
Net investment income (loss)		0.29	%4		(0.10	)%		(0.43	)%		0.17	%		(0.01	)%		0.03	%
Supplemental data:
Net assets, end of period (000's)	$	667,985		$	867,605		$	1,202,262		$	1,099,813		$	1,156,162		$	1,327,262
Portfolio turnover		31	%		78	%		39	%		42	%		34	%		41	%

³  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 invesment 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.

⁴  Annualized.

⁵  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

273

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.11		$	26.33		$	16.88		$	18.74		$	21.05		$	20.90
Net investment income (loss)1		0.07			0.06			0.02			0.08			0.10			0.07
Net realized and unrealized gain (loss)		0.39			(1.41	)		9.53			(1.81	)		(1.29	)		2.49
Net increase (decrease) from operations		0.46			(1.35	)		9.55			(1.73	)		(1.19	)		2.56
Dividends from net investment income		(0.11	)		(0.05	)		(0.10	)		(0.13	)		(0.13	)		(0.02	)
Distributions from net realized gains		(3.69	)		(3.82	)		—			—			(0.99	)		(2.39	)
Total dividends, distributions and return of capital		(3.80	)		(3.87	)		(0.10	)		(0.13	)		(1.12	)		(2.41	)
Net asset value, end of period	$	17.77		$	21.11		$	26.33		$	16.88		$	18.74		$	21.05
Total investment return2		3.96	%		(5.92	)%		56.72	%		(9.32	)%		(4.68	)%		12.93	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.23	%3,4		1.20	%3		1.20	%		1.23	%3		1.22	%3		1.21	%
Expenses after fee waivers and/or expense reimbursements		1.23	%3,4		1.20	%3		1.20	%		1.23	%3		1.22	%3		1.21	%
Net investment income (loss)		0.72	%4		0.24	%		0.09	%		0.47	%		0.52	%		0.34	%
Supplemental data:
Net assets, end of period (000's)	$	16,425		$	17,436		$	19,885		$	13,279		$	17,094		$	18,342
Portfolio turnover		19	%		37	%		50	%		59	%		68	%		60	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	22.31		$	27.61		$	17.69		$	19.63		$	22.00		$	21.71
Net investment income (loss)1		0.10			0.11			0.07			0.14			0.16			0.15
Net realized and unrealized gain (loss)		0.43			(1.49	)		9.98			(1.90	)		(1.35	)		2.58
Net increase (decrease) from operations		0.53			(1.38	)		10.05			(1.76	)		(1.19	)		2.73
Dividends from net investment income		(0.16	)		(0.10	)		(0.13	)		(0.18	)		(0.19	)		(0.05	)
Distributions from net realized gains		(3.69	)		(3.82	)		—			—			(0.99	)		(2.39	)
Total dividends, distributions and return of capital		(3.85	)		(3.92	)		(0.13	)		(0.18	)		(1.18	)		(2.44	)
Net asset value, end of period	$	18.99		$	22.31		$	27.61		$	17.69		$	19.63		$	22.00
Total investment return2		4.08	%		(5.74	)%		56.98	%		(9.08	)%		(4.44	)%		13.26	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.04	%3,4		0.98	%3		1.00	%		1.04	%3		0.94	%3		0.89	%
Expenses after fee waivers and/or expense reimbursements		1.04	%3,4		0.98	%3		1.00	%		1.04	%3		0.94	%3		0.89	%
Net investment income (loss)		0.91	%4		0.45	%		0.29	%		0.77	%		0.79	%		0.70	%
Supplemental data:
Net assets, end of period (000's)	$	128		$	143		$	153		$	105		$	178		$	232
Portfolio turnover		19	%		37	%		50	%		59	%		68	%		60	%

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%.

⁴  Annualized.

274

PACE Small/Medium Co Value Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	21.94		$	27.22		$	17.45		$	19.36		$	21.69		$	21.47
Net investment income (loss)1		0.09			0.10			0.06			0.12			0.13			0.11
Net realized and unrealized gain (loss)		0.42			(1.47	)		9.85			(1.86	)		(1.31	)		2.55
Net increase (decrease) from operations		0.51			(1.37	)		9.91			(1.74	)		(1.18	)		2.66
Dividends from net investment income		(0.14	)		(0.09	)		(0.14	)		(0.17	)		(0.16	)		(0.05	)
Distributions from net realized gains		(3.69	)		(3.82	)		—			—			(0.99	)		(2.39	)
Total dividends, distributions and return of capital		(3.83	)		(3.91	)		(0.14	)		(0.17	)		(1.15	)		(2.44	)
Net asset value, end of period	$	18.62		$	21.94		$	27.22		$	17.45		$	19.36		$	21.69
Total investment return2		4.07	%		(5.78	)%		56.95	%		(9.12	)%		(4.49	)%		13.07	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.06	%3,4		1.01	%3		1.02	%		1.09	%3		1.07	%3		1.07	%
Expenses after fee waivers and/or expense reimbursements		1.04	%3,4		1.04	%3,6		1.02	%		1.04	%3		1.04	%3		1.06	%
Net investment income (loss)		0.91	%4		0.41	%		0.28	%		0.65	%		0.69	%		0.50	%
Supplemental data:
Net assets, end of period (000's)	$	336,950		$	381,341		$	478,837		$	338,418		$	421,054		$	517,363
Portfolio turnover		19	%		37	%		50	%		59	%		68	%		60	%

Class P2

	Six months ended January 31, 2023 (unaudited)			Year ended July 31, 20225
Net asset value, beginning of period	$	21.76		$	26.96
Net investment income (loss)1		(0.05	)		(0.14	)
Net realized and unrealized gain (loss)		0.41			(1.21	)
Net increase (decrease) from operations		0.36			(1.35	)
Dividends from net investment income		—			(0.03	)
Distributions from net realized gains		(3.69	)		(3.82	)
Total dividends, distributions and return of capital		(3.69	)		(3.85	)
Net asset value, end of period	$	18.43		$	21.76
Total investment return2		3.28	%		(5.84	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/recoupments, including interest expense		2.90	%4		2.59	%
Expenses after fee waivers and/or expense reimbursements		2.37	%4		2.07	%
Net investment income (loss)		(0.53	)%4		(0.65	)%
Supplemental data:
Net assets, end of period (000's)	$	1		$	1
Portfolio turnover		19	%		37	%

⁵  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

⁶  The investment manager recouped expenses previously reimbursed by the investment manager on behalf of the Portfolio, not to exceed the expense cap.

See accompanying notes to financial statements.

275

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.77		$	21.72		$	15.82		$	16.82		$	19.54		$	16.79
Net investment income (loss)1		(0.03	)		(0.09	)		(0.15	)		(0.10	)		(0.12	)		(0.12	)
Net realized and unrealized gain (loss)		0.36			(3.38	)		7.42			1.65			0.45			3.88
Net increase (decrease) from operations		0.33			(3.47	)		7.27			1.55			0.33			3.76
Distributions from net realized gains		—			(7.48	)		(1.37	)		(2.55	)		(3.05	)		(1.01	)
Net asset value, end of period	$	11.10		$	10.77		$	21.72		$	15.82		$	16.82		$	19.54
Total investment return2		3.06	%		(22.59	)%		47.35	%		10.43	%		4.67	%		23.29	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.24	%3,4		1.20	%3		1.19	%3		1.23	%3		1.21	%3		1.20	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		1.24	%3,4		1.20	%3		1.19	%3		1.23	%3		1.21	%3		1.19	%3
Net investment income (loss)		(0.58	)%4		(0.60	)%		(0.77	)%		(0.64	)%		(0.67	)%		(0.66	)%
Supplemental data:
Net assets, end of period (000's)	$	19,479		$	21,148		$	31,412		$	23,755		$	24,675		$	24,749
Portfolio turnover		49	%		78	%		98	%		89	%		135	%		99	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	13.18		$	24.77		$	17.87		$	18.65		$	21.26		$	18.08
Net investment income (loss)1		(0.02	)		(0.07	)		(0.15	)		(0.08	)		(0.10	)		(0.02	)
Net realized and unrealized gain (loss)		0.44			(4.04	)		8.42			1.85			0.54			4.21
Net increase (decrease) from operations		0.42			(4.11	)		8.27			1.77			0.44			4.19
Distributions from net realized gains		—			(7.48	)		(1.37	)		(2.55	)		(3.05	)		(1.01	)
Net asset value, end of period	$	13.60		$	13.18		$	24.77		$	17.87		$	18.65		$	21.26
Total investment return2		3.11	%		(22.31	)%		47.52	%		10.60	%		4.82	%		23.97	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.96	%4		0.96	%3		2.20	%3		1.21	%3		0.92	%3		0.69	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including interest expense		0.96	%4		1.07	%3,5		1.08	%3		1.08	%3		1.08	%3,5		0.67	%3
Net investment income (loss)		(0.33	)%4		(0.38	)%		(0.66	)%		(0.49	)%		(0.54	)%		(0.12	)%
Supplemental data:
Net assets, end of period (000's)	$	8		$	7		$	36		$	28		$	49		$	47
Portfolio turnover		49	%		78	%		98	%		89	%		135	%		99	%

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%.

276

PACE Small/Medium Co Growth Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020				2019			2018
Net asset value, beginning of period	$	12.61		$	24.07		$	17.39		$	18.21			$	20.85		$	17.82
Net investment income (loss)1		(0.03	)		(0.08	)		(0.13	)		(0.08	)			(0.10	)		(0.10	)
Net realized and unrealized gain (loss)		0.43			(3.90	)		8.18			1.81				0.51			4.14
Net increase (decrease) from operations		0.40			(3.98	)		8.05			1.73				0.41			4.04
Distributions from net realized gains		—			(7.48	)		(1.37	)		(2.55	)			(3.05	)		(1.01	)
Net asset value, end of period	$	13.01		$	12.61		$	24.07		$	17.39		��	$	18.21		$	20.85
Total investment return2		3.17	%		(22.47	)%		47.57	%		10.64	%			4.83	%		23.46	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.11	%3,4		1.04	%3		1.03	%3		1.09	%3			1.07	%3		1.06	%3
Expenses after fee waivers and/or expense reimbursements		1.08	%3,4		1.04	%3		1.03	%3		1.08	%3			1.07	%3		1.05	%3
Net investment income (loss)		(0.43	)%4		(0.45	)%		(0.60	)%		(0.49	)%			(0.52	)%		(0.52	)%
Supplemental data:
Net assets, end of period (000's)	$	273,499		$	315,222		$	475,618		$	383,461			$	433,053		$	518,869
Portfolio turnover		49	%		78	%		98	%		89	%			135	%		99	%

Class P2

	Six months ended January 31, 2023 (unaudited)			Period ended July 31, 2022
Net asset value, beginning of period	$	12.38		$	24.66
Net investment income (loss)1		(0.17	)		(0.32	)
Net realized and unrealized gain (loss)		0.43			(4.48	)
Net increase (decrease) from operations		0.26			(4.80	)
Distributions from net realized gains		—			(7.48	)
Net asset value, end of period	$	12.64		$	12.38
Total investment return2		2.10	%		(25.60	)%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		4.07	%4		3.06	%3,4
Expenses after fee waivers and/or expense reimbursements		3.26	%4		2.72	%3,4
Net investment income (loss)		(2.85	)%4		(2.21	)%4
Supplemental data:
Net assets, end of period (000's)	$	1		$	1
Portfolio turnover		49	%		78	%

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 July 31, 2022.

See accompanying notes to financial statements.

277

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	15.50		$	19.03		$	14.64		$	15.00		$	17.03		$	16.23
Net investment income (loss)1		0.06			0.32			0.24			0.21			0.24			0.23
Net realized and unrealized gain (loss)		1.02			(2.46	)		4.34			(0.18	)		(1.13	)		0.88
Net increase (decrease) from operations		1.08			(2.14	)		4.58			0.03			(0.89	)		1.11
Dividends from net investment income		(0.13	)		(0.37	)		(0.19	)		(0.36	)		(0.26	)		(0.31	)
Distributions from net realized gains		(0.31	)		(1.02	)		—			(0.03	)		(0.88	)		—
Total dividends and distributions		(0.44	)		(1.39	)		(0.19	)		(0.39	)		(1.14	)		(0.31	)
Net asset value, end of period	$	16.14		$	15.50		$	19.03		$	14.64		$	15.00		$	17.03
Total investment return2		7.24	%		(12.06	)%		31.41	%		0.00	%		(4.56	)%		6.88	%
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		1.80	%3		1.77	%		1.64	%		1.78	%		1.88	%		1.86	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.68	%3		1.69	%		1.58	%		1.78	%		1.88	%		1.85	%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	%		1.25	%		1.34	%		1.34	%		1.31	%
Net investment income (loss)		0.83	%3		1.80	%		1.40	%		1.42	%		1.60	%		1.37	%
Supplemental data:
Net assets, end of period (000's)	$	22,309		$	22,049		$	28,773		$	23,422		$	27,264		$	31,165
Portfolio turnover		19	%		36	%		48	%		32	%		46	%		78	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	15.42		$	18.95		$	14.58		$	14.93		$	16.98		$	16.17
Net investment income (loss)1		0.08			0.36			0.28			0.25			0.29			0.28
Net realized and unrealized gain (loss)		1.02			(2.45	)		4.33			(0.17	)		(1.15	)		0.89
Net increase (decrease) from operations		1.10			(2.09	)		4.61			0.08			(0.86	)		1.17
Dividends from net investment income		(0.17	)		(0.42	)		(0.24	)		(0.40	)		(0.31	)		(0.36	)
Distributions from net realized gains		(0.31	)		(1.02	)		—			(0.03	)		(0.88	)		—
Total dividends and distributions		(0.48	)		(1.44	)		(0.24	)		(0.43	)		(1.19	)		(0.36	)
Net asset value, end of period	$	16.04		$	15.42		$	18.95		$	14.58		$	14.93		$	16.98
Total investment return2		7.45	%		(11.86	)%		31.77	%		0.29	%		(4.32	)%		7.24	%
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		1.55	%3		1.52	%		1.36	%		1.47	%		1.62	%		1.59	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.43	%3		1.44	%		1.33	%		1.47	%		1.62	%		1.58	%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	%		1.00	%		1.03	%		1.07	%		1.04	%
Net investment income (loss)		1.08	%3		2.06	%		1.65	%		1.71	%		1.90	%		1.63	%
Supplemental data:
Net assets, end of period (000's)	$	10,393		$	10,376		$	12,596		$	11,053		$	11,977		$	13,966
Portfolio turnover		19	%		36	%		48	%		32	%		46	%		78	%

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 would pay on Portfolio distributions or the redemption of Portfolio shares.

278

PACE International Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	15.38		$	18.90		$	14.54		$	14.90		$	16.93		$	16.13
Net investment income (loss)1		0.08			0.36			0.28			0.24			0.29			0.28
Net realized and unrealized gain (loss)		1.01			(2.44	)		4.31			(0.17	)		(1.13	)		0.88
Net increase (decrease) from operations		1.09			(2.08	)		4.59			0.07			(0.84	)		1.16
Dividends from net investment income		(0.17	)		(0.42	)		(0.23	)		(0.40	)		(0.31	)		(0.36	)
Distributions from net realized gains		(0.31	)		(1.02	)		—			(0.03	)		(0.88	)		—
Total dividends and distributions		(0.48	)		(1.44	)		(0.23	)		(0.43	)		(1.19	)		(0.36	)
Net asset value, end of period	$	15.99		$	15.38		$	18.90		$	14.54		$	14.90		$	16.93
Total investment return2		7.40	%		(11.84	)%		31.74	%		0.30	%		(4.27	)%		7.14	%
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		1.51	%3		1.49	%		1.36	%		1.49	%		1.60	%		1.59	%4
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		1.43	%3		1.44	%		1.33	%		1.49	%		1.60	%		1.58	%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	%		1.00	%		1.05	%		1.05	%		1.03	%
Net investment income (loss)		1.09	%3		2.07	%		1.65	%		1.70	%		1.89	%		1.66	%
Supplemental data:
Net assets, end of period (000's)	$	736,390		$	781,868		$	995,293		$	815,785		$	948,956		$	1,138,165
Portfolio turnover		19	%		36	%		48	%		32	%		46	%		78	%

³  Annualized.

⁴  Includes interest expense representing less than 0.005%.

See accompanying notes to financial statements.

279

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.01		$	16.87		$	13.79		$	12.99		$	13.61		$	13.59
Net investment income (loss)1		0.07			0.22			0.05			0.12			0.16			0.13
Net realized and unrealized gain (loss)		0.92			(3.42	)		3.18			0.80			(0.58	)		0.03
Net increase (decrease) from operations		0.99			(3.20	)		3.23			0.92			(0.42	)		0.16
Dividends from net investment income		(0.26	)		(0.23	)		(0.15	)		(0.12	)		(0.20	)		(0.14	)
Distributions from net realized gains		—			(1.43	)		—			—			—			—
Total dividends and distributions		(0.26	)		(1.66	)		(0.15	)		(0.12	)		(0.20	)		(0.14	)
Net asset value, end of period	$	12.74		$	12.01		$	16.87		$	13.79		$	12.99		$	13.61
Total investment return2		8.42	%		(20.49	)%		23.45	%		6.97	%		(2.91	)%		1.11	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.68	%3,4		1.75	%3		1.66	%3		1.72	%3		1.71	%3		1.72	%3
Expenses after fee waivers and/or expense reimbursements		1.45	%3,4		1.45	%3		1.55	%3		1.65	%3		1.70	%3		1.70	%3
Net investment income (loss)		1.23	%4		1.53	%		0.33	%		0.92	%		1.24	%		0.89	%
Supplemental data:
Net assets, end of period (000's)	$	3,490		$	3,456		$	5,033		$	4,605		$	4,512		$	3,811
Portfolio turnover		23	%		57	%		82	%		79	%		52	%		65	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.14		$	17.04		$	13.92		$	13.11		$	13.73		$	13.70
Net investment income (loss)1		0.08			0.26			0.09			0.15			0.19			0.17
Net realized and unrealized gain (loss)		0.92			(3.45	)		3.21			0.81			(0.59	)		0.03
Net increase (decrease) from operations		1.00			(3.19	)		3.30			0.96			(0.40	)		0.20
Dividends from net investment income		(0.29	)		(0.28	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)
Distributions from net realized gains		—			(1.43	)		—			—			—			—
Total dividends and distributions		(0.29	)		(1.71	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)
Net asset value, end of period	$	12.85		$	12.14		$	17.04		$	13.92		$	13.11		$	13.73
Total investment return2		8.49	%		(20.29	)%		23.78	%		7.29	%		(2.74	)%		1.41	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.50	%3,4		1.54	%3		1.40	%3		1.40	%3		1.47	%3		1.45	%3
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.20	%3		1.30	%3		1.40	%3		1.45	%3		1.45	%3
Net investment income (loss)		1.38	%4		1.81	%		0.56	%		1.16	%		1.45	%		1.15	%
Supplemental data:
Net assets, end of period (000's)	$	4,551		$	4,245		$	5,630		$	6,067		$	6,424		$	7,419
Portfolio turnover		23	%		57	%		82	%		79	%		52	%		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 periods 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 International Emerging Markets Equity Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.07		$	16.95		$	13.85		$	13.04		$	13.65		$	13.63
Net investment income (loss)1		0.08			0.26			0.10			0.15			0.19			0.16
Net realized and unrealized gain (loss)		0.92			(3.43	)		3.18			0.81			(0.58	)		0.03
Net increase (decrease) from operations		1.00			(3.17	)		3.28			0.96			(0.39	)		0.19
Dividends from net investment income		(0.29	)		(0.28	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)
Distributions from net realized gains		—			(1.43	)		—			—			—			—
Total dividends and distributions		(0.29	)		(1.71	)		(0.18	)		(0.15	)		(0.22	)		(0.17	)
Net asset value, end of period	$	12.78		$	12.07		$	16.95		$	13.85		$	13.04		$	13.65
Total investment return2		8.54	%		(20.28	)%		23.75	%		7.24	%		(2.70	)%		1.42	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.48	%3,4		1.54	%3		1.44	%3		1.51	%3		1.49	%3		1.50	%3
Expenses after fee waivers and/or expense reimbursements		1.20	%3,4		1.20	%3		1.30	%3		1.40	%3		1.45	%3		1.45	%3
Net investment income (loss)		1.39	%4		1.81	%		0.59	%		1.14	%		1.45	%		1.14	%
Supplemental data:
Net assets, end of period (000's)	$	274,832		$	288,057		$	386,507		$	345,431		$	376,722		$	437,363
Portfolio turnover		23	%		57	%		82	%		79	%		52	%		65	%

³  Includes interest expense representing less than 0.005%.

⁴  Annualized.

See accompanying notes to financial statements.

281

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.26		$	8.42		$	6.13		$	7.74		$	7.65		$	7.69
Net investment income (loss)1		0.04			0.06			0.08			0.12			0.14			0.21
Net realized and unrealized gain (loss)		(0.43	)		(0.98	)		2.38			(1.37	)		0.18			0.06
Net increase (decrease) from operations		(0.39	)		(0.92	)		2.46			(1.25	)		0.32			0.27
Dividends from net investment income		(0.04	)		(0.22	)		(0.17	)		(0.36	)		(0.23	)		(0.27	)
Distributions from net realized gains		—			—			—			—			—			(0.04	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends and distributions		(0.04	)		(0.24	)		(0.17	)		(0.36	)		(0.23	)		(0.31	)
Net asset value, end of period	$	6.83		$	7.26		$	8.42		$	6.13		$	7.74		$	7.65
Total investment return2		(5.30	)%		(11.29	)%		40.73	%		(17.00	)%		4.53	%		3.50	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.69	%3,4		1.58	%4		1.62	%4		1.59	%4		1.56	%4		1.50	%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		1.45	%4
Net investment income (loss)		1.20	%3		0.72	%		1.06	%		1.69	%		1.81	%		2.82	%
Supplemental data:
Net assets, end of period (000's)	$	220		$	321		$	409		$	307		$	491		$	370
Portfolio turnover		7	%		76	%		117	%		111	%		68	%		73	%

Class P

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	6.96		$	8.08		$	5.89		$	7.46		$	7.37		$	7.42
Net investment income (loss)1		0.05			0.07			0.09			0.13			0.16			0.22
Net realized and unrealized gain (loss)		(0.41	)		(0.93	)		2.28			(1.31	)		0.18			0.07
Net increase (decrease) from operations		(0.36	)		(0.86	)		2.37			(1.18	)		0.34			0.29
Dividends from net investment income		(0.07	)		(0.24	)		(0.18	)		(0.39	)		(0.25	)		(0.30	)
Distributions from net realized gains		—			—			—			—			—			(0.04	)
Return of capital		—			(0.02	)		—			—			—			—
Total dividends and distributions		(0.07	)		(0.26	)		(0.18	)		(0.39	)		(0.25	)		(0.34	)
Net asset value, end of period	$	6.53		$	6.96		$	8.08		$	5.89		$	7.46		$	7.37
Total investment return2		(5.10	)%		(11.04	)%		41.05	%		(16.85	)%		4.92	%		3.68	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		1.76	%3,4		1.56	%4		1.65	%4		1.59	%4		1.57	%4		1.53	%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		1.20	%4
Net investment income (loss)		1.66	%3		0.97	%		1.32	%		1.97	%		2.20	%		3.08	%
Supplemental data:
Net assets, end of period (000's)	$	75,697		$	90,302		$	114,494		$	87,866		$	121,187		$	137,069
Portfolio turnover		7	%		76	%		117	%		111	%		68	%		73	%

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.

282

This page intentionally left blank.

283

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, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.48		$	11.30		$	11.05		$	10.60		$	10.85		$	10.71
Net investment income (loss)1		0.11			(0.14	)		(0.17	)		(0.06	)		0.01			(0.02	)
Net realized and unrealized gain (loss)		0.23			0.01			0.96			0.51			0.03			0.16
Net increase (decrease) from operations		0.34			(0.13	)		0.79			0.45			0.04			0.14
Dividends from net investment income		—			—			(0.14	)		—			—			—
Distributions from net realized gains		(0.25	)		(0.69	)		(0.40	)		—			(0.29	)		—
Total dividends, distributions and return of capital		(0.25	)		(0.69	)		(0.54	)		—			(0.29	)		—
Net asset value, end of period	$	10.57		$	10.48		$	11.30		$	11.05		$	10.60		$	10.85
Total investment return2		3.21	%		(1.17	)%		7.21	%		4.25	%		0.52	%		1.21	%
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		2.79	%3		2.92	%		2.93	%		2.80	%		2.65	%		2.36	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.58	%3		2.65	%		2.81	%		2.62	%		2.58	%		2.27	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.83	%3		1.88	%		1.88	%		1.88	%		1.85	%		1.76	%
Net investment income (loss)		2.04	%3		(1.27	)%		(1.47	)%		(0.57	)%		0.10	%		(0.16	)%
Supplemental data:
Net assets, end of period (000's)	$	4,209		$	4,727		$	5,995		$	6,460		$	8,394		$	7,208
Portfolio turnover		200	%		406	%		418	%		491	%		447	%		346	%

Class Y

	Six months ended January 31, 2023			Years ended July 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.51		$	11.31		$	11.06		$	10.60		$	10.82		$	10.65
Net investment income (loss)1		0.13			(0.11	)		(0.14	)		(0.04	)		0.04			0.01
Net realized and unrealized gain (loss)		0.22			—			0.96			0.52			0.03			0.16
Net increase (decrease) from operations		0.35			(0.11	)		0.82			0.48			0.07			0.17
Dividends from net investment income		—			—			(0.17	)		(0.02	)		—			—
Distributions from net realized gains		(0.25	)		(0.69	)		(0.40	)		—			(0.29	)		—
Total dividends, distributions and return of capital		(0.25	)		(0.69	)		(0.57	)		(0.02	)		(0.29	)		—
Net asset value, end of period	$	10.61		$	10.51		$	11.31		$	11.06		$	10.60		$	10.82
Total investment return2		3.19	%		(0.80	)%		7.40	%		4.56	%		0.80	%		1.41	%
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		2.55	%3		2.68	%		2.68	%		2.56	%		2.38	%		2.11	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.32	%3		2.39	%		2.57	%		2.38	%		2.31	%		2.02	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%3		1.63	%		1.63	%		1.63	%		1.59	%		1.51	%
Net investment income (loss)		2.43	%3		(1.00	)%		(1.22	)%		(0.38	)%		0.36	%		0.09	%
Supplemental data:
Net assets, end of period (000's)	$	409		$	410		$	436		$	402		$	386		$	544
Portfolio turnover		200	%		406	%		418	%		491	%		447	%		346	%

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.

284

PACE Alternative Strategies Investments

Financial highlights (continued)

Class P

	Six months ended January 31, 2023			Years ended January 31,
	(unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.47		$	11.26		$	11.01		$	10.55		$	10.78		$	10.61
Net investment income (loss)1		0.12			(0.11	)		(0.14	)		(0.04	)		0.03			0.01
Net realized and unrealized gain (loss)		0.22			0.01			0.96			0.52			0.03			0.16
Net increase (decrease) from operations		0.34			(0.10	)		0.82			0.48			0.06			0.17
Dividends from net investment income		—			—			(0.17	)		(0.02	)		—			—
Distributions from net realized gains		(0.25	)		(0.69	)		(0.40	)		—			(0.29	)		—
Total dividends, distributions and return of capital		(0.25	)		(0.69	)		(0.57	)		(0.02	)		(0.29	)		—
Net asset value, end of period	$	10.56		$	10.47		$	11.26		$	11.01		$	10.55		$	10.78
Total investment return2		3.21	%		(0.90	)%		7.53	%		4.46	%		0.90	%		1.32	%
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		2.53	%3		2.67	%		2.68	%		2.56	%		2.42	%		2.13	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		2.33	%3		2.40	%		2.57	%		2.38	%		2.35	%		2.04	%
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		1.58	%3		1.63	%		1.63	%		1.63	%		1.62	%		1.53	%
Net investment income (loss)		2.34	%3		(1.01	)%		(1.22	)%		(0.35	)%		0.33	%		0.08	%
Supplemental data:
Net assets, end of period (000's)	$	349,663		$	391,351		$	447,508		$	450,402		$	520,531		$	615,778
Portfolio turnover		200	%		406	%		418	%		491	%		447	%		346	%

Class P2

	Six months ended January 31, 20234 (unaudited)
Net asset value, beginning of period	$	10.56
Net investment income (loss)1		0.05
Net realized and unrealized gain (loss)		0.17
Net increase (decrease) from operations		0.22
Dividends from net investment income		—
Distributions from net realized gains		(0.25	)
Total dividends, distributions and return of capital		(0.25	)
Net asset value, end of period	$	10.53
Total investment return2		2.04	%
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		3.71	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, including dividend expense, interest expense and other borrowing costs for investments sold short		3.71	%3
Expenses after fee waivers and/or expense reimbursements/ recoupments, excluding dividend expense, interest expense and other borrowing costs for investments sold short		2.78	%3
Net investment income (loss)		2.32	%3
Supplemental data:
Net assets, end of period (000's)	$	1
Portfolio turnover		200	%

³  Annualized.

⁴  For the period from November 14, 2022 (commencement of operations) through January 31, 2023.

See accompanying notes to financial statements.

285

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 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.

286

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 December 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), "Reference Rate Reform (Topic 848)". ASU 2022-06 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 2022-06 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 are effective immediately through December 31, 2024, for all entities. Management does not expect ASU 2022-06 to have a material impact on the 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.

287

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 Portfolios in the Trust invest.

Small capitalization ("small cap") companies may be more vulnerable than larger capitalization ("large cap") companies to adverse business or economic developments. Small cap companies may also have limited product lines, markets or financial resources, and may be dependent on a relatively small management group. Securities of such companies may be less liquid and more volatile than securities of large cap companies or the market averages in general and therefore may involve greater risk than investing in large cap companies. In addition, small cap companies may not be well-known to the investing public, may not have institutional ownership and may have only cyclical, static or moderate growth prospects.

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

288

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. 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 a Portfolio's performance or NAV. Certain LIBOR tenors were discontinued by the end of 2021, while the discontinuation of others have been extended to June 2023.

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, 2023, 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

289

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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

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

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

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

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

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

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

290

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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

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

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

US GAAP requires disclosure regarding the various inputs that are used in determining the value of each Portfolio's investments. These inputs are summarized into the three broad levels listed below:

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

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

Level 3—Unobservable inputs inclusive of each Portfolio's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of each Portfolio's Portfolio of investments.

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

291

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 multiple series or tranches of a Loan, which may have varying terms and carry different associated risks. Participations typically result in a Portfolio having a contractual relationship only with the Lender, not with the borrower. A Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, a Portfolio generally has no direct right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set-off against the borrower, and a Portfolio may not directly benefit from any collateral supporting the Loan in which it has purchased the Participation. As a result, a Portfolio assumes the credit risk of both the borrower and the Lender that is selling the Participation. In the event of the insolvency of the selling Lender, the Portfolio may be treated as a general creditor of that Lender and may not benefit from any set-off between the Lender and the borrower. A Portfolio will acquire Participations only if its subadvisor determines that the selling Lender is creditworthy. When a Portfolio purchases Assignments from Lenders, it acquires direct rights against the borrower on the Loan. In an Assignment, the Portfolio is entitled to receive payments directly from the borrower and, therefore, does not depend on the selling bank to pass these payments onto the Portfolio. However, because Assignments are arranged through private negotiations between potential assignees and assignors, the rights and obligations acquired by a Portfolio as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

Mortgage-backed securities—Certain Portfolios may invest in mortgage-backed securities ("MBS"), representing direct or indirect interests in pools of underlying mortgage loans that are secured by real property. These securities provide investors with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid.

The timely payment of principal and interest (but not the market value) on MBS issued or guaranteed by Ginnie Mae (formally known as the Government National Mortgage Association or GNMA) is backed by Ginnie Mae and the full faith and credit of the US government. Obligations issued by Fannie Mae (formally known as the Federal National Mortgage Association or FNMA) and Freddie Mac (formally known as the Federal Home Loan Mortgage Company or FHLMC) are historically supported only by the credit of the issuer, but currently are guaranteed by the US government in connection with such agencies being placed temporarily into conservatorship by the US government.

Some MBS are sponsored or issued by private entities. Payments of principal and interest (but not the market value) of such private MBS may be supported by pools of mortgage loans or other MBS that are guaranteed, directly or indirectly, by the US government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement.

Collateralized mortgage obligations ("CMO") are a type of MBS. A CMO is a debt security that may be collateralized by whole mortgage loans or mortgage pass-through securities. The mortgage loans or mortgage pass-through securities are divided into classes or tranches with each class having its own characteristics. Investors typically receive payments out of the interest and principal on the underlying mortgages. The portions of these payments that investors receive, as well as the priority of their rights to receive payments, are determined by the specific terms of the CMO class.

292

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

293

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Each Portfolio may participate in joint repurchase agreement transactions with other Portfolios's managed, advised or sub-advised by UBS AM. Under certain circumstances, the Portfolios may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in its Portfolios at the end of the day in order to avoid having the Portfolios potentially exposed to a fee for uninvested cash held in a business account at a bank.

Restricted securities—The Portfolios may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in each Portfolio's portfolio footnotes.

Reverse repurchase agreements—Certain Portfolios may enter into reverse repurchase agreements with qualified third party banks, securities dealers or their affiliates. Interest on the value of reverse repurchase agreements issued and outstanding is based upon competitive market rates at the time of issuance. At the time a Portfolio enters into a reverse repurchase agreement, the Portfolio establishes and maintains a segregated account with the Portfolio's custodian containing liquid securities having a value not less than the repurchase price, including accrued interest, of the reverse repurchase agreement.

During the period ended January 31, 2023, only PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments utilized reverse repurchase agreement transactions.

The table below represents the remaining contractual maturity as of January 31, 2023, of the reverse repurchase agreement transactions accounted for as secured borrowings.

PACE Mortgage-Backed Securities Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
Reverse repurchase agreements	$	—	$	14,569,936	$	—	$	—	$	—

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

294

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

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, 2023, only PACE Mortgage-Backed Securities Fixed Income Investments and PACE Strategic Fixed Income Investments utilized treasury roll transactions.

PACE Mortgage-Backed Securities Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	—	$	—	$	—	$	—

PACE Strategic Fixed Income Investments

Types of securities being bought back	Overnight and continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
US government obligations	$	—	$	18,480,903	$	—	$	—	$	—

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

295

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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, 2023 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.

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.

296

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 Fund 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, 2023, PACE Mortgage-Backed Securities Fixed Income Investments and PACE Alternative Strategies Investments had maximum payout amounts of approximately $6,930,307,000 and $2,318,437 respectively, relating to written put option contracts.

Futures contracts—Certain Portfolios may purchase or sell futures contracts to increase or reduce their exposure to an asset class without purchasing or selling the underlying securities, either as a hedge or to enhance income or realized gains. Generally, a futures contract is a standard binding agreement to buy or sell a specified quantity of an underlying reference asset, such as a specific security or currency, at a specified price at a specified later date.

Upon entering into a futures contract, a Portfolio is required to deliver to a broker an amount of cash and/or US government securities equal to a certain percentage of the contract amount. This amount is known as the "initial margin". Subsequent payments, known as "variation margin", generally are made or received by a Portfolio, depending on the daily fluctuations in the value of the underlying futures contracts, except that in the case of certain futures contracts that are held through swap contracts. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized appreciation or depreciation on futures until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures.

297

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

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

298

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 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.

299

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 Funds. Realized gains and losses on forward foreign currency contracts include net gains or losses recognized by the Funds 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, 2023.

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

300

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, 2023 is reflected in the Statement of assets and liabilities.

At January 31, 2023, 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	$	781,796	$	—	$	—	$	—	$	781,796
Futures contracts		337,611		—		—		—		337,611
Swap agreements		6,569,200		—		—		—		6,569,200
Total value	$	7,688,607	$	—	$	—	$	—	$	7,688,607
PACE Intermediate Fixed Income Investments
Futures contracts	$	250,650	$	—	$	—	$	—	$	250,650
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	51,040	$	—	$	—	$	—	$	51,040
Futures contracts		216,535		—		—		—		216,535
Swap agreements		45,666		—		3,912		—		49,578
Forward foreign currency contracts		—		213,717		—		—		213,717
Total value	$	313,241	$	213,717	$	3,912	$	—	$	530,870
PACE Global Fixed Income Investments
Futures contracts	$	224,249	$	—	$	—	$	—	$	224,249
Forward foreign currency contracts		—		185,325		—		—		185,325
Total value	$	224,249	$	185,325	$	—	$	—	$	409,574
PACE High Yield Investments
Forward foreign currency contracts	$	—	$	2,674	$	—	$	—	$	2,674
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—	$	—	$	—	$	2,264,765	$	2,264,765
Futures contracts		518,994		—		—		88,586		607,580
Swap agreements		572,303		—		—		1,299,028		1,871,331
Forward foreign currency contracts		—		382,711		—		—		382,711
Total value	$	1,091,297	$	382,711	$	—	$	3,652,379	$	5,126,387

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 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.

301

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	$	(615,726	)	$	—		$	—	$	—		$	(615,726	)
Futures contracts		(71,273	)		—			—		—			(71,273	)
Swap agreements		(1,801,617	)		—			—		—			(1,801,617	)
Total	$	(2,488,616	)	$	—		$	—	$	—		$	(2,488,616	)
PACE Intermediate Fixed Income Investments
Futures contracts	$	(24,251	)	$	—		$	—	$	—		$	(24,251	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	(48,071	)	$	—		$	—	$	—		$	(48,071	)
Futures contracts		(123,843	)		—			—		—			(123,843	)
Swap agreements		(3,988	)		—			—		—			(3,988	)
Forward foreign currency contracts		—			(318,509	)		—		—			(318,509	)
Total	$	(175,902	)	$	(318,509	)	$	—	$	—		$	(494,411	)
PACE Global Fixed Income Investments
Futures contracts	$	(745,662	)	$	—		$	—	$	—		$	(745,662	)
Forward foreign currency contracts		—			(539,386	)		—		—			(539,386	)
Total	$	(745,662	)	$	(539,386	)	$	—	$	—		$	(1,285,048	)
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	(1,147,492	)	$	—	$	—		$	(1,147,492	)
PACE Alternative Strategies Investments
Options and swaptions written	$	—		$	—		$	—	$	(1,113,148	)	$	(1,113,148	)
Futures contracts		(286,930	)		—			—		(1,130,776	)		(1,417,706	)
Swap agreements		—			—			—		(786,342	)		(786,342	)
Forward foreign currency contracts		—			(624,939	)		—		—			(624,939	)
Total	$	(286,930	)	$	(624,939	)	$	—	$	(3,030,266	)	$	(3,942,135	)

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.

302

PACE Select Advisors Trust

Notes to financial statements (unaudited)

During the period ended January 31, 2023, 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	$	559,246		$	—		$	—		$	—		$	559,246
Options and swaptions written		289,913			—			—			—			289,913
Futures contracts		278,701			—			—			—			278,701
Swap agreements		4,153,958			—			—			—			4,153,958
Total net realized gains (loss)	$	5,281,818		$	—		$	—		$	—		$	5,281,818
PACE Intermediate Fixed Income Investments
Options and swaptions written	$	(1,586	)	$	—		$	—		$	—		$	(1,586	)
Futures contracts		(328,121	)		—			—			—			(328,121	)
Swap agreements		(253,790	)		—			367			—			(253,423	)
Forward foreign currency contracts		—			233,603			—			—			233,603
Total net realized gains (loss)	$	(583,497	)	$	233,603		$	367		$	—		$	(349,527	)
PACE Strategic Fixed Income Investments
Options and swaptions written	$	335,760		$	122,561		$	—		$	—		$	458,321
Futures contracts		1,237,116			—			—			—			1,237,116
Swap agreements		285,340			—			(1,607,174	)		313,324			(1,008,510	)
Forward foreign currency contracts		—			(378,151	)		—			—			(378,151	)
Total net realized gains (loss)	$	1,858,216		$	(255,590	)	$	(1,607,174	)	$	313,324		$	308,776
PACE Global Fixed Income Investments
Futures contracts	$	541,207		$	—		$	—		$	—		$	541,207
Forward foreign currency contracts		—			2,200,026			—			—			2,200,026
Total net realized gains (loss)	$	541,207		$	2,200,026		$	—		$	—		$	2,741,233
PACE High Yield Investments
Forward foreign currency contracts	$	—		$	(2,055,790	)	$	—		$	—		$	(2,055,790	)
PACE International Equity Investments
Forward foreign currency contracts	$	—		$	(12,608	)	$	—		$	—		$	(12,608	)
PACE International Emerging Markets Equity Investments
Forward foreign currency contracts	$	—		$	(13,391	)	$	—		$	—		$	(13,391	)
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—		$	—		$	—		$	(1,752,017	)	$	(1,752,017	)
Options and swaptions written		—			—			—			1,983,792			1,983,792
Futures contracts		(87,588	)		—			—			(1,521,989	)		(1,116,577	)
Swap agreements		2,209,773			—			100,274			501,311			2,811,358
Forward foreign currency contracts		—			(1,604,035	)		—			—			(1,604,035	)
Total net realized gains (loss)	$	2,122,185		$	(1,604,035	)	$	100,274		$	(295,903	)	$	322,521

303

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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.

During the period ended January 31, 2023, 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	$	(469,244	)	$	—		$	—		$	—		$	(469,244	)
Options and swaptions written		1,018,985			—			—			—			1,018,985
Futures contracts		266,746			—			—			—			266,746
Swap agreements		(365,347	)		—			—			—			(365,347	)
Net change in appreciation (depreciation)	$	451,140		$	—		$	—		$	—		$	451,140
PACE Intermediate Fixed Income Investments
Options and swaptions written	$	(3,609	)	$	—		$	—		$	—		$	(3,609	)
Futures contracts		271,838			—			—			—			271,838
Swap agreements		241,363			—			(1,035	)		—			240,328
Foreign forward currency contracts		—			(208,369	)		—			—			(208,369	)
Net change in appreciation (depreciation)	$	509,592		$	(208,369	)	$	(1,035	)	$	—		$	300,188
PACE Strategic Fixed Income Investments
Options and swaptions purchased	$	(18,600	)	$	—		$	—		$	—		$	(18,600	)
Options and swaptions written		(218,904	)		(120,421	)		—			—			(339,325	)
Futures contracts		(1,218,073	)		—			—			—			(1,218,073	)
Swap agreements		(196,316	)		—			1,533,411			(231,133	)		1,105,962
Foreign forward currency contracts		—			1,670			—			—			1,670
Net change in appreciation (depreciation)	$	(1,651,893	)	$	(118,751	)	$	1,533,411		$	(231,133	)	$	(468,366	)
PACE Global Fixed Income Investments
Futures contracts	$	(719,678	)	$	—		$	—		$	—		$	(719,678	)
Foreign forward currency contracts		—			(110,939	)		—			—			(110,939	)
Net change in appreciation (depreciation)	$	(719,678	)	$	(110,939	)	$	—		$	—		$	(830,617	)
PACE High Yield Investments
Foreign forward currency contracts	$	—		$	(1,216,441	)	$	—		$	—		$	(1,216,441	)
PACE Alternative Strategies Investments
Options and swaptions purchased	$	—		$	—		$	—		$	(297,878	)	$	(297,878	)
Options and swaptions written		—			—			—			431,614			431,614
Futures contracts		232,064			—			—			589,323			821,387
Swap agreements		806,198			—			193,136			(100,620	)		898,714
Foreign forward currency contracts		—			1,680,362			—			—			1,680,362
Net change in appreciation (depreciation)	$	1,038,262		$	1,680,362		$	193,136		$	622,439		$	(3,534,199	)

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.

304

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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, 2023, 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	$	7,688,607		$	(2,488,616	)
Derivatives not subject to a MNA or similar agreements		(6,906,811	)		1,872,890
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	781,796		$	(615,726	)

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	$	40,380		$	—		$	—	$	40,380
BNP		88,929			—			—		88,929
BOA		33,115			(33,115	)		—		—
CITI		31,309			(31,309	)		—		—
DB		129,355			—			—		129,355
GSI		9,956			—			—		9,956
JPMCB		6,179			(6,179	)		—		—
MSCI		442,573			(223,562	)		—		219,011
Total	$	781,796		$	(294,165	)	$	—	$	487,631
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BOA	$	(133,900	)	$	33,115		$	—	$	(100,785	)
CITI		(196,885	)		31,309			—		(165,576	)
JPMCB		(61,379	)		6,179			—		(55,200	)
MSCI		(223,562	)		223,562			—		—
Total	$	(615,726	)	$	294,165		$	—	$	(321,561	)

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

305

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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	$	250,650		$	(24,251	)
Derivatives not subject to a MNA or similar agreements1		(250,650	)		24,251
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 Strategic Fixed Income Investments

Derivative Financial Instruments:	Assets			Liabilities
Total gross amount of derivative assets and liabilities in the Statement of assets and liabilities1	$	530,870		$	(494,411	)
Derivatives not subject to a MNA or similar agreements		(266,113	)		127,831
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	264,757		$	(366,580	)

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	$	79,084		$	(15,897	)	$	—	$	63,187
BOA		20,418			(20,418	)		—		—
CITI		69,478			(69,478	)		—		—
DB		5,499			(5,499	)		—		—
GS		41,546			(14,629	)		—		26,917
HSBC		15,227			(4,535	)		—		10,692
JPMCB		33,505			(33,505	)		—		—
Total	$	264,757		$	(163,961	)	$	—	$	100,796
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2		Net amount of liabilities
BB	$	(15,757	)	$	—		$	—	$	(15,757	)
BNP		(15,897	)		15,897			—		—
BOA		(150,252	)		20,418			—		(129,834	)
CITI		(85,873	)		69,478			—		(16,395	)

306

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2		Net amount of liabilities
DB	$	(6,605	)	$	5,499	$	—	$	(1,106	)
GS		(14,629	)		14,629		—		—
HSBC		(4,535	)		4,535		—		—
JPMCB		(49,304	)		33,505		15,799		—
MSCI		(23,728	)		—		23,728		—
Total	$	(366,580	)	$	163,961	$	39,527	$	(163,092	)

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.

At January 31, 2023, 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	$	409,574		$	(1,285,048	)
Derivatives not subject to a MNA or similar agreements		(224,249	)		745,662
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	185,325		$	(539,386	)

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	$	254		$	(189	)	$	—	$	65
BNP		42,634			(23,521	)		—		19,113
CITI		14,765			(14,765	)		—		—
GS		14,734			(14,734	)		—		—
HSBC		12,840			(4	)		—		12,836
MSCI		86,029	��		(5,385	)		—		80,644
RBC		3,881			(3,881	)		—		—
SCB		10			—			—		10
SSC		3,406			(280	)		—		3,126
TD		6,772			—			—		6,772
Total	$	185,325		$	(62,759	)	$	—	$	122,566

307

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset		Collateral pledged2		Net amount of liabilities
BB	$	(189	)	$	189	$	—	$	—
BNP		(23,521	)		23,521		—		—
BOA		(51,989	)		—		—		(51,989	)
CITI		(402,107	)		14,765		—		(387,342	)
GS		(33,939	)		14,734		—		(19,205	)
HSBC		(4	)		4		—		—
MSCI		(5,385	)		5,385		—		—
RBC		(21,972	)		3,881		—		(18,091	)
SSC		(280	)		280		—		—
Total	$	(539,386	)	$	62,759	$	—	$	(476,627	)

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.

At January 31, 2023, 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	$	2,674		$	(1,147,492	)
Derivatives not subject to a MNA or similar agreements1		(2,674	)		1,147,492
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	$	5,126,387		$	(3,942,135	)
Derivatives not subject to a MNA or similar agreements1		(1,179,883	)		1,417,706
Total gross amount of assets and liabilities subject to MNA or similar agreements	$	3,946,504		$	(2,524,429	)

308

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	$	25,636		$	(21,081	)	$	—		$	4,555
BNP		84,081			(72,614	)		—			11,467
BOA		25,197			(25,197	)		—			—
CITI		9,825			(2,690	)		—			7,135
Eurex Deutschland		279,980			(264,899	)		—			15,081
GSI		82			(82	)		—			—
HSBC		63,987			(63,987	)		—			—
JPMCB		2,439,029			(1,428,398	)		(1,010,631	)		—
MSCI		996,947			(356,731	)		(640,216	)		—
SG		21,740			(14,805	)		(6,935	)		—
Total	$	3,946,504		$	(2,250,484	)	$	(1,657,782	)	$	38,238
Counterparty	Gross amount of liabilities			Financial instruments and derivatives available for offset			Collateral pledged2			Net amount of liabilities
BB	$	(21,081	)	$	21,081		$	—		$	—
BNP		(72,614	)		72,614			—			—
BOA		(48,340	)		25,197			23,143			—
CITI		(2,690	)		2,690			—			—
CSA		(41,632	)		—			—			(41,632	)
Eurex Deutschland		(264,899	)		264,899			—			—
GSI		(41,936	)		82			—			(41,854	)
HSBC		(231,303	)		63,987			—			(167,316	)
JPMCB		(1,428,398	)		1,428,398			—			—
MSCI		(356,731	)		356,731			—			—
SG		(14,805	)		14,805			—			—
Total	$	(2,524,429	)	$	2,250,484		$	23,143		$	(250,802	)

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.

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

309

PACE Select Advisors Trust

Notes to financial statements (unaudited)

administration fees, which were accrued daily and paid monthly, in accordance with the following schedule as of January 31, 2023:

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	0.550% 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 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	0.550% 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 up to $1.25 billion 0.400% above $1.25 billion
PACE Municipal Fixed Income Investments	0.500% up to $250 million 0.450% above $250 million up to $500 million 0.425% above $500 million up to $750 million 0.400% above $750 million up to $1 billion 0.375% above $1 billion
PACE Global Fixed Income Investments	0.600% up to $500 million 0.575% above $500 million up to $1 billion 0.550% above $1 billion
PACE High Yield Investments	0.700% up to $500 million 0.650% above $500 million up to $1 billion 0.625% above $1 billion up to $1.5 billion 0.600% above $1.5 billion up to $2 billion 0.575% 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
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

310

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 Emerging Markets Equity Investments	1.000% up to $500 million 0.975% above $500 million up to $1 billion 0.950% above $1 billion up to $1.5 billion 0.925% above $1.5 billion up to $2 billion 0.900% 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	Brown Brothers Harriman & Co.
PACE Strategic Fixed Income Investments	Brown Brothers Harriman & Co. Neuberger Berman Investment Advisers LLC Pacific Investment Management Company LLC
PACE Municipal Fixed Income Investments	Insight North America LLC
PACE Global Fixed Income Investments	J.P. Morgan Investment Management Inc.
PACE High Yield Investments	Nomura Corporate Research and Asset Management, Inc.
PACE Large Co Value Equity Investments	Artisan Partners, LP 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
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

311

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Investment subadvisor
PACE Alternative Strategies Investments1	Aviva Investors Americas, LLC DLD Asset Management LP Kettle Hill Capital Management, LLC Magnetar Asset Management LLC PCJ Investment Counsel Ltd. Electron Capital Partners, LLC 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, 2023, 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	$	150,281
PACE Mortgage-Backed Securities Fixed Income Investments		63,167
PACE Intermediate Fixed Income Investments		(6,774	)
PACE Strategic Fixed Income Investments		177,082
PACE Municipal Fixed Income Investments		80,745
PACE Global Fixed Income Investments		75,041
PACE High Yield Investments		105,812
PACE Large Co Value Equity Investments		562,034
PACE Large Co Growth Equity Investments		457,481
PACE Small/Medium Co Value Equity Investments		251,255
PACE Small/Medium Co Growth Equity Investments		178,124
PACE International Equity Investments		523,579
PACE International Emerging Markets Equity Investments		174,101
PACE Global Real Estate Securities Investments		47,848
PACE Alternative Strategies Investments		322,081

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, 2023, UBS AM was contractually obligated to waive $134,010 in investment management and administration fees. This management fee waiver will not be subject to future recoupment.

The UBS Government Money Market Investments Fund and UBS AM have also entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2023 in an amount equal to 0.13% of the fund's average daily net assets. For period ended January 31, 2023, UBS AM waived $295,681 in investment management fees. This management fee waiver will not be subject to future recoupment.

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 ended January 31, 2023, the fees waived were $36,842, $2 and $2, respectively. Such amounts are not subject to future recoupment.

312

PACE Select Advisors Trust

Notes to financial statements (unaudited)

UBS AM is contractually obligated to waive all or a portion of its investment management and administration fees and/or to reimburse the Portfolios for certain operating expenses in order to maintain the total annual ordinary operating expenses of each class (with certain exclusions such as dividend expense, borrowing costs and interest expense, relating to short sales, and expenses attributable to investment in other companies, interest, taxes, brokerage commissions and extraordinary expenses) through November 30, 2023 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, 2020, 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, 2023, 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, 2026, and recoupments for the period ended January 31, 2023, were as follows:

Portfolio	Class A expense cap			Class Y expense cap			Class P expense cap			Class P2 expense cap		Fees waived/ expenses reimbursed		Recoupments
UBS Government Money Market Investments Fund		N/A			N/A			0.60	%		N/A	$	11,400	$	211,295
PACE Mortgage-Backed Securities Fixed Income Investments		0.97	%		0.72	%		0.72			N/A		265,706		—
PACE Intermediate Fixed Income Investments		0.86			0.61			0.61			N/A		408,755		—
PACE Strategic Fixed Income Investments		0.90			0.65			0.65			N/A		227,464		—
PACE Municipal Fixed Income Investments		0.82			0.57			0.57			N/A		102,283		—
PACE Global Fixed Income Investments		1.03			0.87			0.84			N/A		232,194		—
PACE High Yield Investments		1.06			0.88			0.91			N/A		139,346		—
PACE Large Co Value Equity Investments		1.14			0.89			0.89			N/A		3,033		—
PACE Large Co Growth Equity Investments		1.13			0.88			0.88			N/A		173,224		—
PACE Small/Medium Co Value Equity Investments		1.29			1.04			1.04			N/A		24,132		—
PACE Small/Medium Co Growth Equity Investments		1.33			1.08			1.08			N/A		33,555		—
PACE International Equity Investments		1.25			1.00			1.00			N/A		306,357		—
PACE International Emerging Markets Equity Investments		1.45			1.20			1.20			N/A		372,063		—
PACE Global Real Estate Securities Investments		1.45			N/A			1.20			N/A		213,393		—
PACE Alternative Strategies Investments		1.83			1.58			1.58			N/A		258,949		—

At January 31, 2023, 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, 2023		Expires July 31, 2024		Expires July 31, 2025		Expires July 31, 2026
UBS Government Money Market Investments Fund	$	210,154	$	210,154	$	—	$	—	$	—
PACE Mortgage-Backed Fixed Income Investments—Class A		170,877		50,272		46,466		57,397		16,742
PACE Mortgage-Backed Fixed Income Investments—Class Y		132,511		52,046		29,838		37,641		12,986
PACE Mortgage-Backed Fixed Income Investments—Class P		2,269,055		676,441		639,149		717,487		235,978
PACE Intermediate Fixed Income Investments—Class A		74,048		17,655		18,878		24,204		13,311
PACE Intermediate Fixed Income Investments—Class Y		2,772		661		709		869		533
PACE Intermediate Fixed Income Investments—Class P		2,334,647		592,908		599,863		746,965		394,911
PACE Strategic Fixed Income Investments—Class A		47,266		13,052		11,751		18,811		3,652
PACE Strategic Fixed Income Investments—Class Y		7,742		3,517		290		2,834		1,101
PACE Strategic Fixed Income Investments—Class P		2,573,060		719,015		651,863		979,471		222,711
PACE Municipal Fixed Income Investments—Class A		131,835		41,790		42,217		35,292		12,536

313

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Portfolio	Fee waivers/ expense reimbursements subject to repayment		Expires July 31, 2023		Expires July 31, 2024		Expires July 31, 2025		Expires July 31, 2026
PACE Municipal Fixed Income Investments—Class Y	$	189	$	105	$	36	$	32	$	16
PACE Municipal Fixed Income Investments—Class P		935,698		283,015		297,349		265,603		89,731
PACE Global Fixed Income Investments—Class A		225,211		68,194		69,743		68,724		18,550
PACE Global Fixed Income Investments—Class Y		15,080		3,639		4,528		5,041		1,872
PACE Global Fixed Income Investments—Class P		2,491,645		753,700		749,642		776,531		211,772
PACE High Yield Investments—Class A		33,206		9,785		12,415		8,906		2,100
PACE High Yield Investments—Class Y		1,395		272		600		522		1
PACE High Yield Investments—Class P		1,707,969		537,886		538,333		494,505		137,245
PACE Large Co Value Equity Investments—Class Y		41,714		41,714		—		—		—
PACE Large Co Value Equity Investments—Class P		3,033		—		—		—		3,033
PACE Large Co Growth Equity Investments—Class A		23,867		15,410		2,686		—		5,771
PACE Large Co Growth Equity Investments—Class Y		1,672		—		—		—		1,672
PACE Large Co Growth Equity Investments—Class P		835,205		384,445		180,121		104,858		165,781
PACE Small/Medium Co Value Equity Investments—Class Y		2		—		—		—		2
PACE Small/Medium Co Value Equity Investments—Class P		223,094		198,964		—		—		24,130
PACE Small/Medium Co Growth Equity Investments—Class Y		426		45		381		—		—
PACE Small/Medium Co Growth Equity Investments—Class P		33,555		—		—		—		33,555
PACE International Equity Investments—Class A		49,646		—		15,783		21,511		12,352
PACE International Equity Investments—Class Y		17,934		—		3,624		8,765		5,545
PACE International Equity Investments—Class P		1,020,014		—		256,117		475,437		288,460
PACE International Emerging Markets Equity Investments A		25,598		2,916		5,417		13,276		3,989
PACE International Emerging Markets Equity Investments Y		30,014		250		6,562		17,170		6,032
PACE International Emerging Markets Equity Investments P		2,453,150		382,997		546,239		1,161,872		362,042
PACE Global Real Estate Securities Investments—Class A		1,894		493		572		475		354
PACE Global Real Estate Securities Investments—Class P		1,449,631		419,648		444,097		372,847		213,039
PACE Alternative Strategies Investments—Class A		29,810		8,710		4,609		13,172		3,319
PACE Alternative Strategies Investments—Class Y		2,173		463		313		1,081		316
PACE Alternative Strategies Investments—Class P		2,220,783		618,213		331,558		1,015,698		255,314

UBS AM may voluntarily undertake to waive fees and/or reimburse expenses in the event that the yields on UBS Government Money Market Investments Fund drop below a certain level. This undertaking is voluntary and not contractual and may be terminated at any time. For the period ended January 31, 2023, the Fund did not incur this additional waiver.

For the period ended January 31, 2023, the Portfolios listed below paid broker commissions to affiliates of the investment manager as detailed in the below table. These broker commissions are reflected in the Statement of assets and liabilities within cost of investments, and the Statement of operations within net realized gains (losses) from, and/or net change in unrealized appreciation/depreciation of investments and/or futures.

Affiliated broker	PACE Large Co Value Equity Investments		PACE Small/ Medium Co Value Equity Investments		PACE Small/ Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Alternative Strategies Investments
UBS AG	$	—	$	—	$	—	$	1,512	$	—
UBS Securities Asia Ltd.		—		—		—		1,218		—
UBS Securities Canada Inc.		—		291		—		—		—

314

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Affiliated broker	PACE Large Co Value Equity Investments		PACE Small/ Medium Co Value Equity Investments		PACE Small/ Medium Co Growth Equity Investments		PACE International Emerging Markets Equity Investments		PACE Alternative Strategies Investments
UBS Securities India Private Ltd.	$	—	$	—	$	—	$	267	$	—
UBS Securities Private Ltd.		—		—		—		194		—
UBS Securities LLC		9,919		7,626		407		1,308		6,681
UBS Securities Pte Ltd., Seoul		—		—		—		878		—

During the period ended, January 31, 2023, some of the Portfolios engaged in purchase and sale transactions where an affiliate was underwriter. In such cases, the affiliate underwriter was not compensated and each trade was approved by the board.

Shareholder services plans

UBS AM (US) is the principal underwriter of each Portfolio's shares. The Trust has adopted a shareholder services plan (the "Plan") with respect to each Portfolio (with the exception of UBS Government Money Market Investments Fund, which only offers Class P shares) pursuant to Rule 12b-1 under the 1940 Act for Class A shares. The Plan governs the payments made for the expenses incurred in the service of Class A shares. Annual fees under the Plan as a percentage of the average daily net assets of Class A shares of each applicable Portfolio are 0.25%.

UBS AM (US) also receives the proceeds of the initial sales charges paid upon purchase of Class A shares and the contingent deferred sales charges paid by shareholders upon certain redemptions of Class A.

At January 31, 2023, certain Portfolios owed UBS AM (US) service fees. For the period ended January 31, 2023, there were no sales charges earned by UBS AM (US).

Portfolio	Service fees owed
PACE Mortgage-Backed Securities Fixed Income Investments—Class A	$	4,421
PACE Intermediate Fixed Income Investments—Class A		1,831
PACE Strategic Fixed Income Investments—Class A		2,312
PACE Municipal Fixed Income Investments—Class A		6,023
PACE Global Fixed Income Investments—Class A		3,872
PACE High Yield Investments—Class A		698
PACE Large Co Value Equity Investments—Class A		19,194
PACE Large Co Growth Equity Investments—Class A		7,976
PACE Small/Medium Co Value Equity Investments—Class A		3,340
PACE Small/Medium Co Growth Equity Investments—Class A		3,969
PACE International Equity Investments—Class A		4,610
PACE International Emerging Markets Equity Investments—Class A		725
PACE Global Real Estate Securities Investments—Class A		45
PACE Alternative Strategies Investments—Class A		892

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.

315

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the period ended January 31, 2023, UBS Financial Services Inc. received from BNY Mellon, not the Portfolios, total delegated services fees as follows:

Portfolio	Delegated services fees earned
UBS Government Money Market Investments Fund	$	193,586
PACE Mortgage-Backed Securities Fixed Income Investments		106,507
PACE Intermediate Fixed Income Investments		101,342
PACE Strategic Fixed Income Investments		128,590
PACE Municipal Fixed Income Investments		20,063
PACE Global Fixed Income Investments		115,299
PACE High Yield Investments		98,069
PACE Large Co Value Equity Investments		145,717
PACE Large Co Growth Equity Investments		141,039
PACE Small/Medium Co Value Equity Investments		138,636
PACE Small/Medium Co Growth Equity Investments		137,385
PACE International Equity Investments		138,088
PACE International Emerging Markets Equity Investments		126,476
PACE Global Real Estate Securities Investments		100,136
PACE Alternative Strategies Investments		65,031

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.

316

PACE Select Advisors Trust

Notes to financial statements (unaudited)

At January 31, 2023, 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	$	5,966,845	$	6,075,808	$	—	$	6,075,808
PACE Strategic Fixed Income Investments		17,709,643		12,325,748		5,938,007		18,263,755	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Fixed Income Investments		229,058		—		232,899		232,899	U.S. Treasury Notes and U.S. Treasury Bills
PACE High Yield Investments		46,761		47,653		—		47,653
PACE Large Co Value Equity Investments		25,498,816		582,775		25,043,803		25,626,578	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Value Equity Investments		14,902,033		11,365,796		3,388,948		14,754,743	U.S. Treasury Notes and U.S. Treasury Bills
PACE Small/Medium Co Growth Equity Investments		5,750,330		1,588,574		4,159,508		5,748,082	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Equity Investments**		16,326,676		8,747,763		8,335,047		17,082,810	U.S. Treasury Notes and U.S. Treasury Bills
PACE International Emerging Markets Investments		7,765,481		6,783,375		1,105,171		7,888,546	U.S. Treasury Notes and U.S. Treasury Bills
PACE Global Real Estate Securities Investments		6,316,911		2,209,100		4,567,744		6,776,843	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, 2023 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	$	—	$	6,075,808	$	6,075,808
PACE Strategic Fixed Income Investments		—		12,325,748		12,325,748
PACE High Yield Investments		—		47,653		47,653
PACE Large Co Value Equity Investments		582,775		—		582,775
PACE Small/Medium Co Value Equity Investments		11,365,796		—		11,365,796
PACE Small/Medium Co Growth Equity Investments		1,588,574		—		1,588,574
PACE International Equity Investments		8,747,763		—		8,747,763
PACE International Emerging Markets Equity Investments		6,783,375		—		6,783,375
PACE Global Real Estate Securities Investments		2,209,100		—		2,209,100

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.

317

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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 other 50% of the allocation is based on utilization. For the period ended January 31, 2023, the following Portfolios had borrowings as follows:

Portfolio	Average daily amount of borrowing outstanding		Days outstanding		Interest expense		Weighted average annualized interest rate
PACE Strategic Fixed Income Investments	$	1,042,636		1	$	150		5.180	%
PACE High Yield Investments		1,424,683		11		2,387		5.483
PACE Large Co Value Equity Investments		1,570,442		13		2,087		3.680
PACE Large Co Growth Equity Investments		4,337,665		17		11,549		5.638
PACE Small/Medium Co Value Equity Investments		1,518,575		18		3,299		4.345
PACE Small/Medium Co Growth Equity Investments		1,262,022		37		6,939		5.350
PACE International Equity Investments		2,069,073		72		22,075		5.335
PACE International Emerging Markets Equity Investments		927,467		85		11,016		5.031
PACE Global Real Estate Securities Investments		515,174		3		244		5.680
PACE Alternative Strategies Investments		854,978		7		673		4.050

At January 31, 2023, PACE International Equity Investments, and PACE International Emerging Markets Equity Investments had outstanding borrowings of $712,254 and $1,154,926, respectively.

Commission recapture program

Certain Portfolios participated in a brokerage commission recapture program. These Portfolios had established commission recapture arrangements with certain participating brokers or dealers. If a Portfolio's investment subadvisor chose to execute a transaction through a participating broker subject to best price and execution, the broker would have rebated a portion of the commission back to the Portfolio. Any collateral benefit received through participation in the commission recapture program was directed exclusively to the Portfolios. The commission recapture arrangement was terminated on August 10, 2022. For the period ended January 31, 2023, the following Portfolios recorded recaptured commissions which are reflected in the Statement of operations within the net realized gains (losses) from investments:

Portfolio	Amount
PACE Large Co Value Equity Investments	$	8,147
PACE Large Co Growth Equity Investments		255
PACE Small/Medium Co Value Equity Investments		7,142
PACE Small/Medium Co Growth Equity Investments		2,703
PACE International Equity Investments		4,154
PACE International Emerging Markets Equity Investments		82
PACE Alternative Strategies Investments		4,665

318

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Purchases and sales of securities

For the period ended January 31, 2023, aggregate purchases and sales of portfolio securities, excluding short-term securities, were as follows:

Portfolio	Purchases		Sales
PACE Mortgage-Backed Securities Fixed Income Investments	$	1,946,270,967	$	2,008,944,789
PACE Intermediate Fixed Income Investments		428,254,561		473,813,278
PACE Strategic Fixed Income Investments		597,275,695		564,468,531
PACE Municipal Fixed Income Investments		12,076,993		53,100,716
PACE Global Fixed Income Investments		211,612,520		211,615,851
PACE High Yield Investments		33,973,201		57,822,294
PACE Large Co Value Equity Investments		152,343,222		287,453,483
PACE Large Co Growth Equity Investments		237,914,556		391,323,640
PACE Small/Medium Co Value Equity Investments		64,377,985		119,874,950
PACE Small/Medium Co Growth Equity Investments		148,387,645		198,908,636
PACE International Equity Investments (long transactions)		156,594,864		244,526,800
PACE International Equity Investments (short transactions)		73,383,567		60,920,260
PACE International Emerging Markets Equity Investments		63,559,875		96,607,857
PACE Global Real Estate Securities Investments		5,553,998		13,738,954
PACE Alternative Strategies Investments (long transactions)		492,116,489		499,659,858
PACE Alternative Strategies Investments (short transactions)		263,707,677		274,612,622

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, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		46,259		$	483,593			64,710		$	686,314
Shares repurchased		(165,459	)		(1,763,524	)		(149,556	)		(1,628,181	)
Dividends reinvested		31,812			337,910			16,699			177,376
Net increase (decrease)		(87,388	)	$	(942,021	)		(68,147	)	$	(764,491	)

	Class P
	Shares			Amount
Shares sold		1,277,431		$	13,689,138
Shares repurchased		(3,795,791	)		(40,417,920	)
Dividends reinvested		395,205			4,199,091
Net increase (decrease)		(2,123,155	)	$	(22,529,691	)

319

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		2,191		$	27,319			238,479		$	2,900,728
Shares repurchased		(272,013	)		(3,359,677	)		(535,183	)		(6,433,698	)
Dividends reinvested		40,361			485,156			26,241			315,350
Net increase (decrease)		(229,461	)	$	(2,847,202	)		(270,463	)	$	(3,217,620	)

	Class P
	Shares			Amount
Shares sold		2,965,007		$	36,246,971
Shares repurchased		(4,760,017	)		(56,985,434	)
Dividends reinvested		532,136			6,397,136
Net increase (decrease)		(1,262,874	)	$	(14,341,327	)

PACE Intermediate Fixed Income Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		38,724		$	402,733			—	$	—
Shares repurchased		(101,791	)		(1,077,466	)		—		—
Dividends reinvested		10,312			108,477			308		3,242
Net increase (decrease)		(52,755	)	$	(566,256	)		308	$	3,242

	Class P
	Shares			Amount
Shares sold		1,841,196		$	19,502,953
Shares repurchased		(4,363,462	)		(46,147,058	)
Dividends reinvested		386,991			4,073,516
Net increase (decrease)		(2,135,275	)	$	(22,570,589	)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		1,461		$	17,938			2,193		$	27,718
Shares repurchased		(113,617	)		(1,364,131	)		(547	)		(6,790	)
Dividends reinvested		18,768			226,667			493			5,930
Net increase (decrease)		(93,388	)	$	(1,119,526	)		2,139		$	26,858

	Class P
	Shares			Amount
Shares sold		2,675,433		$	32,115,252
Shares repurchased		(4,705,920	)		(55,366,028	)
Dividends reinvested		704,072			8,475,188
Net increase (decrease)		(1,326,415	)	$	(14,775,588	)

320

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Strategic Fixed Income Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		90,207		$	1,042,448			7,403		$	88,093
Shares repurchased		(164,115	)		(1,895,280	)		(108	)		(1,289	)
Dividends reinvested		14,620			170,658			1,446			16,840
Net increase (decrease)		(59,288	)	$	(682,174	)		8,741		$	103,644

	Class P
	Shares			Amount
Shares sold		2,371,001		$	27,855,091
Shares repurchased		(8,129,228	)		(95,285,730	)
Dividends reinvested		807,694			9,420,097
Net increase (decrease)		(4,950,533	)	$	(58,010,542	)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		8,155		$	108,135			560		$	7,430
Shares repurchased		(170,449	)		(2,239,015	)		(5,179	)		(72,645	)
Dividends reinvested		28,168			377,951			2,666			35,619
Net increase (decrease)		(134,126	)	$	(1,752,929	)		(1,953	)	$	(29,596	)

	Class P
	Shares			Amount
Shares sold		4,775,799		$	63,833,495
Shares repurchased		(8,046,649	)		(105,684,406	)
Dividends reinvested		1,679,877			22,493,720
Net increase (decrease)		(1,590,973	)	$	(19,357,191	)

PACE Municipal Fixed Income Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		33,257		$	399,549			—	$	—
Shares repurchased		(204,217	)		(2,448,232	)		—		—
Dividends reinvested		15,255			182,293			3		43
Net increase (decrease)		(155,705	)	$	(1,866,390	)		3	$	43

	Class P
	Shares			Amount
Shares sold		2,892,025		$	34,742,732
Shares repurchased		(6,277,438	)		(75,028,913	)
Dividends reinvested		185,253			2,213,993
Net increase (decrease)		(3,200,160	)	$	(38,072,188	)

321

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		6,041		$	79,724			—	$	—
Shares repurchased		(309,406	)		(3,914,051	)		—		—
Dividends reinvested		37,191			475,992			8		94
Net increase (decrease)		(266,174	)	$	(3,358,335	)		8	$	94

	Class P
	Shares			Amount
Shares sold		2,836,358		$	36,259,955
Shares repurchased		(4,515,227	)		(56,530,912	)
Dividends reinvested		444,134			5,680,575
Net increase (decrease)		(1,234,735	)	$	(14,590,382	)

PACE Global Fixed Income Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		190,902		$	1,530,624			820		$	6,416
Shares repurchased		(350,003	)		(2,865,803	)		(4,211	)		(34,247	)
Dividends reinvested		19,449			158,229			2,116			17,061
Net increase (decrease)		(139,652	)	$	(1,176,950	)		(1,275	)	$	(10,770	)

	Class P
	Shares			Amount
Shares sold		1,445,008		$	11,764,626
Shares repurchased		(4,564,354	)		(37,150,091	)
Dividends reinvested		284,218			2,304,287
Net increase (decrease)		(2,835,128	)	$	(23,081,178	)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		2,337		$	22,531			1,148		$	10,847
Shares repurchased		(266,579	)		(2,600,516	)		(5,499	)		(54,233	)
Dividends reinvested		91,083			885,759			8,293			79,828
Net increase (decrease)		(173,159	)	$	(1,692,226	)		3,942		$	36,442

	Class P
	Shares			Amount
Shares sold		2,680,337		$	25,564,635
Shares repurchased		(4,863,547	)		(45,537,995	)
Dividends reinvested		1,246,248			12,065,003
Net increase (decrease)		(936,962	)	$	(7,908,357	)

322

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE High Yield Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		159,925		$	1,293,782			—	$	—
Shares repurchased		(171,765	)		(1,413,554	)		—		—
Dividends reinvested		8,505			69,378			2,087		17,118
Net increase (decrease)		(3,335	)	$	(50,394	)		2,087	$	17,118

	Class P						Class P2
	Shares			Amount			Shares			Amount
Shares sold		976,709		$	8,059,684			—		$	—
Shares repurchased		(4,577,148	)		(37,423,642	)		(203,145	)		(1,600,826	)
Dividends reinvested		689,620			5,618,846			69,234			568,818
Net increase (decrease)		(2,910,819	)	$	(23,745,112	)		(133,911	)	$	(1,032,008	)

For the period ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		74,073		$	702,510			—	$	—
Shares repurchased		(158,491	)		(1,357,069	)		—		—
Dividends reinvested		17,666			163,207			3,826		35,542
Net increase (decrease)		(66,752	)	$	(491,352	)		3,826	$	35,542

	Class P						Class P2*
	Shares			Amount			Shares			Amount
Shares sold		1,947,325		$	18,328,262			2,457,034		$	23,501,000
Shares repurchased		(4,383,112	)		(39,900,229	)		(136,209	)		(1,200,000	)
Dividends reinvested		1,447,092			13,387,763			80,221			715,928
Net increase (decrease)		(988,695	)	$	(8,184,204	)		2,401,046		$	23,016,928

*  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

PACE Large Co Value Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		155,178		$	3,200,736			2,520		$	51,617
Shares repurchased		(460,984	)		(9,296,338	)		(22,961	)		(479,045	)
Dividends reinvested		654,335			11,620,993			131,904			2,345,253
Net increase (decrease)		348,529		$	5,525,391			111,463		$	1,917,825

	Class P
	Shares			Amount
Shares sold		1,433,616		$	27,754,679
Shares repurchased		(7,645,135	)		(153,251,776	)
Dividends reinvested		5,916,784			104,431,238
Net increase (decrease)		(294,735	)	$	(21,065,859	)

323

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		21,693		$	469,073			5,137		$	112,674
Shares repurchased		(324,479	)		(7,426,151	)		(50,340	)		(1,261,211	)
Dividends reinvested		707,354			15,179,815			132,410			2,844,159
Net increase (decrease)		404,568		$	8,222,737			87,207		$	1,695,622

	Class P
	Shares			Amount
Shares sold		1,774,416		$	40,408,302
Shares repurchased		(8,388,593	)		(186,192,491	)
Dividends reinvested		7,503,444			160,123,492
Net increase (decrease)		889,267		$	14,339,303

PACE Large Co Growth Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		121,304		$	2,107,941			914		$	14,325
Shares repurchased		(465,376	)		(6,943,036	)		(29,679	)		(533,874	)
Dividends reinvested		1,410,579			14,726,450			478,445			5,870,524
Net increase (decrease)		1,066,507		$	9,891,355			449,680		$	5,350,975

	Class P
	Shares			Amount
Shares sold		3,291,364		$	46,740,035
Shares repurchased		(11,271,212	)		(193,341,191	)
Dividends reinvested		19,326,573			231,145,810
Net increase (decrease)		11,346,725		$	84,544,654

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		15,263		$	331,601			1,549		$	38,425
Shares repurchased		(267,289	)		(5,958,659	)		(52,570	)		(1,485,795	)
Dividends reinvested		509,753			12,014,887			161,875			4,210,372
Net increase (decrease)		257,727		$	6,387,829			110,854		$	2,763,002

	Class P
	Shares			Amount
Shares sold		1,772,390		$	43,477,859
Shares repurchased		(7,942,383	)		(199,354,133	)
Dividends reinvested		8,153,771			208,655,010
Net increase (decrease)		1,983,778		$	52,778,736

324

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE Small/Medium Co Value Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		92,971		$	1,878,543			48		$	1,013
Shares repurchased		(144,971	)		(2,876,694	)		(976	)		(19,360	)
Dividends reinvested		150,456			2,432,879			1,239			21,413
Net increase (decrease)		98,456		$	1,434,728			311		$	3,066

	Class P						Class P2
	Shares			Amount			Shares		Amount
Shares sold		594,329		$	11,674,168			—	$	—
Shares repurchased		(3,103,728	)		(63,678,669	)		—		—
Dividends reinvested		3,227,999			54,682,305			—		—
Net increase (decrease)		718,600		$	2,677,804			—	$	—

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		41,888		$	952,234			12		$	240
Shares repurchased		(75,137	)		(1,733,259	)		(34	)		(795	)
Dividends reinvested		104,088			2,320,115			890			20,935
Net increase (decrease)		70,839		$	1,539,090			868		$	20,380

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		737,490		$	17,785,061			37	$	1,000
Shares repurchased		(3,621,483	)		(85,327,550	)		—		—
Dividends reinvested		2,673,473			61,890,895			—		—
Net increase (decrease)		(210,520	)	$	(5,651,594	)		37	$	1,000

*  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

PACE Small/Medium Co Growth Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares		Amount
Shares sold		95,456		$	1,006,117			—	$	—
Shares repurchased		(304,520	)		(3,165,856	)		—		—
Dividends reinvested		—			—			—		—
Net increase (decrease)		(209,064	)	$	(2,159,739	)		—	$	—

	Class P						Class P2
	Shares			Amount			Shares		Amount
Shares sold		1,339,486		$	16,564,747			—	$	—
Shares repurchased		(5,313,460	)		(64,911,519	)		—		—
Dividends reinvested		—			—			—		—
Net increase (decrease)		(3,973,974	)	$	(48,346,772	)		—	$	—

325

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		15,396		$	189,644			—		$	—
Shares repurchased		(184,035	)		(2,499,406	)		(1,075	)		(27,448	)
Dividends reinvested		685,740			9,140,909			176			2,872
Net increase (decrease)		517,101		$	6,831,147			(899	)	$	(24,576	)

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		1,430,123		$	21,923,664			41	$	1,000
Shares repurchased		(4,697,963	)		(76,018,439	)		—		—
Dividends reinvested		8,501,666			132,540,979			—		—
Net increase (decrease)		5,233,826		$	78,446,204			41	$	1,000

*  For the period from September 15, 2021 (commencement of operations) through July 31, 2022.

PACE International Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		152,074		$	2,296,317			649		$	9,871
Shares repurchased		(230,046	)		(3,495,910	)		(46,226	)		(662,214	)
Dividends reinvested		37,166			553,395			20,798			307,389
Net increase (decrease)		(40,806	)	$	(646,198	)		(24,779	)	$	(344,954	)

	Class P
	Shares			Amount
Shares sold		1,290,031		$	19,313,404
Shares repurchased		(7,498,835	)		(111,634,789	)
Dividends reinvested		1,416,983			20,886,334
Net increase (decrease)		(4,791,821	)	$	(71,435,051	)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		5,556		$	93,767			4,621		$	84,700
Shares repurchased		(196,784	)		(3,549,207	)		(50,320	)		(892,951	)
Dividends reinvested		101,853			1,775,296			53,791			931,118
Net increase (decrease)		(89,375	)	$	(1,680,144	)		8,092		$	122,867

	Class P
	Shares			Amount
Shares sold		2,603,064		$	45,483,999
Shares repurchased		(8,430,624	)		(142,880,864	)
Dividends reinvested		4,005,765			69,179,563
Net increase (decrease)		(1,821,795	)	$	(28,217,302	)

326

PACE Select Advisors Trust

Notes to financial statements (unaudited)

PACE International Emerging Markets Equity Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		160,939		$	1,859,165			1,351		$	16,374
Shares repurchased		(180,287	)		(2,159,039	)		(5,555	)		(61,674	)
Dividends reinvested		5,631			65,151			8,633			100,744
Net increase (decrease)		(13,717	)	$	(234,723	)		4,429		$	55,444

	Class P
	Shares			Amount
Shares sold		1,184,926		$	14,029,527
Shares repurchased		(4,051,405	)		(47,856,577	)
Dividends reinvested		510,678			5,923,865
Net increase (decrease)		(2,355,801	)	$	(27,903,185	)

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		104,543		$	1,642,249			5,507		$	79,433
Shares repurchased		(146,217	)		(2,200,476	)		(24,513	)		(370,281	)
Dividends reinvested		30,999			442,980			38,215			551,067
Net increase (decrease)		(10,675	)	$	(115,247	)		19,209		$	260,219

	Class P
	Shares			Amount
Shares sold		2,515,381		$	34,561,074
Shares repurchased		(3,986,870	)		(55,292,502	)
Dividends reinvested		2,533,169			36,325,649
Net increase (decrease)		1,061,680		$	15,594,221

PACE Global Real Estate Securities Investments
For the six months ended January 31, 2023:

	Class A
	Shares			Amount
Shares sold		47,381		$	302,496
Shares repurchased		(59,556	)		(379,624	)
Dividends reinvested		163			1,022
Net increase (decrease)		(12,012	)	$	(76,106	)
	Class P
	Shares			Amount
Shares sold		481,714		$	2,972,565
Shares repurchased		(1,993,514	)		(12,295,466	)
Dividends reinvested		124,507			743,308
Net increase (decrease)		(1,387,293	)	$	(8,579,593	)

327

PACE Select Advisors Trust

Notes to financial statements (unaudited)

For the year ended July 31, 2022:

	Class A
	Shares			Amount
Shares sold		1,062		$	8,525
Shares repurchased		(6,443	)		(47,313	)
Dividends reinvested		1,119			9,321
Net increase (decrease)		(4,262	)	$	(29,467	)
	Class P
	Shares			Amount
Shares sold		847,553		$	6,495,976
Shares repurchased		(2,461,432	)		(18,301,007	)
Dividends reinvested		419,761			3,345,491
Net increase (decrease)		(1,194,118	)	$	(8,459,540	)

PACE Alternative Strategies Investments
For the six months ended January 31, 2023:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		23,661		$	251,107			250		$	2,641
Shares repurchased		(85,399	)		(902,418	)		(1,656	)		(17,344	)
Dividends reinvested		9,131			95,234			913			9,562
Net increase (decrease)		(52,607	)	$	(556,077	)		(493	)	$	(5,141	)

	Class P						Class P2*
	Shares			Amount			Shares		Amount
Shares sold		1,301,117		$	13,675,066			95	$	1,000
Shares repurchased		(6,354,480	)		(66,903,862	)		—		—
Dividends reinvested		764,065			7,961,562			—		—
Net increase (decrease)		(4,289,298	)	$	(45,267,234	)		95	$	1,000

For the year ended July 31, 2022:

	Class A						Class Y
	Shares			Amount			Shares			Amount
Shares sold		3,855		$	40,269			1,122		$	11,940
Shares repurchased		(111,738	)		(1,192,421	)		(3,228	)		(33,810	)
Dividends reinvested		28,355			298,292			2,539			26,763
Net increase (decrease)		(79,528	)	$	(853,860	)		433		$	4,893

	Class P
	Shares			Amount
Shares sold		2,860,683		$	31,081,414
Shares repurchased		(7,665,077	)		(81,911,598	)
Dividends reinvested		2,447,827			25,677,704
Net increase (decrease)		(2,356,567	)	$	(25,152,480	)

*  For the period from November 14, 2022 (commencement of operations) through January 31, 2023.

328

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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, 2022 was as follows:

Portfolio	Tax-exempt income		Ordinary income		Long term realized capital gains		Return of capital
UBS Government Money Market Investments Fund	$	—	$	488,906	$	—	$	—
PACE Mortgage-Backed Securities Fixed Income Investments		—		7,984,382		—		—
PACE Intermediate Fixed Income Investments		—		4,972,365		4,524,155		—
PACE Strategic Fixed Income Investments		—		19,124,518		5,727,292		—
PACE Municipal Fixed Income Investments		6,154,542		181,318		938,213		—
PACE Global Fixed Income Investments		—		4,146,854		5,344,290		4,602,504
PACE High Yield Investments		—		15,626,721		—		—
PACE Large Co Value Equity Investments		—		51,274,644		138,164,102		—
PACE Large Co Growth Equity Investments		—		10,600,571		227,835,006		—
PACE Small/Medium Co Value Equity Investments		—		24,146,549		44,641,171		—
PACE Small/Medium Co Growth Equity Investment		—		54,741,624		96,483,508		—
PACE International Equity Investments		—		25,569,891		51,095,561		—
PACE International Emerging Markets Equity Investments		—		11,035,276		28,410,389		—
PACE Global Real Estate Securities Investments		—		3,375,344		—		231,926
PACE Alternative Strategies Investments		—		24,876,865		2,445,348		—

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, 2023.

For federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including derivatives, held at January 31, 2023 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	$	1,560,460,860	$	—	$	—		$	—
PACE Mortgage-Backed Securities Fixed Income Investments		378,827,591		7,728,467		(20,515,132	)		(12,786,665	)
PACE Intermediate Fixed Income Investments		287,065,517		3,661,670		(3,571,338	)		90,332
PACE Strategic Fixed Income Investments		590,145,514		6,532,834		(25,774,396	)		(19,241,562	)
PACE Municipal Fixed Income Investments		233,097,304		2,412,588		(6,720,047	)		(4,307,459	)
PACE Global Fixed Income Investments		191,683,595		6,497,462		(10,821,640	)		(4,324,178	)
PACE High Yield Investments		246,585,130		2,603,279		(33,229,562	)		(30,626,283	)
PACE Large Co Value Equity Investments		845,432,902		106,300,152		(62,313,933	)		43,986,219
PACE Large Co Growth Equity Investments		731,763,587		49,215,473		(56,406,522	)		(7,191,049	)
PACE Small/Medium Co Value Equity Investments		312,712,658		69,594,128		(17,396,596	)		52,197,532
PACE Small/Medium Co Growth Equity Investments		282,048,615		41,642,578		(29,685,420	)		11,957,158
PACE International Equity Investments		688,749,090		141,536,906		(56,311,450	)		85,225,456
PACE International Emerging Markets Equity Investments		282,984,915		32,914,353		(25,720,927	)		7,193,426
PACE Global Real Estate Securities Investments		84,005,064		3,821,006		(9,517,293	)		(5,696,287	)
PACE Alternative Strategies Investments		99,652,864		31,008,848		(29,263,485	)		1,745,363

329

PACE Select Advisors Trust

Notes to financial statements (unaudited)

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, 2022, the following Portfolios had net capital losses that will be carried forward indefinitely are as follows:

Portfolio	Short-term losses		Long-term losses		Net capital losses
UBS Government Money Market Investments Fund	$	790	$	—	$	790
PACE Mortgage-Backed Securities Fixed Income Investments		17,419,818		25,795,678		43,215,496
PACE Intermediate Fixed Income Investments		7,343,907		1,325,152		(8,669,059	)
PACE High Yield Investments		—		10,851,311		10,851,311
PACE Global Real Estate Securities Investments		—		6,467,891		6,467,891

At July 31, 2022, the following Portfolios utilized capital loss carry forwards to offset current year realized gains:

Portfolio	Capital loss carryforwards utilized
PACE High Yield Investments	$	597,742
PACE Global Real Estate Securities Investments		4,470,882

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, 2022, the following Portfolios incurred, and elected to defer the following losses:

	Late year		Post-October capital loss
Portfolio	ordinary loss		Short-term losses		Long-term losses
PACE Strategic Fixed Income Investments	$	1,906,352	$	6,700,123	$	6,676,225
PACE Municipal Fixed Income Investments		—		1,110,507		110,365
PACE Global Fixed Income Investments		9,674,535		7,384,020		3,208,221
PACE High Yield Investments		2,419,893		—		—
PACE Small/Medium Co Growth Equity Investments		1,043,905		11,940,101		—
PACE International Emerging Markets Equity Investments		—		12,367,982		—
PACE Global Real Estate Securities Investments		353,175		—		—
PACE Alternative Strategies Investments		1,605,984		—		—

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 January 31, 2023, there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is each Portfolio's policy to record any significant foreign tax exposures in the financial statements. The Portfolios recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the six months ended January 31, 2023, the Portfolios did not incur any interest or penalties. Capital gains realized by the Portfolios on securities issued in or by certain foreign countries may be subject to capital gains tax imposed by those countries.

Under the applicable foreign tax laws, gains on certain securities held in certain foreign countries may be subject to taxes will be paid by the Portfolios.

Each of the tax years in the four year period ended July 31, 2022, remains subject to examination by the Internal Revenue Service and state taxing authorities.

330

PACE Select Advisors Trust

Notes to financial statements (unaudited)

Subsequent Events

At the recommendation of UBS AM, the Trust's Board has terminated Sirios Capital Management L.P. as subadvisor to PACE Alternative Strategies Investments, effective as of the close of business on February 24, 2023. In addition, at the recommendation of UBS AM, the Board has appointed Electron Capital Partners, LLC ("Electron"), to serve as a new subadvisor to the Portfolio. Electron assumed investment advisory responsibility with respect to a separate portion of the Portfolio of investments effective as of the close of business on February 21, 2023.

At the recommendation of UBS AM, the Trust's Board has terminated Mondrian Investment Partners Limited as a subadvisor to PACE International Emerging Markets Equity Investments, effective as of the close of business on March 28, 2023.

Subsequent to January 31, 2023, SVB Financial Group ("SVB") filed for bankruptcy. During this time, PACE Strategic Fixed Income Investments and PACE Large Co Growth Equity Investments had exposure to debt or equity securities issued by SVB. As a result of SVB's filing for bankruptcy, each such Portfolio's holdings of securities issued by SVB have been adversely impacted.

331

PACE Select Advisors Trust

General information (unaudited)

Monthly and quarterly portfolio holdings disclosure

The Portfolios, except UBS Government Money Market Investments Fund, file 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 Web site at http://www.sec.gov. 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 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 Web site at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Fund at the above referenced UBS Web site 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 Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on the SEC's Web site (http://www.sec.gov).

332

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

November 2022 Board Meeting

PACE Select Advisors Trust—PACE International Equity Investments (Mondrian Investment Partners Limited)

At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 22-23, 2022, 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 the approval of an amendment of the sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and Mondrian Investment Partners Limited ("Mondrian") ("Mondrian Sub-Advisory Amendment") with respect to PACE International Equity Investments (the "Fund"). Management discussed with the board its proposal to lower the rate of the sub-advisory fee payable by UBS AM to Mondrian, which would be effective retroactively as of October 1, 2022. Since the board had approved the renewal of the Sub-Advisory Agreement at a meeting held on July 19-20, 2022 (the "July Meeting"), and, other than as discussed below, there had been no material changes in the information presented, the board addressed certain of the relevant considerations, including consideration of the nature, extent and quality of the services under the Sub-Advisory Agreement, fund performance, economies of scale and other benefits that Mondrian could receive from its association with the Fund, by reference to their considerations and determinations at the July Meeting. The board also received a memorandum discussing the proposed amendment to the Sub-Advisory Agreement.

UBS AM represented that there was expected to be no diminution in the nature, extent or quality of the services provided to the Fund by UBS AM or Mondrian. The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Mondrian in light of the nature, extent and quality of the sub-advisory services provided by Mondrian. The board noted that the proposed contractual sub-advisory fee would result in a lower sub- advisory fee to be paid by UBS AM out of the management fee paid to it by the Fund. The board indicated that it would further consider the implications, if any, of this lower sub-advisory expense to UBS AM, among other matters, when it engages in its next full UBS AM management contract review, or before if appropriate. In this regard, it was noted that UBS AM provides updated profitability data on the Fund on an ongoing quarterly basis, which provides the board with other opportunities to monitor the impact of the proposed changes on profitability going forward.

The board, including a majority of the Independent Trustees, approved the amendment of the Sub-Advisory Agreement for the Fund. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve amendment of the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

PACE Select Advisors Trust—PACE International Equity Investments (Chautauqua Capital Management—a Division of Robert W. Baird & Co. Incorporated.)

At a meeting of the board of PACE Select Advisors Trust (the "Trust") on November 22-23, 2022, 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 the approval of an amendment of the sub-advisory agreement between UBS Asset Management (Americas) Inc. ("UBS AM") and Chautauqua Capital Management—a Division of Robert W. Baird & Co. Incorporated ("Baird") ("Baird Sub-Advisory Amendment") with respect to PACE International Equity Investments (the "Fund"). Management discussed with the board its proposal to lower the rate of the sub-advisory fee payable by UBS AM to Baird, which would be effective retroactively as of October 1, 2022. Since the board had approved the renewal of the Sub-Advisory Agreement at a meeting held on July 19-20, 2022 (the "July Meeting"), and, other than as discussed below, there had been no material changes in the information presented, the board addressed certain of the relevant considerations, including consideration of the nature, extent and quality of the services under the Sub-Advisory Agreement, fund performance, economies of scale and other benefits that Baird could receive from its association with the Fund, by reference to their considera-

333

PACE Select Advisors Trust

Board approvals of sub-advisory agreements (unaudited)

tions and determinations at the July Meeting. The board also received a memorandum discussing the proposed amendment to the Sub-Advisory Agreement.

UBS AM represented that there was expected to be no diminution in the nature, extent or quality of the services provided to the Fund by UBS AM or Baird. The board reviewed and considered the proposed contractual sub-advisory fee to be payable by UBS AM to Baird in light of the nature, extent and quality of the sub-advisory services provided by Baird. The board noted that the proposed contractual sub-advisory fee would result in a lower sub- advisory fee to be paid by UBS AM out of the management fee paid to it by the Fund. The board indicated that it would further consider the implications, if any, of this lower sub-advisory expense to UBS AM, among other matters, when it engages in its next full UBS AM management contract review, or before if appropriate. In this regard, it was noted that UBS AM provides updated profitability data on the Fund on an ongoing quarterly basis, which provides the board with other opportunities to monitor the impact of the proposed changes on profitability going forward.

The board, including a majority of the Independent Trustees, approved the amendment of the Sub-Advisory Agreement for the Fund. No single factor considered by the board was identified by the board as the principal factor in determining whether to approve amendment of the Sub-Advisory Agreement. The Independent Trustees were advised by separate independent legal counsel throughout the process.

334

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 2023. 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, 2023

UBS Government Money Market Investments Fund

March 16, 2023

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, 2023 (the "reporting period").

Performance

The seven-day current yield for the Fund as of January 31, 2023 was 4.15% (after fee waivers/expense reimbursements).¹ For more information on the Fund's performance, refer to "Yields and characteristics at a glance" on page 6. 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

As the US Federal Reserve (the "Fed") aggressively raised interest rates, the yields on short-term fixed income securities moved higher during the reporting period.

We tactically adjusted the Fund's weighted average maturity ("WAM") throughout the six-month review period. When the reporting period began, the Fund had a WAM of 21 days. This was 11 days at the end of the reporting period.

A number of adjustments were made to the Fund's sector and issuer positioning during the six-month period. We increased the Fund exposure to US government agency obligations. In contrast, we reduced its allocations to repurchase agreements and US Treasury 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, 2023. The views and opinions in the letter were current as of March 16, 2023. 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 Web site at www.ubs.com/am-us.

3

UBS Government Money Market Investments Fund

Understanding your Fund's expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) on-going program fees; and (2) ongoing Fund costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund 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, 2022 to January 31, 2023.

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 Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund'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 Fund 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 Fund's expenses (unaudited) (concluded)

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any program fees. Therefore, the second line in the table is useful in comparing ongoing Fund 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, 2022		Ending account value January 31, 2023		Expenses paid during period1 08/01/22 to 01/31/23		Expense ratio during the period
Actual	$	1,000.00	$	1,014.10	$	1.83		0.36	%
Hypothetical (5% annual return before expenses)		1,000.00		1,023.39		1.84		0.36

¹  Expenses are equal to the Fund'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, 2023 (unaudited)

Yields and characteristics
Seven-day current yield after fee waivers and/or expense reimbursements1	4.15	%
Seven-day effective yield after fee waivers and/or expense reimbursements1	4.23
Seven-day current yield before fee waivers and/or expense reimbursements1	4.02
Seven-day effective yield before fee waivers and/or expense reimbursements1	4.10
Weighted average maturity2	11 days
Portfolio composition3
U.S. government agency obligations	90.2	%
Repurchase agreements	9.3
U.S. Treasury obligations	2.3
Liabilities in excess of other assets	(1.8	)
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 Fund'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, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—90.2%
Federal Farm Credit Banks
SOFR + 0.018%,
4.318%, due 07/13/231	$	1,500,000	$	1,499,780
SOFR + 0.025%,
4.325%, due 08/04/231		1,000,000		1,000,000
SOFR + 0.025%,
4.325%, due 08/10/231		500,000		500,000
SOFR + 0.025%,
4.325%, due 08/28/231		1,000,000		1,000,000
SOFR + 0.025%,
4.325%, due 09/08/231		1,000,000		1,000,000
SOFR + 0.025%,
4.325%, due 09/27/231		500,000		500,000
SOFR + 0.025%,
4.325%, due 10/27/231		1,000,000		1,000,000
SOFR + 0.025%,
4.325%, due 11/30/231		500,000		499,895
SOFR + 0.030%,
4.330%, due 10/13/231		1,000,000		1,000,000
SOFR + 0.030%,
4.330%, due 10/20/231		500,000		500,000
SOFR + 0.030%,
4.330%, due 10/27/231		1,500,000		1,500,000
SOFR + 0.035%,
4.335%, due 04/21/231		500,000		500,000
SOFR + 0.035%,
4.335%, due 04/27/231		500,000		500,000
SOFR + 0.040%,
4.340%, due 03/10/231		1,000,000		1,000,000
SOFR + 0.040%,
4.340%, due 11/02/231		1,000,000		1,000,000
SOFR + 0.045%,
4.345%, due 03/01/241		1,000,000		1,000,000
SOFR + 0.050%,
4.350%, due 08/22/231		500,000		500,000

7

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
SOFR + 0.050%,
4.350%, due 05/09/241	$	1,000,000	$	1,000,000
SOFR + 0.055%,
4.355%, due 02/09/231		500,000		500,000
SOFR + 0.060%,
4.360%, due 12/13/231		500,000		500,000
SOFR + 0.070%,
4.370%, due 12/14/231		1,000,000		1,000,000
SOFR + 0.090%,
4.390%, due 08/26/241		2,000,000		2,000,000
SOFR + 0.100%,
4.400%, due 08/08/241		500,000		500,000
SOFR + 0.100%,
4.400%, due 08/26/241		2,000,000		2,000,000
SOFR + 0.105%,
4.405%, due 10/04/241		1,500,000		1,500,000
SOFR + 0.140%,
4.435%, due 09/05/241		7,500,000		7,500,000
SOFR + 0.160%,
4.460%, due 01/30/251		2,000,000		2,000,000
SOFR + 0.170%,
4.465%, due 02/06/251		5,000,000		5,000,000
SOFR + 0.170%,
4.470%, due 01/23/251		3,000,000		3,000,000
SOFR + 0.180%,
4.480%, due 01/17/251		3,500,000		3,500,000
SOFR + 0.200%,
4.500%, due 12/05/241		4,000,000		4,000,000
Federal Farm Credit Discount Notes
4.080%, due 02/01/232		95,000,000		95,000,000
4.100%, due 02/02/232		10,000,000		9,998,861
4.220%, due 02/08/232		20,000,000		19,983,589
4.270%, due 02/07/232		25,000,000		24,982,208

8

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
Federal Home Loan Bank Discount Notes
3.970%, due 03/31/232	$	6,000,000	$	5,961,623
4.050%, due 02/01/232		54,000,000		54,000,000
4.090%, due 02/01/232		73,750,000		73,750,000
4.100%, due 02/01/232		101,000,000		101,000,000
4.100%, due 02/02/232		100,000,000		99,988,611
4.100%, due 02/06/232		52,000,000		51,970,389
4.105%, due 02/03/232		33,000,000		32,992,474
4.125%, due 02/10/232		15,000,000		14,984,531
4.170%, due 02/08/232		4,000,000		3,996,757
4.174%, due 02/10/232		8,000,000		7,991,652
4.190%, due 02/08/232		30,000,000		29,975,558
4.200%, due 02/03/232		30,000,000		29,993,000
4.220%, due 02/03/232		25,000,000		24,994,139
4.236%, due 02/17/232		4,000,000		3,992,469
4.250%, due 02/06/232		85,000,000		84,949,827
4.260%, due 02/17/232		20,000,000		19,962,133
4.310%, due 02/22/232		4,000,000		3,989,943
4.320%, due 02/10/232		15,000,000		14,983,800
4.368%, due 03/01/232		8,000,000		7,972,821
4.370%, due 02/24/232		20,000,000		19,944,161
4.378%, due 03/03/232		10,000,000		9,963,517
4.400%, due 04/26/232		4,000,000		3,958,933
4.405%, due 03/15/232		10,000,000		9,948,608
4.411%, due 03/10/232		10,000,000		9,954,665
4.434%, due 03/22/232		8,000,000		7,951,719
4.450%, due 02/22/232		58,000,000		57,849,442
4.450%, due 03/01/232		8,000,000		7,972,311
4.460%, due 03/24/232		10,000,000		9,936,817
4.485%, due 03/29/232		10,000,000		9,930,234
4.520%, due 03/22/232		7,500,000		7,453,858
4.540%, due 04/05/232		12,000,000		11,904,660

9

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—(continued)
4.580%, due 04/14/232	$	7,000,000	$	6,935,880
4.600%, due 04/19/232		7,000,000		6,931,128
4.605%, due 04/19/232		12,000,000		11,881,805
4.610%, due 05/04/232		7,000,000		6,917,532
4.650%, due 05/03/232		7,000,000		6,917,721
4.730%, due 08/02/232		7,000,000		6,832,611
Federal Home Loan Banks
SOFR + 0.030%,
4.330%, due 03/02/231		3,000,000		3,000,000
SOFR + 0.030%,
4.330%, due 05/11/231		15,000,000		15,000,000
SOFR + 0.035%,
4.335%, due 04/21/231		2,500,000		2,500,000
SOFR + 0.040%,
4.340%, due 02/13/231		3,000,000		3,000,000
SOFR + 0.040%,
4.340%, due 04/05/231		2,500,000		2,500,000
SOFR + 0.040%,
4.340%, due 05/26/231		7,000,000		7,000,000
SOFR + 0.040%,
4.340%, due 06/06/231		10,000,000		10,000,000
SOFR + 0.040%,
4.340%, due 06/13/231		14,000,000		14,000,000
SOFR + 0.045%,
4.345%, due 02/23/231		5,000,000		5,000,000
SOFR + 0.045%,
4.345%, due 03/03/231		3,000,000		3,000,000
SOFR + 0.050%,
4.350%, due 03/03/231		10,000,000		10,000,000
SOFR + 0.050%,
4.350%, due 03/28/231		7,000,000		7,000,000
SOFR + 0.050%,
4.350%, due 06/27/231		2,500,000		2,500,000
SOFR + 0.050%,
4.350%, due 06/30/231		7,500,000		7,500,000

10

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

	Face amount		Value
U.S. government agency obligations—(concluded)
SOFR + 0.050%,
4.350%, due 07/18/231	$	22,000,000	$	22,000,000
SOFR + 0.055%,
4.355%, due 03/09/231		7,000,000		7,000,000
SOFR + 0.055%,
4.355%, due 04/04/231		3,000,000		3,000,000
SOFR + 0.055%,
4.355%, due 05/24/231		4,000,000		4,000,000
SOFR + 0.060%,
4.360%, due 08/01/231		7,500,000		7,500,000
SOFR + 0.070%,
4.370%, due 04/03/231		4,000,000		4,000,000
SOFR + 0.070%,
4.370%, due 07/25/231		5,000,000		5,000,000
SOFR + 0.070%,
4.370%, due 11/27/231		7,500,000		7,500,000
SOFR + 0.080%,
4.380%, due 01/24/241		7,000,000		7,000,000
SOFR + 0.090%,
4.390%, due 05/23/231		4,000,000		4,000,000
Federal National Mortgage Association Discount Notes
4.200%, due 02/06/232		140,000,000		139,918,333
Total U.S. government agency obligations (cost—$1,382,017,995)				1,382,017,995
U.S. Treasury obligations—2.3%
U.S. Treasury Bills
4.757%, due 05/30/233		15,000,000		14,772,849
U.S. Treasury Notes
3 mo. Treasury money market yield + 0.140%,
4.769%, due 10/31/241		8,000,000		7,989,016
3 mo. Treasury money market yield + 0.200%,
4.829%, due 01/31/251		13,000,000		13,000,000
Total U.S. Treasury obligations (cost—$35,761,865)				35,761,865

11

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

	Face amount		Value
Repurchase agreements—9.3%
Repurchase agreement dated 01/31/23 Fixed Income Clearing Corp., 4.290% due 02/01/23, collateralized by $901,000 U.S. Treasury Note, 4.130% due 01/31/25; (value—$898,712); proceeds: $881,105	$	881,000	$	881,000
Repurchase agreement dated 01/31/23 with Goldman sachs & Co., 4.240% due 02/01/23, collateralized by $149,270,000 U.S. Treasury Note, 2.000% due 05/31/24; (value—$144,636,001); proceeds: $141,816,701		141,800,000		141,800,000
Total repurchase agreements (cost—$142,681,000)				142,681,000
Total investments (cost—$1,560,460,860 which approximates cost for federal income tax purposes)—101.8%				1,560,460,860
Liabilities in excess of other assets—(1.8)%				(27,856,446	)
Net assets—100.0%			$	1,532,604,414

12

UBS Government Money Market Investments Fund

Portfolio of investments—January 31, 2023

(unaudited)

Fair valuation summary

The following is a summary of the fair valuations according to the inputs used as of January 31, 2023 in valuing the Fund's investments. In the event a Fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

Description	Unadjusted quoted prices in active markets for identical investments (Level 1)		Other significant observable inputs (Level 2)		Unobservable inputs (Level 3)		Total
U.S. government agency obligations	$	—	$	1,382,017,995	$	—	$	1,382,017,995
U.S. Treasury obligations		—		35,761,865		—		35,761,865
Repurchase agreements		—		142,681,000		—		142,681,000
Total	$	—	$	1,560,460,860	$	—	$	1,560,460,860

At January 31, 2023, there were no transfers in or out of Level 3.

Portfolio footnotes

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

²  Rate shown is the discount rate at the date of purchase unless otherwise noted.

³  Rates shown reflect yield at January 31, 2023.

Portfolio acronyms

SOFR  Secured Overnight Financing Rate

See accompanying notes to financial statements
13

UBS Government Money Market Investments Fund

Statement of assets and liabilities—January 31, 2023 (unaudited)

Assets:
Investments at value (cost—$1,417,779,860)	$	1,417,779,860
Repurchase agreements at value (cost—$142,681,000)		142,681,000
Total investments in securities, at value (cost—$1,560,460,860)		1,560,460,860
Cash		572
Receivable for fund shares sold		15,695,088
Receivable for interest and dividends		728,380
Other assets		90,202
Total assets		1,576,975,102
Liabilities:
Payable for investments purchased		26,250,331
Payable for fund shares redeemed		14,652,435
Dividends payable to shareholders		2,354,631
Payable to affiliate		150,281
Payable to custodian		1,609
Accrued expenses and other liabilities		961,401
Total liabilities		44,370,688
Net assets	$	1,532,604,414
Net assets:
Beneficial interest shares of $0.001 par value (unlimited amount authorized)	$	1,532,605,796
Distributable earnings (accumulated losses)		(1,382	)
Net assets	$	1,532,604,414
Shares outstanding		1,532,604,587
Net asset value	$	1.00

See accompanying notes to financial statements
14

UBS Government Money Market Investments Fund

Statement of operations

	For the six months ended January 31, 2023 (unaudited)
Investment income:
Interest	$	15,068,068
Expenses:
Investment management and administration fees		1,075,739
Transfer agency and related services fees		387,212
Custody and fund accounting fees		17,002
Trustees fees		9,734
Professional services fees		41,733
Printing and shareholder report fees		36,028
Federal and state registration fees		43,936
Insurance expense		1,525
Other expenses		26,491
		1,639,400
Fee waivers and/or expense reimbursements by investment manager and administrator		(95,786	)
Net expenses		1,543,614
Net investment income (loss)		13,524,454
Net increase (decrease) in net assets resulting from operations	$	13,524,454

See accompanying notes to financial statements
15

UBS Government Money Market Investments Fund

Statement of changes in net assets

	For the six months ended January 31, 2023 (unaudited)			For the year ended July 31, 2022
From operations:
Net investment income (loss)	$	13,524,454		$	488,906
Net realized gain (loss)		—			(230	)
Net increase (decrease) in net assets resulting from operations		13,524,454			488,676
Total distributions—Class P		(13,524,454	)		(488,906	)
Net increase (decrease) in net assets from beneficial interest transactions		1,111,684,334			158,567,088
Net increase (decrease) in net assets		1,111,684,334			158,566,858
Net assets:
Beginning of period		420,920,080			262,353,222
End of period	$	1,532,604,414		$	420,920,080

See accompanying notes to financial statements
16

This page intentionally left blank.

17

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, 2023
	(unaudited)
Net asset value, beginning of period	$	1.00
Net investment income (loss)		0.020
Net realized gain (loss)		—
Net increase (decrease) from operations		0.020
Dividends from net investment income		(0.020	)
Net asset value, end of period	$	1.00
Total investment return2		1.41	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.38	%3
Expenses after fee waivers and/or expense reimbursements		0.36	%3
Net investment income (loss)		3.14	%3
Supplemental data:
Net assets, end of period (000's)	$	1,532,604

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 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 Fund distributions.

³  Annualized.

See accompanying notes to financial statements
18

	Years ended July 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Net investment income (loss)		0.0001			0.0001			0.008			0.017			0.008
Net realized gain (loss)		(0.000	)1		0.0001			—			0.0001			0.0001
Net increase (decrease) from operations		0.0001			0.0001			0.008			0.017			0.008
Dividends from net investment income		(0.000	)1		(0.000	)1		(0.008	)		(0.017	)		(0.008	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total investment return2		0.12	%		0.01	%		0.76	%		1.72	%		0.83	%
Ratios to average net assets:
Expenses before fee waivers and/or expense reimbursements		0.64	%		0.65	%		0.75	%		0.90	%		0.89	%
Expenses after fee waivers and/or expense reimbursements		0.26	%		0.10	%		0.49	%		0.60	%		0.60	%
Net investment income (loss)		0.16	%		0.01	%		0.60	%		1.71	%		0.82	%
Supplemental data:
Net assets, end of period (000's)	$	420,920		$	262,353		$	316,103		$	184,602		$	188,794

19

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

Organization and significant accounting policies

UBS Government Money Market Investments Fund (the "Fund") 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 Fund currently are available to participants in the PACE^SM Select Advisors Program, the PACE^SM Multi Advisor Program, and certain other advisory programs offered through select sponsors.

UBS Asset Management (Americas) Inc. ("UBS AM") serves as the investment manager, investment advisor and administrator for the Fund. 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 Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them on a pro rata basis.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

20

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 Fund's 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.

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 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", the Fund values its investments at amortized cost unless the Fund's Board determines that this does not represent fair value. Periodic review and monitoring of the valuation of the securities held by the Fund 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 Fund'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 Fund's own assumptions in determining the fair value of investments.

21

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

A fair value hierarchy table has been included near the end of each Fund's Portfolio of investments.

Constant net asset value per share—The Fund attempts to maintain a stable net asset value of $1.00 per share. There is no assurance, however, that the Fund will be able to maintain a stable net asset value of $1.00 per share. The Fund has adopted certain investment, portfolio valuation and dividend/distribution policies in an attempt to enable it to do so. The Fund has adopted a policy to operate as a "government money market fund" and as such the Fund 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 Fund is exempt from requirements that permit the imposition of a liquidity fee and/or temporary redemption gates. While the Board may elect to subject the Fund to liquidity fee and gate requirements in the future, the Board has not elected to do so at this time.

Repurchase agreements—The Fund 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 Fund maintains custody of the underlying obligations prior to their repurchase, either through its regular custodian or through a special "tri-party" custodian or sub-custodian that maintains a separate account for both the Fund 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

22

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

upon repurchase of the obligations and the price that was paid by the Fund upon acquisition is accrued as interest and included in its net investment income. In the event of default of the obligation to repurchase, the Fund 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 Fund's investment strategies and limitations, may require the Fund 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 Fund 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 Fund 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 Fund may participate in joint repurchase agreement transactions with other Funds managed, advised or subadvised by UBS AM. Under certain circumstances, the Fund may engage in a repurchase agreement transaction with a yield of zero in order to invest cash amounts remaining in the Fund at the end of the day in order to avoid having the Fund 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.

23

UBS Government Money Market Investments Fund

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 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 the debt securities held by the Fund to meet their obligations may be affected by economic and political developments particular to a specific industry, country, state or region.

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 Fund's investments. The extent of the impact to the financial performance of the Fund 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.

Investment management and administration fees and other transactions with affiliates

The Fund's Board has approved an investment management and administration contract ("Management Contract") with UBS AM. In accordance with the Management Contract, the Fund 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 Fund's average daily net assets. At January 31, 2023, UBS AM is owed $313,141 to the Fund, representing investment management and administration fees.

24

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

UBS AM has contractually undertaken to waive a portion of the Fund's investment management and administration fees and/or reimburse a portion of the Fund's other expenses, when necessary, to maintain the total ordinary annual operating expenses (excluding borrowing costs and interest expense, if any) through November 30, 2023 at a level not to exceed 0.60%. For the period ended January 31, 2023, UBS AM waived $11,400 in investment management and administration fees. The Fund 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. During the period ended January 31, 2023, the Fund repaid UBS AM $211,295. The Fund and UBS AM have also entered into a written fee waiver/expense reimbursement agreement pursuant to which UBS AM is contractually obligated to waive its management fees through November 30, 2023 in an amount equal to 0.13% of the fund's average daily net assets. For the period ended January 31, 2023, UBS AM waived $295,681 in investment management fees. This management fee waiver will not be subject to future recoupment. At January 31, 2023, UBS AM owed the Fund $162,860 in fee waivers.

At January 31, 2023, the Fund 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, 2023		Expires July 31, 2024		Expires July 31, 2025		Expires July 31, 2026
$	210,154	$	210,154	$	—	$	—	$	—

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 terminated at any time. For the period ended January 31, 2023, the Fund did not incur this additional waiver.

25

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

Transfer agency and related services fees

UBS Financial Services Inc. provides certain services to the Fund pursuant to a delegation of authority from BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), the Fund's transfer agent, and is compensated for these services by BNY Mellon, not the Fund.

For the period ended January 31, 2023, UBS Financial Services Inc. received from BNY Mellon, not the Fund, $193,586 of the total transfer agency and related services fees paid by the Fund to BNY Mellon.

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:

	Years ended January 31,
	2023			2022
Shares sold		1,833,190,593			472,630,160
Shares repurchased		(731,987,155	)		(314,333,368	)
Dividends reinvested		10,480,896			270,296
Net increase (decrease) in shares outstanding		1,111,684,334			158,567,088

Federal tax status

The Fund 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 Fund intends not to be subject to a federal excise tax.

The tax character of distributions paid to shareholders by the Fund during the fiscal year ended July 31, 2022 was ordinary income in the amount of $488,906.

26

UBS Government Money Market Investments Fund

Notes to financial statements (unaudited)

The components of accumulated earnings (deficit) on a tax basis for the current fiscal year will be determined after the Fund's fiscal year ending July 31, 2023.

Net capital losses recognized by the Fund may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. At July 31, 2022, the Fund had a short-term capital loss carryforward of $790.

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 Fund has analyzed and concluded as of January 31, 2023, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. The Fund 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, 2023, the Fund did not incur any interest or penalties.

Each of the tax years in the four year period ended July 31, 2022, 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 Fund 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 Web site at http://www.sec.gov. The Fund makes portfolio holdings information available to shareholders on UBS's Web site at the following internet address: www.ubs.com/usmoneymarketfunds. Investors also may find additional information about the Fund at the above referenced UBS Web site internet address.

Proxy voting policies, procedures and record

You may obtain a description of the Fund's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Fund 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 Fund directly at 1-800-647 1568, online on the Fund's Web site: www.ubs.com/ubsam-proxy, or on the EDGAR Database on SEC's Web site (http://www.sec.gov).

28

This page intentionally left blank.

29

This page intentionally left blank.

30

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 Fund unless accompanied or preceded by an effective prospectus.

© UBS 2023. 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

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 A. Weller, Secretary, and indicate on the envelope “Nominating and Corporate Governance Committee.” The shareholder’s letter should state the nominee’s name and should include the nominee’s resume or curriculum vitae, and must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

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 10, 2023

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 10, 2023
By:	/s/ Joanne M. Kilkeary
	Joanne M. Kilkeary
	Vice President, Treasurer and Principal Accounting Officer

Date: April 10, 2023